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

9 Months Ended

Sep. 30, 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			202,420				4.36
Exercised			(731,169	)			1.80
Cancelled, forfeited or expired			(535,917	)			3.36
Outstanding as of September 30, 2024			4,601,955			$	2.55				6.86			$	20,296
Exercisable as of September 30, 2024			3,519,140			$	2.40				6.39			$	16,049
Unvested as of September 30, 2024			1,082,815			$	3.04				8.39			$	4,247

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:

		NINE MONTHS ENDED SEPTEMBER 30,
		2024				2023
Expected option life (years)		5.50 - 6.08				5.48 - 6.08
Risk-free interest rate		3.98% - 4.32%				3.50% - 4.61%
Expected volatility		99.30% - 114.68%				91.33% - 94.51%
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			(1,034,207	)		$	0.98
Forfeited			(259,193	)		$	1.11
Unvested at September 30, 2024			1,233,032			$	1.12

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

		THREE MONTHS ENDED SEPTEMBER 30,								NINE MONTHS ENDED SEPTEMBER 30,
		2024				2023				2024				2023
Research and development		$	646			$	270			$	2,468			$	883
General and administrative			538				416				1,600				1,269
Total stock-based compensation expense		$	1,184			$	686			$	4,068			$	2,152

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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
-Subparagraph (c)
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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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