Longboard Pharmaceuticals (LBPH) 10-K 12 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Entity Registrant Name	Longboard Pharmaceuticals, Inc.
Entity Central Index Key	0001832168
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Financial Statement Error Correction [Flag]	false
Entity File Number	001-40192
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5009619
Entity Address, Address Line One	4275 Executive Square
Entity Address, Address Line Two	Suite 950
Entity Address, City or Town	La Jolla
Entity Public Float			$ 148,300,000
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	789-9283
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	LBPH
Title of 12(b) Security	ommon stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		36,017,249
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Document Transition Report	false
Documents Incorporated By Reference Text Block	DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant's Definitive Proxy Statement for the Annual Meeting of Stockholders to be held in May 2024, which will be filed with the Securities and Exchange Commission on or before April 29, 2024.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Diego, CA

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 14,331	$ 10,775
Short-Term Investments	34,167	56,814
Prepaid expenses and other current assets	1,723	2,249
Total current assets	50,221	69,838
Right-of-use assets	472	736
Property and equipment	4	9
Other long-term assets	0	33
Total assets	50,697	70,616
Current liabilities:
Accounts payable	1,001	1,310
Accrued research and development expenses	4,556	4,168
Accrued compensation and related expenses	3,374	2,438
Accrued other expenses	368	490
Right-of-use liabilities, current portion	475	358
Total current liabilities	9,774	8,764
Right-of-use liabilities, net of current portion	0	382
Commitments and contingencies (see Note 9)
Stockholders’ equity (deficit):
Preferred stock, value	0	0
Common stock, value	2	1
Additional paid-in-capital	181,563	148,303
Accumulated other comprehensive loss	(78)	(692)
Accumulated deficit	(140,564)	(86,142)
Total stockholders equity	40,923	61,470
Total liabilities and stockholders' equity	50,697	70,616
Non-Voting Common Stock [Member]
Stockholders’ equity (deficit):
Common stock, value	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	22,096,494	13,585,950
Common stock, shares outstanding	22,096,494	13,585,950
Non-Voting Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	2,420,755	3,629,400
Common stock, shares outstanding	2,420,755	3,629,400

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 43,752	$ 34,638
General and administrative	13,007	10,160
Total operating expenses	56,759	44,798
Loss from operations	(56,759)	(44,798)
Interest income, net	2,405	837
Other expense	(68)	16
Net loss	$ (54,422)	$ (43,945)
Net loss per share, basic	$ (2.39)	$ (2.56)
Net loss per share, Diluted	$ (2.39)	$ (2.56)
Weighted-average shares outstanding, basic	22,726,325	17,150,907
Weighted-average shares outstanding, diluted	22,726,325	17,150,907
Comprehensive loss:
Net Income (Loss)	$ (54,422)	$ (43,945)
Unrealized gain (loss) on short-term investments	614	(528)
Comprehensive loss	$ (53,808)	$ (44,473)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance, Value at Dec. 31, 2021	$ 103,323		$ 1	$ 145,683	$ (164)	$ (42,197)
Beginning Balance, Shares at Dec. 31, 2021		3,629,400	13,440,761
Vesting of restricted stock			145,189
Stock-based compensation	2,657			2,657
Financing related fees	(37)			(37)
Unrealized gain (loss) on short-term investments	(528)				(528)
Net Income (Loss)	(43,945)					(43,945)
Ending Balance, Value at Dec. 31, 2022	61,470		$ 1	148,303	(692)	(86,142)
Ending Balance, Shares at Dec. 31, 2022		3,629,400	13,585,950
Conversion of non-voting common stock to voting common stock, shares		(1,208,645)	1,208,645
Issuance Of Common Stock In At The Market Offering, net	8,523			8,523
Issuance Of Common Stock In At The Market Offering, Shares			1,422,250
Exercise of stock options	490			490
Exercise of stock options, Shares			129,649
Issuance of common stock in initial public offering, net, Shares			5,750,000
Issuance of common stock in initial public offering, net, Value	21,179		$ 1	21,178
Stock-based compensation	3,254			3,254
Financing related fees	(185)			(185)
Unrealized gain (loss) on short-term investments	614				614
Net Income (Loss)	(54,422)					(54,422)
Ending Balance, Value at Dec. 31, 2023	$ 40,923		$ 2	$ 181,563	$ (78)	$ (140,564)
Ending Balance, Shares at Dec. 31, 2023		2,420,755	22,096,494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (54,422)	$ (43,945)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,254	2,657
Depreciation and amortization	5	5
(Accretion) amortization of premiums on investments, net	(972)	101
Changes in operating assets and liabilities:
Prepaid expenses and other assets	374	(183)
Accounts payable	(308)	282
Accrued research and development expenses	388	1,923
Accrued compensation and related expenses	936	959
Accrued other expenses	(122)	138
Operating right-of-use assets and lease liabilities, net	(1)	0
Net cash used in operating activities	(50,868)	(38,063)
Cash flows from investing activities:
Purchases of short-term investments	(71,717)	(57,614)
Maturities of short-term investments	95,950	40,550
Net cash provided by (used in) investing activities	24,233	(17,064)
Cash flows from financing activities:
Proceeds from issuance of common stock	31,787	0
Payments for offering costs	(2,086)	(444)
Proceeds from exercise of stock options	490	0
Net cash provided by (used in) financing activities	30,191	(444)
Net (decrease) increase in cash and cash equivalents	3,556	(55,571)
Cash and cash equivalents at the beginning of the period	10,775	66,346
Cash and cash equivalents at the end of the period	$ 14,331	$ 10,775

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (54,422)	$ (43,945)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Description of Business Longboard Pharmaceuticals, Inc. (the Company), formerly Arena Neuroscience, Inc., was incorporated in the state of Delaware on January 3, 2020 and is based in San Diego, California. The Company was organized and initially wholly-owned by Arena Pharmaceuticals, Inc. (Arena), until the closing of its Series A convertible preferred stock (Series A Preferred Stock) financing in October 2020. The Company is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. The Company’s most advanced product candidate, bexicaserin (LP352), is a serotonin receptor that is being developed for the treatment of seizures associated with developmental and epileptic encephalopathies and is currently in the planning stages of a global Phase 3 program. The Company is also developing LP659, an S1P receptor modulator, which could have applicability in multiple rare neuroinflammatory conditions. Basis of Presentation The Company’s financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) and reflect all of the Company's activities. The financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the year ended December 31, 2023, are not necessarily indicative of future results. Liquidity and Capital Resources Since its inception, the Company has devoted substantially all of its resources to research and development (R&D) activities, organizing and staffing, business planning, raising capital, in-licensing intellectual property rights and establishing its intellectual property portfolio, and providing general and administrative (G&A) support for these operations and has funded its operations primarily with the net proceeds from the issuance of Series A Preferred Stock and common stock. The Company has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $ 140.6 million and $ 86.1 million as of December 31, 2023 and 2022, respectively. Management expects the Company will incur substantial operating losses for the foreseeable future in order to complete preclinical studies and clinical trials, seek regulatory approval, and launch and commercialize any product candidates for which it receives regulatory approval. The Company will need to raise additional capital through public or private equity or debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. As of December 31, 2023, the Company had available cash, cash equivalents and investments of $ 48.5 million and working capital of $ 40.4 million to fund future operations. Management believes that its capital resources as of December 31, 2023 along with the net proceeds of $ 226.5 million from the follow-on public offering completed in January 2024, will be sufficient to fund the Company’s operations for at least 12 months after the date these audited financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. 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 and the nature, including the credit-ratings, of its short-term investments. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized. Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2023 consists of computer equipment. R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and other third parties in connection with the Company’s discovery, preclinical and clinical activities, process development, manufacturing activities, regulatory and other services. Certain R&D external expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. R&D expenses amounted to $ 43.8 million and $ 34.6 million, respectively, for the years ended December 31, 2023 and 2022. Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Year Ended December 31, 2023 2022 Options to purchase common stock 3,856,819 2,395,748 Total 3,856,819 2,395,748 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. The adoption of this standard did not have a material impact on the Company's financial statements.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. 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 nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022: Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2023 Assets: Money market funds $ 11,196 $ 11,196 $ — $ — Commercial paper $ 16,806 $ — $ 16,806 $ — Corporate debt securities 4,256 — 4,256 — Government and agency securities 13,105 13,105 — — Total assets measured at fair value $ 45,363 $ 24,301 $ 21,062 $ — As of December 31, 2022 Assets: Money market funds $ 8,784 $ 8,784 $ — $ — Commercial paper $ 19,429 $ — $ 19,429 $ — Corporate debt securities 19,737 — 19,737 — Government and agency securities 18,639 14,759 3,880 — Total assets measured at fair value $ 66,589 $ 23,543 $ 43,046 $ — The carrying amounts of the Company’s cash equivalents and accounts payable approximate fair value due to their relatively short maturities.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 4. Short-Term Investments The following table summarizes short-term investments (in thousands): December 31, 2023 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 16,813 $ — $ ( 7 ) $ 16,806 Corporate debt securities 4,277 — ( 21 ) 4,256 Government and agency securities 13,155 2 ( 52 ) 13,105 Total short-term investments $ 34,245 $ 2 $ ( 80 ) $ 34,167 December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 18,453 $ — $ ( 15 ) $ 18,438 Corporate debt securities 20,090 — ( 353 ) 19,737 Government and agency securities 18,963 1 ( 325 ) 18,639 Total short-term investments $ 57,506 $ 1 $ ( 693 ) $ 56,814 The following table summarizes the maturities of the Company's short-term investments at December 31, 2023: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 34,245 $ 34,167 Total short-term investments $ 34,245 $ 34,167 The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at December 31, 2023 and 2022: December 31, 2023 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 8 $ 16,806 $ ( 7 ) — $ — $ — 8 $ 16,806 $ ( 7 ) Corporate debt securities — — — 3 4,256 ( 21 ) 3 4,256 ( 21 ) Government and agency securities — — — 2 3,149 ( 52 ) 2 3,149 ( 52 ) 8 $ 16,806 $ ( 7 ) 5 $ 7,405 $ ( 73 ) 13 $ 24,211 $ ( 80 ) December 31, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 8 $ 7,934 $ ( 15 ) — $ — $ — 8 $ 7,934 $ ( 15 ) Corporate debt securities 7 7,626 ( 43 ) 9 12,111 ( 310 ) 16 19,737 ( 353 ) Government and agency securities 3 4,511 ( 37 ) 6 10,653 ( 288 ) 9 15,164 ( 325 ) 18 $ 20,071 $ ( 95 ) 15 $ 22,764 $ ( 598 ) 33 $ 42,835 $ ( 693 ) The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates caused by changing economic conditions, and not from a decline in credit of their underlying issuers. The Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature.

Accrued Other Expenses

Accrued Other Expenses	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued Other Expenses	Note 5. Accrued Other Expenses Accrued other expenses consisted of the following (in thousands): As of December 31, 2023 2022 Accrued consulting fees $ 218 $ 254 Accrued travel expenses 43 43 Accrued taxes 40 34 Accrued legal and accounting fees 40 127 Accrued computer related expenses 15 15 Accrued other 12 17 Total $ 368 $ 490

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 6. Stockholders’ Equity Follow-On Public Offerings Subsequent to year end 2023, in January 2024, the Company raised $ 241.5 million in a follow-on public offering. The Company issued and sold 11,500,000 shares of common stock which included 1,500,000 shares of common stock sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $ 21.00 per share. The Company raised $ 226.5 million in net proceeds from the follow-on public offering after deducting underwriters' commissions of $ 14.5 million and other expenses of $ 0.5 million. In February 2023, the Company raised $ 23.0 million in a follow-on public offering. The Company issued and sold 5,750,000 shares of common stock which included 750,000 shares of common stock sold pursuant to the option to purchase additional shares granted to the underwriters, at a public offering price of $ 4.00 per share. The Company raised $ 21.2 million in net proceeds from the follow-on public offering after deducting underwriters' commissions of $ 1.4 million and other expenses of $ 0.4 million. Sales Agreement In September 2022, the Company entered into a Controlled Equity Offering SM Sales Agreement (the Sales Agreement) with Cantor Fitzgerald & Co., as sales agent (Cantor Fitzgerald), pursuant to which it may issue and sell its common stock from time to time through an “at the market offering” (ATM) program under the Sales Agreement. The Company has no obligation to sell any shares of common stock under the Sales Agreement and may at any time suspend sales under the Sales Agreement. Cantor Fitzgerald will be entitled to compensation in an amount of 3% of the gross proceeds of any shares of common stock sold under the Sales Agreement. The Company sold 1,422,250 shares of its common stock for gross proceeds of $ 8.8 million under the Sales Agreement as of December 31, 2023. Initial Public Offering On March 16, 2021, the Company completed the initial public offering (IPO) of its voting common stock. In connection with the IPO, the Company issued and sold 5,298,360 shares of voting common stock, which included 298,360 shares of its voting common stock sold pursuant to the option granted to the underwriters to purchase additional shares in April 2021, at a public offering price of $ 16.00 per share. The Company raised $ 76.2 million in net proceeds from the IPO after deducting underwriters’ discounts and commissions of $ 5.9 million and other expenses of $ 2.6 million. Unless otherwise noted, all references in the financial statements and related footnotes to the Company's “common stock” refers to the Company's voting common stock. Immediately prior to the closing of the IPO, 2,630,000 shares of Series A Preferred Stock were exchanged for 3,629,400 shares of non-voting common stock and 2,970,000 shares were automatically converted into 4,098,600 shares of voting common stock. Following the IPO, there were no shares of Series A Preferred Stock outstanding. Amended and Restated Certificate of Incorporation In March 2021, the Company amended and restated the Company’s certificate of incorporation to, among other things, increase the authorized shares of voting common stock, non-voting common stock and preferred stock to 300,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively. Voting Common Stock and Non-Voting Common Stock As of December 31, 2023, the Company had 22,096,494 shares of voting common stock outstanding and 2,420,755 shares of non-voting common stock outstanding. As of December 31, 2022, the Company had 13,585,950 shares of voting common stock outstanding, and 3,629,400 shares of non-voting common stock outstanding. Each share of non-voting common stock may be converted at any time into one share of our common stock at the option of its holder by providing written notice to the Company, subject to the limitations provided for in the Company's amended and restated certificate of incorporation.

Agreements with Arena Pharmaceu

Agreements with Arena Pharmaceuticals, Inc.	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Agreements with Arena Pharmaceuticals, Inc.	Note 7. Agreements with Arena Pharmaceuticals, Inc. The Company entered into a license agreement (the Arena License Agreement), a services agreement, and a royalty purchase agreement in October 2020 with Arena. Arena was purchased by Pfizer in March 2022. The following section summarizes the Arena License Agreement. Arena License Agreement Pursuant to the Arena License Agreement, the Company has obtained an exclusive, royalty bearing, sublicensable, worldwide license under certain know-how and patents of Arena to develop and commercialize bexicaserin (LP352) for any use in humans, LP659 for the treatment of developmental, degenerative and autoimmune disease, disorders or conditions of the CNS or peripheral nervous system in humans, and certain other compounds for the treatment of CNS indication in humans (pharmaceutical products containing any such compounds, Licensed Products). Arena has a right of first negotiation to acquire certain development and commercial rights to LP659 products. As consideration for the rights granted to the Company under the Arena License Agreement, the Company will be required to pay to Arena a mid-single digit royalty on net sales of Licensed Products of LP352, and a low-single digit royalty on net sales of all other Licensed Products, by the Company, its affiliates or its sublicensees, subject to standard reductions. The Company’s royalty obligations continue on a Licensed Product-by-Licensed Product and country-by-country basis until the later of the (i) tenth anniversary of the first commercial sale of such product in such country or (ii) expiration of the last-to-expire valid claim of the patents licensed by the Company under the Arena License Agreement covering the manufacture, use or sale of such product in such country.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation Equity Incentive Plan In October 2020, the Company’s board of directors and stockholder approved the 2020 Plan, which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights to its employees, members of its board of directors, and consultants. The Company’s board of directors determined the exercise price, vesting and expiration period of the grants under the 2020 Plan. The Company's board of directors adopted the 2021 Plan in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan became effective on March 11, 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. No additional awards may be granted under the 2020 Plan and all outstanding awards under the 2020 Plan remain subject to the terms of the 2020 Plan. In October 2023, the compensation committee of the Company’s board of directors amended the 2021 Plan to incorporate an additional pool of 1,000,000 shares that the Company is authorized to issue to individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1, including individuals who were not previously an employee or director of the Company or are following a bona fide period of non-employment, in each case as an inducement material to such individual’s agreement to enter into employment with the Company. As of December 31, 2023, the 2021 Plan authorizes and provides for the issuance of up to 5,426,117 shares of common stock, which consists of 3,856,819 shares of common stock subject to outstanding options and 1,569,298 shares of common stock available for grant. The number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, through January 1, 2031, in an amount equal to (i) 5% of the total number of shares of common stock outstanding on December 31 of the fiscal year before the date of each automatic increase (determined on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock), or (ii) a lesser number of shares determined by the Company’s board of directors prior to the applicable January 1. Recipients of stock options are eligible to purchase shares of the Company’s common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The maximum term of options granted under the 2020 and 2021 Plans (or collectively, the Equity Plans) is ten years and, in general, the options issued under the Equity Plans vest over a one - to four-year period from the vesting commencement date. Stock Award Grants under the Equity Plans A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options granted 1,734,665 4.67 Options exercised ( 129,649 ) 3.78 Options forfeited/cancelled ( 143,945 ) 7.71 Balance at December 31, 2023 3,856,819 $ 5.10 8.3 $ 5,678 Vested and expected to vest at December 31, 2023 3,856,819 $ 5.10 8.3 $ 5,678 Options exercisable at December 31, 2023 1,774,086 $ 5.28 7.8 $ 2,830 Options exercisable at December 31, 2023 included 1,628,898 vested stock options and 145,188 stock options that are subject to an early exercise provision. The total intrinsic value of stock options exercised in 2023 was $ 0.2 million. There were no stock option exercises in 2022. The following table presents the weighted-average assumptions used for the stock option grants for the years ended December 31, 2023 and 2022, along with the related grant date fair value: 2023 2022 Stock price $ 4.67 $ 4.61 Risk-free interest rate 3.86 % 2.15 % Dividend yield 0.00 % 0.00 % Expected volatility 77.66 % 75.28 % Expected life (years) 6.0 6.0 Estimated grant date fair value per share of award granted $ 3.25 $ 3.07 Determination of Fair Value of Common Stock . The Company utilizes the closing stock price of the common stock on the Nasdaq Global Market on the grant date as both the exercise price and an input to the Black Scholes option pricing model to determine stock-based compensation expense. Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards. Expected dividend yield . The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero. Expected volatility . Since the Company is a newly public company and does not have a trading history for its common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Expected life . The expected life represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is equal to the contractual term. Stock-Based Compensation Expense Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended December 31, (in thousands) 2023 2022 Research and development $ 1,521 $ 1,016 General and administrative 1,733 1,641 Total $ 3,254 $ 2,657 As of December 31, 2023, unrecognized stock-based compensation expense was $ 6.9 millio n, which is expected to be recognized over a remaining weighted-average period of approximately 2.5 years. Employee Stock Purchase Plan The Company's board of directors adopted the 2021 Employee Stock Purchase Plan (ESPP) in February 2021, the Company's stockholders approved the ESPP in March 2021 and it became effective on March 11, 2021. As of December 31, 2023, the ESPP authorizes the issuance of 697,645 shares of common stock under purchase rights granted to our employees. The number of shares of common stock reserved for issuance automatically increases on January 1 of each calendar year, through January 1, 2031, by the lesser of (i) 1 % of the total number of shares of common stock outstanding on the last day of the fiscal year before the date of the automatic increase (determining on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock); and (ii) such number of shares of common stock that would cause the aggregate number of shares of common stock then reserved for issuance under the ESPP to equal 1,060,017 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be for a lesser amount of shares. The ESPP permits eligible employees, who elect to participate in an offering under the ESPP, to contribute up to 15 % of their eligible earnings (as defined in the ESPP) towards the purchase of shares of common stock. Unless otherwise determined by the Company's board of directors, the price at which stock is purchased under the ESPP is equal to 85 % of the fair market value of the Company’s common stock on the commencement date of each offering period or the relevant purchase date, whichever is lower. There are certain service requirements for an employee to be eligible to participate in the ESPP, and no employee may purchase shares under the ESPP at a rate in excess of $ 25,000 worth of common stock (as determined in accordance with the ESPP). Offering durations under the ESPP may not be longer than 27 months, and the Company may specify shorter purchase periods within each offering. The ESPP is considered a compensatory plan as defined by the authoritative guidance for stock-based compensation. As of December 31, 2023, the ESPP had not yet been implemented.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Leases The Company has a lease agreement for office space located at 4275 Executive Square, Suite 950, La Jolla, California 92037 where it currently occupies 9,289 square feet. The lease had an expiration date of December 31, 2024. Monthly rent payments for this space under the lease agreement are approximately $ 35,000 and will increase to approximately $ 36,000 in July 2024. In November 2023, we signed an amendment to the lease agreement for an additional 1,977 square feet starting April 1, 2024, when our monthly lease p ayments will increase by approximately $ 8,000 per month. A security deposit of approximately $ 44,000 is included in prepaid expenses and other current assets on the unaudited condensed balance sheet as of December 31, 2023. Subsequent to year end 2023, in February 2024, we further amended our lease so that we will occupy all 15,960 square feet on the 9th floor of the building, estimated to be effective August 1, 20 24. The lease expiration was extended from December 31, 2024 to December 31, 2030. Monthly rent payments will be approximately $ 62,000 per month and will increase by approximately 4.5 % each year, starting in 2026. We have rent abatement for months 2 and 3 of the new lease amendment. In conjunction with the lease amendment, we also increased our security deposit by $ 200,000 . Rent expense totaled approximately $ 425,000 and $ 394,000 for the years ended December 31, 2023 and 2022, respectively. The below table provides supplemental cash flow information related to leases as follows (in thousands): Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 393 $ 370 Right-of-use assets obtained in exchange for lease obligations: Operating leases 101 554 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2023 2022 Operating leases Right-of-use assets, net $ 472 $ 736 Right-of-use lease liabilities, current 475 358 Right-of-use lease liabilities, noncurrent — 382 Total operating lease liabilities $ 475 $ 740 Weighted average remaining lease term Operating leases 1.0 year 2.0 years Weighted average discount rate Operating leases 10.0 % 9.8 % Future minimum lease commitments are as follows as of December 31, 2023 (in thousands): Operating Leases Year Ending December 31, 2024 496 Total lease payments 496 Less imputed interest ( 21 ) Total $ 475 Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company will accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of December 31, 2023 and 2022, the Company is not a party to any litigation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended December 31, (in thousands) 2023 2022 United States $ ( 54,422 ) $ ( 43,945 ) Total $ ( 54,422 ) $ ( 43,945 ) The benefit for income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 Benefit for income taxes at statutory federal rate $ ( 11,428 ) $ ( 9,229 ) Permanent differences and other 559 524 Research and development credits ( 1,915 ) ( 1,688 ) Change in valuation allowance 12,784 10,393 Provision for income taxes $ — $ — The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2023 2022 Federal and California net operating loss carryforwards $ 12,336 $ 8,512 Federal and California research and development carryforwards 4,443 2,528 Stock-based compensation expense 500 404 Lease liability 100 155 Section 174 capitalized R&D expenses 13,067 6,318 Other, net 689 491 Total deferred tax assets 31,135 18,408 Right-of-use asset ( 99 ) ( 155 ) Fixed asset basis difference ( 1 ) ( 2 ) Total deferred tax liabilities ( 100 ) ( 157 ) Net deferred tax assets 31,035 18,251 Less: valuation allowance ( 31,035 ) ( 18,251 ) Net deferred tax assets $ — $ — The deferred income tax assets have been fully offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $ 12.8 million. We will continue to assess the need for a valuation allowance on our deferred tax assets by evaluating both positive and negative evidence that may exist. As of December 31, 2023, we had federal net operating loss carryforwards of $ 58.7 million that will not expire and California net operating loss carryforwards of $ 1.6 million that will begin to expire in 2040. As of December 31, 2023, we also had federal and California research and development tax credit carryforwards, net of reserves, of $ 3.5 million and $ 1.2 million respectively. Federal credit carryforwards will begin to expire after 2040 unless previously utilized. The California research and development credit carries forward indefinitely. Sections 382 and 383 of the IRC limit the utilization of tax attribute carryforwards that arise prior to certain cumulative changes in a corporation's ownership. We have not completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and research and development credit carryforwards. Therefore, in the event that IRC Section 382 limitation events have occurred, some or all of our net operating loss and research and development credit carryforwards may not be available to offset future taxable income. In accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 % likelihood of being sustained. The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended December 31, (in thousands) 2023 2022 Gross unrecognized tax benefits at the beginning of the year $ 703 $ 345 Additions from tax positions taken in the current year 444 359 Additions from tax positions taken in prior year — — Reductions from tax positions taken in prior years ( 1 ) ( 1 ) Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 1,146 $ 703 We had unrecognized tax benefits of $ 1.1 million as of December 31, 2023. Due to the existence of the valuation allowance, future changes in unrecognized tax benefits will have no impact on our effective tax rate. We do not anticipate that there will be a substantial change in unrecognized tax benefits within the next 12 months. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Because we have incurred net losses since our inception, we did not have any accrued interest or penalties included in our balance sheet as of December 31, 2023 and did not recognize any interest and/or penalties in our statements of operations and comprehensive loss for the year ended December 31, 2023. We are subject to income taxation in the United States at the Federal and state levels. All tax years are subject to examination by US and California tax authorities due to the carryforward of unutilized net operating losses and tax credits. To our knowledge, we are not currently under examination by any taxing authorities.

Employment Benefits

Employment Benefits	12 Months Ended
	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employment Benefits	Note 11. Employment Benefits Effective in June 2021, the Company established a 401(k) salary deferral plan for its employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company provides a safe harbor contribution of up to 4 % of the employee's compensation, not to exceed eligible limits, and subject to employee participation. For the years ended December 31, 2023 and 2022, the Company incurred approximately $ 386,000 and $ 265,000 , respectively, in expenses related to the safe harbor contribution. Note 12. Subsequent Events In January 2024, we raised $ 241.5 million in a follow-on public offering. For additional information, see Note 6. In February 2024, we amended our lease agreement to occupy 15,960 square feet of office space, estimated to be effective August 1, 20 24. For additional information, see Note 9 .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12. Subsequent Events In January 2024, we raised $ 241.5 million in a follow-on public offering. For additional information, see Note 6. In February 2024, we amended our lease agreement to occupy 15,960 square feet of office space, estimated to be effective August 1, 20 24. For additional information, see Note 9 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. 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 and the nature, including the credit-ratings, of its short-term investments.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value.
Short-Term Investments	Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized.
Property and Equipment	Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2023 consists of computer equipment.
R&D Expenses	R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and other third parties in connection with the Company’s discovery, preclinical and clinical activities, process development, manufacturing activities, regulatory and other services. Certain R&D external expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. R&D expenses amounted to $ 43.8 million and $ 34.6 million, respectively, for the years ended December 31, 2023 and 2022.
Stock-Based Compensation	Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Year Ended December 31, 2023 2022 Options to purchase common stock 3,856,819 2,395,748 Total 3,856,819 2,395,748
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. The adoption of this standard did not have a material impact on the Company's financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Year Ended December 31, 2023 2022 Options to purchase common stock 3,856,819 2,395,748 Total 3,856,819 2,395,748

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Company's Financial Assets Recognized at Fair Value	The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022: Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2023 Assets: Money market funds $ 11,196 $ 11,196 $ — $ — Commercial paper $ 16,806 $ — $ 16,806 $ — Corporate debt securities 4,256 — 4,256 — Government and agency securities 13,105 13,105 — — Total assets measured at fair value $ 45,363 $ 24,301 $ 21,062 $ — As of December 31, 2022 Assets: Money market funds $ 8,784 $ 8,784 $ — $ — Commercial paper $ 19,429 $ — $ 19,429 $ — Corporate debt securities 19,737 — 19,737 — Government and agency securities 18,639 14,759 3,880 — Total assets measured at fair value $ 66,589 $ 23,543 $ 43,046 $ —

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments (in thousands): December 31, 2023 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 16,813 $ — $ ( 7 ) $ 16,806 Corporate debt securities 4,277 — ( 21 ) 4,256 Government and agency securities 13,155 2 ( 52 ) 13,105 Total short-term investments $ 34,245 $ 2 $ ( 80 ) $ 34,167 December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 18,453 $ — $ ( 15 ) $ 18,438 Corporate debt securities 20,090 — ( 353 ) 19,737 Government and agency securities 18,963 1 ( 325 ) 18,639 Total short-term investments $ 57,506 $ 1 $ ( 693 ) $ 56,814
Summary of Maturity of the Short-Term Investments	The following table summarizes the maturities of the Company's short-term investments at December 31, 2023: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 34,245 $ 34,167 Total short-term investments $ 34,245 $ 34,167
Summary of Available-for-sale Investments	The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at December 31, 2023 and 2022: December 31, 2023 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 8 $ 16,806 $ ( 7 ) — $ — $ — 8 $ 16,806 $ ( 7 ) Corporate debt securities — — — 3 4,256 ( 21 ) 3 4,256 ( 21 ) Government and agency securities — — — 2 3,149 ( 52 ) 2 3,149 ( 52 ) 8 $ 16,806 $ ( 7 ) 5 $ 7,405 $ ( 73 ) 13 $ 24,211 $ ( 80 ) December 31, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 8 $ 7,934 $ ( 15 ) — $ — $ — 8 $ 7,934 $ ( 15 ) Corporate debt securities 7 7,626 ( 43 ) 9 12,111 ( 310 ) 16 19,737 ( 353 ) Government and agency securities 3 4,511 ( 37 ) 6 10,653 ( 288 ) 9 15,164 ( 325 ) 18 $ 20,071 $ ( 95 ) 15 $ 22,764 $ ( 598 ) 33 $ 42,835 $ ( 693 )

Accrued Other Expenses (Tables)

Accrued Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Summary of Accrued Other Expenses	Accrued other expenses consisted of the following (in thousands): As of December 31, 2023 2022 Accrued consulting fees $ 218 $ 254 Accrued travel expenses 43 43 Accrued taxes 40 34 Accrued legal and accounting fees 40 127 Accrued computer related expenses 15 15 Accrued other 12 17 Total $ 368 $ 490

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options granted 1,734,665 4.67 Options exercised ( 129,649 ) 3.78 Options forfeited/cancelled ( 143,945 ) 7.71 Balance at December 31, 2023 3,856,819 $ 5.10 8.3 $ 5,678 Vested and expected to vest at December 31, 2023 3,856,819 $ 5.10 8.3 $ 5,678 Options exercisable at December 31, 2023 1,774,086 $ 5.28 7.8 $ 2,830
Summary of Weighted Average Grant Date Fair Values and Weighted Average Assumptions used to calculate Fair Value of Options Granted	The following table presents the weighted-average assumptions used for the stock option grants for the years ended December 31, 2023 and 2022, along with the related grant date fair value: 2023 2022 Stock price $ 4.67 $ 4.61 Risk-free interest rate 3.86 % 2.15 % Dividend yield 0.00 % 0.00 % Expected volatility 77.66 % 75.28 % Expected life (years) 6.0 6.0 Estimated grant date fair value per share of award granted $ 3.25 $ 3.07
Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended December 31, (in thousands) 2023 2022 Research and development $ 1,521 $ 1,016 General and administrative 1,733 1,641 Total $ 3,254 $ 2,657

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information Related to Leases	The below table provides supplemental cash flow information related to leases as follows (in thousands): Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 393 $ 370 Right-of-use assets obtained in exchange for lease obligations: Operating leases 101 554
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2023 2022 Operating leases Right-of-use assets, net $ 472 $ 736 Right-of-use lease liabilities, current 475 358 Right-of-use lease liabilities, noncurrent — 382 Total operating lease liabilities $ 475 $ 740 Weighted average remaining lease term Operating leases 1.0 year 2.0 years Weighted average discount rate Operating leases 10.0 % 9.8 %
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of December 31, 2023 (in thousands): Operating Leases Year Ending December 31, 2024 496 Total lease payments 496 Less imputed interest ( 21 ) Total $ 475

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Net Loss Attributable to Stockholders Before Benefit for Income Taxes by Region	The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended December 31, (in thousands) 2023 2022 United States $ ( 54,422 ) $ ( 43,945 ) Total $ ( 54,422 ) $ ( 43,945 )
Schedule Of Benefit for Income Taxes	The benefit for income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 Benefit for income taxes at statutory federal rate $ ( 11,428 ) $ ( 9,229 ) Permanent differences and other 559 524 Research and development credits ( 1,915 ) ( 1,688 ) Change in valuation allowance 12,784 10,393 Provision for income taxes $ — $ —
Schedule of Components of Deferred Taxes	The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2023 2022 Federal and California net operating loss carryforwards $ 12,336 $ 8,512 Federal and California research and development carryforwards 4,443 2,528 Stock-based compensation expense 500 404 Lease liability 100 155 Section 174 capitalized R&D expenses 13,067 6,318 Other, net 689 491 Total deferred tax assets 31,135 18,408 Right-of-use asset ( 99 ) ( 155 ) Fixed asset basis difference ( 1 ) ( 2 ) Total deferred tax liabilities ( 100 ) ( 157 ) Net deferred tax assets 31,035 18,251 Less: valuation allowance ( 31,035 ) ( 18,251 ) Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended December 31, (in thousands) 2023 2022 Gross unrecognized tax benefits at the beginning of the year $ 703 $ 345 Additions from tax positions taken in the current year 444 359 Additions from tax positions taken in prior year — — Reductions from tax positions taken in prior years ( 1 ) ( 1 ) Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 1,146 $ 703

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Net proceeds from initial public offering (IPO)	$ 226,500
Accumulated deficit	(140,564)	$ (86,142)
Cash, cash equivalents and investment securities	48,500
Working capital	$ 40,400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, basis of valuation	Property and equipment are stated at cost
Method Of Depriciation	straight-line basis
Research and development expenses	$ 43,752	$ 34,638
Right-of-use assets	472	736
Lease Liability	$ 475	$ 740
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	5 years
2021 Equity Incentive Plan [Member] | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares authorized for issuance	1,000,000
2021 Equity Incentive Plan [Member] | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares authorized for issuance	5,426,117

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	3,856,819	2,395,748
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	3,856,819	2,395,748

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 45,363	$ 66,589

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	$ 34,167	$ 56,814
Assets	45,363	66,589
Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	13,105	18,639
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	11,196	8,784
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	16,806	19,429
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	4,256	19,737
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	24,301	23,543
Level 1 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	13,105	14,759
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	11,196	8,784
Level 1 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	21,062	43,046
Level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	3,880
Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	16,806	19,429
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	4,256	19,737
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Level 3 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	$ 0	$ 0

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 34,245	$ 57,506
Unrealized Gains	2	1
Unrealized Losses	(80)	(693)
Estimated Fair Value	34,167	56,814
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,277	20,090
Unrealized Gains	0	0
Unrealized Losses	(21)	(353)
Estimated Fair Value	4,256	19,737
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	13,155	18,963
Unrealized Gains	2	1
Unrealized Losses	(52)	(325)
Estimated Fair Value	13,105	18,639
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,813	18,453
Unrealized Gains	0	0
Unrealized Losses	(7)	(15)
Estimated Fair Value	$ 16,806	$ 18,438

Short-Term Investments (Additio

Short-Term Investments (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of unrealized loss position	$ 24,211	$ 42,835

Short-Term Investments - Summ_2

Short-Term Investments - Summary of Maturity of the Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract]
Fixed maturity securities, available for sale, due in one year or less, amortized cost	$ 34,245
Amortized Cost	34,245	$ 57,506
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Fixed maturity securities, available for sale, due in one year or less, fair value	34,167
Fixed maturity securities, available for sale, fair value	$ 34,167	$ 56,814

Short-Term Investments - schedu

Short-Term Investments - schedule of short term investment (Details) Securities in Thousands, $ in Thousands	Dec. 31, 2023 USD ($) Securities	Dec. 31, 2022 USD ($) Securities
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	8	18
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 16,806	$ 20,071
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (7)	$ (95)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	5	15
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 7,405	$ 22,764
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (73)	$ (598)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	13	33
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 24,211	$ 42,835
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (80)	$ (693)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	0	7
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0	$ 7,626
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ (43)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	3	9
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 4,256	$ 12,111
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (21)	$ (310)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	3	16
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 4,256	$ 19,737
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (21)	$ (353)
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	0	3
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0	$ 4,511
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ (37)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	2	6
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 3,149	$ 10,653
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (52)	$ (288)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	2	9
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 3,149	$ 15,164
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (52)	$ (325)
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	8	8
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 16,806	$ 7,934
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (7)	$ (15)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	0	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 0	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	8	8
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 16,806	$ 7,934
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (7)	$ (15)

Accrued Other Expenses - Summar

Accrued Other Expenses - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued consulting fees	$ 218	$ 254
Accrued travel expenses	43	43
Accrued taxes	40	34
Accrued legal and accounting fees	40	127
Accrued computer related expenses	15	15
Accrued other	12	17
Total	$ 368	$ 490

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 16, 2021	Jan. 31, 2024	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2021
Raised public offering				$ 21,179
Common stock, shares issued				22,096,494	13,585,950
Price per share		$ 21
Proceeds from issuance of common stock				$ 31,787	$ 0
Underwriters commissions		$ 14,500	$ 1,400
Stock issuance costs		500	400
Common stock, shares authorized				300,000,000	300,000,000
Preferred stock, shares authorized				10,000,000	10,000,000	10,000,000
Common stock, shares outstanding				22,096,494	13,585,950
Follow-On Public Offering [Member]
Raised public offering		241,500	23,000
Proceeds from issuance of common stock		$ 226,500	$ 21,200
IPO [Member]
Proceeds from issuance of common stock	$ 76,200
Underwriters commissions	5,900
Stock issuance costs	$ 2,600
Over-Allotment Option [Member]
Common stock, shares issued		1,500,000	750,000
Series A Preferred Stock [Member]
Convertible preferred stock available for conversion	2,630,000
Non-Voting Common Stock [Member]
Common stock, shares issued				2,420,755	3,629,400
Stock issued during conversion of convertible securities	3,629,400
Common stock, shares authorized				10,000,000	10,000,000	10,000,000
Common stock, shares outstanding				2,420,755	3,629,400
Voting Common Stock [Member]
Raised public offering				$ 1
Common stock, shares issued		11,500,000	5,750,000
Price per share			$ 4
Common stock shares sold				1,422,250
Gross proceeds				$ 8,800
Stock issued during conversion of convertible securities	2,970,000
Conversion of stock, shares issued	4,098,600
Common stock, shares authorized						300,000,000
Common stock, shares outstanding				22,096,494	13,585,950
Voting Common Stock [Member] | IPO [Member]
Common stock, shares issued	5,298,360
Price per share	$ 16
Voting Common Stock [Member] | Over-Allotment Option [Member]
Common stock, shares issued	298,360

Agreements with Arena Pharmac_2

Agreements with Arena Pharmaceuticals, Inc - Schedule of Services Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Research and development	$ 43,752	$ 34,638
General and administrative	13,007	10,160
Total operating expenses	$ 56,759	$ 44,798

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding	3,856,819	2,395,748
Options exercisable, vested stock options	1,628,898
Options exercisable, subject to early exercise provision	145,188
Options outstanding, Intrinsic value	$ 5,678	$ 48
Percentage of shares of common stock outstanding	1%
Options exercisable, Intrinsic value	$ 2,830
Stock-based compensation expense	$ 3,254	2,657
Number of shares, options granted	1,734,665
Unrecognized stock-based compensation expense	$ 6,900
Cost not yet recognized, period for recognition	2 years 6 months
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	697,645
Shares reserved for future issuance	1,060,017
Employee stock purchase plan, eligible earnings contribution, percentage	15%
Employee stock purchase plan, shares purchase price as a percentage of market fair value	85%
Employee stock purchase plan, maximum shares purchased, value	$ 25,000
Employee stock purchase plan, maximum offering period	27 months
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,733	1,641
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,521	1,016
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of stock options exercised	$ 200	$ 0
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding	3,856,819
Number of shares, options granted	1,569,298
2021 Equity Incentive Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	1,000,000
2021 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	5,426,117
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant	0
2020 Equity Incentive Plan [Member] | Minimum [Member] | Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
2020 Equity Incentive Plan [Member] | Maximum [Member] | Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Award expiration term	10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options [Roll Forward]
Number of Shares, Options outstanding, beginning balance	2,395,748
Number of Shares, Options granted	1,734,665
Number of Shares, Options exercised	(129,649)
Number of Shares, Options cancelled	(143,945)
Number of Shares, Options outstanding, ending balance	3,856,819	2,395,748
Number of Shares, Options Vested and Expected to Vest	3,856,819
Number of Shares, Options exercisable	1,774,086
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price Per share, Options outstanding, beginning balance	$ 5.5
Weighted Average Exercise Price Per share, Options granted	4.67
Weighted Average Exercise Price Per share, Options exercised	3.78
Weighted Average Exercise Price Per share, Options cancelled	7.71
Weighted Average Exercise Price Per share, Options outstanding, ending balance	5.1	$ 5.5
Weighted Average Exercise Price Per share, Options vested	5.1
Weighted Average Exercise Price Per share, Options exercisable	$ 5.28
Weighted Average Remaining Contractual Term (in Years) [Roll Forward]
Weighted Average Remaining Contractual Term, Options outstanding	8 years 3 months 18 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Options exercisable	7 years 9 months 18 days
Options outstanding, Intrinsic value	$ 5,678	$ 48
Aggregate Intrinsic Value, Vested and expected to vest	5,678
Options exercisable, Intrinsic value	$ 2,830

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 4.67	$ 4.61
Risk-free interest rate	3.86%	2.15%
Dividend yield	0%	0%
Expected volatility	77.66%	75.28%
Expected life (years)	6 years	6 years
Estimated grant date fair value per share of award granted	$ 3.25	$ 3.07

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,254	$ 2,657
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,521	1,016
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,733	$ 1,641

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)		1 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($)	Feb. 29, 2024 USD ($) ft²	Nov. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security deposit		$ 200,000,000		$ 44,000
Percentage of increase in rent by second year		0.45%
Rent payments		$ 62,000	$ 8,000	$ 35,000
Area of office space | ft²		15,960		9,289
Historical rent paid	$ 36,000
Future rent payment per month for first year		$ 62,000	$ 8,000	$ 35,000
Total rent expense				$ 425,000	$ 394,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 393	$ 370
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 101	$ 554

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Right-of-use assets, net	$ 472	$ 736
Right-of-use lease liabilities, current	475	358
Right-of-use lease liabilities, noncurrent	0	382
Total operating lease liabilities	$ 475	$ 740
Weighted average remaining lease term (in years)
Operating leases	1 year	2 years
Weighted average discount rate
Operating leases	10%	9.80%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 496
Total lease payments	496
Less imputed interest	(21)
Total	$ 475	$ 740

Income Taxes - Net loss Attribu

Income Taxes - Net loss Attributable To Stockholders Before Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (54,422)	$ (43,945)
Total	$ (54,422)	$ (43,945)

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision For Income Taxes and Income Taxes Computed U.S. Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Benefit for income taxes at statutory federal rate	$ (11,428)	$ (9,229)
Permanent items	559	524
Research and development credits	(1,915)	(1,688)
Change in valuation allowance	12,784	10,393
Provision for income taxes	$ 0	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal and California net operating loss carryforwards	$ 12,336	$ 8,512
Federal and California research and development carryforwards	4,443	2,528
Stock-based compensation expense	500	404
Lease liability	100	155
Section 174 capitalized R&D expenses	13,067	6,318
Other, net	689	491
Total deferred tax assets	31,135	18,408
Right of use asset	(99)	(155)
Fixed asset basis difference	(1)	(2)
Total deferred tax liabilities	(100)	(157)
Net deferred tax assets	31,035	18,251
Less: valuation allowance	(31,035)	(18,251)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summery of Begin

Income Taxes - Summery of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 703	$ 345
Additions from tax positions taken in the current year	444	359
Additions from tax positions taken in prior year	0	0
Reductions from tax positions taken in prior years	(1)	(1)
Tax settlements	0	0
Unrecognized Tax Benefits, Ending Balance	$ 1,146	$ 703

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Percentage of uncertain tax positions not recognized	50%
Unrecognized tax benefits	$ 1,146	$ 703	$ 345
Increase in valuation allowance	12,784	$ 10,393
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,600
Tax credit carryforwards research	1,200
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	58,700
Tax credit carryforwards research	$ 3,500

Employment Benefits - Additiona

Employment Benefits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Company Provides Safe Harbor Contribution	4%
Expenses Related To Contribution Plan	$ 386,000	$ 265,000

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 29, 2024 ft²	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) ft²
Subsequent Event [Line Items]
Proceeds from Issuance Initial Public Offering | $			$ 226.5
Area of Office Space | ft²	15,960		9,289
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance Initial Public Offering | $		$ 241.5
Area of Office Space | ft²	15,960
Description of lease agreement	In February 2024, we amended our lease agreement to occupy 15,960 square feet of office space, estimated to be effective August 1, 2024. For additional information, see Note 9