Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2024 and 2023:

	Total Options Outstanding			Weighted-Average Exercise Price
Balance—December 31, 2023		3,554,112		$	7.28
Granted		748,175			4.45
Exercised		(81,699	)		1.91
Cancelled and forfeited		(208,376	)		8.23
Balance—June 30, 2024		4,012,212			6.81
Balance—December 31, 2022		1,553,041		$	6.66
Granted		679,150			1.29
Exercised		(413	)		1.23
Cancelled and forfeited		(44,075	)		4.58
Balance—June 30, 2023		2,187,703			5.04

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at June 30, 2024:

	Shares		Weighted Average Remaining Contractual Life (In Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Options outstanding		4,012,212		8.63	$	6.81	$	475,246
Vested and expected to vest		4,012,212		8.63	$	6.81	$	475,246
Exercisable		1,056,469		7.35	$	6.01	$	185,744

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 and six months ended June 30, 2024:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	559	$	147	$	1,105	$	292
General and administrative		761		293		1,533		594
Total	$	1,320	$	440	$	2,638	$	886

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 six months ended June 30, 2024 and 2023:

	2024			2023
Expected term (in years)	5.5 - 6.1			5.5 - 6.1
Expected volatility	109% - 113%			109% - 111%
Risk-free interest rate	3.8% - 4.7%			3.4% - 3.9%
Dividends		—	%		—	%