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Stock-Based Compensation (Tables)

3 Months Ended

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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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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-Name Accounting Standards Codification
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