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Equity Incentive Plan and Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Total Stock-Based Compensation | The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and nine months ended September 30, 2024 and 2023 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development expenses |  | $ | 796 |  |  | $ | 1,045 |  |  | $ | 3,164 |  |  | $ | 3,113 |
General and administrative expenses |  |  | 1,106 |  |  |  | 1,124 |  |  |  | 3,394 |  |  |  | 3,067 |
Total |  | $ | 1,902 |  |  | $ | 2,169 |  |  | $ | 6,558 |  |  | $ | 6,180 |
Summary of Stock Option Activity | A summary of the stock option activity is as follows:
|  | Total Options Outstanding |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 3,930,306 |  |  | $ | 10.86 |  |  |  | 8.14 |  |  | $ | 37,853 |
Granted |  |  | 1,471,199 |  |  | $ | 2.63 |  |  |  |  |  |  |
Exercised |  |  | (28,930 | ) |  | $ | 7.78 |  |  |  |  |  |  |
Forfeited |  |  | (524,026 | ) |  | $ | 8.78 |  |  |  |  |  |  |
Vested and expected to vest at September 30, 2024 |  |  | 4,848,549 |  |  | $ | 8.61 |  |  |  | 6.54 |  |  | $ | 176 |
Exercisable as of September 30, 2024 |  |  | 2,773,130 |  |  | $ | 9.36 |  |  |  | 5.45 |  |  | $ | 176 |
Summary of RSU Activity | A summary of the RSU activity is as follows:
|  | Number of Units |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | — |  |  | $ | — |
Issued |  |  | 698,096 |  |  | $ | 2.73 |
Vested and released |  |  | (27,508 | ) |  | $ | 2.98 |
Forfeited |  |  | (199,779 | ) |  | $ | 2.62 |
Unvested at September 30, 2024 |  |  | 470,809 |  |  | $ | 2.76 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 + Details
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