EQUITY COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

A summary of the Company’s stock option activity under its 2017 Plan for the year ended December 31, 2024 is as follows (in thousands, except for per share data):


	Number of Shares	Weighted Average Exercise Price
Outstanding as of December 31, 2023	6,494	$	23.22
Exercised	(3,449)	$	21.11

Forfeited	(9)	$	32.03
Settled in connection with the Merger	(2,884)	$	24.75
Canceled in connection with the Merger	(152)	$	41.56
Outstanding as of December 31, 2024	—
Vested and exercisable as of December 31, 2024	—

A summary of the Company’s stock option activity under its 2024 Plan for the year ended December 31, 2024 is as follows (in thousands, except for per share data and years):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value



Outstanding as of December 31, 2023	—
Granted	3,700	$	15.84

Forfeited	(40)	$	15.86
Outstanding as of December 31, 2024	3,660	$	15.84	9.4	$	46
Vested and exercisable as of December 31, 2024	—

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The weighted-average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option pricing model, as well as the resulting weighted-average fair value for the year ended December 31, 2023 were as follows.



	YEAR ENDED DECEMBER 31, 2023
Risk-free interest rate	3.77		%
Expected volatility	84.31		%
Expected dividend yield	—		%
Expected term	6.08
Weighted average fair value	$	16.88

The weighted-average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option pricing model, as well as the resulting weighted-average fair value, for the year ended December 31, 2024 were as follows:


	YEAR ENDED DECEMBER 31, 2024


Risk-free interest rate	4.56		%
Expected volatility	86.32		%
Expected dividend yield	—		%
Expected term (in years)	6.06
Weighted average fair value	$	11.89

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for stock options under the 2017 Plan consisted of the following (in thousands):


	YEAR ENDED DECEMBER 31,
	2024		2023

Research and development	$	32,809	$	16,630
General and administrative	18,725		8,216
Total stock-based compensation expense	$	51,534	$	24,846

Stock-based compensation expense for stock options under the 2024 Plan consisted of the following (in thousands):


	YEAR ENDED DECEMBER 31, 2024

Research and development	$	4,066
General and administrative	2,918
Total stock-based compensation expense	$	6,984