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Share-Based Compensation (Tables)
12 Months Ended
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