Stockholders' Deficit (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the six months ended June 30, 2024 is as follows:

	Stock Options Outstanding	Weighted Average Exercise Price
Outstanding as of December 31, 2023	2,078,986	$	6.25
Granted	2,295,000	1.62
Forfeited	(125,810)	6.65
Exercised	—	—
Outstanding as of June 30, 2024	4,248,176	$	3.74

Stock options outstanding, vested and expected to vest and exercisable as of June 30, 2024 are as follows:

	Number of Stock Options	Weighted Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Total Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	2,078,986	8.86	$	6.25	$	317
Outstanding as of June 30, 2024	4,248,176	9.04	$	3.74	$	124
Vested and expected to vest as of June 30, 2024	4,248,176	9.04	$	3.74	$	124
Exercisable as of June 30, 2024	1,307,233	8.59	$	4.19	$	124

Schedule of Stock Option Valuation Assumptions

The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the six months ended June 30, 2024 were as follows:

	2023 Plan
Common stock fair value	$	1.62
Risk-free interest rate	4.2 %
Expected volatility	92.0 %
Expected term (in years)	6.87
Expected dividend yield	0.0		%

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense, recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the 2019 Plan and 2023 Plan was recorded as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	177	$	208	$	322	$	538
General and administrative	920		774		1,892		1,702
Total stock-based compensation expense	$	1,097	$	982	$	2,214	$	2,240