EQUITY COMPENSATION PLAN (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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

	THREE MONTHS ENDED MARCH 31, 2024
Research and development	$	4,192
General and administrative	2,205
Total stock-based compensation expense	$	6,397

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

	THREE MONTHS ENDED MARCH 31, 2025
Research and development	$	1,256
General and administrative	1,194
Total stock-based compensation expense	$	2,450

Schedule of Stock Options Activity

A summary of the Company’s stock option activity under its 2024 Plan for the three months ended March 31, 2025 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, 2024	3,660	$	15.84
Granted	21	$	14.03
Forfeited	(259)	$	15.86
Outstanding as of March 31, 2025	3,422	$	15.83	9.1	$	13
Vested and exercisable as of March 31, 2025	50	$	15.86	1.5	$	—

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

Stock-Based Compensation Expense

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 three months ended March 31, 2025 were as follows:

	THREE MONTHS ENDED MARCH 31, 2025
Risk-free interest rate	4.13		%
Expected volatility	86.26		%
Expected dividend yield	—		%
Expected term (in years)	6.08
Weighted average fair value	$	10.49