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Stock-Based Compensation Expense
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense

9. Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

684

 

 

$

505

 

 

$

1,263

 

 

$

790

 

General and administrative

 

 

1,001

 

 

 

714

 

 

 

1,984

 

 

 

1,489

 

Total stock-based compensation expense

 

$

1,685

 

 

$

1,219

 

 

$

3,247

 

 

$

2,279

 

During the six months ended June 30, 2024, the Company granted stock options covering 210,000 shares with an immaterial weighted-average grant date fair value per option.

Restricted Stock Units

During the six months ended June 30, 2024, the Company granted 1,698,400 restricted stock units (“RSUs”) with a weighted-average grant date fair value of $1.59 per unit. RSU grants in the period included 795,350 RSUs subject to performance-based vesting conditions related to the satisfaction of certain clinical development milestones. As of June 30, 2024, the Company had 1,525,150 RSUs outstanding subject to performance-based vesting conditions, of which 880,950 RSUs are considered probable of achievement.