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 during the six months ended June 30, 2024:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		1,112,275		$	7.50		6.87	$	10,712
Assumed in reverse recapitalization		32,685		$	7.56
Granted		1,060,630		$	17.09
Exercised		(53,077	)	$	7.16
Cancelled		—		$	—
Outstanding at June 30, 2024		2,152,513		$	12.33		8.23	$	11,998
Vested and expected to vest at    June 30, 2024		2,152,513		$	12.33		8.23	$	11,998
Exercisable at June 30, 2024		691,080		$	7.11		5.71	$	7,135

Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model during the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Risk-free interest rate range	4.21%	3.59% – 3.93%	4.21% – 4.24%	3.59% – 3.93%
Expected dividend rate	— %	— %	— %	— %
Expected term (years) range	6.11	5.45 - 6.12	5.85 – 6.11	5.45 – 6.12
Expected stock price volatility range	92.2%	89.1% – 89.8%	92.0% – 92.2%	88.9% – 89.8%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	386	$	133	$	543	$	242
General and administrative		950		177		1,210		364
Total stock-based compensation expense	$	1,336	$	310	$	1,753	$	606