Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Black-Scholes Option-pricing Model to Determine the Fair Value of Stock Options Granted

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

	Year Ended December 31,
	2024			2023
Per share fair value of common stock	$	7.12		$	4.52
Expected volatility		79.1	%		77.0	%
Expected dividends		0	%		0	%
Expected term (in years)		6.2			6.3
Risk-free rate		3.41	%		1.94	%

Summary of Stock Options Activity

The following table summarizes the activity of stock options with service-based and performance-based vesting conditions during the year ended December 31, 2024:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		4,166,107		$	3.75		8.5	$	4,648
Granted		3,472,281			7.12
Exercised		(39,770	)		4.01
Forfeited		(1,104,280	)		3.82
Expired		(3,767	)		4.01
Outstanding as of December 31, 2024		6,490,571		$	5.54		7.9	$	71,266
Options exercisable December 31, 2024		1,993,278		$	3.64		5.3	$	25,507
Vested and expected to vest December 31, 2024		6,490,571		$	5.54		7.9	$	71,266

Schedule of Classification of Stock-based Compensation in Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table illustrates the classification of stock-based compensation in the consolidated statements of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2024		2023
General and administrative (1)	$	4,842	$	2,354
Research and development		1,162		1,073
	$	6,004	$	3,427

(1) Includes related party amounts of $0.1 million for the year ended December 31, 2023 (Note 16)