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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of common stock reserved for future issuance | As of December 31, 2024, the Company had reserved shares of its common stock for future issuance as follows:
|  | Shares Reserved |
Common stock options outstanding |  |  | 2,393,824 |
Unvested restricted stock units under the 2023 Plan |  |  | 213,254 |
Unreleased restricted stock units assumed in the Merger |  |  | 17,000 |
Available for future grants under the 2024 Equity Incentive Plan |  |  | 747,867 |
Available for future grants under the 2024 Employee Stock Purchase Plan |  |  | 137,500 |
Total shares of common stock reserved for future issuance |  |  | 3,509,445 |
Summary of the Company's stock option activity | A summary of the Company’s stock option activity and related information for the year ended December 31, 2024 is as follows:
|  | Options Outstanding |
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Options outstanding – December 31, 2023 |  |  | 178,232 |  |  | $ | 16.74 |  |  |  | 8.88 |  |  | $ | 16 |
Assumed in reverse recapitalization |  |  | 467,100 |  |  |  | 47.39 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,775,318 |  |  |  | 18.13 |  |  |  |  |  |  |  |  |
Exercised |  |  | (2,476 | ) |  |  | 10.19 |  |  |  |  |  |  |  |  |
Expired |  |  | (740 | ) |  |  | 21.62 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (23,610 | ) |  |  | 38.34 |  |  |  |  |  |  |  |  |
Options outstanding – December 31, 2024 |  |  | 2,393,824 |  |  | $ | 23.54 |  |  |  | 7.90 |  |  | $ | 1 |
Options exercisable – December 31, 2024 |  |  | 654,636 |  |  | $ | 38.08 |  |  |  | 3.07 |  |  | $ | 1 |
Summary of weighted-average assumptions to determine the fair value of the employee stock option | The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Expected term (years) |  |  | 5.77 |  |  |  | 5.73 |
Expected volatility |  |  | 126.2 | % |  |  | 32.0 | %
Risk-free interest rate |  |  | 3.80 | % |  |  | 4.31 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Summary of RSU and RSA activities | The following table summarizes RSU and RSA activities during the year ended December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested balance as of December 31, 2023 |  |  | 214,436 |  |  | $ | 22.88 |
Granted |  |  | — |  |  |  | — |
Vested (RSA) |  |  | (638 | ) |  |  | 0.83 |
Forfeited |  |  | (544 | ) |  |  | 22.88 |
RSUs outstanding – December 31, 2024 |  |  | 213,254 |  |  | $ | 22.88 |
Unvested balance as of December 31, 2024 |  |  | 213,254 |  |  | $ | 22.88 |
Summary of Non-cash stock-based compensation expense recorded | The following table shows the allocation of share-based compensation expense related to the company’s share-based awards (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,896 |  |  | $ | 98 |
General and administrative |  |  | 1,634 |  |  |  | 101 |
Total |  | $ | 4,530 |  |  | $ | 199 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 + Details
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