Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity under the 2020 Plan is as follows (in thousands, except per share amounts):

	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2024		5,219		$	8.74		8.1	$	134
Options granted		2,657			7.19		—		—
Options exercised		(6	)		0.90		—		—
Options cancelled		(2,086	)		1.33		—		—
Outstanding at September 30, 2024		5,784		$	0.94		8.4	$	903
Options vested and exercisable at September 30, 2024		3,437		$	1.20		7.2	$	525

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model

The following weighted average assumptions were used as inputs to the Black-Scholes option valuation model in determining the estimated grant-date fair value of the Company’s stock options granted during the nine months ended September 30, 2024 and 2023:

	For the nine months ended September 30,
	2024			2023
Exercise price	$	7.19		$	1.21
Expected term (years)		6.0			5.5
Volatility (annual)		91.8	%		89.5	%
Risk-free rate		4.3	%		4.0	%
Dividend yield (per share)		0	%		0	%

Summary of Stock Based Compensation Expense

Total stock-based compensation expense, including the incremental expense associated with the repricing described above, recognized in the three- and nine-months ended September 30, 2024 and 2023 was as follows (amounts in thousands):

	For the three months ended				For the nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Research and development	$	718	$	231	$	1,388	$	1,543
General and administrative		705		398		1,475		1,563
Total stock-based compensation expense	$	1,423	$	629	$	2,863	$	3,106

Summary Of Non vested Restricted Stock Units Activity

Restricted stock unit activity under the 2020 Plan is as follows (in thousands, except per share amounts):

	Restricted Stock Units		Weighted Average Purchase Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2024		—	$	—		—	$	—
Awarded		1,470		—		—		—
Released		—		—		—		—
Cancelled		—		—		—		—
Outstanding at September 30, 2024		1,470	$	—		0.6	$	1,053