Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Equity Incentive Plans

Schedule of Stock Option Activity

Stock option transactions during the three months ended March 31, 2024 are presented below:

	Options Outstanding
				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
		Exercise		Term	Intrinsic
	Shares	Price		(Years)	Value (in thousands)
Outstanding at December 31, 2023	3,165,216	$	5.04	5.9	$	429
Granted	1,784,054	$	3.38			—
Exercised	(13,407)	$	3.15		$	15
Forfeited/Cancelled/Expired	(61,243)	$	5.06		$	—
Outstanding at March 31, 2024	4,874,620	$	4.44	7.2	$	3,334
Vested and expected to vest at March 31, 2024	4,874,620	$	4.44	7.2	$	3,334
Exercisable at March 31, 2024	2,204,014	$	5.51	4.7	$	1,243

Schedule of Restricted Stock Awards and Restricted Stock Unit Activity

The aggregate intrinsic value of options at March 31, 2024 is based on the Company’s closing stock price on that date of $4.18 per share.

Restricted stock unit awards transactions during the three months ended March 31, 2024 are presented below:

		Weighted Avg
		Grant Date
	Shares	Fair Value
Outstanding at December 31, 2023	200,000	$	2.39
Granted	90,000	$	3.38
Outstanding at March 31, 2024	290,000	$	2.70

Schedule of Assumptions Used in the Black-Scholes Model

The assumptions used in the Black-Scholes model during the three months ended March 31, 2024 and 2023 are presented below.

	Three Months Ended
	March 31, 2024	March 31, 2023
Risk-free interest rate	4.24% - 4.25%	3.54% - 4.2%
Expected volatility	89.4% - 92.5%	90.99% - 91.58%
Expected term (in years)	5.12 - 7.0	5.5 - 7.00
Expected dividend yield	0%	0%

Schedule of Stock-Based Compensation Expenses

The table below summarizes the total share-based compensation expense included in the Company’s condensed consolidated statements of operations for the periods presented:

	Three Months Ended March 31,
	2024		2023
Research and development	$	52	$	545
General and administrative		482		312
Total stock-based compensation	$	534	$	857