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Stock-based Compensation (Tables)

3 Months Ended

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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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
-Topic 718
-SubTopic 10
-Section 50
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-Subparagraph (h)(1)
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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.

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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.

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