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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of common stock reserved for future issuance | As of March 31, 2024, the Company had reserved shares of its common stock for future issuance as follows:
|  | Shares Reserved |
Common stock options outstanding |  |  | 4,798,794 |
Unvested restricted stock units |  |  | 311,500 |
Available for future grants under the 2021 Equity Incentive Plan |  |  | 4,296,163 |
Available for future grants under the 2021 Employee Stock Purchase Plan |  |  | 780,098 |
Total shares of common stock reserved |  |  | 10,186,555 |
Summary of the Company's stock option activity | A summary of the Company’s stock option activity and related information for the three months ended March 31, 2024 is as follows:
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 5,301,254 |  |  | $ | 4.76 |  |  |  | 6.9 |  |  | $ | — |
Forfeited/Expired |  |  | (502,460 | ) |  | $ | 4.85 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 4,798,794 |  |  | $ | 4.75 |  |  |  | 6.9 |  |  | $ | — |
Vested at March 31, 2024 |  |  | 3,105,675 |  |  | $ | 4.90 |  |  |  | 6.4 |  |  | $ | — |
Exercisable at March 31, 2024 |  |  | 3,369,189 |  |  | $ | 4.90 |  |  |  | 6.4 |  |  | $ | — |
Summary of RSU activities | RSUs consist of time-based units (TSUs), performance-based units (PSUs) and market-based units (MSUs). The following table summarizes RSU activities during the three months ended March 31, 2024:
|  | Number of RSUs |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 326,500 |  |  | $ | 5.90 |
Cancelled |  |  | (15,000 | ) |  | $ | 6.98 |
Unvested at March 31, 2024 |  |  | 311,500 |  |  | $ | 5.85 |
Summary of Non-cash stock-based compensation expense recorded | The following table summarizes stock-based compensation expense, including expense associated with options, TSUs, MSUs and award modifications for unvested options, reflected in the consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 253 |  |  | $ | 473 |
General and administrative |  |  | 825 |  |  |  | 684 |
Total |  | $ | 1,078 |  |  | $ | 1,157 |

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