Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2024:

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		1,112,275	$	7.50		6.87	$	10,712
Assumed in reverse recapitalization		14,214	$	8.84
Granted		902,331	$	19.37
Exercised		—	$	—
Cancelled		—	$	—
Outstanding at March 31, 2024		2,028,820	$	12.50		8.00	$	10,620
Vested and expected to vest at    March 31, 2024		2,028,820	$	12.50		8.00	$	10,620
Exercisable at March 31, 2024		670,992	$	7.08		5.35	$	6,707

Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model during the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024	2023
Risk-free interest rate range	4.24%	3.61%
Expected dividend rate	— %	— %
Expected term (years) range	5.88 - 6.11	6.02
Expected stock price volatility range	92.0% – 92.2%	88.9%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):

	Three Months Ended March 31,
	2024		2023
Research and development	$	157	$	109
General and administrative		260		187
Total stock-based compensation expense	$	417	$	296