Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options

The following shows the stock option activities for the three months ended March 31, 2024 and 2023:

	Total Options Outstanding			Weighted-Average Exercise Price
Balance—December 31, 2023		3,554,112		$	7.28
Granted		664,775			4.62
Exercised		(81,699	)		1.91
Cancelled and forfeited		(198,742	)		8.31
Balance—March 31, 2024		3,938,446			6.68
Balance—December 31, 2022		1,553,041		$	6.66
Granted		623,550			1.23
Exercised		—			—
Cancelled and forfeited		(29,180	)		3.59
Balance—March 31, 2023		2,147,411			5.13

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2024:

	Shares		Weighted Average Remaining Contractual Life (In Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Options outstanding		3,938,446		8.86	$	6.68	$	2,522,827
Vested and expected to vest		3,938,446		8.86	$	6.68	$	2,522,827
Exercisable		1,028,582		7.63	$	5.58	$	1,167,566

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2024:

	Three Months Ended March 31,
	2024		2023
Research and development	$	546	$	146
General and administrative		772		300
Total	$	1,318	$	446

Share-based Payment Arrangement, Employee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Grant Date Fair Value

The fair value of employee and non-employee stock options was estimated using the following assumptions for the three months ended March 31, 2024 and 2023:

	2024	2023
Expected term (in years)	6.0 - 6.1	6.0
Expected volatility	109%	109%
Risk-free interest rate	3.8% - 3.9%	3.9%
Dividends	—%	—%