Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation [Abstract]

Schedule of Stock Option Activities

The following table summarizes the stock option activities, including performance-based stock options, under the 2024 Plan, 2021 Plan, the 2022 Inducement Plan and the Company’s 2019 Equity Incentive Plan for the six months ended June 30, 2024:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023		1,040,875		$	19.82		8.55	$	237
Options granted		590,517		$	19.69
Options exercised		(30,543	)	$	9.52
Options cancelled/forfeited		(57,097	)	$	25.59
Balance, June 30, 2024		1,543,752		$	19.76		8.63	$	8,091
Vested and expected to vest, June 30, 2024		1,543,752		$	19.76		8.63	$	8,091
Exercisable, June 30, 2024		452,181		$	20.88		7.27	$	2,840

The following table summarizes the performance-based stock options activity under the 2024 Plan and 2021 Plan for the six months ended June 30, 2024:

	Options Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023		46,394	$	14.19		7.06	$	24
Options granted		—	$
Options cancelled/forfeited		—	$
Balance, June 30, 2024		46,394	$	14.19		6.56	$	478
Vested and expected to vest, June 30, 2024		46,394	$	14.19		6.56	$	478
Exercisable, June 30, 2024		31,393	$	7.78		5.96	$	478

Schedule of Summary of PSU Activity

The following table provides a summary of PSU activity under the 2024 Plan during the six months ended June 30, 2024:

	Number of Share		Weighted- Average Grant Date Fair Value
Unvested performance-based restricted stock units at December 31, 2023		—	$	—
Granted		20,000	$	21.90
Unvested performance-based restricted stock units at June 30, 2024		20,000	$	21.90
Outstanding performance-based restricted stock units at June 30, 2024		20,000	$	21.90

Schedule of Stock-Based Compensation Expense

The following table presents stock-based compensation expenses related to options, PSUs and RSUs granted to employees and non-employees, employee stock purchase plan awards and restricted common stock shares issued to founders (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	1,009	$	900	$	1,829	$	1,699
Research and development		473		491		822		959
	$	1,482	$	1,391	$	2,651	$	2,658

Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model

The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Expected term (in years)	5.50-6.08	5.44-6.08	5.50-6.08	5.25-6.08
Expected volatility	116.56%-117.93%	103.31%-108.98%	112.09%-117.93%	103.31%-108.98%
Risk-free interest rate	4.23%-4.50%	3.49% - 4.05%	3.93%-4.50%	3.45% - 4.25%
Expected dividend yield	—	—	—	—

	Three and Six Months Ended June 30,
	2024		2023
Expected term (in years)		—		0.5
Expected volatility		—		266.24	%
Risk-free interest rate		—		5.39	%
Expected dividend yield		—		—