Sagimet Biosciences (SGMT) 10-Q 21 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 16, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-41742
Entity Registrant Name	Sagimet Biosciences Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5991472
Entity Address, Address Line One	155 Bovet Road, Suite 303
Entity Address, City or Town	San Mateo
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	94402
City Area Code	650
Local Phone Number	561-8600
Title of 12(b) Security	Series A Common Stock,$0.0001 par value per share
Trading Symbol	SGMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,354,999
Entity Central Index Key	0001400118
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,508	$ 158
Short-term investments in marketable securities	0	32,187
Prepaid expenses and other current assets	2,846	447
Total current assets	21,354	32,792
Operating lease right-of-use assets	144	212
Deposits		27
Total assets	21,498	33,031
Current liabilities:
Accounts payable	2,723	1,125
Accrued expenses and other current liabilities	2,424	4,021
Operating lease liabilities	140	133
Total current liabilities	5,287	5,279
Long-term liabilities
Operating lease liabilities, less current portion		78
Redeemable convertible preferred stock warrant liability	5	4
Total liabilities	5,292	5,361
Commitments and contingencies
Redeemable convertible preferred stock: $0.0001 par value; 1,373,810,170 shares authorized at June 30, 2023 and December 31, 2022; 1,373,730,625 shares issued and outstanding at June 30, 2023 and December 31, 2022; liquidation value of $232,963 at June 30, 2023 and December 31, 2022	214,620	214,620
Stockholders' deficit:
Common stock, $0.0001 par value; 1,640,540,000 and 1,608,370,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 210,315 and 185,084 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	36,825	35,001
Accumulated other comprehensive loss		(84)
Accumulated deficit	(235,240)	(221,868)
Total stockholders' deficit	(198,414)	(186,950)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	$ 21,498	$ 33,031

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONDENSED BALANCE SHEETS
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	1,373,810,170	1,373,810,170
Redeemable convertible preferred stock, issued	1,373,730,625	1,373,730,625
Redeemable convertible preferred stock, outstanding	1,373,730,625	1,373,730,625
Redeemable convertible preferred stock, liquidation preference	$ 232,963	$ 232,963
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,640,540,000	1,608,370,000
Common stock, shares issued	210,315	185,084
Common stock, shares outstanding	210,315	185,084

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 4,676	$ 6,371	$ 9,163	$ 12,234
General and administrative	2,381	867	4,659	3,747
Total operating expenses	7,057	7,238	13,822	15,981
Loss from operations	(7,057)	(7,238)	(13,822)	(15,981)
Other income (expense), net:
Change in fair value of redeemable convertible preferred stock warrants	1		(1)	2
Interest income and other	271	136	451	142
Total other income, net	272	136	450	144
Net loss	(6,785)	(7,102)	(13,372)	(15,837)
Other comprehensive gain (loss):
Net unrealized gain (loss) on investments in marketable securities	13	(106)	84	(106)
Total other comprehensive gain (loss)	13	(106)	84	(106)
Comprehensive loss	$ (6,772)	$ (7,208)	$ (13,288)	$ (15,943)
Net loss per share attributable to common stockholders, basic	$ (35.80)	$ (38.37)	$ (71.39)	$ (85.80)
Net loss per share attributable to common stockholders, diluted	$ (35.80)	$ (38.37)	$ (71.39)	$ (85.80)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic	189,520	185,084	187,314	184,589
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted	189,520	185,084	187,314	184,589

CONDENSED STATEMENTS OF REDEEMA

CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive (Loss) Income	Redeemable convertible preferred stock	Total
Beginning balance at Dec. 31, 2021					$ 214,620
Beginning balance (in shares) at Dec. 31, 2021					1,373,730,625
Beginning balance at Dec. 31, 2021	$ 1	$ 33,109	$ (191,369)			$ (158,259)
Beginning balance (in shares) at Dec. 31, 2021	183,457
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss			(8,735)			(8,735)
Exercise of stock options		12				12
Exercise of stock options (in shares)	1,627
Stock-based compensation expense		387				387
Ending balance at Mar. 31, 2022					$ 214,620
Ending balance (in shares) at Mar. 31, 2022					1,373,730,625
Ending balance at Mar. 31, 2022	$ 1	33,508	(200,104)			(166,595)
Ending balance (in shares) at Mar. 31, 2022	185,084
Beginning balance at Dec. 31, 2021					$ 214,620
Beginning balance (in shares) at Dec. 31, 2021					1,373,730,625
Beginning balance at Dec. 31, 2021	$ 1	33,109	(191,369)			(158,259)
Beginning balance (in shares) at Dec. 31, 2021	183,457
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss						(15,837)
Unrealized gain (loss) on investments in marketable securities						(106)
Ending balance at Jun. 30, 2022					$ 214,620
Ending balance (in shares) at Jun. 30, 2022					1,373,730,625
Ending balance at Jun. 30, 2022	$ 1	33,891	(207,206)	$ (106)		(173,420)
Ending balance (in shares) at Jun. 30, 2022	185,084
Beginning balance at Mar. 31, 2022					$ 214,620
Beginning balance (in shares) at Mar. 31, 2022					1,373,730,625
Beginning balance at Mar. 31, 2022	$ 1	33,508	(200,104)			(166,595)
Beginning balance (in shares) at Mar. 31, 2022	185,084
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss			(7,102)			(7,102)
Unrealized gain (loss) on investments in marketable securities				(106)		(106)
Stock-based compensation expense		383				383
Ending balance at Jun. 30, 2022					$ 214,620
Ending balance (in shares) at Jun. 30, 2022					1,373,730,625
Ending balance at Jun. 30, 2022	$ 1	33,891	(207,206)	(106)		(173,420)
Ending balance (in shares) at Jun. 30, 2022	185,084
Beginning balance at Dec. 31, 2022					$ 214,620	$ 214,620
Beginning balance (in shares) at Dec. 31, 2022					1,373,730,625	1,373,730,625
Beginning balance at Dec. 31, 2022	$ 1	35,001	(221,868)	(84)		$ (186,950)
Beginning balance (in shares) at Dec. 31, 2022	185,084					185,084
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss			(6,587)			$ (6,587)
Unrealized gain (loss) on investments in marketable securities				71		71
Stock-based compensation expense		767				767
Ending balance at Mar. 31, 2023					$ 214,620
Ending balance (in shares) at Mar. 31, 2023					1,373,730,625
Ending balance at Mar. 31, 2023	$ 1	35,768	(228,455)	(13)		(192,699)
Ending balance (in shares) at Mar. 31, 2023	185,084
Beginning balance at Dec. 31, 2022					$ 214,620	$ 214,620
Beginning balance (in shares) at Dec. 31, 2022					1,373,730,625	1,373,730,625
Beginning balance at Dec. 31, 2022	$ 1	35,001	(221,868)	(84)		$ (186,950)
Beginning balance (in shares) at Dec. 31, 2022	185,084					185,084
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss						$ (13,372)
Unrealized gain (loss) on investments in marketable securities						84
Ending balance at Jun. 30, 2023					$ 214,620	$ 214,620
Ending balance (in shares) at Jun. 30, 2023					1,373,730,625	1,373,730,625
Ending balance at Jun. 30, 2023	$ 1	36,825	(235,240)			$ (198,414)
Ending balance (in shares) at Jun. 30, 2023	210,315					210,315
Beginning balance at Mar. 31, 2023					$ 214,620
Beginning balance (in shares) at Mar. 31, 2023					1,373,730,625
Beginning balance at Mar. 31, 2023	$ 1	35,768	(228,455)	(13)		$ (192,699)
Beginning balance (in shares) at Mar. 31, 2023	185,084
Increase (Decrease) In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Net loss			(6,785)			(6,785)
Exercise of common stock warrants (in shares)	25,231
Unrealized gain (loss) on investments in marketable securities				$ 13		13
Stock-based compensation expense		1,057				1,057
Ending balance at Jun. 30, 2023					$ 214,620	$ 214,620
Ending balance (in shares) at Jun. 30, 2023					1,373,730,625	1,373,730,625
Ending balance at Jun. 30, 2023	$ 1	$ 36,825	$ (235,240)			$ (198,414)
Ending balance (in shares) at Jun. 30, 2023	210,315					210,315

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (13,372)	$ (15,837)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on marketable securities, net	(39)	(41)
Non-cash lease expense	68	64
Stock-based compensation expense	1,824	770
Change in fair value of redeemable convertible preferred stock warrants	1	(2)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	375	1,447
Accounts payable and accrued liabilities	(1,590)	2,865
Operating lease liabilities	(71)	(69)
Net cash used in operating activities	(12,804)	(10,803)
Cash flows from investing activities:
Purchases of marketable securities		(41,446)
Sales of marketable securities	32,200
Net cash provided (used in) by investing activities	32,200	(41,446)
Cash flows from financing activities:
Payment of deferred financing costs	(1,046)	(30)
Proceeds from exercise of stock options		12
Net cash used in financing activities	(1,046)	(18)
Net increase (decrease) in cash and cash equivalents	18,350	(52,267)
Cash and cash equivalents at beginning of period	158	56,731
Cash and cash equivalents at end of period	18,508	$ 4,464
Supplemental cash flow information
Unpaid deferred financing costs included in accounts payable and accrued expenses	$ 1,591

Organization and description of

Organization and description of business	6 Months Ended
	Jun. 30, 2023
Organization and description of business
Organization and description of business	1. Organization and description of business Overview Sagimet Biosciences Inc. (the Company) was incorporated in Delaware on December 19, 2006, as 3-V Biosciences, Inc. and is headquartered in San Mateo, California. The Company changed its name from 3-V Biosciences, Inc. to Sagimet Biosciences Inc. in August 2019. The Company is a clinical-stage biopharmaceutical company developing novel therapeutics called fatty acid synthase (FASN) inhibitors that target dysfunctional metabolic pathways in diseases resulting from the overproduction of the fatty acid, palmitate. Risks, uncertainties and going concern The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the availability of future financing; the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s drug candidates if approved; the performance of third-party clinical research organizations and manufacturers; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support commercial success. In addition, significant changes in the biotechnology industry or the approval of competitive products or therapies could adversely affect the Company’s development and operating results. As of June 30, 2023, the Company has relied on public and private equity and debt financings to fund its operations. The Company has incurred net losses and negative cash flows from operations since inception, including net losses of $13.4 million for the six months ended June 30, 2023 and $15.8 million for the six months ended June 30, 2022. For the six months ended June 30, 2023, and 2022, the Company had negative cash flows from operations of $12.8 million and $10.8 million, respectively. As of June 30, 2023, the Company had cash and cash equivalents of $18.5 million. The Company expects to incur additional losses and negative cash flows from operations for the next twelve months. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. On July 18, 2023, the Company closed on its initial public offering (IPO), in which it issued and sold 5,312,500 shares of Series A common stock, at a price to the public of $16.00 per share. The aggregate gross proceeds of the IPO were $96.4 million, inclusive of an additional 714,272 shares of Series A common stock sold upon the partial exercise of the underwriters’ purchase option. The Company received approximately $86.2 million in net proceeds after deducting underwriting discounts, commissions, and estimated offering expenses. See Note 13. As of August 21, 2023, the issuance date of these unaudited condensed financial statements, the Company expects that its cash and cash equivalents as of June 30, 2023, and total net proceeds from the IPO of $86.2 million will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these condensed financial statements. In the future, the Company may need to raise additional funds until it is able to generate sufficient revenues to fund its development activities. The Company’s future operating activities, coupled with its plans to raise capital or issue debt financing, may provide additional liquidity in the future, however these actions are not solely within the control of the Company and the Company is unable to predict the outcome of these actions to generate the liquidity ultimately required. Reverse stock split A one-for- 79.4784 Impact of COVID-19 pandemic on financial statements The 2019 novel coronavirus disease (COVID-19) and the related responses by public health and governmental authorities to contain and combat its outbreak and spread severely impacted the U.S. and world economies during the end of the first quarter of 2020 through the end of 2022. Moving forward, economic recessions, increased inflation and/or interest rates, including those brought on by the continued effects of the COVID-19 outbreak may have a negative effect on the Company’s operating results. Any prolonged disruption to the Company’s operations or workforce availability is likely to have a significant adverse effect on the Company’s results of operations and cash flows. All of the above may be exacerbated in the future as the COVID-19 outbreak and the governmental responses thereto continue. Unaudited interim financial information The accompanying condensed balance sheet as of June 30, 2023, the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the condensed statements of redeemable convertible preferred stock and stockholders’ deficit for the three and six months ended June 30, 2023 and 2022, the condensed statements of cash flows for the six months ended June 30, 2023 and 2022, and the related disclosures are unaudited. These unaudited condensed financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with accounting principles generally accepted in the United States of America (GAAP). Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements of the Company. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the Securities and Exchange Commission (SEC) on July 17, 2023.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2023
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The financial statements and accompanying notes have been prepared in accordance with GAAP and the requirements of the 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. These condensed financial statements have been prepared on the same basis as the annual financial statements included in the final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 17, 2023. In the Company’s opinion, the information furnished in these condensed financial statements reflects all adjustments, all of which are of a normal and recurring nature necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of expenses during the reporting period. Such estimates include accruals of research and development expenses, accrued costs for services rendered in connection with third-party contractor clinical trial activities, preferred stock, common stock and stock option valuations and stock-based compensation. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2022, and the unaudited financial statements as of March 31, 2023, filed with the SEC as part of the final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 17, 2023. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies except as disclosed below in recently adopted accounting pronouncements. Marketable securities The Company classifies its marketable debt securities as available-for-sale and records such assets at estimated fair value in the balance sheets. The Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments The Company had no short-term investments in marketable securities as of June 30, 2023. Deferred financing costs Deferred financing costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO are capitalized and recorded on the balance sheets. The deferred financing costs will be offset against the proceeds received upon the closing of the IPO. As of June 30, 2023, there were $2.6 million of deferred financing costs capitalized. On March 21, 2022, the Company withdrew its prior Registration Statement on Form S-1 initially filed with the SEC on April 16, 2021. Concurrently, all of the deferred financing costs of $1.4 million capitalized as of December 31, 2021 were expensed within operating expenses in the unaudited condensed statement of operations and comprehensive loss for the six months ended June 30, 2022, in accordance with the Company’s policy to write off all deferred financing costs within operating expenses in the Company’s unaudited condensed statements of operations and comprehensive loss in the event that the Company’s plans for an IPO are terminated. Revenue recognition The Company enters into collaboration and licensing arrangements that generally contain multiple elements or deliverables, which may include (1) licenses to the Company’s technology, (2) research and development activities performed for the collaboration partner, (3) participation on joint steering committees (JSCs), and (4) the manufacturing of clinical or preclinical material. Payments pursuant to these arrangements include milestone payments upon achieving significant development events, research and development reimbursements, sales milestones, and royalties on future drug sales. Variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized for the components of the arrangements that are within the scope of Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties or milestone payments, for which the license is deemed to be the predominant item, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In January 2022, Ascletis BioScience Co. Ltd. (Ascletis) initiated dosing of a Phase 3 trial for recurrent glioblastoma multiforme (GBM), potentially triggering a $2.0 million development milestone payment, net of applicable taxes, under the license agreement. Due to the uncertainty around the payment of the milestone and ongoing discussions with Ascletis around the form and amount of consideration related to the milestone, the Company concluded it was probable that a significant reversal of the revenue related to the milestone would occur, and therefore, no revenue was recognized. The Company and Ascletis concluded their discussions regarding the payment of the milestone in July 2023. The Company invoiced Ascletis for the milestone payment, with payment due before the end of August 2023. See Note 13. Emerging growth company status The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Acts of 2012, as amended (the JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (FASB) standards’ effective dates. Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments New accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No. 2020-06 , Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40); Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Fair value measurements and fai

Fair value measurements and fair value of financial instruments	6 Months Ended
	Jun. 30, 2023
Fair value measurements and fair value of financial instruments
Fair value measurements and fair value of financial instruments	3. Fair value measurements and fair value of financial instruments The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1— Level 2— Level 3— As of June 30, 2023 and December 31, 2022, financial assets measured at fair value on a recurring basis consist of cash and cash equivalents. The carrying amount of cash and cash equivalents was $18.5 million and $0.2 million as of June 30, 2023 and December 31, 2022, respectively, which approximates the fair value and was determined based upon Level 1 inputs. The fair value of short-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. The carrying values of the Company’s accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s Level 3 liability that is measured at fair value on a recurring basis consists of the redeemable convertible preferred stock warrant liability. Marketable securities, all of which are classified as available-for-sale securities, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Amortized Unrealized Unrealized Estimated ​ ​ cost ​ Gains ​ Losses ​ Fair Value Commercial paper ​ $ 15,950 ​ $ — ​ $ — ​ $ 15,950 Corporate debt securities ​ 12,286 ​ — ​ (65) ​ 12,221 U.S. Treasury securities ​ 4,035 ​ — ​ (19) ​ 4,016 Total ​ $ 32,271 ​ $ — ​ $ (84) ​ $ 32,187 ​ There were no investments in marketable securities as of June 30, 2023. The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ Redeemable convertible preferred stock warrant liability ​ $ 5 ​ $ — ​ $ — ​ $ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Total fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ Cash and cash equivalents - money market funds ​ $ 38 ​ $ 38 ​ $ — ​ $ — Commercial paper ​ 15,950 ​ — ​ 15,950 ​ — Corporate debt securities ​ 12,221 ​ — ​ 12,221 ​ — U.S. Treasury securities ​ 4,016 ​ — ​ 4,016 ​ — Total ​ $ 32,225 ​ $ 38 ​ $ 32,187 ​ $ — Liabilities: ​ ​ ​ ​ Redeemable convertible preferred stock warrant liability ​ $ 4 ​ $ — ​ $ — ​ $ 4 ​ The following tables provide a summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs (in thousands): ​ ​ ​ ​ Balance - January 1, 2023 $ 4 Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability ​ 1 Balance - June 30, 2023 ​ $ 5 ​ ​ ​ ​ Balance - January 1, 2022 ​ $ 7 Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability ​ (3) Balance - December 31, 2022 ​ $ 4 ​ During the periods presented, the Company has not changed the manner in which it values liabilities that are measured at estimated fair value using Level 3 inputs. There were no transfers within the hierarchy during the periods presented. Redeemable Convertible Preferred Stock Warrant Liability In connection with a note payable entered into on April 10, 2015, which was repaid in full in May 2019, the Company issued 79,545 Series D redeemable convertible preferred stock warrants. See Note 9. The Company estimates the fair value of the Redeemable Convertible Preferred Stock Warrant Liability using an option pricing model and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions for fair value of the underlying redeemable convertible preferred stock, expected volatility, expected life, dividends and risk-free interest rate. As of June 30, 2023, the fair value of the Redeemable Convertible Preferred Stock Warrant Liability was determined to be $5 thousand assuming a volatility rate of 93.3%, an expected term of 1.78 years, no dividends, and a risk-free interest rate of 4.57%. As of December 31, 2022, the fair value of the Redeemable Convertible Preferred Stock Warrant Liability was determined to be $4 thousand assuming a volatility rate of 97.3%, an expected term of 2.28 years, no dividends, and a risk-free interest rate of 4.36%. For the change in fair value of the Redeemable Convertible Preferred Stock Warrant Liability, the Company recorded other income of $1 thousand and other expense of $1 thousand for the three and six months ended June 30, 2023, respectively, and other income of $2 thousand for the six months ended June 30, 2022 in its unaudited condensed statement of operations and comprehensive loss. There was no change in fair value of Redeemable Convertible Preferred Stock Warrant Liability in the three months ended June 30, 2022.

Prepaid expenses and other curr

Prepaid expenses and other current assets	6 Months Ended
	Jun. 30, 2023
Prepaid expenses and other current assets
Prepaid expenses and other current assets	4. Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Deferred financing costs ​ $ 2,637 ​ $ — Prepaid clinical expenses ​ 102 ​ 352 Other ​ 107 ​ 95 Total ​ $ 2,846 ​ $ 447 ​

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Jun. 30, 2023
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	5. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued clinical costs ​ $ 1,735 ​ $ 3,162 Accrued deferred financing costs ​ 308 ​ — Accrued preclinical costs ​ — ​ 166 Employees’ compensation ​ 177 ​ 636 Accrued research ​ ​ 101 ​ ​ — Other ​ 103 ​ 57 Total ​ $ 2,424 ​ $ 4,021 ​

Related parties

Related parties	6 Months Ended
	Jun. 30, 2023
Related parties
Related parties	6. Related parties Ascletis BioScience Co. Ltd In January 2019, the Company entered into a license agreement that became effective in February 2019 with Ascletis, a subsidiary of Ascletis Pharma Inc. (Ascletis Pharma), biotechnology company incorporated in the Cayman Islands and headquartered in Hangzhou, China and a Company investor. The parties entered into this agreement with the intention to develop, manufacture, and commercialize the Company’s proprietary FASN inhibitor, denifanstat. Under the terms of the license agreement, the Company granted Ascletis and its affiliates an exclusive, royalty-bearing sublicensable right and license under the Company’s intellectual property to develop, manufacture, commercialize and otherwise exploit denifanstat and other products containing denifanstat-related compounds in Greater China, consisting of the People’s Republic of China, Hong Kong, Macau and Taiwan. The Company will bear all expenses related to development activities in Greater China as part of a global Phase 2 trial, except for clinical operations and regulatory staff provided by Ascletis. The Company conducted all development activities in connection with the FASCINATE-1 Phase 2 clinical trial in the United States and Greater China at its sole expense, except for certain in-kind contributions by Ascletis in Greater China. Ascletis is solely responsible for all development activities in connection with obtaining and maintaining regulatory approvals for denifanstat in Greater China. The Company received $28.1 thousand as reimbursement pursuant to the license agreement for Greater China patent prosecution costs during the six months ended June 30, 2022. The Company did not receive any reimbursements pursuant to the license agreement for Greater China patent prosecution costs during the six months ended June 30, 2023. The Company is eligible to receive development and commercial milestone payments from Ascletis in aggregate of up to $122.0 million as well as tiered royalties ranging from percentages in the high single digits to mid-teens on future net sales of denifanstat, which is referred to as ASC40 in Greater China. Ascletis Pharma, through a subsidiary, also led the Series E preferred stock financing in February 2019. There were no payments made to Ascletis during the six months ended June 30, 2023 or 2022. This license and Phase 2 research and development services components of this agreement are representative of a relationship with a customer and therefore are subject to ASC 606. In January 2022, Ascletis initiated dosing of a Phase 3 trial for recurrent GBM, potentially triggering a $2.0 million development milestone payment, net of applicable taxes, under the license agreement. Due to the uncertainty around the payment of the milestone and ongoing discussions with Ascletis around the form and amount of consideration related to the milestone, the Company concluded it was probable that a significant reversal of the revenue related to the milestone would occur, and therefore, no revenue was recognized. The Company and Ascletis concluded their discussions regarding the milestone in July 2023. The Company invoiced Ascletis for the milestone payment, with payment due before the end of August 2023. See Note 13.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and contingencies
Commitments and contingencies	7. Commitments and contingencies Facility lease agreement On March 12, 2019, the Company executed a 38-month non-cancelable operating lease agreement for 3,030 square feet of office space for its headquarters facility which commenced April 1, 2019. The lease provides for monthly lease payments of approximately $12 thousand with annual increases. On December 20, 2021, the lease agreement was amended to extend the term of the lease through June 2024. The Company has accounted for the lease as an operating lease. Operating lease cost for the three months ended June 30, 2023 and 2022 was $37 thousand and $38 thousand, respectively, and for the six months ended June 30, 2023 and 2022 was $74 thousand and $75 thousand, respectively. The following are schedules by year of future maturities of the Company’s operating lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2023 Remainder of 2023 $ 66 2024 ​ 79 Total lease payments ​ 145 Less: interest ​ (5) Total ​ $ 140 ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2023 $ 157 2024 ​ 80 Total lease payments ​ 237 Less: interest ​ (26) Total ​ $ 211 ​ Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ Six months ended June 30, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 78 ​ $ 79 ​ The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of June 30, 2023 and December 31, 2022 were 10.3 months and 7% and 1.2 years and 7%, respectively. The Company’s lease discount rate is based on estimates of its incremental borrowing rate, as the discount rate implicit in the Company’s lease cannot be readily determined. As the Company does not have any outstanding debt, the Company estimates the incremental borrowing rate based on its estimated credit rating and available market information. Guarantees and indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers 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. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Legal The Company is not party to any material legal proceedings at this time. From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of its business.

Redeemable convertible preferre

Redeemable convertible preferred stock	6 Months Ended
	Jun. 30, 2023
Redeemable convertible preferred stock
Redeemable convertible preferred stock	8. Redeemable convertible preferred stock Prior to the IPO (see Note 13) the authorized, issued and outstanding shares of the redeemable convertible preferred stock, liquidation preferences and carrying values were as follows as of June 30, 2023 and December 31, 2022 (in thousands, except share numbers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 and December 31, 2022 ​ ​ Issued and ​ ​ ​ ​ ​ ​ Authorized ​ Outstanding ​ Liquidation ​ Carrying ​ ​ Shares ​ Shares ​ Preference ​ Value Series A 23,301 23,301 ​ $ 233 ​ $ 232 Series B 3,217 3,217 ​ 37 ​ 37 Series B‑1 8,827,439 8,827,439 ​ 7,768 ​ 7,258 Series C 22,732,250 22,732,250 ​ 20,004 ​ 17,909 Series D 24,509,954 24,430,409 ​ 21,499 ​ 19,833 Series A’ 720,199 720,199 ​ — ​ — Series B’ 1,953,304 1,953,304 ​ — ​ — Series B‑1’ 14,001,243 14,001,243 ​ — ​ 2,780 Series C’ 1,037 1,037 ​ — ​ — Series D’ 3,475,426 3,475,426 ​ — ​ 739 Series D‑1 51,331,148 51,331,148 ​ 45,171 ​ 26,894 Series E 631,638,725 631,638,725 ​ 58,231 ​ 58,496 Series F 614,592,927 614,592,927 ​ 80,020 ​ 80,442 Total 1,373,810,170 1,373,730,625 ​ $ 232,963 ​ $ 214,620 ​ In connection with the IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 15,117,912 shares of Series A and 1,520,490 shares of Series B common stock.

Stockholders' deficit

Stockholders' deficit	6 Months Ended
	Jun. 30, 2023
Stockholders' deficit
Stockholders' deficit	9. Stockholders’ deficit Common stock In connection with the adoption of an amendment to the Company’s tenth amended and restated certificate of incorporation filed March 27, 2023, the number of shares of common stock that the Company is authorized to issue increased from 1,608,370,000 to 1,640,540,000. The Company’s reserved shares of common stock for future issuance related to potential conversion of the redeemable convertible preferred stock, exercise of warrants and exercise of stock options are as follows: ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ 2023 2022 Redeemable convertible preferred stock 1,322,399,477 1,322,399,477 Series D redeemable convertible preferred stock warrants 79,545 79,545 Options authorized and available for issuance — 181,191 Options to purchase common stock 3,776,369 3,190,450 Warrants to purchase common stock 13,458 40,268 Total 1,326,268,849 1,325,890,931 ​ Redeemable convertible preferred stock warrant liability In connection with a note payable entered into on April 10, 2015, which was repaid in full in May 2019, the Company issued 79,545 Series D redeemable convertible preferred stock warrants with an exercise price of $0.88 per share. The warrants have a term of 10 years and are exercisable in whole or in part, at any time on or before the expiration date of April 10, 2025. At the time of issuance, the fair value of the Redeemable Convertible Preferred Stock Warrant Liability was determined using an option pricing model and assumptions that are based on the individual characteristics of the warrant on the valuation date, as well as assumptions for fair value of the underlying redeemable convertible preferred stock, expected volatility, expected life, dividends and risk-free interest rate. The Series D redeemable convertible preferred stock warrant has no voting rights, or other rights as a stockholder of the Company. The warrant is subject to adjustment in the event of any diluting dividends or distributions of the common stock, or any stock split, reverse stock split, recapitalization, reorganization or similar transaction. Upon any reclassification, exchange, substitution or other event, the number and or class of the securities and property that the holder would have received for the shares if this warrant had been issued immediately before such event will be adjusted. The Company closed on its IPO on July 18, 2023 (see Note 13). Subsequently, the expiration date of the Series D Redeemable convertible preferred stock warrant was automatically extended until July 18, 2026, the third anniversary date of the effective date of the Company’s IPO. If the warrant has not been exercised prior to the expiration date, the warrant will be deemed to have been automatically exercised on the expiration date by cashless conversion. Stock warrants The following tables summarize the Company’s outstanding common and redeemable convertible preferred stock warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ Number ​ Exercise ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ Price ​ ​ ​ ​ ​ Fair Value on ​ Fair Value ​ ​ Warrant ​ per ​ Expiration ​ Exercisable ​ Issuance ​ Recorded Issuance Date Shares Share Date for (in thousands) Against June 2013 ​ 36 ​ $ 0.79 ​ July 2023 ​ Common ​ $ 33 ​ Redeemable convertible preferred stock January 2014 13,422 ​ $ 0.79 January 2024 Common ​ ​ 223 Redeemable convertible preferred stock April 2015 79,545 ​ $ 0.88 April 2025 Series D ​ ​ 68 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Number Exercise ​ ​ ​ ​ ​ ​ ​ of ​ Price ​ ​ ​ ​ ​ Fair Value on ​ Fair Value ​ ​ Warrant ​ per ​ Expiration ​ Exercisable ​ Issuance ​ Recorded Issuance Date ​ Shares ​ Share ​ Date ​ for ​ (in thousands) ​ Against June 2013 26,846 ​ $ 0.79 June 2023 Common ​ $ 339 Redeemable convertible preferred stock January 2014 13,422 ​ $ 0.79 January 2024 Common ​ 223 Redeemable convertible preferred stock April 2015 79,545 ​ $ 0.88 April 2025 Series D ​ 68 Debt ​

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2023
Stock-based compensation
Stock-based compensation	10. Stock-based compensation In 2007, the Company adopted the 2007 Equity Incentive Plan, as amended, which allowed for the granting of incentive stock options (ISOs) and non-statutory stock options (NSOs) to the employees, members of the Company’s board of directors, and consultants of the Company. In 2017, the 2007 Equity Incentive Plan expired pursuant to its terms and the Company adopted the 2017 Equity Incentive Plan (2017 Plan) which allows for the granting of ISOs and NSOs as well as stock appreciation rights, restricted stock awards, restricted stock units and other stock awards to employees, members of the Company’s board of directors and consultants. ISOs may be granted only to Company’s employees, including officers and directors who are also employees. NSOs may be granted to employees, directors and consultants. As of June 30, 2023 and December 31, 2022, 0 and 181,191 shares are available for future grant under the 2017 Plan, respectively. Options under the 2017 Plan may be granted for periods of up to ten years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the Company’s board of directors, provided, however, that an ISO granted to a 10% stockholder shall not have an exercise price that is less than 110% of the estimated fair value of the shares on the date of grant and shall not have a contractual term longer than five years. The 2023 Stock Option and Incentive Plan (2023 Plan), was adopted by the board of directors on June 22, 2023, approved by the Company’s stockholders on July 4, 2023 and became effective on July 13, 2023. The 2023 Plan replaced the 2017 Plan. See Note 13. The following table summarizes stock option transactions (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Number of ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Shares ​ Weighted- ​ Remaining ​ ​ ​ ​ ​ Underlying ​ Average ​ Contractual ​ Aggregate ​ ​ Outstanding ​ Exercise ​ Term ​ Intrinsic ​ ​ Options ​ Price ​ (in Years) ​ Value Outstanding, January 1, 2023 3,190,450 ​ $ 7.10 8.1 ​ $ 3,998 Options granted 585,919 ​ $ 13.51 ​ Outstanding, June 30, 2023 3,776,369 ​ $ 7.98 7.92 ​ $ 21,313 Shares vested and exercisable as of June 30, 2023 1,671,475 ​ $ 6.75 6.47 ​ $ 11,411 ​ The aggregate intrinsic value is calculated as the difference between the option exercise price and the estimated fair value of the underlying common stock. Time-based options The Company may award time-based options which vest and become exercisable, subject to the participant’s continued employment or service through the applicable vesting date. Options granted have various vesting schedules including some that vest immediately and some that vest over four years. The following table summarizes time-based stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ Underlying ​ Weighted- ​ ​ Outstanding ​ Average ​ ​ Options ​ Exercise Price Outstanding, January 1, 2023 2,570,708 ​ $ 7.56 Options granted 585,919 ​ 13.51 Outstanding, June 30, 2023 3,156,627 ​ $ 8.01 Shares vested and exercisable as of June 30, 2023 1,618,051 ​ ​ The total fair value of the time-based shares vested during the six months ended June 30, 2023 was $0.8 million. As of June 30, 2023, there was $13.3 million of total unrecognized compensation cost related to the awards. The cost is being recognized over a remaining weighted-average period of 3.2 years. Performance-based options The Company may award grants of performance-based options to eligible individuals. Performance-based options vest based on performance measures against predetermined objectives that could include successful completion of qualified equity offerings or announced topline results for clinical trials and positive clinical results over a specified performance period. The total number of shares underlying outstanding options was 619,742 with a weighted-average exercise price of $6.38 as of December 31, 2022 June 30, 2023 The total fair value of the performance-based shares vested during the six months ended June 30, 2023 was $11 thousand. As of the six months ended June 30, 2023, there was no unrecognized compensation cost related to the awards because it was improbable that the performance conditions would be met. The cost is being recognized over a remaining weighted-average period of less than one year. The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards to employees and non-employees in the unaudited condensed statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ 2023 2022 ​ 2023 ​ 2022 General and administrative expense ​ $ 856 ​ $ 219 ​ $ 1,454 ​ $ 443 Research and development expense ​ 201 ​ 164 ​ 370 ​ 327 Total stock-based compensation expense ​ $ 1,057 ​ $ 383 ​ $ 1,824 ​ $ 770 ​ The expected term of the stock options represents the average of the contractual term of the options and the weighted-average expected vesting period. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility rate was based on the historical volatilities of comparable companies in the Company’s industry. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended Six Months Ended ​ ​ June 30, 2023 ​ June 30, 2022 Expected volatility 89 - 91 % 88 - 90 % Risk-free interest rate 3.6 % 3.0 % Dividend yield — — ​ Expected term 5.0 - 7.0 years 5.4 - 7.0 years ​

Net loss per share attributable

Net loss per share attributable to common stockholders	6 Months Ended
	Jun. 30, 2023
Net loss per share attributable to common stockholders
Net loss per share attributable to common stockholders	11. Net loss per share attributable to common stockholders The table below is the calculation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months Six Months Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (6,785) ​ $ (7,102) ​ $ (13,372) ​ $ (15,837) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted ​ 189,520 ​ 185,084 ​ 187,314 ​ 184,589 Net loss per share attributable to common stockholders, basic and diluted ​ $ (35.80) ​ $ (38.37) ​ $ (71.39) ​ $ (85.80) ​ The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Three Months ​ Six Months ​ Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ 2023 2022 2023 2022 Redeemable convertible preferred stock 16,638,476 16,638,476 16,638,476 16,638,476 Options to purchase common stock 3,776,369 2,159,456 3,776,369 2,159,456 Warrants to purchase common stock 13,458 40,268 13,458 40,268 Warrants to purchase redeemable convertible preferred stock 79,545 79,545 79,545 79,545 Total 20,507,848 18,917,745 20,507,848 18,917,745 ​

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2023
Income taxes
Income taxes	12. Income taxes The provision for income taxes primarily relates to projected federal and state income taxes calculated on the projected taxable income for the period. To determine the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is generally based on expected annual income as well as statutory tax rates in the various jurisdictions in which the Company operates. In addition, the tax effects of certain significant or unusual items are recognized discretely in the quarter during which they occur and can be a source of variability in the effective tax rates from quarter to quarter. As per ASC 740-270, the Company’s interim tax provision is computed based on the estimated annual effective tax rate approach. The estimated annual effective tax rate approach is used to determine the tax related to ordinary income unless certain exceptions apply. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Based upon the Company’s review of all positive and negative evidence, the Company continues to have a full valuation allowance on its deferred tax assets as of June 30, 2023. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or are expected to be taken on an income tax return. There have been no changes in the estimated uncertain positions or tax benefits recorded as of December 31, 2022.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2023
Subsequent events
Subsequent events	13. Subsequent events The Company has evaluated subsequent events for financial statement purposes occurring through August 21, 2023, the date when these financial statements are available to be issued. Reverse stock split A one-for- 79.4784 Reclassification of common stock In connection with the effectiveness of the Company’s eleventh amended and restated certificate of incorporation (the Charter), on July 18, 2023, each share of the Company’s common stock issued and outstanding became reclassified as one share of Series A common stock. Any stock certificate that immediately prior to July 18, 2023 represented shares of the Corporation’s common stock is deemed to represent shares of Series A common stock, without the need for surrender or exchange thereof. Initial public offering On July 18, 2023, the Company closed its IPO, in which it issued and sold 5,312,500 shares of Series A common stock at a price to the public of $16.00 per share. The aggregate gross proceeds of the IPO were $96.4 million, inclusive of an additional 714,272 shares of Series A common stock sold upon the partial exercise of the underwriters’ purchase option. The Company received approximately $86.2 million in net proceeds after deducting underwriting discounts, commissions, and estimated offering expenses. In connection with the IPO, the Company’s outstanding convertible preferred stock automatically converted into 15,117,912 shares of Series A and 1,520,490 shares of Series B common stock. The rights of the holders of Series A common stock and Series B common stock are substantially identical, except with respect to voting and conversion. Each share of Series A common stock is entitled to one vote and shares of Series B common stock are non-voting, except as may be required by law. Each share of Series B common stock may be converted at any time into one share of Series A common stock at the option of its holder, subject to the ownership limitations provided for in the Charter. 2023 Stock Option and Incentive Plan The 2023 Plan, was adopted by the board of directors on June 22, 2023, approved by the Company’s stockholders on July 4, 2023 and became effective on July 13, 2023. The 2023 Plan replaced the 2017 Plan. The 2023 Plan permits the granting of both options to purchase Series A common stock intended to qualify and not qualify as incentive stock options under Section 422 of the Code. The number of shares initially reserved for issuance under the 2023 Plan was 2,585,968, which will automatically increase on January 1, 2024 and each January 1 thereafter, by 4% of the outstanding number of shares of our Series A common stock on the immediately preceding December 31 or a lesser number of shares as determined by the compensation committee of the board of directors. 2023 Employee Stock Purchase Plan The 2023 Employee Stock Purchase Plan (the ESPP), was adopted by the board of directors on June 22, 2023, approved by the Company’s stockholders on July 4, 2023 and became effective on July 13, 2023. A total of 215,497 shares of Series A common stock were initially reserved for issuance under this plan, which will automatically increase on January 1, 2024 and each January 1 thereafter through January 1, 2033, by the least of (i) 215,497 shares of Series A common stock, (ii) 1% of the outstanding number of shares of the Company’s Series A common stock on the immediately preceding December 31 or (iii) such lesser number of shares of Series A common stock as determined by the administrator of the ESPP. Ascletis In January 2022, Ascletis initiated dosing of a Phase 3 trial for recurrent GBM, potentially triggering a $2.0 million milestone payment, net of applicable taxes, under the license agreement. The parties were in discussions regarding the form and amount of consideration related to this milestone until February 2023. Thereafter the Company and Ascletis discussed whether amendment or waiver of the milestone payment could benefit both parties; these discussions concluded in July 2023. The Company invoiced Ascletis for the milestone payment, with payment due before the end of August 2023. Assignment and Assumption Agreement In July 2023, the Company entered into an Assignment and Assumption Agreement with Ascletis and Ascletis’ affiliate Gannex under which Ascletis, while remaining responsible for performance under the license agreement (see Note 6), assigned all of its rights and obligations under the license agreement to Gannex and Gannex assumed such rights and obligations, effective as of October 2019.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of significant accounting policies
Basis of presentation	Basis of presentation The financial statements and accompanying notes have been prepared in accordance with GAAP and the requirements of the 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. These condensed financial statements have been prepared on the same basis as the annual financial statements included in the final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 17, 2023. In the Company’s opinion, the information furnished in these condensed financial statements reflects all adjustments, all of which are of a normal and recurring nature necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of expenses during the reporting period. Such estimates include accruals of research and development expenses, accrued costs for services rendered in connection with third-party contractor clinical trial activities, preferred stock, common stock and stock option valuations and stock-based compensation. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2022, and the unaudited financial statements as of March 31, 2023, filed with the SEC as part of the final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 17, 2023. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies except as disclosed below in recently adopted accounting pronouncements.
Marketable securities	Marketable securities The Company classifies its marketable debt securities as available-for-sale and records such assets at estimated fair value in the balance sheets. The Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments The Company had no short-term investments in marketable securities as of June 30, 2023.
Deferred financing costs	Deferred financing costs Deferred financing costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO are capitalized and recorded on the balance sheets. The deferred financing costs will be offset against the proceeds received upon the closing of the IPO. As of June 30, 2023, there were $2.6 million of deferred financing costs capitalized. On March 21, 2022, the Company withdrew its prior Registration Statement on Form S-1 initially filed with the SEC on April 16, 2021. Concurrently, all of the deferred financing costs of $1.4 million capitalized as of December 31, 2021 were expensed within operating expenses in the unaudited condensed statement of operations and comprehensive loss for the six months ended June 30, 2022, in accordance with the Company’s policy to write off all deferred financing costs within operating expenses in the Company’s unaudited condensed statements of operations and comprehensive loss in the event that the Company’s plans for an IPO are terminated.
Revenue recognition	Revenue recognition The Company enters into collaboration and licensing arrangements that generally contain multiple elements or deliverables, which may include (1) licenses to the Company’s technology, (2) research and development activities performed for the collaboration partner, (3) participation on joint steering committees (JSCs), and (4) the manufacturing of clinical or preclinical material. Payments pursuant to these arrangements include milestone payments upon achieving significant development events, research and development reimbursements, sales milestones, and royalties on future drug sales. Variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized for the components of the arrangements that are within the scope of Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties or milestone payments, for which the license is deemed to be the predominant item, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In January 2022, Ascletis BioScience Co. Ltd. (Ascletis) initiated dosing of a Phase 3 trial for recurrent glioblastoma multiforme (GBM), potentially triggering a $2.0 million development milestone payment, net of applicable taxes, under the license agreement. Due to the uncertainty around the payment of the milestone and ongoing discussions with Ascletis around the form and amount of consideration related to the milestone, the Company concluded it was probable that a significant reversal of the revenue related to the milestone would occur, and therefore, no revenue was recognized. The Company and Ascletis concluded their discussions regarding the payment of the milestone in July 2023. The Company invoiced Ascletis for the milestone payment, with payment due before the end of August 2023. See Note 13.
Emerging growth company status	Emerging growth company status The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Acts of 2012, as amended (the JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (FASB) standards’ effective dates.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments New accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No. 2020-06 , Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40); Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Fair value measurements and f_2

Fair value measurements and fair value of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair value measurements and fair value of financial instruments
Schedule of marketable securities, available-for-sale	Marketable securities, all of which are classified as available-for-sale securities, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Amortized Unrealized Unrealized Estimated ​ ​ cost ​ Gains ​ Losses ​ Fair Value Commercial paper ​ $ 15,950 ​ $ — ​ $ — ​ $ 15,950 Corporate debt securities ​ 12,286 ​ — ​ (65) ​ 12,221 U.S. Treasury securities ​ 4,035 ​ — ​ (19) ​ 4,016 Total ​ $ 32,271 ​ $ — ​ $ (84) ​ $ 32,187
Schedule of fair value of company's financial instruments, measured on recurring basis by level	The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ Redeemable convertible preferred stock warrant liability ​ $ 5 ​ $ — ​ $ — ​ $ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Total fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ Cash and cash equivalents - money market funds ​ $ 38 ​ $ 38 ​ $ — ​ $ — Commercial paper ​ 15,950 ​ — ​ 15,950 ​ — Corporate debt securities ​ 12,221 ​ — ​ 12,221 ​ — U.S. Treasury securities ​ 4,016 ​ — ​ 4,016 ​ — Total ​ $ 32,225 ​ $ 38 ​ $ 32,187 ​ $ — Liabilities: ​ ​ ​ ​ Redeemable convertible preferred stock warrant liability ​ $ 4 ​ $ — ​ $ — ​ $ 4
Summary of changes in the estimated fair value of the financial instruments	The following tables provide a summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs (in thousands): ​ ​ ​ ​ Balance - January 1, 2023 $ 4 Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability ​ 1 Balance - June 30, 2023 ​ $ 5 ​ ​ ​ ​ Balance - January 1, 2022 ​ $ 7 Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability ​ (3) Balance - December 31, 2022 ​ $ 4

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid expenses and other current assets
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Deferred financing costs ​ $ 2,637 ​ $ — Prepaid clinical expenses ​ 102 ​ 352 Other ​ 107 ​ 95 Total ​ $ 2,846 ​ $ 447

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued clinical costs ​ $ 1,735 ​ $ 3,162 Accrued deferred financing costs ​ 308 ​ — Accrued preclinical costs ​ — ​ 166 Employees’ compensation ​ 177 ​ 636 Accrued research ​ ​ 101 ​ ​ — Other ​ 103 ​ 57 Total ​ $ 2,424 ​ $ 4,021

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and contingencies
Schedule of future maturities of operating lease liabilities	The following are schedules by year of future maturities of the Company’s operating lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2023 Remainder of 2023 $ 66 2024 ​ 79 Total lease payments ​ 145 Less: interest ​ (5) Total ​ $ 140 ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2023 $ 157 2024 ​ 80 Total lease payments ​ 237 Less: interest ​ (26) Total ​ $ 211
Schedule of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ Six months ended June 30, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 78 ​ $ 79

Redeemable convertible prefer_2

Redeemable convertible preferred stock (Tables)	6 Months Ended
	Jun. 30, 2023
Redeemable convertible preferred stock
Schedule of authorized, issued and outstanding shares of redeemable convertible preferred stock, liquidation preferences and carrying values	Prior to the IPO (see Note 13) the authorized, issued and outstanding shares of the redeemable convertible preferred stock, liquidation preferences and carrying values were as follows as of June 30, 2023 and December 31, 2022 (in thousands, except share numbers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 and December 31, 2022 ​ ​ Issued and ​ ​ ​ ​ ​ ​ Authorized ​ Outstanding ​ Liquidation ​ Carrying ​ ​ Shares ​ Shares ​ Preference ​ Value Series A 23,301 23,301 ​ $ 233 ​ $ 232 Series B 3,217 3,217 ​ 37 ​ 37 Series B‑1 8,827,439 8,827,439 ​ 7,768 ​ 7,258 Series C 22,732,250 22,732,250 ​ 20,004 ​ 17,909 Series D 24,509,954 24,430,409 ​ 21,499 ​ 19,833 Series A’ 720,199 720,199 ​ — ​ — Series B’ 1,953,304 1,953,304 ​ — ​ — Series B‑1’ 14,001,243 14,001,243 ​ — ​ 2,780 Series C’ 1,037 1,037 ​ — ​ — Series D’ 3,475,426 3,475,426 ​ — ​ 739 Series D‑1 51,331,148 51,331,148 ​ 45,171 ​ 26,894 Series E 631,638,725 631,638,725 ​ 58,231 ​ 58,496 Series F 614,592,927 614,592,927 ​ 80,020 ​ 80,442 Total 1,373,810,170 1,373,730,625 ​ $ 232,963 ​ $ 214,620

Stockholders' deficit (Tables)

Stockholders' deficit (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' deficit
Schedule of shares of common stock reserved for future issuance	​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ 2023 2022 Redeemable convertible preferred stock 1,322,399,477 1,322,399,477 Series D redeemable convertible preferred stock warrants 79,545 79,545 Options authorized and available for issuance — 181,191 Options to purchase common stock 3,776,369 3,190,450 Warrants to purchase common stock 13,458 40,268 Total 1,326,268,849 1,325,890,931
Schedule of outstanding common and redeemable convertible preferred stock warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ Number ​ Exercise ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ Price ​ ​ ​ ​ ​ Fair Value on ​ Fair Value ​ ​ Warrant ​ per ​ Expiration ​ Exercisable ​ Issuance ​ Recorded Issuance Date Shares Share Date for (in thousands) Against June 2013 ​ 36 ​ $ 0.79 ​ July 2023 ​ Common ​ $ 33 ​ Redeemable convertible preferred stock January 2014 13,422 ​ $ 0.79 January 2024 Common ​ ​ 223 Redeemable convertible preferred stock April 2015 79,545 ​ $ 0.88 April 2025 Series D ​ ​ 68 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Number Exercise ​ ​ ​ ​ ​ ​ ​ of ​ Price ​ ​ ​ ​ ​ Fair Value on ​ Fair Value ​ ​ Warrant ​ per ​ Expiration ​ Exercisable ​ Issuance ​ Recorded Issuance Date ​ Shares ​ Share ​ Date ​ for ​ (in thousands) ​ Against June 2013 26,846 ​ $ 0.79 June 2023 Common ​ $ 339 Redeemable convertible preferred stock January 2014 13,422 ​ $ 0.79 January 2024 Common ​ 223 Redeemable convertible preferred stock April 2015 79,545 ​ $ 0.88 April 2025 Series D ​ 68 Debt

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-based compensation
Schedule of aggregate stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ 2023 2022 ​ 2023 ​ 2022 General and administrative expense ​ $ 856 ​ $ 219 ​ $ 1,454 ​ $ 443 Research and development expense ​ 201 ​ 164 ​ 370 ​ 327 Total stock-based compensation expense ​ $ 1,057 ​ $ 383 ​ $ 1,824 ​ $ 770
Schedule of assumptions used to estimate the fair value of each award granted on the date of grant	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended Six Months Ended ​ ​ June 30, 2023 ​ June 30, 2022 Expected volatility 89 - 91 % 88 - 90 % Risk-free interest rate 3.6 % 3.0 % Dividend yield — — ​ Expected term 5.0 - 7.0 years 5.4 - 7.0 years
Stock options
Stock-based compensation
Schedule of option activity transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Number of ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Shares ​ Weighted- ​ Remaining ​ ​ ​ ​ ​ Underlying ​ Average ​ Contractual ​ Aggregate ​ ​ Outstanding ​ Exercise ​ Term ​ Intrinsic ​ ​ Options ​ Price ​ (in Years) ​ Value Outstanding, January 1, 2023 3,190,450 ​ $ 7.10 8.1 ​ $ 3,998 Options granted 585,919 ​ $ 13.51 ​ Outstanding, June 30, 2023 3,776,369 ​ $ 7.98 7.92 ​ $ 21,313 Shares vested and exercisable as of June 30, 2023 1,671,475 ​ $ 6.75 6.47 ​ $ 11,411
Time-based options
Stock-based compensation
Schedule of option activity transactions	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ Underlying ​ Weighted- ​ ​ Outstanding ​ Average ​ ​ Options ​ Exercise Price Outstanding, January 1, 2023 2,570,708 ​ $ 7.56 Options granted 585,919 ​ 13.51 Outstanding, June 30, 2023 3,156,627 ​ $ 8.01 Shares vested and exercisable as of June 30, 2023 1,618,051 ​

Net loss per share attributab_2

Net loss per share attributable to common stockholders (Tables)	6 Months Ended
	Jun. 30, 2023
Net loss per share attributable to common stockholders
Schedule of calculation of basic and diluted loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months Six Months Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (6,785) ​ $ (7,102) ​ $ (13,372) ​ $ (15,837) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted ​ 189,520 ​ 185,084 ​ 187,314 ​ 184,589 Net loss per share attributable to common stockholders, basic and diluted ​ $ (35.80) ​ $ (38.37) ​ $ (71.39) ​ $ (85.80)
Schedule of outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Three Months ​ Six Months ​ Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ Ended June 30, ​ 2023 2022 2023 2022 Redeemable convertible preferred stock 16,638,476 16,638,476 16,638,476 16,638,476 Options to purchase common stock 3,776,369 2,159,456 3,776,369 2,159,456 Warrants to purchase common stock 13,458 40,268 13,458 40,268 Warrants to purchase redeemable convertible preferred stock 79,545 79,545 79,545 79,545 Total 20,507,848 18,917,745 20,507,848 18,917,745

Organization and description _2

Organization and description of business (Details) $ / shares in Units, $ in Thousands				3 Months Ended				6 Months Ended
	Aug. 21, 2023 USD ($)	Jul. 18, 2023 USD ($) $ / shares shares	Jul. 07, 2023	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Organization and description of business
Net loss				$ 6,785	$ 6,587	$ 7,102	$ 8,735	$ 13,372	$ 15,837
Cash flows from operations							$ 10,800	12,804	$ 10,803
cash flows from operations				$ 18,500				$ 18,500
Subsequent Event | Board of Directors
Organization and description of business
Reverse stock split ratio			0.012582
IPO | Subsequent Event
Organization and description of business
Number of shares of common stock issued | shares		5,312,500
Price per share of common stock issued | $ / shares		$ 16
Gross proceeds		$ 96,400
Net proceeds	$ 86,200	$ 86,200
IPO | Subsequent Event | Series A common stock
Organization and description of business
Shares issued | shares		714,272

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Short-term investments in marketable securities		$ 0	$ 32,187
Investor | License agreement | Ascletis
Summary of significant accounting policies
Development milestone payment triggered	$ 2,000
Prepaid expenses and other current assets
Summary of significant accounting policies
Deferred financing costs		$ 2,600		$ 1,400

Fair value measurements and f_3

Fair value measurements and fair value of financial instruments - Marketable securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurements and fair value of financial instruments
Amortized Cost		$ 32,271
Unrealized Losses		(84)
Estimated Fair Value		32,187
Short-term investments in marketable securities	$ 0	32,187
Commercial paper
Fair value measurements and fair value of financial instruments
Amortized Cost		15,950
Estimated Fair Value		15,950
Corporate debt securities
Fair value measurements and fair value of financial instruments
Amortized Cost		12,286
Unrealized Losses		(65)
Estimated Fair Value		12,221
U.S. Treasury securities
Fair value measurements and fair value of financial instruments
Amortized Cost		4,035
Unrealized Losses		(19)
Estimated Fair Value		$ 4,016

Fair value measurements and f_4

Fair value measurements and fair value of financial instruments - Recurring (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial instruments that were measured at fair value on a recurring basis by level
Assets		$ 32,225
Redeemable convertible preferred stock warrant liability
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities	$ 5	4
Cash and cash equivalents - money market funds
Financial instruments that were measured at fair value on a recurring basis by level
Assets		38
Commercial paper
Financial instruments that were measured at fair value on a recurring basis by level
Assets		15,950
Corporate debt securities
Financial instruments that were measured at fair value on a recurring basis by level
Assets		12,221
U.S. Treasury securities
Financial instruments that were measured at fair value on a recurring basis by level
Assets		4,016
Level 1
Financial instruments that were measured at fair value on a recurring basis by level
Assets		38
Level 1 | Cash and cash equivalents - money market funds
Financial instruments that were measured at fair value on a recurring basis by level
Assets		38
Level 2
Financial instruments that were measured at fair value on a recurring basis by level
Assets		32,187
Level 2 | Commercial paper
Financial instruments that were measured at fair value on a recurring basis by level
Assets		15,950
Level 2 | Corporate debt securities
Financial instruments that were measured at fair value on a recurring basis by level
Assets		12,221
Level 2 | U.S. Treasury securities
Financial instruments that were measured at fair value on a recurring basis by level
Assets		4,016
Level 3 | Redeemable convertible preferred stock warrant liability
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities	$ 5	$ 4

Fair value measurements and f_5

Fair value measurements and fair value of financial instruments - Changes in significant Level 3 inputs (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs
Beginning balance	$ 4	$ 7
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability.	$ 1	$ (3)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Change in fair value of redeemable convertible preferred stock warrants	Change in fair value of redeemable convertible preferred stock warrants
Ending balance	$ 5	$ 4

Fair value measurements and f_6

Fair value measurements and fair value of financial instruments - Redeemable Convertible Preferred Stock Warrant Liability (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 10, 2015 $ / shares shares	Jun. 30, 2023 USD ($) Y dividend	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Y dividend	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) dividend Y
Redeemable Convertible Preferred Stock Warrant Liability
Carrying amount of cash and cash equivalents		$ 18,500		$ 18,500		$ 200
Change in the fair value of warrant liability		(1)		1	$ (2)
Redeemable convertible preferred stock warrant liability
Redeemable Convertible Preferred Stock Warrant Liability
Number of warrants issued | shares	79,545
Exercise price of warrant | $ / shares	$ 0.88
Warrants term (in years)	10 years
Fair value of warrant liability		5		5		$ 4
Other expenses		$ 1		$ 1
Other income					$ 2
Change in the fair value of warrant liability			$ 0
Redeemable convertible preferred stock warrant liability | Volatility rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input		93.3		93.3		0.973
Redeemable convertible preferred stock warrant liability | Expected term
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | Y		1.78		1.78		2.28
Redeemable convertible preferred stock warrant liability | Dividends
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | dividend		0		0		0
Redeemable convertible preferred stock warrant liability | Risk-free interest rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input		4.57		4.57		0.0436
Series D redeemable convertible preferred stock warrants
Redeemable Convertible Preferred Stock Warrant Liability
Number of warrants issued | shares	79,545

Prepaid expenses and other cu_3

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Deferred financing costs	$ 2,637
Prepaid clinical expenses	102	$ 352
Other	107	95
Total	$ 2,846	$ 447

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Accrued clinical costs	$ 1,735	$ 3,162
Accrued deferred financing costs	308
Accrued preclinical costs		166
Employees' compensation	177	636
Accrued research	101
Other	103	57
Total	$ 2,424	$ 4,021

Related parties (Details)

Related parties (Details) - Investor - License agreement - Ascletis - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Jun. 30, 2023
Related parties
Amount received as reimbursement		$ 28,100
Maximum aggregate development and commercial milestone payments eligible to receive			$ 122,000,000
Payments made			0
Development milestone payment triggered	$ 2,000,000
Research and development expense
Related parties
Development milestone payment triggered			2,000,000
Revenue			$ 0

Commitments and contingencies_2

Commitments and contingencies (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 12, 2019 ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Commitments and contingencies
Non-cancelable operating lease agreement term	38 months
Area of lease for office space | ft²	3,030
Monthly lease payments				$ 12
Operating lease cost		$ 37	$ 38	$ 74	$ 75

Commitments and contingencies -

Commitments and contingencies - Future maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and contingencies
Remainder of 2023	$ 66
2023 / 2024	79	$ 157
2024		80
Total lease payments	145	237
Less: interest	(5)	(26)
Total	$ 140	$ 211

Commitments and contingencies_3

Commitments and contingencies - Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 78	$ 79
Weighted-average remaining lease term	10 months 9 days		1 year 2 months 12 days
Discount rate	7%		7%

Redeemable convertible prefer_3

Redeemable convertible preferred stock - Schedule of authorized, issued and outstanding shares of redeemable convertible preferred stock, liquidation preferences and carrying value (Details) - USD ($) $ in Thousands	Jul. 18, 2023	Jun. 30, 2023	Dec. 31, 2022
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		1,373,810,170	1,373,810,170
Redeemable convertible preferred stock, issued		1,373,730,625	1,373,730,625
Redeemable convertible preferred stock, outstanding		1,373,730,625	1,373,730,625
Redeemable convertible preferred stock, liquidation preference		$ 232,963	$ 232,963
Redeemable convertible preferred stock, carrying value		$ 214,620	$ 214,620
Series A
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		23,301	23,301
Redeemable convertible preferred stock, issued		23,301	23,301
Redeemable convertible preferred stock, outstanding		23,301	23,301
Redeemable convertible preferred stock, liquidation preference		$ 233	$ 233
Redeemable convertible preferred stock, carrying value		$ 232	$ 232
Series B
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		3,217	3,217
Redeemable convertible preferred stock, issued		3,217	3,217
Redeemable convertible preferred stock, outstanding		3,217	3,217
Redeemable convertible preferred stock, liquidation preference		$ 37	$ 37
Redeemable convertible preferred stock, carrying value		$ 37	$ 37
Series B-1
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		8,827,439	8,827,439
Redeemable convertible preferred stock, issued		8,827,439	8,827,439
Redeemable convertible preferred stock, outstanding		8,827,439	8,827,439
Redeemable convertible preferred stock, liquidation preference		$ 7,768	$ 7,768
Redeemable convertible preferred stock, carrying value		$ 7,258	$ 7,258
Series C
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		22,732,250	22,732,250
Redeemable convertible preferred stock, issued		22,732,250	22,732,250
Redeemable convertible preferred stock, outstanding		22,732,250	22,732,250
Redeemable convertible preferred stock, liquidation preference		$ 20,004	$ 20,004
Redeemable convertible preferred stock, carrying value		$ 17,909	$ 17,909
Series D
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		24,509,954	24,509,954
Redeemable convertible preferred stock, issued		24,430,409	24,430,409
Redeemable convertible preferred stock, outstanding		24,430,409	24,430,409
Redeemable convertible preferred stock, liquidation preference		$ 21,499	$ 21,499
Redeemable convertible preferred stock, carrying value		$ 19,833	$ 19,833
Series A'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		720,199	720,199
Redeemable convertible preferred stock, issued		720,199	720,199
Redeemable convertible preferred stock, outstanding		720,199	720,199
Series B'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		1,953,304	1,953,304
Redeemable convertible preferred stock, issued		1,953,304	1,953,304
Redeemable convertible preferred stock, outstanding		1,953,304	1,953,304
Series B-1'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		14,001,243	14,001,243
Redeemable convertible preferred stock, issued		14,001,243	14,001,243
Redeemable convertible preferred stock, outstanding		14,001,243	14,001,243
Redeemable convertible preferred stock, carrying value		$ 2,780	$ 2,780
Series C'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		1,037	1,037
Redeemable convertible preferred stock, issued		1,037	1,037
Redeemable convertible preferred stock, outstanding		1,037	1,037
Series D'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		3,475,426	3,475,426
Redeemable convertible preferred stock, issued		3,475,426	3,475,426
Redeemable convertible preferred stock, outstanding		3,475,426	3,475,426
Redeemable convertible preferred stock, carrying value		$ 739	$ 739
Series D-1
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		51,331,148	51,331,148
Redeemable convertible preferred stock, issued		51,331,148	51,331,148
Redeemable convertible preferred stock, outstanding		51,331,148	51,331,148
Redeemable convertible preferred stock, liquidation preference		$ 45,171	$ 45,171
Redeemable convertible preferred stock, carrying value		$ 26,894	$ 26,894
Series E
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		631,638,725	631,638,725
Redeemable convertible preferred stock, issued		631,638,725	631,638,725
Redeemable convertible preferred stock, outstanding		631,638,725	631,638,725
Redeemable convertible preferred stock, liquidation preference		$ 58,231	$ 58,231
Redeemable convertible preferred stock, carrying value		$ 58,496	$ 58,496
Series F
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		614,592,927	614,592,927
Redeemable convertible preferred stock, issued		614,592,927	614,592,927
Redeemable convertible preferred stock, outstanding		614,592,927	614,592,927
Redeemable convertible preferred stock, liquidation preference		$ 80,020	$ 80,020
Redeemable convertible preferred stock, carrying value		$ 80,442	$ 80,442
Series A common stock | Subsequent Event
Redeemable convertible preferred stock
Numbers of convertible preferred shares converted	15,117,912
Series B common stock. | Subsequent Event
Redeemable convertible preferred stock
Numbers of convertible preferred shares converted	1,520,490

Stockholders' deficit - Common

Stockholders' deficit - Common stock (Details) - shares	Jun. 30, 2023	Mar. 27, 2023	Dec. 31, 2022
Stockholders' deficit
Common stock, shares authorized	1,640,540,000	1,608,370,000	1,608,370,000
Common stock shares reserved for future issuance	1,326,268,849		1,325,890,931
Redeemable convertible preferred stock
Stockholders' deficit
Common stock shares reserved for future issuance	1,322,399,477		1,322,399,477
Series D redeemable convertible preferred stock warrants
Stockholders' deficit
Common stock shares reserved for future issuance	79,545		79,545
Options authorized and available for issuance
Stockholders' deficit
Common stock shares reserved for future issuance			181,191
Employee stock option
Stockholders' deficit
Common stock shares reserved for future issuance	3,776,369		3,190,450
Warrants to purchase common stock
Stockholders' deficit
Common stock shares reserved for future issuance	13,458		40,268

Stockholders' deficit - Redeema

Stockholders' deficit - Redeemable Convertible Preferred Stock Warrant Liability (Details) - Redeemable convertible preferred stock warrant liability	Apr. 10, 2015 $ / shares shares
Stockholders' deficit
Number of warrants issued | shares	79,545
Exercise price of warrant | $ / shares	$ 0.88
Warrants term (in years)	10 years

Stockholders' deficit - Stock w

Stockholders' deficit - Stock warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Common warrants issued on June 2013
Stock warrants
Number of Warrant Shares	36	26,846
Exercise price of warrant	$ 0.79	$ 0.79
Fair value of warrant liability	$ 33	$ 339
Common warrants issued on January 2014
Stock warrants
Number of Warrant Shares	13,422	13,422
Exercise price of warrant	$ 0.79	$ 0.79
Fair value of warrant liability	$ 223	$ 223
Common warrants issued on April 2015
Stock warrants
Number of Warrant Shares	79,545	79,545
Exercise price of warrant	$ 0.88	$ 0.88
Fair value of warrant liability	$ 68	$ 68

Stock-based compensation (Detai

Stock-based compensation (Details) - shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock-based compensation
Common stock shares reserved for future issuance	1,326,268,849	1,325,890,931
Maximum | Employee stock option
Stock-based compensation
Contractual term	5 years
Shareholder having 10% holding
Stock-based compensation
Percentage of shareholder not having exercise price not less than 100% of fair value	10%
2017 Equity incentive plan
Stock-based compensation
Common stock shares reserved for future issuance	0	181,191
2017 Equity incentive plan | Minimum | Employee stock option
Stock-based compensation
Percentage of price on estimated fair value	100%
2017 Equity incentive plan | Maximum | Employee stock option
Stock-based compensation
Contractual term	10 years
2017 Equity incentive plan | Shareholder having 10% holding | Minimum | Employee stock option
Stock-based compensation
Percentage of price on estimated fair value	110%

Stock-based compensation - Stoc

Stock-based compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock options
Number of Shares underlying Outstanding Options
Balance at the beginning	3,190,450
Options granted	585,919
Balance at the end	3,776,369	3,190,450
Shares vested and exercisable at the end	1,671,475
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 7.10
Options granted (in dollars per share)	13.51
Balance at the end (in dollars per share)	7.98	$ 7.10
Vested and Exercisable at the end (in dollars per share)	$ 6.75
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Weighted- Average Remaining Contractual Term (in Years)	7 years 11 months 1 day	8 years 1 month 6 days
Aggregate Intrinsic Value	$ 21,313	$ 3,998
Vesting period	6 years 5 months 19 days
Fair value of options vested	$ 11,411
Time-based options
Number of Shares underlying Outstanding Options
Balance at the beginning	2,570,708
Options granted	585,919
Balance at the end	3,156,627	2,570,708
Shares vested and exercisable at the end	1,618,051
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 7.56
Options granted (in dollars per share)	13.51
Balance at the end (in dollars per share)	$ 8.01	$ 7.56
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Vesting period	4 years
Fair value of options vested	$ 800
Total unrecognized compensation cost	$ 13,300
Remaining weighted-average period for unrecognized compensation cost	3 years 2 months 12 days
Performance-based options
Number of Shares underlying Outstanding Options
Balance at the beginning	619,742
Balance at the end	619,742	619,742
Shares vested and exercisable at the end	53,424
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 6.38
Balance at the end (in dollars per share)	$ 6.38	$ 6.38
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Fair value of options vested	$ 11
Total unrecognized compensation cost	$ 0
Remaining weighted-average period for unrecognized compensation cost	1 year

Stock-based compensation - St_2

Stock-based compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Total stock-based compensation	$ 1,057	$ 383	$ 1,824	$ 770
General and administrative
Stock-based compensation
Total stock-based compensation	856	219	1,454	443
Research and development
Stock-based compensation
Total stock-based compensation	$ 201	$ 164	$ 370	$ 327

Stock-based compensation - Esti

Stock-based compensation - Estimate the fair value of each award granted on the date of grant (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Expected volatility, minimum	89%	88%
Expected volatility, maximum	91%	90%
Risk-free interest rate		3%
Risk-free interest rate, Minimum	3.60%
Employee stock option
Stock-based compensation
Dividend yield	0%
Minimum
Stock-based compensation
Expected term	5 years	5 years 4 months 24 days
Maximum
Stock-based compensation
Expected term	7 years	7 years

Net loss per share attributab_3

Net loss per share attributable to common stockholders - Basic and diluted loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (6,785)	$ (6,587)	$ (7,102)	$ (8,735)	$ (13,372)	$ (15,837)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic	189,520		185,084		187,314	184,589
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted	189,520		185,084		187,314	184,589
Net loss per share attributable to common stockholders, basic	$ (35.80)		$ (38.37)		$ (71.39)	$ (85.80)
Net loss per share attributable to common stockholders, diluted	$ (35.80)		$ (38.37)		$ (71.39)	$ (85.80)

Net loss per share attributab_4

Net loss per share attributable to common stockholders - Outstanding shares of potentially dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss per share attributable to common stockholders
Redeemable convertible preferred stock	16,638,476	16,638,476	16,638,476	16,638,476
Options to purchase common stock	3,776,369	2,159,456	3,776,369	2,159,456
Warrants to purchase common stock	13,458	40,268	13,458	40,268
Warrants to purchase redeemable convertible preferred stock	79,545	79,545	79,545	79,545
Total	20,507,848	18,917,745	20,507,848	18,917,745

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 21, 2023 USD ($)	Jul. 18, 2023 USD ($) Vote $ / shares shares	Jul. 12, 2023 shares	Jul. 07, 2023	Jan. 31, 2022 USD ($)	Jun. 30, 2023 shares	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 shares
Subsequent events
Common stock shares reserved for future issuance						1,326,268,849	1,326,268,849	1,325,890,931
Investor | License agreement | Ascletis
Subsequent events
Development milestone payment triggered | $					$ 2
Common stock
Subsequent events
Numbers of convertible preferred shares converted						25,231
Employee stock option
Subsequent events
Number of share granted							585,919
Exercise price per share | $ / shares							$ 13.51
Vesting period							6 years 5 months 19 days
Subsequent Event | Board of Directors
Subsequent events
Reverse stock split ratio				0.012582
Subsequent Event | Series A common stock
Subsequent events
Numbers of convertible preferred shares converted		15,117,912
Number of votes per share | Vote		1
Subsequent Event | Series B common stock.
Subsequent events
Numbers of convertible preferred shares converted		1,520,490
Subsequent Event | 2023 Plan | Series A common stock
Subsequent events
Common stock shares reserved for future issuance			2,585,968
Percentage of increase in reserved shares of common stock on January 1, 2024 and each January 1 thereafter			4%
Subsequent Event | ESPP | Series A common stock
Subsequent events
Common stock shares reserved for future issuance			215,497
Increase in shares reserved for future issuance			215,497
Percentage of increase in reserved shares of common stock on January 1, 2024 and each January 1 thereafter			1%
Subsequent Event | IPO
Subsequent events
Number of shares of common stock issued		5,312,500
Price per share of common stock issued | $ / shares		$ 16
Gross proceeds | $		$ 96.4
Net proceeds | $	$ 86.2	$ 86.2
Subsequent Event | IPO | Series A common stock
Subsequent events
Shares issued		714,272