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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Stock Options | The following shows the stock option activities for the six months ended June 30, 2024 and 2023:
|  | Total Options Outstanding |  |  | Weighted-Average Exercise Price |
Balance—December 31, 2023 |  |  | 3,554,112 |  |  | $ | 7.28 |
Granted |  |  | 748,175 |  |  |  | 4.45 |
Exercised |  |  | (81,699 | ) |  |  | 1.91 |
Cancelled and forfeited |  |  | (208,376 | ) |  |  | 8.23 |
Balance—June 30, 2024 |  |  | 4,012,212 |  |  |  | 6.81 |
Balance—December 31, 2022 |  |  | 1,553,041 |  |  | $ | 6.66 |
Granted |  |  | 679,150 |  |  |  | 1.29 |
Exercised |  |  | (413 | ) |  |  | 1.23 |
Cancelled and forfeited |  |  | (44,075 | ) |  |  | 4.58 |
Balance—June 30, 2023 |  |  | 2,187,703 |  |  |  | 5.04 |
Summary of Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at June 30, 2024:
|  | Shares |  |  | Weighted Average Remaining Contractual Life (In Years) |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Options outstanding |  |  | 4,012,212 |  |  |  | 8.63 |  |  | $ | 6.81 |  |  | $ | 475,246 |
Vested and expected to vest |  |  | 4,012,212 |  |  |  | 8.63 |  |  | $ | 6.81 |  |  | $ | 475,246 |
Exercisable |  |  | 1,056,469 |  |  |  | 7.35 |  |  | $ | 6.01 |  |  | $ | 185,744 |
Schedule of Stock Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2024:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 559 |  |  | $ | 147 |  |  | $ | 1,105 |  |  | $ | 292 |
General and administrative |  |  | 761 |  |  |  | 293 |  |  |  | 1,533 |  |  |  | 594 |
Total |  | $ | 1,320 |  |  | $ | 440 |  |  | $ | 2,638 |  |  | $ | 886 |
Share-based Payment Arrangement, Employee |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Grant Date Fair Value | The fair value of employee and non-employee stock options was estimated using the following assumptions for the six months ended June 30, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Expected term (in years) |  | 5.5 - 6.1 |  |  | 5.5 - 6.1 |
Expected volatility |  | 109% - 113% |  |  | 109% - 111% |
Risk-free interest rate |  | 3.8% - 4.7% |  |  | 3.4% - 3.9% |
Dividends |  |  | — | % |  |  | — | %

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