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Stock-based Compensation (Tables)

9 Months Ended

Sep. 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			1,226,500					4.17				9.69					330
Exercised			(12,852	)				1.55				—					—
Cancelled			(228,475	)				75.27				—					—
Outstanding at September 30, 2024			2,724,443			$		5.58				8.35			$		1,280
Vested and exercisable at September 30, 2024			1,192,485			$		6.63				7.11			$		540

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 nine months ended September 30, 2024 and 2023:

		Nine Months Ended September 30,
		2024		2023
Risk free interest rate		3.11%		3.50%-3.56%
Expected volatility		96%		75%-76%
Expected term (years)		6.01		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 September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Research and development		$	273			$	184			$	634			$	2,426
General and administrative			508				298				1,047				9,645
Total stock-based compensation expense		$	781			$	482			$	1,681			$	12,071

Schedule of Common Stock Reserved for Future issuance

Common stock reserved for future issuance consists of the following at September 30, 2024:

		September 30,
		2024
Common stock warrants			3,352,621
Stock options issued and outstanding			2,724,443
Shares available for issuance under the 2023 Plan			948,049
Shares available under the 2023 ESPP			122,545
Total			7,147,658

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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.

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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.

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