0000950170-24-095421 | 10-Q | XBRL Viewer

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Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value assets transfer between levels	$ 0	$ 0

Convertible Preferred Stock	6 Months Ended
Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	9. Convertible Preferred Stock Series A, B, and C Convertible Preferred Stock The Company issued its convertible preferred stock in a series of transactions as follows: • In August 2018, 7,142,857 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $4.9 million; • In June 2019, an additional 26,046,438 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $18.1 million; • In July 2020, an additional 33,189,295 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $23.2 million; • In April 2021, the Company entered into a Series B convertible preferred stock purchase agreement under which it issued 78,211,116 shares of its Series B convertible preferred stock for cash, at a price of $1.35 per share, resulting in aggregate net proceeds of $105.3 million; • In April and May 2023, the Company entered into a Series C convertible preferred stock purchase agreement under which it issued 142,857,138 shares of Series C convertible preferred stock for cash, at a price of $0.70 per share, resulting in aggregate net proceeds of $99.7 million. Common Stock Issued for Conversion of Convertible Preferred Stock Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock, as adjusted for the reverse stock split. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding. Rights, Preferences, and Privileges of Convertible Preferred Stock The rights, preferences, and privileges of the previously outstanding convertible preferred stock are detailed in Note 9 of the notes to financial statements included the Prospectus.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2024

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

Series A, B, and C Convertible Preferred Stock

The Company issued its convertible preferred stock in a series of transactions as follows:

•

In August 2018, 7,142,857 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $4.9 million;

•

In June 2019, an additional 26,046,438 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $18.1 million;

•

In July 2020, an additional 33,189,295 shares of Series A convertible preferred stock were issued for cash at a price of $0.70 per share, resulting in aggregate net proceeds of $23.2 million;

•

In April 2021, the Company entered into a Series B convertible preferred stock purchase agreement under which it issued 78,211,116 shares of its Series B convertible preferred stock for cash, at a price of $1.35 per share, resulting in aggregate net proceeds of $105.3 million;

•

In April and May 2023, the Company entered into a Series C convertible preferred stock purchase agreement under which it issued 142,857,138 shares of Series C convertible preferred stock for cash, at a price of $0.70 per share, resulting in aggregate net proceeds of $99.7 million.

Common Stock Issued for Conversion of Convertible Preferred Stock

Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock, as adjusted for the reverse stock split. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding.

Rights, Preferences, and Privileges of Convertible Preferred Stock

The rights, preferences, and privileges of the previously outstanding convertible preferred stock are detailed in Note 9 of the notes to financial statements included the Prospectus.

Stock Options and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,135	$ 927	$ 3,463	$ 1,542
Research and Development Expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	888	395	1,412	667
General and Administrative Expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,247	$ 532	$ 2,051	$ 875

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (16,976)	$ (12,398)	$ (32,406)	$ (24,117)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 176,057	$ 118,783
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	28,130	21,737
U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	139,126	92,143
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	8,801	4,903
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	28,130	21,737
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	28,130	21,737
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	147,927	97,046
Level 2 \| U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	139,126	92,143
Level 2 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 8,801	$ 4,903

Net Loss Per Common Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	4,188,871	17,212,506
Conversion of Outstanding Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	0	14,740,840
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	4,188,436	2,468,816
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	435	2,850

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of June 30, 2024
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	28,130	$	—	$	—		$	28,130
U.S. government obligations		139,179		—		(53	)		139,126
Corporate debt securities		8,812		—		(11	)		8,801
Total cash equivalents and investments	$	176,121	$	—	$	(64	)	$	176,057
Classified as:
Cash equivalents								$	28,130
Short-term investments									147,927
Total cash equivalents and investments								$	176,057


	As of December 31, 2023
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	21,737	$	—	$	—		$	21,737
U.S. government obligations		92,106		58		(21	)		92,143
Corporate debt securities		4,900		5		(2	)		4,903
Total cash equivalents and investments	$	118,743	$	63	$	(23	)	$	118,783
Classified as:
Cash equivalents								$	21,737
Short-term investments									97,046
Total cash equivalents and investments								$	118,783

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Lab equipment	$	4,334	$	4,264
Computers and software		839		833
Leasehold improvements		1,664		46
Furniture and fixtures		157		157
		6,994		5,300
Less accumulated depreciation and amortization		3,255		2,727
	$	3,739	$	2,573

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 0.3	$ 0.2	$ 0.5	$ 0.5

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance	6,699,612	18,415,932
Common Stock Options Issued and Outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance	4,188,436	2,813,937
Equity Awards Available for Future Issuance
Class of Stock [Line Items]
Common stock reserved for future issuance	2,279,257	861,155
Shares Available for Purchase Under the ESPP
Class of Stock [Line Items]
Common stock reserved for future issuance	231,919
Conversion of Outstanding Convertible Preferred Stock
Class of Stock [Line Items]
Common stock reserved for future issuance		14,740,840

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (32,406)	$ (24,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,463	1,542
Depreciation	528	475
Accretion of investments, net	(2,676)	(813)
Non-cash lease expense	1,249	1,071
Other		25
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,849)	(348)
Accounts payable and accrued liabilities	1,037	259
Operating lease liabilities	(1,358)	(1,074)
Net cash used in operating activities	(32,012)	(22,980)
Cash flows from investing activities
Purchases of investments	(124,652)	(97,387)
Maturities of investments	76,185	51,246
Purchases of property and equipment	(1,587)	(214)
Net cash used in investing activities	(50,054)	(46,355)
Cash flows from financing activities
Proceeds from the issuance of common stock from initial public offering, net of discounts	93,000
Payments of common stock offering costs	(3,336)
Proceeds from the issuance of convertible preferred stock		100,000
Convertible preferred stock issuance costs		(329)
Proceeds from the exercise of stock options	59	57
Net cash provided by financing activities	89,723	99,728
Net increase in cash and cash equivalents	7,657	30,393
Cash, cash equivalents, and restricted cash at beginning of period	24,266	11,484
Cash, cash equivalents, and restricted cash at end of period	31,923	41,877
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	31,363	41,317
Restricted Cash	560	560
Cash, cash equivalents, and restricted cash at end of period	31,923	41,877
Non-cash investing and financing activities
Change in unpaid common stock issuance costs	(183)
Addition to ROU assets		282
Increase to ROU assets due to remeasurement of lease obligation		1,125
Vesting of early exercised stock options	4	88
Unpaid property and equipment purchases	$ 107	$ 100

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Apr. 02, 2024 USD ($) $ / shares shares	Mar. 19, 2024	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, State or Country Code				DE
Net proceeds \| $				$ 93,000
Common stock, shares authorized	700,000,000		700,000,000	700,000,000	402,600,000
Common stock, par value \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	70,000,000		70,000,000	70,000,000	0
Preferred stock, par value \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Reverse stock split, description				On March 19, 2024, the Company effected a one-for-19.5 reverse stock split of its issued and outstanding shares of common stock.
Reverse stock split ratio		0.05
Accumulated deficit \| $			$ (168,515)	$ (168,515)	$ (136,109)
Cash, cash equivalents, and short-term investments \| $			$ 179,300	$ 179,300
Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares sold			6,250,000
IPO
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares sold	6,250,000
Share price \| $ / shares	$ 16
Net proceeds \| $	$ 87,700
Convertible preferred stock converted into common stock	14,740,840

Stock Options and Stock-Based Compensation - Schedule of Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected option life (in years)	6 years	6 years	6 years	6 years
Assumed volatility	91.30%	91.40%	94.90%	91.50%
Assumed risk-free interest rate	4.30%	3.90%	4.20%	3.90%

Lease Agreements - Additional Information (Details)		6 Months Ended
Lease Agreements - Additional Information (Details)	Dec. 31, 2021 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2021
Lessee, Lease, Description [Line Items]
Net ROU asset		$ 754,000		$ 2,002,000
Standby letter-of-credit		500,000
Upfront payments under lease agreements		800,000
Cash paid for operating leases		1,400,000	$ 1,400,000
2022 Lease
Lessee, Lease, Description [Line Items]
Operating lease term					14 days
Net ROU asset		800,000
Lease obligation		800,000
Estimated incremental borrowing rate					8.00%
Future minimum lease payments		800,000
Imputed interest		7,000
2024 Lease
Lessee, Lease, Description [Line Items]
Area of Square Feet \| ft²	80,000
Tenant improvement allowances	$ 22,000,000
Base lease payments		$ 71,900,000
Right to extend the term		60 months
Other Long-term Assets
Lessee, Lease, Description [Line Items]
Upfront payments under lease agreements		$ 500,000		$ 500,000

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001782303
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	BOUNDLESS BIO, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41989
Entity Tax Identification Number	83-0751369
Entity Address, Address Line One	9880 Campus Point Drive
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
Entity Address, State or Province	CA
City Area Code	(858)
Local Phone Number	766-9912
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	BOLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		22,254,537
Document Transition Report	false
Document Quarterly Report	true

Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Expenses:
Research and development	$ 14,735	$ 11,075	$ 27,864	$ 20,577
General and administrative	4,656	2,885	8,410	5,470
Total operating expenses	19,391	13,960	36,274	26,047
Loss from operations	(19,391)	(13,960)	(36,274)	(26,047)
Other income, net:
Interest income	2,382	1,551	3,803	1,914
Other income, net	33	11	65	16
Total other income, net	2,415	1,562	3,868	1,930
Net loss	(16,976)	(12,398)	(32,406)	(24,117)
Comprehensive loss:
Net Income (Loss)	(16,976)	(12,398)	(32,406)	(24,117)
Unrealized gain/(loss) on short-term investments	(43)	(20)	(104)	258
Comprehensive loss	$ (17,019)	$ (12,418)	$ (32,510)	$ (23,859)
Net loss per share - basic	$ (0.77)	$ (10.28)	$ (2.78)	$ (20.18)
Net loss per share - diluted	$ (0.77)	$ (10.28)	$ (2.78)	$ (20.18)
Shares used in calculation, basic	22,023	1,206	11,641	1,195
Shares used in calculation, diluted	22,023	1,206	11,641	1,195

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Description of Business

Boundless Bio, Inc. (the Company) is a clinical-stage precision oncology company dedicated to unlocking a new paradigm in cancer therapeutics to address the significant unmet need in patients with oncogene amplified tumors by targeting extrachromosomal DNA (ecDNA). The Company is focused on designing and developing small molecule drugs called ecDNA directed therapeutic candidates (ecDTx). The Company was incorporated in the state of Delaware on April 10, 2018 and is headquartered in San Diego, California.

Initial Public Offering

On April 2, 2024, the Company completed its initial public offering (IPO), pursuant to which it sold 6,250,000 shares of its common stock at a public offering price of $16.00 per share, resulting in net proceeds of approximately $87.7 million, after deducting underwriting discounts, commissions, and other offering expenses. Immediately prior to the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding.

In connection with the closing of its IPO, on April 2, 2024, the Company’s certificate of incorporation was amended and restated to authorize 700,000,000 shares of common stock, par value $0.0001 per share and 70,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.

Reverse Stock Split

On March 19, 2024, the Company effected a one-for-19.5 reverse stock split of its issued and outstanding shares of common stock. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the conversion ratios for each series of the Company’s convertible preferred stock. The par value and the number of authorized shares of the convertible preferred stock and common stock were not adjusted in connection with the reverse stock split.

Liquidity

Since the Company commenced operations in 2018, it has devoted substantially all of its efforts and resources to organizing and staffing the Company, business planning, raising capital, building its proprietary Spyglass platform, discovering its ecDTx, developing its ecDNA diagnostic candidate, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its ecDTx and related raw materials, and providing other general and administrative support for these operations.

Since inception, the Company has incurred significant operating losses and negative cash flows from its operations and expects that it will continue to do so into the foreseeable future as it continues its development of, seeks regulatory approval for, and potentially commercializes any of its ecDTx and seeks to discover and develop additional ecDTx, utilizes third parties to manufacture its ecDTx and related raw materials, seeks to develop its ecDNA diagnostic candidate, hires additional personnel, and expands and protects its intellectual property. If the Company obtains regulatory approval for any of its ecDTx, it expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution. As of June 30, 2024, the Company had an accumulated deficit of $168.5 million and cash, cash equivalents, and short-term investments of $179.3 million. The Company believes that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations for at least 12 months from the issuance date of these condensed financial statements.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
As of June 30, 2024 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	28,130	$	28,130	$	—	$	—
U.S. government obligations (2)		139,126		—		139,126		—
Corporate debt securities (2)		8,801		—		8,801		—
Total fair value of assets	$	176,057	$	28,130	$	147,927	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2023 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	21,737	$	21,737	$	—	$	—
U.S. government obligations (2)		92,143		—		92,143		—
Corporate debt securities (2)		4,903		—		4,903		—
Total fair value of assets	$	118,783	$	21,737	$	97,046	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share of the Company (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(16,976	)	$	(12,398	)	$	(32,406	)	$	(24,117	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,023			1,206			11,641			1,195
Net loss per share, basic and diluted	$	(0.77	)	$	(10.28	)	$	(2.78	)	$	(20.18	)

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The Company excluded the following potential shares of its common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	June 30,
	2024		2023
Conversion of outstanding convertible preferred stock		—		14,740,840
Options to purchase common stock		4,188,436		2,468,816
Options early exercised subject to future vesting		435		2,850
Total		4,188,871		17,212,506

Stock Options and Stock-Based Compensation - Schedule of Stock Option Activity Under the Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Beginning balance, Number \| shares	2,813,937
Granted \| shares	1,393,744
Exercise of stock options, shares \| shares	(15,211)
Forfeited and expired \| shares	(4,034)
Ending balance, Number \| shares	4,188,436	2,813,937
Vested and expected to vest \| shares	4,188,436
Exercisable \| shares	1,394,504
Beginning balance, Weighted-Average Exercise Price \| $ / shares	$ 4.1
Weighted-Average Exercise Price, Granted \| $ / shares	11.16
Weighted-Average Exercise Price, Exercised \| $ / shares	3.9
Weighted-Average Exercise Price, Forfeited and expired \| $ / shares	4.05
Ending balance, Weighted-Average Exercise Price \| $ / shares	6.47	$ 4.1
Weighted-Average Exercise Price, Vested and expected to vest \| $ / shares	6.47
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 4.55
Weighted-Average Remaining Term (years)	8 years 7 months 6 days	7 years 9 months 18 days
Weighted-Average Remaining Term (years), Vested and expected to vest	8 years 7 months 6 days
Weighted-Average Remaining Term (years), Exercisable	7 years 7 months 6 days
Aggregate-Intrinsic Value \| $	$ 166	$ 562
Aggregate-Intrinsic Value, Vested and expected to vest \| $	166
Aggregate-Intrinsic Value, Exercisable \| $	$ 165

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	$ 176,121	$ 118,743
Unrealized Gain		63
Unrealized Loss	(64)	(23)
Estimated Fair Value	176,057	118,783
Short-term Investments
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	147,927	97,046
U.S. Government Obligations
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	139,179	92,106
Unrealized Gain		58
Unrealized Loss	(53)	(21)
Estimated Fair Value	139,126	92,143
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	8,812	4,900
Unrealized Gain		5
Unrealized Loss	(11)	(2)
Estimated Fair Value	8,801	4,903
Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	28,130	21,737
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	28,130	21,737
Estimated Fair Value	$ 28,130	$ 21,737

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 1,686	$ 2,222
Accrued research and development costs	3,441	1,575
Other accrued liabilities	939	469
Total accounts payable and accrued liabilities	$ 6,066	$ 4,266

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of June 30, 2024
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	28,130	$	—	$	—		$	28,130
U.S. government obligations		139,179		—		(53	)		139,126
Corporate debt securities		8,812		—		(11	)		8,801
Total cash equivalents and investments	$	176,121	$	—	$	(64	)	$	176,057
Classified as:
Cash equivalents								$	28,130
Short-term investments									147,927
Total cash equivalents and investments								$	176,057


	As of December 31, 2023
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	21,737	$	—	$	—		$	21,737
U.S. government obligations		92,106		58		(21	)		92,143
Corporate debt securities		4,900		5		(2	)		4,903
Total cash equivalents and investments	$	118,743	$	63	$	(23	)	$	118,783
Classified as:
Cash equivalents								$	21,737
Short-term investments									97,046
Total cash equivalents and investments								$	118,783

On June 30, 2024 and December 31, 2023, the remaining contractual maturities of all the Company’s available-for-sale investments were less than 12 months. As of June 30, 2024 and December 31, 2023, the Company has not established an allowance for credit losses for any of its available-for-sale securities.

As of June 30, 2024, there were 39 available-for-sale securities, with an estimated fair value of $145.5 million in gross unrealized loss positions. As of December 31, 2023, there were 24 available-for-sale securities, with an estimated fair value of $40.3 million in gross unrealized loss positions. Based on its review of these investments, the Company believes that the unrealized losses reflect the impact of the rising interest rate environment and were not other-than-temporary in nature.

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity/(Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Issuance of common stock, net discounts and offering costs	$ 12,305
Series C Convertible Preferred Stock
Net of issuance costs		$ 329

Investments - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($) Securities	Dec. 31, 2023 USD ($) Securities
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale securities \| Securities	39	24
Estimated fair value of gross unrealized loss positions \| $	$ 145.5	$ 40.3

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accounts payable	$	1,686	$	2,222
Accrued research and development costs		3,441		1,575
Other accrued liabilities		939		469
Total accounts payable and accrued liabilities	$	6,066	$	4,266

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Unaudited Condensed Interim Financial Information	Unaudited Condensed Interim Financial Information The condensed balance sheet as of June 30, 2024, the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed statements of convertible preferred stock and stockholders’ equity / (deficit) for the three and six months ended June 30, 2024 and 2023, and the condensed statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the condensed financial statements related to the three and six months ended June 30, 2024 and 2023 are also unaudited. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other future annual or interim period. The condensed balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s prospectus (the Prospectus) dated March 27, 2024 related to its IPO filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the SEC on March 28, 2024.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. On an ongoing basis, management evaluates its estimates, primarily related to stock-based compensation, the fair value of its investments and common stock, and accrued research and development costs. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s estimates relating to the valuation of stock options require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. The balance reflected in these financial statements as restricted cash represents a deposit account pledged as collateral to secure a standby letter of credit required as a security deposit on one of the Company’s leased facilities. The Company has classified the restricted cash as a noncurrent asset on its balance sheets as of June 30, 2024 and December 31, 2023.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to the concentration of credit risk, consist primarily of cash, cash equivalents, and investments. The Company maintains deposits in federally insured financial institutions which exceeded federally insured limits by $2.9 million as of June 30, 2024. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes its exposure to concentration of credit risk.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Cash, cash equivalents, and short-term investments are carried at fair value, determined according to the fair value hierarchy described above. The carrying values of the Company’s prepaid expenses, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.
Deferred Offering Costs and Common Stock Issuance Costs	Deferred Offering Costs and Common Stock Issuance Costs The Company capitalizes certain legal, professional, accounting, and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of proceeds generated as a result of the offering. As of June 30, 2024 and December 31, 2023, there were $0 and $2.2 million of deferred offering costs, respectively. At the closing of the IPO, the amounts recorded in deferred offering costs were reclassified to additional paid-in capital within stockholders' equity.
Segments	Segments Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.
Convertible Preferred Stock	Convertible Preferred Stock The Company’s convertible preferred stock is classified as temporary equity in the accompanying balance sheets and excluded from stockholders’ equity / (deficit) as the potential redemption of such stock is outside the Company’s control and would require the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock is not redeemable except for in the event of a liquidation, dissolution, or winding up of the Company. Costs incurred in connection with the issuance of convertible preferred stock are recorded as a reduction of gross proceeds from issuance. The Company does not accrete the carrying values of the preferred stock to the redemption values since the occurrence of these events was not considered probable as of December 31, 2023. Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. The Company’s potentially dilutive securities, which include its convertible preferred stock, options to purchase common stock, and common stock subject to repurchase related to unvested restricted stock and options early exercised, have been excluded from the computation of diluted net loss per share as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of June 30, 2024, several new accounting pronouncements had been issued by the Financial Accounting Standards Board with future adoption dates. All applicable accounting pronouncements will be adopted by the Company by the date required. Management is reviewing the impact of adoption of all pending accounting pronouncements but is not yet in a position to determine the impact on the Company’s financial statements and the notes thereto.

Common Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock

10.

Common Stock

Common Stock Rights

The holder of each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of the holders of common stock. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds. In the event of a liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in the net assets remaining after payment of liabilities and the liquidation value of the Preferred Stock then outstanding. The common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	As of June 30,		As of December 31,
	2024		2023
Conversion of outstanding convertible preferred stock		—		14,740,840
Common stock options issued and outstanding		4,188,436		2,813,937
Equity awards available for future issuance		2,279,257		861,155
Shares available for purchase under the ESPP		231,919		—
Total		6,699,612		18,415,932

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Condensed Interim Financial Information The condensed balance sheet as of June 30, 2024, the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed statements of convertible preferred stock and stockholders’ equity / (deficit) for the three and six months ended June 30, 2024 and 2023, and the condensed statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the condensed financial statements related to the three and six months ended June 30, 2024 and 2023 are also unaudited. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other future annual or interim period. The condensed balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s prospectus (the Prospectus) dated March 27, 2024 related to its IPO filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the SEC on March 28, 2024. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. On an ongoing basis, management evaluates its estimates, primarily related to stock-based compensation, the fair value of its investments and common stock, and accrued research and development costs. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s estimates relating to the valuation of stock options require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. The balance reflected in these financial statements as restricted cash represents a deposit account pledged as collateral to secure a standby letter of credit required as a security deposit on one of the Company’s leased facilities. The Company has classified the restricted cash as a noncurrent asset on its balance sheets as of June 30, 2024 and December 31, 2023. Concentration of Credit Risk Financial instruments, which potentially subject the Company to the concentration of credit risk, consist primarily of cash, cash equivalents, and investments. The Company maintains deposits in federally insured financial institutions which exceeded federally insured limits by $2.9 million as of June 30, 2024. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes its exposure to concentration of credit risk. Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Cash, cash equivalents, and short-term investments are carried at fair value, determined according to the fair value hierarchy described above. The carrying values of the Company’s prepaid expenses, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Deferred Offering Costs and Common Stock Issuance Costs The Company capitalizes certain legal, professional, accounting, and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of proceeds generated as a result of the offering. As of June 30, 2024 and December 31, 2023, there were $0 and $2.2 million of deferred offering costs, respectively. At the closing of the IPO, the amounts recorded in deferred offering costs were reclassified to additional paid-in capital within stockholders' equity. Segments Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. Convertible Preferred Stock The Company’s convertible preferred stock is classified as temporary equity in the accompanying balance sheets and excluded from stockholders’ equity / (deficit) as the potential redemption of such stock is outside the Company’s control and would require the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock is not redeemable except for in the event of a liquidation, dissolution, or winding up of the Company. Costs incurred in connection with the issuance of convertible preferred stock are recorded as a reduction of gross proceeds from issuance. The Company does not accrete the carrying values of the preferred stock to the redemption values since the occurrence of these events was not considered probable as of December 31, 2023. Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding. Net Loss Per Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. The Company’s potentially dilutive securities, which include its convertible preferred stock, options to purchase common stock, and common stock subject to repurchase related to unvested restricted stock and options early exercised, have been excluded from the computation of diluted net loss per share as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. Recently Adopted Accounting Pronouncements As of June 30, 2024, several new accounting pronouncements had been issued by the Financial Accounting Standards Board with future adoption dates. All applicable accounting pronouncements will be adopted by the Company by the date required. Management is reviewing the impact of adoption of all pending accounting pronouncements but is not yet in a position to determine the impact on the Company’s financial statements and the notes thereto.

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance consisted of the following:


	As of June 30,		As of December 31,
	2024		2023
Conversion of outstanding convertible preferred stock		—		14,740,840
Common stock options issued and outstanding		4,188,436		2,813,937
Equity awards available for future issuance		2,279,257		861,155
Shares available for purchase under the ESPP		231,919		—
Total		6,699,612		18,415,932

Stock Options and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Under the Plan

Stock option activity under the Plan and certain other related information is as follows:


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value (in 000’s)
Balance as of December 31, 2023		2,813,937		$	4.10		7.8	$	562
Granted		1,393,744		$	11.16
Exercised		(15,211	)	$	3.90
Forfeited and expired		(4,034	)	$	4.05
Balance as of June 30, 2024		4,188,436		$	6.47		8.6	$	166
Vested and expected to vest at June 30, 2024		4,188,436		$	6.47		8.6	$	166
Exercisable as of June 30, 2024		1,394,504		$	4.55		7.6	$	165

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	888	$	395	$	1,412	$	667
General and administrative expenses		1,247		532		2,051		875
Total stock-based compensation	$	2,135	$	927	$	3,463	$	1,542

Schedule of Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the following periods were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected option life (in years)		6.0			6.0			6.0			6.0
Assumed volatility		91.3	%		91.4	%		94.9	%		91.5	%
Assumed risk-free interest rate		4.3	%		3.9	%		4.2	%		3.9	%
Expected dividend yield		—			—			—			—

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, liquidation preference		$ 252.1
Convertible preferred stock, shares authorized	0	287,446,844
Convertible preferred stock, shares issued	0	287,446,844
Convertible preferred stock, shares outstanding	0	287,446,844
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	70,000,000	0
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	402,600,000
Common stock shares issued	22,254,537	1,248,493
Common stock, shares outstanding	22,254,102	1,247,012

Common Stock - Additional Information (Details)	6 Months Ended
Common Stock - Additional Information (Details)	Jun. 30, 2024 Vote
Subsidiary, Sale of Stock [Line Items]
Common stock, voting rights	The holder of each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of the holders of common stock.
Number of vote	1

Net Loss Per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (16,976)	$ (12,398)	$ (32,406)	$ (24,117)
Weighted-average shares of common stock used in computing net loss per share, basic	22,023	1,206	11,641	1,195
Weighted-average shares of common stock used in computing net loss per share, diluted	22,023	1,206	11,641	1,195
Net loss per share - basic	$ (0.77)	$ (10.28)	$ (2.78)	$ (20.18)
Net loss per share - diluted	$ (0.77)	$ (10.28)	$ (2.78)	$ (20.18)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Segment	Apr. 02, 2024 shares	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies [Line Items]
Increase in federally insured limits	$ 2,900
Deferred offering costs	$ 0		$ 2,200
Number of operating segments \| Segment	1
IPO
Summary of Significant Accounting Policies [Line Items]
Convertible preferred stock converted into common stock \| shares		14,740,840

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,994	$ 5,300
Less accumulated depreciation and amortization	3,255	2,727
Property and equipment, net	3,739	2,573
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,334	4,264
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	839	833
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,664	46
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 157	$ 157

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Arrangements

From time to time, our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended June 30, 2024, our officers or directors adopted, modified, or terminated such trading arrangements as set forth below.


	Action	Date	Trading Arrangement
	Action	Date	Rule 10b5-1*	Non-Rule 10b5‑1**	Total Shares Subject to Plan	Expiration Date
Jami Rubin, Chief Financial Officer	Adopt	May 23, 2024	X		9,000	April 29, 2025(1)
	Adopt	May 24, 2024	X		32,537	May 21, 2025(1)

      Neil Abdollahian,
Chief Business Officer

       
Jessica Oien,
Chief Legal Officer and Corporate Secretary

Adopt

May 24, 2023

X

35,000

May 23, 2025(1)

       
Klaus Wagner, M.D., Ph.D.,
Chief Medical Officer

Adopt

May 24, 2024

X

68,000

April 30, 2025(1)

       
Chris Hassig, Ph.D.,
Chief Scientific Officer

Adopt

May 26, 2024

X

54,820

September 30, 2025(1)

      ____________________
* Intended to satisfy the affirmative defense of Rule 10b5-1(c)
** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)
(1)This trading plan may expire earlier if all transactions under the trading plan are completed before the scheduled expiration date.

     

Jami Rubin

Trading Arrangements, by Individual

Name

Jami Rubin

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

May 23, 2024

April 29, 2025

9,000

Trading Arrangements, by Individual

Name

Neil Abdollahian

Title

Chief Business Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

May 24, 2024

May 21, 2025

32,537

Trading Arrangements, by Individual

Name

Jessica Oien

Title

Chief Legal Officer and Corporate Secretary

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

May 24, 2023

May 23, 2025

35,000

Trading Arrangements, by Individual

Name

Klaus Wagner, M.D., Ph.D

Title

Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

May 24, 2024

April 30, 2025

68,000

Trading Arrangements, by Individual

Name

Chris Hassig, Ph.D

Title

Chief Scientific Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

May 26, 2024

Expiration Date

September 30, 2025

Aggregate Available

54,820

Stock Options and Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Options and Stock-Based Compensation

11.

Stock Options and Stock-Based Compensation

Equity Incentive Plan

In March 2024, the Company adopted the 2024 Incentive Plan (as amended, the Plan), which has a term of ten years. The Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash-based awards to its employees, consultants, and directors. Options granted under the Plan are exercisable at various dates as determined upon grant and will expire no more than 10 years from their date of grant. Stock options generally vest over terms of either 36 or 48 months. The exercise price of awards under the Plan shall not be less than 100% of the estimated fair market value of the Company’s stock on the date of grant. In addition, the Plan includes an “evergreen” provision whereby the number of shares of common stock available for issuance under the Plan will be increased annually on the first day of each calendar year during the term of the Plan, beginning in 2025, by an amount equal to the lesser of (i) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. As of June 30, 2024, a total of 2,832,714 shares of common stock were authorized for issuance under the Plan. On June 30, 2024, 2,279,257 of these shares remain available for grant under the Plan.

Prior to the adoption of the Plan, the Company had awarded common stock options under the 2018 Equity Incentive Plan (as amended, the Predecessor Plan). Under the provisions of the Plan, the shares subject to awards issued under the Predecessor Plan that were outstanding as of March 27, 2024, and that are subsequently cancelled or forfeited, will become available for issuance under, and serve to increase the number of shares that may be issued under, the Plan.

Stock Options

Stock option activity under the Plan and certain other related information is as follows:


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value (in 000’s)
Balance as of December 31, 2023		2,813,937		$	4.10		7.8	$	562
Granted		1,393,744		$	11.16
Exercised		(15,211	)	$	3.90
Forfeited and expired		(4,034	)	$	4.05
Balance as of June 30, 2024		4,188,436		$	6.47		8.6	$	166
Vested and expected to vest at June 30, 2024		4,188,436		$	6.47		8.6	$	166
Exercisable as of June 30, 2024		1,394,504		$	4.55		7.6	$	165

Aggregate intrinsic value in the above table is the difference between the estimated fair value of the Company’s common stock as of either June 30, 2024 or December 31, 2023, and the exercise price of stock options that had exercise prices below that value.

The options exercised during the three and six months ended June 30, 2024 had an intrinsic value at exercise of approximately $1,000 and $32,000, respectively. The options exercised during the three and six months ended June 30, 2023 had an intrinsic value at exercise of approximately $4,000 and $11,000, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	888	$	395	$	1,412	$	667
General and administrative expenses		1,247		532		2,051		875
Total stock-based compensation	$	2,135	$	927	$	3,463	$	1,542

As of June 30, 2024, unrecognized compensation cost related to outstanding time-based options was $21.2 million, which is expected to be recognized over a weighted-average period of 2.9 years.

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the following periods were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected option life (in years)		6.0			6.0			6.0			6.0
Assumed volatility		91.3	%		91.4	%		94.9	%		91.5	%
Assumed risk-free interest rate		4.3	%		3.9	%		4.2	%		3.9	%
Expected dividend yield		—			—			—			—

The weighted-average grant date per share fair value of options granted during the three months ended June 30, 2024 and 2023 was $4.55 and $5.64, respectively. The weighted-average grant date per share fair value of options granted during the six months ended June 30, 2024 and 2023 was $11.59 and $5.64, respectively.

Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2024 Employee Stock Purchase Plan (the ESPP), which became effective in connection with the IPO. The ESPP permits participants to contribute up to a specified percentage of their eligible compensation during a series of offering periods of 24 months, each comprised of four six-month purchase periods, to purchase the Company’s common stock. The purchase price of the shares will be 85% of the fair market value of the Company’s common stock on the first day of trading of the applicable offering period or on the applicable purchase date, whichever is lower. A total of 231,919 shares of common stock were initially reserved for issuance under the ESPP. In addition, the ESPP includes an “evergreen” provision whereby the number of shares of common stock available for issuance under the ESPP will be increased annually on the first day of each calendar year during the term of the ESPP, beginning in 2025, by an amount equal to the lesser of (i) 1% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. The Company recognized stock-based compensation expense related to the ESPP of $0.3 million for both the three and six month periods ended June 30, 2024, and $0 during the three and six months ended June 30, 2023. As of June 30, 2024, the unrecognized compensation cost related to the ESPP was $0.8 million and is expected to be recognized as expense over approximately 1.29 years. As of June 30, 2024, $0.1 million has been withheld on behalf of employees for future purchases under the ESPP and is included in accrued compensation on the condensed balance sheets. The Company issued and sold no shares under the ESPP during the three and six months ended June 30, 2024 and 2023.

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

12.

Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share of the Company (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(16,976	)	$	(12,398	)	$	(32,406	)	$	(24,117	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,023			1,206			11,641			1,195
Net loss per share, basic and diluted	$	(0.77	)	$	(10.28	)	$	(2.78	)	$	(20.18	)


	June 30,
	2024		2023
Conversion of outstanding convertible preferred stock		—		14,740,840
Options to purchase common stock		4,188,436		2,468,816
Options early exercised subject to future vesting		435		2,850
Total		4,188,871		17,212,506

Lease Agreements

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lease Agreements

2022 Lease

In March 2021, as amended in November 2021, the Company entered into a non-cancelable operating lease for a facility in San Diego, California (the 2022 Lease). The 2022 Lease had an initial term that ended in May 2024, although this was subsequently amended such that this lease now ends on that date occurring 14 days after the lease commencement date for the 2024 Lease (see below). The 2022 Lease provides for the rental of lab and office space, contains rent escalation provisions, and requires the Company to pay a portion of the operating costs related to the underlying multitenant facility. Rental payments under the 2022 Lease commenced in mid-January 2022. Based on information obtained from its landlord, the Company has recorded a right-of-use (ROU) asset and an associated lease obligation for the lab and office space leased under the 2022 Lease. The net ROU asset of $0.8 million and associated lease obligation of $0.8 million are reflected in the Company’s balance sheet as of June 30, 2024 and are estimates that will change should there be a change in the anticipated occupancy date of the property and associated campus underlying the 2024 Lease. The Company’s estimated incremental borrowing rate of approximately 8.0% was used in its present value calculation as the 2022 Lease does not have a stated rate and the implicit rate was not readily determinable.

As of June 30, 2024, future minimum lease payments under the 2022 Lease are expected to total $0.8 million, including imputed interest of approximately $7,000. All future payments under the 2022 Lease are expected to occur in 2024.

2024 Lease

In December 2021, the Company entered into a non-cancelable facility lease for approximately 80,000 square feet of lab and office space in La Jolla, California (the 2024 Lease). The facility to be occupied by the Company under the 2024 Lease will be built to the Company’s specifications; the 2024 Lease agreement includes tenant improvement allowances totaling $22.0 million, repayment of which is included in the future minimum lease payments called for under the agreement.

As of June 30, 2024, although construction of the property underlying the 2024 Lease is underway, the commencement date of the 2024 Lease has not yet been determined. At completion of construction, the Company will occupy the facility for a 120-month term, with payments under the lease commencing after a six-month rent abatement period and continuing through the conclusion of the term. As of June 30, 2024, the landlord has advised the Company that this property will be available for occupancy in October 2024. This date is an estimate, which is subject to change based on the delivery of the property and its associated campus. The 2024 Lease includes base lease payments aggregating $71.9 million, as well as additional charges for common area maintenance and property taxes. The Company has the right to extend the term of the 2024 Lease for an additional 60 months.

Additionally, as a security deposit under this agreement, the Company is required to maintain a standby letter-of-credit in the amount of $0.5 million, which must remain in place until November 2034.

Operating Leases

The Company has made upfront payments under its lease agreements totaling $0.8 million, $0.5 million of which is included in other long-term assets on the balance sheet as of June 30, 2024 and December 31, 2023.

The Company paid $1.4 million in cash for operating leases, included in the operating activities section of the condensed statements of cash flows, for each of the six-month periods ended June 30, 2024, and 2023.

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity/(Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional paid-in-capital	Accumulated other comprehensive income/ (loss)	Accumulated deficit
Beginning balance, convertible preferred stock, (in shares) at Dec. 31, 2022		144,589,706
Beginning balance, convertible preferred stock at Dec. 31, 2022		$ 147,946
Beginning balance, (in shares) at Dec. 31, 2022			1,167,240
Beginning balance at Dec. 31, 2022	$ (81,696)			$ 5,377	$ (398)	$ (86,675)
Vesting of early exercised stock options, (in shares)			17,505
Vesting of early exercised stock options, value	52			52
Exercise of stock options Value	31			31
Exercise of stock options (in shares)			9,195
Stock-based compensation	615			615
Unrealized gain (loss) on short-term investments	278				278
Net loss	(11,719)					(11,719)
Ending balance, (in shares) at Mar. 31, 2023			1,193,940
Ending balance at Mar. 31, 2023	(92,439)			6,075	(120)	(98,394)
Ending balance, convertible preferred stock, (in shares) at Mar. 31, 2023		144,589,706
Ending balance, convertible preferred stock at Mar. 31, 2023		$ 147,946
Issuance of Series C convertible preferred stock, net of $329 in issuance costs (in shares)		142,857,138
Issuance of Series C convertible preferred stock, net of $329 in issuance costs		$ 99,671
Vesting of early exercised stock options, (in shares)			12,164
Vesting of early exercised stock options, value	36			36
Exercise of stock options Value	26			26
Exercise of stock options (in shares)			7,209
Stock-based compensation	927			927
Unrealized gain (loss) on short-term investments	(20)				(20)
Net loss	(12,398)					(12,398)
Ending balance, (in shares) at Jun. 30, 2023			1,213,313
Ending balance at Jun. 30, 2023	$ (103,868)			7,064	(140)	(110,792)
Ending balance, convertible preferred stock, (in shares) at Jun. 30, 2023		287,446,844
Ending balance, convertible preferred stock at Jun. 30, 2023		$ 247,617
Beginning balance, convertible preferred stock, (in shares) at Dec. 31, 2023	287,446,844	287,446,844
Beginning balance, convertible preferred stock at Dec. 31, 2023	$ 247,617	$ 247,617
Beginning balance, (in shares) at Dec. 31, 2023			1,247,012
Beginning balance at Dec. 31, 2023	(127,082)			8,987	40	(136,109)
Vesting of early exercised stock options, (in shares)			522
Vesting of early exercised stock options, value	2			2
Exercise of stock options Value	59			59
Exercise of stock options (in shares)			15,104
Stock-based compensation	1,328			1,328
Unrealized gain (loss) on short-term investments	(61)				(61)
Net loss	(15,430)					(15,430)
Ending balance, (in shares) at Mar. 31, 2024			1,262,638
Ending balance at Mar. 31, 2024	$ (141,184)			10,376	(21)	(151,539)
Ending balance, convertible preferred stock, (in shares) at Mar. 31, 2024		287,446,844
Ending balance, convertible preferred stock at Mar. 31, 2024		$ 247,617
Beginning balance, convertible preferred stock, (in shares) at Dec. 31, 2023	287,446,844	287,446,844
Beginning balance, convertible preferred stock at Dec. 31, 2023	$ 247,617	$ 247,617
Beginning balance, (in shares) at Dec. 31, 2023			1,247,012
Beginning balance at Dec. 31, 2023	$ (127,082)			8,987	40	(136,109)
Exercise of stock options (in shares)	15,211
Ending balance, (in shares) at Jun. 30, 2024			22,254,102
Ending balance at Jun. 30, 2024	$ 179,246		$ 2	347,823	(64)	(168,515)
Ending balance, convertible preferred stock, (in shares) at Jun. 30, 2024	0
Ending balance, convertible preferred stock at Jun. 30, 2024	$ 0
Beginning balance, convertible preferred stock, (in shares) at Mar. 31, 2024		287,446,844
Beginning balance, convertible preferred stock at Mar. 31, 2024		$ 247,617
Beginning balance, (in shares) at Mar. 31, 2024			1,262,638
Beginning balance at Mar. 31, 2024	(141,184)			10,376	(21)	(151,539)
Conversion of convertible preferred stock into common stock upon initial public offering, (in shares)		(287,446,844)
Conversion of convertible preferred stock into common stock upon initial public offering, value		$ (247,617)
Issuance of common stock in initial public offering, net of $12,305 in discounts and offering costs, (in shares)			6,250,000
Issuance of common stock in initial public offering, net of $12,305 in discounts and offering costs, value	87,695		$ 1	87,694
Conversion of convertible preferred stock into common stock upon initial public offering, (in shares)			14,740,840
Conversion of convertible preferred stock into common stock upon initial public offering, value	247,617		$ 1	247,616
Vesting of early exercised stock options, (in shares)			524
Vesting of early exercised stock options, value	2			2
Exercise of stock options (in shares)			100
Stock-based compensation	2,135			2,135
Unrealized gain (loss) on short-term investments	(43)				(43)
Net loss	(16,976)					(16,976)
Ending balance, (in shares) at Jun. 30, 2024			22,254,102
Ending balance at Jun. 30, 2024	$ 179,246		$ 2	$ 347,823	$ (64)	$ (168,515)
Ending balance, convertible preferred stock, (in shares) at Jun. 30, 2024	0
Ending balance, convertible preferred stock at Jun. 30, 2024	$ 0

Stock Options and Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 02, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Intrinsic value of options exercised		$ 1,000	$ 4,000	$ 32,000	$ 11,000
Unrecognized compensation cost related to outstanding time-based options		$ 21,200,000		$ 21,200,000
Unrecognized compensation cost expected to be recognized over a weighted-average period				2 years 10 months 24 days
Weighted-average grant date per share fair value of options granted		$ 4.55	$ 5.64	$ 11.59	$ 5.64
Common stock reserved for future issuance		6,699,612		6,699,612			18,415,932
Stock-based compensation		$ 2,135,000	$ 927,000	$ 3,463,000	$ 1,542,000
Common stock, shares authorized		700,000,000		700,000,000		700,000,000	402,600,000
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to outstanding time-based options		$ 800,000		$ 800,000
Unrecognized compensation cost expected to be recognized over a weighted-average period				1 year 3 months 14 days
Offering period	24 months
Purchase period	6 months
Percentage of fair market value of common stock purchase price	85.00%
Common stock reserved for future issuance	231,919
Stock-based compensation		300,000	$ 0	$ 300,000	$ 0
Share-based payment arrangement, withheld on behalf of employees for future purchases		$ 100,000		$ 100,000
Shares issued under ESPP		0	0	0	0
Percentage of outstanding common stock maximum	1.00%
2024 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of the plan	10 years
Percentage of excise price	100.00%
Number of shares authorized for issuance		2,832,714		2,832,714
Number of shares remained available for grant		2,279,257		2,279,257
Percentage of outstanding common stock maximum	5.00%
2024 Incentive Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	10 years
2024 Incentive Plan \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	36 months
2024 Incentive Plan \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	48 months

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				2 Months Ended	6 Months Ended
	Apr. 30, 2021	Jul. 31, 2020	Jun. 30, 2019	Aug. 31, 2018	May 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Apr. 02, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Convertible preferred stock, shares issued							0		287,446,844
Convertible preferred stock, par value							$ 0.0001		$ 0.0001
Aggregate net proceeds from issuance of convertible preferred stock						$ 100,000
IPO
Temporary Equity [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion								14,740,840
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares issued		33,189,295	26,046,438	7,142,857
Convertible preferred stock, par value		$ 0.7	$ 0.7	$ 0.7
Aggregate net proceeds from issuance of convertible preferred stock		$ 23,200	$ 18,100	$ 4,900
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares issued	78,211,116
Convertible preferred stock, par value	$ 1.35
Aggregate net proceeds from issuance of convertible preferred stock	$ 105,300
Series C Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares issued					142,857,138
Convertible preferred stock, par value					$ 0.7
Aggregate net proceeds from issuance of convertible preferred stock					$ 99,700

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Lab equipment	$	4,334	$	4,264
Computers and software		839		833
Leasehold improvements		1,664		46
Furniture and fixtures		157		157
		6,994		5,300
Less accumulated depreciation and amortization		3,255		2,727
	$	3,739	$	2,573

Depreciation and amortization expense related to property and equipment was $0.3 million and $0.5 million for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.5 million for the three and six months ended June 30, 2023, respectively.

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 31,363	$ 23,706
Short-term investments	147,927	97,046
Prepaid expenses and other current assets	3,842	3,452
Total current assets	183,132	124,204
Property and equipment, net	3,739	2,573
Right-of-use asset, net	754	2,002
Restricted cash	560	560
Other assets	18	555
Total assets	188,203	129,894
Current liabilities
Accounts payable and accrued liabilities	6,066	4,266
Accrued compensation	2,054	2,898
Lease liabilities, current portion	837	2,195
Total current liabilities	8,957	9,359
Commitments and contingencies (Notes 8)
Convertible preferred stock, $0.0001 par value; no shares authorized, issued, or outstanding as of June 30, 2024; 287,446,844 shares authorized, issued, and outstanding as of December 31, 2023; liquidation preference of $252.1 million as of December 31, 2023	0	247,617
Stockholders' equity / (deficit):
Preferred stock, $0.0001 par value; 70,000,000 shares authorized and no shares issued and outstanding as of June 30, 2024; no shares authorized and no shares issued and outstanding as of December 31, 2023	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized, 22,254,537 shares issued, and 22,254,102 shares outstanding as of June 30, 2024; 402,600,000 shares authorized, 1,248,493 shares issued, and 1,247,012 shares outstanding as of December 31, 2023	2	0
Additional paid-in-capital	347,823	8,987
Accumulated other comprehensive income / (loss)	(64)	40
Accumulated deficit	(168,515)	(136,109)
Total stockholders' equity / (deficit)	179,246	(127,082)
Total liabilities, convertible preferred stock, and stockholders' equity / (deficit)	$ 188,203	$ 129,894

Accounts Payable and Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accounts payable	$	1,686	$	2,222
Accrued research and development costs		3,441		1,575
Other accrued liabilities		939		469
Total accounts payable and accrued liabilities	$	6,066	$	4,266

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
As of June 30, 2024 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	28,130	$	28,130	$	—	$	—
U.S. government obligations (2)		139,126		—		139,126		—
Corporate debt securities (2)		8,801		—		8,801		—
Total fair value of assets	$	176,057	$	28,130	$	147,927	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2023 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	21,737	$	21,737	$	—	$	—
U.S. government obligations (2)		92,143		—		92,143		—
Corporate debt securities (2)		4,903		—		4,903		—
Total fair value of assets	$	118,783	$	21,737	$	97,046	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data.

There were no transfers of assets between fair value levels for all periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (h)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contracts

The Company enters into contracts in the normal course of business with various third parties for preclinical research studies, clinical trials, testing, manufacturing, and other services. These contracts generally provide for termination upon notice and are cancellable without significant penalty or payment and do not contain any minimum purchase commitments.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into

indemnification agreements with officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of these indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements as of June 30, 2024 and December 31, 2023.

Litigation

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company was not a defendant in any lawsuit for the six months ended June 30, 2024 and the year ended December 31, 2023.