Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v3.24.1
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the stock option activity is presented below:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2023

 

 

6,013,384

 

 

$

6.60

 

 

 

7.8

 

 

$

22,202

 

Granted

 

 

2,707,650

 

 

 

11.48

 

 

 

 

 

 

 

Exercised

 

 

(489,672

)

 

 

4.74

 

 

 

 

 

 

4,640

 

Forfeited/Cancelled

 

 

(90,327

)

 

 

11.74

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

8,141,035

 

 

$

8.28

 

 

 

7.6

 

 

$

117,384

 

Options Exercisable at December 31, 2023

 

 

3,858,411

 

 

$

7.16

 

 

 

6.4

 

 

$

59,977

 

 
Summary of Assumptions Used to Estimate Fair Value of Stock Options

The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Year Ended December 31,

 

 

2023

 

2022

Risk-free interest rate

 

3.38%—4.68%

 

1.47%—4.18%

Expected term

 

5.5 years—6.1 years

 

5.5 years—6.1 years

Expected volatility

 

105%—107%

 

79%—83%

Expected dividend yield

 

0%

 

0%
Summary of Stock-Based Compensation

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

 

 

 

Year Ended
December 31,

 

 

 

 

2023

 

 

2022

 

Research and development

 

 

$

5,520

 

 

$

3,339

 

General and administrative

 

 

 

5,823

 

 

 

3,558

 

Total

 

 

$

11,343

 

 

$

6,897