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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation |
Stock-Based Compensation | 10.Stock-Based Compensation 2024 Plan On September 3, 2024, the Board of Directors (the “Board”) adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective immediately prior to the effectiveness of the registration statement for the Company’s IPO. The 2024 Plan provides for the award of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, unrestricted stock, restricted stock units and other stock-based awards. The number of shares reserved and available for issuance under the 2024 Plan will automatically increase each January 1, beginning on January 1, 2025 through January 1, 2034, by the number of shares equal to the lesser of (i) five percent of the aggregate number of shares of common stock outstanding as of such date, and (ii) a number of shares as may be determined by the Board on or prior to such date. In January 2025, the number of shares of common stock available for issuance under the Company’s 2024 Plan, was increased by 2,089,670 shares of common stock due to the automatic annual provision to increase shares of common stock available under the 2024 Plan. As of March 31, 2025, 2,456,222 shares of common stock were available for issuance under the 2024 Plan. Stock Options The Company has granted stock-based awards with either service or performance based vesting conditions. Compensation expense related to awards to employees and directors with service based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Compensation expense related to awards to employees with performance based vesting conditions is recognized based on the grant date fair value once the achievement of the performance condition is probable. The following table presents a summary of the Company’s stock option activity and related information: ​
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​ |  | Number of Shares |  | Weighted - Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2024 | ​ | 8,706,197 | ​ | $ | 13.21 | ​ | ​ | ​ | $ | 2,104
Granted | ​ | 108,000 | ​ | $ | 7.28 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (28,475) | ​ | $ | 3.48 | ​ | ​ | ​ | $ | 136
Forfeited or cancelled | ​ | (115,153) | ​ | $ | 13.94 | ​ | ​ | ​ | ​ | ​
Outstanding - March 31, 2025 | ​ | 8,670,569 | ​ | $ | 13.16 | ​ | 8.53 | ​ | $ | 1,877
Options vested and exercisable as of March 31, 2025 | ​ | 1,434,494 | ​ | $ | 7.93 | ​ | 5.62 | ​ | $ | 1,708
Options vested and expected to vest as of March 31, 2025 | ​ | 8,670,569 | ​ | $ | 13.16 | ​ | 8.53 | ​ | $ | 1,877
​ The aggregate intrinsic value of the stock options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those stock options that had an exercise price lower than the fair value of the Company’s common stock as of the measurement date of March 31, 2025. As of March 31, 2025, there was $68.4 million of unrecognized stock-based compensation related to stock options, which is expected to be recognized over a weighted-average period of 3.15 years. The Company recognized stock-based compensation expense related to the issuance of equity awards to employees and directors in the condensed consolidated statement of operations as follows (in thousands):
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​ | ​ | ​ | Three Months Ended March 31,
​ | ​ | ​ | 2025 | ​ | ​ | 2024
Research and development | ​ | $ | 1,581 | ​ | $ | 411
General and administrative | ​ | ​ | 3,805 | ​ | ​ | 536
Total stock-based compensation expense | ​ | $ | 5,386 | ​ | $ | 947
​ Employee Stock Purchase Plan On September 3, 2024, the Board adopted the 2024 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement for the Company’s IPO. The number of shares of common stock available under the ESPP will automatically increase on January 1st of each year, beginning on January 1, 2025 through January 1, 2034, by the number of shares equal to the lesser of (i) one percent of the aggregate number of shares of common stock outstanding as of such date, and (ii) a number of shares as may be determined by the Board on or prior to such date, up to a maximum of 1,000,000 shares in the aggregate per year. On January 1, 2025, the number of shares of common stock authorized for issuance under the ESPP increased automatically by 417,934 shares and as of March 31, 2025, a total of 815,890 shares were available for future issuance under the ESPP. There were no shares issued under the ESPP during the three months ended March 31, 2025.

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