Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Remaining Contract Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2022		330,860		$	16.49		9.1	$	—
Granted		164,247			3.83
Exercised		—			—
Forfeited/Expired		(2,069	)		7.19
Balance as of December 31, 2023		493,038		$	12.31		8.3	$	5,436
Exercisable and vested at December 31, 2023		163,388		$	22.58		8.1	$	427
Vested and expected to vest as of December 31, 2023		493,038		$	12.31		8.3	$	5,436

Schedule of Fair Value of Each Stock Option Award

The fair value of each stock option award is estimated on the grant-date using the Black-Scholes option pricing model. The inputs used below are subjective and require significant judgment to determine.

	Years Ended December 31,
	2023			2022
Expected term (in years)		6.0			6.0
Risk-free interest rate		4.1	%		3.2	%
Expected volatility		84.9	%		81.8	%
Dividend rate	—%			—%
Fair value of common stock	$	2.8		$	6.4

Summary of Company's Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity from January 1, 2023 to December 31, 2023 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022		—		$	—
Granted		99,807			3.70
Exercised		—			—
Forfeited/Expired		(1,240	)		3.70
Unvested as of December 31, 2023		98,567		$	3.70

Schedule of Stock-Based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):

	Years Ended December 31,
	2023		2022
Research and development	$	340	$	638
General and administrative		631		1,333
Total stock-based compensation expense	$	971	$	1,971