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Share-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Fair value of Options Granted Under Weighted Average Assumptions | The fair value of each option granted during the period was estimated on the date of grant using the following weighted average assumptions:
|  | 2023 |  |  | 2022 |
Expected volatility |  |  | 92 | % |  |  | 81 | %
Expected term in years |  |  | 6 |  |  |  | 6 |
Risk-free interest rate |  |  | 3.6 | % |  |  | 1.7 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Summary of Option Activity | A summary of option activity for 2023 is presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | 6,148,447 |  |  | $ | 1.97 |  |  |  |  |  |  |
Granted |  |  | 1,002,743 |  |  |  | 2.28 |  |  |  |  |  |  |
Exercised |  |  | (105,187 | ) |  |  | 0.22 |  |  |  |  |  |  |
Forfeited |  |  | (61,883 | ) |  |  | 2.94 |  |  |  |  |  |  |
Expired |  |  | (38,404 | ) |  |  | 3.01 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 6,945,716 |  |  |  | 2.03 |  |  |  | 7.32 |  |  | $ | 2,227,555 |
Vested or expected to vest at December 31, 2023 |  |  | 6,945,716 |  |  |  | 2.03 |  |  |  | 7.32 |  |  | $ | 2,227,555 |
Exercisable at December 31, 2023 |  |  | 3,999,908 |  |  | $ | 1.44 |  |  |  | 6.56 |  |  | $ | 2,227,545 |
Summary of Non-vested Stock Activity | A summary of non-vested stock activity for 2023 is presented below:
|  | Nonvested Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2022 |  |  | 726,163 |  |  | $ | 3.01 |
Granted |  |  | 1,563,324 |  |  |  | 1.66 |
Vested |  |  | (804,234 | ) |  |  | 2.15 |
Forfeited |  |  | (695,750 | ) |  |  | 3.03 |
Outstanding at December 31, 2023 |  |  | 789,503 |  |  | $ | 1.18 |
Summary of Share-based Compensation Expense | The impact on the Company’s results of operations from share-based compensation for the year ended December 31, 2023 and 2022, was as follows (in thousands):
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 541 |  |  | $ | 435 |
General and administrative |  |  | 3,289 |  |  |  | 2,592 |
Total share-based compensation expense |  | $ | 3,830 |  |  | $ | 3,027 |

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