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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used in Determining Fair Value of Option Awards | The following table provides the assumptions used in determining the fair value of option awards for the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected volatility |  | 77.46% - 77.53% |  | 81.4% - 81.7% |  | 77.46% - 84.50% |  | 81.4% - 83.7%
Risk-free interest rate |  | 4.21% - 4.62% |  | 4.00% - 4.05% |  | 3.93% - 4.62% |  | 3.58% - 4.0%
Expected dividend yield |  | 0% |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 6.1 |  | 5.27 - 6.11 |  | 6.05 - 6.1 |  | 4.95 - 6.11
Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2024 (in thousands, except share and per share amounts):
|  | Number of Outstanding Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (Years) |  |  |  |
Balance at December 31, 2023 |  |  | 5,532,871 |  |  | $ | 4.12 |  |  |  | 8.55 |  |  | $ | 40,290 |
Granted |  |  | 746,307 |  |  | $ | 23.07 |  |  |  |  |  |  |
Exercised |  |  | (23,660 | ) |  | $ | 2.07 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (215,179 | ) |  | $ | 4.63 |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  | 6,040,339 |  |  | $ | 6.45 |  |  |  | 7.59 |  |  | $ | 153,034 |
Vested and expected to vest at June 30, 2024 |  |  | 6,040,339 |  |  | $ | 6.45 |  |  |  | 7.59 |  |  | $ | 153,034 |
Exercisable at June 30, 2024 |  |  | 2,082,480 |  |  | $ | 2.26 |  |  |  | 5.11 |  |  | $ | 61,347 |
Summary of Stock-based Compensation Expense Related to Stock Options | Stock-based compensation expense related to stock options and the 2024 Employee Stock Purchase Plan (see Note 9) recorded in the accompanying statements of operations for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development | $ | 779 |  |  | $ | 91 |  |  | $ | 1,322 |  |  | $ | 193 |
General and administrative |  | 1,467 |  |  |  | 86 |  |  |  | 2,441 |  |  |  | 163 |
Total stock-based compensation expense | $ | 2,246 |  |  | $ | 177 |  |  | $ | 3,763 |  |  | $ | 356 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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