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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 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 consolidated statements of operations (in thousands):
Year Ended
December 31,
20242023
Research and development expenses$4,508 $897 
General and administrative expenses3,812 521 
Total expense$8,320 $1,418 
Share-Based Payment Arrangement, Option, Activity
The following table summarizes the option activity under the stock option plans:
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
Granted886,872 $35.83 
Exercised(92,653)$18.10 
Expired/Forfeited(230,496)$70.60 
Outstanding at December 31, 20241,387,556 $28.62 7.80
Exercisable at December 31, 2024481,166 $18.48 5.86
Share-Based Payment Arrangement, Option, Exercise Price Range
The following table summarizes information about the outstanding and exercisable options at December 31, 2024 (in thousands, except share and per share amounts):

Options OutstandingOptions Exercisable
Exercise Price RangeNumber OutstandingWeighted Average Remaining ContractualWeighted Average Exercise PriceIntrinsic ValueNumber ExercisableWeighted Average Remaining ContractualWeighted average Exercise PriceIntrinsic Value
$5.82 - $20.00
395,0566.08$12.34 $4,158 321,1725.61$10.98 $3,815 
$20.01 - $30.00
185,3246.36$24.00 $103 97,0965.84$22.52 $47 
$30.01 - $40.00
686,9198.98$35.08 $— 49,1358.20$33.89 $— 
$40.01 - $256.80
120,2578.89$52.34 $— 13,7633.22$110.10 $— 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:
Year Ended
December 31,
20242023
Expected volatility
86.39%-92.61%
82.96%-83.70%
Risk-free interest rate
3.43%-4.60%
3.45%-4.46%
Expected life (in years)
5.50-6.15
3.58-6.08
Expected dividend yield— — 
Fair value of common stock(1)
$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 as of December 31, 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(7,730)$36.06 
Unvested at December 31, 2024474,654 $36.06