Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2019 Plan, 2024 Plan and the Inducement Plan is as follows:

	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 *		4,310,034		$	4.09		9.09	$	11,810
Options granted		3,539,804		$	8.29
Options exercised *		(420,290	)	$	3.15
Options forfeited		(312,739	)	$	10.18
Options expired		(4,031	)	$	4.42
Outstanding at September 30, 2024		7,112,778		$	5.97		7.52	$	2,854
Exercisable at September 30, 2024 **		1,851,204		$	3.55		6.43	$	2,486
Vested and expected to vest at September 30, 2024		7,112,778		$	5.97		7.52	$	2,854

Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated using Black-Scholes Valuation Model using the Assumptions

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the three and nine months ended September 30, 2024 and 2023, respectively:

	Three Months Ended September 30		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	92.9%-94.0%	91% - 92%	92.9%-94.0%	91% - 95%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.77-6.08	5.9 - 6.1	5.77-6.08	5.9 - 6.1
Risk-free interest rate	3.5%-4.4%	3.9%	3.5%-4.4%	3.9%

Schedule of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense related to stock options granted (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	966	$	195	$	2,243	$	445
General and administrative		2,447		326		4,732		991
Total stock-based compensation expense	$	3,413	$	521	$	6,975	$	1,436