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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the stock option activity under the 2021 Plan and the 2023 Plan for the years ended December 31, 2024 and December 31, 2023 (weighted-average remaining contractual term (in years) is not stated in thousands):
|  | Number of |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic |
|  | Shares |  |  | (per share) |  |  | (in years) |  |  | Value |
Outstanding as of December 31, 2023 |  |  | 2,415,740 |  |  | $ | 8.32 |  |  |  | 7.83 |  |  | $ | 13,689 |
Granted |  |  | 1,520,330 |  |  |  | 15.60 |  |  |  |  |  |  |
Exercised |  |  | (135,646 | ) |  |  | 3.62 |  |  |  |  |  |  | 1,288 |
Forfeited |  |  | (272,276 | ) |  |  | 11.40 |  |  |  |  |  |  |
Expired |  |  | (70,230 | ) |  |  | 12.94 |  |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 3,457,918 |  |  | $ | 11.37 |  |  |  | 8.18 |  |  | $ | 2,851 |
Options exercisable at December 31, 2024 |  |  | 1,954,937 |  |  | $ | 8.16 |  |  |  | 7.38 |  |  | $ | 2,851 |
Summary of Following Assumptions Presented on Weighted Average Basis | The Company estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis during the year ended December 31, 2024 (not stated in thousands):
|  | Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 4.14 | % |  |  | 3.43 | %
Expected term (in years) |  |  | 6.02 |  |  |  | 5.78 |
Expected volatility |  |  | 85.85 | % |  |  | 67.59 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Summary of RSU activity | The following table summarizes the RSU activity under the 2023 Plan for the year ended December 31, 2024:
|  | Number of |  |  | Weighted- Average Grant Date Fair Value |
|  | Shares |  |  | (per share) |
Unvested as of December 31, 2023 |  |  | - |  |  | $ | - |
Granted |  |  | 287,078 |  |  |  | 15.52 |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | (20,778 | ) |  |  | 14.65 |
Unvested as of December 31, 2024 |  |  | 266,300 |  |  | $ | 15.59 |
Summary of Stock-Based Compensation Expenses | Stock-based compensation expense was classified as follows in the Company’s statements of operations and comprehensive loss:
|  | Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Research and development expense |  | $ | 6,001 |  |  | $ | 1,751 |
General and administrative expense |  |  | 6,473 |  |  |  | 1,292 |
Total stock-based compensation expense |  | $ | 12,474 |  |  | $ | 3,043 |

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- 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
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- 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
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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