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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