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Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)
12 Months Ended
Dec. 31, 2024
Temporary Equity And Permanent Equity [Abstract]  
Summary of common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following:

 

 

AS OF

 

 

DECEMBER 31,
2024

 

 

DECEMBER 31,
2023

 

Convertible preferred stock

 

 

 

 

 

6,160,385

 

Common stock options granted and
   outstanding

 

 

2,216,215

 

 

 

1,315,726

 

Restricted stock units granted and
   outstanding

 

 

529,359

 

 

 

22,514

 

Shares available for issuance under the
   2024 and 2020 equity incentive plans,
   respectively

 

 

1,820,868

 

 

 

323,131

 

Shares available for issuance under the
   ESPP Plan

 

 

212,000

 

 

 

 

Shares available for issuance under the
   Pledge 1% commitment

 

 

84,556

 

 

 

84,556

 

Total common stock reserved for future
   issuance

 

 

4,862,998

 

 

 

7,906,312

 

Summary of company's stock option activity under the plan

A summary of the Company’s stock option activity under the 2020 Plan and 2024 Plan is as follows:

 

 

TOTAL
OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE PER
SHARE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
TERM

 

 

AGGREGATE
INTRINSIC
VALUE

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding at December 31, 2023

 

 

1,315,726

 

 

$

5.02

 

 

 

9.1

 

 

$

214

 

Granted

 

 

1,064,839

 

 

 

11.17

 

 

 

 

 

 

 

Exercised

 

 

(10,046

)

 

 

5.04

 

 

 

 

 

 

 

Cancelled

 

 

(154,304

)

 

 

8.59

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

2,216,215

 

 

$

7.72

 

 

 

8.7

 

 

$

7,118

 

Exercisable as of December 31, 2024

 

 

1,135,571

 

 

$

5.08

 

 

 

8.1

 

 

$

5,686

 

Summary of black-scholes option pricing model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock option grants issued for the years ended December 31, 2024 and 2023, were as follows:

 

 

YEAR ENDED DECEMBER 31,

 

 

2024

 

 

2023

 

Stock price

 

$5.18 - $15.45

 

 

$

5.00

 

Risk-free rate of interest

 

3.5% - 4.6%

 

 

3.6% - 4.4%

 

Expected term (years)

 

5.1 - 6.1

 

 

5.5 - 6.1

 

Expected stock price volatility

 

87.2% - 110.5%

 

 

86.5% - 88.6%

 

Expected dividend yield

 

 

 

 

 

 

Summary of black-scholes option assumptions used to estimate fair value of ESPP Awards The assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:

 

 

YEAR ENDED DECEMBER 31,

 

 

2024

 

Stock price

 

$

11.91

 

Risk-free rate of interest

 

4.4% - 5.2%

 

Expected term (years)

 

0.5 - 2.0

 

Expected stock price volatility

 

84.4% - 87.9%

 

Expected dividend yield

 

 

 

Summary of RSU activity

The following table summarizes RSU activity under the 2020 and 2024 Plan during the year ended December 31, 2024:

 

 

NUMBER OF
STOCK UNITS

 

 

WEIGHTED-
AVERAGE GRANT
DATE FAIR VALUE
PER SHARE

 

 

 

 

 

 

 

Unvested balance at January 1, 2024

 

 

22,514

 

 

$

46.83

 

Granted

 

 

534,095

 

 

 

11.43

 

Vested

 

 

(22,514

)

 

 

46.83

 

Forfeited

 

 

(27,250

)

 

 

14.20

 

Unvested balance at December 31, 2024

 

 

506,845

 

 

$

11.28

 

Summary of stock-based compensation expense

The following table summarizes stock-based compensation expense by financial statement line item in the Company’s statements of operations and comprehensive loss (in thousands):

 

 

YEAR ENDED DECEMBER 31,

 

 

2024

 

 

2023

 

Research and development

 

$

3,414

 

 

$

3,639

 

General and administrative

 

 

3,566

 

 

 

3,414

 

Total

 

$

6,980

 

 

$

7,053