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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Research and development$1,375 $241 $1,940 $415 
General and administrative939 143 1,419 262 
Total expense$2,314 $384 $3,359 $677 

The following table summarizes the option activity:
Number
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term
(years)
Outstanding at December 31, 2023823,833$31.43 5.89
Granted808,472$34.96 
Exercised(62,136)$16.87 
Expired/Forfeited(73,517)$79.15 
Outstanding at June 30, 20241,496,652$31.60 7.48
Exercisable at June 30, 2024543,203$30.58 4.91
As of June 30, 2024, the aggregate intrinsic value of outstanding options and exercisable options was approximately $13.5 million and $9.2 million, respectively. The aggregate intrinsic value of options exercised was approximately $1.0 million for the six months ended June 30, 2024.
The weighted-average grant date fair value of options granted was $26.22 and $12.99 per share for the six months ended June 30, 2024 and 2023, respectively. The Company recorded stock-based compensation related to stock options of approximately $1.6 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and $2.5 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the total unrecognized compensation expense related to unvested stock option awards was approximately $21.1 million, which the Company expects to recognize over a weighted-average period of 3.24 years.
The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Expected volatility
87.43%-90.84%
83.20%-83.31%
86.39%-90.84%
82.96%-83.70%
Risk-free interest rate
4.17%-4.60%
3.50%-3.68%
3.97%-4.60%
3.45% - 4.46%
Expected life (in years)
5.50-6.15
6.08
5.50-6.15
3.58 - 6.08
Expected dividend yield— — — — 
Fair value of common stock (1)
$18.39 $18.39 
(1) Prior to the reverse merger, the Company periodically estimated the fair value of the Company’s common stock considering, among other things, valuations of its common stock prepared by management with the assistance of a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Following the reverse merger, the fair value of the Company’s common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Market.
A summary of the Company’s RSU activity and related information for the six months ended June 30, 2024 is as follows:
Number of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2023— $— 
Restricted stock units granted482,384 $36.06 
Restricted stock units forfeited(2,835)$36.06 
Unvested at June 30, 2024479,549 $36.06 
252,124 of these RSUs were granted with vesting in two equal tranches based on certain performance conditions ("PSUs"). Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. During the six months ended June 30, 2024, the related performance conditions were not met and are not currently considered probable to vest. As such, no expense is recognized as of June 30, 2024.
The Company recorded stock-based compensation expense related to RSUs of approximately $0.7 million and $0.8 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, there was approximately $7.4 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.70 years.