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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2023:
| Options |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022 | 3,356,937 |  | $ | 1.01 |  |  |  |  |
Sesen Bio options assumed in the Merger | 765,223 |  | 27.94 |  |  |  |  |
Exercised | (128,716) |  | 1.29 |  |  |  |  | $ | 134 |
Granted | 2,984,152 |  | 6.93 |  |  |  |  |
Forfeited | (114,454) |  | 5.80 |  |  |  |  |
Expired | (839,772) |  | 29.48 |  |  |  |  |
Outstanding as of December 31, 2023 | 6,023,370 |  | $ | 3.94 |  |  | 7.8 |  | $ | 5,929 |
Exercisable as of December 31, 2023 | 2,516,594 |  | $ | 1.16 |  |  | 6.0 |  | $ | 4,950 |
Vested and expected to vest at December 31, 2023 | 6,023,370 |  | $ | 3.94 |  |  | 7.8 |  | $ | 5,929 |
Schedule of Estimated Using The Black-Scholes Option-Pricing Model | The fair values in the year ended December 31, 2023 and 2022 were estimated using the Black-Scholes option-pricing model based on the following assumptions:
| Year Ended December 31,
| 2023 |  | 2022
Risk-free interest rate | 2.92% - 4.76% |  | 2.40% - 3.05%
Expected term | 6 years |  | 6 years
Expected volatility | 57.77% - 103.00% |  | 54.54% - 56.50%
Expected dividend yield | — |  |  | — |
Schedule of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in the accompanying consolidated statements of operations:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Research and development |  | $ | 1,242 |  |  | $ | 143 |
General and administrative |  | 1,074 |  |  | 132 |
|  | $ | 2,316 |  |  | $ | 275 |

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