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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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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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.

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