XML 35 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected volatility |  | 77.34% - 77.74% |  | 81.8% - 82.1% |  | 77.34% - 84.50% |  | 81.4% - 83.7%
Risk-free interest rate |  | 3.46% - 4.15% |  | 4.33% - 4.35% |  | 3.46% - 4.62% |  | 3.58% - 4.35%
Expected dividend yield |  | 0% |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 6.1 |  | 5.3 - 6.11 |  | 6.05 - 6.1 |  | 4.95 - 6.11
Summary of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 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 |  |  | 806,007 |  |  | $ | 24.03 |  |  |  |  |  |  |
Exercised |  |  | (872,520 | ) |  | $ | 2.07 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (263,195 | ) |  | $ | 4.69 |  |  |  |  |  |  |
Balance at September 30, 2024 |  |  | 5,203,163 |  |  | $ | 7.52 |  |  |  | 7.96 |  |  | $ | 157,184 |
Vested and expected to vest at September 30, 2024 |  |  | 5,203,163 |  |  | $ | 7.52 |  |  |  | 7.96 |  |  | $ | 157,184 |
Exercisable at September 30, 2024 |  |  | 1,896,514 |  |  | $ | 3.15 |  |  |  | 6.51 |  |  | $ | 65,574 |
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 nine months ended September 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development | $ | 901 |  |  | $ | 238 |  |  | $ | 2,223 |  |  | $ | 430 |
General and administrative |  | 1,748 |  |  |  | 156 |  |  |  | 4,189 |  |  |  | 320 |
Total stock-based compensation expense | $ | 2,649 |  |  | $ | 394 |  |  | $ | 6,412 |  |  | $ | 750 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration