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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2023
Stock-Based Compensation [Abstract]  
Schedule of Stock Option Activity The following table summarizes the stock option activity, including performance-based stock options, under the 2021 Plan, the 2022 Inducement Plan and the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) for the nine months ended September 30, 2023:
   Options Outstanding        
   Number of
Shares
   Weighted
Average
Exercise
Price
   Weighted -
Average
Remaining
Contractual
Life (Years)
   Aggregate
Intrinsic
Value
(in thousands)
 
Balance, December 31, 2022   6,169,180   $          2.25    7.80   $
             —
 
Options granted   5,570,696   $1.64           
Options exercised   (545,816)  $0.71           
Options cancelled/forfeited   (921,691)  $1.84           
Balance, September 30, 2023   10,272,369   $2.04    8.77   $3 
Vested and expected to vest, September 30, 2023   10,272,369   $2.04    8.77   $3 
Exercisable, September 30, 2023   2,938,989   $1.99    7.54   $1 
The following table summarizes the performance-based stock options activity under the 2021 Plan and the 2019 Plan, which are included in the stock option activity table above, for the nine months ended September 30, 2023:
   Options
Outstanding
   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Life (Years)
   Aggregate
Intrinsic
Value
 
Balance, December 31, 2022   463,959   $     1.42      8.06   $
         —
 
Options granted   50,000   $1.92           
Options cancelled/forfeited   (50,000)  $1.92           
Balance, September 30, 2023   463,959   $1.42    7.31   $
 
Vested and expected to vest, September 30, 2023   463,959   $1.42    7.31   $
 
Exercisable, September 30, 2023   313,959   $0.78    6.71   $
 
Schedule of RSUs Activity The following table provides a summary of RSU activity under the 2021 Plan during the nine months ended September 30, 2023:
   Number of
Shares
   Weighted
Average
Grant Date
Fair Value
 
Unvested restricted stock units at December 31, 2022   2,617,445   $0.79 
Granted   50,000   $1.50 
Vested   (1,309,356)  $0.79 
Forfeited   (281,275)  $0.92 
Unvested restricted stock units at September 30, 2023   1,076,814   $0.79 
Outstanding restricted stock units at September 30, 2023   1,076,814   $0.79 
Schedule of Stock-Based Compensation Expense The following table presents stock-based compensation expenses related to options and RSUs granted to employees and non-employees, ESPP awards and restricted common stock shares issued to founders (in thousands):
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2023   2022   2023   2022 
General and administrative  $1,014   $475   $2,713   $1,511 
Research and development   381    169    1,340    976 
Total  $1,395   $644   $4,053   $2,487 
Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following assumptions:
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2023   2022   2023   2022 
Expected term (in years)   5.46 – 6.08    6.01 – 6.08    5.25 – 6.08    1.00-6.08 
Expected volatility   108.08% – 108.88%   105.64% – 105.99%   103.31% – 108.98%   63.41% – 105.99%
Risk-free interest rate   4.12% – 4.55%   2.99% – 3.27%   3.45% – 4.55%   1.40% – 3.27%
Expected dividend yield   
    
    
    
 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2023   2022   2023   2022 
Expected term (in years)   
    
    0.50    0.50 
Expected volatility   
    
    266.24%   75.60%
Risk-free interest rate   
    
    5.39%   1.81%
Expected dividend yield