Eledon Pharmaceuticals (ELDN) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	ELDN
Entity Registrant Name	ELEDON PHARMACEUTICALS, INC.
Entity Central Index Key	0001404281
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		59,739,275
Entity File Number	001-36620
Entity Tax Identification Number	20-1000967
Entity Address, Address Line One	19800 MacArthur Blvd
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	(949)
Local Phone Number	238-8090
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,751	$ 4,612
Short-term investments	71,440	46,490
Prepaid expenses and other current assets	3,318	5,027
Total current assets	81,509	56,129
Operating lease asset, net	471	365
In-process research and development	32,386	32,386
Other assets	210	186
Total assets	114,576	89,066
Current liabilities:
Accounts payable	5,860	967
Current operating lease liabilities	186	383
Accrued expenses and other liabilities	6,443	2,545
Total current liabilities	12,489	3,895
Deferred tax liabilities	1,752	1,752
Non-current operating lease liabilities	315
Warrant liabilities	23,962	76,211
Total liabilities	38,518	81,858
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.001 par value, 200,000,000 shares authorized at September 30, 2024 and December 31, 2023; 41,183,102 and 24,213,130 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	41	24
Additional paid-in capital	386,884	326,586
Accumulated other comprehensive loss	102
Accumulated deficit	(310,969)	(319,402)
Total stockholders’ equity	76,058	7,208
Total liabilities and stockholders' equity	114,576	89,066
Series X1 Non-voting Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value
Series X Non-voting Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	41,183,102	24,213,130
Common stock, shares outstanding	41,183,102	24,213,130
Series X1 Non-voting Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	515,000	515,000
Preferred stock, shares issued	110,086	110,086
Preferred stock, shares outstanding	110,086	110,086
Series X Non-voting Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	4,422	4,422
Preferred stock, shares outstanding	4,422	4,422

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Research and development	$ 16,520	$ 7,931	$ 34,036	$ 23,245
General and administrative	3,990	3,267	11,845	9,417
Total operating expenses	20,510	11,198	45,881	32,662
Loss from operations	(20,510)	(11,198)	(45,881)	(32,662)
Other income, net	1,042	849	2,485	1,962
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	96,439	443	51,829	(55,738)
Net income (loss)	76,971	(9,906)	8,433	(86,438)
Net income (loss) attirbutable to common shares - basic	$ 54,429	$ (9,906)	$ 5,551	$ (86,438)
Basic net income (loss) per common share	$ 1.05	$ (0.33)	$ 0.13	$ (3.79)
Weighted-average number of shares outstanding, Basic	51,945,920	29,974,400	41,443,049	22,813,085
Net income (loss) attributable to common shares - diluted	$ (17,504)	$ (9,906)	$ (61,086)	$ (86,438)
Basic net income (loss) per common share	$ (0.32)	$ (0.33)	$ (1.42)	$ (3.79)
Weighted-average number of shares outstanding, Diluted	55,478,342	29,974,400	43,106,746	22,813,085

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 76,971	$ (9,906)	$ 8,433	$ (86,438)
Unrealized gain on available-for-sale securities, net	102		102
Comprehensive income (loss)	$ 77,073	$ (9,906)	$ 8,535	$ (86,438)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Series X1 Non-voting Convertible Preferred Stock [Member]	Series X Non-Voting Convertible Preferred Stock [Member]
Beginning Balance at Dec. 31, 2022	$ 84,183	$ 14	$ 287,034		$ (202,865)
Beginning Balance, Shares at Dec. 31, 2022		13,776,788				117,970	6,204
Stock-based compensation	1,381		1,381
Net loss and comprehensive loss	(10,772)				(10,772)
Ending Balance at Mar. 31, 2023	74,792	$ 14	288,415		(213,637)
Ending Balance, Shares at Mar. 31, 2023		13,776,788				117,970	6,204
Beginning Balance at Dec. 31, 2022	84,183	$ 14	287,034		(202,865)
Beginning Balance, Shares at Dec. 31, 2022		13,776,788				117,970	6,204
Net loss and comprehensive loss	(86,438)
Ending Balance at Sep. 30, 2023	35,597	$ 24	324,876		(289,303)
Ending Balance, Shares at Sep. 30, 2023		23,545,130				110,086	4,422
Beginning Balance at Mar. 31, 2023	74,792	$ 14	288,415		(213,637)
Beginning Balance, Shares at Mar. 31, 2023		13,776,788				117,970	6,204
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Shares		8,730,168
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value	33,017	$ 9	33,008
Issuance of common stock in connection with conversion of X non-voting convertible preferred stock, Shares		99,000					(1,782)
Issuance of common stock in connection with conversion of X1 non-voting convertible preferred stock, Shares		437,977				(7,884)
Issuance of common stock in connection with conversion of X1 non-voting convertible preferred stock, Value	(1)		(1)
Stock-based compensation	1,720		1,720
Net loss and comprehensive loss	(65,760)				(65,760)
Ending Balance at Jun. 30, 2023	43,768	$ 23	323,142		(279,397)
Ending Balance, Shares at Jun. 30, 2023		23,043,933				110,086	4,422
Issuance of common stock in connection with exercise of pre-funded warrants, Shares		501,197
Issuance of common stock in connection with exercise of pre-funded warrants, Value	1	$ 1
Stock-based compensation	1,734		1,734
Net loss and comprehensive loss	(9,906)				(9,906)
Ending Balance at Sep. 30, 2023	35,597	$ 24	324,876		(289,303)
Ending Balance, Shares at Sep. 30, 2023		23,545,130				110,086	4,422
Beginning Balance at Dec. 31, 2023	7,208	$ 24	326,586		(319,402)
Beginning Balance, Shares at Dec. 31, 2023		24,213,130				110,086	4,422
Issuance of common stock in connection with exercise of pre-funded warrants, Shares		600,000
Issuance of common stock in connection with exercise of pre-funded warrants, Value	1	$ 1
Stock-based compensation	1,694		1,694
Net loss and comprehensive loss	(23,631)				(23,631)
Ending Balance at Mar. 31, 2024	(14,728)	$ 25	328,280		(343,033)
Ending Balance, Shares at Mar. 31, 2024		24,813,130				110,086	4,422
Beginning Balance at Dec. 31, 2023	7,208	$ 24	326,586		(319,402)
Beginning Balance, Shares at Dec. 31, 2023		24,213,130				110,086	4,422
Net loss and comprehensive loss	8,433
Ending Balance at Sep. 30, 2024	76,058	$ 41	386,884	$ 102	(310,969)
Ending Balance, Shares at Sep. 30, 2024		41,183,102				110,086	4,422
Beginning Balance at Mar. 31, 2024	(14,728)	$ 25	328,280		(343,033)
Beginning Balance, Shares at Mar. 31, 2024		24,813,130				110,086	4,422
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Shares		13,110,484
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value	48,070	$ 13	48,057
Issuance of common stock in connection with exercise of pre-funded warrants, Shares		583,000
Issuance of common stock in connection with exercise of pre-funded warrants, Value	1	$ 1
Stock-based compensation	3,063		3,063
Net loss and comprehensive loss	(44,907)				(44,907)
Ending Balance at Jun. 30, 2024	(8,501)	$ 39	379,400		(387,940)
Ending Balance, Shares at Jun. 30, 2024		38,506,614				110,086	4,422
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Shares		2,436,488
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value	5,703	$ 2	5,701
Issuance of common stock in connection with exercise of pre-funded warrants, Shares		240,000
Stock-based compensation	1,783		1,783
Other comprehensive income	102			102
Net loss and comprehensive loss	76,971				76,971
Ending Balance at Sep. 30, 2024	$ 76,058	$ 41	$ 386,884	$ 102	$ (310,969)
Ending Balance, Shares at Sep. 30, 2024		41,183,102				110,086	4,422

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows used in operating activities:
Net income (loss)	$ 76,971	$ (9,906)	$ 8,433	$ (86,438)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on lease termination			(10)
Amortization of operating lease asset			271	280
Accretion on investment discounts			(1,916)	(579)
Stock-based compensation	1,783	1,734	6,540	4,835
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	(96,439)	(443)	(51,829)	55,738
Changes in operating assets and liabilities:
Prepaid expenses and other assets			1,685	(356)
Accounts payable, accrued expenses and other liabilities			8,791	(3,609)
Operating lease liabilities			(249)	(267)
Net cash used in operating activities			(28,284)	(30,396)
Cash flows from investing activities:
Purchase of available-for-sale short-term investments			(83,350)	(60,363)
Proceeds from maturities of available-for-sale short-term investments			60,418	5,000
Net cash used in investing activities			(22,932)	(55,363)
Cash flows from financing activities:
Proceeds from issuances of common stock and pre-funded warrants, net			53,355	33,017
Net cash provided by financing activities			53,355	33,017
Net change in cash and cash equivalents			2,139	(52,742)
Cash and cash equivalents at beginning of period			4,612	56,409
Cash and cash equivalents at end of period	$ 6,751	$ 3,667	6,751	3,667
Noncash activities:
Common stock exchanged for X and X1 non-voting convertible preferred stock				$ 1
Unrealized gain on available-for-sale securities			102
Increase in operating lease asset and liability due to new lease			377
Settlement of warrant liability into common stock due to exercise			$ 420

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business	Note 1. Description of Business Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company using its immunology expertise in targeting the CD40 Ligand (“CD40L”) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (“ALS”). The Company’s lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that we believe has broad therapeutic potential. Unless otherwise indicated, references to the terms “Eledon,” “our,” “us,” “we,” or the “Company” refer to Eledon Pharmaceuticals, Inc. and its wholly owned subsidiaries, on a consolidated basis. On September 14, 2020 , Eledon acquired Anelixis Therapeutics, Inc. (“Anelixis”), a privately held clinical stage biotechnology company developing a next generation anti-CD40L antibody as a potential treatment for organ and cellular transplantation, autoimmune diseases, and neurodegenerative diseases. The Company maintains its corporate headquarters in Irvine, California and has research and development facilities in Burlington, Massachusetts. Restatement of Previously Issued Financial Statements During the preparation of the Company’s Condensed Consolidated Financial Statements for the fiscal quarter ended June 30, 2024, the Company determined that the Common Warrants and the Subsequent Closing Warrants (each as defined in Note 8) do not meet the conditions to be classified as equity instruments under ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity,” (“ASC 815-40”) and must instead be recorded as liabilities on the Company’s consolidated balance sheet at their fair value and remeasured at fair value for each subsequent reporting period. As a result, the Company determined that a correction was necessary with respect to the Company’s reporting and recording of the fair value of the Common Warrants and the Subsequent Closing Warrants. Certain prior period financial statements and financial information are presented herein as restated. See Note 12 for further information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and Article 8 of Regulation S-X requirements as set forth by the Securities and Exchange Commission (“SEC”) for interim financial information and reflect all adjustments and disclosures, which are, in the opinion of management, of a normal and recurring nature, and considered necessary for a fair presentation of the financial information contained herein. Pursuant to these rules and regulations, the unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of operations and comprehensive loss, financial position, and cash flows in conformity with GAAP. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes of Eledon for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed by the Company with the SEC on March 28, 2024, as amended on each of April 26, 2024 and August 19, 2024 (together, the “Amended Form 10-K”). The results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 are not necessarily indicative of results expected for the full fiscal year or any other future period. Principles of Consolidation Eledon, a Delaware corporation, owns 100 % of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware limited liability company, and Otic Pharma, Ltd., a private limited company organized under the laws of the State of Israel (“Otic”). Otic owns 100 % of the issued and outstanding common stock or other ownership interest in its U.S. subsidiary, Otic Pharma, Inc. The functional currency of the Company’s foreign subsidiary is the U.S. Dollar; however, certain expenses, assets and liabilities are transacted at the local currency. These transactions are translated from the local currency into U.S. Dollars at exchange rates during or at the end of the reporting period. The activities of the Company’s foreign subsidiary are not significant to the condensed consolidated financial statements. All significant intercompany accounts and transactions among the entities have been eliminated from the condensed consolidated financial statements. Liquidity and Financial Condition The accompanying unaudited condensed consolidated financial statements have been prepared on a basis that assumes that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of the Company’s liabilities and commitments in the normal course of business and does not include any adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company recorded net income of $ 77.0 million and $ 8.4 million for the three and nine months ended September 30, 2024 , respectively. These results include a $ 96.4 million gain related to changes in the fair value of warrant liabilities and the fair value of financial instruments issued in excess of proceeds, recorded in the third quarter ending September 30, 2024. Excluding this gain, the Company would have recorded net losses of $ 19.5 million and $ 43.4 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, the Company had cash and cash equivalents and short-term investments of $ 78.2 million, working capital of $ 69.0 million and an accumulated deficit of $ 311.0 million. On October 29, 2024, the Company entered into an underwriting agreement with Leerink Partners, LLC, as representative of the several underwriters named therein in connection with the underwritten offering, issuance and sale by the Company (the "Offering") of 18,356,173 shares of the Company’s common stock, par value $ 0.001 per share, at an offering price of $ 3.65 per share, and pre-funded warrants at a price of $ 3.649 per pre-funded warrant, which are exercisable to purchase 4,931,507 shares of the Company’s common stock at an exercise price of $ 0.001 per share. The Offering resulted in gross proceeds to the Company of $ 85.0 million, or net proceeds of approximately $ 79.5 million after deducting underwriting discounts and commissions and offering expenses. See Note 11. Subsequent Events for additional information. The Company currently plans to use the net proceeds from the Offering to advance our pipeline and for working capital and general corporate purposes. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings or strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of risks and uncertainties, as well as uncertainty as to whether the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. If the Company issues equity or convertible debt securities to raise additional funding, its existing stockholders may experience dilution, it may incur significant financing costs, and the new equity or convertible debt securities may have rights, preferences and privileges senior to those of its existing stockholders. If the Company issues debt securities to raise additional funding, it would incur additional debt service obligations, it could become subject to additional restrictions limiting its ability to operate its business, and it may be required to further encumber its assets. At the time of issuance of the condensed consolidated financial statements for the three and nine months ended September 30, 2024 , the Company’s management performed an analysis and concluded that the Company had sufficient cash resources to meet its anticipated cash needs through at least the next 12 months from the date of issuance of the accompanying condensed consolidated financial statements. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation expense, warrant liabilities, the fair value of right-of-use assets and liabilities, accruals for liabilities, impairment of long-lived assets, and other matters that affect the consolidated financial statements and related disclosures. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consists of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured institutions in excess of federally insured limits and invests in short-term investments with the primary objective of seeking to preserve principal, achieve liquidity requirements and safeguard invested funds. We believe that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held and the nature, including the credit ratings, of our cash equivalents and short-term investments, but we have not eliminated all credit risk. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, U.S. government securities and U.S. government agency securities. The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents are valued at cost, which approximates their fair value due to the short-term maturities of these investments. Risks and Uncertainties As of September 30, 2024 and December 31, 2023, all of the Company’s long-lived assets were located in the United States. The Company’s products will require approval from the U.S. Food and Drug Administration (“FDA”) and foreign regulatory agencies before commercial sales can commence. There can be no assurance that its products will receive any of these required approvals. The denial or delay of such approvals may impact the Company’s business in the future. In addition, after the approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the product approval process. The Company is subject to risks common to companies in the pharmaceutical industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of products, product liability, the volatility of its stock price and the need to obtain additional financing. The Company's facilities and equipment, including those of the Company's suppliers and vendors, may be affected by natural or man-made disasters. The Company's administrative office is based in Irvine, California and the Company manages all its research and development activities through third parties that are located throughout the world. The Company has taken precautions to safeguard its facilities, equipment and systems, including insurance, health and safety protocols, and off-site storage of computer data. However, the Company's facilities and systems, as well as those of its third-party suppliers and vendors, may be vulnerable to earthquakes, fire, storm, public health or similar emergencies, power loss, telecommunications failures, physical and software break-ins, software viruses and similar events which could cause substantial delays in its operations, damage or destroy its equipment or inventory, and cause the Company to incur additional expenses and delay research and development activities. In addition, the insurance coverage the Company maintains may not be adequate to cover its losses in any circumstance and may not continue to be available to use on acceptable terms, or at all. In-Process Research and Development The fair values of in-process research and development (“IPR&D”) projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related research and development (“R&D”) efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets. Research and Development Expenses Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. The Company contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities during the three and nine months ended September 30, 2024 . Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU No. 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024, with early adoptions permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future financial position, results of operations or cash flows. Warrant Liabilities The Company accounts for issued warrants either as a liability or equity in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the condensed consolidated statements of operations and comprehensive loss as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Short-Term Investments

Short-Term Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	Note 3. Short-Term Investments The objectives of the Company’s investment policy are to preserve principal, meet the Company's liquidity requirements and safeguard invested funds. Short-term investments consist of U.S. government securities and U.S. government agency securities. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited condensed consolidated balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized. The following is a summary of short-term investments, which were classified as available-for-sale securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Fair Value U.S. government securities $ 67,745 $ 105 $ ( 3 ) $ 67,847 $ 33,213 $ 33,213 U.S. government agency securities 3,593 — — 3,593 13,277 13,277 Total short-term investments $ 71,338 $ 105 $ ( 3 ) $ 71,440 $ 46,490 $ 46,490 All of the Company's available-for-sale securities have a stated maturity of less than one year.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted market prices (unadjusted) in active markets for identical assets and liabilities. • Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs. Financial Assets The following table summarizes the Company's financial asset instruments measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands). Included within cash and cash equivalents on the unaudited condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions. September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 5,741 $ — $ — $ 5,741 Total cash equivalents $ 5,741 $ — $ — $ 5,741 Short-term investments: U.S. government securities $ — $ 67,847 $ — $ 67,847 U.S. government agency securities — 3,593 — 3,593 Total short-term investments $ — $ 71,440 $ — $ 71,440 Total financial assets $ 5,741 $ 71,440 $ — $ 77,181 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 4,246 $ — $ — $ 4,246 Total cash equivalents $ 4,246 $ — $ — $ 4,246 Short-term investments: U.S. government securities $ — $ 33,213 $ — $ 33,213 U.S. government agency securities — 13,277 — 13,277 Total short-term investments $ — $ 46,490 $ — $ 46,490 Total financial assets $ 4,246 $ 46,490 $ — $ 50,736 Warrant Liabilities The following table summarizes the Company's warrant liabilities (see Note 8) measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. September 30, 2024 Level 1 Level 2 Level 3 Total Warrant liabilities $ — $ — $ 23,962 $ 23,962 December 31, 2023 Level 1 Level 2 Level 3 Total Warrant liabilities $ — $ — $ 76,211 $ 76,211 The following table provides a roll-forward of the aggregate fair value of the warrant liability categorized with Level 3 inputs: Warrants Balance as of December 31, 2023 $ 76,211 Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds ( 51,829 ) Settlement of warrant liability ( 420 ) Balance as of September 30, 2024 $ 23,962 The change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds includes the reversal of $ 58.7 million in warrant liabilities associated with the Subsequent Closing Warrants (as defined in Note 8), which expired during the quarter ended September 30, 2024.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Note 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, 2024 2023 Prepaid clinical $ 2,526 $ 4,128 Prepaid insurance 87 624 Prepaid other 263 185 Other current assets 442 90 Total prepaid expenses and other current assets $ 3,318 $ 5,027

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Note 6. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, 2024 2023 Accrued compensation and related expenses $ 2,062 $ 2,003 Accrued clinical 3,798 451 Accrued professional services 475 47 Accrued other 108 44 Total accrued expenses and other liabilities $ 6,443 $ 2,545

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies Operating Leases The Company leases office space under various operating leases. Total rent expense for all operating leases in the accompanying condensed consolidated statements of operations and comprehensive income was $ 0.1 million for each of the three months ended September 30, 2024 and 2023 and $ 0.3 million for each of the nine months ended September 30, 2024 and 2023. On April 19, 2024, the Company entered into a 38-month operating lease for 5,817 square feet of office space in Irvine, California, that expires on June 30, 2027 (the “Irvine Lease Agreement”). On April 19, 2024, in conjunction with the Irvine Lease Agreement, the Company terminated an existing operating lease for 5,197 square feet of office space in Irvine, California, that was set to expire on December 31, 2024 . On April 19, 2024, the effective date of the Irvine Lease Agreement, the Company recognized additional net ROU assets and lease liabilities in the amount of $ 0.5 million. On September 4, 2024, the Company entered into a 36-month operating lease for 6,138 square feet of office space in Burlington, Massachusetts, that expires on November 21, 2027 (the “Burlington Lease Agreement”). The existing lease will expire on November 20, 2024. The Company will recognize additional net ROU assets and lease liabilities for the Burlington Lease Agreement beginning November 21, 2024. The Company determines if a contract contains a lease at inception. Our office leases have a remaining term of approximately 3 years and do not include options to extend the leases for additional periods. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities as adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. As we have no outstanding debt nor committed credit facilities, secured or otherwise, we estimate this rate based on prevailing financial market conditions, comparable company and credit analysis, and management’s judgment. Our leases contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. While we do not currently have any lease agreement with lease and non-lease components, we elected to account for lease and non-lease components as separate components. We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the condensed consolidated balance sheet. The components of lease expense were as follows (in thousands): For the Nine Months 2024 2023 Operating lease cost (a) $ 306 $ 300 (a) Includes variable operating lease expenses, which are immaterial Other information related to leases was as follows (in thousands, except lease term and discount rate): For the Nine Months 2024 2023 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 272 $ 279 Weighted-average remaining lease term Operating leases 2.56 years 1.20 years Discount rate Operating leases 9.60 % 2.48 % All noncancelable operating leases have remaining terms of less than one year . Future payments for these noncancelable operating leases for the remainder of the current fiscal year are as follows (in thousands): September 30, 2024 2024 (remainder of) $ 83 2025 191 2026 197 2027 100 Total minimum lease payments 571 Less imputed interest ( 70 ) Present value of lease liabilities 501 Less current portion of operating lease liabilities ( 186 ) Non-current operating lease liabilities $ 315 Grants and Licenses ALS Therapy Development Foundation, Inc. License Agreement In May 2015, Anelixis executed a License Agreement (the “Agreement”), which is an exclusive patent rights agreement with ALS Therapy Development Foundation, Inc. (“ALS TDI”) for certain patents and “know-how” of ALS TDI. This Agreement continues until the licensee terminates the agreement with ninety days written notice. The Agreement requires license fees payable to ALS TDI, subject to the achievement of certain milestones and other conditions. The first and second milestones of the Agreement are the dosing of the first subjects in a first toxicity study in non-human primates and the dosing of the first patient in a Phase I Clinical Trial, respectively. Both of these milestones were achieved as of December 31, 2018 and 2017. The fee due for the achievement of these milestones was $ 1.0 million each. During 2018 and 2017, Anelixis issued $ 1.0 million worth of its common stock in lieu of making a cash payment. There were no milestones achieved during the nine months ended September 30, 2024 or 2023. The Agreement was amended and restated in February 2020, and a first amendment to the restated license agreement was executed in September 2020. As amended in September 2020, the remaining milestone payments for a first licensed product total $ 6.0 million. In the event that the Company develops a second licensed product, the Company is obligated to pay up to $ 2.5 million in additional milestone payments. In addition to the milestone payments, the Company is required to pay ALS TDI an amended annual license maintenance fee of $ 0.1 million beginning on the earlier of January 1, 2022, the Company’s first sublicense, or change in control, as defined in the Agreement. The Company has made a $ 0.1 million annual license maintenance fee each year since 2022. Furthermore, the Company is required to pay ALS TDI fees based on reaching certain levels of annual net sales of any product produced with the patent rights. A royalty in the low single digits will be due on aggregate net sales. Upon the first calendar year of reaching $ 500.0 million in aggregate net sales, the Company will be required to pay ALS TDI a one-time milestone payment of $ 15.0 million. Upon the first calendar year of reaching $ 1.0 billion in aggregate net sales, the Company is obligated to pay ALS TDI a one-time milestone payment of $ 30.0 million. Lonza Sales AG Inc. License Agreement In September 2018, Anelixis executed a License Agreement (the “Lonza Agreement”), which is a manufacturing know-how rights agreement with Lonza Sales AG Inc. (“Lonza”) for the use of certain processes and know-how related to the manufacture of tegoprubart. The Lonza Agreement continues until the later of the last Valid Claim (as defined therein) or ten years from the First Commercial Sale of tegoprubart, as defined and subject to the conditions therein. A royalty in the low single digits will be due on aggregate net sales of tegoprubart that is manufactured by Lonza or any other third-party or licensee. eGenesis, Inc. Collaboration Agreement In September 2022, and subsequently amended in January 2023, Eledon executed a non-exclusive collaborative research agreement with eGenesis, Inc. (the “eGenesis Agreement”), under which eGenesis will gain access to tegoprubart for eGenesis’ ongoing preclinical research and development xenotransplant studies of human-compatible organs and cells for the treatment of organ failure. eGenesis will pay Eledon for supplies of tegoprubart based on the number of study days per animal needed for the eGenesis preclinical xenotransplant studies. The eGenesis agreement continues until September 2025, unless terminated earlier by either party. Legal Matters The Company and its subsidiaries are not a party to or the subject of any claim or lawsuit that individually or in the aggregate is anticipated to have a material effect on the Company’s results of operations, financial condition or cash flows. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future because of these indemnification obligations. No amounts associated with such indemnifications have been recorded to date. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. Management is not aware of any contingent liabilities requiring accrual at September 30, 2024.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity Preferred Stock The Company has 5,000,000 authorized shares of preferred stock with a par value of $ 0.001 per share: • Series X 1 non-voting convertible preferred stock, 515,000 shares designated; 110,086 shares issued and outstanding, respectively, at each of September 30, 2024 and December 31, 2023; and • Series X non-voting convertible preferred stock, 10,000 shares designated; 4,422 shares issued and outstanding, respectively, at each of September 30, 2024 and December 31, 2023. Each share of the Series X 1 or X non-voting convertible preferred stock (the “Preferred Stock”) is convertible into 55.5556 shares of common stock, at the option of the holder at any time, subject to certain limitations, including, that the holder will be prohibited from converting the Preferred Stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock above a conversion blocker, which is initially set at 9.99 % or 9.9 % of the total common stock then issued and outstanding immediately following the conversion of such shares of Series X Preferred Stock or Series X 1 Preferred Stock, respectively. The holder of the Preferred Stock is entitled to receive dividends on shares of the Preferred Stock equal (on an as-if-converted-to-common-stock basis and without regard to any beneficial ownership limitations) to and in the same form as dividends actually paid on shares of the common stock. No other dividends will be paid on shares of the Preferred Stock. In the event of any liquidation, dissolution or winding up, the holder of the Preferred Stock will be entitled to receive out of the assets, whether capital or surplus, the same amount that a holder of common stock would receive if the Preferred Stock were fully converted to common stock, which amounts shall be paid pari passu with all holders of common stock. Shares of the Preferred Stock will generally have no voting rights, except as required by law and except that consent of a majority of the holders of either series of outstanding Preferred Stock will be required to amend the terms of such series. 2023 Securities Purchase Agreement On April 28, 2023, the Company entered into the 2023 Securities Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell to the investors in the 2023 Private Placement (i) in an initial closing, (a) an aggregate of 15,151,518 shares (the “Shares”) of the Company’s common stock, $ 0.001 par value per share, or pre-funded warrants in lieu thereof (the “Pre-Funded Warrants”), and (b) common stock warrants exercisable into an aggregate of 15,151,518 shares of common stock (or Pre-Funded Warrants in lieu thereof) (the “Common Warrants” and, together with the Pre-Funded Warrants, the “Warrants”); (ii) in the Second Closing , upon the satisfaction or waiver of specified conditions set forth in the 2023 Securities Purchase Agreement, an aggregate of 20,202,024 shares of common stock (or Pre-Funded Warrants); and (iii) in the Third Closing , upon the satisfaction or waiver of specified conditions set forth in the 2023 Securities Purchase Agreement, an aggregate of 25,252,530 shares of common stock (or Pre-Funded Warrants), in each case subject to customary adjustments as provided in the 2023 Securities Purchase Agreement, Pre-Funded Warrant or Common Warrant, as applicable. Each Common Warrant has an exercise price of $ 3.00 per share and expires five years after issuance. The Pre-Funded Warrants are exercisable immediately and until exercised in full, with an exercise price of $ 0.001 per share. The Pre-Funded Warrants and Common Warrants are subject to specified beneficial ownership limitations, which are generally set at 9.99 % of the total common stock then issued and outstanding immediately following the exercise of such warrants, and provided that any beneficial ownership limitation may not exceed 19.99 % unless otherwise permitted. The Shares, the Warrants, and the shares of common stock issuable upon the exercise of the Warrants, have not been registered under the Securities Act of 1933, as amended, and were offered pursuant to the exemption from registration provided in Section 4(a)(2) under the Securities Act of 1933, as amended, and Rule 506(b) promulgated thereunder. On May 5, 2023, the initial closing occurred and the Company received $ 35.0 million, or net proceeds of approximately $ 33.0 million after deducting offering costs, in exchange for 8,730,168 shares of common stock and Pre-Funded Warrants to purchase 6,421,350 shares of common stock. On July 8, 2024, the Second Closing occurred and the Company received gross proceeds of $ 2.1 million, or net proceeds of approximately $ 2.0 million after deducting offering costs, in exchange for 909,088 shares of common stock. On September 30, 2024 and October 1, 2024, the Third Closing occurred and the Company received gross proceeds of $ 4.0 million, or net proceeds of approximately $ 3.8 million after deducting offering costs, in exchange for 1,727,400 shares of common stock. In connection with the 2023 Private Placement, the Company filed on May 18, 2023, a registration statement on Form S-3 (the “2023 Registration Statement”) with the SEC to register for resale the Shares and the shares of common stock issuable upon the exercise of the Warrants. The 2023 Registration Statement became effective on June 2, 2023. In August 2024, the Company concluded that the Common Warrants, and the potential issuance of Pre-Funded Warrants in lieu of additional shares of common stock in the Second and Third Closings (the “Subsequent Closing Warrants”) do not meet the conditions to be classified as equity instruments under ASC 815-40 and must instead be recorded as liabilities on the Company’s consolidated balance sheets at their fair value and remeasured at fair value for each subsequent reporting period. The valuation of the Common Warrants and the Subsequent Closing Warrants is adjusted to fair value (Level 3) at each balance sheet date until the Common Warrants and the Subsequent Closing Warrants are settled or expired. The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of warrants as of September 30, 2024 as follows: September 30, 2024 December 31, 2023 Risk-free interest rate 3.58 % 3.84 % - 3.88 % Expected volatility 93.46 % - 98.39 % 89.08 % - 94.28 % Expected term (in years) 3.75 - 5.25 4.5 - 6.0 Share price $ 2.49 $ 1.80 2024 Securities Purchase Agreement On May 6, 2024, the Company entered into a Securities Purchase Agreement (the “2024 Securities Purchase Agreement”) with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell to the investors in a private placement (the “2024 Private Placement”) an aggregate of 13,110,484 shares (the “2024 Shares”) of the Company’s common stock, $ 0.001 par value per share at a price of $ 2.37 per share, and pre-funded warrants (the “2024 Pre-Funded Warrants”) at a price of $ 2.369 per underlying share, which are exercisable to purchase 7,989,516 shar es of common stock at an exercise price of $ 0.001 per share. The 2024 Pre-Funded Warrants were issued in lieu of shares of common stock and are exercisable immediately and until exercised in full. The 2024 Pre-Funded Warrants are subject to specified beneficial ownership limitations (equal to 4.99 % or 9.99 % as determined by holder of each such warrant) of the total common stock then issued and outstanding immediately following the exercise of such warrants, and provided that any beneficial ownership limitation may not exceed 19.99 % unless otherwise permitted. The 2024 Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital. The 2024 Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, the 2024 Pre-Funded Warrants do not provide any guarantee of value or return. The 2024 Private Placement resulted in gross proceeds to the Company of $ 50.0 million, or net proceeds of approximately $ 48.1 million after deducting offering costs . The Company intends to use the net proceeds from the 2024 Private Placement to fund pre-commercial activities for its products and general corporate purposes. In connection with the 2024 Private Placement, the Company filed on May 24, 2024, a registration statement on Form S-3 (the “2024 Registration Statement”) with the SEC to register for resale the Shares and the shares of common stock issuable upon the exercise of the Warrants. The 2024 Registration Statement became effective on June 5, 2024. 2024 Equity Distribution Agreement On September 20, 2024, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Guggenheim Securities, LLC (“Guggenheim Securities”) to sell shares of the Company’s common stock, par value $ 0.001 per share (the “Common Stock”), having aggregate sales proceeds of up to $ 75.0 million, from time to time, through an “at the market” equity offering program under which Guggenheim Securities will act as sales agent. In connection with the Sales Agreement, the Company filed on September 20, 2024 a registration statement on Form S-3 containing a prospectus and prospectus supplement (the “ATM Registration Statement”) with the SEC. The ATM Registration Statement became effective on October 2, 2024. The Company has not sold any shares under the Sales Agreement. 2023 Conversion Agreement of Non-Voting Convertible Preferred Stock On May 16, 2023, Cormorant Global Healthcare Master Fund LP provided notice to convert (i) 1,782 shares of Series X Non-Voting Convertible Preferred Stock for 99,000 shares of common stock in accordance with the Certificate of Designation of Preferences, Rights and Limitations of the Series X Non-Voting Convertible Preferred Stock, and (ii) 7,883.586 shares of Series X 1 Non-Voting Convertible Preferred Stock for 437,977 shares of common stock in accordance with the Certificate of Designation of Preferences, Rights and Limitations of the Series X 1 Non-Voting Convertible Preferred Stock. The conversion was completed on May 23, 2023. Exercise of Pre-Funded Warrants from 2023 Securities Purchase Agreement On July 10, 2023, Armistice Capital Master Fund Ltd. (the “Exercising Stockholder”) exercised Pre-Funded Warrants to purchase 501,197 shares of common stock at an exercise price of $ 0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On July 14, 2023, the Company issued 501,197 shares of common stock to the Exercising Stockholder in accordance with such exercise. On November 2, 2023, the Exercising Stockholder exercised Pre-Funded Warrants to purchase 653,000 shares of common stock at an exercise price of $ 0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On November 6, 2023, the Company issued 653,000 shares of common stock to the Exercising Stockholder in accordance with such exercise. On January 30, 2024, the Exercising Stockholder exercised Pre-Funded Warrants to purchase 600,000 shares of common stock at an exercise price of $ 0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On January 30, 2024, the Company issued 600,000 shares of common stock to the Exercising Stockholder in accordance with such exercise. On May 7, 2024, the Exercising Stockholder exercised Pre-Funded Warrants to purchase 583,000 shares of common stock at an exercise price of $ 0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On May 9, 2024, the Company issued 583,000 shares of common stock to the Exercising Stockholder in accordance with such exercise. On July 11, 2024, the Exercising Stockholder exercised Pre-Funded Warrants to purchase 240,000 shares of common stock at an exercise price of $ 0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On July 11, 2024, the Company issued 240,000 shares of common stock to the Exercising Stockholder in accordance with such exercise. Common Stock Warrants As of September 30, 2024 , there were 28,121,237 warrants exercisable into common stock (after rounding for fractional shares and subject to beneficial ownership limitations). The following table shows the warrants to purchase common stock activity: Roll-Forward of Warrant Activity Common Stock Warrants Pre-Funded Warrants All Other Warrants Total Balance as of December 31, 2023 15,151,518 5,776,270 636,514 21,564,302 Issued — 7,989,516 — 7,989,516 Exercised — ( 1,423,000 ) — ( 1,423,000 ) Cancelled/Expired — — ( 9,581 ) ( 9,581 ) Balance as of September 30, 2024 15,151,518 12,342,786 626,933 28,121,237 Preferred Stock Warrants As of September 30, 2024 , there were 50,207.419 warrants exercisable into Series X 1 Non-Voting Convertible Preferred Stock, which are convertible into 2,789,301 shares of common stock (after rounding for fractional shares and subject to beneficial ownership conversion limitations). Roll-Forward of Series X 1 Non-Voting Convertible Preferred Warrant Activity Total Balance as of December 31, 2023 50,207.419 Issued — Exercised — Balance as of September 30, 2024 50,207.419

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 9. Stock-based Compensation The Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options ordinary vesting period and the contractual term. For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of twelve (12) months added to take into account the extended range of time of 12 to 18 months that vested stock options granted to Board members may be exercised upon termination. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation. Restricted Stock Units (“RSUs”) are measured and recognized based on the quoted market price of our common stock on the date of grant. On July 10, 2024, the Company held its Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company's 2020 Long Term Incentive Plan (the “2020 Plan”). The 2020 Plan, as amended, (i) reflects an increase in the limit on the aggregate number of shares of the Company’s common stock that may be delivered pursuant to all awards granted under the 2020 Incentive Plan by an additional 3,500,000 shares so that the new aggregate share limit under the 2020 Plan is 17,960,000 shares, and (ii) extends the date through which the Company may grant new awards under the 2020 Plan from November 15, 2030 to April 28, 2034. On May 1, 2023, the Company issued stock option awards to its employees with both time-based and performance-based vesting requirements, totaling 7,381,857 stock options, with 1,476,372 of the granted stock options subject to the Company’s customary time-based vesting schedule. The remaining 5,905,485 stock options granted are subject to both customary time-based vesting requirements and performance-based vesting requirements that are based on the same clinical development milestones applicable to the Second and Third Closings of the 2023 Private Placement as specified in the 2023 Securities Purchase Agreement. In December 2023, the Company amended the performance-based vesting requirements with its named executive officers and other employees that upon the Second Closing and Third Closing, a full or prorated amount of each closing installment shall vest based on the percentage of funding received relative to the total funding opportunity represented by the investors’ Second Closing and Third Closing subscription amounts. On June 13, 2024, the performance-based vesting requirement based on the milestones applicable to the Second Closing were satisfied, and 1,980,952 stock options were issued. The 2014 Plan was closed to new grants following the initial approval of the 2020 Plan, and therefore, there were no shares reserved for issuance under the 2014 Plan as of September 30, 2024 . The number of shares reserved for issuance under the 2020 Plan and ESPP was 6,388,742 and 24,077 shares, respectively, as of September 30, 2024. Total stock-based compensation expense was recognized in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months For the Nine Months 2024 2023 2024 2023 Research and development $ 388 $ 321 $ 1,552 $ 1,173 General and administrative 1,395 1,413 $ 4,988 3,662 Total stock-based compensation $ 1,783 $ 1,734 $ 6,540 $ 4,835

Net Income_Loss Per Share

Net Income/Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income/Loss Per Share	Note 10. Net Income/Loss Per Share Basic net income/loss per common share is calculated by dividing the net income/loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income/loss per share is computed by dividing the net income/loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net income/loss per share calculation, incentive stock options, restricted stock units, preferred stock and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net income/loss per share because their effect would be anti-dilutive. Basic weighted average shares outstanding for the three and nine months ended September 30, 2024 and 2023 include 12,342,786 and 6,429,270 , reflectively, shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $ 0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share. For the Three Months For the Nine Months 2024 2023 2024 2023 (In thousands, except share and per share data) (As Restated) (As Restated) Net income (loss) $ 76,971 $ ( 9,906 ) $ 8,433 $ ( 86,438 ) Undistributed earnings allocated to participating securities ( 22,542 ) — ( 2,882 ) — Net income (loss) attributable to common shares - basic 54,429 ( 9,906 ) 5,551 ( 86,438 ) Allocated undistributed earnings allocated to participating securities 22,542 — 2,882 — Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds, net of tax ( 94,475 ) — ( 69,519 ) — Net loss attributable to common shares, basic $ ( 17,504 ) $ ( 9,906 ) $ ( 61,086 ) $ ( 86,438 ) Basic weighted-average common shares outstanding 51,945,920 29,974,400 41,443,049 22,813,085 Potentially dilutive common shares: Common stock warrants 3,532,422 — 1,663,697 — Weighted-average number of common shares outstanding, diluted 55,478,342 29,974,400 43,106,746 22,813,085 Basic net income (loss) per common share $ 1.05 $ ( 0.33 ) $ 0.13 $ ( 3.79 ) Diluted net loss per common share $ ( 0.32 ) $ ( 0.33 ) $ ( 1.42 ) $ ( 3.79 ) The computation of diluted earnings per share exclude s incentive stock options, restricted stock units, preferred stock and warrants that are anti-dilutive. The following table provides a summary as of September 30, 2024 and 2023 of common share equivalents that were excluded because their inclusion would have been anti-dilutive. For the Nine Months 2024 2023 Preferred Stock 6,361,567 6,361,567 Stock options outstanding and other equity awards 16,543,376 15,238,434 Common and preferred warrants outstanding 18,567,751 18,577,332 Total 41,472,694 40,177,333

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events On October 29, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Leerink Partners, LLC, as representative of the several underwriters named therein (the “Underwriters”) in connection with the underwritten offering, issuance and sale by the Company (the “Offering”) of 18,356,173 shares (the “Shares”) of the Company’s common stock, par value $ 0.001 per share (the “Common Stock”), at an offering price of $ 3.65 per share (the “Common Stock Purchase Price”), and pre-funded warrants (the “Pre-Funded Warrants”) at a price of $ 3.649 per Pre-Funded Warrant, which are exercisable to purchase 4,931,507 shares of Common Stock at an exercise price of $ 0.001 per share. The Offering resulted in gross proceeds to the Company of $ 85.0 million, or net proceeds of approximately $ 79.5 million after deducting underwriting discounts and commissions and offering expenses.

Restatement of Previously Issue

Restatement of Previously Issued Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2024
Prior Period Adjustment [Abstract]
Restatement of Previously Issued Consolidated Financial Statements	Note 12. Restatement of Previously Issued Consolidated Financial Statements In the course of preparing the Company’s Condensed Consolidated Financial Statements as of and for the three and six months ended June 30, 2024, the Company determined that a correction was necessary with respect to the Company’s reporting and recording of the fair value of the Common Warrants and the Subsequent Closing Warrants, issuable by the Company in the Second and Third Closing contingent upon the satisfaction or waiver of certain specified conditions set forth therein (See Note 8). The Company has historically reported the Common Warrants and Subsequent Closing Warrants as equity instruments, because (i) of the respective holders’ ability to settle the Common Warrants and Subsequent Closing Warrants by issuance of a fixed number of shares of common stock or Pre-funded Warrants and (ii) the Common Warrants and Subsequent Closing Warrants contain a fixed exercise price and contain no cash settlement obligation. However, in the course of preparing the Company’s Condensed Consolidated Financial Statements as of and for the three and six months ended June 30, 2024, management of the Company concluded that the Common Warrants and the Subsequent Closing Warrants do not meet the conditions to be classified as equity instruments under ASC 815-40, and must instead be recorded as liabilities on the Company’s balance sheet at their fair value and remeasured at fair value for each subsequent reporting period, with the initial fair value and fair value of financial instruments issued in excess of proceeds and any change in fair value recorded in the condensed consolidated statements of operations and comprehensive income as a gain or loss. Management prepared a quantitative and qualitative analysis of the errors in accordance with the U.S. SEC Staff's Accounting Bulletin Nos. 99 and 108, Materiality, and concluded the impact of the errors are material to the Company's previously reported interim unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023. As a result, the Company has restated its Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations and Comprehensive Loss, Condensed Consolidated Statement of Stockholders' Equity, and Condensed Consolidated Statement of Cash Flows as of and for the three and nine months ended September 30, 2023. The restatement includes adjustments to Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds, Additional paid-in capital, and Accumulated Deficit. The impact of the correction of the misstatements is summarized below (in thousands): As of September 30, 2023 Corrected Condensed Consolidated Balance Sheets (Unaudited) As Previously Reported Restatement Impact As Restated Warrant liabilities — 55,738 55,738 Total liabilities 4,734 55,738 60,472 Common stock 24 — 24 Additional paid-in capital 324,876 — 324,876 Accumulated deficit ( 233,565 ) ( 55,738 ) ( 289,303 ) Total Stockholders' Equity $ 91,335 $ ( 55,738 ) $ 35,597 For the Three Months Ended For the Nine Months Ended Corrected Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) As Restatement As As Restatement As Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds — 443 443 — ( 55,738 ) ( 55,738 ) Net loss and comprehensive loss $ ( 10,349 ) $ 443 $ ( 9,906 ) $ ( 30,700 ) $ ( 55,738 ) $ ( 86,438 ) Net loss per share, basic and diluted $ ( 0.35 ) $ 0.02 $ ( 0.33 ) $ ( 1.35 ) $ ( 2.44 ) $ ( 3.79 ) For the Nine Months Ended September 30, 2023 Accumulated Deficit Total Stockholders' Equity Corrected Condensed Consolidated Statements of Stockholders' Equity (Unaudited) As Restatement As As Restatement As Balance as of December 31, 2022 $ ( 202,865 ) $ — $ ( 202,865 ) $ 84,183 $ — $ 84,183 Stock-based compensation — — — 1,381 — 1,381 Net loss and comprehensive loss ( 10,772 ) — ( 10,772 ) ( 10,772 ) — ( 10,772 ) Balance as of March 31, 2023 $ ( 213,637 ) $ — $ ( 213,637 ) $ 74,792 $ — $ 74,792 Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs — — — 33,017 — 33,017 Issuance of common stock in connection with conversion of X 1 non-voting convertible preferred stock — — — ( 1 ) — ( 1 ) Stock-based compensation — — — 1,720 — 1,720 Net loss and comprehensive loss ( 9,579 ) ( 56,181 ) ( 65,760 ) ( 9,579 ) ( 56,181 ) ( 65,760 ) Balance as of June 30, 2023 $ ( 223,216 ) $ ( 56,181 ) $ ( 279,397 ) $ 99,949 $ ( 56,181 ) $ 43,768 Issuance of common stock in connection with exercise of pre-funded warrants 1 1 Stock-based compensation — — — 1,734 — 1,734 Net loss and comprehensive loss ( 10,349 ) 443 ( 9,906 ) ( 10,349 ) 443 ( 9,906 ) Balance as of September 30, 2023 $ ( 233,565 ) $ ( 55,738 ) $ ( 289,303 ) $ 91,335 $ ( 55,738 ) $ 35,597 For the Nine Months Ended September 30, 2023 Corrected Condensed Consolidated Statements of Cash Flows (Unaudited) As Previously Reported Restatement Impact As Restated Net loss $ ( 30,700 ) $ ( 55,738 ) $ ( 86,438 ) Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds — 55,738 55,738 Net cash used in operating activities $ ( 30,396 ) $ — $ ( 30,396 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and Article 8 of Regulation S-X requirements as set forth by the Securities and Exchange Commission (“SEC”) for interim financial information and reflect all adjustments and disclosures, which are, in the opinion of management, of a normal and recurring nature, and considered necessary for a fair presentation of the financial information contained herein. Pursuant to these rules and regulations, the unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of operations and comprehensive loss, financial position, and cash flows in conformity with GAAP. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes of Eledon for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed by the Company with the SEC on March 28, 2024, as amended on each of April 26, 2024 and August 19, 2024 (together, the “Amended Form 10-K”). The results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 are not necessarily indicative of results expected for the full fiscal year or any other future period.
Principles of Consolidation	Principles of Consolidation Eledon, a Delaware corporation, owns 100 % of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware limited liability company, and Otic Pharma, Ltd., a private limited company organized under the laws of the State of Israel (“Otic”). Otic owns 100 % of the issued and outstanding common stock or other ownership interest in its U.S. subsidiary, Otic Pharma, Inc. The functional currency of the Company’s foreign subsidiary is the U.S. Dollar; however, certain expenses, assets and liabilities are transacted at the local currency. These transactions are translated from the local currency into U.S. Dollars at exchange rates during or at the end of the reporting period. The activities of the Company’s foreign subsidiary are not significant to the condensed consolidated financial statements. All significant intercompany accounts and transactions among the entities have been eliminated from the condensed consolidated financial statements.
Liquidity and Financial Condition	Liquidity and Financial Condition The accompanying unaudited condensed consolidated financial statements have been prepared on a basis that assumes that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of the Company’s liabilities and commitments in the normal course of business and does not include any adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company recorded net income of $ 77.0 million and $ 8.4 million for the three and nine months ended September 30, 2024 , respectively. These results include a $ 96.4 million gain related to changes in the fair value of warrant liabilities and the fair value of financial instruments issued in excess of proceeds, recorded in the third quarter ending September 30, 2024. Excluding this gain, the Company would have recorded net losses of $ 19.5 million and $ 43.4 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, the Company had cash and cash equivalents and short-term investments of $ 78.2 million, working capital of $ 69.0 million and an accumulated deficit of $ 311.0 million. On October 29, 2024, the Company entered into an underwriting agreement with Leerink Partners, LLC, as representative of the several underwriters named therein in connection with the underwritten offering, issuance and sale by the Company (the "Offering") of 18,356,173 shares of the Company’s common stock, par value $ 0.001 per share, at an offering price of $ 3.65 per share, and pre-funded warrants at a price of $ 3.649 per pre-funded warrant, which are exercisable to purchase 4,931,507 shares of the Company’s common stock at an exercise price of $ 0.001 per share. The Offering resulted in gross proceeds to the Company of $ 85.0 million, or net proceeds of approximately $ 79.5 million after deducting underwriting discounts and commissions and offering expenses. See Note 11. Subsequent Events for additional information. The Company currently plans to use the net proceeds from the Offering to advance our pipeline and for working capital and general corporate purposes. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings or strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of risks and uncertainties, as well as uncertainty as to whether the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. If the Company issues equity or convertible debt securities to raise additional funding, its existing stockholders may experience dilution, it may incur significant financing costs, and the new equity or convertible debt securities may have rights, preferences and privileges senior to those of its existing stockholders. If the Company issues debt securities to raise additional funding, it would incur additional debt service obligations, it could become subject to additional restrictions limiting its ability to operate its business, and it may be required to further encumber its assets. At the time of issuance of the condensed consolidated financial statements for the three and nine months ended September 30, 2024 , the Company’s management performed an analysis and concluded that the Company had sufficient cash resources to meet its anticipated cash needs through at least the next 12 months from the date of issuance of the accompanying condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation expense, warrant liabilities, the fair value of right-of-use assets and liabilities, accruals for liabilities, impairment of long-lived assets, and other matters that affect the consolidated financial statements and related disclosures. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consists of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured institutions in excess of federally insured limits and invests in short-term investments with the primary objective of seeking to preserve principal, achieve liquidity requirements and safeguard invested funds. We believe that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held and the nature, including the credit ratings, of our cash equivalents and short-term investments, but we have not eliminated all credit risk.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, U.S. government securities and U.S. government agency securities. The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents are valued at cost, which approximates their fair value due to the short-term maturities of these investments.
Risks and Uncertainties	Risks and Uncertainties As of September 30, 2024 and December 31, 2023, all of the Company’s long-lived assets were located in the United States. The Company’s products will require approval from the U.S. Food and Drug Administration (“FDA”) and foreign regulatory agencies before commercial sales can commence. There can be no assurance that its products will receive any of these required approvals. The denial or delay of such approvals may impact the Company’s business in the future. In addition, after the approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the product approval process. The Company is subject to risks common to companies in the pharmaceutical industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of products, product liability, the volatility of its stock price and the need to obtain additional financing. The Company's facilities and equipment, including those of the Company's suppliers and vendors, may be affected by natural or man-made disasters. The Company's administrative office is based in Irvine, California and the Company manages all its research and development activities through third parties that are located throughout the world. The Company has taken precautions to safeguard its facilities, equipment and systems, including insurance, health and safety protocols, and off-site storage of computer data. However, the Company's facilities and systems, as well as those of its third-party suppliers and vendors, may be vulnerable to earthquakes, fire, storm, public health or similar emergencies, power loss, telecommunications failures, physical and software break-ins, software viruses and similar events which could cause substantial delays in its operations, damage or destroy its equipment or inventory, and cause the Company to incur additional expenses and delay research and development activities. In addition, the insurance coverage the Company maintains may not be adequate to cover its losses in any circumstance and may not continue to be available to use on acceptable terms, or at all.
In-Process Research and Development	In-Process Research and Development The fair values of in-process research and development (“IPR&D”) projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related research and development (“R&D”) efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets.
Research and Development Expenses	Research and Development Expenses Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. The Company contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities during the three and nine months ended September 30, 2024 .
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU No. 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024, with early adoptions permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future financial position, results of operations or cash flows.
Warrant Liabilities	Warrant Liabilities The Company accounts for issued warrants either as a liability or equity in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the condensed consolidated statements of operations and comprehensive loss as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Short-Term Investments (Tables)

Short-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments Classified as Available-for-sale Securities	The following is a summary of short-term investments, which were classified as available-for-sale securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Fair Value U.S. government securities $ 67,745 $ 105 $ ( 3 ) $ 67,847 $ 33,213 $ 33,213 U.S. government agency securities 3,593 — — 3,593 13,277 13,277 Total short-term investments $ 71,338 $ 105 $ ( 3 ) $ 71,440 $ 46,490 $ 46,490

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Table Text Block Supplement [Abstract]
Financial Instruments Measured At Fair Value On A Recurring Basis	The following table summarizes the Company's financial asset instruments measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands). Included within cash and cash equivalents on the unaudited condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions. September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 5,741 $ — $ — $ 5,741 Total cash equivalents $ 5,741 $ — $ — $ 5,741 Short-term investments: U.S. government securities $ — $ 67,847 $ — $ 67,847 U.S. government agency securities — 3,593 — 3,593 Total short-term investments $ — $ 71,440 $ — $ 71,440 Total financial assets $ 5,741 $ 71,440 $ — $ 77,181 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 4,246 $ — $ — $ 4,246 Total cash equivalents $ 4,246 $ — $ — $ 4,246 Short-term investments: U.S. government securities $ — $ 33,213 $ — $ 33,213 U.S. government agency securities — 13,277 — 13,277 Total short-term investments $ — $ 46,490 $ — $ 46,490 Total financial assets $ 4,246 $ 46,490 $ — $ 50,736
Summary of Warrant Liabilities Measured at Fair Value on a Recurring Basis	The following table summarizes the Company's warrant liabilities (see Note 8) measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. September 30, 2024 Level 1 Level 2 Level 3 Total Warrant liabilities $ — $ — $ 23,962 $ 23,962 December 31, 2023 Level 1 Level 2 Level 3 Total Warrant liabilities $ — $ — $ 76,211 $ 76,211
Schedule of Aggregate Fair Values of Warrant Liability	The following table provides a roll-forward of the aggregate fair value of the warrant liability categorized with Level 3 inputs: Warrants Balance as of December 31, 2023 $ 76,211 Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds ( 51,829 ) Settlement of warrant liability ( 420 ) Balance as of September 30, 2024 $ 23,962

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, 2024 2023 Prepaid clinical $ 2,526 $ 4,128 Prepaid insurance 87 624 Prepaid other 263 185 Other current assets 442 90 Total prepaid expenses and other current assets $ 3,318 $ 5,027

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, 2024 2023 Accrued compensation and related expenses $ 2,062 $ 2,003 Accrued clinical 3,798 451 Accrued professional services 475 47 Accrued other 108 44 Total accrued expenses and other liabilities $ 6,443 $ 2,545

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Components of Lease Expense	The components of lease expense were as follows (in thousands): For the Nine Months 2024 2023 Operating lease cost (a) $ 306 $ 300 (a) Includes variable operating lease expenses, which are immaterial
Schedule of Other Information Related to Leases	Other information related to leases was as follows (in thousands, except lease term and discount rate): For the Nine Months 2024 2023 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 272 $ 279 Weighted-average remaining lease term Operating leases 2.56 years 1.20 years Discount rate Operating leases 9.60 % 2.48 %
Schedule of Future Payments Under Noncancelable Operating Leases	All noncancelable operating leases have remaining terms of less than one year . Future payments for these noncancelable operating leases for the remainder of the current fiscal year are as follows (in thousands): September 30, 2024 2024 (remainder of) $ 83 2025 191 2026 197 2027 100 Total minimum lease payments 571 Less imputed interest ( 70 ) Present value of lease liabilities 501 Less current portion of operating lease liabilities ( 186 ) Non-current operating lease liabilities $ 315

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Class Of Stock [Line Items]
Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Options Granted	The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of warrants as of September 30, 2024 as follows: September 30, 2024 December 31, 2023 Risk-free interest rate 3.58 % 3.84 % - 3.88 % Expected volatility 93.46 % - 98.39 % 89.08 % - 94.28 % Expected term (in years) 3.75 - 5.25 4.5 - 6.0 Share price $ 2.49 $ 1.80
Common Stock Warrants [Member]
Class Of Stock [Line Items]
Schedule of Warrant Activity	The following table shows the warrants to purchase common stock activity: Roll-Forward of Warrant Activity Common Stock Warrants Pre-Funded Warrants All Other Warrants Total Balance as of December 31, 2023 15,151,518 5,776,270 636,514 21,564,302 Issued — 7,989,516 — 7,989,516 Exercised — ( 1,423,000 ) — ( 1,423,000 ) Cancelled/Expired — — ( 9,581 ) ( 9,581 ) Balance as of September 30, 2024 15,151,518 12,342,786 626,933 28,121,237
Preferred Stock Warrants [Member]
Class Of Stock [Line Items]
Schedule of Warrant Activity	As of September 30, 2024 , there were 50,207.419 warrants exercisable into Series X 1 Non-Voting Convertible Preferred Stock, which are convertible into 2,789,301 shares of common stock (after rounding for fractional shares and subject to beneficial ownership conversion limitations). Roll-Forward of Series X 1 Non-Voting Convertible Preferred Warrant Activity Total Balance as of December 31, 2023 50,207.419 Issued — Exercised — Balance as of September 30, 2024 50,207.419

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense Recognized	Total stock-based compensation expense was recognized in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months For the Nine Months 2024 2023 2024 2023 Research and development $ 388 $ 321 $ 1,552 $ 1,173 General and administrative 1,395 1,413 $ 4,988 3,662 Total stock-based compensation $ 1,783 $ 1,734 $ 6,540 $ 4,835

Net Income_Loss Per Share (Tabl

Net Income/Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Common Share Equivalents Included from Computation of Net Loss Per Share	For the Three Months For the Nine Months 2024 2023 2024 2023 (In thousands, except share and per share data) (As Restated) (As Restated) Net income (loss) $ 76,971 $ ( 9,906 ) $ 8,433 $ ( 86,438 ) Undistributed earnings allocated to participating securities ( 22,542 ) — ( 2,882 ) — Net income (loss) attributable to common shares - basic 54,429 ( 9,906 ) 5,551 ( 86,438 ) Allocated undistributed earnings allocated to participating securities 22,542 — 2,882 — Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds, net of tax ( 94,475 ) — ( 69,519 ) — Net loss attributable to common shares, basic $ ( 17,504 ) $ ( 9,906 ) $ ( 61,086 ) $ ( 86,438 ) Basic weighted-average common shares outstanding 51,945,920 29,974,400 41,443,049 22,813,085 Potentially dilutive common shares: Common stock warrants 3,532,422 — 1,663,697 — Weighted-average number of common shares outstanding, diluted 55,478,342 29,974,400 43,106,746 22,813,085 Basic net income (loss) per common share $ 1.05 $ ( 0.33 ) $ 0.13 $ ( 3.79 ) Diluted net loss per common share $ ( 0.32 ) $ ( 0.33 ) $ ( 1.42 ) $ ( 3.79 )
Summary of Common Share Equivalents were excluded because the Inclusion is Anti-dilutive	The computation of diluted earnings per share exclude s incentive stock options, restricted stock units, preferred stock and warrants that are anti-dilutive. The following table provides a summary as of September 30, 2024 and 2023 of common share equivalents that were excluded because their inclusion would have been anti-dilutive. For the Nine Months 2024 2023 Preferred Stock 6,361,567 6,361,567 Stock options outstanding and other equity awards 16,543,376 15,238,434 Common and preferred warrants outstanding 18,567,751 18,577,332 Total 41,472,694 40,177,333

Restatement of Previously Iss_2

Restatement of Previously Issued Consolidated Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2024
Prior Period Adjustment [Abstract]
Summary of Impact of Correction of Misstatements	The impact of the correction of the misstatements is summarized below (in thousands): As of September 30, 2023 Corrected Condensed Consolidated Balance Sheets (Unaudited) As Previously Reported Restatement Impact As Restated Warrant liabilities — 55,738 55,738 Total liabilities 4,734 55,738 60,472 Common stock 24 — 24 Additional paid-in capital 324,876 — 324,876 Accumulated deficit ( 233,565 ) ( 55,738 ) ( 289,303 ) Total Stockholders' Equity $ 91,335 $ ( 55,738 ) $ 35,597 For the Three Months Ended For the Nine Months Ended Corrected Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) As Restatement As As Restatement As Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds — 443 443 — ( 55,738 ) ( 55,738 ) Net loss and comprehensive loss $ ( 10,349 ) $ 443 $ ( 9,906 ) $ ( 30,700 ) $ ( 55,738 ) $ ( 86,438 ) Net loss per share, basic and diluted $ ( 0.35 ) $ 0.02 $ ( 0.33 ) $ ( 1.35 ) $ ( 2.44 ) $ ( 3.79 ) For the Nine Months Ended September 30, 2023 Accumulated Deficit Total Stockholders' Equity Corrected Condensed Consolidated Statements of Stockholders' Equity (Unaudited) As Restatement As As Restatement As Balance as of December 31, 2022 $ ( 202,865 ) $ — $ ( 202,865 ) $ 84,183 $ — $ 84,183 Stock-based compensation — — — 1,381 — 1,381 Net loss and comprehensive loss ( 10,772 ) — ( 10,772 ) ( 10,772 ) — ( 10,772 ) Balance as of March 31, 2023 $ ( 213,637 ) $ — $ ( 213,637 ) $ 74,792 $ — $ 74,792 Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs — — — 33,017 — 33,017 Issuance of common stock in connection with conversion of X 1 non-voting convertible preferred stock — — — ( 1 ) — ( 1 ) Stock-based compensation — — — 1,720 — 1,720 Net loss and comprehensive loss ( 9,579 ) ( 56,181 ) ( 65,760 ) ( 9,579 ) ( 56,181 ) ( 65,760 ) Balance as of June 30, 2023 $ ( 223,216 ) $ ( 56,181 ) $ ( 279,397 ) $ 99,949 $ ( 56,181 ) $ 43,768 Issuance of common stock in connection with exercise of pre-funded warrants 1 1 Stock-based compensation — — — 1,734 — 1,734 Net loss and comprehensive loss ( 10,349 ) 443 ( 9,906 ) ( 10,349 ) 443 ( 9,906 ) Balance as of September 30, 2023 $ ( 233,565 ) $ ( 55,738 ) $ ( 289,303 ) $ 91,335 $ ( 55,738 ) $ 35,597 For the Nine Months Ended September 30, 2023 Corrected Condensed Consolidated Statements of Cash Flows (Unaudited) As Previously Reported Restatement Impact As Restated Net loss $ ( 30,700 ) $ ( 55,738 ) $ ( 86,438 ) Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds — 55,738 55,738 Net cash used in operating activities $ ( 30,396 ) $ — $ ( 30,396 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	Sep. 14, 2020
Anelixis [Member]
Description Of Business [Line Items]
Date of acquisition	Sep. 14, 2020

Going Concern and Management's

Going Concern and Management's Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended						9 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Jul. 08, 2024	May 06, 2024	May 05, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Apr. 28, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net income (loss)						$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)
Net cash used in Operating Activities												28,284	30,396
Accumulated deficit		$ (310,969)				(310,969)			$ (289,303)			(310,969)	$ (289,303)	$ (319,402)
Cash and cash equivalents and short-term investments		$ 78,200				$ 78,200						$ 78,200
Common stock, shares issued		41,183,102				41,183,102						41,183,102		24,213,130
Common stock, par value		$ 0.001				$ 0.001						$ 0.001		$ 0.001
Accredited Investor [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant exercise price															$ 3
Accredited Investor [Member] | Private Placement [Member] | Pre-funded Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant exercise price															$ 0.001
Securities Purchase Agreement Initial Closing [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common warrants issued					$ 35,000
Securities Purchase Agreement Initial Closing [Member] | Private Placement [Member] | Pre-funded Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued					6,421,350
Securities Purchase Agreement Initial Closing [Member] | Accredited Investor [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued															15,151,518
Common stock, par value															$ 0.001
Common stock warrants to purchase common stock shares															15,151,518
Securities Purchase Agreement Second Closing [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued			909,088
Proceeds from Issuance of Common Stock			$ 2,100
Net proceeds after deducting offering costs			$ 2,000
Securities Purchase Agreement Second Closing [Member] | Accredited Investor [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued															20,202,024
Securities Purchase Agreement Third Closing [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued		1,727,400				1,727,400						1,727,400
Proceeds from Issuance of Common Stock		$ 4,000
Net proceeds after deducting offering costs		$ 3,800
Securities Purchase Agreement Third Closing [Member] | Private Placement [Member] | Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued	1,727,400
Proceeds from Issuance of Common Stock	$ 4,000
Net proceeds after deducting offering costs	$ 3,800
Securities Purchase Agreement Third Closing [Member] | Accredited Investor [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued															25,252,530
Securities Purchase Agreement [Member] | Accredited Investor [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued				13,110,484
Common stock, par value				$ 0.001
Stock price per share				$ 2.37
Gross proceeds				$ 50,000
Net proceeds after deducting offering costs				$ 48,100
Securities Purchase Agreement [Member] | Accredited Investor [Member] | Private Placement [Member] | Pre-funded Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock warrants to purchase common stock shares				7,989,516
Stock price per share				$ 2.369
Warrant exercise price				$ 0.001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Oct. 29, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash, maturity period								three months or less
Net income (loss)		$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)
Net income (losses) excluding gain of change in fair value of warrant		(19,500)						(43,400)
Cash and cash equivalents and short-term investments		78,200						78,200
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds		96,439			443			51,829	(55,738)
Working capital		69,000						69,000
Accumulated deficit		$ (310,969)			$ (289,303)			$ (310,969)	$ (289,303)	$ (319,402)
Common stock, shares issued		41,183,102						41,183,102		24,213,130
Common stock, par value		$ 0.001						$ 0.001		$ 0.001
Accounting Standards Update 2023-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true						true
Accounting Standards Update 2023-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true						true
Anelixis Therapeutics, LLC and Otic Pharma, Ltd.
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage								100%
Leerink Partners LLC [Member] | Subsequent event | Underwriting agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Proceeds From Issuance Offering	$ 85,000
Net proceeds after deducting offering costs	$ 79,500
Warrants [Member] | Leerink Partners LLC [Member] | Subsequent event | Underwriting agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Warrant exercise price	$ 3.649
Common Stock [Member] | Leerink Partners LLC [Member] | Subsequent event | Underwriting agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares issued	18,356,173
Common stock, par value	$ 0.001
Offering price common stock	3.65
Warrant exercise price	$ 0.001
Common stock warrants exercisable	4,931,507
Otic Pharma, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage								100%

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-term Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 71,338	$ 46,490
Unrealized Gains	105
Unrealized Losses	(3)
Fair Value	71,440	46,490
U.S. Government Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	67,745	33,213
Unrealized Gains	105
Unrealized Losses	(3)
Fair Value	67,847	33,213
U.S. Government Agency Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,593	13,277
Unrealized Gains	0
Unrealized Losses	0
Fair Value	$ 3,593	$ 13,277

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured At Fair Value On A Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 5,741	$ 4,246
Total short-term investments	71,440	46,490
Total financial assets	77,181	50,736
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	5,741	4,246
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	67,847	33,213
U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	3,593	13,277
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	5,741	4,246
Total financial assets	5,741	4,246
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	5,741	4,246
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	71,440	46,490
Total financial assets	71,440	46,490
Fair Value, Inputs, Level 2 [Member] | U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	67,847	33,213
Fair Value, Inputs, Level 2 [Member] | U.S. Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 3,593	$ 13,277

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Warrant Liabilities Measured at Fair value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Warrant liabilities [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 23,962	$ 76,211
Fair Value Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 23,962	$ 76,211

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Aggregate Fair Value of Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	$ (96,439)	$ (443)	$ (51,829)	$ 55,738
Fair Value, Recurring [Member] | Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023			76,211
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds			(51,829)
Settlement of warrant liability			(420)
Balance as of September 30, 2024	$ 23,962		$ 23,962

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Class of Stock [Line Items]
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds includes reversal	$ 58.7

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical	$ 2,526	$ 4,128
Prepaid insurance	87	624
Prepaid other	263	185
Other current assets	442	90
Total prepaid expenses and other current assets	$ 3,318	$ 5,027

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation and related expenses	$ 2,062	$ 2,003
Accrued clinical	3,798	451
Accrued professional services	475	47
Accrued other	108	44
Total accrued expenses and other liabilities	$ 6,443	$ 2,545

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 04, 2024 ft²

Apr. 19, 2024 USD ($) ft²

Aug. 12, 2022

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($) Milestone

Sep. 30, 2023 USD ($) Milestone

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($) ft²

Dec. 31, 2021 USD ($)

Dec. 31, 2018 USD ($)

Dec. 31, 2017 USD ($)

Other Commitments [Line Items]

Rental expense

$ 100,000

$ 100,000

$ 300,000

$ 300,000

ROU assets and lease liabilities

471,000

$ 471,000

$ 365,000

Remaining term of office lease

3 years

Debt outstanding

0

$ 0

Indemnification obligations amount

0

$ 0

ALS Therapy Development Foundation, Inc. License Agreement [Member]

Other Commitments [Line Items]

Fee due for milestones achieved

$ 1,000,000

$ 1,000,000

Common stock issued in lieu of making a cash payment

$ 1,000,000

$ 1,000,000

Number of Milestones Achieved | Milestone

0

0

Remaining milestone payments for first licensed product

6,000,000

$ 6,000,000

Annual License Maintenance Fee

$ 100,000

$ 100,000

$ 100,000

ALS Therapy Development Foundation, Inc. License Agreement [Member] | Achievement of 500 Million Aggregate Sales [Member]

Other Commitments [Line Items]

Reaching of aggregate net sales

500,000,000

Amount of one-time milestone payment

15,000,000

15,000,000

ALS Therapy Development Foundation, Inc. License Agreement [Member] | Achievement of 1 Billion Aggregate Sales [Member]

Other Commitments [Line Items]

Reaching of aggregate net sales

1,000,000,000

Amount of one-time milestone payment

30,000,000

$ 30,000,000

Maximum [Member]

Other Commitments [Line Items]

Remaining term of office lease

1 year

Maximum [Member] | ALS Therapy Development Foundation, Inc. License Agreement [Member]

Other Commitments [Line Items]

Development and regulatory milestone payments

$ 2,500,000

$ 2,500,000

Irvine, California [Member]

Other Commitments [Line Items]

Area of office space | ft²

5,817

5,197

Operating lease, term of contract

38 months

Lease expiration date

Jun. 30, 2027

Dec. 31, 2024

ROU assets and lease liabilities

$ 500,000

Burlington, Massachusetts [Member]

Other Commitments [Line Items]

Area of office space | ft²

6,138

Operating lease, term of contract

36 months

Lease expiration date

Nov. 21, 2027

Commitments and Contingencies_2

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 306	$ 300

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 272	$ 279
Weighted-average remaining lease term
Operating leases	2 years 6 months 21 days	1 year 2 months 12 days
Discount rate
Operating leases	9.60%	2.48%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (remainder of)	$ 83
2025	191
2026	197
2027	100
Total minimum lease payments	571
Less imputed interest	(70)
Present value of lease liabilities	501
Less current portion of operating lease liabilities	(186)	$ (383)
Non-current operating lease liabilities	$ 315

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)									9 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Sep. 20, 2024	Jul. 08, 2024	May 06, 2024	May 16, 2023	May 05, 2023	Apr. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 11, 2024	May 09, 2024	May 07, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 06, 2023	Nov. 02, 2023	Jul. 14, 2023	Jul. 10, 2023
Class Of Stock [Line Items]
Debt outstanding		$ 0							$ 0
Common stock, shares issued		41,183,102							41,183,102						24,213,130
Common stock par value		$ 0.001							$ 0.001						$ 0.001
Net proceeds after deducting offering costs									$ 53,355,000	$ 33,017,000
Preferred stock, shares authorized		5,000,000							5,000,000						5,000,000
Preferred stock, par value		$ 0.001							$ 0.001						$ 0.001
Armistice Capital Master Fund Ltd [Member] | Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Number of pre-funded warrants exercised for common stock											240,000		583,000	600,000			653,000		501,197
Common stock, shares issued											240,000	583,000		600,000		653,000		501,197
Warrant exercise price per share											$ 0.001		$ 0.001	$ 0.001			$ 0.001		$ 0.001
Series X1 Preferred Stock [Member]
Class Of Stock [Line Items]
Warrants available for exercise		50,207.419							50,207.419
Shares of common stock issued upon conversion of each share of preferred stock		2,789,301							2,789,301
Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		515,000							515,000						515,000
Preferred stock, par value		$ 0.001							$ 0.001						$ 0.001
Preferred stock, shares outstanding		110,086							110,086						110,086
Preferred stock, shares issued		110,086							110,086						110,086
Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		10,000							10,000
Preferred stock, shares outstanding		4,422							4,422						4,422
Preferred stock, shares issued		4,422							4,422						4,422
Common Stock [Member]
Class Of Stock [Line Items]
Warrants available for exercise		28,121,237							28,121,237						21,564,302
Common Stock [Member] | Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock		55.5556							55.5556
Pre-funded Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage								9.99%
Common Stock Warrants [Member]
Class Of Stock [Line Items]
Warrants available for exercise		15,151,518							15,151,518						15,151,518
Common Stock Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage								9.99%
Private Placement Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Warrant exercise price per share								$ 3
Private Placement Warrants [Member] | Securities Purchase Agreement [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued					13,110,484
Common stock par value					$ 0.001
Stock price per share					$ 2.37
Gross proceeds					$ 50,000,000
Net proceeds after deducting offering costs					$ 48,100,000
Private Placement Warrants [Member] | Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common warrants issued							$ 35,000,000
Net proceeds after deducting offering costs							$ 33,000,000
Private Placement Warrants [Member] | Securities Purchase Agreement Initial Closing [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued								15,151,518
Common stock par value								$ 0.001
Common stock warrants exercisable								15,151,518
Private Placement Warrants [Member] | Securities Purchase Agreement Second Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued				909,088
Proceeds from issuance of common stock				$ 2,100,000
Net proceeds after deducting offering costs				$ 2,000,000
Private Placement Warrants [Member] | Securities Purchase Agreement Second Closing [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued								20,202,024
Private Placement Warrants [Member] | Securities Purchase Agreement Third Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued		1,727,400							1,727,400
Proceeds from issuance of common stock		$ 4,000,000
Net proceeds after deducting offering costs		$ 3,800,000
Private Placement Warrants [Member] | Securities Purchase Agreement Third Closing [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock, shares issued	1,727,400
Proceeds from issuance of common stock	$ 4,000,000
Net proceeds after deducting offering costs	$ 3,800,000
Private Placement Warrants [Member] | Securities Purchase Agreement Third Closing [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued								25,252,530
Private Placement Warrants [Member] | Common Stock [Member] | Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued							8,730,168
Private Placement Warrants [Member] | Pre-funded Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Warrant exercise price per share								$ 0.001
Private Placement Warrants [Member] | Pre-funded Warrants [Member] | Securities Purchase Agreement [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Stock price per share					$ 2.369
Common stock warrants exercisable					7,989,516
Warrant exercise price per share					$ 0.001
Private Placement Warrants [Member] | Pre-funded Warrants [Member] | Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued							6,421,350
Maximum [Member] | Common Stock [Member] | Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent									9.99%
Maximum [Member] | Pre-funded Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage					9.99%
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage					19.99%			19.99%
Maximum [Member] | Common Stock Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage								19.99%
Minimum [Member] | Common Stock [Member] | Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent									9.90%
Minimum [Member] | Pre-funded Warrants [Member] | Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage					4.99%
Guggenheim Securities LLC [Member] | Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Common stock par value			$ 0.001
Guggenheim Securities LLC [Member] | Maximum [Member] | Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock			$ 75,000,000
Cormorant Global Healthcare Master Fund LP [Member] | Series X1 Non-voting Convertible Preferred Stock [Member] | Conversion Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted						7,883.586
Cormorant Global Healthcare Master Fund LP [Member] | Series X Non-Voting Convertible Preferred Stock [Member] | Conversion Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted						1,782
Cormorant Global Healthcare Master Fund LP [Member] | Common Stock [Member] | Series X1 Non-voting Convertible Preferred Stock [Member] | Conversion Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued						437,977
Cormorant Global Healthcare Master Fund LP [Member] | Common Stock [Member] | Series X Non-Voting Convertible Preferred Stock [Member] | Conversion Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued						99,000

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Options Granted (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.58%
Risk-free interest rate, Minimum		3.84%
Risk-free interest rate, Maximum		3.88%
Expected volatility , Minimum	93.46%	89.08%
Expected volatility , Maximum	98.39%	94.28%
Share Price	$ 2.49	$ 1.8
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months	6 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 9 months	4 years 6 months

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Warrant Activity (Detail)	9 Months Ended
	Sep. 30, 2024 shares
Common Stock Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	15,151,518
Issued	0
Exercised	0
Cancelled/Expired	0
Ending Balance	15,151,518
Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	21,564,302
Issued	7,989,516
Exercised	(1,423,000)
Cancelled/Expired	(9,581)
Ending Balance	28,121,237
Common Stock [Member] | Pre-funded Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	5,776,270
Issued	7,989,516
Exercised	(1,423,000)
Cancelled/Expired	0
Ending Balance	12,342,786
Common Stock [Member] | All Other Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	636,514
Issued	0
Exercised	0
Cancelled/Expired	(9,581)
Ending Balance	626,933

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Series X1 Convertible Preferred Stock Warrant Activity (Detail) - Preferred Stock Warrants [Member]	9 Months Ended
	Sep. 30, 2024 shares
Class Of Warrant Or Right [Line Items]
Beginning Balance	50,207.419
Issued	0
Exercised	0
Ending Balance	50,207.419

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - shares				9 Months Ended
	Jul. 10, 2024	Jun. 13, 2024	May 01, 2023	Sep. 30, 2024
Time-based and Performance-based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			7,381,857
Stock options issued			5,905,485
Time-based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			1,476,372
Performance-based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued		1,980,952
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance				0
2020 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance				6,388,742
Increased number of shares	3,500,000
New aggregate share limit	17,960,000
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance				24,077
Employee Stock Option [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life assumption using simplified method, description				For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of twelve (12) months added to take into account the extended range of time of 12 to 18 months that vested stock options granted to Board members may be exercised upon termination.
Employee Stock Option [Member] | Board of Directors [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted				12 months
Employee Stock Option [Member] | Board of Directors [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted				18 months

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,783	$ 1,734	$ 6,540	$ 4,835
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	388	321	1,552	1,173
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,395	$ 1,413	$ 4,988	$ 3,662

Net Income_Loss Per Share - Add

Net Income/Loss Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average number of shares outstanding, Basic	51,945,920	29,974,400	41,443,049	22,813,085
Pre-funded Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average number of shares outstanding, Basic	12,342,786	6,429,270	12,342,786	6,429,270
Warrant exercise price	$ 0.001		$ 0.001

Net Income_Loss Per Share - Sch

Net Income/Loss Per Share - Schedule of Common Share Equivalents Included from Computation of Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)
Undistributed earnings allocated to participating securities	(22,542)						(2,882)
Net income (loss) attributable to common shares - basic	54,429			(9,906)			5,551	(86,438)
Allocated undistributed earnings allocated to participating securities	22,542						2,882
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds, net of tax	(94,475)						(69,519)
Net income (loss) attributable to common shares - basic	$ (17,504)			$ (9,906)			$ (61,086)	$ (86,438)
Basic weighted-average common shares outstanding	51,945,920			29,974,400			41,443,049	22,813,085
Potentially dilutive common shares:
Potentially dilutive common shares, Common stock warrants	$ 3,532,422						$ 1,663,697
Earnings Per Share, Diluted, Convertible Security, Method [Extensible Enumeration]	Common Stock Warrants [Member]						Common Stock Warrants [Member]
Weighted-average number of common shares outstanding, diluted	55,478,342			29,974,400			43,106,746	22,813,085
Net loss per share, basic	$ 1.05			$ (0.33)			$ 0.13	$ (3.79)
Net loss per share, diluted	$ (0.32)			$ (0.33)			$ (1.42)	$ (3.79)

Net Income_Loss Per Share - Sum

Net Income/Loss Per Share - Summary of Common Share Equivalents were excluded because the Inclusion is Anti-dilutive (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	41,472,694	40,177,333
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,361,567	6,361,567
Stock Options Outstanding and Other Equity Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	16,543,376	15,238,434
Common and Preferred Warrants Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,567,751	18,577,332

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 29, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, shares issued		41,183,102	24,213,130
Common stock, par value		$ 0.001	$ 0.001
Subsequent event | Leerink Partners LLC [Member] | Underwriting Agreement[Member]
Subsequent Event [Line Items]
Proceeds From Issuance Offering	$ 85
Net proceeds after deducting offering costs	$ 79.5
Subsequent event | Leerink Partners LLC [Member] | Underwriting Agreement[Member] | Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares issued	18,356,173
Common stock, par value	$ 0.001
Offering price common stock	3.65
Warrant exercise price	$ 0.001
Common stock warrants exercisable	4,931,507
Subsequent event | Leerink Partners LLC [Member] | Underwriting Agreement[Member] | Warrants [Member]
Subsequent Event [Line Items]
Warrant exercise price	$ 3.649

Restatement of Previously Iss_3

Restatement of Previously Issued Consolidated Financial Statements - Summary of Impact of Correction of Misstatements - Corrected Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrant liabilities	$ 23,962			$ 76,211	$ 55,738
Total liabilities	38,518			81,858	60,472
Common stock	41			24	24
Additional paid-in capital	386,884			326,586	324,876
Accumulated deficit	(310,969)			(319,402)	(289,303)
Total stockholders’ equity	$ 76,058	$ (8,501)	$ (14,728)	$ 7,208	35,597	$ 43,768	$ 74,792	$ 84,183
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total liabilities					4,734
Common stock					24
Additional paid-in capital					324,876
Accumulated deficit					(233,565)
Total stockholders’ equity					91,335	99,949	$ 74,792	$ 84,183
Restatement Impact [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrant liabilities					55,738
Total liabilities					55,738
Accumulated deficit					(55,738)
Total stockholders’ equity					$ (55,738)	$ (56,181)

Restatement of Previously Iss_4

Restatement of Previously Issued Consolidated Financial Statements - Summary of Impact of Correction of Misstatements - Corrected Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	$ 96,439			$ 443			$ 51,829	$ (55,738)
Net loss and comprehensive loss	$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)
Net loss per share, basic	$ 1.05			$ (0.33)			$ 0.13	$ (3.79)
Net loss per share, diluted	$ (0.32)			$ (0.33)			$ (1.42)	$ (3.79)
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss and comprehensive loss				$ (10,349)	(9,579)	$ (10,772)		$ (30,700)
Net loss per share, basic				$ (0.35)				$ (1.35)
Net loss per share, diluted				$ (0.35)				$ (1.35)
Restatement Impact [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds				$ 443				$ (55,738)
Net loss and comprehensive loss				$ 443	$ (56,181)			$ (55,738)
Net loss per share, basic				$ 0.02				$ (2.44)
Net loss per share, diluted				$ 0.02				$ (2.44)

Restatement of Previously Iss_5

Restatement of Previously Issued Consolidated Financial Statements - Summary of Impact of Correction of Misstatements - Corrected Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance	$ (8,501)	$ (14,728)	$ 7,208	$ 43,768	$ 74,792	$ 84,183	$ 7,208	$ 84,183
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value	5,703	48,070			33,017
Issuance of common stock in connection with exercise of pre-funded warrants, Value		1	1	1
Issuance of common stock in connection with conversion of X1 non-voting convertible preferred stock, Value					(1)
Stock-based compensation	1,783	3,063	1,694	1,734	1,720	1,381
Net loss and comprehensive loss	76,971	(44,907)	(23,631)	(9,906)	(65,760)	(10,772)	8,433	(86,438)
Ending Balance	76,058	(8,501)	(14,728)	35,597	43,768	74,792	76,058	35,597
Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance	(387,940)	(343,033)	(319,402)	(279,397)	(213,637)	(202,865)	(319,402)	(202,865)
Net loss and comprehensive loss	76,971	(44,907)	(23,631)	(9,906)	(65,760)	(10,772)
Ending Balance	$ (310,969)	$ (387,940)	$ (343,033)	(289,303)	(279,397)	(213,637)	$ (310,969)	(289,303)
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance				99,949	74,792	84,183		84,183
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value					33,017
Issuance of common stock in connection with exercise of pre-funded warrants, Value				1
Issuance of common stock in connection with conversion of X1 non-voting convertible preferred stock, Value					(1)
Stock-based compensation				1,734	1,720	1,381
Net loss and comprehensive loss				(10,349)	(9,579)	(10,772)		(30,700)
Ending Balance				91,335	99,949	74,792		91,335
As Previously Reported [Member] | Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance				(223,216)	(213,637)	(202,865)		(202,865)
Net loss and comprehensive loss				(10,349)	(9,579)	(10,772)
Ending Balance				(233,565)	(223,216)	$ (213,637)		(233,565)
Restatement Impact [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance				(56,181)
Net loss and comprehensive loss				443	(56,181)			(55,738)
Ending Balance				(55,738)	(56,181)			(55,738)
Restatement Impact [Member] | Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning Balance				(56,181)
Net loss and comprehensive loss				443	(56,181)
Ending Balance				$ (55,738)	$ (56,181)			$ (55,738)

Restatement of Previously Iss_6

Restatement of Previously Issued Consolidated Financial Statements - Summary of Impact of Correction of Misstatements - Corrected Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ 76,971	$ (44,907)	$ (23,631)	$ (9,906)	$ (65,760)	$ (10,772)	$ 8,433	$ (86,438)
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	$ (96,439)			(443)			(51,829)	55,738
Net cash used in operating activities							$ (28,284)	(30,396)
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)				(10,349)	(9,579)	$ (10,772)		(30,700)
Net cash used in operating activities								(30,396)
Restatement Impact [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)				443	$ (56,181)			(55,738)
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds				$ (443)				$ 55,738