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Stock Options, Restricted Stock and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity is summarized as follows:

		NUMBER OF STOCK OPTIONS				WEIGHTED- AVERAGE EXERCISE PRICE				WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)				AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2023			5,666,621			$	2.47				6.61
Granted			67,500				1.59
Exercised			(146,964	)			1.54
Cancelled, forfeited or expired			(474,484	)			3.42
Outstanding as of March 31, 2024			5,112,673			$	2.40				6.66			$	378
Exercisable as of March 31, 2024			3,500,102			$	2.41				5.80			$	133
Unvested as of March 31, 2024			1,612,571			$	2.37				8.53			$	245

Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:

		THREE MONTHS ENDED MARCH 31,
		2024				2023
Expected option life (years)			6.08				6.08
Risk-free interest rate		4.21% - 4.27%				3.58% - 4.13%
Expected volatility		99.30% - 99.45%				91.33% - 92.25%
Expected dividend yield			0	%			0	%

Summary of Restricted Stock Activity

Restricted stock activity is summarized as follows:

		NUMBER OF SHARES				WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested at December 31, 2023			2,526,432			$	1.06
Granted			—			$	—
Vested			—			$	—
Forfeited			(219,543	)		$	1.13
Unvested at March 31, 2024			2,306,889			$	1.06

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

		THREE MONTHS ENDED MARCH 31,
		2024				2023
Research and development		$	553			$	311
General and administrative			490				422
Total stock-based compensation expense		$	1,043			$	733

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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