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Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of stock option activity

 

OPTIONS

 

 

'WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL TERM
(IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2023

 

 

2,506,017

 

 

$

21.49

 

 

 

9.80

 

 

 

16,154

 

Granted

 

 

487,590

 

 

$

38.86

 

 

 

 

 

 

 

Exercised

 

 

(1,675

)

 

$

22.86

 

 

 

 

 

 

 

Forfeited

 

 

(18,461

)

 

$

19.51

 

 

 

 

 

 

 

Outstanding as of June 30, 2024

 

 

2,973,471

 

 

$

24.35

 

 

 

9.43

 

 

 

46,412

 

Vested and expected to vest as of June 30, 2024

 

 

2,973,471

 

 

$

24.35

 

 

 

9.43

 

 

 

46,412

 

Exercisable as of June 30, 2024

 

 

226,208

 

 

$

22.98

 

 

 

9.40

 

 

 

3,706

 

Schedule of restricted stock unit activity

 

NUMBER OF
SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER SHARE

 

Unvested restricted stock units as of December 31, 2023

 

 

144,090

 

 

$

22.86

 

Vested

 

 

(17,989

)

 

 

22.86

 

Unvested restricted stock units as of June 30, 2024

 

 

126,101

 

 

$

22.86

 

Schedule of equity-based compensation expense

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

Research and development expense

 

$

2,154

 

$

205

 

 

$

4,084

 

$

338

 

General and administrative expense

 

 

3,544

 

 

908

 

 

 

5,800

 

 

2,049

 

Total

 

$

5,698

 

$

1,113

 

 

$

9,884

 

$

2,387

 

Incentive Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of fair value assumptions of share based payment

 

THREE MONTHS ENDED JUNE 30,

 

SIX MONTHS ENDED JUNE 30,

 

2023

 

2023

Risk-free interest rate

 

4.1% - 4.9%

 

4.1% - 4.9%

Expected dividend yield

 

0.0%

 

0.0%

Expected term (in years)

 

0.17 - 2.00

 

0.17 - 2.00

Expected volatility

 

84% - 90%

 

84% - 90%

 

Unvested restricted common stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of activity of equity instrument other than option

 

NUMBER OF SHARES

 

 

WEIGHTED-
AVERAGE
GRANT DATE FAIR
VALUE PER
SHARE

 

Unvested restricted common stock as of December 31, 2023

 

 

2,316,902

 

 

$

5.31

 

Vested

 

 

(512,153

)

 

$

5.58

 

Unvested restricted common stock as of June 30, 2024

 

 

1,804,749

 

 

$

5.23

 

2023 Equity Incentive Plan | Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of fair value assumptions of share based payment

 

THREE MONTHS ENDED JUNE 30,

 

SIX MONTHS ENDED JUNE 30,

 

2024

 

2024

Common stock fair value

 

$39.35 - $50.30

 

$33.50 - $66.45

Risk-free interest rate

 

4.3% - 4.7%

 

3.9% - 4.7%

Expected dividend yield

 

0.00%

 

0.00%

Expected term (in years)

 

5.5 - 6.25

 

5.5 - 6.25

Expected volatility

 

95.1% - 96.1%

 

95.0% - 96.4%