Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of the Company's option activity

				Weighted-
		Weighted-		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
		Price Per		Term	Value
	Options	Share		(in years)	(in thousands)
Outstanding as of December 31, 2023	5,096,086	$	9.68	8.5	$	15,033
Granted	2,902,385	$	11.68
Exercised	(72,201)	$	8.26		$	333
Forfeited or expired	(255,362)	$	10.23
Outstanding, vested and expected to vest as of December 31, 2024	7,670,908	$	9.59	8.2	$	1,777
Exercisable as of December 31, 2024	6,565,317	$	9.31	8.0	$	1,777

				Weighted-
		Weighted-		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
		Price Per		Term		Value
	Options	Share		(in years)		(in thousands)
Outstanding as of December 31, 2023	—	$	—		—	$	—
Granted	1,880,680	$	10.19
Forfeited or expired	(92,800)	$	10.19
Outstanding, vested and expected to vest as of December 31, 2024	1,787,880	$	10.19		9.3	$	—
Exercisable as of December 31, 2024	—	$	—		—	$	—

Schedule of various significant assumptions used to estimate the fair value of stock options

	Year Ended December 31,
	2024		2023
Expected term (in years)	5.8 – 6.1		5.8 – 6.6
Volatility	103.65% – 109.78	%	97.65% – 102.54	%
Risk-free interest rate	3.47% – 4.48	%	3.66% – 4.77	%
Dividend yield	0.00	%	0.00	%

Schedule of activity for the Company's early exercisable shares

		Weighted-
		Average
	Number of	Exercise Price
	Shares	Per Share
Unvested as of December 31, 2022	663,930	$	5.36
Early exercised	18,469	$	9.48
Vested	(340,502)	$	5.65
Repurchased	(14,797)	$	4.36
Unvested as of December 31, 2023	327,100	$	5.33
Early exercised	25,034	$	8.84
Vested	(205,451)	$	5.62
Unvested as of December 31, 2024	146,683	$	5.53

Schedule of the stock-based compensation expense granted to employees and non- employees

The following table summarizes stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024		2023
Research and development	$	10,110	$	4,745
General and administrative		9,347		3,880
Total stock-based compensation expense	$	19,457	$	8,625

The following table summarizes the stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss by award type for the years ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024		2023
Stock options	$	19,399	$	8,553
Restricted stock awards		58		72
Total stock-based compensation expense	$	19,457	$	8,625