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Stock-based Compensation (Tables)

6 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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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