Loan Payable and Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Future principal Debt Payments on Loan Payable

Future principal debt payments on the currently outstanding loan payable as of December 31, 2023 and 2022 are as follows (in thousands):


		Year Ended December 31,
			2023					2022
2023	$		—			$		—
2024			—					1,710
2025			7,343					3,725
2026			16,118					4,169
2027			1,539					396
Total principal outstanding			25,000					10,000
End of term charge			1,463					1,170
Total principal outstanding and end of term charge			26,463					11,170
Unamortized discount and issuance costs			(1,499	)				(1,629	)
Loan Payable	$		24,964			$		9,541

Loan Payable - current	$		—			$		—
Loan Payable - noncurrent			24,964					9,541
Loan Payable	$		24,964			$		9,541

Schedule of Assumptions Used to Determine Estimated Fair Value of Warrant Liability

The Company estimated the fair value of the warrant liability as of December 31, 2023 using probability assumptions of achieving the future milestones and using the Black-Scholes model based on the following key assumptions:


		Year Ended December 31,
		2023					2022
Expected term (in years)			5.5					6.5
Expected volatility			83.22		%			77.29		%
Risk-free interest rate			3.84		%			4.18		%
Expected dividend yield			0.00		%			0.00		%

On February 28, 2024 the Company amended the Hercules Loan Agreement to increase the total amount of borrowings available to $150,000 and to change the conditions under which the remaining borrowings will become available. In connection with this amendment, the Company borrowed an additional $10,000 under the Loan Agreement (see Notes 7 and 13).