Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Research and development	$	327	$	184	$	867	$	485
General and administrative		827		659		2,236		2,566
Stock-based compensation expense included in operating expenses	$	1,154	$	843	$	3,103	$	3,051

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2024:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term (in years)	(in thousands)
Outstanding at December 31, 2023	4,178,194	$	2.98	8.22	$	11
Granted	2,702,050		2.94
Exercised	(379,425)		1.31
Cancelled	(251,931)		4.43
Outstanding at September 30, 2024	6,248,888	$	3.01	4.44	$	2
Vested at September 30, 2024	2,607,444	$	3.54		$	—
Vested and expected to vest at September 30, 2024	6,248,888	$	3.01	4.44	$	2

The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2023:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term (in years)	(in thousands)
Outstanding at December 31, 2022	4,408,274	$	3.44	8.52	$	350
Granted	2,367,139		1.10
Exercised	(1,264,899)		1.18
Cancelled	(1,074,995)		2.67
Outstanding at September 30, 2023	4,435,519	$	3.02	8.48	$	25
Vested at September 30, 2023	2,807,686	$	3.27	5.55	$	22
Vested and expected to vest at September 30, 2023	4,435,519	$	3.02	8.48	$	25

Schedule of assumptions used in estimation of fair value

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Risk-free interest rate	3.46 - 4.15	%	4.02 - 4.20	%	3.46 - 4.65	%	3.67 - 4.24	%
Volatility	75 - 76	%	72 - 73	%	72 - 76	%	72 - 74	%
Dividend yield	0.00	%	0.00	%	0.00	%	0.00	%
Expected term (years)	6		6		6 - 7		2 - 7

Summary of restricted stock units activity

The following table summarizes activity related to RSUs:

		Weighted- average
		grant date
	Number of shares	fair value
Unvested at December 31, 2023	155,797	$	8.25
Granted	437,025	$	2.77
Vested	(66,589)	$	9.48
Cancelled	(27,400)	$	2.28
Unvested at September 30, 2024	498,833	$	3.61