Neurogene (NGNE) 10-Q 18 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		14,854,725

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 66,633	$ 148,210
Short-term investments	72,360	48,947
Prepaid expenses and other current assets	4,654	3,191
Total current assets	143,647	200,348
Property and equipment, net	16,068	17,174
Operating lease right-of-use assets	3,193	3,681
Finance lease right-of-use assets	84	98
Restricted cash	339	508
Other non-current assets	789	764
Total assets	164,120	222,573
Current liabilities:
Accounts payable	1,684	2,596
Accrued expenses and other current liabilities	10,438	17,495
Operating lease liabilities, current	2,856	2,559
Finance lease liabilities, current	54	42
Contingent value rights liability, current	768	281
Total current liabilities	15,800	22,973
Operating lease liabilities, non-current	10,170	12,302
Finance lease liabilities, non-current	39	65
Contingent value rights liability, non-current	646	1,006
Other liabilities	51	203
Total liabilities	26,706	36,549
Stockholders' equity:
Preferred stock, $0.000001 par value; $50,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.000001 par value; $450,000,000 shares authorized as of September 30, 2024 and December 31, 2023; $13,010,867 and $12,823,665 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	380,198	373,178
Accumulated deficit	(242,784)	(187,154)
Total stockholders' equity	137,414	186,024
Total liabilities and stockholders' equity	$ 164,120	$ 222,573

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	13,010,867	12,823,665
Common stock, shares, outstanding (in shares)	13,010,867	12,823,665

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
Income Statement [Abstract]
Revenue under licensing agreements		$ 0	$ 0	$ 925	$ 0
Operating expenses:
Research and development expenses		16,285	11,606	45,570	32,210
General and administrative expenses		5,895	3,613	16,448	8,640
Total operating expenses		22,180	15,219	62,018	40,850
Loss from operations		(22,180)	(15,219)	(61,093)	(40,850)
Other income (expense):
Interest income		1,842	650	6,197	2,170
Interest expense		(3)	(4)	(10)	(9)
Other income		143	0	430	0
Other expense		(19)	(4)	(1,154)	(11)
Net loss		$ (20,217)	$ (14,577)	$ (55,630)	$ (38,700)
Per share information
Net income (loss) per share, basic (in dollars per share)	[1]	$ (1.19)	$ (32.67)	$ (3.29)	$ (87.66)
Net income (loss) per share, diluted (in dollars per share)	[1]	$ (1.19)	$ (32.67)	$ (3.29)	$ (87.66)
Weighted-average shares of common stock outstanding, basic (in shares)	[1]	16,953,443	446,255	16,932,976	441,498
Weighted-average shares of common stock outstanding, Diluted (in shares)	[1]	16,953,443	446,255	16,932,976	441,498
[1]For the three and nine months ended September 30, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three and nine months ended September 30, 2024, net loss per share information is presented for the Company’s common stock. See Note 1, Reverse Merger and Pre-Closing Financing and Note 3, Net Loss Per Share Attributable to Common Stockholders , for additional information.

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)
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, 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 Sep. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 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]
Net loss	(38,700)				$ (38,700)	$ 0
Ending balance at Sep. 30, 2023	(183,209)						$ 0	$ 0	$ 0	$ 0	6,328	(189,537)
Ending balance (in shares) at Sep. 30, 2023								0	448,644	0
Ending balance (in shares) at Sep. 30, 2023							0
Beginning balance (in shares) at Mar. 31, 2023		18,604,653	13,291,208	74,405,719
Beginning balance at Mar. 31, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance at Jun. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Jun. 30, 2023		18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Mar. 31, 2023							0
Beginning balance (in shares) at Mar. 31, 2023								0	441,866	0
Beginning balance at Mar. 31, 2023	(157,597)						$ 0	$ 0	$ 0	$ 0	5,503	(163,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	384										384
Common stock issued upon exercise of stock options (in shares)									2,751
Common stock issued upon exercise of stock options	20										20
Net loss	(11,860)											(11,860)
Ending balance at Jun. 30, 2023	(169,053)						$ 0	$ 0	$ 0	$ 0	5,907	(174,960)
Ending balance (in shares) at Jun. 30, 2023								0	444,617	0
Ending balance (in shares) at Jun. 30, 2023							0
Ending balance at Sep. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 2023		18,604,653	13,291,208	74,405,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	386										386
Common stock issued upon exercise of stock options (in shares)									4,027
Common stock issued upon exercise of stock options	35										35
Net loss	(14,577)											(14,577)
Ending balance at Sep. 30, 2023	$ (183,209)						$ 0	$ 0	$ 0	$ 0	6,328	(189,537)
Ending balance (in shares) at Sep. 30, 2023								0	448,644	0
Ending balance (in shares) at Sep. 30, 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
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	0	0
Ending balance (in shares) at Mar. 31, 2024							0
Beginning balance (in shares) at Dec. 31, 2023		0	0	0
Beginning balance at Dec. 31, 2023		$ 0	$ 0	$ 0
Ending balance at Sep. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 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]
Common stock issued upon exercise of stock options (in shares)	83,795
Net loss	$ (55,630)
Ending balance at Sep. 30, 2024	$ 137,414						$ 0	$ 0	$ 0	$ 0	380,198	(242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867							13,010,867	0	0
Ending balance (in shares) at Sep. 30, 2024	0						0
Beginning balance (in shares) at Mar. 31, 2024		0	0	0
Beginning balance at Mar. 31, 2024		$ 0	$ 0	$ 0
Ending balance at Jun. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Jun. 30, 2024		0	0	0
Beginning balance (in shares) at Mar. 31, 2024							0
Beginning balance (in shares) at Mar. 31, 2024								12,860,995	0	0
Beginning balance at Mar. 31, 2024	$ 170,777						$ 0	$ 0	$ 0	$ 0	374,852	(204,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,314										2,314
Shares issued upon the exercise of pre-funded warrants (in shares)								103,407
Common stock issued upon exercise of stock options (in shares)								24,806
Common stock issued upon exercise of stock options	415										415
Net loss	(18,492)											(18,492)
Ending balance at Jun. 30, 2024	155,014						$ 0	$ 0	$ 0	$ 0	377,581	(222,567)
Ending balance (in shares) at Jun. 30, 2024								12,989,208	0	0
Ending balance (in shares) at Jun. 30, 2024							0
Ending balance at Sep. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2024		0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,474										2,474
Common stock issued upon exercise of stock options (in shares)								21,659
Common stock issued upon exercise of stock options	143										143
Net loss	(20,217)											(20,217)
Ending balance at Sep. 30, 2024	$ 137,414						$ 0	$ 0	$ 0	$ 0	$ 380,198	$ (242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867							13,010,867	0	0
Ending balance (in shares) at Sep. 30, 2024	0						0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (55,630)	$ (38,700)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,833	1,063
Depreciation and amortization of property and equipment	2,410	2,445
Asset impairment	91	0
Non-cash operating lease expense	548	492
Amortization of finance lease right-of-use assets	39	24
Amortization and accretion of premiums/discounts on held-to-maturity investments	(1,460)	0
Contingent value rights liability	127	0
Changes in assets and liabilities:
Prepaid expenses and other current assets	(1,454)	(870)
Other assets	(25)	0
Accounts payable	339	1,509
Accrued expenses and other liabilities	(2,030)	88
Operating lease liabilities	(1,895)	(501)
Net cash used in operating activities	(53,107)	(34,450)
Investing activities
Purchases of property and equipment	(692)	(193)
Purchases of held-to-maturity investments	(80,203)	0
Proceeds from maturities of held-to-maturity investments	58,250	0
Net cash used in investing activities	(22,645)	(193)
Financing activities
Offering costs in connection with pre-closing financing	(4,287)	(1,961)
Transaction costs related to reverse merger	(2,855)	0
Proceeds from the issuance of common stock upon exercise of options	1,187	167
Principal payments on finance leases	(39)	(21)
Net cash used in financing activities	(5,994)	(1,815)
Net decrease in cash, cash equivalents and restricted cash	(81,746)	(36,458)
Cash, cash equivalents and restricted cash at beginning of period	148,718	82,021
Cash, cash equivalents and restricted cash at end of period	66,972	45,563
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	703	0
Additions to finance lease right of use assets from new finance lease liabilities	25	46
Deferred offering costs in accrued expenses	9	1,095
Supplemental cash flow information:
Cash paid for interest	$ 10	$ 9

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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 TM transgene 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. 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	9 Months Ended
	Sep. 30, 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 and reimbursement, 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 $55.6 million and $38.7 million for the nine months ended September 30, 2024 and 2023, respectively. In addition, the Company used cash in operations of $53.1 million and $34.5 million for the nine months ended September 30, 2024 and 2023, respectively, and had an accumulated deficit of $242.8 million as of September 30, 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 September 30, 2024, the Company had cash, cash equivalents and investments of approximately $139.0 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	9 Months Ended
	Sep. 30, 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 September 30, 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 revenue and 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, revenue recognition, 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 the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. 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): September 30, December 31, Cash and cash equivalents $ 66,633 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 66,972 $ 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 September 30, 2024, the Company had $66.5 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. Revenue Recognition The Company recognizes revenue when its customers obtain control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, (“ASC 606”) the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. In applying the ASC 606 framework, the Company must apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, the Company does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. Milestone and other forms of variable consideration that the Company may earn are subject to significant uncertainties of research and development related achievements, which generally are deemed not probable until such milestones are actually achieved. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Additionally, the Company develops assumptions that require judgment to determine the standalone selling price of each performance obligation identified in the contract. The Company then allocates the total transaction price to each performance obligation based on the estimated standalone selling prices of each performance obligation for which it recognizes revenue as or when the performance obligations are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the variable consideration and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Under the Company’s license agreements, the Company grants the license to a customer as it exists at the point of transfer and the nature of the license is a right to use the Company’s intellectual property as transferred. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. As of September 30, 2024, the Company has two revenue-generating agreements that are related to the legacy Neoleukin business as part of the reverse merger: the December 2023 CVR Licensing Agreement (as defined below) and the April 2024 CVR Licensing Agreement (as defined below). Refer to Note 9, Commitments and Contingencies , for further discussion on the CVR components. Contingent Value Right s In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging , and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies . In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies , for further discussion on the CVRs. 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 of Neoleukin’s Phase 1 trial of NL-201 for the nine months ended September 30, 2024 is as follows (in thousands): Balance at December 31, 2023 Liability Adjustment Amounts Paid Balance at September 30, 2024 Trial wind-down costs: Phase 1 NL-201 Trial $ 1,962 $ (201) $ (999) $ 762 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): Nine Months Ended September 30, 2024 2023 Common stock Class A Class B Numerator: Net loss $ (55,630) $ (38,700) $ — Denominator: Weighted-average shares outstanding in computing net loss per share, basic and diluted 16,932,976 441,498 — Net loss per share, basic and diluted $ (3.29) $ (87.66) $ — The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive: Nine Months Ended September 30, 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 1,384,182 609,656 Total 1,384,182 106,911,236 (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 Accounting Standards Update (“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.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 63,120 $ — $ — $ 63,120 Short-term investments: U.S. treasury notes 72,360 172 — 72,532 Total $ 135,480 $ 172 $ — $ 135,652 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	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of September 30, 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): September 30, 2024 Level 1 Level 2 Level 3 Assets: Money market funds $ 63,120 $ — $ — U.S. treasury notes 72,532 — — Total $ 135,652 $ — $ — 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 September 30, 2024 and December 31, 2023.

Prepaid expenses and other curr

Prepaid expenses and other current assets	9 Months Ended
	Sep. 30, 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): September 30, December 31, Refunds and other receivables $ 672 $ 600 Prepaid expenses 2,382 1,496 Other current assets 1,600 1,095 Total prepaid and other current assets $ 4,654 $ 3,191

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following (in thousands): September 30, December 31, Lab equipment $ 3,244 $ 3,144 Manufacturing equipment 6,326 6,142 Office Equipment 19 19 Leasehold improvements 15,396 15,376 Software 268 268 Construction in progress 1,202 234 Total property and equipment, cost 26,455 25,183 Less accumulated depreciation (10,387) (8,009) Property and equipment, net $ 16,068 $ 17,174 The Company recorded depreciation and amortization expense of $0.8 million for each of the three months ended September 30, 2024 and 2023. The Company recorded depreciation and amortization expense of $2.4 million for each of the nine months ended September 30, 2024 and 2023.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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): September 30, December 31, Compensation, bonuses and related benefits $ 3,432 $ 3,496 Research and development 6,483 4,895 Accrued severance, bonus, and retention (1) — 2,476 Accrued offering costs in connection with pre-closing financing — 3,334 Accrued transaction costs related to reverse merger — 2,557 Other 523 737 Total accrued expenses and other current liabilities $ 10,438 $ 17,495 (1) Includes accrued severance, bonus, and retention payments for former Neoleukin employees.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating lease cost $ 508 $ 259 $ 1,553 $ 777 Finance lease cost Amortization of finance leases 12 10 39 24 Interest on finance lease liabilities 3 3 9 9 Variable lease cost 364 19 978 129 Short-term lease cost 18 21 53 63 Total lease cost $ 905 $ 312 $ 2,632 $ 1,002 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 September 30, 2024 (in thousands): Maturity of operating lease liabilities 2024 (remaining) $ 982 2025 3,987 2026 3,695 2027 3,239 2028 3,294 2029 613 Total lease payments $ 15,810 Less: interest (2,784) Total operating lease liabilities $ 13,026 Maturity of finance lease liabilities 2024 (remaining) $ 15 2025 60 2026 21 2027 6 Total lease payments $ 102 Less: interest (9) Total finance lease liabilities $ 93 Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands): Leases Operating right-of-use assets $ 3,193 Operating lease liabilities, current 2,856 Operating lease liabilities, non-current 10,170 Total operating lease liabilities $ 13,026 Finance right-of-use assets $ 84 Finance lease liabilities, current 54 Finance lease liabilities, non-current 39 Total finance lease liabilities $ 93 Other information Cash paid for amounts included in measurement of operating lease liabilities (in thousands) $ 2,899 Cash paid for amounts included in measurement of finance lease liabilities (in thousands) $ 45 Weighted-average remaining lease term - operating leases (in years) 4.18 Weighted-average remaining lease term - finance lease (in years) 1.87 Weighted-average discount rate - operating leases 9.73 % Weighted-average discount rate - finance lease 11.05 % Lease CVR As of September 30, 2024, approximately $1.2 million was recorded as a component of the contingent value rights liability on the Company’s condensed consolidated balance sheet 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. Intellectual Property CVR 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 disposition 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 disposition of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into within one year after the Closing (the “Intellectual Property CVR”). 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. Refer to the December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement subsections below for further detail on the current agreements related to our Intellectual Property CVR. December 2023 CVR Licensing Agreement Prior to the Closing, Neoleukin entered into a licensing agreement on December 13, 2023 with an unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “December 2023 CVR Licensing Agreement”). In June 2024, an upfront payment of $0.2 million was received by the Company. Since the December 2023 CVR Licensing Agreement was entered into before the Closing, the CVR holders are eligible to receive 100% of the net proceeds derived from the December 2023 CVR Licensing Agreement. Accordingly, an upfront payment of $0.2 million was recorded as licensing revenue within the condensed consolidated statements of operations. The December 2023 CVR Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $13.4 million, as well as royalty payments. However, as of September 30, 2024, no other development and sales milestones were achieved nor deemed probable of achievement under the December 2023 CVR Licensing Agreement. April 2024 CVR Licensing Agreement In April 2024, the Company entered into a licensing and intellectual property assignment agreement with another unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “April 2024 CVR Licensing Agreement”). In April 2024, the Company received a one-time upfront payment of approximately $0.8 million and reimbursement of $10,000 for patent expenses under the April 2024 CVR Licensing Agreement. Since the April 2024 CVR 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 April 2024 CVR Licensing Agreement. Accordingly, the Company has recorded $0.8 million as licensing revenue within the condensed consolidated statements of operations. The April 2024 CVR Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $11.0 million, as well as royalty payments. However, as of September 30, 2024, no other development and sales milestones were achieved nor deemed probable of achievement under the April 2024 CVR Licensing Agreement. The December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement collectively account for the total Intellectual Property CVR. The total amount of $0.9 million due under the Intellectual Property CVR was offset by approximately $0.4 million due to deductions permitted under the Merger Agreement and $0.5 million from the first CVR payment discussed below. As of September 30, 2024, $0.1 million is recorded within contingent value rights liability as an offset arising from the Intellectual Property CVR on the Company's condensed consolidated balance sheet, which can only be applied against licensing revenues from the December 2023 Licensing Agreement or the April 2024 CVR Licensing Agreement. Sales Tax CVR Prior to the Closing, Neoleukin entered into an agreement with an unrelated third party for refund analysis services of Washington state sales tax. As discussed and defined within the Contingent Value Right s section of Note 3, Summary of Significant Accounting Policies , the terms of the CVR Agreement include that CVR holders are eligible to receive net proceeds derived from an anticipated sales tax refund from Washington state relating to tax returns filed by Neoleukin prior to Closing. As of September 30, 2024, it was deemed probable that the Company will receive proceeds from Washington state for the sales tax refund and will remit the proceeds to the CVR holders. As of September 30, 2024, $0.3 million is accrued as a component of the contingent value rights liability arising from the Sales Tax CVR in the condensed consolidated balance sheet. CVR Payment In August 2024, the Company made the first CVR payment to CVR holders, net of expenses, for $0.6 million. $0.5 million was applied to the Intellectual Property CVR and $0.1 million was applied to the Lease CVR, reducing the respective liabilities. The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Current Non-Current Current Non-Current Lease CVR $ 436 $ 717 $ 281 $ 1,006 Intellectual Property CVR, net — (71) — — Sales Tax CVR 332 — — — Total CVR liability $ 768 $ 646 $ 281 $ 1,006 As per the CVR Agreement, the total amount owed to CVR holders, after deductions permitted under the Merger Agreement, must be at least $0.5 million to trigger a CVR payment prior to the end of the CVR term. All other payments under the CVR Agreement were not considered probable and estimable as of September 30, 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 September 30, 2024, the Company had standing agreements with consultants, contractors or service providers that generally can 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	9 Months Ended
	Sep. 30, 2024
License Agreements [Abstract]
Licenses	Licenses License Agreement with The University of North Carolina In May 2019, Neurogene entered into an Exclusive License Agreement with the University of North Carolina at Chapel Hill (“UNC”) to obtain an exclusive, worldwide, royalty bearing license, with the right to grant sublicenses under certain patents to make, use, or sell products covered by such patents for prevention or treatment of disease or medical or genetic conditions, including CLN5 Batten disease or other diseases from dysfunction of the CLN5 gene. The Company is obligated to pay UNC up to $1.7 million in sales-related milestones for licensed products based on annual sales of the licensed product in excess of defined thresholds and low single-digit percentage royalties on net sales of licensed product for as long as there is a valid patent claim under the patent rights. Neurogene is also required to reimburse any patent expenses, as well as pay a nonrefundable annual maintenance fee which, when royalties become due and payable, will be creditable against such royalties. During the year ended December 31, 2021, the FDA granted Orphan Drug Designation for CLN5 and the Company made a milestone payment of $15,000 to UNC. During the year ended December 31, 2022, the Company dosed its first patient in a Phase 1 CLN5 study and made a milestone payment of $30,000 to UNC. The annual license fee was $4,000 for each of the nine months ended September 30, 2024 and 2023. In November 2024, the Company announced that it does not expect to move forward with the NGN-101 CLN5 Batten disease gene therapy program at this time due to the FDA’s denial for the Company’s RMAT application. The Company is currently evaluating options for the program. 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. During the nine months ended September 30, 2023, the Company expensed $0.3 million for a milestone related to the first patient dosing in the Phase 1/2 trial for Rett syndrome. For the nine months ended September 30, 2024 and 2023, the expense recorded by the Company related to the MCA was $1.1 million and $0.9 million, 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 nine months ended September 30, 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. The Company recorded a license expense of $60,000 for each of the nine months ended September 30, 2024 and 2023. No expenses were recorded related to other in-process license agreements during the nine months ended September 30, 2024 and 2023. None will be due under these agreements unless and until certain development milestones are reached. License Agreement with Stanford

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity (Deficit)	Stockholders’ Equity (Deficit) Common stock and pre-funded warrants As of September 30, 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 3,959,954 shares of common stock as of September 30, 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 a holder if, after giving effect thereto, such holder 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. During the nine months ended September 30, 2024, 103,407 shares of common stock were issued upon the exercise of pre-funded warrants. Proceeds of the exercise to the Company were immaterial. The Company had reserved shares of common stock for future issuance as follows: September 30, December 31, Unvested restricted stock units 477,613 – Options outstanding 1,384,182 823,833 Shares available for future grant under the 2023 Equity Incentive Plan 1,468,403 2,237,722 Total common stock reserved 3,330,198 3,061,555

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Research and development $ 1,272 $ 242 $ 3,212 $ 657 General and administrative 1,202 144 2,621 406 Total expense $ 2,474 $ 386 $ 5,833 $ 1,063 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 849,012 $ 35.31 Exercised * (83,795) $ 17.63 Expired/Forfeited (204,868) $ 74.86 Outstanding at September 30, 2024 1,384,182 $ 28.22 8.09 Exercisable at September 30, 2024 461,339 $ 18.34 6.02 * 14,582 options were exercised on September 30, 2024 and the cash for the option exercise was received on October 1, 2024. Accordingly, a receivable of approximately $0.3 million was recorded as a reduction in additional paid-in-capital as of September 30, 2024 in the condensed consolidated balance sheet. As of September 30, 2024, the aggregate intrinsic value of outstanding options and exercisable options was approximately $20.0 million and $11.8 million, respectively. The aggregate intrinsic value of options exercised was approximately $1.4 million for the nine months ended September 30, 2024. The weighted-average grant date fair value of options granted was $26.52 and $12.99 per share for the nine months ended September 30, 2024 and 2023, respectively. The Company recorded stock-based compensation related to stock options of approximately $1.8 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $4.3 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total unrecognized compensation expense related to unvested stock option awards was approximately $19.9 million, which the Company expects to recognize over a weighted-average period of 3.08 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 Nine Months Ended 2024 2023 2024 2023 Expected volatility 90.85%-92.31% —%-—% 86.39%-92.31% 82.96%-83.70% Risk-free interest rate 3.43%-4.40% —%-—% 3.43%-4.60% 3.45% - 4.46% Expected life (in years) 5.95-6.12 0.00-0.00 5.50-6.15 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 nine months ended September 30, 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 Restricted stock units forfeited (4,771) $ 36.06 Unvested at September 30, 2024 477,613 $ 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 nine months ended September 30, 2024, the related performance conditions were not met and are not currently considered probable to vest. As such, no expense is recognized as of September 30, 2024. The Company recorded stock-based compensation expense related to RSUs of approximately $0.7 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, there was approximately $6.6 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.44 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From October 1, 2024 until the financial statements were issued, the Company granted 34,695 options to employees and 8,858 options were exercised. 2024 private placement On November 5, 2024, the Company closed a private investment in public equity financing in which the Company sold 1,835,000 shares of common stock at a purchase price of $50.00 per share and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 2,165,042 shares of common stock, at a purchase price of $49.999 per pre-funded warrant, to certain institutional accredited investors. The pre-funded warrants are immediately exercisable until exercised in full at a price of $0.001 per share of common stock. The aggregate gross proceeds to the Company are approximately $200.0 million. Net proceeds, after deducting commissions and other offering expenses, are expected to total approximately $189.5 million.

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 loss	$ (20,217)	$ (18,492)	$ (16,921)	$ (14,577)	$ (11,860)	$ (12,263)	$ (55,630)	$ (38,700)

Insider Trading Arrangements

Insider Trading Arrangements	3 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

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 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 revenue and 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, revenue recognition, 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 the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. 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
Revenue Recognition	Revenue Recognition The Company recognizes revenue when its customers obtain control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, (“ASC 606”) the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. In applying the ASC 606 framework, the Company must apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, the Company does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. Milestone and other forms of variable consideration that the Company may earn are subject to significant uncertainties of research and development related achievements, which generally are deemed not probable until such milestones are actually achieved. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Additionally, the Company develops assumptions that require judgment to determine the standalone selling price of each performance obligation identified in the contract. The Company then allocates the total transaction price to each performance obligation based on the estimated standalone selling prices of each performance obligation for which it recognizes revenue as or when the performance obligations are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the variable consideration and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Under the Company’s license agreements, the Company grants the license to a customer as it exists at the point of transfer and the nature of the license is a right to use the Company’s intellectual property as transferred. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. As of September 30, 2024, the Company has two revenue-generating agreements that are related to the legacy Neoleukin business as part of the reverse merger: the December 2023 CVR Licensing Agreement (as defined below) and the April 2024 CVR Licensing Agreement (as defined below). Refer to Note 9, Commitments and Contingencies , for further discussion on the CVR components.
Contingent Value Rights	Contingent Value Right s In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging , and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies . In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies , for further discussion on the CVRs.
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 Accounting Standards Update (“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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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): September 30, December 31, Cash and cash equivalents $ 66,633 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 66,972 $ 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): September 30, December 31, Cash and cash equivalents $ 66,633 $ 148,210 Restricted cash 339 508 Total cash, cash equivalents and restricted cash $ 66,972 $ 148,718
Restructuring and Related Costs	A summary of the accrued liabilities activity recorded in connection with the wind-down of Neoleukin’s Phase 1 trial of NL-201 for the nine months ended September 30, 2024 is as follows (in thousands): Balance at December 31, 2023 Liability Adjustment Amounts Paid Balance at September 30, 2024 Trial wind-down costs: Phase 1 NL-201 Trial $ 1,962 $ (201) $ (999) $ 762
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): Nine Months Ended September 30, 2024 2023 Common stock Class A Class B Numerator: Net loss $ (55,630) $ (38,700) $ — Denominator: Weighted-average shares outstanding in computing net loss per share, basic and diluted 16,932,976 441,498 — Net loss per share, basic and diluted $ (3.29) $ (87.66) $ —
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: Nine Months Ended September 30, 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 1,384,182 609,656 Total 1,384,182 106,911,236 (1) The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-Maturity	The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Amortized cost, as adjusted Gross Gross Estimated fair Cash equivalents: Money market funds $ 63,120 $ — $ — $ 63,120 Short-term investments: U.S. treasury notes 72,360 172 — 72,532 Total $ 135,480 $ 172 $ — $ 135,652 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)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	As of September 30, 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): September 30, 2024 Level 1 Level 2 Level 3 Assets: Money market funds $ 63,120 $ — $ — U.S. treasury notes 72,532 — — Total $ 135,652 $ — $ — 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)	9 Months Ended
	Sep. 30, 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): September 30, December 31, Refunds and other receivables $ 672 $ 600 Prepaid expenses 2,382 1,496 Other current assets 1,600 1,095 Total prepaid and other current assets $ 4,654 $ 3,191

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, net consist of the following (in thousands): September 30, December 31, Lab equipment $ 3,244 $ 3,144 Manufacturing equipment 6,326 6,142 Office Equipment 19 19 Leasehold improvements 15,396 15,376 Software 268 268 Construction in progress 1,202 234 Total property and equipment, cost 26,455 25,183 Less accumulated depreciation (10,387) (8,009) Property and equipment, net $ 16,068 $ 17,174

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, Compensation, bonuses and related benefits $ 3,432 $ 3,496 Research and development 6,483 4,895 Accrued severance, bonus, and retention (1) — 2,476 Accrued offering costs in connection with pre-closing financing — 3,334 Accrued transaction costs related to reverse merger — 2,557 Other 523 737 Total accrued expenses and other current liabilities $ 10,438 $ 17,495 (1) Includes accrued severance, bonus, and retention payments for former Neoleukin employees.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	Supplemental lease expense related to leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating lease cost $ 508 $ 259 $ 1,553 $ 777 Finance lease cost Amortization of finance leases 12 10 39 24 Interest on finance lease liabilities 3 3 9 9 Variable lease cost 364 19 978 129 Short-term lease cost 18 21 53 63 Total lease cost $ 905 $ 312 $ 2,632 $ 1,002
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 September 30, 2024 (in thousands): Maturity of operating lease liabilities 2024 (remaining) $ 982 2025 3,987 2026 3,695 2027 3,239 2028 3,294 2029 613 Total lease payments $ 15,810 Less: interest (2,784) Total operating lease liabilities $ 13,026
Finance Lease, Liability, to be Paid, Maturity	Maturity of finance lease liabilities 2024 (remaining) $ 15 2025 60 2026 21 2027 6 Total lease payments $ 102 Less: interest (9) Total finance lease liabilities $ 93
Assets And Liabilities, Lessee	Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands): Leases Operating right-of-use assets $ 3,193 Operating lease liabilities, current 2,856 Operating lease liabilities, non-current 10,170 Total operating lease liabilities $ 13,026 Finance right-of-use assets $ 84 Finance lease liabilities, current 54 Finance lease liabilities, non-current 39 Total finance lease liabilities $ 93 Other information Cash paid for amounts included in measurement of operating lease liabilities (in thousands) $ 2,899 Cash paid for amounts included in measurement of finance lease liabilities (in thousands) $ 45 Weighted-average remaining lease term - operating leases (in years) 4.18 Weighted-average remaining lease term - finance lease (in years) 1.87 Weighted-average discount rate - operating leases 9.73 % Weighted-average discount rate - finance lease 11.05 %
Asset Acquisition, Contingent Consideration	The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Current Non-Current Current Non-Current Lease CVR $ 436 $ 717 $ 281 $ 1,006 Intellectual Property CVR, net — (71) — — Sales Tax CVR 332 — — — Total CVR liability $ 768 $ 646 $ 281 $ 1,006

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company had reserved shares of common stock for future issuance as follows: September 30, December 31, Unvested restricted stock units 477,613 – Options outstanding 1,384,182 823,833 Shares available for future grant under the 2023 Equity Incentive Plan 1,468,403 2,237,722 Total common stock reserved 3,330,198 3,061,555

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Research and development $ 1,272 $ 242 $ 3,212 $ 657 General and administrative 1,202 144 2,621 406 Total expense $ 2,474 $ 386 $ 5,833 $ 1,063
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 849,012 $ 35.31 Exercised * (83,795) $ 17.63 Expired/Forfeited (204,868) $ 74.86 Outstanding at September 30, 2024 1,384,182 $ 28.22 8.09 Exercisable at September 30, 2024 461,339 $ 18.34 6.02
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 Nine Months Ended 2024 2023 2024 2023 Expected volatility 90.85%-92.31% —%-—% 86.39%-92.31% 82.96%-83.70% Risk-free interest rate 3.43%-4.40% —%-—% 3.43%-4.60% 3.45% - 4.46% Expected life (in years) 5.95-6.12 0.00-0.00 5.50-6.15 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.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	A summary of the Company’s RSU activity and related information for the nine months ended September 30, 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 Restricted stock units forfeited (4,771) $ 36.06 Unvested at September 30, 2024 477,613 $ 36.06

Organization and Description _2

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	Dec. 18, 2023 USD ($) $ / shares shares	Sep. 30, 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 (in shares)	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 (in shares)	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						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	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss	$ 20,217	$ 18,492	$ 16,921	$ 14,577	$ 11,860	$ 12,263	$ 55,630	$ 38,700
Cash used in operations							53,107	$ 34,450
Accumulated deficit	242,784						242,784		$ 187,154
Cash, cash equivalents and investments	139,000						139,000
Sales Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, maximum aggregate offering price	$ 40,000						$ 40,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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 | $	$ 66,500

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 66,633	$ 148,210
Restricted cash	339	508
Total cash, cash equivalents and restricted cash	$ 66,972	$ 148,718	$ 45,563	$ 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	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 1,962
Liability Adjustment	(201)
Amounts Paid	(999)
Balance at September 30, 2024	$ 762

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Earnings per Share (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
Numerator:
Net loss		$ (20,217)	$ (18,492)	$ (16,921)	$ (14,577)	$ (11,860)	$ (12,263)	$ (55,630)	$ (38,700)
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic (in shares)	[1]	16,953,443			446,255			16,932,976	441,498
Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)	[1]	16,953,443			446,255			16,932,976	441,498
Net loss per share, basic (in dollars per share)	[1]	$ (1.19)			$ (32.67)			$ (3.29)	$ (87.66)
Net loss per share, Diluted (in dollars per share)	[1]	$ (1.19)			$ (32.67)			$ (3.29)	$ (87.66)
Class A Common Stock
Numerator:
Net loss									$ (38,700)
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic (in shares)									441,498
Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)									441,498
Net loss per share, basic (in dollars per share)									$ (87.66)
Net loss per share, Diluted (in dollars per share)									$ (87.66)
Class B Common Stock
Numerator:
Net loss									$ 0
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic (in shares)									0
Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)									0
Net loss per share, basic (in dollars per share)									$ 0
Net loss per share, Diluted (in dollars per share)									$ 0
[1]For the three and nine months ended September 30, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three and nine months ended September 30, 2024, net loss per share information is presented for the Company’s common stock. See Note 1, Reverse Merger and Pre-Closing Financing and Note 3, Net Loss Per Share Attributable to Common Stockholders , for additional information.

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Potentially Antidilutive Securities (Details) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 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)	1,384,182	106,911,236
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)	1,384,182	609,656

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	$ 135,480	$ 193,305
Gross unrealized holding gains	172	16
Gross unrealized holding losses	0	0
Estimated fair value	135,652	193,321
Money market funds | Cash equivalents:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	63,120	144,358
Gross unrealized holding gains	0	0
Gross unrealized holding losses	0	0
Estimated fair value	63,120	144,358
U.S. treasury notes | Short-term investments:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	72,360	48,947
Gross unrealized holding gains	172	16
Gross unrealized holding losses	0	0
Estimated fair value	$ 72,532	$ 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	Sep. 30, 2024	Dec. 31, 2023
Assets:
U.S. treasury notes	$ 135,652	$ 193,321
Fair Value, Recurring | Level 1
Assets:
U.S. treasury notes	72,532	48,947
Total	135,652	193,305
Fair Value, Recurring | Level 1 | Money market funds
Assets:
Money market funds	63,120	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	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Refunds and other receivables	$ 672	$ 600
Prepaid expenses	2,382	1,496
Other current assets	1,600	1,095
Total prepaid and other current assets	$ 4,654	$ 3,191

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 26,455	$ 25,183
Less accumulated depreciation	(10,387)	(8,009)
Property and equipment, net	16,068	17,174
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	3,244	3,144
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	6,326	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	15,396	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	$ 1,202	$ 234

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 800	$ 800	$ 2,410	$ 2,445
Impairment losses on idle equipment			$ 100

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation, bonuses and related benefits	$ 3,432	$ 3,496
Research and development	6,483	4,895
Accrued severance, bonus, and retention	0	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	523	737
Total accrued expenses and other current liabilities	$ 10,438	$ 17,495

Commitment and Contingencies -

Commitment and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 508	$ 259	$ 1,553	$ 777
Finance lease cost
Amortization of finance leases	12	10	39	24
Interest on finance lease liabilities	3	3	9	9
Variable lease cost	364	19	978	129
Short-term lease cost	18	21	53	63
Total lease cost	$ 905	$ 312	$ 2,632	$ 1,002

Commitment and Contingencies _2

Commitment and Contingencies - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 982
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	613
Total lease payments	15,810
Less: interest	(2,784)
Total operating lease liabilities	$ 13,026

Commitment and Contingencies _3

Commitment and Contingencies - Maturity of Finance Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 15
2025	60
2026	21
2027	6
Total lease payments	102
Less: interest	(9)
Total finance lease liabilities	$ 93

Commitment and Contingencies _4

Commitment and Contingencies - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 3,193	$ 3,681
Operating lease liabilities, current	2,856	2,559
Operating lease liabilities, non-current	10,170	12,302
Total operating lease liabilities	13,026
Finance right-of-use assets	84
Finance lease liabilities, current	54	42
Finance lease liabilities, non-current	39	$ 65
Total finance lease liabilities	$ 93

Commitment and Contingencies _5

Commitment and Contingencies - Other Lease Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$ 2,899
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$ 45
Weighted-average remaining lease term - operating leases (in years)	4 years 2 months 4 days
Weighted-average remaining lease term - finance lease (in years)	1 year 10 months 13 days
Weighted-average discount rate - operating leases	9.73%
Weighted-average discount rate - finance lease	11.05%

Commitment and Contingencies _6

Commitment and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Contingent consideration liability			$ 1,200
Intellectual property total amount			900
Intellectual property contingent value rights liability, current, deductions			400
Intellectual property contingent value rights liability, current			(100)
Contingent value rights liability, current			768		$ 281
Asset acquisition, contingent consideration, cash payment	$ 600
Asset acquisition, contingent consideration, covenant, minimum amount owed, net of deductions			$ 500
Intellectual Property CVR, net
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment	500
Lease CVR
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment	$ 100
December 2023 CVR Licensing Agreement | License | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability				$ 200
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product					$ 13,400
April 2024 CVR Licensing Agreement
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, maximum percentage		1
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, percentage		0.80
April 2024 CVR Licensing Agreement | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, reimbursement		$ 10
April 2024 CVR Licensing Agreement | License | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability		800
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product		$ 11,000

Commitment and Contingencies _7

Commitment and Contingencies - Contingent Value Rights Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Contingent value rights liability, current	$ 768	$ 281
Contingent value rights liability, non-current	646	1,006
Lease CVR
Other Commitments [Line Items]
Contingent value rights liability, current	436	281
Contingent value rights liability, non-current	717	1,006
Intellectual Property CVR, net
Other Commitments [Line Items]
Contingent value rights liability, current	0	0
Contingent value rights liability, non-current	(71)	0
Sales Tax CVR
Other Commitments [Line Items]
Contingent value rights liability, current	332	0
Contingent value rights liability, non-current	$ 0	$ 0

Licenses (Details)

Licenses (Details) - USD ($) $ in Thousands

1 Months Ended

9 Months Ended

Aug. 06, 2024

Aug. 09, 2024

Nov. 30, 2023

Dec. 31, 2020

Sep. 30, 2024

Sep. 30, 2023

Jan. 31, 2023

Dec. 31, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2020

May 31, 2019

University of North Carolina | 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

$ 30

$ 15

$ 1,700

Annual license maintenance fee

$ 4

$ 4

University of North Carolina and University of Pennsylvania

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Annual license maintenance fee

1,100

900

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

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

Collaborative arrangement, rights and obligations, expense

300

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

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

Stanford License Agreement | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Annual license maintenance fee

$ 500

$ 50

Term of agreement

10 years

Stockholders_ Equity (Deficit_2

Stockholders’ Equity (Deficit) - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in 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)	3,959,954
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 0.000001
Shares issued upon the exercise of pre-funded warrants (in shares)	103,407

Stockholders_ Equity (Deficit_3

Stockholders’ Equity (Deficit) - Reserved Shares for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,330,198	3,061,555
Unvested restricted stock units
Class of Stock [Line Items]
Total common stock reserved (in shares)	477,613	0
Options outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,384,182	823,833
2023 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,468,403	2,237,722

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 2,474	$ 386	$ 5,833	$ 1,063
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	1,272	242	3,212	657
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 1,202	$ 144	$ 2,621	$ 406

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Option Activity (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Number of shares
Beginning balance (in shares) | shares	823,833
Granted (in shares) | shares	849,012
Exercised (in shares) | shares	(83,795)
Expired/Forfeited (in shares) | shares	(204,868)
Ending balance (in shares) | shares	1,384,182	823,833
Exercisable at end of period (in shares) | shares	461,339
Weighted average exercise price per share
Beginning balance (in dollars per share) | $ / shares	$ 31.43
Granted (in dollars per share) | $ / shares	35.31
Exercised (in dollars per share) | $ / shares	17.63
Expired/Forfeited (in dollars per share) | $ / shares	74.86
Ending balance (in dollars per share) | $ / shares	28.22	$ 31.43
Exercisable at end of period (in dollars per share) | $ / shares	$ 18.34
Weighted average remaining contractual term (years)
Outstanding (years)	8 years 1 month 2 days	5 years 10 months 20 days
Exercisable (years)	6 years 7 days

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) tranche shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) tranche $ / shares shares	Sep. 30, 2023 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options (in shares) | shares							83,795
Common stock issued upon exercise of stock options	$ 143	$ 415	$ 629	$ 35	$ 20	$ 112
Intrinsic Value	20,000						$ 20,000
Intrinsic Value	11,800						11,800
Share-based compensation arrangement by share-based payment award, options, exercised, intrinsic value	1,400						$ 1,400
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares							$ 26.52	$ 12.99
Share-based payment arrangement, expense	$ 2,474			386			$ 5,833	$ 1,063
Granted (in shares) | shares							482,384
Number of shares common stock holder to receive when restricted stock unit vests (in shares) | shares	1						1
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options (in shares) | shares							14,582
Common stock issued upon exercise of stock options							$ 300
Share-based payment arrangement, expense	$ 1,800			$ 400			4,300	$ 1,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 19,900						$ 19,900
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition							3 years 29 days
Performance Based RSUs | Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) | shares							252,124
Share-based payment arrangement, number of tranches | tranche	2						2
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 700						$ 1,500
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 6,600						$ 6,600
Award vesting period							2 years 5 months 8 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Weighted Average Assumptions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	90.85%	0%	86.39%	82.96%
Expected volatility rate, maximum	92.31%	0%	92.31%	83.70%
Risk-free interest rate, minimum	3.43%	0%	3.43%	3.45%
Risk-free interest rate, maximum	4.40%	0%	4.60%	4.46%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 11 months 12 days	0 years	5 years 6 months	3 years 6 months 29 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 1 month 13 days	0 years	6 years 1 month 24 days	6 years 29 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%	0%	0%	0%
Fair value of common stock (in dollars per share)		$ 18.39		$ 18.39

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Awards (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	482,384
Forfeited (in shares) | shares	(4,771)
Weighted- average grant date fair value
Forfeited (in dollars per share) | $ / shares	$ 36.06
Restricted stock awards | Class A Common Stock
Number of shares
Ending balance (in shares) | shares	477,613
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) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Nov. 05, 2024	Nov. 13, 2024	Sep. 30, 2024	Dec. 18, 2023
Subsequent Event [Line Items]
Granted (in shares)			849,012
Common stock issued upon exercise of stock options (in shares)			83,795
Class of warrant or right, number of securities called by warrants or rights (in shares)				1,825,635
Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)		34,695
Common stock issued upon exercise of stock options (in shares)		8,858
Sale of stock, consideration received on transaction	$ 189,500
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,835,000
Sale of stock, price per share (in dollars per share)	$ 50
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,165,042
Class of warrant or right, purchase price of warrants or rights	$ 49.999
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.001
Sale of stock, consideration received on transaction, gross	$ 200,000