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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Research and development$1,272 $242 $3,212 $657 
General and administrative1,202 144 2,621 406 
Total expense$2,474 $386 $5,833 $1,063 
Share-Based Payment Arrangement, Option, Activity
The following table summarizes the option activity:
Number
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term
(years)
Outstanding at December 31, 2023823,833$31.43 5.89
Granted849,012$35.31 
Exercised *(83,795)$17.63 
Expired/Forfeited(204,868)$74.86 
Outstanding at September 30, 20241,384,182$28.22 8.09
Exercisable at September 30, 2024461,339$18.34 6.02
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Expected volatility
90.85%-92.31%
—%-—%
86.39%-92.31%
82.96%-83.70%
Risk-free interest rate
3.43%-4.40%
—%-—%
3.43%-4.60%
3.45% - 4.46%
Expected life (in years)
5.95-6.12
0.00-0.00
5.50-6.15
3.58 - 6.08
Expected dividend yield— — — — 
Fair value of common stock (1)
$18.39 
(1) Prior to the reverse merger, the Company periodically estimated the fair value of the Company’s common stock considering, among other things, valuations of its common stock prepared by management with the assistance of a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Following the reverse merger, the fair value of the Company’s common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Market.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2024 is as follows:
Number of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2023— $— 
Restricted stock units granted482,384 $36.06 
Restricted stock units forfeited(4,771)$36.06 
Unvested at September 30, 2024477,613 $36.06