Subsequent Event

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

10.Subsequent Event

On August 6, 2024, the Company entered into the Loan Agreement with SVB. Under the Loan Agreement, the Company has the right to draw down $15.0 million at its discretion, up to an additional $10.0 million upon the satisfaction of certain milestones and up to an additional $20.0 million that may be available at SVB's discretion, subject to specified conditions.

In connection with the Loan Agreement, the Company issued to SVB a warrant to purchase shares of our common stock. The warrant is exercisable for 73,649 shares upon closing, which represents 0.075% of our common stock and common stock equivalents outstanding as of June 30, 2024, on a fully-diluted basis, at an exercise price of $2.55 per share. The warrant becomes exercisable for up to an additional 98,199 shares pro-rated based on amounts actually advanced for the various tranches under the Loan Agreement. The warrant expires on August 6, 2034.