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Stock-Based Compensation (Tables)

6 Months Ended

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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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
-Paragraph 2
-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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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.

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