Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2024:

	Outstanding Options			Weighted- Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands) (a)
Balances as of December 31, 2023		7,031,075		$	0.90
Granted		2,210,700		$	0.79
Exercised		-		$	-
Forfeitures and cancellations		(57,848	)	$	0.76
Balances as of June 30, 2024		9,183,927		$	0.87		7.61	$	19
Options exercisable as of June 30, 2024		4,813,600		$	0.96		6.51	$	8

(a) Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on June 28, 2024 of $0.69 and the price of the underlying options.

Summary of Non-cash Stock-based Compensation Expense

The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	368	$	377	$	738	$	787
General and administrative		584		557		1,186		1,185
Total	$	952	$	934	$	1,924	$	1,972

Summary of Reserved Shares of Common Stock for Future Issuance

Common stock reserved for future issuance is as follows:

	June 30,		December 31,
	2024		2023
Stock options issued and outstanding		9,183,927		7,031,075
Warrants for common stock		1,366,141		1,366,141
Awards available under the 2018 Equity Incentive Plan		203,549		576,464
Awards available under the 2024 Inducement Plan		1,482,800		-
Employee stock purchase plan		1,153,022		979,383
Total		13,389,439		9,953,063