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Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025:

		Number of Shares Underlying Outstanding Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (Years)
Outstanding — December 31, 2024			18,077,869			$	1.75				6.0
Options granted			952,000			$	10.35
Options exercised			(1,273,931	)		$	0.75				0.0
Options forfeited and cancelled			—
Outstanding — March 31, 2025			17,755,938			$	2.28				6.2
Exercisable — March 31, 2025			16,218,519			$	1.55				5.9

Summary of Weighted-Average Grant Date Fair Value of Options and The Assumptions Used to Estimate Those Fair Value for Time-Based and Performance-Based Awards

The following table shows the weighted-average grant date fair value of options and the assumptions used to estimate the fair value for time-based awards, and for performance-based awards during the three months ended March 31, 2025 and 2024:

		Three Months Ended March 31,
Time-based and performance-based awards		2025				2024
Weighted-average grant-date fair value		$	7.46			$	13.13
Risk-free interest rate (%)		4.07% - 4.40%					4.2	%
Expected option life (in years)		5.41 - 6.41					6.0
Expected dividend yield (%)			—	%			—	%
Volatility (%)		81.5% - 84.3%					84.3	%

Summary of Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized was as follows (in thousands):

		Three Months Ended March 31,
		2025				2024
General and administrative		$	507			$	11
Total stock-based compensation expense		$	507			$	11

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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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-Topic 718
-SubTopic 10
-Section 50
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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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