Tempest Therapeutics (TPST) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35890
Entity Registrant Name	Tempest Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-1472564
Entity Address, Address Line One	2000 Sierra Point Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	(415)
Local Phone Number	798-8589
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
Entity Common Stock, Shares Outstanding		22,217,265
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001544227
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TPST
Security Exchange Name	NASDAQ
Series A Junior Participating Preferred Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Series A Junior Participating Preferred Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 32,326	$ 39,230
Prepaid expenses and other current assets	1,171	1,133
Total current assets	33,497	40,363
Property and equipment-net	920	840
Operating lease right-of-use assets	9,513	9,952
Other noncurrent assets	448	448
Total assets	44,378	51,603
Current liabilities:
Accounts payable	1,051	845
Accrued expenses	1,524	1,673
Current loan payable (net of discount and issuance costs of $139 and $112, respectively)	6,458	4,285
Current operating lease liabilities	858	952
Accrued compensation	690	1,543
Interest payable	110	113
Total current liabilities	10,691	9,411
Loan payable (net of discount and issuance costs of $454 and $756, respectively)	4,140	6,264
Noncurrent operating lease obligations	8,915	9,160
Total liabilities	23,746	24,835
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 22,217,265 and 22,045,255 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	22	22
Additional paid-in capital	193,777	192,009
Accumulated deficit	(173,167)	(165,263)
Total stockholders’ equity	20,632	26,768
Total liabilities and stockholders’ equity	$ 44,378	$ 51,603

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Net of discount and issuance costs, Current	$ 139	$ 112
Net of discount and issuance costs	$ 89	$ 164
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	22,217,265	22,045,255
Common stock, shares outstanding	22,217,265	22,045,255

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 4,340	$ 4,678
General and administrative	3,634	2,903
Loss from operations	(7,974)	(7,581)
Other income (expense), net:
Interest expense	(368)	(344)
Interest income and other income (expense), net	438	289
Total other income (expense), net	70	(55)
Provision for income taxes	0	0
Net loss	$ (7,904)	$ (7,636)
Net loss per share of common stock, RSUs and pre-funded warrants, basic	$ (0.36)	$ (0.55)
Net loss per share of common stock, RSUs and pre-funded warrants, diluted	$ (0.36)	$ (0.55)
Weighted-average shares of common stock and pre-funded warrants outstanding, basic	22,234,225	13,763,173
Weighted-average shares of common stock and pre-funded warrants outstanding, diluted	22,234,225	13,763,173

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Deficit Accumulated
Beginning balance (in shares) at Dec. 31, 2022		10,518,539
Beginning balance at Dec. 31, 2022	$ 18,111	$ 11	$ 153,872	$ (135,772)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for cash (in shares)		43,161
Issuance of common stock for cash	44		44
Stock-based compensation	446		446
Net Income (Loss)	(7,636)			(7,636)
Ending balance (in shares) at Mar. 31, 2023		10,561,700
Ending balance at Mar. 31, 2023	10,965	$ 11	154,362	(143,408)
Beginning balance (in shares) at Dec. 31, 2023		22,045,255
Beginning balance at Dec. 31, 2023	26,768	$ 22	192,009	(165,263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in Connection with at the market offering (net of issuance costs of $8), shares		56,288
Issuance of common stock in Connection with at the market offering (net of issuance costs of $8)	253		253
Issuance of common stock under equity plan awards (in shares)		115,722
Issuance of common stock under equity plan award	197		197
Stock-based compensation	1,318		1,318
Net Income (Loss)	(7,904)			(7,904)
Ending balance (in shares) at Mar. 31, 2024		22,217,265
Ending balance at Mar. 31, 2024	$ 20,632	$ 22	$ 193,777	$ (173,167)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (7,904)	$ (7,636)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	88	125
Stock-based compensation expense	1,318	446
Non-cash lease expense	439	432
Non-cash interest and other expense, net	48	53
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(38)	(28)
Accounts payable	206	12
Accrued expenses and other liabilities	(1,001)	(1,214)
Interest payable	(3)	7
Operating lease liabilities	(339)	(500)
Cash used in operating activities	(7,186)	(8,303)
Investing activities:
Purchase of property and equipment	(168)	(46)
Cash used in investing activities	(168)	(46)
Financing activities:
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs	253	44
Proceeds from the issuance of common stock under equity plan awards	197	0
Cash provided by financing activities	450	44
Net decrease in cash, cash equivalents and restricted cash	(6,904)	(8,305)
Cash, cash equivalents and restricted cash at beginning of period	39,673	31,598
Cash, cash equivalents and restricted cash at end of period	32,769	23,293
Supplemental disclosure of cash flow information:
Cash paid for interest	326	292
Cash paid for business taxes	$ 0	$ 24

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,904)	$ (7,636)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Description of Business Tempest Therapeutics, Inc. (“Tempest” or the “Company”) is a clinical-stage oncology company advancing small molecules that combine both tumor-targeted and immune-mediated mechanisms with the potential to treat a wide range of tumors. The Company’s two novel clinical programs are TPST-1120 and TPST-1495, antagonists of PPARα and EP2/EP4, respectively. Both programs are advancing through clinical trials designed to study the agents as monotherapies and in combination with other approved agents. Tempest is also developing other product candidates currently in its Discovery Research portfolio. Tempest is headquartered in Brisbane, California. Liquidity and Management Plans The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred operating losses since inception. As of March 31, 2024, the Company had cash and cash equivalents of $ 32.3 million. The Company has not yet generated product sales and as a result has experienced operating losses since inception. The Company expects to incur additional losses in the future to conduct research and development and will need to raise additional capital to continue operations. We intend to raise such capital through the issuance of additional debt or equity including in connection with potential merger opportunities, or through business development activities. The Company’s ability to continue as a going concern is dependent upon its ability to control its variable spend over the next 12 months, while we plan to secure sources of financing and ultimately attain profitable operations. If the Company are unable to obtain adequate capital, it could be forced to cease operations. Management believes that its existing cash and cash equivalents will be sufficient to fund the Company’s cash requirements for at least 12 months following the issuance of these financial statements. ATM Program On July 23, 2021, the Company entered into a sales agreement with Jefferies LLC, pursuant to which the Company may sell, from time to time at its sole discretion through Jefferies, as its sales agent, shares of its common stock having, up to an aggregate sales price of $ 100.0 million of its common stock through Jefferies (the “ATM Program”). Any shares of its common stock sold will be issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-257990). The Company will pay Jefferies a commission up to 3.0 % of the gross sales proceeds of any shares of its common stock sold through Jefferies under the ATM Program and also has provided Jefferies with indemnification and contribution rights. As of March 31, 2024, the Company has sold an aggregate of 9,017,110 shares of its common stock for net proceeds of approximately $ 41.5 million, after deducting commissions and offering expenses pursuant to the ATM Program. During the three months ended March 31, 2024, we sold an aggregate of 56,288 shares of its common stock for net proceeds of approximately $ 0.3 million, after deducting commissions and expenses. As of March 31, 2024, approximately $ 57.3 million remained available for sale under the ATM Program. PIPE Financing On April 29, 2022, the Company completed a private investment in public equity (“PIPE”) financing from the sale of 3,149,912 shares of its common stock at a price per share of $ 2.36 and, and in lieu of shares of common stock, pre-funded warrants to purchase up to 3,206,020 shares of its common stock at a price per pre-funded warrant of $ 2.359 to EcoR1 Capital, LLC and Versant Venture Capital (the “PIPE Investors”). Net proceeds from the PIPE financings totaled approximately $ 14.5 million, after deducting offering expenses. The Company entered into a registration rights agreement with the PIPE Investors pursuant to which the Company filed a registration statement with the SEC registering the resale of the 3,149,912 shares common stock and the 3,206,020 shares of common stock underlying the pre-funded warrants issued in the PIPE financing. As of March 31, 2024 , all pre-funded warrants had been exercised.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies —The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 19, 2024. There have been no material changes to the significant accounting policies during the period ended March 31, 2024. Basis of Presentation —The unaudited interim Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been omitted. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2023 . The Company has prepared the accompanying Condensed Consolidated Financial Statements on the same basis as the audited financial statements, and the unaudited interim financial statements include, in the Company’s opinion, all adjustments, consisting only of normal recurring adjustments that the Company considers necessary for a fair presentation of its financial position and results of operations for these periods. Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accruals, recoverability of long-lived assets, right-of-use assets, lease obligations, stock-based compensation and income taxes uncertainties and valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3 . FAIR VALUE MEASUREMENTS The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis: As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 32,326 $ — $ — $ 32,326 Total $ 32,326 $ — $ — $ 32,326 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 39,230 $ — $ — $ 39,230 Total $ 39,230 $ — $ — $ 39,230

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	4. BALANCE SHEET COMPONENTS Prepaid expenses and other current assets consist of the following: March 31, December 31, Prepaid expenses $ 585 $ 700 Prepaid research and development costs 117 337 Other current assets 469 96 Total $ 1,171 $ 1,133 Property and equipment, net, consists of the following: March 31, December 31, Computer equipment and software $ 173 $ 169 Furniture and fixtures 328 328 Lab equipment 1,297 1,133 Leasehold improvements 235 235 Property and equipment 2,033 1,865 Less accumulated depreciation ( 1,113 ) ( 1,025 ) Property and equipment—net $ 920 $ 840 Depreciation expense for the three months ended March 31, 2024 and 2023 were $ 88 and $ 125 , respectively. Accrued liabilities consist of the following: March 31, December 31, Accrued other liabilities $ 873 $ 626 Accrued clinical trial liability 651 1,047 Total $ 1,524 $ 1,673

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5 . COMMITMENTS AND CONTINGENCIES Facilities Lease Agreements In January 2022, the Company entered into a new 8-year office lease agreement for a 20,116 square feet facility in Brisbane, California (“Brisbane Lease”). The lease commenced in December 2022. As of March 31, 2024 and December 31, 2023 , the balance of the operating lease right of use assets were $ 9,513 and $ 9,952 , respectively, and the related operating lease liability were $ 9,773 and $ 10,112 , respectively, as shown in the accompanying consolidated balance sheets. Rent expense was $ 685 and $ 710 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, future minimum lease payments under the Company's operating lease liabilities were as follows: Year Ending Total Commitment 2024 (excluding three months ended March 31, 2024) $ 1,446 2025 1,861 2026 1,926 2027 1,994 2028 and beyond 6,410 Total minimum lease payments 13,637 Less: imputed interest ( 3,864 ) Present value of operating lease obligations 9,773 Less: current portion ( 858 ) Noncurrent operating lease obligations $ 8,915 Related to this Brisbane Lease agreement, the Company entered into a letter of credit with a bank to deposit $ 388 in a separate account that is classified as restricted cash to serve as security rent deposit. This amount is included in other noncurrent assets in the accompanying consolidated balance sheets as of March 31, 2024 .

Loan Payable

Loan Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Loan Payable	6 . LOAN PAYABLE On January 15, 2021, the Company entered into a loan agreement with Oxford Finance LLC (the “Lender”) to borrow a term loan amount of $ 35,000 to be funded in three tranches. Tranche A of $ 15,000 was wired to the Company on January 15, 2021. Tranche B of $ 10,000 expired on March 31, 2022 . Tranche C of $ 10,000 is available at the Lender’s option. On December 23, 2022, the Company entered into a First Amendment to the loan agreement. The amendment modified the agreement as follows: (i) each of the Company and Millendo Therapeutics US, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Millendo”), were joined as co-borrowers under the Loan Agreement; (ii) the interest-only repayment period was extended through December 31, 2023 (which interest-only period may be further extended through June 30, 2024 under certain circumstances) ; and (iii) a security interest in all of the assets of the Company, TempestTx and Millendo, including any intellectual property, was granted to the Lender. In addition, the Lender permitted a one-time prepayment in the amount of $ 5.0 million, which the Company paid on December 23, 2022. Following the amendment to the loan agreement, the term loan matures on August 1, 2025 and has an annual floating interest rate of 7.15 % which is an Index Rate plus 7.10 %. Index Rate is the greater of (i) 1-Month CME Term SOFR or (ii) 0.05 %. In the fourth quarter of 2023, the Company achieved the circumstances necessary to extend the interest-only repayment period through June 30, 2024. Monthly principal payments of $ 733 are required to begin on July 1, 2024. Related to this borrowing, the Company recorded loan discounts totaling $ 898 and paid $ 95 of debt issuance costs. These amounts would be amortized as additional interest expense over the life of the loan. As of March 31, 2024 , the balance of the loan payable (net of debt issuance costs) was $ 10.6 million. The carrying value of the loan approximates fair value (Level 2). For the three months ended March 31, 2024 and 2023 , total interest expense was $ 368 and $ 344 , respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Stockholders' Equity	7 . STOCKHOLDERS' EQUITY Common Stock As of March 31, 2024 and December 31, 2023 , the Company was authorized to issue 100,000,000 shares of common stock and 5,000,000 shares of preferred stock, each with a par value of $ 0.001 per share. Of the common stock shares authorized, 22,217,265 and 22,045,255 were issued and outstanding at March 31, 2024 and December 31, 2023 , respectively. There were no shares subject to repurchase due to remaining vesting requirements. Common stockholders are entitled to dividends as declared by the Company’s board of directors (the “Board of Directors”), subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There was no preferred stock issued nor outstanding as of March 31, 2024 and December 31, 2023. Common stockholders are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of each share of common stock are entitled to one vote. Except for effecting or validating certain specific actions intended to protect the preferred stockholders, the holders of common stock vote together with preferred stockholders and have the right to elect one member of the Board of Directors. Rights Plan On October 10, 2023, the Board of Directors adopted a limited duration stockholder rights plan (the “Rights Plan”), effective immediately, and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of the common stock, par value $ 0.001 per share (the “Common Shares”), of the Company. The dividend was effective as of October 23, 2023 (the “Record Date”) with respect to stockholders of record on that date. The Rights will also attach to new Common Shares issued after the Record Date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $ 0.001 per share, (the “Preferred Shares”), of the Company at a price of $ 25.00 per one one-thousandth of a Preferred Share, subject to adjustment. The descriptions and terms of the Rights are set forth in a Rights Agreement, dated as of October 10, 2023 (the “Rights Agreement”), between the Company and Computershare Trust Company, NA. The Rights will expire on October 10, 2024 , or, if the Company’s stockholders approve the Rights Plan, on October 10, 2026 , unless the Rights are earlier redeemed or exchanged by the Company.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8 . STOCK-BASED COMPENSATION Equity Plans The Board of Directors adopted the Amended and Restated 2023 Equity Incentive Plan (the “2023 Plan”) on April 30, 2023, subject to approval by the Company’s stockholders. On June 15, 2023, the Company’s stockholders approved the 2023 Plan, which amended and restated the A&R 2019 Plan and will be a successor to, and replacement of, the A&R 2019 Plan. The number of shares of the Company's common stock reserved for issuance under the 2023 Plan will automatically increase on January 1st of each year, for a period of 10 years, from January 1, 2024 continuing through January 1, 2033, by 4 % of the total number of shares of the Company's common stock outstanding on December 31st of the preceding calendar year, or a lesser number of shares as may be determined by the Board of Directors. Accordingly, on January 1, 2024, the common stock reserved for issuance was increased by 881,810 shares. As of March 31, 2024 , there were 566,620 shares available for future grant under the 2023 Plan. The 2023 Plan allows the Company to grant stock awards to employees, directors and consultants of the Company, including incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. The Board of Directors adopted the 2023 Inducement Plan (“2023 Inducement Plan”) on June 21, 2023, pursuant to which the Company reserved 1,150,000 shares of its common stock to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The 2023 Inducement Plan was approved by the Board of Directors without stockholder approval in accordance with such rule. As of March 31, 2024 , there were 1,092,350 shares available for future grant under the 2023 Inducement Plan. The Company measures employee and non-employee stock-based awards at grant date fair value and records compensation expense on a straight-line basis over the vesting period of the award. Employee Stock Ownership Plan The Millendo Board adopted the 2019 Employee Stock Purchase Plan on April 29, 2019, which became effective upon stockholder approval on June 11, 2019. On June 17, 2022, the Company’s stockholders approved the Amended and Restated 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The 2019 ESPP enables employees to purchase shares of the Company's common stock through offerings of rights to purchase the Company's common stock to all eligible employees. The 2019 ESPP provides that the number of shares of common stock reserved for issuance under the 2019 ESPP will automatically increase on January 1, 2023 and continuing through (and including) January 1, 2029, by the lesser of 1.5 % of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, (ii) 500,000 shares of Common Stock, or (iii) such lesser number of shares of Common Stock as determined by the Board of Directors (which may be zero). On January 1, 2024, the common stock reserved for issuance was increased by 330,678 shares. As of March 31, 2024 , 528,791 shares of common stock remained available for future issuance under the 2019 ESPP. During the three months ended March 31, 2024 , 34,023 shares of common stock were issued under the 2019 ESPP. Stock Options Options to purchase the Company’s common stock may be granted at a price not less than the fair market value in the case of both NSOs and ISOs, except for an options holder who owns more than 10% of the voting power of all classes of stock of the Company, in which case the exercise price shall be no less than 110 % of the fair market value per share on the grant date. Stock options granted under the Plans generally vest over four years and expire no later than ten ( 10 ) years from the date of grant. Vested options can be exercised at any time. The following shows the stock option activities for the three months ended March 31, 2024 and 2023: Total Weighted-Average Balance—December 31, 2023 3,554,112 $ 7.28 Granted 664,775 4.62 Exercised ( 81,699 ) 1.91 Cancelled and forfeited ( 198,742 ) 8.31 Balance—March 31, 2024 3,938,446 6.68 Balance—December 31, 2022 1,553,041 $ 6.66 Granted 623,550 1.23 Exercised — — Cancelled and forfeited ( 29,180 ) 3.59 Balance—March 31, 2023 2,147,411 5.13 The following table summarizes information about stock options outstanding at March 31, 2024: Shares Weighted Weighted Aggregate Options outstanding 3,938,446 8.86 $ 6.68 $ 2,522,827 Vested and expected to vest 3,938,446 8.86 $ 6.68 $ 2,522,827 Exercisable 1,028,582 7.63 $ 5.58 $ 1,167,566 During the three months ended March 31, 2024 and 2023 , the Company granted employees and non-employees stock options to purchase 664,775 and 623,550 shares of common stock, respectively, with a weighted-average grant date fair value of $ 3.88 and $ 1.03 per share, respectively. As of March 31, 2024 and 2023 , total unrecognized compensation costs related to unvested employee stock options were $ 15,833 and $ 4,140 , respectively. These costs are expected to be recognized over a weighted-average period of approximately 3.3 years and 2.5 years, respectively. The Company estimated the fair value of stock options using the Black-Scholes option pricing valuation model. The fair value of employee and non-employee stock options is being amortized on the straight-line basis over the requisite service period of the awards. The fair value of employee and non-employee stock options was estimated using the following assumptions for the three months ended March 31, 2024 and 2023: 2024 2023 Expected term (in years) 6.0 - 6.1 6.0 Expected volatility 109 % 109 % Risk-free interest rate 3.8 % - 3.9 % 3.9 % Dividends — % — % Expected Term —The expected term of options granted represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected term of the Company’s employee stock options has been determined utilizing the simplified method for awards that qualify as plain-vanilla options. Expected Volatility —The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as the Company did not have any trading history for the Company’s common stock. The Company will continue to analyze the historical stock price volatility and expected term assumption as more historical data for the Company’s common stock becomes available. Risk-Free Interest Rate —The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options. Dividends —The Company has not paid any cash dividends on common stock since inception and does not anticipate paying any dividends in the foreseeable future. Consequently, an expected dividend yield of zero was used. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2024: Three Months Ended March 31, 2024 2023 Research and development $ 546 $ 146 General and administrative 772 300 Total $ 1,318 $ 446

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Plan	9 . RETIREMENT PLAN The Company participates in a qualified 401(k) Plan sponsored by its professional service organization. The retirement plan is a defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. During the three months ended March 31, 2024 and 2023 , the Company contributed $ 51 and $ 57 to the 401(k) Plan, respectively.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	10. NET LOSS PER SHARE The following table sets forth the computation of the Company’s basis in diluted net loss per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 7,904 ) $ ( 7,636 ) Denominator: Weighted-average common shares outstanding 22,234,225 13,763,173 Weighted-average shares used in computing basic and diluted net loss per share 22,234,225 13,763,173 Net loss per share attributable to common stockholders—basic and diluted $ ( 0.36 ) $ ( 0.55 ) As of March 31, 2024 and 2023 , the Company’s potentially dilutive securities included unvested stock warrants and stock options, which have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be anti-dilutive. The issuance of pre-funded warrants and vested RSUs have been included in the computation of basic and diluted net loss per share attributable to common stockholders. Based on the amounts outstanding as of March 31, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of March 31, 2024 2023 Options to purchase common stock 3,938,446 2,147,411 Common stock warrants 6,036 6,036 Total 3,944,482 2,153,447

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The unaudited interim Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been omitted. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2023 .
Unaudited Interim Financial Statement	The Company has prepared the accompanying Condensed Consolidated Financial Statements on the same basis as the audited financial statements, and the unaudited interim financial statements include, in the Company’s opinion, all adjustments, consisting only of normal recurring adjustments that the Company considers necessary for a fair presentation of its financial position and results of operations for these periods.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accruals, recoverability of long-lived assets, right-of-use assets, lease obligations, stock-based compensation and income taxes uncertainties and valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis: As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 32,326 $ — $ — $ 32,326 Total $ 32,326 $ — $ — $ 32,326 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 39,230 $ — $ — $ 39,230 Total $ 39,230 $ — $ — $ 39,230

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Asset	Prepaid expenses and other current assets consist of the following: March 31, December 31, Prepaid expenses $ 585 $ 700 Prepaid research and development costs 117 337 Other current assets 469 96 Total $ 1,171 $ 1,133
Summary of Property and Equipment, Net	Property and equipment, net, consists of the following: March 31, December 31, Computer equipment and software $ 173 $ 169 Furniture and fixtures 328 328 Lab equipment 1,297 1,133 Leasehold improvements 235 235 Property and equipment 2,033 1,865 Less accumulated depreciation ( 1,113 ) ( 1,025 ) Property and equipment—net $ 920 $ 840
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: March 31, December 31, Accrued other liabilities $ 873 $ 626 Accrued clinical trial liability 651 1,047 Total $ 1,524 $ 1,673

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments under Operating Leases with Noncancelable Terms	As of March 31, 2024, future minimum lease payments under the Company's operating lease liabilities were as follows: Year Ending Total Commitment 2024 (excluding three months ended March 31, 2024) $ 1,446 2025 1,861 2026 1,926 2027 1,994 2028 and beyond 6,410 Total minimum lease payments 13,637 Less: imputed interest ( 3,864 ) Present value of operating lease obligations 9,773 Less: current portion ( 858 ) Noncurrent operating lease obligations $ 8,915

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Stock Options	The following shows the stock option activities for the three months ended March 31, 2024 and 2023: Total Weighted-Average Balance—December 31, 2023 3,554,112 $ 7.28 Granted 664,775 4.62 Exercised ( 81,699 ) 1.91 Cancelled and forfeited ( 198,742 ) 8.31 Balance—March 31, 2024 3,938,446 6.68 Balance—December 31, 2022 1,553,041 $ 6.66 Granted 623,550 1.23 Exercised — — Cancelled and forfeited ( 29,180 ) 3.59 Balance—March 31, 2023 2,147,411 5.13
Summary of Information About Stock Options Outstanding	The following table summarizes information about stock options outstanding at March 31, 2024: Shares Weighted Weighted Aggregate Options outstanding 3,938,446 8.86 $ 6.68 $ 2,522,827 Vested and expected to vest 3,938,446 8.86 $ 6.68 $ 2,522,827 Exercisable 1,028,582 7.63 $ 5.58 $ 1,167,566
Schedule of Stock Based Compensation Expense	The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2024: Three Months Ended March 31, 2024 2023 Research and development $ 546 $ 146 General and administrative 772 300 Total $ 1,318 $ 446
Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Grant Date Fair Value	The fair value of employee and non-employee stock options was estimated using the following assumptions for the three months ended March 31, 2024 and 2023: 2024 2023 Expected term (in years) 6.0 - 6.1 6.0 Expected volatility 109 % 109 % Risk-free interest rate 3.8 % - 3.9 % 3.9 % Dividends — % — %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Basis in Diluted Net Loss Per Share	The following table sets forth the computation of the Company’s basis in diluted net loss per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 7,904 ) $ ( 7,636 ) Denominator: Weighted-average common shares outstanding 22,234,225 13,763,173 Weighted-average shares used in computing basic and diluted net loss per share 22,234,225 13,763,173 Net loss per share attributable to common stockholders—basic and diluted $ ( 0.36 ) $ ( 0.55 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Based on the amounts outstanding as of March 31, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of March 31, 2024 2023 Options to purchase common stock 3,938,446 2,147,411 Common stock warrants 6,036 6,036 Total 3,944,482 2,153,447

Organization and Description _2

Organization and Description of the Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		32 Months Ended
	Apr. 29, 2022	Jul. 23, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Cash and cash equivalents			$ 32,326		$ 32,326	$ 39,230
Aggregate sales price of common stock				$ 44
At-The-Market Program
Class of Stock [Line Items]
Shares issued			9,017,110		9,017,110
Net proceeds from sales of common stock			$ 300		$ 41,500
Issuance of common stock for cash, net of issuance cost (in shares)			56,288
Remained available for issuance of common stock			$ 57,300		$ 57,300
PIPE Financing
Class of Stock [Line Items]
Shares issued in transaction	3,149,912
Stock price (in dollars per share)	$ 2.36
Number of warrants issued	3,206,020
Consideration received	$ 14,500
Jefferies LLC | Maximum | At-The-Market Program
Class of Stock [Line Items]
Aggregate sales price of common stock		$ 100,000
Percentage of commission on sale of stock		3%
EcoR1 Capital, LLC and Versant Venture Capital | PIPE Financing
Class of Stock [Line Items]
Pre-funded warrant price (in dollars per share)	2.359

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 32,326	$ 39,230
Total	32,326	39,230
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	32,326	39,230
Total	32,326	39,230
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	$ 0	$ 0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Asset (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 585	$ 700
Prepaid research and development costs	117	337
Other current assets	469	96
Total	$ 1,171	$ 1,133

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 88	$ 125

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,033	$ 1,865
Less accumulated depreciation	(1,113)	(1,025)
Property and equipment-net	920	840
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	173	169
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	328	328
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,297	1,133
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 235	$ 235

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued other liabilities	$ 873	$ 626
Accrued clinical trial liability	651	1,047
Total	$ 1,524	$ 1,673

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2022 USD ($) a
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 9,513		$ 9,952
Letter of Credit
Loss Contingencies [Line Items]
Borrowing capacity				$ 388
Brisbane, California
Loss Contingencies [Line Items]
Term of contract				8 years
Area of property (in sqft) | a				20,116
South San Francisco, California
Loss Contingencies [Line Items]
Operating lease right-of-use assets	9,513		9,952
Present value of operating lease obligations	9,773		$ 10,112
Rent expense	$ 685	$ 710

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Rental Payments under Operating Leases with Noncancelable Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Less: current portion	$ (858)	$ (952)
Noncurrent operating lease obligations	8,915	$ 9,160
Brisbane, California and Ann Arbor Michigan
Loss Contingencies [Line Items]
2024 (excluding three months ended March 31, 2024)	1,446
2025	1,861
2026	1,926
2027	1,994
2028 and beyond	6,410
Total minimum lease payments	13,637
Less: imputed interest	(3,864)
Present value of operating lease obligations	9,773
Less: current portion	(858)
Noncurrent operating lease obligations	$ 8,915

Loan Payable - Narrative (Detai

Loan Payable - Narrative (Details) $ in Thousands			3 Months Ended
	Dec. 23, 2022 USD ($)	Jan. 15, 2021 USD ($) Tranche	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 10,600
Loan payable (net of discount and issuance costs of $XXX and $164, respectively)			$ 4,140		$ 6,264
Term Loan
Debt Instrument [Line Items]
Loan amount		$ 35,000
Loan mature date	Aug. 01, 2025
Number of tranches | Tranche		3
Debt instrument interest term			the interest-only repayment period was extended through December 31, 2023 (which interest-only period may be further extended through June 30, 2024 under certain circumstances)
Prepayment amount	$ 5,000
Annual floating interest rate	7.15%
Debt instrument, basis spread on variable rate	7.10%
Thershold index rate	0.05%
Monthly principal payments	$ 733
Loan discounts		$ 898
Payments of debt issuance costs		95
Interest expense			$ 368	$ 344
Tranche A Term Loan
Debt Instrument [Line Items]
Loan amount		15,000
Tranche B Term Loan
Debt Instrument [Line Items]
Loan amount		$ 10,000
Loan mature date		Mar. 31, 2022
Tranche C Term Loan
Debt Instrument [Line Items]
Loan amount		$ 10,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - $ / shares		3 Months Ended
	Oct. 10, 2023	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized		100,000,000	100,000,000
Preferred stock, shares authorized		5,000,000	5,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares issued		22,217,265	22,045,255
Common stock, shares outstanding		22,217,265	22,045,255
Preferred stock, shares outstanding		0	0
Rights Plan
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001
Dividend record date	Oct. 23, 2023
Rights Expiration Date		Oct. 10, 2024
Approve date of rights plan		Oct. 10, 2026
Series A Junior Participating Preferred Purchase Rights | Rights Plan
Class of Stock [Line Items]
Number of shares purchase from preferred stock	0.000001
Preferred stock, par or stated value per share	$ 0.001
Preferred stock price per share	$ 25

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Jan. 01, 2024	Jun. 15, 2023	Jun. 17, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 21, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent				110%
Share-based compensation arrangement by share-based payment award, award vesting period				4 years
Share-based compensation arrangement by share-based payment award, expiration period				10 years
Granted (in shares)				664,775	623,550
Granted (in dollars per share)				$ 4.62	$ 1.23
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum			1.50%
Share-based compensation arrangement by share-based payment award, shares issued in period	330,678			34,023
Common stock, capital shares reserved for future issuance				528,791
Share-based compensation arrangement by share-based payment award, maximum number of shares available for grant per year			500,000
Amended and Restated 2023 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum		4%
Share-based compensation arrangement by share-based payment award, period of automatic increase to outstanding stock maximum		10 years
Share-based compensation arrangement by share-based payment award, shares issued in period	881,810
Common stock, capital shares reserved for future issuance				566,620
2023 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance				1,092,350
Individuals who were not Previously Employees or Directors Of Company | 2023 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance						1,150,000
Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				664,775	623,550
Granted (in dollars per share)				$ 3.88	$ 1.03
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount				$ 15,833	$ 4,140
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				3 years 3 months 18 days	2 years 6 months

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding at beginning (in shares)	3,554,112	1,553,041
Granted (in shares)	664,775	623,550
Exercised (in shares)	(81,699)	0
Cancelled and forfeited (in shares)	(198,742)	(29,180)
Outstanding at end (in shares)	3,938,446	2,147,411
Outstanding at beginning (in dollars per share)	$ 7.28	$ 6.66
Granted (in dollars per share)	4.62	1.23
Exercised (in dollars per share)	1.91	0
Cancelled and forfeited (in dollars per share)	8.31	3.59
Outstanding at end (in dollars per share)	$ 6.68	$ 5.13

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Information About Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,938,446	3,554,112	2,147,411	1,553,041
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 10 months 9 days
Outstanding (in dollars per share)	$ 6.68	$ 7.28	$ 5.13	$ 6.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 2,522,827
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	3,938,446
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	8 years 10 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 6.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 2,522,827
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,028,582
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 7 months 17 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.58
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 1,167,566

Stock-Based Compensation - Gran

Stock-Based Compensation - Grant Date Fair Value of Option (Details) - Share-based Payment Arrangement, Employee	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years
Expected volatility	109%	109%
Risk-free interest rate		3.90%
Dividends	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years
Risk-free interest rate	3.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Risk-free interest rate	3.90%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,318	$ 446
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	546	146
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 772	$ 300

Retirement Plan - Narrative (De

Retirement Plan - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 51	$ 57

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basis in Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ (7,904)	$ (7,636)
Denominator:
Weighted-average common shares outstanding	22,234,225	13,763,173
Weighted-average shares used in computing basic net loss per share	22,234,225	13,763,173
Weighted-average shares used in computing diluted net loss per share	22,234,225	13,763,173
Net loss per share attributable to common stockholders - basic	$ (0.36)	$ (0.55)
Net loss per share attributable to common stockholders - diluted	$ (0.36)	$ (0.55)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	3,944,482	2,153,447
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	3,938,446	2,147,411
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	6,036	6,036