Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

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

	Number of Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022		2,395,748		$	5.50		8.3	$	48
Options granted		1,665,505			4.63
Options exercised		(10,014	)		3.86
Options forfeited/cancelled		(43,853	)		6.16
Balance at June 30, 2023		4,007,386		$	5.14		8.6	$	10,531
Vested and expected to vest at June 30, 2023		4,007,386		$	5.14		8.6	$	10,531
Options exercisable at June 30, 2023		1,472,165		$	5.30		7.5	$	4,089

Summary of Weighted Average Grant Date Fair Values and Weighted Average Assumptions used to calculate Fair Value of Options Granted

The following table presents the weighted-average assumptions used for the stock option grants for the three and six months ended June 30, 2023 and 2022, along with the related grant date fair value:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Stock price	$	7.32		$	4.70		$	4.63		$	4.63
Risk-free interest rate		3.82	%		2.83	%		3.83	%		2.06	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Expected volatility		78.05	%		75.15	%		77.60	%		75.20	%
Expected life (years)		5.7			5.7			6.0			6.0
Estimated grant date fair value per share of award granted	$	5.00		$	3.10		$	3.22		$	3.08

Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Research and development	$	403	$	282	$	742	$	410
General and administrative		438		417		796		860
Total	$	841	$	699	$	1,538	$	1,270