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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity The following table summarizes the Company’s stock option activity for the six months ended June 30, 2024:

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price per
share

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Balance at December 31, 2023

 

 

1,376,596

 

 

$

1.80

 

 

 

9.83

 

 

$

6,249

 

Granted

 

 

2,458,879

 

 

 

12.49

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Expired

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Options outstanding at June 30, 2024

 

 

3,835,475

 

 

$

8.66

 

 

 

9.64

 

 

$

56,013

 

Options vested and exercisable at June 30, 2024

 

 

7,662

 

 

 

7.37

 

 

 

9.68

 

 

 

122

 

Options vested and expected to vest at June 30, 2024

 

 

3,835,475

 

 

$

8.66

 

 

 

9.64

 

 

$

56,013

 
Summary of Restricted Stock Awards Grant Activity

The following table summarizes the Company’s service-based RSA grant activity for the six months ended June 30, 2024:

 

 

RSAs

 

 

Weighted-
Average Grant
Date Fair Value

 

Unvested shares at December 31, 2023

 

 

1,585,998

 

 

$

3.64

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(295,771

)

 

 

3.37

 

Forfeited

 

 

—

 

 

 

—

 

Unvested shares at June 30, 2024

 

 

1,290,227

 

 

$

3.71

 
Summary of Performance-based RSA Grant Activity

The following table summarizes the Company’s performance-based RSA grant activity for the six months ended June 30, 2024:

 

 

RSAs

 

 

Weighted-
Average Grant
Date Fair Value

 

Unvested shares at December 31, 2023

 

 

649,264

 

 

$

3.63

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(102,517

)

 

 

3.63

 

Forfeited

 

 

—

 

 

 

—

 

Unvested shares at June 30, 2024

 

 

546,747

 

 

$

3.63

 
Summary of Share-based Compensation Expense The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the consolidated statements of operations and comprehensive loss (in thousands):

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

General and Administrative

 

$

1,351

 

 

$

482

 

 

$

2,120

 

 

$

697

 

Research and Development

 

 

1,003

 

 

 

463

 

 

 

1,725

 

 

 

971

 

 

$

2,354

 

 

$

945

 

 

$

3,845

 

 

$

1,668