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Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Award Activity | The following is a summary of the stock option award activity during the three months ended March 31, 2024:
|  | Number of Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 6,695,933 |  |  | $ | 3.52 |  |  |  | 8.32 |  |  | $ | 361 |
Granted |  |  | 1,690,675 |  |  |  | 1.24 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | (50,335 | ) |  |  | 4.43 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 8,336,273 |  |  | $ | 3.05 |  |  |  | 8.49 |  |  | $ | 40 |
Exercisable at March 31, 2024 |  |  | 2,797,539 |  |  | $ | 5.04 |  |  |  | 7.45 |  |  | $ | 17 |
Options expected to vest as of March 31, 2024 |  |  | 5,538,734 |  |  | $ | 2.05 |  |  |  | 9.02 |  |  | $ | 23 |
Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted | The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:
|  | March 31, 2024 |  | March 31, 2023
Volatility |  | 94.20% - 102.54% |  | 91.91%
Expected life (years) |  | 6.08 |  | 6.08
Risk-free interest rate |  | 3.98% - 4.16% |  | 3.99%
Dividend rate |  | — |  | —
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was recorded in the following line items in the condensed statements of operations for the three months ended March 31, 2024 and 2023 (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 532 |  |  | $ | 389 |
General and administrative |  |  | 708 |  |  |  | 470 |
Total stock-based compensation expense |  | $ | 1,240 |  |  | $ | 859 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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