Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025	2024
Expected volatility	73.39% - 74.09%	84.5%
Risk-free interest rate	4.05% - 4.5%	3.93%
Expected dividend yield	0%	0%
Expected term (in years)	6.0  - 6.1	6.05

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025 (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, 2024		6,574,580		$	14.19		8.20	$	108,155
Granted		67,134		$	27.30
Exercised		(34,487	)	$	2.84
Forfeited/Expired		(73	)	$	36.63
Balance at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Vested and expected to vest at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Exercisable at March 31, 2025		2,494,428		$	6.88		6.79	$	46,115

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 months ended March 31, 2025 and 2024 was as follows (in thousands):

	For the Three Months Ended March 31,
	2025		2024
Research and development	$	1,652	$	543
General and administrative		3,499		974
Total stock-based compensation expense	$	5,151	$	1,517