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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount 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 
Share-Based Payment Arrangement, Option, Activity
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
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
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 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
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