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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options Activity | The following table sets forth the activity for the Company’s stock options during the six months ended June 30, 2024:
|  | Number of Options |  |  | Weighted- average exercise price per share |  |  | Weighted- average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at December 31, 2023 |  |  | 6,886,889 |  |  | $ | 4.58 |  |  |  | 6.7 |  |  | $ | — |
Granted |  |  | 108,000 |  |  |  | 0.49 |  |  |  | — |  |  |  | — |
Cancelled |  |  | (1,439,703 | ) |  |  | 4.22 |  |  |  | — |  |  |  | — |
Outstanding at June 30, 2024 |  |  | 5,555,186 |  |  | $ | 4.59 |  |  |  | 6.7 |  |  | $ | — |
Vested and expected to vest at June 30, 2024 |  |  | 5,270,540 |  |  | $ | 4.55 |  |  |  | 6.7 |  |  | $ | — |
Vested and exercisable at June 30, 2024 |  |  | 4,420,549 |  |  | $ | 5.05 |  |  |  | 6.3 |  |  | $ | — |
Summary of Stock-based Compensation Expense | The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 188 |  |  | $ | 686 |  |  | $ | 817 |  |  | $ | 1,370 |
General and administrative |  |  | 703 |  |  |  | 753 |  |  |  | 1,433 |  |  |  | 1,503 |
Total stock-based compensation |  | $ | 891 |  |  | $ | 1,439 |  |  | $ | 2,250 |  |  | $ | 2,873 |
Summary of Fair Value Assumptions of Options Granted | The fair values of the options granted were estimated using the following assumptions:
|  | Six Months Ended |  |
|  | June 30, |  |
|  | 2024 |  |  | 2023 |  |
Risk-free interest rate |  |  | 4.2 | % |  |  | 3.8 | % |
Expected term (in years) |  |  | 5.3 |  |  |  | 6.0 |  |
Expected volatility |  |  | 99.3 | % |  |  | 91.0 | % |
Expected dividend yield |  |  | — |  |  |  | — |  |
Schedule of Activity for RSUs | The following table sets forth the activity for the Company’s RSUs during the six months ended June 30, 2024:
|  | Restricted Stock Units |  |  | Weighted- average grant date fair value |
Total nonvested units at December 31, 2023 |  |  | — |  |  | $ | — |
Granted |  |  | 855,000 |  |  |  | 0.71 |
Vested |  |  | (17,499 | ) |  |  | 0.71 |
Cancelled |  |  | (132,501 | ) |  |  | 0.71 |
Total nonvested units at June 30, 2024 |  |  | 705,000 |  |  | $ | 0.71 |

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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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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