Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2019 Plan and 2024 Plan is as follows:

	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 *		4,310,034		$	4.09		9.09	$	11,810
Options granted		374,031		$	19.14
Options exercised *		(399,805	)	$	3.09
Options forfeited		(114,296	)	$	5.17
Outstanding at June 30, 2024		4,169,964		$	5.51		8.68	$	12,632
Exercisable at June 30, 2024 **		1,767,732		$	3.52		7.94	$	7,043
Vested and expected to vest at June 30, 2024		4,169,964		$	5.51		8.68	$	12,632

Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated at the Grant Date using the Assumptions

The fair value of options granted was estimated at the grant date using the following assumptions for the three and six months ended June 30, 2024 and 2023, respectively:

	Three Months Ended June 30		Six Months Ended June 30,
	2024	2023	2024	2023
Expected volatility	92.9%-93.2%	95%	92.9%-93.5%	95%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.93-6.01	6.0 - 6.1	5.93-6.08	6.0 - 6.1
Risk-free interest rate	4.3%	3.6% - 3.7%	4.1%-4.3%	3.6% - 3.7%

Schedule of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense related to stock options granted (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	695	$	127	$	1,277	$	250
General and administrative		589		319		2,285		665
Total stock-based compensation expense	$	1,284	$	446	$	3,562	$	915