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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of stock option activity The following table summarizes the Company’s stock option activity under the 2017 Plan during the year ended December 31, 2023:
 
    
Number of
Shares
     
Weighted-
Average
Exercise
Price
     
Weighted-
Average
Remaining
Contractual
Term
(In Years)
     
Aggregate
Intrinsic
Value
(in thousands)
  
Outstanding at December 31, 2022
      22,997,639      $ 0.34        7.94      $ 362  
Granted
      3,221,672        0.52        —      
Exercised
      (333,619 )       0.32        —      
Cancelled
      (2,720,299 )       0.35        —      
  
 
 
     
 
 
     
 
 
     
 
 
  
Outstanding at December 31, 2023
      23,165,393      $ 0.36        6.87      $ 10,712  
  
 
 
     
 
 
     
 
 
     
 
 
  
Exercisable at December 31, 2023
      12,899,524      $ 0.33        5.36      $ 6,299  
  
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of stock options granted
The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model during the years ended December 31, 2023 and 2022 were as follows:
 
 
  
Year Ended December 31,
 
 
  
2023
 
  
2022
 
Risk-free interest rate range
  
 
3.59% – 4.67%
 
  
 
1.74% – 3.90%
 
Expected dividend rate
  
 
— 
 
  
 
— 
 
Expected term (years) range
  
 
5.08 – 6.12
 
  
 
5.94 – 6.11
 
Expected stock price volatility range
  
 
88.9% – 94.0%
 
  
 
85.9% – 88.9%
 
Summary of stock based compensation expense
The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):
 
    
Year Ended December 31,
  
    
  2023  
     
  2022  
  
Research and development
   
$
500
 
    $ 447  
General and administrative
   
 
929
 
      791  
  
 
 
     
 
 
  
Total stock-based compensation expense
   
$
1,429
 
    $ 1,238