Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Profits Units Activity and Stock Option Activity

The table below presents a summary of profits interests units activity:

	Profits Interests			Weighted-Average Threshold Amount
Outstanding as of December 31, 2023		9,488,776		$	2.63
Forfeited and expired		(63,940	)		1.17
Canceled in connection with the Reorganization		(282,660	)		11.84
Exchanged for vested and unvested common stock in connection with the Reorganization		(9,142,176	)		2.36
Outstanding as of June 30, 2024		—		$	—

Summary of Unvested Common Stock Activity

The following table presents a summary of the unvested common stock activity for the six months ended June 30, 2024:

Restricted Stock Awards	Number of Shares			Weighted-Average Grant Date Fair Value (1)
Outstanding as of December 31, 2023		—		$	—
Exchange of profits interests units for unvested common stock		1,036,833			18.80
Vested		(254,558	)		14.51
Forfeited		(15,066	)		25.43
Outstanding as of June 30, 2024		767,209		$	20.09

Summary of Restricted Stock Unit Activity

The following table presents a summary of the restricted stock unit activity for the six months ended June 30, 2024:

Restricted Stock Units	Number of Shares		Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2023		—	$	—
Granted		498,490		10.82
Forfeited		—		—
Outstanding as of June 30, 2024		498,490	$	10.82

Summary of Classification of Share-based Compensation Expense

The following table presents the classification of share-based compensation expense for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	2,304	$	355	$	6,302	$	614
General and administrative expenses		2,208		301		3,267		571
Total	$	4,512	$	656	$	9,569	$	1,185

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Profits Units Activity and Stock Option Activity

The following table presents a summary of the stock option activity for the six months ended June 30, 2024:

Stock Options	Number of Shares			Weighted-Average Exercise Price
Outstanding as of December 31, 2023		—		$	—
Granted		3,567,976			10.77
Forfeited		(57,965	)		10.82
Outstanding as of June 30, 2024		3,510,011		$	10.77
Exercisable as of June 30, 2024		3,246		$	8.92