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Equity Incentive Plans and Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Significant Assumptions The significant assumptions used in these calculations are summarized as follows:
Three Months Ended March 31,
20242023
Expected term (in years)
6.0
6.0 - 6.4
Expected volatility
99.7% - 100.1%
102.7% - 107.5%
Expected dividend rate0.0 %0.0 %
Risk free interest rate
4.01% - 4.22%
3.50% - 4.08%
Schedule of Option Award Activity
The following table summarizes option award activity during the three months ended March 31, 2024:
Number of Stock Option AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023
14,676,335 $3.63 
Granted2,003,800 $2.72 
Exercised(196,414)$1.24 
Forfeited(178,752)$3.13 
Outstanding as of March 31, 2024
16,304,969 $3.55 7.9$11,061 
Options vested and expected to vest as of March 31, 2024
16,304,969 $3.55 
Vested and exercisable at March 31, 2024
8,592,134 $3.85 7.1$7,785 
Schedule of Stock-Based Compensation Expense
The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:
Three Months Ended March 31,
(in thousands)20242023
Research and development$1,096 $975 
General and administrative2,018 1,885 
Total stock-based compensation expense$3,114 $2,860