Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the three months ended March 31, 2024 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, 2023		3,720,455		$	7.61		9.49	$	57,821
Granted		1,831,369			25.08
Exercised		(5,595	)		4.59
Cancelled and forfeited		(97,953	)		12.46
Outstanding at March 31, 2024		5,448,276		$	13.40		9.37	$	53,607
Vested and expected to vest, March 31, 2024		5,448,276		$	13.40		9.37	$	53,607
Exercisable at March 31, 2024		460,603		$	8.42		8.23	$	6,604

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, 2023		239,699		$	0.93
Vested		(55,501	)		1.01
Unvested as of March 31, 2024		184,198		$	0.91

No restricted stock was issued or repurchased during the three months ended March 31, 2024. The Company issued 1,874 shares of restricted stock and repurchased 4,698 shares or restricted stock during the three months ended March 31, 2023.

Summary of Stock Based Compensation Expense

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

	Three months ended March 31,
	2024		2023
	(in thousands)
General and administrative	$	2,240	$	16
Research and development		1,664		15
Total stock-based compensation expense	$	3,904	$	31

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:

	Three months ended March 31,
	2024
Expected term (in years)	5.9 - 6.1
Expected volatility	100.3% - 104.1%
Expected dividend	—
Risk-free interest rate	4.2% - 4.3%