Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used in Determining Fair Value of Option Awards

The following table provides the assumptions used in determining the fair value of option awards for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	77.34% - 77.74%	81.8% - 82.1%	77.34% - 84.50%	81.4% - 83.7%
Risk-free interest rate	3.46% - 4.15%	4.33% - 4.35%	3.46% - 4.62%	3.58% - 4.35%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	6.1	5.3 - 6.11	6.05 - 6.1	4.95 - 6.11

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2024 (in thousands, except share and per share amounts):

	Number of Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Balance at December 31, 2023		5,532,871		$	4.12		8.55	$	40,290
Granted		806,007		$	24.03
Exercised		(872,520	)	$	2.07
Forfeited/Expired		(263,195	)	$	4.69
Balance at September 30, 2024		5,203,163		$	7.52		7.96	$	157,184
Vested and expected to vest at September 30, 2024		5,203,163		$	7.52		7.96	$	157,184
Exercisable at September 30, 2024		1,896,514		$	3.15		6.51	$	65,574

Summary of Stock-based Compensation Expense Related to Stock Options

Stock-based compensation expense related to stock options and the 2024 Employee Stock Purchase Plan (see Note 9) recorded in the accompanying statements of operations for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):

	Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	901	$	238	$	2,223	$	430
General and administrative		1,748		156		4,189		320
Total stock-based compensation expense	$	2,649	$	394	$	6,412	$	750