Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Assumption Estimate Fair Value of Stock Options Granted

The following average assumptions were used to estimate the fair value of stock options granted by the Company three months ended March 31, 2024 using the Black-Scholes option pricing model:

	Three Months Ended March 31, 2024
Risk-free interest rate		4.1	%
Dividend rate		0	%
Expected volatility		87.4	%
Expected life (years)		6.2

Summary of Stock Option Activity

A summary of stock option activity under the 2023 Plan and the 2024 Plan for the three months ended March 31, 2024 is as follows:

	Number of Options			Weighted-Average Exercise Price
Options outstanding at December 31, 2023		3,348,715		$	4.53
Granted		359,874		$	5.37
Cancelled/forfeited		(338,687	)	$	4.64
Options outstanding at March 31, 2024		3,369,902		$	4.61
Options exercisable at March 31, 2024		1,355,800		$	4.65

Summary of Restricted Share Activity

A summary of RSU activity under the 2023 Plan and the 2024 Plan for the three months ended March 31, 2024 is as follows:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Unvested outstanding at December 31, 2023		1,129,512		$	4.45
Granted		193,776		$	5.34
Vested		(232,810	)	$	4.32
Cancelled/forfeited		(102,381	)	$	4.70
Unvested outstanding at March 31, 2024		988,097		$	4.63

Schedule of Share-Based Compensation Expense

The following table represents share-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:

	Three Months Ended March 31,
(in thousands)	2024		2023
Research and development	$	1,066	$	2,222
General and administrative		1,133		531
Total share-based compensation expense	$	2,199	$	2,753