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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 Stock-based Compensation Expense Recognized | Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Research and development | $ | 1,516 |  |  | $ | 1,019 |  |  | $ | 2,698 |  |  | $ | 2,039 |
General and administrative | 1,086 |  |  | 911 |  |  | 2,209 |  |  | 1,999 |
Total stock-based compensation | $ | 2,602 |  |  | $ | 1,930 |  |  | $ | 4,907 |  |  | $ | 4,038 |
Schedule of Restricted Stock Awards Activity | The following table summarizes RSU activity during the six months ended June 30, 2024:
| Shares/Units |  | Weighted-Average Grant Date Fair Value Per Share
| (in thousands)
Unvested at December 31, 2023 | 361,500 |  |  | $ | 3.92 |
Granted | — |  |  | $ | — |
Vested | (211,500) |  |  | $ | 4.97 |
Forfeited | — |  |  | $ | — |
Unvested at June 30, 2024 | 150,000 |  |  | $ | 2.45 |
Schedule of Weighted -average Valuation Assumptions | The fair value of stock options granted during the three and six months ended June 30, 2024 and 2023 was calculated on the date of grant using the following weighted-average assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 4.5 | % |  | 3.8 | % |  | 4.0 | % |  | 3.9 | %
Expected term (in years) | 5.5 |  | 5.7 |  | 6.0 |  | 6.0
Expected annual dividend yield | — | % |  | — | % |  | — | % |  | — | %
Expected volatility | 92.6 | % |  | 82.6 | % |  | 92.6 | % |  | 82.6 | %
Summary of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2024:
| Options Outstanding
| Number of Options |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2023 | 5,700,070 |  |  | $ | 6.89 |  |  |  |  |
Granted | 2,205,112 |  |  | $ | 4.66 |  |  |  |  |
Exercised | (6,099) |  |  | $ | 2.05 |  |  |  |  |
Cancelled | (389,050) |  |  | $ | 5.06 |  |  |  |  |
Outstanding at June 30, 2024 | 7,510,033 |  |  | $ | 6.33 |  |  | 7.85 |  | $ | 0.8 |
Exercisable at June 30, 2024 | 4,100,266 |  |  | $ | 7.25 |  |  | 7.09 |  | $ | 0.5 |

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