LENZ Therapeutics (LENZ) 10-Q8 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40532
Entity Registrant Name	LENZ THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4867570
Entity Address, Address Line One	445 Marine View Ave., Ste. #320
Entity Address, City or Town	Del Mar
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92014
City Area Code	858
Local Phone Number	925-7000
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	LENZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,534,458
Entity Central Index Key	0001815776
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 200,357	$ 35,140
Marketable securities		12,922	30,654
Prepaid expenses and other current assets		3,281	1,450
Restricted cash		114	0
Total current assets		216,674	67,244
Property and equipment, net		49	54
Operating lease right-of-use asset		578	318
Deferred offering costs		0	2,739
Security deposit		21	21
Total assets		217,322	70,376
Current liabilities:
Accounts payable		7,131	5,711
Accrued liabilities		11,757	12,803
Total current liabilities		18,888	18,514
Operating lease liability, net		156	192
Other noncurrent liabilities		111	121
Preferred stock warrants liability		0	871
Total liabilities		19,155	19,698
Commitments and contingencies (Note 6)
Convertible preferred and common stock:
Total convertible preferred and common stock		0	143,390
Stockholders' deficit:
Common stock, par value of $0.001 per share; 79,218,247 Class A shares authorized, and 9,915,013 shares issued at December 31, 2022 and 2023, respectively, and 9,629,171 and 9,739,818 shares outstanding at December 31, 2022 and 2023, respectively	[1]	0	10
Additional paid-in capital	[1]	310,061	2,517
Accumulated deficit	[1]	(111,893)	(95,245)
Accumulated other comprehensive income (loss)	[1]	(1)	6
Total stockholders’ equity (deficit)		198,167	(92,712)	[2]
Total liabilities, convertible preferred and common stock and stockholders’ equity (deficit)		217,322	70,376
Series A Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock		0	44,621	[2]
Series A-1 Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock		0	9,893	[2]
Series B Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock		0	82,976
Class B Convertible Common Stock
Convertible preferred and common stock:
Total convertible preferred and common stock		$ 0	$ 5,900	[2]

[1] Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 3.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Temporary equity, par value (in dollars per share)		$ 0.001
Temporary equity, shares authorized (in shares)		53,761,506
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	300,000,000	16,017,929
Common stock, issued (in shares)	25,534,451	2,004,783
Common stock, outstanding (in shares)	25,500,130	1,969,360
Series A Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	22,791,777
Temporary equity, shares issued (in shares)	0	21,977,282
Temporary equity, shares outstanding (in shares)	0	21,977,282	[1]
Series A-1 Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	2,950,548
Temporary equity, shares issued (in shares)	0	2,950,548
Temporary equity, shares outstanding (in shares)	0	2,950,548	[1]
Series B Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	28,019,181
Temporary equity, shares issued (in shares)	0	28,019,181
Temporary equity, shares outstanding (in shares)	0	28,019,181
Class B Convertible Common Stock
Temporary equity, shares outstanding (in shares)	0	2,744,184	[1]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	0	2,744,184
Common stock, issued (in shares)	0	2,744,184
Common stock, outstanding (in shares)	0	2,744,184

[1] Retroactively recast for the reverse recapitalization as described in Note 3.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development		$ 10,537	$ 10,325
Selling, general and administrative		5,551	2,291
Total operating expenses		16,088	12,616
Loss from operations		(16,088)	(12,616)
Other income (expense):
Other expense		(1,348)	(54)
Interest income		788	0
Total other income (expense), net		(560)	(54)
Net loss		(16,648)	(12,670)
Other comprehensive loss:
Unrealized loss on marketable securities		(7)	0
Comprehensive loss		$ (16,655)	$ (12,670)
Net loss per share attributable to common stockholders-basic		$ (3.53)	$ (6.50)
Net loss per share attributable to common stockholders-diluted		$ (3.53)	$ (6.50)
Weighted-average Class A common shares outstanding, basic (in shares)	[1]	4,717,613	1,950,653
Weighted-average Class A common shares outstanding, diluted (in shares)	[1]	4,717,613	1,950,653

[1] Retroactively recast for the reverse recapitalization as described in Note 3. See Note 2 for further information on weighted-average common shares outstanding.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands		Total	Series A Convertible Preferred Stock		Series A-1 Convertible Preferred Stock		Series B Convertible Preferred Stock		Class B Convertible Common Stock		Common Stock		Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022			21,977,282		2,950,548		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2022			$ 44,621		$ 9,893		$ 0		$ 5,900
Convertible Preferred and Common Stock
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)							28,019,181
Issuance of Series B convertible preferred stock, net of issuance costs							$ 82,976
Ending balance, temporary equity (in shares) at Mar. 31, 2023			21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Mar. 31, 2023			$ 44,621		$ 9,893		$ 82,976		$ 5,900
Beginning balance, common stock (in shares) at Dec. 31, 2022											1,946,988
Beginning balance at Dec. 31, 2022		$ (24,169)									$ 10		$ 1,098	$ (25,277)	$ 0
Stockholders' Deficit
Unrealized loss on marketable securities		0
Vesting of early exercised stock options (in shares)											5,593
Vesting of early exercised stock options		19											19
Share-based compensation		142											142
Net loss		(12,670)												(12,670)
Ending balance, common stock (in shares) at Mar. 31, 2023											1,952,581
Ending balance at Mar. 31, 2023		$ (36,678)									$ 10		1,259	(37,947)	0
Convertible Preferred and Common Stock
Common stock, par value (in dollars per share)		$ 0.00001							$ 0.001
Beginning balance, temporary equity (in shares) at Dec. 31, 2023	[1]		21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Dec. 31, 2023		$ 143,390	$ 44,621	[1]	$ 9,893	[1]	$ 82,976	[1]	$ 5,900	[1]
Convertible Preferred and Common Stock
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)			(21,977,282)		(2,950,548)		(28,019,181)		(2,744,184)
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)			$ (44,621)		$ (9,893)		$ (82,976)		$ (5,900)
Ending balance, temporary equity (in shares) at Mar. 31, 2024			0		0		0		0
Ending balance, temporary equity at Mar. 31, 2024		$ 0	$ 0		$ 0		$ 0		$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2023		1,969,360							2,744,184		1,969,360	[1]
Beginning balance at Dec. 31, 2023	[1]	$ (92,712)									$ 10		2,517	(95,245)	6
Stockholders' Deficit
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)											11,260,672
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001		143,390									$ (10)		143,400
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)											8,320,485
Issuance of common stock to Graphite stockholders as a result of the Merger		116,145											116,145
Issuance of common stock from private placement, net (in shares)											3,559,565
Issuance of common stock from private placement, net		49,840											49,840
Reclassification of warrant liability to equity		1,918											1,918
Merger transaction costs		(5,146)											(5,146)
Exercise of stock options and common warrants (in shares)											383,898
Exercise of stock options and common warrants		430											430
Unrealized loss on marketable securities		(7)													(7)
Vesting of early exercised stock options (in shares)											6,150
Vesting of early exercised stock options		10											10
Share-based compensation		947											947
Net loss		$ (16,648)												(16,648)
Ending balance, common stock (in shares) at Mar. 31, 2024		25,500,130							0		25,500,130
Ending balance at Mar. 31, 2024		$ 198,167									$ 0		$ 310,061	$ (111,893)	$ (1)
Beginning balance, temporary equity (in shares) at Mar. 20, 2024			21,977,282		2,950,548
Stockholders' Deficit
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)		8,320,485
Issuance of common stock from private placement, net (in shares)		8,670,653
Merger transaction costs		$ (5,200)
Common stock, par value (in dollars per share)		$ 0.00001							$ 0.001

[1] Retroactively recast for the reverse recapitalization as described in Note 3.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (16,648)	$ (12,670)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5	3
Accretion of discounts on marketable securities	(275)	0
Change in fair value of preferred stock warrants	1,047	16
Share-based compensation expense	947	142
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(518)	426
Accounts payable	(1,269)	(567)
Accrued liabilities	(7,226)	(148)
Net cash used in operating activities	(23,937)	(12,798)
Cash flows from investing activities
Proceeds from maturities of marketable securities	18,000	0
Purchases of property and equipment	0	(6)
Net cash provided by (used in) investing activities	18,000	(6)
Cash flows from financing activities
Proceeds from, issuance of Series B convertible preferred stock, net of issuance costs	0	82,976
Proceeds from issuance of common stock, net of issuance costs	53,387	0
Cash, cash equivalents, and restricted cash acquired in connection with the Merger	117,824	0
Merger transaction costs	(373)	0
Proceeds from exercises of stock options	430	203
Net cash provided by financing activities	171,268	83,179
Net increase in cash	165,331	70,375
Cash and cash equivalents, beginning of the period	35,140	44,441
Cash, cash equivalents, and restricted cash, end of the period	200,471	114,816
Supplemental cash flow information
Reclassification of warrant liability to equity	1,918	0
Prepaid expenses and other current assets assumed in the Merger	1,313	0
Accounts payable and accrued liabilities assumed in the Merger	2,950	0
Common stock issuance costs included in accounts payable and accrued expenses	3,547	0
Merger transaction costs included in accounts payable and accrued expenses	4,815	0
Right-of-use assets assumed in the Merger in exchange for lease liabilities	293	0
Series A, A-1, And B Convertible Preferred Stock To Common Stock
Supplemental cash flow information
Conversion of stock to common stock	137,490	0
Class B Convertible Common Stock To Common Stock
Supplemental cash flow information
Conversion of stock to common stock	$ 5,900	$ 0

Organization and Liquidity

Organization and Liquidity	3 Months Ended
Organization and Liquidity	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Liquidity	Organization and Liquidity Description of the Business LENZ Therapeutics, Inc. ("LENZ" or the "Company"), formerly known as Graphite Bio, Inc. ("Graphite"), was incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc., and was reincorporated in the State of Delaware in October 2019. The Company has a wholly owned subsidiary, LENZ Therapeutics Operations, Inc. ("LENZ OpCo"), previously named Lenz Therapeutics, Inc., which became a corporation in Delaware on October 28, 2020 upon the filing of a Certificate of Conversion to convert Presbyopia Therapies, LLC, a Delaware limited liability company (formed in September 2013) to a Delaware corporation. The Company is a late-stage clinical company developing innovative ophthalmic pharmaceutical products. Reverse Merger Transaction On March 21, 2024, Graphite and LENZ OpCo completed a merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) dated November 14, 2023, pursuant to which, among other matters, Generate Merger Sub, Inc., a wholly-owned subsidiary of Graphite, merged with and into LENZ OpCo, with LENZ OpCo surviving the merger as the surviving corporation and a wholly-owned subsidiary of Graphite (the “Merger”). Additionally, Graphite changed its name to “LENZ Therapeutics, Inc.” The Merger was accounted for as a reverse recapitalization, with LENZ OpCo being treated as the acquirer for accounting purposes. See discussions of the transactions in connection with the Merger in Note 3 . Liquidity As of March 31, 2024, the Company has devoted substantially all of its efforts to product development and has not realized product revenues from its planned principal operations. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses since its inception and, as of March 31, 2024, had an accumulated deficit of $111.9 million. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidate through clinical development, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, and grows its business. The Company may need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidate, if approved. Such activities are subject to significant risks and uncertainties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the three months ended March 31, 2024 include Graphite’s activity from March 21, 2024 through March 31, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, and share-based compensation. Although actual results could differ from those estimates, management does not believe that such differences would be material. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts with a financial institution. Restricted cash of $0.1 million as of March 31, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases. Marketable Securities The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of March 31, 2024, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company invests in available-for-sale securities consisting of money market funds, commercial paper, U.S. Treasury securities and U.S. agency securities. Available-for-sale securities are classified as either cash, cash equivalents or marketable securities on the Company's condensed consolidated balance sheets. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets. The Company excludes the applicable accrued interest from both the fair value and amortized cost basis of available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which is considered to be in the period in which it’s determined the accrued interest will not be collected. Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use ("ROU") assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. Sublease income, if any, is recognized on a straight-line basis over the sublease term as a reduction to the Company's operating lease cost within general and administrative expenses in our condensed consolidated statements of operations. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the condensed consolidated balance sheets. Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss. The Company had capitalized deferred offering costs of $2.7 million as of December 31, 2023 related to the Merger. Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations ("CROs") and contract manufacturing organizations ("CMOs"). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. Management estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. Preferred Stock Warrants Liability The Company had issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Prior to the Merger, the Company revalued the warrants at each balance sheet date utilizing an option pricing method that back solved the fair value of the warrants based on recent financing transactions and also considered the enterprise value of the Company when considering potential exit events. The warrants’ estimated fair value as of the Merger date utilized the Black-Scholes-Merton ("Black-Scholes") model and the following input assumptions: risk free interest rate (4.3% - 4.4%), expected term (3.6 - 4.1 years), dividend yield (0%), volatility (103.0% - 104.0%) and exercise price ($10.64 per common share). Changes in fair value were recognized as increases or reductions to other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The fair value of these warrants was classified as a non-current liability in the condensed consolidated balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. Pursuant to the Merger Agreement, the Series A Convertible preferred stock warrants became warrants to purchase shares of the Company's common stock. As a result of the Merger, the warrants no longer meet the requirements for liability accounting and, as such, the Company adjusted the value of the warrants to the estimated fair value as of the Merger date and reclassified them to stockholders' equity. Share-Based Compensation The Company maintains equity incentive plans as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Prior to the Merger, there was no public market for LENZ OpCo’s common stock. The fair value of LENZ OpCo’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, LENZ OpCo believed that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, LENZ OpCo used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ ("AICPA") Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, LENZ OpCo considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by LENZ OpCo; (2) the significant risks associated with LENZ OpCo's stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) LENZ OpCo's available cash, financial condition, and results of operations; (5) the most recent sales of LENZ OpCo's convertible preferred stock; and (6) the preferential rights of LENZ OpCo's outstanding convertible preferred stock and Class B convertible common stock. Subsequent to the Merger, the Company uses the closing stock price on the grant date to determine the grant date fair value, adjusted for special dividends, if any. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends, other than the special dividend paid by Graphite immediately prior to the close of the Merger, and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for LENZ OpCo’s common stock and the lack of company-specific historical and implied volatility data, LENZ OpCo based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Subsequent to the Merger, the Company uses an average volatility for comparable publicly-traded biopharmaceutical companies over a period equal to the expected term of the stock award grant as the Company does not yet have sufficient historical trading history for its own stock. Risk-Free Interest Rate —The risk-free interest rate is based on a United States Treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of March 31, 2024 and December 31, 2023, the Company had incurred no interest or penalties related to uncertain income tax benefits. The Company’s policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. The Company has no accruals for interest or penalties in the balance sheets as of March 31, 2024 and December 31, 2023 and has not recognized interest or penalties in the condensed consolidated statements of operations for the three months ended March 31, 2024 or 2023. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Prior to the Merger, the convertible preferred stock and Class B convertible common stock were not participating securities, because they did not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock were considered potentially dilutive common stock. The Company computes diluted net loss per share attributable to common stockholders after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Prior to the Merger, the Company made adjustments to diluted net loss attributed to common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. For the three months ended March 31, 2024, net loss per share included the weighted-average shares outstanding as a result of the Merger and shares issued in conjunction with the PIPE Financing (as defined in Note 3). Other Comprehensive Income (Loss) Other comprehensive income (loss) represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income (loss) is the result of unrealized gains and losses on marketable securities. Segment Reporting Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. The Company’s singular focus is on developing innovative ophthalmic pharmaceutical products, and has generated limited revenue since inception. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign jurisdictions if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements.

Merger and Related Transactions

Merger and Related Transactions	3 Months Ended
Merger and Related Transactions	Mar. 31, 2024
Reverse Recapitalization [Abstract]
Merger and Related Transactions	Merger and Related Transactions As described in Note 1, LENZ OpCo merged with a wholly owned subsidiary of Graphite on March 21, 2024. The Merger was accounted for as a reverse recapitalization under GAAP. LENZ OpCo was considered the accounting acquirer for financial reporting purposes. This determination is based on the facts that, immediately following the Merger: former LENZ OpCo stockholders owned a substantial majority of the voting rights of the combined company; LENZ OpCo designated a majority (five of seven) of the initial members of the board of directors of the combined company; and no members of Graphite's senior management hold key positions in senior management of the combined company. The transaction was accounted for as a reverse recapitalization of Graphite by LENZ OpCo similar to the issuance of equity for the net assets of Graphite, which were primarily cash and cash equivalents and other non-operating assets. It was concluded that any in-process research and development assets that remained as of the Merger were immaterial. Under reverse recapitalization accounting, the assets and liabilities of Graphite were recorded at their fair value, which approximated book value due to their short-term nature. The Company's condensed consolidated financial statements reflect the issuance of 8,670,653 shares and options to the former stockholders and option holders of Graphite. Graphite assumed each outstanding and unexercised option to purchase LENZ OpCo’s common stock, whether vested or not vested, and assumed each outstanding and unexercised warrant to purchase LENZ OpCo’s common stock or preferred stock, which became options and warrants to purchase shares of Graphite common stock. At the closing of the Merger, each outstanding share of LENZ OpCo’s common stock and preferred stock, and options and warrants to purchase LENZ OpCo’s common stock and preferred stock were converted into the right to receive or purchase 0.2022 shares of Graphite’s common stock, which resulted in the issuance by Graphite of an aggregate of 15,409,102 shares of, and options and warrants to purchase, Graphite common stock to the stockholders, option holders, and warrant holders of LENZ OpCo. In connection with the Merger Agreement, the Company concurrently entered into a subscription agreement (the “Subscription Agreement”) with certain institutional investors (the “PIPE investors”) pursuant to which, among other things, the Company agreed to issue to the PIPE investors shares of LENZ common stock immediately following the Merger in a private placement transaction for an aggregate purchase price of $53.5 million (the “PIPE Financing”). Immediately following the consummation of the Merger and PIPE Financing, LENZ OpCo, Graphite stockholders, and the PIPE investors collectively owned approximately 56%, 31%, and 13% of the Company, respectively, on a fully diluted basis. As part of the reverse recapitalization, LENZ OpCo received $112.6 million of cash and cash equivalents, net of transaction costs. LENZ OpCo also acquired assets, primarily prepaid and other current assets, of approximately $1.5 million and assumed payables and accruals of approximately $3.2 million. LENZ OpCo also incurred transaction costs of approximately $5.2 million, which was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated statements of convertible preferred and common stock and stockholders' equity. The Company also recorded a one-time charge of $0.3 million for the acceleration of the Graphite stock awards that is recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At March 31, 2024: Cash equivalents Money market funds $ 123,466 $ 123,466 $ — $ — Total cash equivalents measured at fair value $ 123,466 $ 123,466 $ — $ — Marketable securities Commercial paper $ 9,942 $ — $ 9,942 $ — U.S. treasury securities 1,991 1,991 — — U.S. government agency securities 989 — 989 — Total marketable securities measured at fair value $ 12,922 $ 1,991 $ 10,931 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Marketable securities consisted of the following (in thousands): March 31, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 9,941 $ 1 $ — $ 9,942 U.S. treasury securities 1,991 — — 1,991 U.S. government agency securities 990 — (1) 989 Totals $ 12,922 $ 1 $ (1) $ 12,922 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 As of March 31, 2024, three of the Company's marketable securities with a fair market value of $4.5 million were in an aggregate gross unrealized loss position of $1,000; these three marketable securities have all been in a gross unrealized loss position for less than one year. When evaluating an investment for impairment, management reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, intent to sell or the likelihood that the Company would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on a review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of March 31, 2024, because the Company does not intend to sell these securities, and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As of March 31, 2024, all marketable securities had contractual maturities of less than one year. The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three months ended March 31, 2024 and 2023. The following table presents activity for the preferred stock warrants liability during the three months ended March 31, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at March 31, 2024 $ — No fair value liabilities exist as of March 31, 2024. Upon completion of the Merger, the preferred stock warrants became exercisable into shares of common stock and will no longer continue to be remeasured at each reporting date. Refer to Note 2 for further discussion on the valuation of the preferred stock warrants liability.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
Accrued Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, 2024 December 31, Research and development accrued expense $ 3,703 $ 10,289 Accrued transaction costs 5,134 — Accrued payroll and related 816 1,998 Accrued insurance premiums 777 — Operating lease liability, current portion 433 137 Other accrued liabilities 894 379 Total accrued liabilities $ 11,757 $ 12,803

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases Commencing on April 1, 2022, LENZ OpCo entered into a lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term (the "Del Mar lease"). As of March 31, 2024, the remaining lease term was 2.0 years, and the discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.0%. Cash paid for operating leases approximated rent expense for the periods presented. Maturities of the operating lease liability as of March 31, 2024 for the Del Mar lease are as follows (in thousands): 2024 $ 117 2025 161 2026 41 Total undiscounted lease payments 319 Less: present value adjustment (23) Operating lease liabilities $ 296 Legal Proceedings From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. In connection with the Merger, one complaint was filed in the United States District Court for the Northern District of California captioned Glen Chew v. Graphite Bio, Inc. et al., Case No. 3:24-cv-00613 (filed February 1, 2024) (the “Chew Complaint”) and one complaint was filed in the United States District Court for the District of Delaware captioned Kevin Turner v. Graphite Bio, Inc. et al., Case No. 1:24-cv-00241-UNA (filed February 22, 2024) (the “Turner Complaint” and collectively, the “Complaints”). The Complaints generally alleged that the definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) included in Graphite’s Registration Statement on Form S-4 (File No. 333-275919), filed with the Securities and Exchange Commission (the “SEC”), misrepresents and/or omits certain purportedly material information relating to the Company's financial projections, the analyses performed by the financial advisor to Graphite’s Board of Directors in connection with the Merger, potential conflicts of interest of the financial advisor to Graphite’s Board of Directors, potential conflicts of interest of Graphite’s officers, and Graphite’s liquidation analysis. The Complaints asserted violations of Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder against all defendants (Graphite, its Board of Directors and certain officers) and violations of Section 20(a) of the Exchange Act against Graphite’s directors and officers. The Complaints sought orders rescinding the Merger or awarding rescissory damages, as well as costs, including attorneys’ and experts’ fees. On March 22, 2024, the Chew Complaint was voluntarily dismissed and on April 17, 2024, the Turner Complaint was voluntarily dismissed. Graphite also received twelve demand letters by purported Graphite stockholders from December 14, 2023 to March 20, 2024 seeking additional disclosures in the Proxy Statement/Prospectus (the “Demands”). The Company cannot predict the outcome of any litigation or the Demands. The Company and the individual defendants intend to vigorously defend against the Demands and any subsequently filed similar actions. It is possible additional lawsuits may be filed or additional demand letters may be received arising out of the Merger. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2024 and December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Stockholders' Equity	Stockholders' Equity Convertible Preferred Stock Immediately prior to the closing of the Merger and as of December 31, 2023, LENZ OpCo had authorized 53,761,506 shares of preferred stock with a par value of $0.001. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 21,977,282 shares of Series A, 2,950,548 shares of Series A-1, and 28,019,181 shares of Series B Convertible Preferred Stock (Series B) issued and outstanding. Immediately prior to the closing of the Merger and as of December 31, 2023, the total liquidation preference of issued and outstanding Series A, Series A-1, and Series B was $47.3 million, $10.0 million, and $83.5 million, or $2.15 per share, $3.3892 per share, and $2.9801 per share, respectively. At the closing of the Merger, the 52,947,011 shares of LENZ OpCo preferred stock were exchanged for 10,705,829 shares of Graphite’s common stock. Common Stock As of December 31, 2023, LENZ OpCo had authorized two series of common stock, designated Class A common stock and Class B convertible common stock. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 11,838,624 and 9,915,013 shares of Class A common stock issued, respectively, and 11,668,867 and 9,739,818 shares of Class A common stock outstanding, respectively. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 2,744,184 shares of Class B convertible common stock issued and outstanding. At the closing of the Merger, 11,838,624 and 11,668,867 issued and outstanding shares of Class A common stock, respectively, were exchanged for 2,393,729 and 2,359,408 shares of issued and outstanding shares of Graphite's common stock, respectively. Additionally, at the closing of the Merger, 2,744,184 shares of Class B convertible common stock were exchanged for 554,843 shares of Graphite's common stock. At the closing of the Merger on March 21, 2024, legacy Graphite stockholders held 8,320,485 shares of common stock. Concurrent with the closing of the Merger on March 21, 2024, the Company completed the PIPE Financing of 3,559,565 shares for an aggregate purchase price of $53.5 million. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Other than the special dividend paid by Graphite immediately prior to the close of the Merger, no dividends have been declared or paid by the Company through March 31, 2024, and any such dividends are not cumulative. Common stock reserved for future issuance consist of the following: March 31, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,265,986 Shares available for issuance under incentive plans 1,686,148 Shares available under the 2024 Employee Stock Purchase Plan 250,995 Warrants LENZ OpCo had issued warrants to acquire Class A common stock and Series A convertible preferred stock. The warrants to purchase 470,000 shares of Class A common stock had an exercise price of $0.21 per share and were issued in December 2020 with an expiration date in February 2024. In February 2024, prior to expiration, the holder exercised 470,000 warrants, resulting in $0.1 million of proceeds. These shares were subsequently exchanged for 95,034 shares of common stock at the closing of the Merger. The Series A preferred stock warrants had an exercise price of $2.15 per share and were issued in October 2020 with an expiration date in October 2027. There were no exercises of the Series A preferred stock warrants for any of the periods presented. In connection with the Merger, the Series A preferred stock warrants were converted to 164,676 common stock warrants of the Company at an exercise price of $10.64, and were subsequently reclassified to stockholders’ equity at their fair value of $1.9 million. Share-Based Compensation Share-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Selling, general and administrative $ 753 $ 104 Research and development 194 38 Total $ 947 $ 142

Net Loss Per Share

Net Loss Per Share	3 Months Ended
Net Loss Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: As of March 31, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,265,986 1,065,984 Warrants to purchase common stock 164,676 95,034 Total 3,430,662 12,586,366

License Agreements

License Agreements	3 Months Ended
License Agreements	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreements	License Agreements In April 2022, the Company entered into a license and collaboration agreement providing an exclusive license (the "Ji Xing License") to certain of the Company’s intellectual property ("IP") for use in the treatment of presbyopia in humans in mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (collectively, “Greater China”). The Company also agreed to negotiate a separate agreement for the purchase of clinical and commercial supply of IP for clinical and commercial requirements at cost plus a negotiated percentage and granted a right of first negotiation to obtain a regional license on other products the Company might develop outside the field of presbyopia for commercialization in Greater China. The Company received nonrefundable, non-creditable upfront payments totaling $15.0 million as initial consideration under the Ji Xing License, which represents the transaction price at inception. In addition, the Company is also eligible to receive up to $95.0 million of regulatory and sales milestones, as well as tiered mid single-digit to low double-digit royalties on net sales of IP in Greater China. Additional consideration to be paid to the Company upon reaching regulatory and sales milestones is excluded from the transaction price. Future milestone payments are fully contingent as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur, if any. The Company assessed the promises made under the Ji Xing License and concluded the Ji Xing License comprises a single performance obligation providing the right to use functional intellectual property. The $15.0 million transaction price allocated to that single performance obligation was recognized on completion of the transfer of the Ji Xing License during the year ended December 31, 2022. No contractual milestones were met under the Ji Xing License during the three months ended March 31, 2024 or 2023.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In March 2023, LENZ OpCo issued 22,146,905 shares of its Series B preferred stock for total cash proceeds of $66.0 million to investors that included significant shareholders that had designated members on LENZ OpCo’s board of directors and are considered to be related parties. Through the Subscription Agreement and PIPE Financing executed as part of the Merger, the Company issued 3,343,330 shares to investors that the Company considers to be related parties. Two of these investors also have designated members on the Company's board of directors. A member of the Company’s Board of Directors currently serves as a member of the board of directors of one of the Company’s vendors, and has served in that capacity since 2023. LENZ OpCo entered into a Master Services Agreement with this vendor in September 2023 to provide manufacturing services. Accordingly, the Company considers the vendor to be a related party. For the three months ended March 31, 2024, fees incurred for services performed by the vendor were $0.1 million, and were charged to research and development expenses. The Company had no amounts due to the vendor within accounts payable as of March 31, 2024.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Lomas Lease In April 2024, the Company entered into an agreement to lease 9,795 square feet of office space in Solana Beach, California, with a 39 months term commencing on July 1, 2024. The monthly base rent is approximately $37,000 and will increase approximately 4% every twelve months over the life of the lease.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (16,648)	$ (12,670)

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the three months ended March 31, 2024 include Graphite’s activity from March 21, 2024 through March 31, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, and share-based compensation. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Concentration of Credit Risk and Other Risks and Uncertainties	Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts with a financial institution. Restricted cash of $0.1 million as of March 31, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases.
Marketable Securities	The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of March 31, 2024, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company invests in available-for-sale securities consisting of money market funds, commercial paper, U.S. Treasury securities and U.S. agency securities. Available-for-sale securities are classified as either cash, cash equivalents or marketable securities on the Company's condensed consolidated balance sheets.
Allowance for Credit Losses	For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets. The Company excludes the applicable accrued interest from both the fair value and amortized cost basis of available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The
Leases	The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use ("ROU") assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. Sublease income, if any, is recognized on a straight-line basis over the sublease term as a reduction to the Company's operating lease cost within general and administrative expenses in our condensed consolidated statements of operations. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the condensed consolidated balance sheets.
Deferred Offering Costs	The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss.
Research and Development Expenses	Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations ("CROs") and contract manufacturing organizations ("CMOs").
Prepaid Assets and Accrued Liabilities	Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. Management estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Preferred Stock Warrant Liability	The Company had issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Prior to the Merger, the Company revalued the warrants at each balance sheet date utilizing an option pricing method that back solved the fair value of the warrants based on recent financing transactions and also considered the enterprise value of the Company when considering potential exit events. The warrants’ estimated fair value as of the Merger date utilized the Black-Scholes-Merton ("Black-Scholes") model and the following input assumptions: risk free interest rate (4.3% - 4.4%), expected term (3.6 - 4.1 years), dividend yield (0%), volatility (103.0% - 104.0%) and exercise price ($10.64 per common share). Changes in fair value were recognized as increases or reductions to other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The fair value of these warrants was classified as a non-current liability in the condensed consolidated balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. Pursuant to the Merger Agreement, the Series A Convertible preferred stock warrants became warrants to purchase shares of the Company's common stock. As a result of the Merger, the warrants no longer meet the requirements for liability accounting and, as such, the Company adjusted the value of the warrants to the estimated fair value as of the Merger date and reclassified them to stockholders' equity.
Share-Based Compensation	The Company maintains equity incentive plans as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Prior to the Merger, there was no public market for LENZ OpCo’s common stock. The fair value of LENZ OpCo’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, LENZ OpCo believed that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, LENZ OpCo used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ ("AICPA") Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, LENZ OpCo considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by LENZ OpCo; (2) the significant risks associated with LENZ OpCo's stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) LENZ OpCo's available cash, financial condition, and results of operations; (5) the most recent sales of LENZ OpCo's convertible preferred stock; and (6) the preferential rights of LENZ OpCo's outstanding convertible preferred stock and Class B convertible common stock. Subsequent to the Merger, the Company uses the closing stock price on the grant date to determine the grant date fair value, adjusted for special dividends, if any. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends, other than the special dividend paid by Graphite immediately prior to the close of the Merger, and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for LENZ OpCo’s common stock and the lack of company-specific historical and implied volatility data, LENZ OpCo based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Subsequent to the Merger, the Company uses an average volatility for comparable publicly-traded biopharmaceutical companies over a period equal to the expected term of the stock award grant as the Company does not yet have sufficient historical trading history for its own stock. Risk-Free Interest Rate —The risk-free interest rate is based on a United States Treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment
Income Taxes	The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of March 31, 2024 and December 31, 2023, the Company had incurred no interest or penalties related to uncertain income tax benefits.
Net Loss Per Share	Basic net loss per share is calculated by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Prior to the Merger, the convertible preferred stock and Class B convertible common stock were not participating securities, because they did not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock were considered potentially dilutive common stock. The Company computes diluted net loss per share attributable to common stockholders after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Prior to the Merger, the Company made adjustments to diluted net loss attributed to common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. For the three months ended March 31, 2024, net loss per share included the weighted-average shares outstanding as a result of the Merger and shares issued in conjunction with the PIPE Financing (as defined in Note 3).
Other Comprehensive Income	Other comprehensive income (loss) represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income (loss) is the result of unrealized gains and losses on marketable securities.
Segment Reporting	Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. The Company’s singular focus is on developing innovative ophthalmic pharmaceutical products, and has generated limited revenue since inception.
Recent Accounting Pronouncements	In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign jurisdictions if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements.
Fair Value Measurements	The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At March 31, 2024: Cash equivalents Money market funds $ 123,466 $ 123,466 $ — $ — Total cash equivalents measured at fair value $ 123,466 $ 123,466 $ — $ — Marketable securities Commercial paper $ 9,942 $ — $ 9,942 $ — U.S. treasury securities 1,991 1,991 — — U.S. government agency securities 989 — 989 — Total marketable securities measured at fair value $ 12,922 $ 1,991 $ 10,931 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871
Schedule of Marketable Securities	Marketable securities consisted of the following (in thousands): March 31, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 9,941 $ 1 $ — $ 9,942 U.S. treasury securities 1,991 — — 1,991 U.S. government agency securities 990 — (1) 989 Totals $ 12,922 $ 1 $ (1) $ 12,922 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654
Schedule of Preferred Stock Warrant Liability Activity	The following table presents activity for the preferred stock warrants liability during the three months ended March 31, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at March 31, 2024 $ —

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
Accrued Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, 2024 December 31, Research and development accrued expense $ 3,703 $ 10,289 Accrued transaction costs 5,134 — Accrued payroll and related 816 1,998 Accrued insurance premiums 777 — Operating lease liability, current portion 433 137 Other accrued liabilities 894 379 Total accrued liabilities $ 11,757 $ 12,803

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
Commitment and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liability	Maturities of the operating lease liability as of March 31, 2024 for the Del Mar lease are as follows (in thousands): 2024 $ 117 2025 161 2026 41 Total undiscounted lease payments 319 Less: present value adjustment (23) Operating lease liabilities $ 296

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Schedule of Class A Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consist of the following: March 31, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,265,986 Shares available for issuance under incentive plans 1,686,148 Shares available under the 2024 Employee Stock Purchase Plan 250,995
Schedule of Share-Based Compensation Expense	Share-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Selling, general and administrative $ 753 $ 104 Research and development 194 38 Total $ 947 $ 142

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
Net Loss Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: As of March 31, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,265,986 1,065,984 Warrants to purchase common stock 164,676 95,034 Total 3,430,662 12,586,366

Organization and Liquidity (Det

Organization and Liquidity (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accumulated deficit	[1]	$ 111,893	$ 95,245
Existing cash, cash equivalents, and marketable securities		$ 213,300

[1] Retroactively recast for the reverse recapitalization as described in Note 3.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) yr segment	Mar. 31, 2023 USD ($)	Mar. 21, 2024	Dec. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recapitalization exchange ratio			0.2022
Restricted cash	$ 114			$ 0
Deferred offering costs	0			2,739
Income taxes, accruals for interest and penalties	0			$ 0
Income taxes, interest or penalties expense	$ 0	$ 0
Number of operating segments \| segment	1
Measurement Input, Expected Dividend Rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0
Measurement Input, Exercise Price
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	10.64
Minimum \| Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0.044
Minimum \| Measurement Input, Expected Term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input \| yr	3.6
Minimum \| Volatility rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	1.030
Maximum \| Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0.043
Maximum \| Measurement Input, Expected Term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input \| yr	4.1
Maximum \| Volatility rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	1.040

Merger and Related Transactio_2

Merger and Related Transactions (Details) $ in Thousands		3 Months Ended
Merger and Related Transactions (Details) $ in Thousands	Mar. 21, 2024 USD ($) member shares	Mar. 31, 2024 USD ($)
Reverse Recapitalization [Line Items]
Number of board of directors, former stockholders \| member	5
Number of board of directors, combined company \| member	7
Issuance of common stock from private placement, net (in shares) \| shares	8,670,653
Recapitalization exchange ratio	0.2022
Sale of stock, number of shares issued (in shares) \| shares	15,409,102
Sale of stock, consideration received	$ 53,500
Sale of stock, percentage of ownership following transaction	56%
Cash and cash equivalents acquired	$ 112,600
Assets acquired	1,500
Payables and accruals acquired	3,200
Merger transaction costs	$ 5,200	$ 5,146
Acceleration of stock awards, expense		$ 300
Graphite Bio, Inc. Stockholders
Reverse Recapitalization [Line Items]
Sale of stock, percentage of ownership following transaction	31%
PIPE Investors
Reverse Recapitalization [Line Items]
Sale of stock, percentage of ownership following transaction	13%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 123,466		$ 7,962
Total marketable securities measured at fair value	12,922	$ 30,654	30,654
Preferred stock warrants liability	0	871	871
Total liabilities measured at fair value	0		871
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	9,942	18,751	18,751
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	1,991	9,925	1,978
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	989	$ 1,978	9,925
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	123,466		7,962
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	123,466		7,962
Total marketable securities measured at fair value	1,991		1,978
Preferred stock warrants liability			0
Total liabilities measured at fair value			0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	1,991		1,978
Level 1 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	123,466		7,962
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0		0
Total marketable securities measured at fair value	10,931		28,676
Preferred stock warrants liability			0
Total liabilities measured at fair value			0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	9,942		18,751
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 2 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	989		9,925
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0		0
Total marketable securities measured at fair value	0		0
Preferred stock warrants liability			871
Total liabilities measured at fair value			871
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 3 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0		0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 0		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 12,922	$ 30,646
Gross Unrealized Gains	1	11
Gross Unrealized Losses	(1)	(3)
Estimated Fair Value	12,922	30,654	$ 30,654
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	9,941	18,742
Gross Unrealized Gains	1	9
Gross Unrealized Losses	0	0
Estimated Fair Value	9,942	18,751	18,751
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,991	9,927
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(3)
Estimated Fair Value	1,991	9,925	1,978
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	990	1,977
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(1)	0
Estimated Fair Value	$ 989	$ 1,978	$ 9,925

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) position	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Number of marketable securities in a gross unrealized loss position \| position	3
Fair market value of marketable securities in unrealized loss position	$ 4,500
Marketable securities, gross unrealized loss	1	$ 3
Fair value liabilities	$ 0		$ 871

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Preferred Stock Warrants Liability (Details) - Preferred Stock Warrants Liability $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 871
Change in fair value	1,047
Conversion of preferred stock warrants liability to equity	(1,918)
Ending balance	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Research and development accrued expense	$ 3,703	$ 10,289
Accrued transaction costs	5,134	0
Accrued payroll and related	816	1,998
Accrued insurance premiums	777	0
Operating lease liability, current portion	433	137
Other accrued liabilities	894	379
Total accrued liabilities	$ 11,757	$ 12,803

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - demand_letter	3 Months Ended
	Mar. 20, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term		2 years
Operating lease liability, discount rate		7%
Demand letters received	12

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Operating Lease Liability (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 117
2025	161
2026	41
Total undiscounted lease payments	319
Less: present value adjustment	(23)
Operating lease liabilities	$ 296

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Mar. 22, 2024 USD ($)	Mar. 21, 2024 USD ($) shares $ / shares	Feb. 29, 2024 USD ($) shares	Mar. 31, 2024 USD ($) vote $ / shares shares	Mar. 20, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares		Mar. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2020 $ / shares shares	Oct. 31, 2020 $ / shares
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)					53,761,506	53,761,506
Temporary equity, par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001
Common stock, issued (in shares)				25,534,451		2,004,783
Common stock, outstanding (in shares)				25,500,130		1,969,360
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)		8,320,485
Sale of stock, number of shares issued (in shares)		15,409,102
Sale of stock, consideration received \| $		$ 53,500
Vote per share of common stock \| vote				1
Series A preferred stock warrants converted (in shares)		164,676
Reclassification of warrant liability to equity \| $	$ 1,900			$ 1,918
LENZ OpCo Preferred Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Shares issued, conversion of convertible preferred stock (in shares)		10,705,829
Class B Convertible Common Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Shares issued, conversion of convertible preferred stock (in shares)		554,843
PIPE Financing
Temporary Equity [Line Items]
Sale of stock, number of shares issued (in shares)		3,559,565
Sale of stock, consideration received \| $		$ 53,500
December 2020 Warrants
Temporary Equity [Line Items]
Warrants exercised, number of shares (in shares)			470,000							470,000
Proceeds from warrant exercises \| $			$ 100
Warrants exchanged at closing of Merger (in shares)		95,034
Warrants to purchase common stock
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares		$ 10.64
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				0		22,791,777
Temporary equity, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001
Temporary equity, shares issued (in shares)				0	21,977,282	21,977,282
Temporary equity, shares outstanding (in shares)				0	21,977,282	21,977,282	[1]	21,977,282	21,977,282
Liquidation preference \| $					$ 47,300	$ 47,300
Liquidation preference per share (in dollars per share) \| $ / shares					$ 2.15	$ 2.15
Conversion of convertible preferred stock (in shares)				21,977,282
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				0		2,950,548
Temporary equity, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001
Temporary equity, shares issued (in shares)				0	2,950,548	2,950,548
Temporary equity, shares outstanding (in shares)				0	2,950,548	2,950,548	[1]	2,950,548	2,950,548
Liquidation preference \| $					$ 10,000	$ 10,000
Liquidation preference per share (in dollars per share) \| $ / shares					$ 3.3892	$ 3.3892
Conversion of convertible preferred stock (in shares)				2,950,548
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)				0		28,019,181
Temporary equity, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001
Temporary equity, shares issued (in shares)				0	28,019,181	28,019,181
Temporary equity, shares outstanding (in shares)				0	28,019,181	28,019,181
Liquidation preference \| $					$ 83,500	$ 83,500
Liquidation preference per share (in dollars per share) \| $ / shares					$ 2.9801	$ 2.9801
Convertible preferred stock \| LENZ OpCo Preferred Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock (in shares)		52,947,011
Class A Common Stock
Temporary Equity [Line Items]
Common stock, issued (in shares)					11,838,624	9,915,013
Common stock, outstanding (in shares)					11,668,867	9,739,818
Class A Common Stock \| December 2020 Warrants
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares										$ 0.21
Class B convertible common stock
Temporary Equity [Line Items]
Temporary equity, shares issued (in shares)					2,744,184	2,744,184
Temporary equity, shares outstanding (in shares)					2,744,184	2,744,184
Common Stock
Temporary Equity [Line Items]
Common stock, issued (in shares)		2,393,729
Common stock, outstanding (in shares)		2,359,408
Series A Preferred Stock \| October 2020 Warrants
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares											$ 2.15

[1] Retroactively recast for the reverse recapitalization as described in Note 3.

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details)	Mar. 31, 2024 shares
Warrants to purchase common stock
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	164,676
Common stock options granted and outstanding
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	3,265,986
Shares available for issuance under incentive plans
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	1,686,148
Shares available under the 2024 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	250,995

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Total	$ 947	$ 142
Selling, general and administrative
Class of Stock [Line Items]
Total	753	104
Research and development
Class of Stock [Line Items]
Total	$ 194	$ 38

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of 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 per share (in shares)	3,430,662	12,586,366
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	10,705,829
Class B convertible common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	554,843
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	164,676
Common stock options granted and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,265,986	1,065,984
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	164,676	95,034

License Agreements (Details)

License Agreements (Details) - Ji Xing Pharmaceuticals Hong Kong Limited - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Apr. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 15
License revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability		$ 15
Revenue, remaining performance obligation, variable consideration amount		$ 95

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		1 Months Ended	3 Months Ended
Related Party Transactions (Details) $ in Thousands	Mar. 21, 2024 shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2024 USD ($) investor shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Proceeds from, issuance of Series B convertible preferred stock, net of issuance costs			$ 0	$ 82,976
Issuance of common stock from private placement, net (in shares) \| shares	8,670,653
Investors that also serve as serve on the Company's board of directors \| investor			2
Research and development			$ 10,537	$ 10,325
Accounts payable			$ 7,131		$ 5,711
Investor
Related Party Transaction [Line Items]
Issuance of common stock from private placement, net (in shares) \| shares			3,343,330
Related Party
Related Party Transaction [Line Items]
Research and development			$ 100
Accounts payable			$ 0
Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares) \| shares				28,019,181
Series B Convertible Preferred Stock \| Director
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares) \| shares		22,146,905
Proceeds from, issuance of Series B convertible preferred stock, net of issuance costs		$ 66,000

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ in Thousands	1 Months Ended
	Apr. 30, 2024 USD ($) ft²
Subsequent Event [Line Items]
Area leased (in sq ft) \| ft²	9,795
Operating lease not yet commenced, term	39 months
Operating lease not yet commenced, monthly rent expense \| $	$ 37
Operating lease not yet commenced, yearly base rent increase, percent	4%