In October 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Stock Option and Incentive Plan (the “2024 Plan”), which superseded the Company’s 2021 Stock Option and Grant Plan, as amended (the “2021 Plan”) (together, the “Stock Plans”).

On January 1, 2025, 2.2 million shares of common stock, representing 5% of the Company’s outstanding shares of common stock as of December 31, 2024, were added to the 2024 Plan. As of June 30, 2025, there were 5.5 million shares available for issuance under the 2024 Plan.

The following summarizes restricted stock award activity:


	Number of Shares Outstanding			Weighted-Average Grant Date Fair Value Per Share
Balance at December 31, 2024		576,829		$	2.62
Restricted stock awards vested		(235,108	)		2.91
Balance at June 30, 2025		341,721			2.41

Restricted stock awards of 341,721 and 576,829 shares were subject to repurchase as of June 30, 2025 and December 31, 2024, respectively. The aggregate grant date fair value of shares vested during the three and six months ended June 30, 2025 was $0.3 million and $0.7 million, respectively.

The following summarizes stock option activity:


	Stock Options Outstanding
	Total Stock Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2024		2,938,982		$	4.64		9.11	$	53,706
Granted		590,988			10.71
Exercised		(145,386	)		2.78
Cancelled/forfeited		(84,586	)		4.48
Outstanding as of June 30, 2025		3,299,998			5.81		8.92		16,770
Exercisable as of June 30, 2025		728,861			3.54		8.39		5,121

The aggregate fair value of stock options that vested for the three and six months ended June 30, 2025 was $0.9 million and $1.7 million, respectively. The stock options granted in the three months ended June 30, 2025 had a weighted-average grant-date fair value per share of $6.73 and a total grant-date fair value of $1.9 million. The stock options granted in the six months ended June 30, 2025 had a weighted-average grant-date fair value per share of $8.06 and a total grant-date fair value of $4.8 million. The total intrinsic value of stock options exercised during three and six months ended June 30, 2025 was $0.4 million and $0.7 million, respectively.

Of the total stock options granted during the six months ended June 30, 2025, options to purchase 0.2 million shares granted to one of the Company's officers include accelerated vesting provisions associated with certain change of control events.

The weighted-average assumptions used to value employee and non-employee stock option awards granted under the Stock Plans using the Black Scholes option pricing model, were as follows:


	Six Months Ended June 30,
	2025			2024
Fair value of common stock	$	8.06		$	2.76
Risk-free interest rate		4.22	%		4.25	%
Expected volatility		88.6	%		92.0	%
Expected term (years)		5.93			5.99
Expected dividend yield	—%			—%

In October 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately prior to the effective date of the Company's IPO.

As of June 30, 2025, the Company has not issued any shares under the 2024 ESPP as the first offering period began in May 2025, and the first purchase date has not yet taken place. As of June 30, 2025, there were 0.4 million shares available for issuance under the 2024 ESPP. For the three and six months ended June 30, 2025, the Company recorded approximately $0.3 million of compensation expense associated with the 2024 ESPP.

Stock-based compensation expense for restricted stock awards, stock options and the 2024 ESPP recognized in the Company’s condensed statements of operations and comprehensive loss is presented as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development expense	$	983	$	314	$	1,645	$	611
General and administrative expense		823		314		1,643		594
Total stock-based compensation expense	$	1,806	$	628	$	3,288	$	1,205

As of June 30, 2025, total unrecognized stock-based compensation expense related to unvested restricted stock awards and unvested stock options was $16.3 million, which is expected to be recognized over a weighted-average period of 2.6 years. As of June 30, 2025, total unrecognized stock-based compensation expense related to the 2024 ESPP was $1.3 million, which is expected to be recognized over a weighted average period of 1.2 years.