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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Transations | The following table summarizes the stock option transactions for the 2023 Plan:
|  | Total Options |  |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 1,739,270 |  |  | $ |  | 15.71 |  |  |  | 6.99 |  |  | $ |  | 76 |
Granted |  |  | 631,250 |  |  |  |  | 4.17 |  |  |  | 9.74 |  |  |  |  | — |
Exercised |  |  | (1,091 | ) |  |  |  | 3.25 |  |  |  | — |  |  |  |  | — |
Cancelled |  |  | (228,475 | ) |  |  |  | 75.27 |  |  |  | — |  |  |  |  | — |
Outstanding at June 30, 2024 |  |  | 2,140,954 |  |  | $ |  | 5.95 |  |  |  | 8.12 |  |  | $ |  | 644 |
Vested and exercisable at June 30, 2024 |  |  | 1,001,228 |  |  | $ |  | 6.92 |  |  |  | 6.83 |  |  | $ |  | 338 |
Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of the stock option grants | The following are the underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the six months ended June 30, 2024 and 2023:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Risk free interest rate |  | 2.96% |  | 3.50%-3.56%
Expected volatility |  | 89% |  | 75%-76%
Expected term (years) |  | 6.08 |  | 6.25
Expected dividend yield |  | 0% |  | 0%
Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted | Stock-based compensation expense recognized for options and restricted stock units granted was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 190 |  |  | $ | 161 |  |  | $ | 361 |  |  | $ | 2,242 |
General and administrative |  |  | 296 |  |  |  | 302 |  |  |  | 539 |  |  |  | 9,347 |
Total stock-based compensation expense |  | $ | 486 |  |  | $ | 463 |  |  | $ | 900 |  |  | $ | 11,589 |
Schedule of Common Stock Reserved for Future issuance | Common stock reserved for future issuance consists of the following at June 30, 2024:
|  | June 30, |
|  | 2024 |
Common stock warrants |  |  | 6,036,552 |
Stock options issued and outstanding |  |  | 2,140,954 |
Shares available for issuance under the 2023 Plan |  |  | 55,060 |
Shares available under the 2023 ESPP |  |  | 122,545 |
Total |  |  | 8,355,111 |

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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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