v3.25.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2024:

 

 

Number of
Stock Options
Outstanding

 

 

Weighted
Average
Exercise Price
per Share

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

Balance at January 1, 2024

 

 

1,749,475

 

 

$

10.61

 

 

 

8.4

 

 

$

3,181

 

Options granted

 

 

3,017,800

 

 

 

20.87

 

 

 

 

 

 

5,343

 

Options exercised

 

 

(83,121

)

 

 

13.15

 

 

 

 

 

 

1,114

 

Options forfeited

 

 

(184,452

)

 

 

16.94

 

 

 

 

 

 

2,034

 

Balance at December 31, 2024

 

 

4,499,702

 

 

$

17.19

 

 

 

8.7

 

 

$

24,867

 

Exercisable options at December 31, 2024

 

 

1,491,145

 

 

$

13.19

 

 

 

8.0

 

 

$

14,404

 

Unvested options at December 31, 2024

 

 

3,008,557

 

 

$

19.16

 

 

 

9.0

 

 

$

10,463

 

Schedule of Grant-Date Fair Value of Stock Options Issued, Presented on a Weighted Average Basis

The table below summarizes the assumptions used to determine the grant-date fair value of stock options issued, presented on a weighted average basis:

 

 

Year Ended
December 31,

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.2

%

 

 

4.0

%

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

92.6

%

 

 

87.5

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Schedule of Stock Based Compensation Expense

The following table provides a summary of stock-based compensation expense:

 

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

Research and development

 

$

5,576

 

 

$

897

 

General and administrative

 

 

7,318

 

 

 

2,003

 

Total stock-based compensation expense

 

$

12,894

 

 

$

2,900