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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 consolidated statements of operations (in thousands):
Year Ended
December 31,
20232022
Research and development$897 $732 
General and administrative521 520 
Total expense$1,418 $1,252 
The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Research and development$1,272 $242 $3,212 $657 
General and administrative1,202 144 2,621 406 
Total expense$2,474 $386 $5,833 $1,063 
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, 2022468,632 $13.23 7.37
Assumption of options in connection with the reverse merger215,207 $77.20 2.50
Granted183,391 $18.91 
Exercised(20,348)$8.24 
Expired/Forfeited(23,049)$20.34 
Outstanding at December 31, 2023823,833 $31.43 5.89
Exercisable at December 31, 2023527,053 $38.42 4.73
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
Granted849,012$35.31 
Exercised *(83,795)$17.63 
Expired/Forfeited(204,868)$74.86 
Outstanding at September 30, 20241,384,182$28.22 8.09
Exercisable at September 30, 2024461,339$18.34 6.02
__________________
*14,582 options were exercised on September 30, 2024 and the cash for the option exercise was received on October 1, 2024. Accordingly, a receivable of approximately $0.3 million was recorded as a reduction in additional paid-in-capital as of September 30, 2024 in the condensed consolidated balance sheet.
Share-Based Payment Arrangement, Option, Exercise Price Range
The following table summarizes information about the outstanding and exercisable options at December 31, 2023 (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
$5.19 - $9.99
108,600 5.12$5.86 $1,469 108,315 5.12$5.86 $1,465 
$10.00 - $19.99
365,112 6.95$15.06 $1,596 184,871 5.37$13.42 $1,120 
$20.00 - $29.99
196,723 7.14$22.43 $— 80,817 7.41$22.88 $— 
$30.00 - $274.80
153,398 2.27$100.05 $— 153,050 2.26$99.86 $— 
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,
20232022
Expected volatility
82.96%-83.70%
71.71%-74.01%
Risk-free interest rate
3.45%-4.46%
1.47%-4.22%
Expected life (in years)
3.58-6.08
5.87-6.09
Expected dividend yield— — 
Fair value of common stock$18.39 $20.24 
The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Expected volatility
90.85%-92.31%
—%-—%
86.39%-92.31%
82.96%-83.70%
Risk-free interest rate
3.43%-4.40%
—%-—%
3.43%-4.60%
3.45% - 4.46%
Expected life (in years)
5.95-6.12
0.00-0.00
5.50-6.15
3.58 - 6.08
Expected dividend yield— — — — 
Fair value of common stock (1)
$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.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes restricted Class A common stock activity:
Number of
shares		Weighted-
average
grant date fair
value
Unvested balance at December 31, 20226,691 $5.82 
Vested(6,691)$5.82 
Unvested balance at December 31, 2023— $— 
A summary of the Company’s RSU activity and related information for the nine months ended September 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(4,771)$36.06 
Unvested at September 30, 2024477,613 $36.06