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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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.

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