Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity for awards under the 2020 Plan and the 2024 Plan is presented below:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Lives (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	1,883,938	$	3.76	7.4	$	18,691
Granted	1,529,400	$	16.44
Assumed in the Merger	322,557	$	10.44
Exercised	(712,004)	$	5.53
Forfeited	(33,964)	$	7.86
Outstanding as of December 31, 2024	2,989,927	$	10.50	8.2	$	55,531
Exercisable as of December 31, 2024	1,082,601	$	4.04	7.3	$	26,897
Vested and expected to vest	2,940,323	$	10.49	8.4	$	54,661

Schedule of Share-Based Compensation Expense

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

	Year Ended December 31,
	2024		2023
Selling, general and administrative	$	4,471	$	900
Research and development	1,894		443
Total	$	6,365	$	1,343

Schedule of Valuation Assumptions

The assumptions used in the Black-Scholes option pricing model for stock options granted were as follows:

	Year Ended December 31,
	2024	2023
Expected term	5.8 - 6.1 years	6.0 years
Expected volatility	93.0% - 106.2%	92.0% - 92.7%
Risk free interest rate	3.8% - 4.5%	3.9% - 4.6%
Expected dividend yield	0.0%	0.0%