Neurogene (NGNE) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36327
Entity Registrant Name	Neurogene Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0542593
Entity Address, Address Line One	535 W 24th St.
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	855
Local Phone Number	508-3568
Title of 12(b) Security	Common stock, par value $0.000001 per share
Trading Symbol	NGNE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001404644
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,980,289

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 150,140	$ 148,210
Short-term investments	19,393	48,947
Prepaid expenses and other current assets	4,608	3,191
Total current assets	174,141	200,348
Property and equipment, net	16,475	17,174
Operating lease right-of-use assets	3,565	3,681
Finance lease right-of-use assets	87	98
Restricted cash	339	508
Other non-current assets	743	764
Total assets	195,350	222,573
Current liabilities:
Accounts payable	1,522	2,596
Accrued expenses and other current liabilities	6,824	17,495
Operating lease liabilities, current	2,670	2,559
Finance lease liabilities, current	43	42
Lease contingent value rights liability, current	430	281
Intellectual property contingent value rights liability	329	0
Total current liabilities	11,818	22,973
Operating lease liabilities, non-current	11,642	12,302
Finance lease liabilities, non-current	53	65
Lease contingent value rights liability, non-current	857	1,006
Other liabilities	203	203
Total liabilities	24,573	36,549
Stockholders' equity:
Preferred stock, $0.000001 par value; $50,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.000001 par value; $450,000,000 shares authorized as of March 31, 2024 and December 31, 2023; $12,860,995 and $12,823,665 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	374,852	373,178
Accumulated deficit	(204,075)	(187,154)
Total stockholders' equity	170,777	186,024
Total liabilities and stockholders' equity	$ 195,350	$ 222,573

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred Stock, shares, issued (in shares)	0	0
Preferred Stock, shares, outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares, issued (in shares)	12,860,995	12,823,665
Common stock, shares, outstanding (in shares)	12,860,995	12,823,665

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development expenses		$ 13,541	$ 10,283
General and administrative expenses		5,238	2,752
Total operating expenses		18,779	13,035
Loss from operations		(18,779)	(13,035)
Other income (expense):
Interest income		2,320	777
Interest expense		(3)	(2)
Other income		143	0
Other expense		(602)	(3)
Net loss		$ (16,921)	(12,263)
Per share information
Net income (loss) per share, basic (in dollars per share)	[1]	$ (1)
Net income (loss) per share, diluted (in dollars per share)	[1]	$ (1)
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)	[1]	16,903,735
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)	[1]	16,903,735
Class A Common Stock
Other income (expense):
Net loss			$ (12,263)
Per share information
Net income (loss) per share, basic (in dollars per share)	[1]		$ (28.28)
Net income (loss) per share, diluted (in dollars per share)	[1]		$ (28.28)
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)	[1]		433,623
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)	[1]		433,623
Class B Common Stock
Other income (expense):
Net loss			$ 0
Per share information
Net income (loss) per share, basic (in dollars per share)			$ 0
Net income (loss) per share, diluted (in dollars per share)			$ 0
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)			0
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)			0
[1]For the three months ended March 31, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three months ended March 31, 2024, net loss per share information is presented for the Company’s common stock.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Class A Common Stock	Class B Common Stock	Preferred Stock	Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid- In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022		$ 34,414	$ 28,675	$ 181,277
Ending balance at Mar. 31, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Mar. 31, 2023		18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Dec. 31, 2022							0
Beginning balance (in shares) at Dec. 31, 2022								0	428,334	0
Beginning balance at Dec. 31, 2022	$ (145,739)						$ 0	$ 0	$ 0	$ 0	$ 5,098	$ (150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	293										293
Common stock issued upon exercise of stock options (in shares)									13,532
Common stock issued upon exercise of stock options	112										112
Net loss	(12,263)				$ (12,263)	$ 0						(12,263)
Ending balance at Mar. 31, 2023	$ (157,597)						$ 0	$ 0	$ 0	$ 0	5,503	(163,100)
Ending balance (in shares) at Mar. 31, 2023								0	441,866	0
Ending balance (in shares) at Mar. 31, 2023							0
Beginning balance (in shares) at Dec. 31, 2023		0	0	0
Beginning balance at Dec. 31, 2023		$ 0	$ 0	$ 0
Ending balance at Mar. 31, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2024		0	0	0
Beginning balance (in shares) at Dec. 31, 2023	0						0
Beginning balance (in shares) at Dec. 31, 2023	12,823,665							12,823,665	0	0
Beginning balance at Dec. 31, 2023	$ 186,024						$ 0	$ 0	$ 0	$ 0	373,178	(187,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,045										1,045
Common stock issued upon exercise of stock options (in shares)	37,330							37,330
Common stock issued upon exercise of stock options	$ 629										629
Net loss	(16,921)											(16,921)
Ending balance at Mar. 31, 2024	$ 170,777						$ 0	$ 0	$ 0	$ 0	$ 374,852	$ (204,075)
Ending balance (in shares) at Mar. 31, 2024	12,860,995							12,860,995	0	0
Ending balance (in shares) at Mar. 31, 2024	0						0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (16,921)	$ (12,263)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,045	293
Depreciation and amortization of property and equipment	814	812
Asset impairment	91	0
Non-cash operating lease expense	176	160
Amortization of finance lease right-of-use assets	11	6
Amortization and accretion of premiums/discounts on held-to-maturity investments	(446)	0
Intellectual property contingent value rights liability	329	0
Changes in assets and liabilities:
Prepaid expenses and other current assets	(1,417)	(780)
Other assets	21	0
Accounts payable	135	825
Accrued expenses and other current liabilities	(4,879)	(2,444)
Operating lease liabilities	(609)	(164)
Net cash used in operating activities	(21,650)	(13,555)
Investing activities
Purchases of property and equipment	(65)	(29)
Proceeds from maturities of held-to-maturity investments	30,000	0
Net cash provided by (used in) investing activities	29,935	(29)
Financing activities
Offering costs in connection with pre-closing financing	(4,287)	0
Transaction costs related to reverse merger	(2,855)	0
Proceeds from the issuance of common stock upon exercise of options	629	112
Principal payments on finance leases	(11)	(5)
Net cash (used in) provided by financing activities	(6,524)	107
Net increase (decrease) in cash, cash equivalents and restricted cash	1,761	(13,477)
Cash, cash equivalents and restricted cash at beginning of period	148,718	82,021
Cash, cash equivalents and restricted cash at end of period	150,479	68,544
Supplemental disclosure of non-cash investing and financing activities:
Additions to operating lease right of use assets from new operating lease liabilities	60	0
Property and equipment included in accounts payable and accrued expenses	141	0
Supplemental cash flow information:
Cash paid for interest	$ 3	$ 2

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Neurogene Inc. (formerly known as Neoleukin Therapeutics, Inc.) (the “Company” or “Neurogene”) is a clinical-stage biotechnology company that is a result of the reverse merger discussed below. The operating entity of Neurogene Inc. is the wholly owned subsidiary incorporated in the state of Nevada and also named Neurogene Inc. (“Neurogene OpCo”). Neurogene OpCo was incorporated as a limited liability company in Delaware on January 26, 2018 and converted into a Delaware corporation on July 3, 2018, and then merged with a wholly owned subsidiary of the parent company and re-domiciled to Nevada on December 18, 2023 in connection with the reverse merger described below. Both Neurogene and Neurogene OpCo have a principal place of business in New York, NY. Neurogene was formed to harness the power of gene therapy, combined with its EXACT gene regulation technology, to turn today’s complex devastating neurological diseases into treatable conditions. The Company’s first clinical-stage program to utilize the EXACT technology is NGN-401, which is in an ongoing Phase 1/2 clinical trial for the treatment of Rett syndrome. In addition to NGN-401, Neurogene is also pursuing a conventional gene therapy program in an ongoing Phase 1/2 clinical trial of NGN-101 for the treatment of CLN5 Batten disease. Since beginning operations, the Company has devoted substantially all its efforts to research and development, recruiting management and technical staff, administration, and raising capital. Reverse Merger and Pre-Closing Financing On July 18, 2023, Neoleukin Therapeutics, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with its wholly owned subsidiary (“Merger Sub”) and Neurogene OpCo. Pursuant to the terms of the Merger Agreement, upon closing on December 18, 2023 (the “Closing”), Merger Sub merged with and into Neurogene OpCo, with Neurogene OpCo continuing as a wholly owned subsidiary of the Company and the surviving corporation of the merger (referred to herein as the “reverse merger”). At the time of Closing (or immediately prior to, where indicated), the following also occurred: • The Company changed its name from “Neoleukin Therapeutics, Inc.” to “Neurogene Inc.” and is referred to herein as the “Company.” Unless the context otherwise requires, references to “Neoleukin Therapeutics, Inc.” or “Neoleukin” refer to the Company prior to Closing. • Immediately prior to Closing, Neoleukin effected a 1-for-4 reverse stock split (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split. • All of the then outstanding shares of Neurogene OpCo Class A common stock were converted into 3,240,888 shares of the Company’s common stock, based on an exchange ratio of approximately 0.0756 (the “Exchange Ratio”). • All of the then outstanding shares of Neurogene OpCo preferred stock were converted into 7,231,747 shares of the Company’s common stock and 1,825,635 pre-funded warrants, based on the Exchange Ratio. • Each then outstanding Neurogene OpCo stock option was exchanged for an equivalent stock option of the Company, adjusted to reflect the Exchange Ratio as necessary. • Each then outstanding Neurogene OpCo pre-funded warrant to purchase shares of Neurogene OpCo common stock was converted into a pre-funded warrant to purchase shares of the Company’s common stock, adjusted to reflect the Exchange Ratio as necessary. Refer to the discussion below for further detail on Neurogene OpCo pre-funded warrants. Concurrently with the execution and delivery of the Merger Agreement, and in order to provide Neurogene OpCo with additional capital for its development programs, Neurogene OpCo entered into a subscription agreement (the “Subscription Agreement”) with certain investors. Pursuant to the terms of the Subscription Agreement, immediately prior to the Closing, Neurogene OpCo issued and sold to the investors: (i) 2,792,206 shares of Neurogene OpCo common stock and (ii) 1,811,739 pre-funded warrants, exercisable for 1,811,739 shares of Neurogene OpCo common stock, at a purchase price of approximately $20.63 per share or $20.63 per warrant, for an aggregate purchase price of approximately $95.0 million (the “Pre-Closing Financing”).

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $16.9 million and $12.3 million for the three months ended March 31, 2024 and 2023, respectively. In addition, the Company used cash in operations of $21.7 million and $13.6 million for the three months ended March 31, 2024 and 2023, respectively, and had an accumulated deficit of $204.1 million as of March 31, 2024. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of March 31, 2024, the Company had cash, cash equivalents and investments of approximately $169.5 million. On December 18, 2023, the Company closed the reverse merger and the Pre-Closing Financing. The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company was able to offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The Registration Statement on Form S-3 that was prepared for the ATM expired on December 21, 2023, and in March 2024, the Company formally terminated the ATM. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024. In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2024, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2024. Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), the value attributed to employee stock options and other stock-based awards, and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates. Segment Information Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value. The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 150,140 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 150,479 $ 148,718 Cash equivalents consist of money market funds in which the carrying value equals the fair value. Restricted cash includes $0.3 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credits related to its lease obligations. Concentrations of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of March 31, 2024, the Company had $149.9 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality. Exit and Disposal Costs In connection with the reverse merger and through early fiscal 2025, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 trial of NL-201. This trial has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the trial’s activities do not provide the Company any future economic benefit. In accordance with ASC 420 Exit or Disposal Costs, the Company accrued the remaining costs to be incurred in the trial. The liability was classified as accrued expenses and other current liabilities in the condensed consolidated balance sheet. A summary of the accrued liabilities activity recorded in connection with the wind-down Neoleukin’s Phase 1 trial of NL-201 for the three months ended March 31, 2024 is as follows (in thousands): Balance at December 31, 2023 Liability Adjustment Amounts Paid Balance at March 31, 2024 Trial wind-down costs: Phase 1 NL-201 Trial $ 1,962 $ (3) $ (319) $ 1,640 Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. Net Loss Per Share Attributable to Common Stockholders For the prior year period in which the Company had multiple classes of stock participating in earnings, the Company used the two-class method in calculating net loss per share. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights. The Company considered its convertible preferred stock to be participating securities as holders would be entitled to participate in dividends and earnings of the Company. As the holders of the convertible preferred stock have no obligation to fund losses, the two-class method is not applicable during periods with a net loss. Basic net loss per share of Class A and Class B common stock was computed by dividing net loss attributable to the Company by the weighted-average number of shares of Class A and Class B common stock outstanding during the period. In periods of losses, diluted net loss per share was computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Following the Company’s reverse merger in December 2023, the Company only has one class of common stock remaining, referred to throughout as “common stock.” Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share amounts): Three Months Ended March 31, 2024 2023 Common stock Class A Class B Numerator: Net loss $ (16,921) $ (12,263) $ — Denominator: Weighted-average shares outstanding in computing net loss per share, basic and diluted 16,903,735 433,623 — Net loss per share, basic and diluted $ (1.00) $ (28.28) $ — The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive: Three Months Ended March 31, 2024 2023 Series A-1 convertible preferred stock (1) — 18,604,653 Series A-2 convertible preferred stock (1) — 13,291,208 Series B convertible preferred stock (1) — 74,405,719 Stock options 1,475,458 618,881 Total 1,475,458 106,920,461 (1) The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s condensed consolidated financial statements and related disclosures but does not expect the adoption of ASU 2023-09 to be material.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following table summarizes the Company’s investment securities as of March 31, 2024 (in thousands): March 31, 2024 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 145,225 $ — $ — $ 145,225 Short-term investments: U.S. treasury notes 19,393 — (1) 19,392 Total $ 164,618 $ — $ (1) $ 164,617 December 31, 2023 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 144,358 $ — $ — $ 144,358 Short-term investments: U.S. treasury notes 48,947 16 — 48,963 Total $ 193,305 $ 16 $ — $ 193,321 All of the Company’s investments mature within the next 12 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of March 31, 2024 and December 31, 2023, financial assets measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets: Money market funds $ 145,225 $ — $ — U.S. treasury notes 19,393 — — Total $ 164,618 $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Money market funds $ 144,358 $ — $ — U.S. treasury notes 48,947 — — Total $ 193,305 $ — $ — Money market funds are cash equivalents and are included in cash and cash equivalents in the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023.

Prepaid expenses and other curr

Prepaid expenses and other current assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets	Prepaid expenses and other current assets Prepaid expenses and other assets consist of the following (in thousands): March 31, December 31, Refunds and other receivables $ 589 $ 600 Prepaid expenses 2,765 1,496 Other current assets 1,254 1,095 Total prepaid and other current assets $ 4,608 $ 3,191

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, December 31, Lab equipment $ 3,115 $ 3,144 Manufacturing equipment 6,262 6,142 Office Equipment 19 19 Leasehold improvements 15,374 15,376 Software 268 268 Construction in progress 229 234 Total property and equipment, cost 25,267 25,183 Less accumulated depreciation (8,792) (8,009) Property and equipment, net $ 16,475 $ 17,174 Depreciation and amortization expense for the three months ended March 31, 2024 and 2023 was approximately $0.8 million and $0.8 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Compensation, bonuses and related benefits $ 1,109 $ 3,496 Research and development 4,728 4,895 Accrued severance, bonus, and retention (1) 68 2,476 Accrued offering costs in connection with pre-closing financing — 3,334 Accrued transaction costs related to reverse merger — 2,557 Other 919 737 Total accrued expenses and other current liabilities $ 6,824 $ 17,495 (1) Includes accrued severance, bonus, and retention payments for current and former Neoleukin employees.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating and Finance Leases Supplemental lease expense related to leases for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended 2024 2023 Operating lease cost $ 524 $ 259 Finance lease cost Amortization of finance leases 11 6 Interest on finance lease liabilities 3 2 Variable lease cost 331 54 Short-term lease cost 23 23 Total lease cost $ 892 $ 344 The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of March 31, 2024 (in thousands): Maturity of operating lease liabilities 2024 (remaining) $ 2,923 2025 3,987 2026 3,695 2027 3,239 2028 3,294 2029 616 Total lease payments $ 17,754 Less: interest (3,442) Total operating lease liabilities $ 14,312 Maturity of finance lease liabilities 2024 (remaining) $ 38 2025 50 2026 15 2027 6 Total lease payments $ 109 Less: interest (13) Total finance lease liabilities $ 96 Supplemental balance sheet information related to leases as of March 31, 2024 was as follows (in thousands): Leases Operating right-of-use assets $ 3,565 Operating lease liabilities, current 2,670 Operating lease liabilities, non-current 11,642 Total operating lease liabilities $ 14,312 Finance right-of-use assets $ 87 Finance lease liabilities, current 43 Finance lease liabilities, non-current 53 Total finance lease liabilities $ 96 Other information Cash paid for amounts included in measurement of operating lease liabilities (in thousands) $ 1,306 Cash paid for amounts included in measurement of finance lease liabilities (in thousands) $ 13 Weighted-average remaining lease term - operating leases (in years) 4.64 Weighted-average remaining lease term - finance lease (in years) 2.30 Weighted-average discount rate - operating leases 9.72 % Weighted-average discount rate - finance lease 11.49 % Lease CVR As of March 31, 2024, $1.3 million was recorded on the Company’s condensed consolidated balance sheet as a lease CVR liability consisting of lease commitments that were probable and estimable at the Closing. The commitments relate to Neoleukin’s sublease agreement, effective October 31, 2023, for one of its properties with an unrelated third party for the remainder of the lease term. The following table summarizes the maturity of the Company’s lease CVR as of March 31, 2024 (in thousands): Maturity of Lease CVR 2024 (remaining) $ 281 2025 598 2026 408 Total lease CVR payments $ 1,287 Intellectual Property CVR In April 2024, the Company entered into a licensing and intellectual property assignment agreement with an unrelated third party to develop and commercialize legacy Neoleukin assets (the “Third Party Licensing Agreement”). The third party will make a one-time upfront payment of approximately $0.75 million to Neurogene less any unused portion of the $50,000 advance previously paid to Neurogene and the third party will reimburse Neurogene $10,000 for patent expenses paid by Neurogene. On April 29, 2024, the Company received the upfront payment of approximately $0.75 million under the Third Party Licensing Agreement. The Third Party Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $11.0 million, as well as royalty payments. Under the CVR Agreement, each CVR holder is eligible to receive 100% of the net proceeds, if any, derived from any consideration paid as a result of the sale of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into before the Closing, and 80% of net proceeds, if any, derived from any consideration paid as a result of the sale of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into within one year after the Closing (the “Intellectual Property CVR”). Since the Third Party Licensing Agreement was entered into within one year after the Closing, the CVR holders are eligible to receive 80% of the net proceeds derived from the Third Party Licensing Agreement. Contingent consideration liabilities related to the CVR Agreement will only be recorded if the liabilities are probable and estimable as of the balance sheet date. The Company has accrued approximately $0.6 million (80% of the upfront payment) as a contingent consideration liability related to the Intellectual Property CVR as the upfront payment was deemed probable and estimable as of March 31, 2024. However, as of March 31, 2024, the development and sales milestones were not deemed probable under the Third Party Licensing Agreement. As of March 31, 2024, the liability in the condensed consolidated balance sheet was $0.3 million, as it was reduced by approximately $0.3 million due to eligible expenses incurred by the Company that offset the liability. All other payments under the Contingent Value Rights Agreement, dated as of December 18, 2023, by and between the Company and the Rights Agent (the “CVR Agreement”) were not considered probable and estimable as of March 31, 2024 and therefore no additional contingent consideration liability has been recorded. The Company will evaluate the probable and estimable range of outcomes under the CVR Agreement at each reporting period until the end of the CVR term and adjust the amounts accrued for as necessary. Employment Agreements The Company has employment and consulting agreements with key personnel providing for compensation and severance in certain circumstances, as defined in the respective employment agreements. Other Research and Development Arrangements As of March 31, 2024, the Company had standing agreements with consultants, contractors or service providers that generally be terminated by the Company with 30 to 60 days written notice, unless otherwise indicated. Litigation and Legal Proceedings The Company is subject to litigation and other claims that arise in the ordinary course of business. While the ultimate result of outstanding legal matters cannot presently be determined, the Company does not expect that the ultimate disposition will have a material effect on its results of financial condition, results of operations or cash flows. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond the Company’s control. As such, there can be no assurance that the final outcome of any particular legal matter will not have a material adverse effect on the Company’s financial condition results of operations or cash flows.

Licenses

Licenses	3 Months Ended
	Mar. 31, 2024
License Agreements [Abstract]
Licenses	Licenses License Agreement with The University of Edinburgh In December 2020, the University Court of the University of Edinburgh (the “University of Edinburgh”) and Neurogene entered into the Master Collaboration Agreement (“MCA”). Under the MCA, Neurogene and the University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”) and Neurogene agreed to provide funding for such Projects for a 40-month initial term, which term was extended in November 2023 for an additional 33 months and may be further extended by mutual agreement. In exchange for such funding, the University of Edinburgh granted Neurogene the option to exclusively license any intellectual property arising from such Projects. If Neurogene exercises an exclusive option for a particular Project, Neurogene will enter into a separate exclusive license agreement on its own terms with the University of Edinburgh. Under the MCA, Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the 40-month period. Either party may terminate the MCA for convenience upon 90 days’ notice. If Neurogene terminates the MCA, it would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. In March 2022, Neurogene exercised its option through the collaboration under the MCA and entered into a License Agreement (the “March 2022 Edinburgh License Agreement”) with University of Edinburgh, pursuant to which Neurogene licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, Neurogene obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the latest of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then ten years from first commercial sale of such Licensed Product in such country. In connection with the license, Neurogene is also obligated to pay the University of Edinburgh up to $5.3 million in regulatory-related milestones and up to $25.0 million in sales-related milestones based on annual net sales of Licensed Products in excess of defined thresholds. The expense recorded by the Company related to the MCA was $0.4 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. License Agreement with Virovek In September 2020, Neurogene entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which Neurogene has a license to use certain patents and know-how on a non-exclusive basis related to Neurogene’s baculovirus (“baculo”) process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculo process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. During the three months ended March 31, 2023, the Company recorded a milestone expense of $0.1 million for the Rett Syndrome Investigational New Drug filing. License Agreement with Sigma-Aldrich Co In January 2023, Neurogene entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which Neurogene has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in Neurogene’s baculo process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, Neurogene is obligated to pay up to $2.5 million in the aggregate for development-related milestones. During the three months ended March 31, 2024 and 2023, the Company recorded a license expense of $0.06 million and $0, respectively. No expenses were recorded related to other in-process license agreements during the three months ended March 31, 2024 and 2023. None will be due under these agreements unless and until certain development milestones are reached.

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity (Deficit)	Stockholders’ Equity (Deficit) Common stock and pre-funded warrants As of March 31, 2024, the Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.000001 per share. The Company has pre-funded warrants outstanding to purchase an aggregate of 4,063,361 shares of common stock as of March 31, 2024. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote the shares underlying the pre-funded warrants on any matter except to the extent required by Delaware law. These warrants were classified as equity. The Company had reserved shares of common stock for future issuance as follows: March 31, December 31, Unvested restricted stock units 482,384 – Options outstanding 1,475,458 823,833 Shares available for future grant under the 2023 Equity Incentive Plan 1,526,632 2,237,722 Total common stock reserved 3,484,474 3,061,555

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands): Three Months Ended 2024 2023 Research and development $ 564 $ 174 General and administrative 481 119 Total expense $ 1,045 $ 293 The following table summarizes the option activity: Number Weighted Weighted average remaining contractual term (years) Outstanding at December 31, 2023 823,833 $ 31.43 5.89 Granted 741,652 $ 34.59 Exercised (37,330) $ 16.89 Expired/Forfeited (52,697) $ 72.62 Outstanding at March 31, 2024 1,475,458 $ 31.03 7.77 Exercisable at March 31, 2024 530,779 $ 30.95 5.15 As of March 31, 2024, the aggregate intrinsic value of outstanding options and exercisable options was approximately $32.2 million and $15.1 million, respectively. The aggregate intrinsic value of options exercised was approximately $0.7 million for the three months ended March 31, 2024. The weighted-average grant date fair value of options granted was $25.97 and $12.99 per share for the three months ended March 31, 2024 and 2023, respectively. The Company recorded stock-based compensation related to stock options of approximately $1.0 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total unrecognized compensation expense related to unvested stock option awards was approximately $18.7 million, which the Company expects to recognize over a weighted-average period of 3.43 years. The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below: Three Months Ended 2024 2023 Expected volatility 86.39%-87.64% 82.96%-83.70% Risk-free interest rate 3.97%-4.32% 3.45%-4.46% Expected life (in years) 5.77-6.08 3.58-6.08 Expected dividend yield — — Fair value of common stock (1) $ 18.39 (1) Prior to the reverse merger, the Company periodically estimated the fair value of the Company’s common stock considering, among other things, valuations of its common stock prepared by management with the assistance of a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . Following the reverse merger, the fair value of the Company’s common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Market. A summary of the Company’s RSU activity and related information for the three months ended March 31, 2024 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2023 — $ — Restricted stock units granted 482,384 $ 36.06 Unvested at March 31, 2024 482,384 $ 36.06 252,124 of these RSUs were granted with vesting in two equal tranches based on certain performance conditions ("PSUs"). Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. During the three months ended March 31, 2024, the related performance conditions were not met and are not currently considered probable to vest. As such, no expense is recognized as of March 31, 2024. The Company recorded stock-based compensation expense related to RSUs of approximately $0.1 million for the three months ended March 31, 2024. As of March 31, 2024, there was approximately $8.2 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.95 years.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From April 1, 2024 until the financial statements were issued, the Company granted 14,415 options to employees, 15,887 options were exercised and 103,407 pre-funded warrants were exercised.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (16,921)	$ (12,263)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), the value attributed to employee stock options and other stock-based awards, and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.
Segment Information	Segment Information Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value.
Concentrations of Credit Risk	Concentrations of Credit Risk
Exit and Disposals Costs	Exit and Disposal Costs In connection with the reverse merger and through early fiscal 2025, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 trial of NL-201. This trial has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the trial’s activities do not provide the Company any future economic benefit. In accordance with ASC 420 Exit or Disposal Costs, the Company accrued the remaining costs to be incurred in the trial. The liability was classified as accrued expenses and other current liabilities in the condensed consolidated balance sheet.
Net Income (Loss) Per Share	Net Loss Per Share Attributable to Common Stockholders For the prior year period in which the Company had multiple classes of stock participating in earnings, the Company used the two-class method in calculating net loss per share. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights. The Company considered its convertible preferred stock to be participating securities as holders would be entitled to participate in dividends and earnings of the Company. As the holders of the convertible preferred stock have no obligation to fund losses, the two-class method is not applicable during periods with a net loss. Basic net loss per share of Class A and Class B common stock was computed by dividing net loss attributable to the Company by the weighted-average number of shares of Class A and Class B common stock outstanding during the period. In periods of losses, diluted net loss per share was computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Following the Company’s reverse merger in December 2023, the Company only has one class of common stock remaining, referred to throughout as “common stock.” Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s condensed consolidated financial statements and related disclosures but does not expect the adoption of ASU 2023-09 to be material.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 150,140 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 150,479 $ 148,718
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 150,140 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 150,479 $ 148,718
Restructuring and Related Costs	A summary of the accrued liabilities activity recorded in connection with the wind-down Neoleukin’s Phase 1 trial of NL-201 for the three months ended March 31, 2024 is as follows (in thousands): Balance at December 31, 2023 Liability Adjustment Amounts Paid Balance at March 31, 2024 Trial wind-down costs: Phase 1 NL-201 Trial $ 1,962 $ (3) $ (319) $ 1,640
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share amounts): Three Months Ended March 31, 2024 2023 Common stock Class A Class B Numerator: Net loss $ (16,921) $ (12,263) $ — Denominator: Weighted-average shares outstanding in computing net loss per share, basic and diluted 16,903,735 433,623 — Net loss per share, basic and diluted $ (1.00) $ (28.28) $ —
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive: Three Months Ended March 31, 2024 2023 Series A-1 convertible preferred stock (1) — 18,604,653 Series A-2 convertible preferred stock (1) — 13,291,208 Series B convertible preferred stock (1) — 74,405,719 Stock options 1,475,458 618,881 Total 1,475,458 106,920,461 (1) The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-Maturity	The following table summarizes the Company’s investment securities as of March 31, 2024 (in thousands): March 31, 2024 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 145,225 $ — $ — $ 145,225 Short-term investments: U.S. treasury notes 19,393 — (1) 19,392 Total $ 164,618 $ — $ (1) $ 164,617 December 31, 2023 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 144,358 $ — $ — $ 144,358 Short-term investments: U.S. treasury notes 48,947 16 — 48,963 Total $ 193,305 $ 16 $ — $ 193,321

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	As of March 31, 2024 and December 31, 2023, financial assets measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets: Money market funds $ 145,225 $ — $ — U.S. treasury notes 19,393 — — Total $ 164,618 $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Money market funds $ 144,358 $ — $ — U.S. treasury notes 48,947 — — Total $ 193,305 $ — $ —

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Prepaid expenses and other assets consist of the following (in thousands): March 31, December 31, Refunds and other receivables $ 589 $ 600 Prepaid expenses 2,765 1,496 Other current assets 1,254 1,095 Total prepaid and other current assets $ 4,608 $ 3,191

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, net consist of the following (in thousands): March 31, December 31, Lab equipment $ 3,115 $ 3,144 Manufacturing equipment 6,262 6,142 Office Equipment 19 19 Leasehold improvements 15,374 15,376 Software 268 268 Construction in progress 229 234 Total property and equipment, cost 25,267 25,183 Less accumulated depreciation (8,792) (8,009) Property and equipment, net $ 16,475 $ 17,174

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Compensation, bonuses and related benefits $ 1,109 $ 3,496 Research and development 4,728 4,895 Accrued severance, bonus, and retention (1) 68 2,476 Accrued offering costs in connection with pre-closing financing — 3,334 Accrued transaction costs related to reverse merger — 2,557 Other 919 737 Total accrued expenses and other current liabilities $ 6,824 $ 17,495 (1) Includes accrued severance, bonus, and retention payments for current and former Neoleukin employees.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	Supplemental lease expense related to leases for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended 2024 2023 Operating lease cost $ 524 $ 259 Finance lease cost Amortization of finance leases 11 6 Interest on finance lease liabilities 3 2 Variable lease cost 331 54 Short-term lease cost 23 23 Total lease cost $ 892 $ 344
Lessee, Operating Lease, Liability, to be Paid, Maturity	The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of March 31, 2024 (in thousands): Maturity of operating lease liabilities 2024 (remaining) $ 2,923 2025 3,987 2026 3,695 2027 3,239 2028 3,294 2029 616 Total lease payments $ 17,754 Less: interest (3,442) Total operating lease liabilities $ 14,312
Finance Lease, Liability, to be Paid, Maturity	Maturity of finance lease liabilities 2024 (remaining) $ 38 2025 50 2026 15 2027 6 Total lease payments $ 109 Less: interest (13) Total finance lease liabilities $ 96
Assets And Liabilities, Lessee	Supplemental balance sheet information related to leases as of March 31, 2024 was as follows (in thousands): Leases Operating right-of-use assets $ 3,565 Operating lease liabilities, current 2,670 Operating lease liabilities, non-current 11,642 Total operating lease liabilities $ 14,312 Finance right-of-use assets $ 87 Finance lease liabilities, current 43 Finance lease liabilities, non-current 53 Total finance lease liabilities $ 96 Other information Cash paid for amounts included in measurement of operating lease liabilities (in thousands) $ 1,306 Cash paid for amounts included in measurement of finance lease liabilities (in thousands) $ 13 Weighted-average remaining lease term - operating leases (in years) 4.64 Weighted-average remaining lease term - finance lease (in years) 2.30 Weighted-average discount rate - operating leases 9.72 % Weighted-average discount rate - finance lease 11.49 %
Contractual Obligation, Fiscal Year Maturity	The following table summarizes the maturity of the Company’s lease CVR as of March 31, 2024 (in thousands): Maturity of Lease CVR 2024 (remaining) $ 281 2025 598 2026 408 Total lease CVR payments $ 1,287

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company had reserved shares of common stock for future issuance as follows: March 31, December 31, Unvested restricted stock units 482,384 – Options outstanding 1,475,458 823,833 Shares available for future grant under the 2023 Equity Incentive Plan 1,526,632 2,237,722 Total common stock reserved 3,484,474 3,061,555

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands): Three Months Ended 2024 2023 Research and development $ 564 $ 174 General and administrative 481 119 Total expense $ 1,045 $ 293
Share-Based Payment Arrangement, Option, Activity	The following table summarizes the option activity: Number Weighted Weighted average remaining contractual term (years) Outstanding at December 31, 2023 823,833 $ 31.43 5.89 Granted 741,652 $ 34.59 Exercised (37,330) $ 16.89 Expired/Forfeited (52,697) $ 72.62 Outstanding at March 31, 2024 1,475,458 $ 31.03 7.77 Exercisable at March 31, 2024 530,779 $ 30.95 5.15
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below: Three Months Ended 2024 2023 Expected volatility 86.39%-87.64% 82.96%-83.70% Risk-free interest rate 3.97%-4.32% 3.45%-4.46% Expected life (in years) 5.77-6.08 3.58-6.08 Expected dividend yield — — Fair value of common stock (1) $ 18.39
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	A summary of the Company’s RSU activity and related information for the three months ended March 31, 2024 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2023 — $ — Restricted stock units granted 482,384 $ 36.06 Unvested at March 31, 2024 482,384 $ 36.06

Organization and Description _2

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	Dec. 18, 2023 USD ($) $ / shares shares	Mar. 31, 2023 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.25
Reverse merger, conversion ratio (in shares)	0.0756	0.0756
Convertible preferred stock, shares issued upon conversion (in shares)	7,231,747
Class of warrant or right, number of securities called by warrants or rights	1,825,635
Pre-closing Financing
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrant or right, number of securities called by warrants or rights	1,811,739
Sale of stock, number of shares issued in transaction (in shares)	2,792,206
Sale of stock, price per share (in dollars per share) | $ / shares	$ 20.63
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 20.63
Sale of stock, consideration received on transaction | $	$ 95
Neoleukin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock, shares converted (in shares)	3,240,888

Risks and Uncertainties (Detail

Risks and Uncertainties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss	$ 16,921	$ 12,263
Cash used in operations	21,650	$ 13,555
Accumulated deficit	204,075		$ 187,154
Cash, cash equivalents and investments	169,500
Sales Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, maximum aggregate offering price	$ 40,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Restricted cash | $	$ 339	$ 508
Cash and cash equivalents, at or above FDIC insurance limits | $	$ 149,900

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 150,140	$ 148,210
Restricted cash	339	508
Total cash, cash equivalents and restricted cash	$ 150,479	$ 148,718	$ 68,544	$ 82,021

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Accrued Liabilities Activity (Details) - Phase 1 NL-201 Trial $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 1,962
Liability Adjustment	(3)
Amounts Paid	(319)
Balance at March 31, 2024	$ 1,640

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss		$ (16,921)	$ (12,263)
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)	[1]	16,903,735
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)	[1]	16,903,735
Net income (loss) per share, basic (in dollars per share)	[1]	$ (1)
Net income (loss) per share, diluted (in dollars per share)	[1]	$ (1)
Class A Common Stock
Numerator:
Net loss			$ (12,263)
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)	[1]		433,623
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)	[1]		433,623
Net income (loss) per share, basic (in dollars per share)	[1]		$ (28.28)
Net income (loss) per share, diluted (in dollars per share)	[1]		$ (28.28)
Class B Common Stock
Numerator:
Net loss			$ 0
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)			0
Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)			0
Net income (loss) per share, basic (in dollars per share)			$ 0
Net income (loss) per share, diluted (in dollars per share)			$ 0
[1]For the three months ended March 31, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three months ended March 31, 2024, net loss per share information is presented for the Company’s common stock.

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Potentially Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 18, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,475,458	106,920,461
Reverse merger, conversion ratio (in shares)		0.0756	0.0756
Series A-1 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	18,604,653
Series A-2 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	13,291,208
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	74,405,719
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,475,458	618,881

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	$ 164,618	$ 193,305
Gross unrealized holding gains	0	16
Gross unrealized holding losses	(1)	0
Estimated fair value	164,617	193,321
Money market funds | Cash equivalents:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	145,225	144,358
Gross unrealized holding gains	0	0
Gross unrealized holding losses	0	0
Estimated fair value	145,225	144,358
U.S. treasury notes | Short-term investments:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	19,393	48,947
Gross unrealized holding gains	0	16
Gross unrealized holding losses	(1)	0
Estimated fair value	$ 19,392	$ 48,963

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
U.S. treasury notes	$ 164,617	$ 193,321
Fair Value, Recurring | Level 1
Assets:
U.S. treasury notes	19,393	48,947
Total	164,618	193,305
Fair Value, Recurring | Level 1 | Money market funds
Assets:
Money market funds	145,225	144,358
Fair Value, Recurring | Level 2
Assets:
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring | Level 2 | Money market funds
Assets:
Money market funds	0	0
Fair Value, Recurring | Level 3
Assets:
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring | Level 3 | Money market funds
Assets:
Money market funds	$ 0	$ 0

Prepaid expenses and other cu_3

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Refunds and other receivables	$ 589	$ 600
Prepaid expenses	2,765	1,496
Other current assets	1,254	1,095
Total prepaid and other current assets	$ 4,608	$ 3,191

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 25,267	$ 25,183
Less accumulated depreciation	(8,792)	(8,009)
Property and equipment, net	16,475	17,174
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	3,115	3,144
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	6,262	6,142
Office Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	19	19
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	15,374	15,376
Software
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	268	268
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 229	$ 234

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 814	$ 812
Impairment losses on idle equipment	$ 100

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation, bonuses and related benefits	$ 1,109	$ 3,496
Research and development	4,728	4,895
Accrued severance, bonus, and retention	68	2,476
Accrued offering costs in connection with pre-closing financing	0	3,334
Accrued transaction costs related to reverse merger	0	2,557
Other	919	737
Total accrued expenses and other current liabilities	$ 6,824	$ 17,495

Commitment and Contingencies -

Commitment and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 524	$ 259
Finance lease cost
Amortization of finance leases	11	6
Interest on finance lease liabilities	3	2
Variable lease cost	331	54
Short-term lease cost	23	23
Total lease cost	$ 892	$ 344

Commitment and Contingencies _2

Commitment and Contingencies - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 2,923
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	616
Total lease payments	17,754
Less: interest	(3,442)
Total operating lease liabilities	$ 14,312

Commitment and Contingencies _3

Commitment and Contingencies - Maturity of Finance Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 38
2025	50
2026	15
2027	6
Total lease payments	109
Less: interest	(13)
Total finance lease liabilities	$ 96

Commitment and Contingencies _4

Commitment and Contingencies - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 3,565	$ 3,681
Operating lease liabilities, current	2,670	2,559
Operating lease liabilities, non-current	11,642	12,302
Total operating lease liabilities	14,312
Finance lease right-of-use assets	87
Finance lease liabilities, current	43	42
Finance lease liabilities, non-current	53	$ 65
Total finance lease liabilities	$ 96

Commitment and Contingencies _5

Commitment and Contingencies - Other Lease Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$ 1,306
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$ 13
Weighted-average remaining lease term - operating leases (in years)	4 years 7 months 20 days
Weighted-average remaining lease term - finance lease (in years)	2 years 3 months 18 days
Weighted-average discount rate - operating leases	9.72%
Weighted-average discount rate - finance lease	11.49%

Commitment and Contingencies _6

Commitment and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Apr. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Contingent consideration liability		$ 1,300
Collaborative arrangement, rights and obligations, upfront payment percentage		0.80
Intellectual property contingent value rights liability		$ 329		$ 0
StradBio | Subsequent Event
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, percentage of net proceed holder is eligible to receive	1
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, percentage	0.80
StradBio | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contingent consideration liability		$ 600
StradBio | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Subsequent Event
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, maximum unused portion	$ 50
Collaborative arrangement, rights and obligations, reimbursement	10
StradBio | License | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Subsequent Event
Other Commitments [Line Items]
Contract with customer, liability	750		$ 750
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product	$ 11,000

Commitment and Contingencies _7

Commitment and Contingencies - Maturity of Lease CVR (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 281
2025	598
2026	408
Total lease CVR payments	$ 1,287

Licenses (Details)

Licenses (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Nov. 30, 2023	Dec. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2023	Mar. 31, 2022	Sep. 30, 2020
University of Edinburgh | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, term		40 months
Research collaboration and license agreement, option to terminate		90 days
University of Edinburgh | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Regulatory-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						$ 5,300
University of Edinburgh | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Sales-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						$ 25,000
University of North Carolina and University of Pennsylvania
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			$ 400	$ 300
University of North Carolina and University of Pennsylvania | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, additional term	33 months
Virovek, Inc License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, expense				100
Virovek, Inc License Agreement | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product							$ 200
Sigma-Aldrich Co
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			$ 60	$ 0
Sigma-Aldrich Co | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product					$ 2,500

Stockholders_ Equity (Deficit_2

Stockholders’ Equity (Deficit) - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares	450,000,000	450,000,000
Common stock, par or stated value per share (in dollars per share) | $ / shares	$ 0.000001	$ 0.000001
Percentage of outstanding stock per stockholder, maximum	0.0999
Percentage of outstanding stock per stockholder, upon notice, maximum	0.1999
Class of warrant or right, notice period	61 days
Pre Funded Warrants
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares) | shares	4,063,361
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 0.000001

Stockholders_ Equity (Deficit_3

Stockholders’ Equity (Deficit) - Reserved Shares for Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,484,474	3,061,555
Unvested restricted stock units
Class of Stock [Line Items]
Total common stock reserved (in shares)	482,384	0
Stock options
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,475,458	823,833
2023 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,526,632	2,237,722

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Intrinsic Value	$ 32,200
Intrinsic Value	15,100
Share-based compensation arrangement by share-based payment award, options, exercised, intrinsic value	$ 700
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)	$ 25.97	$ 12.99
Share-based payment arrangement, expense	$ 1,045	$ 293
Granted (in shares)	482,384
Number of shares common stock holder to receive when restricted stock unit vests (in shares)	1
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,000	$ 300
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 18,700
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 years 5 months 4 days
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 100
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 8,200
Award vesting period	2 years 11 months 12 days
Restricted stock awards | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	252,124

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 1,045	$ 293
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	564	174
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 481	$ 119

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of shares
Beginning balance (in shares)	823,833
Granted (in shares)	741,652
Exercised (in shares)	(37,330)
Expired/Forfeited (in shares)	(52,697)
Ending balance (in shares)	1,475,458	823,833
Exercisable at end of period (in shares)	530,779
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 31.43
Granted (in dollars per share)	34.59
Exercised (in dollars per share)	16.89
Expired/Forfeited (in dollars per share)	72.62
Ending balance (in dollars per share)	31.03	$ 31.43
Exercisable at end of period (in dollars per share)	$ 30.95
Weighted average remaining contractual term (years)
Outstanding (years)	7 years 9 months 7 days	5 years 10 months 20 days
Exercisable (years)	5 years 1 month 24 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	86.39%	82.96%
Expected volatility rate, maximum	87.64%	83.70%
Risk-free interest rate, minimum	3.97%	3.45%
Risk-free interest rate, maximum	4.32%	4.46%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 9 months 7 days	3 years 6 months 29 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 29 days	6 years 29 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%	0%
Fair value of common stock (in dollars per share)		$ 18.39

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Awards (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of shares
Beginning balance (in shares)	0
Granted (in shares)	482,384
Restricted stock awards | Class A Common Stock
Number of shares
Granted (in shares)	252,124
Ending balance (in shares)	482,384
Weighted- average grant date fair value
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	36.06
Ending balance (in dollars per share) | $ / shares	$ 36.06

Subsequent Events (Details)

Subsequent Events (Details) - shares	1 Months Ended	3 Months Ended
	May 10, 2024	Mar. 31, 2024	Dec. 18, 2023
Subsequent Event [Line Items]
Grants in period (in shares)		741,652
Exercised (in shares)		37,330
Number of warrants exercised			1,825,635
Subsequent Event
Subsequent Event [Line Items]
Grants in period (in shares)	14,415
Exercised (in shares)	15,887
Number of warrants exercised	103,407