As of March 31, 2024, the Company had 3,127,811 shares of its common stock available for future issuance under the 2023 Inducement Plan.

As of March 31, 2024, the Company had 1,845,382 shares of its common stock available for future issuance under its 2021 Equity Incentive Plan.

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Three Months Ended March 31,
	2024			2023
Expected term (in years)		6.0			6.0
Expected volatility		90.8	%		82.1	%
Risk-free interest rate		4.0	%		3.8	%
Dividend yield		—			—

During the three months ended March 31, 2024 and 2023, the Company granted stock options to purchase 1,449,975 shares and 1,543,219 shares of its common stock, respectively, with a weighted-average grant-date fair value of $1.84 and $3.98 per share, respectively. As of March 31, 2024, total unrecognized compensation expense related to stock options was $14.0 million, which is expected to be recognized over a weighted-average period of 2.6 years.

As of March 31, 2024, options for 7,725 shares of Company common stock with a weighted-average exercise price of $4.90 were exercised and unvested. The underlying proceeds from the unvested exercises of less than $0.1 million is recorded in other current liabilities on the condensed consolidated balance sheet.

During the three months ended March 31, 2024 and 2023, the Company granted 1,070,025 restricted stock units and 645,360 restricted stock units, respectively, with a weighted-average grant date fair value of $2.41 and $5.55 per share, respectively. As of March 31, 2024, total unrecognized compensation expense related to restricted stock units was $6.0 million, which is expected to be recognized over a weighted-average period of 2.2 years.

As of March 31, 2024, the Company had 1,968,620 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”).

The Company did not issue any shares of common stock under the ESPP during the three months ended March 31, 2024 and 2023.

Stock-based compensation expense was allocated as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Research and development	$	1,405	$	2,354
General and administrative		1,676		1,714
Total stock-based compensation expense	$	3,081	$	4,068