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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Common Stock Reserved for Future Issuance

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance was as follows:

		March 31, 2024
Common stock warrants			5,864
Common stock options and restricted stock units			5,712,725
Shares available under the 2015 equity incentive plan			2,238,757
Shares available under the 2022 inducement plan			106,483
Shares available under the employee stock purchase plan			727,311
			8,791,140

Summary of Stock Option Activity

The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2024:

		Number of Outstanding Stock Options				Weighted- Average Exercise Price
Outstanding as of December 31, 2023			3,956,827			$	6.00
Granted			1,750,098			$	1.50
Canceled/forfeited/expired			(35,416	)		$	4.64
Outstanding as of March 31, 2024			5,671,509			$	4.62

Schedule of Restricted Stock Units Activity

The following table summarizes our restricted stock unit activity under all equity incentive plans for the three months ended March 31, 2024:

		Number of Outstanding Restricted Stock Units				Weighted-Average Grant Date Fair Value
Balance as of December 31, 2023			63,327			$	5.45
Released			(22,111	)		$	5.39
Balance as of March 31, 2024			41,216			$	5.48

Schedule of Allocation of Stock-Based Compensation for All Options and Restricted Stock Units and Stock Issued Pursuant to Our Employee Stock Purchase Plan

The allocation of stock-based compensation for all options and restricted stock units and stock issued pursuant to our employee stock purchase plan is as follows (in thousands):

		Three Months Ended March 31,
		2024				2023
Research and development		$	169			$	129
General and administrative			571				490
Total stock-based compensation expense		$	740			$	619

Employee Stock Option [Member]

Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:

		Three Months Ended March 31,
		2024				2023
Expected term (in years)		5.94 – 6.02				$	6.02
Risk-free interest rate		3.8% – 4.0%					4.0	%
Expected volatility		80.3% – 80.5%					82.0	%
Expected dividend yield			0.0	%			0.0	%

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