Sagimet Biosciences (SGMT) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Yes
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		21,375,402
Entity Central Index Key	0001400118
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 101,842	$ 158
Short-term investments in marketable securities	0	32,187
Prepaid expenses and other current assets	974	447
Total current assets	102,816	32,792
Operating lease right-of-use assets	109	212
Deposits		27
Total assets	102,925	33,031
Current liabilities:
Accounts payable	1,702	1,125
Accrued expenses and other current liabilities	3,244	4,021
Operating lease liabilities	103	133
Total current liabilities	5,049	5,279
Long-term liabilities
Operating lease liabilities, less current portion		78
Total liabilities	5,050	5,361
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock: $0.0001 par value; no shares and 1,373,810,170 shares authorized at September 30, 2023 and December 31, 2022, respectively; no shares and 1,373,730,625 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively; liquidation value of $232,963 at December 31, 2022		214,620
Stockholders' equity (deficit):
Undesignated preferred stock, $0.0001 par value; 10,000,000 shares and no shares authorized at September 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Common stock		1
Additional paid-in capital	339,466	35,001
Accumulated other comprehensive loss		(84)
Accumulated deficit	(241,593)	(221,868)
Total stockholders' equity (deficit)	97,875	(186,950)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	102,925	33,031
Series A Common Stock
Stockholders' equity (deficit):
Common stock	2
Series B Common Stock
Stockholders' equity (deficit):
Common stock
Series A Common Stock Warrants
Long-term liabilities
Stock warrant liability	$ 1
Redeemable Convertible Preferred Stock Warrant
Long-term liabilities
Stock warrant liability		$ 4

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Redeemable convertible preferred stock, par value		$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	1,373,810,170
Redeemable convertible preferred stock, issued	0	1,373,730,625
Redeemable convertible preferred stock, outstanding	0	1,373,730,625
Redeemable convertible preferred stock, liquidation preference		$ 232,963
Preferred stock, par value	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value		$ 0.0001
Common stock, shares authorized	0	1,608,370,000
Common stock, shares issued	0	185,084
Common stock, shares outstanding	0	185,084
Series A Common Stock
Common stock, par value	$ 0.0001
Common stock, shares authorized	500,000,000	0
Common stock, shares issued	21,375,402	0
Common stock, shares outstanding	21,375,402	0
Series B Common Stock
Common stock, par value	$ 0.0001
Common stock, shares authorized	15,000,000	0
Common stock, shares issued	1,520,490	0
Common stock, shares outstanding	1,520,490	0

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Revenue	$ 2,000,000		$ 2,000,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember		us-gaap:LicenseMember
Operating expenses:
Research and development	$ 4,958,000	$ 6,838,000	$ 14,121,000	$ 19,072,000
General and administrative	4,494,000	848,000	9,153,000	4,595,000
Total operating expenses	9,452,000	7,686,000	23,274,000	23,667,000
Loss from operations	(7,452,000)	(7,686,000)	(21,274,000)	(23,667,000)
Other income, net:
Interest income and other	1,095,000	218,000	1,546,000	360,000
Total other income, net	1,099,000	219,000	1,549,000	363,000
Net loss	(6,353,000)	(7,467,000)	(19,725,000)	(23,304,000)
Other comprehensive (loss) gain:
Net unrealized (loss) gain on investments in marketable securities		(56,000)	84,000	(162,000)
Total other comprehensive (loss) gain		(56,000)	84,000	(162,000)
Comprehensive loss	$ (6,353,000)	$ (7,523,000)	$ (19,641,000)	$ (23,466,000)
Net loss per share attributable to common stockholders, basic		$ (40.34)		$ (126.13)
Net loss per share attributable to common stockholders, diluted		$ (40.34)		$ (126.13)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic		185,084		184,756
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted		185,084		184,756
Series A and Series B
Other comprehensive (loss) gain:
Net loss per share attributable to common stockholders, basic	$ (0.35)		$ (3.22)
Net loss per share attributable to common stockholders, diluted	$ (0.35)		$ (3.22)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic	18,194,682		6,131,541
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted	18,194,682		6,131,541
Redeemable Convertible Preferred Stock Warrant
Other income, net:
Change in fair value of stock warrant liability		$ 1,000	$ (1,000)	$ 3,000
Series A Common Stock Warrants
Other income, net:
Change in fair value of stock warrant liability	$ 4,000		$ 4,000

CONDENSED STATEMENT OF REDEEMAB

CONDENSED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common stock Series A Common Stock	Common stock Series B Common Stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive (Loss) Income	Series A Common Stock	Series B Common Stock	Total
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 Stockholders' Deficit
Net loss					(8,735)				(8,735)
Issuance of Series A Common Stock upon exercise of stock options				12					12
Issuance of Series A Common Stock upon exercise of stock options (in shares)			1,627
Stock-based compensation expense				387					387
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			$ 1	33,109	(191,369)				(158,259)
Beginning balance (in shares) at Dec. 31, 2021			183,457
Increase (Decrease) In Stockholders' Deficit
Net loss									(23,304)
Unrealized gain (loss) on investments in marketable securities									(162)
Ending balance at Sep. 30, 2022			$ 1	34,280	(214,673)	$ (162)			(180,554)
Ending balance (in shares) at Sep. 30, 2022			185,084
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 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			$ 1	33,891	(207,206)	(106)			(173,420)
Ending balance (in shares) at Jun. 30, 2022			185,084
Increase (Decrease) In Stockholders' Deficit
Net loss					(7,467)				(7,467)
Unrealized gain (loss) on investments in marketable securities						(56)			(56)
Stock-based compensation expense				389					389
Ending balance at Sep. 30, 2022			$ 1	34,280	(214,673)	(162)			(180,554)
Ending balance (in shares) at Sep. 30, 2022			185,084
Beginning balance at Dec. 31, 2022			$ 1	35,001	(221,868)	(84)			$ (186,950)
Beginning balance (in shares) at Dec. 31, 2022			185,084				0	0	185,084
Increase (Decrease) In 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			$ 1	35,768	(228,455)	(13)			(192,699)
Ending balance (in shares) at Mar. 31, 2023			185,084
Beginning balance at Dec. 31, 2022			$ 1	35,001	(221,868)	(84)			$ (186,950)
Beginning balance (in shares) at Dec. 31, 2022			185,084				0	0	185,084
Increase (Decrease) In Stockholders' Deficit
Net loss									$ (19,725)
Issuance of Series A Common Stock upon exercise of stock options (in shares)									7,614
Unrealized gain (loss) on investments in marketable securities									$ 84
Ending balance at Sep. 30, 2023	$ 2			339,466	(241,593)				$ 97,875
Ending balance (in shares) at Sep. 30, 2023	21,375,402	1,520,490					21,375,402	1,520,490	0
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 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			$ 1	36,825	(235,240)				(198,414)
Ending balance (in shares) at Jun. 30, 2023			210,315
Increase (Decrease) In Stockholders' Deficit
Net loss					(6,353)				(6,353)
Conversion of Redeemable Convertible Preferred Stock to Series A and Series B Common Stock	$ 1			214,619					214,620
Conversion of Redeemable Convertible Preferred Stock to Series A and Series B Common Stock (in shares)	15,117,912	1,520,490
Reclass of Common Stock to Series A Common Stock	$ 1		$ (1)
Reclass of Common Stock to Series A Common Stock ( in shares)	210,315		(210,315)
Sale of Series A Common Stock in public offering, net of issuance costs				86,161					86,161
Sale of Series A Common Stock in public offering, net of issuance costs (in shares)	6,026,772
Issuance of Series A Common Stock upon exercise of stock options				6					6
Issuance of Series A Common Stock upon exercise of stock options (in shares)	7,614
Exercise of common stock warrants (in shares)	12,789
Stock-based compensation expense				1,855					1,855
Ending balance at Sep. 30, 2023	$ 2			$ 339,466	$ (241,593)				$ 97,875
Ending balance (in shares) at Sep. 30, 2023	21,375,402	1,520,490					21,375,402	1,520,490	0

CONDENSED STATEMENT OF REDEEM_2

CONDENSED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - Temporary Equity - USD ($)	Redeemable convertible preferred stock	Total
Beginning balance, Temporary equity at Dec. 31, 2021	$ 214,620,000
Beginning balance, Temporary equity (in shares) at Dec. 31, 2021	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Ending balance, Temporary equity at Mar. 31, 2022	$ 214,620,000
Ending balance, Temporary equity (in shares) at Mar. 31, 2022	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Ending balance, Temporary equity at Jun. 30, 2022	$ 214,620,000
Ending balance, Temporary equity (in shares) at Jun. 30, 2022	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Ending balance, Temporary equity at Sep. 30, 2022	$ 214,620,000
Ending balance, Temporary equity (in shares) at Sep. 30, 2022	1,373,730,625
Beginning balance, Temporary equity at Dec. 31, 2022	$ 214,620,000	$ 214,620,000
Beginning balance, Temporary equity (in shares) at Dec. 31, 2022	1,373,730,625	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Ending balance, Temporary equity at Mar. 31, 2023	$ 214,620,000
Ending balance, Temporary equity (in shares) at Mar. 31, 2023	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Ending balance, Temporary equity at Jun. 30, 2023	$ 214,620,000
Ending balance, Temporary equity (in shares) at Jun. 30, 2023	1,373,730,625
Increase (Decrease) in Temporary Equity
Net loss	$ 0
Conversion of Redeemable Convertible Preferred Stock to Series A and Series B Common Stock	$ 1,373,730,625	$ 214,620,000
Conversion of Redeemable Convertible Preferred Stock to Series A and Series B Common Stock (in shares)	214,620,000
Ending balance, Temporary equity (in shares) at Sep. 30, 2023		0

CONDENSED STATEMENT OF REDEEM_3

CONDENSED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) ( Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Issuance costs	$ 10,267

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (19,725,000)	$ (23,304,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on marketable securities, net	(39,000)	(129,000)
Non-cash lease expense	103,000	97,000
Stock-based compensation expense	3,679,000	1,159,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(390,000)	1,326,000
Accounts payable and accrued liabilities	(200,000)	3,920,000
Operating lease liabilities	(108,000)	(103,000)
Net cash used in operating activities	(16,683,000)	(17,037,000)
Cash flows from investing activities:
Purchases of marketable securities		(41,446,000)
Sales of marketable securities	32,200,000	4,000,000
Net cash provided (used in) by investing activities	32,200,000	(37,446,000)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriters' commissions and discounts	86,161,000
Payment of deferred financing costs		(30,000)
Proceeds from exercise of stock options	6,000	12,000
Net cash provided by (used in) financing activities	86,167,000	(18,000)
Net increase (decrease) in cash and cash equivalents	101,684,000	(54,501,000)
Cash and cash equivalents, beginning	158,000	56,731,000
Cash and cash equivalents, ending	101,842,000	2,230,000
Series A Common Stock Warrants
Adjustments to reconcile net loss to net cash used in operating activities:
Change in the fair value of warrant liability	(4,000)
Redeemable Convertible Preferred Stock Warrant
Adjustments to reconcile net loss to net cash used in operating activities:
Change in the fair value of warrant liability	$ 1,000	$ (3,000)

Organization and description of

Organization and description of business	9 Months Ended
	Sep. 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. Reverse stock split A one-for- 79.4784 Initial public offering On July 18, 2023, the Company completed 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 offering expenses. In connection with the IPO, the Company’s outstanding redeemable convertible preferred stock automatically converted into 15,117,912 shares of Series A common stock 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 Company’s eleventh amended and restated certificate of incorporation (the Charter). See Note 9. Reclassification of common stock 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 Company’s common stock was deemed to represent shares of Series A common stock, without the need for surrender or exchange thereof. 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. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. As of September 30, 2023, the Company has relied on public and private equity and debt financings, including its July 2023 IPO, to fund its operations. The Company has incurred net losses and negative cash flows from operations since inception, including net losses of $19.7 million for the nine months ended September 30, 2023 and $23.3 million for the nine months ended September 30, 2022. For the nine months ended September 30, 2023, and 2022, the Company had negative cash flows from operations of $16.7 million and $17.0 million, respectively. As of September 30, 2023, the Company had cash and cash equivalents of $101.8 million. The Company expects to incur additional losses and negative cash flows from operations for the next twelve months. As of November 13, 2023, the issuance date of these unaudited condensed financial statements, the Company expects that its cash and cash equivalents as of September 30, 2023 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. Impact of COVID-19 pandemic on financial statements We experienced modest delays in our development activities as a result of the COVID-19 pandemic, primarily due to temporary closures of certain clinical sites that delayed patient enrollment in our FASCINATE-2 trial. Although the public health emergency declarations related to COVID-19 in the United States ended on May 11, 2023, the extent to which the COVID-19 pandemic will continue to impact our operations or those of our consultants and collaborators, will depend on future developments, including the global macroeconomic effects of the virus. Economic recessions, increased inflation and/or interest rates, and any disruptions to our operations or workforce availability, including those brought on by the continued effects of the COVID-19 pandemic or a similar health epidemic may have a negative effect on our operating results. Unaudited interim financial information The accompanying condensed balance sheet as of September 30, 2023, the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022, the condensed statements of cash flows for the nine months ended September 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 of 1933, as amended (Securities Act) with the Securities and Exchange Commission (SEC) on July 17, 2023.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2023
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The condensed financial statements and accompanying notes have been prepared in accordance with GAAP and the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. 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 September 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 in the accrued expenses and other current liabilities in the condensed balance sheets. Upon closing of the IPO in July 2023, all deferred offering costs were reclassified to additional paid-in-capital in the condensed statements of operations and comprehensive loss, representing a reduction in IPO proceeds. 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 nine months ended September 30, 2022. Revenue recognition The Company enters into collaboration and licensing arrangements that generally contain multiple elements or deliverables, which may include (i) licenses to the Company’s technology, (ii) research and development activities performed for the collaboration partner, (iii) participation on joint steering committees (JSCs), and (iv) 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. The parties were in discussions regarding the form and amount of consideration related to this milestone until July 2023, at which time the Company concluded that the risk of reversal was no longer present, resulting in revenue recognition of $2.0 million. In August 2023, the Company received a $1.7 million milestone payment recorded as license revenue in the condensed statements of operations and comprehensive loss (representing the $2.0 million development milestone payment, net of applicable taxes) from Ascletis. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. 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	9 Months Ended
	Sep. 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 September 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 $101.8 million and $0.2 million as of September 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 liabilities that are measured at fair value on a recurring basis consists of the Series A Common Stock Warrant Liability and 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 September 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ Series A Common Stock Warrant Liability ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Change in fair value of Series A Common Stock Warrant Liability ​ ​ (4) Balance - September 30, 2023 ​ $ 1 ​ ​ ​ ​ 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 and Series A Common 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 a warrant to purchase 79,545 shares of Series D redeemable convertible preferred stock. See Note 9. The Company completed its IPO on July 18, 2023. Subsequently, pursuant to the terms of the warrant, the warrant was converted into a warrant to purchase 1,000 shares of Series A common stock and the expiration date was automatically extended until July 18, 2026, the third anniversary date of the closing of the Company’s IPO. The exercise was deemed a cashless exercise. The Company estimates the fair value of the Series A Common Stock Warrant Liability and 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, Series A common stock market price, 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 September 30, 2023, the fair value of the Series A Common Stock Warrant Liability was determined to be $1.4 thousand assuming a volatility rate of 91.5%, an expected term of 2.80 years, no dividends, and a risk-free interest rate of 4.87%. As of December 31, 2022, the fair value of the Redeemable Convertible Preferred Stock Warrant Liability was determined to be $4.0 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 Series A Common Stock Warrant Liability, the Company recorded other income of $4.0 thousand for both the three and nine months ended September 30, 2023, respectively, in its unaudited condensed statement of operations and comprehensive loss. For the change in fair value of the Redeemable Convertible Preferred Stock Warrant Liability, the Company recorded other expense of $1.0 thousand for the nine months ended September 30, 2023, and other income of $1.0 thousand and $3.0 thousand for the three and nine months ended September 30, 2022, respectively, in its unaudited condensed statement of operations and comprehensive loss.

Prepaid expenses and other curr

Prepaid expenses and other current assets	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Prepaid insurance ​ $ 865 ​ $ 61 Prepaid clinical expenses ​ ​ 32 ​ ​ 352 Other ​ 77 ​ 34 Total ​ $ 974 ​ $ 447 ​

Accrued expenses and other curr

Accrued expenses and other current liabilities	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued clinical costs ​ $ 2,239 ​ $ 3,162 Employees’ compensation ​ 689 ​ 636 Accrued research ​ ​ 221 ​ ​ — Accrued preclinical costs ​ — ​ 166 Other ​ 95 ​ 57 Total ​ $ 3,244 ​ $ 4,021 ​

Related parties

Related parties	9 Months Ended
	Sep. 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 nine months ended September 30, 2022. The Company did not receive any reimbursements pursuant to the license agreement for Greater China patent prosecution costs during the nine months ended September 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. As noted below, the Company received $2.0 million related to a development milestone in August, 2023. 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. The parties were in discussions regarding the form and amount of consideration related to this milestone until July 2023, at which time the Company concluded that the risk of reversal was no longer present, resulting in revenue recognition of $2.0 million. In August 2023, the Company received a $1.7 million milestone payment (representing the $2.0 million development milestone payment, net of applicable taxes which are recorded in general and administrative in the condensed statement of operations and comprehensive loss) from Ascletis. There were no payments made to Ascletis during the nine months ended September 30, 2023. The Company paid Ascletis under their manufacturing arrangement $4.0 thousand during the nine months ended September 30, 2022. 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, 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.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 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 September 30, 2023, and 2022 was $37.0 thousand and $38.0 thousand, respectively, and for the nine months ended September 30, 2023 and 2022 was $111.0 thousand and $113.0 thousand, respectively. The following are schedules by year of future maturities of the Company’s operating lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 Remainder of 2023 $ 27 2024 ​ 79 Total lease payments ​ 106 Less: interest ​ (3) Total ​ $ 103 ​ ​ ​ ​ ​ ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 118 ​ $ 118 ​ The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of September 30, 2023 and December 31, 2022 were 0.75 years 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 September 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	9 Months Ended
	Sep. 30, 2023
Redeemable convertible preferred stock
Redeemable convertible preferred stock	8. Redeemable convertible preferred stock Prior to the IPO, the authorized, issued and outstanding shares of the redeemable convertible preferred stock, liquidation preferences and carrying values were as follows as of December 31, 2022 (in thousands, except share numbers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 common stock and 1,520,490 shares of Series B common stock.

Stockholders' equity (deficit)

Stockholders' equity (deficit)	9 Months Ended
	Sep. 30, 2023
Stockholders' equity (deficit)
Stockholders' equity (deficit)	9. Stockholders’ equity (deficit) Common stock Per the Charter, the total number of shares of capital stock authorized for issuance is 500,000,000 shares of Series A common stock, 15,000,000 shares of Series B common stock and 10,000,000 shares of undesignated preferred stock. Holders of Series A common stock are entitled to one vote and Series B common stock are not entitled to vote. Upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, the net assets of the Company will be distributed pro rata to the holders of Series A common stock and Series B common stock. Each share of Series B common stock is convertible, at any time at the option of the holder, into one share of Series A common stock, unless that holder would beneficially own a number of Series A common stock in excess of 4.99% of the total number of shares of Series A common stock then issued and outstanding. On July 18, 2023, upon the Company’s IPO, each share of the Company’s common stock issued and outstanding became reclassified as one share of Series A common stock (see Note 1). The Company’s reserved shares of common stock are as follows: ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ September 30, ​ December 31, ​ 2023 2022 Options to purchase Series A common stock 3,766,505 3,190,450 Options authorized and available for issuance 2,585,968 181,191 Warrant to purchase Series A Common Stock ​ 1,000 ​ — Redeemable convertible preferred stock — 1,322,399,477 Series D redeemable convertible preferred stock warrant — 79,545 Warrants to purchase common stock — 40,268 Total 6,353,473 1,325,890,931 ​ Redeemable convertible preferred stock warrant liability and Series A Common 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 a warrant to purchase 79,545 shares of Series D redeemable convertible preferred stock with an exercise price of $0.88 per share. The warrant has 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 Company completed its IPO on July 18, 2023. Subsequently, the Redeemable Convertible Preferred Stock Warrant was converted to a warrant to purchase 1,000 shares of Series A common stock at an exercise price of $69.94 per share and the expiration date was automatically extended until July 18, 2026, the third anniversary date of the closing 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. The holder of the 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. Stock warrants The following tables summarize the Company’s outstanding Series A Common Stock Warrant, Common Stock warrants and redeemable convertible preferred stock warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Number of ​ Exercise ​ ​ ​ ​ ​ Fair Value on ​ ​ ​ ​ Warrant ​ Price per ​ Expiration ​ Exercisable ​ Issuance ​ Fair Value Issuance Date Shares Share Date for (in thousands) Recorded Against April 2015 1,000 ​ $ 69.94 July 2026 Series A Common ​ $ 68 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Number of ​ Exercise ​ ​ ​ ​ ​ Fair Value on ​ ​ ​ ​ Warrant ​ Price per ​ Expiration ​ Exercisable ​ Issuance ​ Fair Value Issuance Date Shares Share Date for (in thousands) Recorded 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	9 Months Ended
	Sep. 30, 2023
Stock-based compensation
Stock-based compensation	10. Stock-based compensation In 2007, the Company adopted the 2007 Equity Incentive Plan (2007 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 Plan expired pursuant to its terms and the Company adopted the 2017 Equity Incentive Plan (2017 Plan) which allowed 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 could be granted only to Company’s employees, including officers and directors who are also employees. NSOs could be granted to employees, directors and consultants. In 2023, the 2023 Stock Option and Incentive Plan (2023 Plan), was adopted by the board of directors, 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 incentive stock options to purchase Series A common stock under Section 422 of the Code and non-qualified stock options. 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, therefore, options prior to the IPO were to purchase common stock, and after the IPO are to purchase Series A common stock. 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 (i) 4% of the outstanding number of shares of our Series A common stock on the immediately preceding December 31 or (ii) a lesser number of shares as determined by the compensation committee of the board of directors. As of September 30, 2023, 2,585,968 shares are available for future grant under the 2023 Plan. Options under the 2023 Plan can 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 does 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 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 ​ Options exercised ​ (7,614) ​ ​ 0.79 ​ ​ ​ ​ ​ Options cancelled (498) ​ ​ 4.77 ​ Options expired (1,752) ​ ​ 0.79 ​ Outstanding, September 30, 2023 3,766,505 ​ $ 8.11 7.69 ​ $ 17,737 Shares vested and exercisable as of September 30, 2023 1,784,725 ​ $ 6.98 6.34 ​ $ 10,206 ​ 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 Options exercised ​ (7,614) ​ ​ 0.79 Options cancelled (498) ​ 4.77 Options expired (1,752) ​ 0.79 Outstanding, September 30, 2023 3,146,763 ​ $ 8.69 Shares vested and exercisable as of September 30, 2023 1,186,212 ​ $ 14.42 ​ The total fair value of the time-based shares vested during the nine months ended September 30, 2023 was $1.8 million. As of September 30, 2023, there was $12.0 million of total unrecognized compensation cost related to the awards. The cost is being recognized over a remaining weighted-average period of 2.4 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 Series A common stock shares underlying outstanding options was 619,742 with a weighted-average exercise price of $6.38 as of December 31, 2022 and September 30, 2023, respectively. There were 598,513 shares vested and exercisable as of September 30, 2023. The total fair value of the performance-based shares vested during the nine months ended September 30, 2023 was $11.1 thousand. As of the nine months ended September 30, 2023, there was $28.2 thousand of unrecognized compensation cost related to the awards. 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 September 30, Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 ​ 2022 General and administrative expense ​ $ 1,649 ​ $ 220 ​ $ 3,103 ​ $ 663 Research and development expense ​ 206 ​ 169 ​ 576 ​ 496 Total stock-based compensation expense ​ $ 1,855 ​ $ 389 ​ $ 3,679 ​ $ 1,159 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ Expected volatility 89 - 91 % 88 - 90 % Risk-free interest rate ​ ​ 3.6 % 2.3 - 3.0 % Dividend yield ​ ​ — ​ ​ — Expected term 5.0 - 7.0 years 5.4 - 7.0 years ​ 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. During the nine months ended September 30, 2023, no shares of Series A common stock were issued under the 2023 ESPP.

Net loss per share attributable

Net loss per share attributable to common stockholders	9 Months Ended
	Sep. 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, Series A common and Series B common stockholders (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months Nine Months Nine Months ​ ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ — ​ $ (7,467) ​ $ — ​ $ (23,304) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted ​ — ​ 185,084 ​ — ​ 184,756 Net loss per share attributable to common stockholders, basic and diluted ​ $ — ​ $ (40.34) ​ $ — ​ $ (126.13) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Series A and Series B common stockholders ​ $ (6,353) ​ $ — ​ $ (19,725) ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to Series A and Series B common stockholders, basic and diluted ​ 18,194,682 ​ — ​ 6,131,541 ​ — Net loss per share attributable to Series A and Series B common stockholders, basic and diluted ​ $ (0.35) ​ $ — ​ $ (3.22) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common, Series A common and Series B common stockholders for the periods presented because including them would have been antidilutive. 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, therefore, options prior to the IPO were to purchase common stock, and after the IPO are to purchase Series A common stock. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Three Months ​ Nine Months ​ Nine Months ​ ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ 2023 2022 2023 2022 Options to purchase Series A common stock 3,766,505 2,198,675 3,766,505 2,198,675 Warrant to purchase Series A Common Stock ​ 1,000 ​ — ​ 1,000 ​ — Redeemable convertible preferred stock — 16,638,476 — 16,638,476 Warrants to purchase common stock — 40,268 — 40,268 Warrant to purchase redeemable convertible preferred stock — 79,545 — 79,545 Total 3,767,505 18,956,964 3,767,505 18,956,964 ​

Income taxes

Income taxes	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 30, 2023
Subsequent events
Subsequent events	13. Subsequent events The Company has evaluated subsequent events for financial statement purposes occurring through November 13, 2023, the date when these financial statements are available to be issued and noted that there are no subsequent events requiring disclosure in these condensed financial statements. ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2023
Summary of significant accounting policies
Basis of presentation	Basis of presentation The condensed financial statements and accompanying notes have been prepared in accordance with GAAP and the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. 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 September 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 in the accrued expenses and other current liabilities in the condensed balance sheets. Upon closing of the IPO in July 2023, all deferred offering costs were reclassified to additional paid-in-capital in the condensed statements of operations and comprehensive loss, representing a reduction in IPO proceeds. 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 nine months ended September 30, 2022.
Revenue recognition	Revenue recognition The Company enters into collaboration and licensing arrangements that generally contain multiple elements or deliverables, which may include (i) licenses to the Company’s technology, (ii) research and development activities performed for the collaboration partner, (iii) participation on joint steering committees (JSCs), and (iv) 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. The parties were in discussions regarding the form and amount of consideration related to this milestone until July 2023, at which time the Company concluded that the risk of reversal was no longer present, resulting in revenue recognition of $2.0 million. In August 2023, the Company received a $1.7 million milestone payment recorded as license revenue in the condensed statements of operations and comprehensive loss (representing the $2.0 million development milestone payment, net of applicable taxes) from Ascletis.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities.
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)	9 Months Ended
	Sep. 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 financial instruments	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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ Series A Common Stock Warrant Liability ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Change in fair value of Series A Common Stock Warrant Liability ​ ​ (4) Balance - September 30, 2023 ​ $ 1 ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Prepaid insurance ​ $ 865 ​ $ 61 Prepaid clinical expenses ​ ​ 32 ​ ​ 352 Other ​ 77 ​ 34 Total ​ $ 974 ​ $ 447 ​

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued clinical costs ​ $ 2,239 ​ $ 3,162 Employees’ compensation ​ 689 ​ 636 Accrued research ​ ​ 221 ​ ​ — Accrued preclinical costs ​ — ​ 166 Other ​ 95 ​ 57 Total ​ $ 3,244 ​ $ 4,021 ​

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 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): ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 Remainder of 2023 $ 27 2024 ​ 79 Total lease payments ​ 106 Less: interest ​ (3) Total ​ $ 103 ​ ​ ​ ​ ​ ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 118 ​ $ 118

Redeemable convertible prefer_2

Redeemable convertible preferred stock (Tables)	9 Months Ended
	Sep. 30, 2023
Redeemable convertible preferred stock
Schedule of redeemable convertible preferred stock	Prior to the IPO, the authorized, issued and outstanding shares of the redeemable convertible preferred stock, liquidation preferences and carrying values were as follows as of December 31, 2022 (in thousands, except share numbers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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' equity (deficit)

Stockholders' equity (deficit) (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' equity (deficit)
Schedule of shares of common stock reserved for future issuance	​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ September 30, ​ December 31, ​ 2023 2022 Options to purchase Series A common stock 3,766,505 3,190,450 Options authorized and available for issuance 2,585,968 181,191 Warrant to purchase Series A Common Stock ​ 1,000 ​ — Redeemable convertible preferred stock — 1,322,399,477 Series D redeemable convertible preferred stock warrant — 79,545 Warrants to purchase common stock — 40,268 Total 6,353,473 1,325,890,931
Schedule of outstanding warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Number of ​ Exercise ​ ​ ​ ​ ​ Fair Value on ​ ​ ​ ​ Warrant ​ Price per ​ Expiration ​ Exercisable ​ Issuance ​ Fair Value Issuance Date Shares Share Date for (in thousands) Recorded Against April 2015 1,000 ​ $ 69.94 July 2026 Series A Common ​ $ 68 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Number of ​ Exercise ​ ​ ​ ​ ​ Fair Value on ​ ​ ​ ​ Warrant ​ Price per ​ Expiration ​ Exercisable ​ Issuance ​ Fair Value Issuance Date Shares Share Date for (in thousands) Recorded 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)	9 Months Ended
	Sep. 30, 2023
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 ​ Options exercised ​ (7,614) ​ ​ 0.79 ​ ​ ​ ​ ​ Options cancelled (498) ​ ​ 4.77 ​ Options expired (1,752) ​ ​ 0.79 ​ Outstanding, September 30, 2023 3,766,505 ​ $ 8.11 7.69 ​ $ 17,737 Shares vested and exercisable as of September 30, 2023 1,784,725 ​ $ 6.98 6.34 ​ $ 10,206
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 ​ 2022 General and administrative expense ​ $ 1,649 ​ $ 220 ​ $ 3,103 ​ $ 663 Research and development expense ​ 206 ​ 169 ​ 576 ​ 496 Total stock-based compensation expense ​ $ 1,855 ​ $ 389 ​ $ 3,679 ​ $ 1,159
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ Expected volatility 89 - 91 % 88 - 90 % Risk-free interest rate ​ ​ 3.6 % 2.3 - 3.0 % Dividend yield ​ ​ — ​ ​ — Expected term 5.0 - 7.0 years 5.4 - 7.0 years
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 Options exercised ​ (7,614) ​ ​ 0.79 Options cancelled (498) ​ 4.77 Options expired (1,752) ​ 0.79 Outstanding, September 30, 2023 3,146,763 ​ $ 8.69 Shares vested and exercisable as of September 30, 2023 1,186,212 ​ $ 14.42

Net loss per share attributab_2

Net loss per share attributable to common stockholders (Tables)	9 Months Ended
	Sep. 30, 2023
Net loss per share attributable to common stockholders
Schedule of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months Nine Months Nine Months ​ ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ — ​ $ (7,467) ​ $ — ​ $ (23,304) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted ​ — ​ 185,084 ​ — ​ 184,756 Net loss per share attributable to common stockholders, basic and diluted ​ $ — ​ $ (40.34) ​ $ — ​ $ (126.13) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Series A and Series B common stockholders ​ $ (6,353) ​ $ — ​ $ (19,725) ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share attributable to Series A and Series B common stockholders, basic and diluted ​ 18,194,682 ​ — ​ 6,131,541 ​ — Net loss per share attributable to Series A and Series B common stockholders, basic and diluted ​ $ (0.35) ​ $ — ​ $ (3.22) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of potentially dilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Three Months ​ Nine Months ​ Nine Months ​ ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ Ended September 30, ​ 2023 2022 2023 2022 Options to purchase Series A common stock 3,766,505 2,198,675 3,766,505 2,198,675 Warrant to purchase Series A Common Stock ​ 1,000 ​ — ​ 1,000 ​ — Redeemable convertible preferred stock — 16,638,476 — 16,638,476 Warrants to purchase common stock — 40,268 — 40,268 Warrant to purchase redeemable convertible preferred stock — 79,545 — 79,545 Total 3,767,505 18,956,964 3,767,505 18,956,964 ​

Organization and description _2

Organization and description of business (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Jul. 18, 2023 USD ($) Vote $ / shares shares	Jul. 07, 2023	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) Vote	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization and description of business
Reverse stock split ratio		0.012582
Net proceeds									$ 86,161
Net loss			$ 6,353	$ 6,785	$ 6,587	$ 7,467	$ 7,102	$ 8,735	19,725	$ 23,304
Cash flows from operations									16,683	$ 17,037
Cash and cash equivalents			$ 101,842						$ 101,842		$ 158
Series A Common Stock
Organization and description of business
Shares issued upon conversion (in number of shares) | shares	15,117,912
Number of votes per share | Vote	1								1
Series B Common Stock
Organization and description of business
Shares issued upon conversion (in number of shares) | shares	1,520,490
IPO | Series A Common Stock
Organization and description of business
Shares issued (in shares) | shares	5,312,500
Share price (in dollars per share) | $ / shares	$ 16
Proceeds from stock issuance	$ 96,400
Net proceeds	$ 86,200
Underwriter | Series A Common Stock
Organization and description of business
Shares issued (in shares) | shares	714,272

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2023	Jul. 31, 2023	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2022
Summary of significant accounting policies
Short-term investments in marketable securities				$ 0	$ 0		$ 32,187
Deferred financing costs writeoff						$ 1,400
Revenue		$ 2,000		$ 2,000	$ 2,000
Investor | Ascletis
Summary of significant accounting policies
Development milestone payment trigger	$ 1,700		$ 2,000
Revenue		$ 2,000
Proceeds from license fees	$ 2,000

Fair value measurements and f_3

Fair value measurements and fair value of financial instruments - Marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair value measurements and fair value of financial instruments
Fair value cash and cash equivalents	$ 101,800	$ 200
Amortized Cost		32,271
Unrealized Losses		(84)
Estimated Fair Value	$ 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	Sep. 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
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities		4
Series A Common Stock Warrants
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities	$ 1
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
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities		$ 4
Level 3 | Series A Common Stock Warrants
Financial instruments that were measured at fair value on a recurring basis by level
Liabilities	$ 1

Fair value measurements and f_5

Fair value measurements and fair value of financial instruments - Level 3 (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Summary of changes
Beginning balance	$ 4	$ 7
Ending balance	1	4
Redeemable Convertible Preferred Stock Warrant
Summary of changes
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability	1	$ (3)
Series A Common Stock Warrants
Summary of changes
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability	$ (4)

Fair value measurements and f_6

Fair value measurements and fair value of financial instruments - Warrant Liability (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) dividend Y $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) dividend Y $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Y dividend $ / shares shares	Apr. 10, 2015 $ / shares shares
Series D redeemable convertible preferred stock warrants
Redeemable Convertible Preferred Stock Warrant Liability
Number of warrants issued | shares	1,000		1,000		79,545	79,545
Fair value of warrant liability	$ 68,000		$ 68,000		$ 68,000
Exercise price of warrant | $ / shares	$ 69.94		$ 69.94		$ 0.88	$ 0.88
Warrants term						10 years
Series A Common Stock Warrants
Redeemable Convertible Preferred Stock Warrant Liability
Fair value of warrant liability	$ 1,400		$ 1,400
Number of securities called by warrants | shares	1,000		1,000
Exercise price of warrant | $ / shares	$ 69.94		$ 69.94
Change in the fair value of warrant liability	$ (4,000)		$ (4,000)
Series A Common Stock Warrants | Volatility rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input	91.5		91.5
Series A Common Stock Warrants | Expected term
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | Y	2.80		2.80
Series A Common Stock Warrants | Dividends
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | dividend	0		0
Series A Common Stock Warrants | Risk-free interest rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input	4.87		4.87
Redeemable Convertible Preferred Stock Warrant
Redeemable Convertible Preferred Stock Warrant Liability
Fair value of warrant liability					$ 4,000
Change in the fair value of warrant liability		$ (1,000)	$ 1,000	$ (3,000)
Redeemable Convertible Preferred Stock Warrant | Volatility rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input					97.3
Redeemable Convertible Preferred Stock Warrant | Expected term
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | Y					2.28
Redeemable Convertible Preferred Stock Warrant | Dividends
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input | dividend					0
Redeemable Convertible Preferred Stock Warrant | Risk-free interest rate
Redeemable Convertible Preferred Stock Warrant Liability
Warrants, measurement input					4.36

Prepaid expenses and other cu_3

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Prepaid Insurance	$ 865	$ 61
Prepaid clinical expenses	32	352
Other	77	34
Total	$ 974	$ 447

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Accrued clinical costs	$ 2,239	$ 3,162
Employees' compensation	689	636
Accrued research	221
Accrued preclinical costs		166
Other	95	57
Total	$ 3,244	$ 4,021

Related parties (Details)

Related parties (Details) - USD ($)	1 Months Ended				3 Months Ended	9 Months Ended
	Aug. 31, 2023	Jul. 31, 2023	Jan. 31, 2022	Jan. 31, 2019	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Related parties
Revenue		$ 2,000,000			$ 2,000,000	$ 2,000,000
Investor | Ascletis
Related parties
Amount received as reimbursement						0	$ 28,100
Maximum eligible development and commercial milestone payments				$ 122,000,000
Amount paid						$ 0	$ 4,000
Development milestone payment trigger	$ 1,700,000		$ 2,000,000
Development Milestone Payment Amount Triggered, Net of Taxes	$ 2,000,000
Revenue		$ 2,000,000

Commitments and contingencies_2

Commitments and contingencies (Details)		3 Months Ended		9 Months Ended
	Mar. 12, 2019 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Commitments and contingencies
Operating lease term	38 months
Rented area (in square feet) | ft²	3,030
Monthly lease payments	$ 12,000
Operating lease cost		$ 37,000	$ 38,000	$ 111,000	$ 113,000

Commitments and contingencies -

Commitments and contingencies - Lease maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and contingencies
Remainder of 2023	$ 27
2023/2024	79	$ 157
2024		80
Total lease payments	106	237
Less: interest	(3)	(26)
Total	$ 103	$ 211

Commitments and contingencies_3

Commitments and contingencies - Lease cash flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 118	$ 118
Weighted-average remaining lease term	9 months		1 year 2 months 12 days
Discount rate	7%		7%

Redeemable convertible prefer_3

Redeemable convertible preferred stock (Details) - USD ($) $ in Thousands	Jul. 18, 2023	Sep. 30, 2023	Dec. 31, 2022
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized		0	1,373,810,170
Redeemable convertible preferred stock, issued		0	1,373,730,625
Redeemable convertible preferred stock, outstanding		0	1,373,730,625
Redeemable convertible preferred stock, liquidation preference			$ 232,963
Redeemable convertible preferred stock, carrying value			$ 214,620
Series A
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			23,301
Redeemable convertible preferred stock, issued			23,301
Redeemable convertible preferred stock, outstanding			23,301
Redeemable convertible preferred stock, liquidation preference			$ 233
Redeemable convertible preferred stock, carrying value			$ 232
Series B
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			3,217
Redeemable convertible preferred stock, issued			3,217
Redeemable convertible preferred stock, outstanding			3,217
Redeemable convertible preferred stock, liquidation preference			$ 37
Redeemable convertible preferred stock, carrying value			$ 37
Series B-1
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			8,827,439
Redeemable convertible preferred stock, issued			8,827,439
Redeemable convertible preferred stock, outstanding			8,827,439
Redeemable convertible preferred stock, liquidation preference			$ 7,768
Redeemable convertible preferred stock, carrying value			$ 7,258
Series C
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			22,732,250
Redeemable convertible preferred stock, issued			22,732,250
Redeemable convertible preferred stock, outstanding			22,732,250
Redeemable convertible preferred stock, liquidation preference			$ 20,004
Redeemable convertible preferred stock, carrying value			$ 17,909
Series D
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			24,509,954
Redeemable convertible preferred stock, issued			24,430,409
Redeemable convertible preferred stock, outstanding			24,430,409
Redeemable convertible preferred stock, liquidation preference			$ 21,499
Redeemable convertible preferred stock, carrying value			$ 19,833
Series A'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			720,199
Redeemable convertible preferred stock, issued			720,199
Redeemable convertible preferred stock, outstanding			720,199
Series B'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			1,953,304
Redeemable convertible preferred stock, issued			1,953,304
Redeemable convertible preferred stock, outstanding			1,953,304
Series B-1'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			14,001,243
Redeemable convertible preferred stock, issued			14,001,243
Redeemable convertible preferred stock, outstanding			14,001,243
Redeemable convertible preferred stock, carrying value			$ 2,780
Series C'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			1,037
Redeemable convertible preferred stock, issued			1,037
Redeemable convertible preferred stock, outstanding			1,037
Series D'
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			3,475,426
Redeemable convertible preferred stock, issued			3,475,426
Redeemable convertible preferred stock, outstanding			3,475,426
Redeemable convertible preferred stock, carrying value			$ 739
Series D-1
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			51,331,148
Redeemable convertible preferred stock, issued			51,331,148
Redeemable convertible preferred stock, outstanding			51,331,148
Redeemable convertible preferred stock, liquidation preference			$ 45,171
Redeemable convertible preferred stock, carrying value			$ 26,894
Series E
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			631,638,725
Redeemable convertible preferred stock, issued			631,638,725
Redeemable convertible preferred stock, outstanding			631,638,725
Redeemable convertible preferred stock, liquidation preference			$ 58,231
Redeemable convertible preferred stock, carrying value			$ 58,496
Series F
Redeemable convertible preferred stock
Redeemable convertible preferred stock, shares authorized			614,592,927
Redeemable convertible preferred stock, issued			614,592,927
Redeemable convertible preferred stock, outstanding			614,592,927
Redeemable convertible preferred stock, liquidation preference			$ 80,020
Redeemable convertible preferred stock, carrying value			$ 80,442
Series A Common Stock
Redeemable convertible preferred stock
Shares issued upon conversion (in number of shares)	15,117,912
Series B Common Stock
Redeemable convertible preferred stock
Shares issued upon conversion (in number of shares)	1,520,490

Stockholders' equity (deficit_2

Stockholders' equity (deficit) - Stock (Details)		9 Months Ended
	Jul. 18, 2023 Vote	Sep. 30, 2023 Vote shares	Dec. 31, 2022 shares
Stockholders' deficit
Common stock, shares authorized		0	1,608,370,000
Preferred stock, shares authorized		10,000,000	0
Common stock shares reserved for future issuance		6,353,473	1,325,890,931
Series A Common Stock Warrants
Stockholders' deficit
Common stock shares reserved for future issuance		1,000
Series A Common Stock
Stockholders' deficit
Common stock, shares authorized		500,000,000	0
Number of votes per share | Vote	1	1
Beneficial ownership stock held (as a percent)		4.99%
Options to purchase common stock
Stockholders' deficit
Common stock shares reserved for future issuance		3,766,505	3,190,450
Options authorized and available for issuance
Stockholders' deficit
Common stock shares reserved for future issuance		2,585,968	181,191
Warrants
Stockholders' deficit
Common stock shares reserved for future issuance			40,268
Warrants | Series D redeemable convertible preferred stock warrants
Stockholders' deficit
Common stock shares reserved for future issuance			79,545
Redeemable convertible preferred stock
Stockholders' deficit
Common stock shares reserved for future issuance			1,322,399,477

Stockholders' equity (deficit_3

Stockholders' equity (deficit) - Stock warrants (Details)	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 10, 2015 $ / shares shares
Stock warrants
Warrants voting rights	0
Common warrants issued on June 2013
Stock warrants
Number of warrants issued | shares		26,846
Exercise price of warrant | $ / shares		$ 0.79
Fair value of warrant liability | $		$ 339,000
Common warrants issued on January 2014
Stock warrants
Number of warrants issued | shares		13,422
Exercise price of warrant | $ / shares		$ 0.79
Fair value of warrant liability | $		$ 223,000
Common warrants issued on April 2015
Stock warrants
Number of warrants issued | shares	1,000	79,545	79,545
Exercise price of warrant | $ / shares	$ 69.94	$ 0.88	$ 0.88
Fair value of warrant liability | $	$ 68,000	$ 68,000
Warrants term			10 years
Series A Common Stock Warrants
Stock warrants
Exercise price of warrant | $ / shares	$ 69.94
Fair value of warrant liability | $	$ 1,400
Number of securities called by warrants | shares	1,000

Stock-based compensation (Detai

Stock-based compensation (Details) - shares		9 Months Ended
	Jul. 13, 2023	Sep. 30, 2023	Dec. 31, 2022
Stock-based compensation
Common stock shares reserved for future issuance		6,353,473	1,325,890,931
2023 Equity incentive plan
Stock-based compensation
Common stock shares reserved for future issuance	2,585,968	2,585,968
Increase in outstanding shares (as a percent)	4%
Contractual term	10 years
Percentage of price on estimated fair value	100%
2023 Equity incentive plan | Shareholder having 10% holding
Stock-based compensation
Contractual term	5 years
Percentage of price on estimated fair value	110%
Percentage of shareholder not having exercise price not less than 100% of fair value	10%
Employee Stock Purchase Plan
Stock-based compensation
Common stock shares reserved for future issuance	215,497
Increase in outstanding shares (as a percent)	1%
Number of shares Issued under 2023 ESPP		0

Stock-based compensation - Stoc

Stock-based compensation - Stock options (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares underlying Outstanding Options
Balance at the beginning	3,190,450
Options granted	585,919
Options exercised	(7,614)
Options cancelled	(498)
Options expired	(1,752)
Balance at the end	3,766,505	3,190,450
Shares vested and exercisable at the end	1,784,725
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 7.10
Options granted (in dollars per share) | $ / shares	13.51
Options exercised (in dollars per share) | $ / shares	0.79
Options cancelled (in dollars per share) | $ / shares	4.77
Options expired (in dollars per share) | $ / shares	0.79
Balance at the end (in dollars per share) | $ / shares	8.11	$ 7.10
Vested and Exercisable at the end (in dollars per share) | $ / shares	$ 6.98
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Weighted- Average Remaining Contractual Term, Outstanding	7 years 8 months 8 days	8 years 1 month 6 days
Weighted- Average Remaining Contractual Term, Exercisable	6 years 4 months 2 days
Aggregate Intrinsic Value, Outstanding | $	$ 17,737,000	$ 3,998,000
Aggregate Intrinsic Value, Exercisable | $	$ 10,206,000
Time-based options
Number of Shares underlying Outstanding Options
Balance at the beginning	2,570,708
Options granted	585,919
Options exercised	(7,614)
Options cancelled	(498)
Options expired	(1,752)
Balance at the end	3,146,763	2,570,708
Shares vested and exercisable at the end	1,186,212
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 7.56
Options granted (in dollars per share) | $ / shares	13.51
Options exercised (in dollars per share) | $ / shares	0.79
Options cancelled (in dollars per share) | $ / shares	4.77
Options expired (in dollars per share) | $ / shares	0.79
Balance at the end (in dollars per share) | $ / shares	8.69	$ 7.56
Vested and Exercisable at the end (in dollars per share) | $ / shares	$ 14.42
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Vesting period	4 years
Fair value of options vested | $	$ 1,800,000
Total unrecognized compensation cost | $	$ 12,000,000
Remaining weighted-average period for unrecognized compensation cost	2 years 4 months 24 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	598,513
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 6.38
Balance at the end (in dollars per share) | $ / shares	$ 6.38	$ 6.38
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Fair value of options vested | $	$ 11,100
Total unrecognized compensation cost | $	$ 28,200
Remaining weighted-average period for unrecognized compensation cost	1 year

Stock-based compensation - Expe

Stock-based compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Total stock-based compensation	$ 1,855	$ 389	$ 3,679	$ 1,159
General and administrative
Stock-based compensation
Total stock-based compensation	1,649	220	3,103	663
Research and development
Stock-based compensation
Total stock-based compensation	$ 206	$ 169	$ 576	$ 496

Stock-based compensation - Fair

Stock-based compensation - Fair value input (Details) - Employee stock option	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Expected volatility, minimum	89%	88%
Expected volatility, maximum	91%	90%
Risk-free interest rate	3.60%
Dividend yield	0%
Minimum
Stock-based compensation
Risk-free interest rate		2.30%
Expected term	5 years	5 years 4 months 24 days
Maximum
Stock-based compensation
Risk-free interest rate		3%
Expected term	7 years	7 years

Net loss per share attributab_3

Net loss per share attributable to common stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (6,353)	$ (6,785)	$ (6,587)	$ (7,467)	$ (7,102)	$ (8,735)	$ (19,725)	$ (23,304)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic				185,084				184,756
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted				185,084				184,756
Net loss per share attributable to common stockholders, basic				$ (40.34)				$ (126.13)
Net loss per share attributable to common stockholders, diluted				$ (40.34)				$ (126.13)
Series A and Series B
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic	18,194,682						6,131,541
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted	18,194,682						6,131,541
Net loss per share attributable to common stockholders, basic	$ (0.35)						$ (3.22)
Net loss per share attributable to common stockholders, diluted	$ (0.35)						$ (3.22)

Net loss per share attributab_4

Net loss per share attributable to common stockholders - Dilutive (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive securities
Potentially dilutive securities	3,767,505	18,956,964	3,767,505	18,956,964
Redeemable Convertible Preferred Stock Warrant
Antidilutive securities
Potentially dilutive securities		16,638,476		16,638,476
Options to purchase common stock
Antidilutive securities
Potentially dilutive securities	3,766,505	2,198,675	3,766,505	2,198,675
Warrants | Series A Common Stock Warrants
Antidilutive securities
Potentially dilutive securities	1,000		1,000
Warrants | Common stock warrants
Antidilutive securities
Potentially dilutive securities		40,268		40,268
Warrants | Redeemable Convertible Preferred Stock Warrant
Antidilutive securities
Potentially dilutive securities		79,545		79,545