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Stock-based Compensation (Tables)

6 Months Ended

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

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