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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock-Based Compensation Expense

The stock-based compensation expense included in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023 is as follows (in thousands):

		Years ended December 31,
		2024				2023
Research and development		$	16,450			$	8,797
General and administrative			15,825				10,716
		$	32,275			$	19,513

Summary of Restricted Stock Units Activity

The following table summarizes the activity for the restricted stock units assumed in the AnHeart acquisition for the year ended December 31, 2024.

		Restricted Stock
		Units
Non-vested at December 31, 2023			—
RSUs assumed for the acquisition of AnHeart			2,201,694
Granted			—
Vested			(618,340	)
Forfeited or canceled			(163,223	)
Non-vested at December 31, 2024			1,420,131

Options with Service, Market, and Performance Conditions

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

Stock option activity with combined service, market, and performance conditions for employees for the year ended December 31, 2024 is as follows:

	Shares Issuable Pursuant to Stock Options			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Term (Years)			Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		3,815,194		$	6.31
Granted		250,000		$	3.23
Forfeited		(144,042	)	$	4.60
Outstanding at December 31, 2024		3,921,152		$	6.18			6.74		$	328
Exercisable at December 31, 2024		748,375		$	6.87			5.91		$	—

Summary of Grant-date Fair Value of Stock Options Granted

The fair value of the stock options granted with combined service, market, and performance conditions was based on a Monte Carlo simulation with an embedded Black-Sholes pricing model. For the years ended December 31, 2024 and 2023, the fair value was computed using the following assumptions:

		December 31,
		2024				2023
Exercise price		$	3.23			$1.61 - $1.94
Risk-free interest rate			4.27	%		3.40% - 3.92%
Expected volatility			81	%		72% - 73%
Expected term in years			6.49			6.17 - 6.30
Dividend		0%				0%

Options with Service Conditions [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

Stock option activity with service condition only for employees and members of the Company’s Board of Directors for the year ended December 31, 2024 is as follows:

	Shares Issuable Pursuant to Stock Options			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Term (Years)			Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		26,834,045		$	3.51
Options assumed for acquisition of AnHeart		13,742,239		$	0.90
Granted		20,175,083		$	2.50
Forfeited		(1,750,547	)	$	4.12
Exercised		(5,192,263	)	$	0.86
Outstanding at December 31, 2024		53,808,557		$	2.70			7.72		$	32,475
Exercisable at December 31, 2024		24,245,561		$	2.90			6.43		$	18,147

Summary of Grant-date Fair Value of Stock Options Granted

For stock options granted with only service conditions during the years ended December 31, 2024 and 2023, the inputs in the Black-Scholes option-pricing model to determine the fair value is as follows:

		December 31,
		2024		2023
Exercise price		$0.08 - $3.83		$1.61 - $1.94
Risk-free interest rate		3.63% - 4.74%		3.47% - 4.12%
Expected volatility		72% - 75%		74% - 75%
Expected term in years		2.00 - 6.08		5.50 - 6.08
Dividend		0%		0%

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