Stock Options and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Under the Plan

Stock option activity under the Plan and certain other related information is as follows:

	Number			Weighted- Average Exercise Price		Weighted- Average  Remaining Term (years)		Aggregate- Intrinsic Value (in 000’s)
Balance as of December 31, 2023		2,813,937		$	4.10		7.8	$	562
Granted		1,393,744		$	11.16
Exercised		(15,211	)	$	3.90
Forfeited and expired		(4,034	)	$	4.05
Balance as of June 30, 2024		4,188,436		$	6.47		8.6	$	166
Vested and expected to vest at June 30, 2024		4,188,436		$	6.47		8.6	$	166
Exercisable as of June 30, 2024		1,394,504		$	4.55		7.6	$	165

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	888	$	395	$	1,412	$	667
General and administrative expenses		1,247		532		2,051		875
Total stock-based compensation	$	2,135	$	927	$	3,463	$	1,542

Schedule of Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the following periods were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected option life (in years)		6.0			6.0			6.0			6.0
Assumed volatility		91.3	%		91.4	%		94.9	%		91.5	%
Assumed risk-free interest rate		4.3	%		3.9	%		4.2	%		3.9	%
Expected dividend yield		—			—			—			—