Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the nine months ended September 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	(137,718)	6.63
Exercised	—	—
Outstanding as of September 30, 2024	4,236,268	$	3.72

Stock options outstanding, vested and expected to vest and exercisable as of September 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 September 30, 2024	4,236,268	8.78	$	3.72	$	8
Vested and expected to vest as of September 30, 2024	4,236,268	8.78	$	3.72	$	8
Exercisable as of September 30, 2024	1,560,213	8.44	$	4.09	$	8

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 nine months ended September 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):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	164	$	197	$	486	$	736
General and administrative	928		770		2,821		2,471
Total stock-based compensation expense	$	1,092	$	967	$	3,307	$	3,207