v3.24.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity for the year ended December 31, 2023:
 
    
Number of
stock options
outstanding
     
Weighted
average
exercise
price
per share
     
Weighted
average
remaining
contractual
term
     
Aggregate
intrinsic
value
  
                  
(in years)
         
Balance at January 1, 2023
     
529,773
     
$
94.59
       
8.2
     
$
— 
  
Assumption of options in connection with the Reverse Merger
     
1,273,454
       
7.95
          
177
  
Options granted, fair value of $10.30 per share
     
610,641
       
12.09
          
159
  
Options exercised
     
(2,798
) 
     
1.66
          
46
  
Options forfeited
     
(661,595
) 
     
74.14
          
456
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance at December 31, 2023
     
1,749,475
     
$
10.61
       
8.4
     
$
3,181
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Exercisable options at December 31, 2023
     
650,557
     
$
11.74
       
7.7
     
$
1,506
  
Unvested options at December 31, 2023
     
1,098,918
     
$
9.95
       
8.8
     
$
1,675
  
Schedule of Grant-Date Fair Value of Stock Options Issued, Presented on a Weighted Average Basis
The table below summarizes the assumptions used to determine the grant-date fair value of stock options issued, presented on a weighted average basis during the years ended December 31, 2023 and 2022:
 
    
December 31,
  
    
2023
    
2022
  
Risk-free interest rate
     
4.0
% 
    
2.5
% 
Expected term (in years)
     
6.0
      
5.9
  
Expected volatility
     
87.5
% 
    
81.2
% 
Expected dividend yield
     
0.0
% 
    
0.0
% 
Schedule of Activity Relating to Restricted Stock Units
The following table summarizes restricted stock unit activity for the year ended December 31, 2023:
 
    
Number of
units
outstanding
     
Weighted
average
grant date fair
value
per share
  
Balance at January 1, 2023
     
16,084
     
$
70.09
  
Restricted stock units granted
     
7,696
       
8.80
  
Restricted stock units vested
     
(6,495
) 
     
68.96
  
Restricted stock units forfeited
     
(17,285
) 
     
43.22
  
  
 
 
     
 
 
  
Balance at December 31, 2023
     
— 
     
$
— 
  
  
 
 
     
 
 
  
Schedule of Stock Based Compensation Expense
The following table provides a summary of stock-based compensation expense related to stock options, restricted stock units, restricted stock, and warrants:
 
    
Year Ended December 31,
  
    
2023
     
2022
  
Research and development
   
$
897
     
$
416
  
General and administrative
     
2,003
       
1,102
  
  
 
 
     
 
 
  
Total stock-based compensation expense
   
$
2,900
     
$
1,518