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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options | The Company estimated the fair value of the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Estimated dividend yield | 0 | % |  | 0 | % |  | 0 | % |  | 0 | %
Expected share price volatility (weighted average and range, if applicable) | 91.6% (91.6% to 91.6%) |  | 88.9% (88.8% to 88.9%) |  | 91.5% (90.8% to 91.6%) |  | 88.8% (88.6% to 88.9%
Risk-free interest rate (weighted average and range, if applicable) | 4.31% (4.24% to 4.41%) |  | 3.86% (3.86% to 3.87%) |  | 4.28% (4.07% to 4.41%) |  | 3.78% (3.58% to 3.87%)
Expected term of options (in years) | 6.25 |  | 6.25 |  | 6.25 |  | 6.25
Schedule of Stock-Based Compensation Expense and Remaining Unrecognized Costs | The following table shows a summary of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 729 |  |  | $ | 480 |  |  | $ | 1,475 |  |  | $ | 901 |
General and administrative |  | 708 |  |  | 1,361 |  |  | 1,416 |  |  | 2,749 |
Total |  | $ | 1,437 |  |  | $ | 1,841 |  |  | $ | 2,891 |  |  | $ | 3,650 |
Schedule of Stock Option Activity | A summary of option activity under the Company’s stock option plans during the six months ended June 30, 2024 is presented below:
| Number of Shares |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2023 | 11,919,421 |  |  | $ | 4.64 |  |  | 8.3 |  | $ | 383 |
Granted | 1,184,550 |  |  | $ | 6.61 |  |  |  |  |
Exercised | (263,960) |  |  | $ | 2.99 |  |  |  |  |
Forfeited | (318,356) |  |  | $ | 3.78 |  |  |  |  |
Options outstanding at June 30, 2024 | 12,521,655 |  |  | $ | 4.89 |  |  | 8.1 |  | $ | 15,242 |
Vested and exercisable, June 30, 2024 | 4,418,097 |  |  | $ | 7.21 |  |  | 5.9 |  | $ | 2,446 |
Vested and expected to vest, June 30, 2024 | 12,521,655 |  |  | $ | 4.89 |  |  | 8.1 |  | $ | 15,242 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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