Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for year ended December 31, 2023 was as follows:

	Number of Options			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		167,882		$	1.09		9.65	$	—
Granted		3,928,714			7.64
Exercised		(27,787	)		1.23
Cancelled and forfeited		(348,354	)		5.32
Outstanding at December 31, 2023		3,720,455		$	7.61		9.49	$	57,821
Vested and expected to vest, December 31, 2023		3,720,455		$	7.61		9.49	$	57,821
Exercisable at December 31, 2023		128,968		$	4.46		9.13	$	2,410

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:

	Number of Awards			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2022		529,110		$	0.93
Issued		1,874			3.94
Repurchased		(14,652	)		0.63
Vested		(276,633	)		1.18
Unvested as of December 31, 2023		239,699		$	0.93

Summary of Stock Based Compensation Expense

Total stock-based compensation expense recorded in the statements of operations and comprehensive loss was as follows:

	Year ended December 31,
	2023		2022
	(in thousands)
General and administrative	$	1,965	$	217
Research and development		1,362		80
Total stock-based compensation expense	$	3,327	$	297

Summary of Estimated Grant Date Fair Value of Awards

The estimated grant-date fair value of awards granted was calculated based on the following assumptions:

	Year ended December 31,
	2023		2022
Expected term (in years)	5.2 – 6.4		2.8 – 6.1
Expected volatility	84.6% – 97.7%		84.6% – 89.8%
Expected dividend		—		—
Risk-free interest rate	3.2% – 4.7%		3.0% – 4.7%