NKGen Biotech, Inc. Common Stock (NKGN) S-119 Oct 23IPO registrationFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	S-1
Entity Registrant Name	NKGen Biotech, Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001845459
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 27, 2021	Dec. 31, 2020
Current assets:
Cash	$ 1,222,000		$ 117,000	$ 357,000		$ 351,000
Prepaid expenses	464,000		133,000			172,000
Total current assets	2,069,000		350,000			612,000
Total assets	21,105,000		16,330,000			18,070,000
Current liabilities:
Accounts payable	3,537,000		975,000			1,687,000
Accrued expenses	1,064,000		1,359,000			248,000
Other current liabilities	129,000		55,000			1,930,000
Convertible promissory notes, current			11,392,000			11,219,000
Total current liabilities	23,229,000		14,741,000			55,743,000
Total liabilities	33,461,000		14,767,000			56,122,000
Commitments and contingencies (Note 8)
Stockholders' Deficit:
Common stock, $0.001 par value; 60,000,000 authorized shares as of each of December 31, 2022 and June 30, 2023; 32,575,043 and 32,606,548 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	33,000		33,000			14,000
Additional paid-in capital	82,958,000		80,706,000			14,356,000
Accumulated deficit	(95,347,000)		(79,176,000)			(52,422,000)
Total stockholders' equity (deficit)	(12,356,000)		1,563,000	(51,116,000)		(38,052,000)		$ (14,943,000)
Total liabilities and stockholders' equity (deficit)	21,105,000		16,330,000			18,070,000
Graf Acquisition Corp. IV [Member]
Current assets:
Cash	41,459		635,155			1,722,506
Prepaid expenses	34,179		242,752			812,724
Total current assets	75,638		877,907			2,535,230
Cash and investments held in Trust Account	63,529,895		173,488,201			171,656,153
Total assets	63,605,533		174,366,108			174,191,383
Current liabilities:
Accounts payable	163,344		177,157			51,807
Franchise tax payable	66,255		42,705			185,205
Accrued expenses	5,050,540		2,444,352			1,656,137
Other current liabilities	32,809		0
Income tax payable	572,146		181,374
Convertible promissory notes, current	416,710		0
Total current liabilities	6,301,804		2,845,588			1,893,149
Derivative warrant liability	944,310		424,940			5,571,410
Deferred underwriting commissions in connection with the initial public offering	2,102,284		2,102,284			6,006,525
Total liabilities	9,348,398		5,372,812			13,471,084
Commitments and contingencies (Note 8)
Stockholders' Deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022
Additional paid-in capital	0		0			0
Accumulated deficit	(8,539,578)		(4,171,255)			(10,895,130)
Total stockholders' equity (deficit)	(8,539,149)	$ (5,299,272)	(4,170,826)	$ (4,210,526)	$ (8,891,311)	(10,894,701)	$ 0
Total liabilities and stockholders' equity (deficit)	63,605,533		174,366,108			174,191,383
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Current liabilities:
Common stock subject to possible redemption; 6,083,500 and 17,161,500 shares at redemption value of approximately $10.32 and $10.09 per share as of June 30, 2023 and December 31, 2022, respectively	62,796,284		173,164,122			171,615,000
Common stock not subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Stockholders' Deficit:
Common stock, $0.001 par value; 60,000,000 authorized shares as of each of December 31, 2022 and June 30, 2023; 32,575,043 and 32,606,548 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	$ 429		$ 429			$ 429

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	May 22, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock, par value per share	$ 0.001		$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000		60,000,000	20,000,000
Common stock, shares issued	32,606,548		32,575,043	14,382,093
Common stock, shares outstanding	32,606,548		32,575,043	14,382,093
Graf Acquisition Corp. IV [Member]
Common stock shares subject to possible redemption	6,083,500	11,078,000
Preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000		1,000,000	1,000,000
Preferred stock, shares issued	0		0	0
Preferred stock, shares outstanding	0		0	0
Common stock, par value per share	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000		400,000,000	400,000,000
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Common stock shares subject to possible redemption	6,083,500		17,161,500	17,161,500
Common stock subject to possible redemption, approximate redemption value (in dollars per share)	$ 10.32		$ 10.09	$ 10
Common stock not subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Common stock, par value per share	$ 0.0001		$ 0.0001
Common stock, shares authorized	400,000,000		400,000,000
Common stock, shares issued	4,290,375		4,290,375	4,290,375
Common stock, shares outstanding	4,290,375		4,290,375	4,290,375

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
General and administrative expenses		$ 7,659,000
Loss from operations		(24,346,000)
Other income (expenses):
Net (loss) income before income tax		(26,747,000)
Income tax (expense) benefit		(7,000)
Net loss and comprehensive loss		$ (26,754,000)
Weighted average shares outstanding of common stock, basic		15,563,850
Weighted average shares outstanding of common stock, diluted		15,563,850
Basic net (loss) income per share, common stock		$ (1.72)
Diluted net (loss) income per share, common stock		$ (1.72)
Graf Acquisition Corp. IV [Member]
Franchise tax expenses	$ 185,205	$ 169,141
Loss from operations	(2,508,207)	(2,740,030)
Other income (expenses):
Change in fair value of derivative warrant liability	5,665,840	5,146,470
Offering Cost, Derivative Warrant Liability	34,474
Loss Upon Issuance Of Private Placement Warrants	4,154,950
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability		179,595
Gain on settlement of deferred underwriting commissions		179,595
Income from investments held in Trust Account	41,153	2,400,690
Other income (expense)	1,517,569	7,726,755
Net (loss) income before income tax	(990,638)	4,986,725
Income tax (expense) benefit	0	(438,374)
Net loss and comprehensive loss	$ (990,638)	$ 4,548,351
Weighted average shares outstanding of common stock, basic	15,083,469	21,451,875
Weighted average shares outstanding of common stock, diluted	15,083,469	21,451,875
Basic net (loss) income per share, common stock	$ (0.07)	$ 0.21
Diluted net (loss) income per share, common stock	$ (0.07)	$ 0.39
Graf Acquisition Corp. IV [Member] \| Nonrelated party
General and administrative expenses	$ 2,214,615	$ 2,390,889
Graf Acquisition Corp. IV [Member] \| Related party
General and administrative expenses - related party	$ 108,387	$ 180,000

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common stock Graf Acquisition Corp. IV [Member]	Common stock	Additional Paid-In Capital Graf Acquisition Corp. IV [Member]	Additional Paid-In Capital	Accumulated Deficit Graf Acquisition Corp. IV [Member]	Accumulated Deficit	Graf Acquisition Corp. IV [Member]	Total
Beginning balance at Dec. 31, 2020		$ 14,000		$ 14,200,000		$ (29,157,000)		$ (14,943,000)
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(23,265,000)		(23,265,000)
Ending balance at Dec. 31, 2021	$ 429	14,000	$ 0	14,356,000	$ (10,895,130)	(52,422,000)	$ (10,894,701)	(38,052,000)
Balance at the end (in shares) at Dec. 31, 2021	4,290,375
Beginning balance at Jan. 27, 2021	$ 0		0		0		0
Balance at the beginning (in shares) at Jan. 27, 2021	0
Increase (decrease) in Stockholders' Deficit
Issuance of common stock to Sponsor	$ 431		24,569		0		25,000
Issuance of common stock to Sponsor (in shares)	4,312,500
Common stock forfeited	$ (2)		2		0
Common stock forfeited (in shares)	(22,125)
Fair value of Public Warrants included in the Units sold in the Initial Public Offering			7,894,290		0		7,894,290
Accretion to common stock subject to possible redemption amount			7,484,675		9,904,492		17,389,167
Offering costs associated with issuance of Public Warrants			(434,186)		0		(434,186)
Net income (loss)			0		(990,638)		(990,638)
Ending balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the end (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)					2,003,390		2,003,390
Ending balance at Mar. 31, 2022	$ 429				(8,891,740)		(8,891,311)
Balance at the end (in shares) at Mar. 31, 2022	4,290,375
Beginning balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the beginning (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(13,113,000)	2,959,529	(13,113,000)
Ending balance at Jun. 30, 2022	$ 429	14,000		14,405,000	(4,210,955)	(65,535,000)	(4,210,526)	(51,116,000)
Balance at the end (in shares) at Jun. 30, 2022	4,290,375
Beginning balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the beginning (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Adjustment for accretion of common stock subject to possible redemption amount			0		2,175,524		2,175,524
Net income (loss)			0		4,548,351	(26,754,000)	4,548,351	(26,754,000)
Ending balance at Dec. 31, 2022	$ 429	33,000	0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the end (in shares) at Dec. 31, 2022	4,290,375
Beginning balance at Mar. 31, 2022	$ 429				(8,891,740)		(8,891,311)
Balance at the beginning (in shares) at Mar. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Adjustment for accretion of common stock subject to possible redemption amount					3,724,646		3,724,646
Net income (loss)					956,139		956,139
Ending balance at Jun. 30, 2022	$ 429	14,000		14,405,000	(4,210,955)	(65,535,000)	(4,210,526)	(51,116,000)
Balance at the end (in shares) at Jun. 30, 2022	4,290,375
Beginning balance at Dec. 31, 2022	$ 429	33,000	0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the beginning (in shares) at Dec. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Adjustment for accretion of common stock subject to possible redemption amount					(1,507,323)		(1,507,323)
Net income (loss)					378,877		378,877
Ending balance at Mar. 31, 2023	$ 429				(5,299,701)		(5,299,272)
Balance at the end (in shares) at Mar. 31, 2023	4,290,375
Beginning balance at Dec. 31, 2022	$ 429	33,000	$ 0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the beginning (in shares) at Dec. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(16,171,000)	(1,452,171)	(16,171,000)
Ending balance at Jun. 30, 2023	$ 429	33,000		82,958,000	(8,539,578)	(95,347,000)	(8,539,149)	(12,356,000)
Balance at the end (in shares) at Jun. 30, 2023	4,290,375
Beginning balance at Mar. 31, 2023	$ 429				(5,299,701)		(5,299,272)
Balance at the beginning (in shares) at Mar. 31, 2023	4,290,375
Increase (decrease) in Stockholders' Deficit
Adjustment for accretion of common stock subject to possible redemption amount					(1,408,829)		(1,408,829)
Net income (loss)					(1,831,048)		(1,831,048)
Ending balance at Jun. 30, 2023	$ 429	$ 33,000		$ 82,958,000	$ (8,539,578)	$ (95,347,000)	$ (8,539,149)	$ (12,356,000)
Balance at the end (in shares) at Jun. 30, 2023	4,290,375

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Change in operating assets and liabilities:
Net cash used in operating activities		$ (22,557,000)
Cash Flows from Investing Activities:
Net cash used in investing activities		(163,000)
Cash Flows from Financing Activities:
Proceeds from Related Party Debt		23,000,000
Net cash provided by financing activities		22,486,000
Net increase in cash, cash equivalents, and restricted cash		(234,000)
Cash, cash equivalents, and restricted cash at the beginning of period		351,000
Cash, cash equivalents, and restricted cash at the end of period	$ 351,000	117,000
Graf Acquisition Corp. IV [Member]
Operating Activities
Net (loss) income	(990,638)	4,548,351
Adjustments to reconcile net (loss) income to net cash used in operating activities:
General and administrative expenses paid by related party in exchange for issuance of common stock	1,000
General and administrative expenses paid by related party under promissory note	1,981
Offering costs - derivative warrant liability	34,474
Loss upon issuance of private placement warrants	4,154,950
Change in fair value of derivative warrant liability	(5,665,840)	(5,146,470)
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability		(179,595)
Income from investments held in Trust Account	(41,153)	(2,400,690)
Change in operating assets and liabilities:
Prepaid expenses	(812,724)	569,972
Accounts payable	51,807	125,350
Franchise tax payable	185,205	(142,500)
Income tax payable		181,374
Accrued expenses	1,557,213	873,215
Net cash used in operating activities	(1,523,725)	(1,570,993)
Cash Flows from Investing Activities:
Investment of cash into Trust Account	(171,615,000)
Cash withdrawals from Trust Account to pay for taxes		568,642
Net cash used in investing activities	(171,615,000)	568,642
Cash Flows from Financing Activities:
Proceeds from Related Party Debt	500
Repayment of note payable to related party	(69,809)
Proceeds received from initial public offering, gross	171,615,000
Proceeds received from private placement	7,082,300
Offering costs paid	(3,766,760)	(85,000)
Net cash provided by financing activities	174,861,231	(85,000)
Net increase in cash, cash equivalents, and restricted cash	1,722,506	(1,087,351)
Cash, cash equivalents, and restricted cash at the beginning of period	0	1,722,506
Cash, cash equivalents, and restricted cash at the end of period	1,722,506	635,155
Supplemental disclosure of noncash activities:
Offering costs paid by Sponsor in exchange for issuance of common stock	24,000
Offering costs included in accrued expenses	98,924	13,924
Offering costs paid by related party under promissory note	67,327
Deferred underwriting commissions in connection with the initial public offering	$ 6,006,525
Extinguishment of deferred underwriting commissions allocated to Public Shares		3,724,646
Supplementary cash flow information:
Cash paid for income taxes		$ 257,000

Description of Organization and

Description of Organization and Business Operations	6 Months Ended	12 Months Ended
Description of Organization and Business Operations	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations	Note 1—Description of Organization and Business Operations Graf Acquisition Corp. IV (“Graf”) is a newly organized blank check company incorporated in Delaware and formed for the purpose of effecting into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. On December 9, 2021, Graf incorporated Austria Merger Sub, Inc. (“Merger Sub”), a Delaware corporation. Graf and its subsidiary are collectively referred to as the “Company.” On April 14, 2023, Graf entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and NKGen Biotech, Inc., a Delaware corporation (“NKGen”), pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into NKGen (the “Merger”), with NKGen surviving the Merger in accordance with the Delaware General Corporation Law as a wholly owned subsidiary of Graf (the Merger, together with the other transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Business Combination”). As of June 30, 2023, the Company had not yet commenced operations. All activity for the period from January 28, 2021 (inception) through June 30, 2023, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering. The Company’s sponsor is Graf Acquisition Partners IV LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on May 20, 2021. On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions (see Note 5). The Company granted the underwriter a 45-day Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 4,433,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million (see Note 4). Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $432,000. Upon the closing of the Initial Public Offering, Over-Allotment, and Private Placement, $171.6 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering, Over-Allotment and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) in the United States maintained by Continental Stock Transfer & Trust Company, as trustee, and has been invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“ FASB ASC ASC 480 SEC Notwithstanding the foregoing, the Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the shares of common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, and directors have agreed not to propose an amendment to the Charter that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment. If a Business Combination has not been consummated by September 29, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. On May 22, 2023, the Company held a special meeting of stockholders (the “Meeting”), pursuant to which the Company’s stockholders approved a proposal to amend the Charter (the “Charter Amendment”) to (i) provide the Company with the right to extend the date by which the Company must consummate its initial business combination (the “Extension”), from May 25, 2023 to September 29, 2023 (the “Extended Date”), and to and (ii) permit the Company’s board of directors, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than the Extended Date as determined by the board of directors and included in a public announcement. In addition, on May 22, 2023, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware. In addition, in connection with the Extension, the Company shall deposit into the Trust Account $0.03 per Public Share of common stock that is not redeemed, up to $165,000, for each calendar month (or pro rata portion thereof if less than a full month), until the earlier to occur of (i) September 29, 2023, (ii) the closing of the Business Combination and (iii) the Company’s liquidation. In connection with the vote to approve the Extension Amendment Proposal, the holders of 11,078,000 shares of common stock properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.227 per share, for an aggregate redemption amount of approximately $113.3 million. The Initial Stockholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. The Company will seek to have all third parties (except the Company’s independent registered public accounting firm) and any prospective target businesses enter into valid and enforceable agreements with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account. Nevertheless, there is no guarantee that vendors, service providers and prospective target businesses will execute such agreements. The Company’s insiders agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company’s insiders may not be able to satisfy their indemnification obligations. Moreover, the Company’s insiders will not be liable to the Public Stockholders and instead will only have liability to the Company. Liquidity and Going Concern As of June 30, 2023, the Company had approximately $41,000 in its operating bank account and working capital deficit of approximately $6.2 million. The Company’s liquidity needs through June 30, 2023 were satisfied through a payment of $25,000 from the Sponsor to purchase the Founder Shares (as defined in Note 4), the loan of approximately $67,000 from the Sponsor under the Note (as defined in Note 4 to the unaudited condensed consolidated financial statements), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on May 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, provide Working Capital Loans (as defined in Note 4 to the unaudited condensed consolidated financial statements). As of June 30, 2023, and December 31, 2022, there were $416,710 and $0 amounts outstanding under any Working Capital Loans, respectively, borrowed under the Convertible Promissory Note (defined in Note 4). In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ ASU certificate of incorporation) raises substantial doubt about the Company’s ability to continue as a going concern. Although management expects that it will be able to raise additional capital to support its planned activities and complete a business combination on or prior to September 29, 2023 (unless extended in accordance with the amended and restated certificate of incorporation), it is uncertain whether it will be able to do so. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 29, 2023 (unless extended in accordance with the amended and restated certificate of incorporation). The unaudited condensed consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.	Note 1 — Description of Organization and Business Operations Graf Acquisition Corp. IV (the “Company”), is a newly organized blank check company incorporated in Delaware and formed for the purpose of effecting into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). As of December 31, 2022, the Company had not yet commenced operations. All activity for the period from January 28, 2021 (inception) through December 31, 2022, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering. The Company’s sponsor is Graf Acquisition Partners IV LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on May 20, 2021. On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions (see Note 4). The Company granted the underwriter a 45-day Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 4,433,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million (see Note 5). Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $432,000. Upon the closing of the Initial Public Offering, Over-Allotment, and Private Placement, $171.6 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering, Over-Allotment and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) in the United States maintained by Continental Stock Transfer & Trust Company, as trustee, and has been invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares were recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“ FASB ASC ASC 480 SEC Notwithstanding the foregoing, the Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the shares of common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, and directors have agreed not to propose an amendment to the Charter that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment. If a Business Combination has not been consummated within 24 months from the closing of the Initial Public Offering, or May 25, 2023 or any extended period of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Initial Stockholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. The Company will seek to have all third parties (except the Company’s independent registered public accounting firm) and any prospective target businesses enter into valid and enforceable agreements with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account. Nevertheless, there is no guarantee that vendors, service providers and prospective target businesses will execute such agreements. The Company’s insiders agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company’s insiders may not be able to satisfy their indemnification obligations. Moreover, the Company’s insiders will not be liable to the Public Stockholders and instead will only have liability to the Company. Liquidity and Going Concern As of December 31, 2022, we had approximately $0.6 million in our operating bank account and working capital deficit of approximately $2.0 million. The Company’s liquidity needs through December 31, 2022 were satisfied through a payment of $25,000 from the Sponsor to purchase the Founder Shares, the loan of approximately $67,000 from the Sponsor under the Note (as defined in Note 5 to the financial statements), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on May 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, provide Working Capital Loans (as defined in Note 5 to the financial statements). As of December 31, 2022 and 2021, there were no amounts outstanding under any Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ ASU

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	12 Months Ended
Restatement of Previously Issued Financial Statements	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Restatement of Previously Reported Balance Sheet	Note 2 — Restatement of Previously Issued Financial Statements The Company had recognized a liability upon closing of its initial public offering in May 2021 for a portion of the underwriters’ commissions which was contingently payable upon closing of a future business combination, with the offsetting entry resulting in an initial discount to the securities sold in the initial public offering. On May 16, 2022, J.P. Morgan Securities LLC irrevocably waived its rights to the deferred underwriting commissions due under the underwriting agreement. The Company recognized the waiver as an extinguishment, with a resulting non-operating gain recognized in its statements of operations reported in in the Company’s Form 10-Qs for the quarterly periods ended June 30, 2022 and September 30, 2022 (the “Affected Quarterly Periods”). Upon subsequent review and analysis, management concluded that the Company should have recognized the portion allocated to Public Shares as an adjustment to the carrying value of the Class A common stock subject to possible redemption and the remaining balance as a gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liabilities. Therefore, the Company’s management and the audit committee of the Company’s Board of Directors concluded that the Company’s Affected Quarterly Periods should no longer be relied upon and that it is appropriate to restate them. As such, the Company will restate its financial statements in this Form 10-K. The previously presented Affected Quarterly Period should no longer be relied upon. Further, the Company’s management has considered the effect of the foregoing on the Company’s prior conclusions of the adequacy of its internal control over financial reporting and disclosure controls and procedures as of June 30, 2022 and September 30, 2022. As a result of the error, management has determined that a material weakness existed in the Company’s internal control over financial reporting as of the December 31, 2022. See Part II Item 9A – Controls and Procedures within this Annual Report for a description of these matters. Impact of the Restatement The impact of the restatement on the statements of operations, statements of changes in stockholders’ deficit and statements of cash flows for the affected period is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. Statements of Operations: The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statements of operations for the three and six months ended June 30, 2022: For the Three Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (968,952) — (968,952) Other income (expenses) Change in fair value of derivative warrant liabilities 1,605,330 — 1,605,330 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 124,764 — 124,764 Net income before income tax expenses 4,665,383 (3,724,646) 940,737 Income tax benefit 15,402 — 15,402 Net income $ 4,680,785 $ (3,724,646) $ 956,139 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.22 $ (0.17) $ 0.04 For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (1,700,860) $ — $ (1,700,860) Other income (expenses) Change in fair value of derivative warrant liabilities 4,296,600 — 4,296,600 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 168,792 — 168,792 Net income before income tax expenses 6,668,773 (3,724,646) 2,944,127 Income tax benefit 15,402 — 15,402 Net income $ 6,684,175 $ (3,724,646) $ 2,959,529 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.31 $ (0.17) $ 0.14 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of operations for the nine months ended September 30, 2022 (there were no adjustments to the three months ended September 30, 2022): For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (2,104,916) $ — $ (2,104,916) Other income (expenses) Change in fair value of derivative warrant liabilities 4,863,180 — 4,863,180 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 1,073,311 — 1,073,311 Net income before income tax expenses 7,735,816 (3,724,646) 4,011,170 Income tax expense (164,076) — (164,076) Net income $ 7,571,740 $ (3,724,646) $ 3,847,094 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.35 $ (0.17) $ 0.18 Statement of Changes in Stockholders’ Deficit: The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of changes in stockholders’ deficit for the six months ended June 30, 2022: For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Adjustment for accretion of Class A common stock subject to possible redemption amount - accumulated deficit $ — $ 3,724,646 $ 3,724,646 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of changes in stockholders’ deficit for the nine months ended September 30, 2022: For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Adjustment for accretion of Class A common stock subject to possible redemption amount - accumulated deficit $ (582,502) $ 3,724,646 $ 3,142,144 Statement of Cash Flows: The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2022: For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Net income $ 6,684,175 $ (3,724,646) $ 2,959,529 Adjustments to reconcile net income to net cash used in operating activities: Change in fair value of derivative warrant liability (4,296,600) — (4,296,600) Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability (3,904,241) 3,724,646 (179,595) Income from investments held in Trust Account (168,792) — (168,792) Changes in operating assets and liabilities: Prepaid expenses 288,199 — 288,199 Prepaid expenses - related party (13,173) — (13,173) Deferred tax asset (15,402) — (15,402) Accounts payable 79,438 — 79,438 Franchise tax payable (56,214) — (56,214) Accrued expenses 940,161 — 940,161 Net cash used in operating activities $ (462,449) $ — $ (462,449) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the nine months ended September 30, 2022: For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Net income $ 7,571,740 $ (3,724,646) $ 3,847,094 Adjustments to reconcile net income to net cash used in operating activities: Change in fair value of derivative warrant liability (4,863,180) — (4,863,180) Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability (3,904,241) 3,724,646 (179,595) Income from investments held in Trust Account (1,073,311) — (1,073,311) Changes in operating assets and liabilities: Prepaid expenses 394,156 — 394,156 Accounts payable 195,119 — 195,119 Franchise tax payable (163,696) — (163,696) Income tax payable 164,076 — 164,076 Accrued expenses 684,840 — 684,840 Net cash used in operating activities $ (994,497) $ — $ (994,497)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2—Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 31, 2023. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2023, and December 31, 2022. Cash and investments Held in the Trust Account The Company’s portfolio of investments is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. Gains and losses resulting from the change in fair value of these securities are included in income on investments held in the Trust Account in the accompanying condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB Topic ASC 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the condensed consolidated balance sheets, primarily due to their short-term nature, other than the derivative warrant liabilities. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liability The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company will evaluate its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ ASC 815 The Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The fair value of the Private Placement Warrants as of June 30, 2023, and December 31, 2022, is determined using Black-Scholes option pricing model. The determination of the fair value of the warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, underwriting fees, accounting, and other costs incurred through the condensed consolidated balance sheet date that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liability will be expensed as incurred, presented as non-operating expenses in the condensed statements of operations. Offering costs associated with the Public Shares issued were charged to stockholders’ equity upon the completion of the Initial Public Offering. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as liability instruments and is measured at fair value. Conditionally redeemable common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, June 30, 2023 and December 31, 2022, 6,083,500 and 17,161,500 shares of common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed consolidated balance sheets, respectively. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of the reporting period. This method would view the end of the reporting period as if it were also the redemption date of the security. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ ASC 740 ASC 740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed consolidated financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. Net (Loss) Income per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net (loss) income per common stock is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net (loss) income per common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 8,153,833 shares of common stock in the calculation of diluted (loss) income per common stock, because their exercise is contingent upon future events. As a result, diluted net (loss) income per common stock is the same as basic net (loss) income per common stock for the three and six months ended June 30, 2023 and 2022. Accretion associated with the redeemable common stock is excluded from earnings per share as the redemption value approximates fair value. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the unaudited condensed consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.	Note 3 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP SEC Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2022 and 2021. Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. Gains and losses resulting from the change in fair value of these securities are included in income on investments held in the Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB Topic ASC 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the balance sheets, primarily due to their short-term nature, other than the derivative warrant liabilities. (see Note 10). Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liability The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company will evaluate its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ ASC 815 The Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The fair value of the Private Placement Warrants as of December 31, 2022 and 2021, is determined using Black-Scholes option pricing model. The determination of the fair value of the warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, underwriting fees, accounting, and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liability will be expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Public Shares issued were charged to stockholders’ equity upon the completion of the Initial Public Offering. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as liability instruments and is measured at fair value. Conditionally redeemable common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of Initial Public Offering (including exercise of the over-allotment option), 17,161,500 shares of common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of the reporting period. This method would view the end of the reporting period as if it were also the redemption date of the security. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ ASC 740 ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. Net Income (Loss) Per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net income per common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 8,153,833 shares of common stock in the calculation of diluted income (loss) per common stock, because their exercise is contingent upon future events. As a result, diluted net income per common stock is the same as basic net income per common stock for the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021. Accretion associated with the redeemable common stock is excluded from earnings per share as the redemption value approximates fair value. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

Initial Public Offering	6 Months Ended	12 Months Ended
Initial Public Offering	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Initial Public Offering	Note 3—Initial Public Offering On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 Units, at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions. The Company granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased 2,161,500 additional Units (the “Additional Units”), generating gross proceeds of approximately $21.6 million (the “Over-Allotment”). The Company incurred additional offering costs of approximately $1.2 million in connection with the Over-Allotment (of which approximately $0.8 million was for deferred underwriting fees). On May 16, 2022, one of the underwriters waived their deferred fee of approximately $3.9 million. Each Unit consists of one share of common stock, and one	Note 4 — Initial Public Offering On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 Units, at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions. The Company granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased 2,161,500 additional Units (the “Additional Units”), generating gross proceeds of approximately $21.6 million (the “Over-Allotment”). The Company incurred additional offering costs of approximately $1.2 million in connection with the Over-Allotment (of which approximately $0.8 million was for deferred underwriting fees). On May 16, 2022, one of the underwriters waived their deferred fee of approximately $3.9 million. Each Unit consists of one share of common stock, and one

Related Party Transactions

Related Party Transactions	6 Months Ended	12 Months Ended
Related Party Transactions	Jun. 30, 2023	Dec. 31, 2022
Related Party Transactions	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the six months ended June 30, 2022 and 2023, $0.2 million and zero, respectively, in research and development expenses related to these advisory services were recorded. As of December 31, 2022, amounts payable of less than $0.1 million relating to advisory and research services from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to advisory and research services from related parties. Purchases of laboratory supplies For the six months ended June 30, 2022 and 2023, the Company recorded research and development expenses totaling less than $0.1 million and zero, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2022, amounts payable of $0.1 million relating to the purchase of laboratory supplies from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to the purchase of laboratory supplies from related parties. Related Party Loans Between August 2019 and December 2022, the Company entered into related party loans with NKMAX (“Related Party Loans”). In December 2022, the aggregate outstanding Related Party Loans’ principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which was recognized as a capital contribution within the condensed statement of common stock and stockholders’ equity (deficit) for the year ended December 31, 2022. From January through April 2023, the Company entered into additional Related Party Loans with NKMAX for aggregate gross proceeds of $5.0 million. These additional Related Party Loans bear an interest rate of 4.6% and mature on December 31, 2024. There are no financial or non-financial covenants associated with the Related Party Loans. The Related Party Loans are not convertible into equity, including upon the consummation of the Business Combination. In connection with the Related Party Loans, interest expenses incurred $1.0 million and $0.1 million for the six months ended June 30, 2022 and 2023, respectively. Related party interest payable amounts recorded to other current liabilities on the condensed balance sheets were zero and $0.1 million as of December 31, 2022 and June 30, 2023, respectively. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 through May 2023, relatives of one of the Company’s directors invested in Convertible Notes. As of each of December 31, 2022 and June 30, 2023, the principal amount and related fair value of Convertible Notes held by relatives of a director of the Company were each $0.4 million.	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the year ended December 31, 2021, no research and development expenses related to these advisory services were provided or recorded. For the year ended December 31, 2022, the Company recorded $0.4 million of research and development expenses related to these advisory services. As of December 31, 2022, amounts payable of less than $0.1 million remained outstanding and recorded within accounts payable and accrued expenses on the balance sheet. The Company receives scientific research consulting services from ATGEN Canada, a sister company under common ownership. For the year ended December 31, 2021, the Company recorded $0.2 million of research and development expenses for services provided by ATGEN Canada. For the year ended December 31, 2022, no research and development expenses related to these services were provided or recorded. As of December 31, 2021 and 2022, there were no outstanding amounts payable relating to these professional research services. Purchases of laboratory supplies For the years ended December 31, 2021 and 2022, the Company recorded research and development expenses totaling $0.1 million and $0.1 million, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2021 and December 31, 2022, there was zero and less than $0.1 million outstanding payables, respectively, relating to the purchase of laboratory supplies, which is recorded within accounts payable and accrued expenses on the balance sheets. Related party loans Between August 2019 and December 2022, the Company entered into multiple loan agreements with NKMAX under which the total proceeds received from related parties during the years ended December 31, 2021 and 2022 were $20.5 million and $23.0 million, respectively. The loans carry an interest rate of 4.6%. There are no financial or non-financial covenants associated with the debt. In December 2022, the aggregate outstanding related party loan principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which has been recognized as a capital contribution within the statements of common stock and stockholders’ equity (deficit). No related party loan amounts were outstanding as of December 31, 2022. Interest expenses incurred were $1.3 million and $2.3 million for the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 and 2022, interest payable amounts owed to related parties was $1.9 million and zero, respectively, which is recorded in other current liabilities on the balance sheets. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 to December 2019, relatives of one of the Company’s directors invested in convertible promissory notes totaling $0.5 million. As of December 31, 2021, the principal amount and the fair value of Related Party Convertible Notes held by relatives of a director of the Company were $0.3 million. As of December 31, 2022, the principal amount and related fair value of the Related Party Convertible Notes held by relatives of a director of the Company were $0.3
Graf Acquisition Corp. IV [Member]
Related Party Transactions	Note 4—Related Party Transactions Founder Shares On February 13, 2021, Graf Acquisition Partners LLC (“Graf LLC”) paid an aggregate of $25,000 for certain offering costs on behalf of the Company in exchange for issuance of 4,312,500 shares of common stock (the “Founder Shares”). On April 2, 2021, Graf LLC transferred all of its Founder shares to the Sponsor. On April 8, 2021, the Sponsor transferred 20,000 Founder Shares to each of the Company’s independent directors, resulting in the Sponsor holding 4,252,500 Founder Shares. The holders of the Founder Shares agreed to forfeit up to an aggregate of 562,500 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters partially exercised their over-allotment option on June 2, 2021, and forfeited the remaining option; and, as a result, an aggregate of 22,125 Founder Shares were forfeited, resulting in 4,290,375 Founder Shares outstanding. On July 14, 2021, the Sponsor transferred 20,000 Founder Shares to Alexandra Lebenthal in connection with her appointment to the Company’s board of directors. The Initial Stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,433,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million. Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $0.4 million. Each whole Private Placement Warrant entitles the holder thereof to purchase one common stock at an exercise price of $11.50 per full share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees (see Note 8). Related Party Loans On January 29, 2021, the Sponsor agreed to loan the Company up to $150,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the consummation of the Initial Public Offering. The Company had borrowed approximately $70,000 under the Note. The Note was paid back in full on May 26, 2021. Subsequent to the repayment, the facility was no longer available to the Company. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (the “Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into additional warrants at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. In connection with the Extension and advances the Sponsor may make in the future to the Company for working capital expenses, on May 15, 2023, the Company issued a convertible promissory note to the Sponsor with a principal amount up to $1,500,000 (the “Convertible Promissory Note”). The Convertible Promissory Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the Company’s liquidation. If the Company does not consummate an initial business combination by the Extended Date, the Convertible Promissory Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. Subject to the terms and conditions of the Merger Agreement, dated as of April 14, 2023, by and among Graf, Merger Sub and NKGen, upon maturity, the outstanding principal of the Note may be converted into warrants, at a price of $1.50 per warrant, at the option of the Sponsor. Such warrants will have terms identical to the warrants issued to the Sponsor in a private placement that closed simultaneously with the Company’s initial public offering. Any drawdowns in connection with the Convertible Promissory Note are subject to unanimous written consent of the Company’s board of directors and the consent of the Sponsor. In no event shall the quantity of warrants issued exceed one million (1,000,000) warrants. As of June 30, 2023, and December 31, 2022, the Company had $416,710 and $0, respectively, borrowings under the Convertible Promissory Note. Administrative Services Agreement On May 20, 2021, the Company entered into an agreement that provided that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay G-SPAC Management LLC, an affiliate of the Sponsor, $15,000 per month for office space, utilities, secretarial, administrative and support services provided to the Company and members of the management team. For the three and six months ended June 30, 2023, the Company incurred expenses of approximately $45,000 and $90,000 under this agreement, respectively. As of June 30, 2023 and December 31, 2022, there was no outstanding balance on the unaudited condensed consolidated balance sheets for these expenses. Other Related Party Transactions On December 21, 2022, at a special meeting of stockholders, the Company’s stockholders approved the payment of compensation of $16,667 per month base to the Company’s full-time Chief Financial Officer plus any related taxes (including, without limitation, Medicare and social security), governmental payments and health care benefits, for services rendered to the Company as an employee, contractor or otherwise from May 6, 2022 (retroactive) through the Company’s closing of a Business Combination. The stockholders also approved the payment of up to $6,000 per month in aggregate for health care benefits for the officers of the Company who are not otherwise receiving compensation from the Company. For the three and six months ended June 30, 2023, the Company incurred expenses of approximately $81,000 and $170,000 under this agreement, respectively. For the three and six months ended June 30, 2022, the Company did not incur expenses under this agreement. As of June 30, 2023 and December 31, 2022, there was an outstanding balance of $32,809 and $0 reported as due to related party for these expenses on the unaudited condensed consolidated balance sheets, respectively. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account. As of June 30, 2023 and December 31, 2022, there was an outstanding balance of $6,652 and $0, respectively, reported as accrued expenses for reimbursable expenses on the unaudited condensed consolidated balance sheets.	Note 5 — Related Party Transactions Founder Shares On February 13, 2021, Graf Acquisition Partners LLC (“Graf LLC”) paid an aggregate of $25,000 for certain offering costs on behalf of the Company in exchange for issuance of 4,312,500 shares of common stock (the “Founder Shares”). On April 2, 2021, Graf LLC transferred all of its Founder shares to the Sponsor. On April 8, 2021, the Sponsor transferred 20,000 Founder Shares to each of the Company’s independent directors, resulting in the Sponsor holding 4,252,500 Founder Shares. The holders of the Founder Shares agreed to forfeit up to an aggregate of 562,500 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters partially exercised their over-allotment option on June 2, 2021, and forfeited the remaining option; and, as a result, an aggregate of 22,125 Founder Shares were forfeited, resulting in 4,290,375 Founder Shares outstanding. On July 14, 2021, the Sponsor transferred 20,000 Founder Shares to Alexandra Lebenthal in connection with her appointment to the Company’s board of directors. The Initial Stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,433,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million. Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $0.4 million. Each whole Private Placement Warrant entitles the holder thereof to purchase one common stock at an exercise price of $11.50 per full share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees (see Note 9). Related Party Loans On January 29, 2021, the Sponsor agreed to loan the Company up to $150,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the consummation of the Initial Public Offering. The Company had borrowed approximately $70,000 under the Note. The Note was paid back in full on May 26, 2021. Subsequent to the repayment, the facility was no longer available to the Company. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (the “Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into additional warrants at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2022 and 2021, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement On May 20, 2021, the Company entered into an agreement that provided that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay G-SPAC Management LLC, an affiliate of the Sponsor, $15,000 per month for office space, utilities, secretarial, administrative and support services provided to the Company and members of the management team. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company incurred expenses of approximately $180,000 and $108,000, respectively, under this agreement. As of December 31, 2022 and 2021, the Company had no outstanding for services in connection with such agreement on the accompanying balance sheets. Other Related Party Transactions On December 21, 2022, the Company’s stockholders approved the payment of compensation of $16,667 per month base to the Company’s full-time Chief Financial Officer plus any related taxes (including, without limitation, Medicare and social security), governmental payments and health care benefits, for services rendered to the Company as an employee, contractor or otherwise from May 6, 2022 (retroactive) through the Company’s closing of a Business Combination. The stockholders also approved the payment of up to $6,000 per month in aggregate for health care benefits for the officers of the Company who are not otherwise receiving compensation from the Company. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company incurred expenses of approximately $158,000 and $0, respectively. As of December 31, 2022 and 2021, the Company had no outstanding for services in connection with such stockholder approval on the accompanying balance sheets. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies	8. Commitments and Contingencies Leases As of June 30, 2023, the Company recorded an aggregate right of use asset of $1.1 million with an accumulated amortization of $0.9 million in the condensed balance sheet as operating lease right-of-use asset, net, and an aggregate lease liability of $0.2 million in the condensed balance sheet as operating lease liability, current. As of June 30, 2023, the weighted-average remaining lease term was less than one year, and the weighted-average estimated incremental borrowing rate was 6.00%. As of June 30, 2023, total undiscounted lease payments were $0.2 million, which are committed to be made during 2023. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, the Company is also required to pay one-time milestone payments for the first receipt of regulatory approval by the Company or any of its affiliates for a Licensed Product in the following jurisdictions (and amounts): the United States ($5.0 million), the European Union (“EU”) ($4.0 million), and four other countries ($1.0 million each). The Company is obligated to pay a mid-single digit royalty on net sales of Licensed Products by it, its affiliates or its sublicensees, subject to customary reductions. The Company is also required to pay a percentage of its sublicensing revenue ranging from a low double-digit percentage to a midsingle digit percentage. As of June 30, 2023, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2022 and June 30, 2023.	8. Commitments and Contingencies Leases As of December 31, 2021, the Company recorded an aggregate ROU asset of $0.8 million with an aggregate accumulated amortization of $0.3 million in the balance sheet as operating lease right-of-use assets, net, and an aggregate lease liability of $0.8 million in the balance sheet as operating lease liability, of which $0.5 million was classified as current and $0.4 million was classified as noncurrent. As of December 31, 2021, the weighted-average remaining lease term is 1.7 years and the weighted-average estimated incremental borrowing rate is 5.5%. As of December 31, 2022, the Company recorded an aggregate ROU asset of $1.1 Maturities of the operating lease liability as of December 31, 2022 are as follows (in thousands): Minimum lease payments 2023 $ 412 Total undiscounted lease payments 412 Less: imputed interest (33) Total operating lease liability $ 379 As of December 31, 2021, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. As of December 31, 2022, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, under each agreement, the Company shall make milestone payments to NKMAX after the first receipt of Regulatory Approval of a licensed product (“Licensed Product”) in the applicable country by the Company or any of its affiliates of $5.0 million in United States of America, $4.0 million in the European Union (“EU”) and $1.0 million in any country other than United States of America or the EU for up to four additional countries. The Company shall also pay a mid-single digit fee on the net sales of Licensed Products, the manufacture, use or sale of which are claimed by or use any Licensed Technology. As of December 31, 2022, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its accompanying financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2021 and 2022.
Graf Acquisition Corp. IV [Member]
Commitments and Contingencies	Note 5—Commitments and Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration rights agreement signed upon the effective date of the Initial Public Offering. These holders were entitled to make up to three demands, excluding short form registration demands, that the Company registered such securities for sale under the Securities Act. In addition, these holders will have “piggyback” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 2,250,000 additional Units less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased an additional 2,161,500 Units. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $3.4 million in the aggregate, paid upon the closing of the Initial Public Offering ($3.0 million) and Over-Allotment (approximately $0.4 million). In addition, $0.35 per unit, or approximately $6.0 million in the aggregate was payable to the underwriters for deferred underwriting commissions (approximately $5.25 million related to the Initial Public Offering and $0.8 million related to the Over-Allotment). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 16, 2022, J.P. Morgan Securities LLC (“ JPM Vendor Agreement On May 8, 2023, the Company entered into an agreement with a vendor for capital market advisement services related to the Business Combination Agreement. The agreement calls for the vendor to receive an advisory fee payable in cash or a combination of cash and common stock of the surviving entity following the Business Combination. The advisory fee payable is as follows (i) $2,000,000 in cash and $2,000,000 in common stock if the total capital raised involved in the Business Combination is less than $20,000,000 or (ii) $2,500,000 in cash and $2,000,000 in common stock if the total capital raised involved in the Business Combination is greater than or equal to $20,000,000 and less than $40,000,000 or (iii) 4,000,000 in cash and $1,000,000 in common stock if the total capital raised involved in the Business Combination is greater than or equal to $40,000,000 and less than $50,000,000 or (iv) 5,000,000 in cash if the total capital raised involved in the Business Combination is greater than or equal to $50,000,000. The Company is also required to reimburse the vendor for out-of-pocket expenses which are capped at an aggregate of $200,000, of which approximately $4,500 has been accrued as of June 30, 2023 and included in accrued expenses on the unaudited condensed balance sheets. Risks and Uncertainties In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed consolidated financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed consolidated financial statements. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IR Act”), which, among other things, imposes a new 1% U.S. federal excise tax on certain repurchases of stock by “covered corporations” (which include publicly traded domestic (i.e., U.S.) corporations) beginning in 2023, with certain exceptions (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is repurchased. Because the Company is a Delaware corporation and its securities are trading on the NYSE, the Company is a “covered corporation” for this purpose. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the Excise Tax, including with respect to some transactions in which special purpose acquisition companies typically engage. In the notice, the Treasury appears to have intended to exempt from the excise tax any distributions, including those that occur in connection with redemptions, by a corporation in the same year it completely liquidates, but the guidance is not clearly drafted and arguably could be interpreted to have a narrower application. Consequently, a substantial risk remains that any redemptions would be subject to the Excise Tax, including in circumstances where the Company either engages in a business combination in 2023 in which the Company does not issue shares sufficient to offset the earlier redemptions or liquidates later in 2023. Because the application of the Excise Tax is not entirely clear, any redemption or other repurchase effected by the Company, in connection with a business combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax on a redemption of shares of common stock or other stock issued by the Company would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock in connection with the initial business combination, an extension or otherwise (iii) the structure of the initial business combination, (iv) the nature and amount of any “PIPE” or other equity issuances in connection with the initial business combination (or otherwise issued not in connection with the initial business combination but issued within the same taxable year of a redemption treated as a repurchase of stock) and (v) the content of regulations and other guidance from the U.S. Department of the Treasury. As noted above, the Excise Tax would be payable by the Company, and not by the redeeming holder, and the mechanics of any required payment of the Excise Tax have not yet been determined. The imposition of the Excise Tax could cause a reduction in the cash available on hand to complete an initial business combination or for effecting redemptions and may affect the Company’s ability to complete an initial business combination. To mitigate the current uncertainty surrounding the implementation of the IR Act, in the event that any excise tax is accrued in connection with any redemption event, the Sponsor intends to indemnify the Company for any Excise Tax liabilities resulting from the implementation of the IR Act with respect to any future redemptions. For the avoidance of doubt, the proceeds deposited in the trust account and the interest earned thereon shall not be used to pay for any Excise Tax due under the IR Act in connection with any redemptions of the public shares in connection with any redemption event. On May 22, 2023, the Company’s stockholders redeemed 11,078,000 shares of common stock for a total of $113,296,457. The Company evaluated the classification and accounting of the share/ stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. The Company evaluated the current status and probability of completing a Business Combination as of June 30, 2023 and determined that no excise tax needs to be recorded at this time. Business Combination On April 14, 2023, Graf entered into a Merger Agreement (the “Merger Agreement”), with Merger Sub and NKGen, pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into NKGen, with NKGen surviving the Merger in accordance with the Delaware General Corporation Law as a wholly owned subsidiary of Graf. Immediately prior to the Closing, Graf will change its name to “NKGen Biotech, Inc.” and NKGen will change its name to “NKGen Operating Biotech, Inc.” The Company’s board of directors has unanimously approved and declared advisable the Merger Agreement and the Business Combination and resolved to recommend approval of the Merger Agreement and related matters by Graf’s stockholders. Pursuant to the Merger Agreement, the Company has agreed to issue to the equityholders of NKGen aggregate consideration of a number of shares of newly issued common stock in an amount calculated using the exchange ratio described in the Merger Agreement. At the effective time of the merger, each outstanding and unexercised NKGen option will be cancelled and converted into an option to acquire common stock. The Merger Agreement contains customary representations, warranties and covenants by the parties thereto and the closing is subject to certain conditions as further described in the Merger Agreement. Related ancillary documents, each of which is in connection with the Closing and pursuant to the Merger, include the following: (i) a sponsor support and lockup agreement (the “Sponsor Support and Lockup Agreement”), pursuant to which the Sponsor agreed (x) to vote in favor of the merger and (y) to subject certain founder shares to a prescribed scheme; (ii) a support agreement (the “NKGen Support Agreement”), whereby NKGen stockholders agreed to vote in favor of the merger, (iii) a backstop agreement (the “Backstop Agreement”), whereby a majority stockholder of NKGen agreed to purchase a certain amount of common stock; (iv) lockup agreements (the “Lockup Agreements”), pursuant to which certain NKGen stockholders agreed to lockup their shares for a designated time period; and (v) an amended and restated registration rights agreement (the “A&R Registration Rights Agreement”) under which the company emerging from the merger agreed to register for resale.	Note 6 — Commitments and Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration rights agreement signed upon the effective date of the Initial Public Offering. These holders were entitled to make up to three demands, excluding short form registration demands, that the Company registered such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 2,250,000 additional Units less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option. On June 2, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 2,161,500 Units. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $3.4 million in the aggregate, paid upon the closing of the Initial Public Offering ($3.0 million) and Over-Allotment (approximately $0.4 million). In addition, $0.35 per unit, or approximately $6.0 million in the aggregate was payable to the underwriters for deferred underwriting commissions (approximately $5.3 million related to the Initial Public Offering and $0.8 million related to the Over-Allotment). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 16, 2022, J.P. Morgan Securities LLC (“ JPM Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IR Act”), which, among other things, imposes a new 1% U.S. federal excise tax on certain repurchases of stock by “covered corporations” (which include publicly traded domestic (i.e., U.S.) corporations) beginning in 2023, with certain exceptions (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is repurchased. Because we are a Delaware corporation and our securities are trading on the NYSE, we are a “covered corporation” for this purpose. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the Excise Tax, including with respect to some transactions in which SPACs typically engage. In the notice, the Treasury appears to have intended to exempt from the excise tax any distributions, including those that occur in connection with redemptions, by a corporation in the same year it completely liquidates, but the guidance is not clearly drafted and arguably could be interpreted to have a narrower application. Consequently, a substantial risk remains that any redemptions would be subject to the Excise Tax, including in circumstances where we either engage in a business combination in 2023 in which we do not issue shares sufficient to offset the earlier redemptions or liquidate later in 2023. Because the application of the Excise Tax is not entirely clear, any redemption or other repurchase effected by us, in connection with a business combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent we would be subject to the Excise Tax on a redemption of our shares of common stock or other stock issued by us would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock in connection with our initial business combination, an extension or otherwise (iii) the structure of the initial business combination, (iv) the nature and amount of any “PIPE” or other equity issuances in connection with the initial business combination (or otherwise issued not in connection with the initial business combination but issued within the same taxable year of a redemption treated as a repurchase of stock) and (v) the content of regulations and other guidance from the U.S. Department of the Treasury. As noted above, the Excise Tax would be payable by us, and not by the redeeming holder, and the mechanics of any required payment of the Excise Tax have not yet been determined. The imposition of the Excise Tax could cause a reduction in the cash available on hand to complete an initial business combination or for effecting redemptions and may affect our ability to complete an initial business combination. To mitigate the current uncertainty surrounding the implementation of the IR Act, in the event that any excise tax is accrued in connection with any redemption event, the Sponsor intends to indemnify the Company for any Excise Tax liabilities resulting from the implementation of the IR Act with respect to any future redemptions. For the avoidance of doubt, the proceeds deposited in the trust account and the interest earned thereon shall not be used to pay for any Excise Tax due under the IR Act in connection with any redemptions of the public shares in connection with any redemption event.

Common Stock Subject to Possibl

Common Stock Subject to Possible Redemption	6 Months Ended	12 Months Ended
Common Stock Subject to Possible Redemption	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Common Stock Subject to Possible Redemption	Note 6—Common Stock Subject to Possible Redemption The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. On May 22, 2023, the holders of 11,078,000 shares of common stock properly exercised their right to redeem their shares. As of June 30, 2023, and December 31, 2022, there were 10,373,875 and 21,451,875 shares of common stock outstanding, of which 6,083,500 and 17,161,500 shares were subject to possible redemption and classified outside of permanent equity in the condensed consolidated balance sheets, respectively. The common stock subject to possible redemption reflected on the condensed consolidated balance sheets is reconciled on the following table: Common stock subject to possible redemption as of December 31, 2021 $ 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 173,164,122 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 12,467 Adjustment for accretion of common stock subject to possible redemption amount 1,507,323 Common stock subject to possible redemption as of March 31, 2023 174,683,912 Plus: Adjustment for accretion of common stock subject to possible redemption amount 1,408,829 Less: Redemptions (113,296,457) Common stock subject to possible redemption as of June 30, 2023 $ 62,796,284	Note 7 — Common Stock Subject to Possible Redemption The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. As of December 31, 2022 and 2021, there were 21,451,875 shares of common stock outstanding, of which 17,161,500 shares were subject to possible redemption and classified outside of permanent equity in the balance sheets. The common stock subject to possible redemption reflected on the balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 171,615,000 Less: Fair value of Public Warrants at issuance (7,894,290) Offering costs allocated at common stock subject to possible redemption (9,494,877) Plus: Accretion on common stock subject to possible redemption 17,389,167 Common stock subject to possible redemption as of December 31, 2021 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 $ 173,164,122

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended	12 Months Ended
Stockholders' Deficit	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Stockholders' Deficit	Note 7—Stockholders’ Deficit Preferred Stock Common Stock —	Note 8 — Stockholders’ Deficit Preferred stock Common Stock —

Warrants

Warrants	6 Months Ended	12 Months Ended
Warrants	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Warrants	Note 8—Warrants As of June 30, 2023, and December 31, 2022, the Company has 3,432,300 and 4,721,533 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable commencing 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement covering the shares of common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60 business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrant has an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the warrants for redemption as described above, it will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that none of the Private Placement Warrants will be redeemable by the Company so long as they are held by the initial purchasers or any of their permitted transferees. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.	Note 9 — Warrants As of December 31, 2022 and 2021, the Company has 3,432,300 and 4,721,533 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable commencing 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement covering the shares of common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60 business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrant has an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the warrants for redemption as described above, it will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that none of the Private Placement Warrants will be redeemable by the Company so long as they are held by the initial purchasers or any of their permitted transferees. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Fair Value of Measurements

Fair Value of Measurements	6 Months Ended	12 Months Ended
Fair Value of Measurements	Jun. 30, 2023	Dec. 31, 2022
Fair Value of Measurements	5. Fair Value Measurements The Company elects to account for its convertible promissory notes issued from November through December 2019 to investors (“2019 Convertible Notes”) and related parties (“2019 Related Party Convertible Notes”), convertible promissory notes issued during 2023 to investors (“2023 Convertible Notes”) and to related parties (“2023 Related Party Convertible Notes), collectively referred to as “Convertible Notes”, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans (as defined in Note 6) approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans, which are due within three years or less from issuance. The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264 For the six months ended June 30, 2022, the Company recognized less than $0.1 million of expense associated with the change in fair value for each of the 2019 The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264 The Company determines the carrying amount of the Convertible Notes using a scenario-based analysis that estimates the fair value of the Convertible Notes based on the probability-weighted present value of expected future investment returns by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes as of: December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	5. Fair Value Measurements The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s management used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 The following table presents a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655 The Company determines the carrying amount of the Convertible Notes by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes: As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.
Graf Acquisition Corp. IV [Member]
Fair Value of Measurements	Note 9—Fair Value of Measurements At June 30, 2023, assets held in the Trust Account were comprised of $63,529,895 in cash and $0 in U.S. Treasury securities or money market funds. Through June 30, 2023, the Company withdrew $113,296,457 for redemptions and $381,239 for franchise and income taxes from the Trust Account. At December 31, 2022, assets held in the Trust Account totaled $ , which was comprised of $172,885,459 in U.S. Treasury securities and $602,742 in cash and money market funds. Through December 31, 2022, the Company withdrew $568,642 for franchise and income taxes from the Trust Account. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: Quoted Prices in Significant Other Significant Other June 30, 2023 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 944,310 Quoted Prices in Significant Other Significant Other December 31, 2022 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 (1) Includes cash balance held within the Trust Account of $1,264 at December 31, 2022. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1, 2, and 3 during the three and six months ended June 30, 2023 and 2022. Level 1 assets include investments in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of the Private Placement Warrants was measured at fair value using a Black-Scholes model. The estimated fair value of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Black-Scholes model is assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. For the three and six months ended June 30, 2023, the Company recognized a loss in the unaudited condensed consolidated statements of operations resulting from an increase in fair value of the derivative warrant liability of approximately $1.8 million and $2.0 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying unaudited condensed consolidated statements of operations. For the three and six months ended June 30, 2022, the Company recognized a gain in the unaudited condensed consolidated statements of operations resulting from a decrease in fair value of the derivative warrant liability of approximately $1.6 million and $4.3 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying unaudited condensed consolidated statements of operations. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: June 30, 2023 December 31, 2022 Exercise price $ 11.50 $ 11.50 Share price $ 10.33 $ 9.95 Expected term (years) 5.17 5.40 Volatility 0.5 % 5.50 % Risk-free rate 4.12 % 3.98 % Probability of completion of Business Combination 50.00 % 10.00 % Dividend yield (per share) 0.00 % 0.00 % The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and six months ended June 30, 2023, is summarized below. Derivative warrant liability at December 31, 2022 $ 424,940 Change in fair value of derivative warrant liability 236,070 Derivative warrant liability at March 31, 2023 $ 661,010 Change in fair value of derivative warrant liability 283,300 Derivative warrant liability at June 30, 2023 $ 944,310 The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and six months ended June 30, 2022, is summarized below. Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (2,691,270) Derivative warrant liability at March 31, 2022 2,880,140 Change in fair value of derivative warrant liability (1,605,330) Derivative warrant liability at June 30, 2022 $ 1,274,810	Note 10 — Fair Value of Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December 31,2022 Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 December 31,2021 Significant Significant Other Other Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 171,656,153 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 5,571,410 (1) Includes cash balance held within the Trust Account of $1,264 and $1,153 at December 31, 2022 and 2021, respectively. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1 2 3 Level 1 assets include investments in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of the Private Placement Warrants was measured at fair value using a Black-Scholes model. The estimated fair value of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Black-Scholes model is assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company recognized a gain in the statements of operations resulting from a decrease in fair value of the derivative warrant liabilities of approximately $5.1 million and $5.7 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying statements of operations. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: December 31, December 31, 2022 2021 Exercise price $ 11.50 $ 11.50 Share price $ 9.95 $ 9.69 Expected term (years) 5.40 5.98 Volatility 5.50 % 16.20 % Risk-free rate 3.98 % 1.35 % Probability of completion of Business Combination 10.00 % 100.00 % Dividend yield (per share) 0.00 % 0.00 % The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, is summarized as follows: Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (5,146,470) Derivative warrant liability at December 31, 2022 $ 424,940 Derivative warrant liability at January 28, 2021 (inception) $ — Issuance of Private Placement Warrants 10,551,330 Issuance of Private Placement Warrants (over-allotment) 685,920 Change in fair value of derivative warrant liability (5,665,840) Derivative warrant liability at December 31, 2021 $ 5,571,410

Income Taxes

Income Taxes	6 Months Ended	12 Months Ended
Income Taxes	Jun. 30, 2023	Dec. 31, 2022
Income Taxes	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The Company’s effective tax rate is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. Each quarter, an estimate of the annual effective tax rate is updated should we revise our forecast of earnings based upon our operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is made. The Company’s effective tax rate was 0% for each of the six months ended June 30, 2022 and 2023. The difference between the effective tax rate of 0% and the U.S. federal statutory rate of 21% for each of the six months ended June 30, 2022 and 2023 was primarily due to changes in deferred tax balances, partially offset by valuation allowances. As of June 30, 2023, we determined that, based on an evaluation of our history of net losses and all available evidence, both positive and negative, including our latest forecasts and cumulative losses in recent years, it was more likely than not that none or substantially none of our deferred tax assets would be realized and, therefore, we continued to record a valuation allowance.	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The provision for income taxes for the years ended December 31, 2021 and 2022 are as follows (in thousands): Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7 A reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes is as follows (in thousands): Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7 Significant components of the Company’s deferred income taxes are as follows (in thousands): December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26) Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the deferred tax assets have been offset by a valuation allowance net of reversing deferred tax liabilities that provided for a source of future taxable income. The valuation allowance increased by approximately $7.0 million and $7.9 million for the years ended December 31, 2021 and 2022, respectively. The Company has net operating loss carryforwards for federal and state income tax purposes of approximately $61.3 million and $71.6 million, respectively, as of December 31, 2022. Under the Tax Act and Jobs Act of 2017, the $61.3 million of federal net operating losses generated after December 31, 2017 will be carried forward indefinitely. The California net operating loss carryforwards will begin to expire in 2037 unless previously utilized. As of December 31, 2022, the Company also had federal and California research and development tax credit carryforward of approximately $2.2 million and $1.8 million, respectively. The federal research and development credit carryforwards will begin to expire in 2038. The California research and development credit carryforwards are available indefinitely. Federal and California tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Sections 382 and 383. The Company has not completed a formal study to determine the limitations on their tax attributes due to change in ownership and may have limitations on the utilization of net operating loss carryforwards, credit carryforwards, or other tax attributes due to ownership changes. The Inflation Reduction Act of 2022 (“IRA”) which incorporates a Corporate Alternative Minimum Tax (CAMT) was signed on August 16, 2022. The changes will be effective for the tax years beginning after December 31, 2022. The new tax law will require companies to compute two separate calculations for federal income tax purposes and pay the greater of the new minimum tax or their regular tax liability. The IRA is not expected to have a material impact for the Company. Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on March 27, 2020, net operating losses (“NOLs”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the tax year of such loss. Moreover, under the Tax Act as modified by the CARES Act, federal NOLs of the Company’s corporate subsidiaries generated in tax years ending after December 31, 2017 may be carried forward indefinitely, but the deductibility of federal NOLs, particularly for tax years beginning on or after January 1, 2021, may be limited. The Company is currently assessing the impact the CARES Act will have on the Company’s financial statements. Uncertain Tax Benefits No liability related to uncertain tax positions is recorded on the financial statements. The following table summarizes the activity related to the Company’s unrecognized tax benefits for the year ended December 31 (in thousands): Years Ended December 31, 2021 2022 Beginning balance $ 156 $ 269 Additions for tax positions related to the current year 113 131 Reductions for tax positions related to prior years — 3 Ending balance $ 269 $ 403 The reversal of uncertain tax benefits would not affect the effective tax rate to the extent that the Company continues to maintain a valuation allowance against its deferred tax assets. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. Income tax returns are filed in the United States and California. The Company is not currently under audit by the Internal Revenue Service and the State of California. The years 2019 and forward remain open to examination for federal income tax purposes and the years 2018 and forward for California income tax to which the Company is subject. Due to net operating loss carryforwards, all years effectively remain open to income tax examination by the domestic taxing jurisdictions in which the Company files tax returns. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. For the years ended December 31, 2021 and 2022 the Company has not recognized any interest or penalties related to income tax in the Company’s statements of operations.
Graf Acquisition Corp. IV [Member]
Income Taxes		Note 11 — Income Taxes The Company’s taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative expenses are generally considered start-up costs and are not currently deductible. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, there was income tax expense of approximately $438,000 The income tax provision (benefit) consists of the following: For the Period from January 28, 2021 For the Year Ended (inception) through December 31, 2022 December 31, 2021 Current Federal $ 438,374 $ — State — — Deferred Federal (539,887) 518,081 State — Valuation allowance 539,887 (518,081) Income tax provision $ 438,374 $ — The Company’s net deferred tax assets are as follows: December 31, 2022 December 31, 2021 Deferred tax assets: Start-up/Organization costs $ 1,027,717 $ 487,830 Net operating loss carryforwards — 30,251 Total deferred tax assets 1,027,717 518,081 Valuation allowance (1,027,717) (518,081) Deferred tax asset, net of allowance $ — $ — As of December 31, 2022 and 2021, the Company had $0 and $144,052, respectively, of U.S. federal operating loss carryovers that do not expire and are available to offset future taxable income. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the years ended December 31, 2022 and 2021, the change in the valuation allowance was $1,027,717and $518,081, respectively. There were no unrecognized tax benefits as of December 31, 2022 and 2021. No amounts were accrued for the payment of interest and penalties at December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows for the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021: December 31, 2022 December 31, 2021 Statutory Federal income tax rate 21.0 % 21.0 % Offering Costs 0.0 % (0.7) % Loss upon issuance of private placement warrants 0.0 % (88.1) % Gain on settlement of deferred underwriting commissions (0.8) % 0.0 % Change in fair value of warrant liabilities (21.7) % 120.1 % Change in Valuation Allowance 10.8 % (52.3) % Income tax provision 9.3 % 0.0 %

Subsequent Events

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2023	Dec. 31, 2022
Subsequent Events	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for recognition purposes through September 21, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Revolving Line of Credit From July 1 2023 through September 21, 2023, NKGen executed additional draws of $1.1 million upon the revolving line of credit described in Note 6 of the unaudited condensed financial statements as of and for the six months ended June 30, 2023. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws upon the revolving line of credit occurred from July 1, 2023 through October 19, 2023. Convertible Notes In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Business Combination The Business Combination was consummated on September 29, 2023. In connection with the Closing, Graf changed its name to “NKGen Biotech, Inc.” and NKGen changed its name to “NKGen Operating Biotech, Inc.” The Common Stock and warrants of New NKGen began trading on The Nasdaq Stock Market LLC under the symbols “NKGN” and “NKGNW”, respectively, on October 2, 2023. Contemporaneously with the execution of the Merger Agreement, Graf and NKGen entered into an amended and restated sponsor support and lockup agreement (“Amended and Restated Sponsor Support and Lockup Agreement”). In connection with the Amended and Restated Sponsor Support and Lockup Agreement, of the 4,290,375 shares of Graf held by Graf’s sponsor and insiders (“Founder Shares”): (i) 1,773,631 shares were forfeited, (ii) 1,173,631 shares became restricted shares subject to vesting conditions (“Deferred Founder Shares”), and (iii) the remaining 1,343,113 shares were not forfeited, did not become restricted, nor subject to vesting conditions. Deferred Founder Shares do not have voting rights, do not participate in dividends and are not transferrable. During the vesting period of five years from Closing (“Vesting Period”), if the trading price or price per share consideration upon a change in control for Common Stock is greater than or equal to $14.00 at any 20 trading days in a 30 consecutive trading-day period, then 873,631 Deferred Founder Shares will immediately vest; and if greater than or equal to $20.00 at any 20 trading days in a 30 consecutive trading-day period, then an additional 300,000 Deferred Founder Shares will immediately vest. In the event there is a sale of New NKGen, then immediately prior to the consummation of such sale, the calculated Acquiror Sale Price, as defined in the agreement, will take into account the number of Deferred Founder Shares that will vest upon a change in control. Upon the expiration of the Vesting Period, unvested Founder Shares will be forfeited and cancelled for no consideration. Employee Stock Purchase Plan Upon consummation of the Business Combination, New NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of New NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of New NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. New NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of New NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four-year term and an interest rate of 5.0% paid in cash semi-annually or 8.0% paid in kind (“2027 Convertible Notes”). The 2027 Convertible Notes have a conversion price of $10.00 per share of common stock (subject to anti-dilution adjustments in the event of stock splits and the like), and a put option commencing 2.5 Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Commented Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for recognition purposes through May 15, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to the 2019 Plan and Stock Option Grants In February 2023, the Company amended its 2019 Plan to increase the aggregate number of shares of Common Stock reserved from 2,780,000 shares to 8,723,922 shares. From January 1, 2023 through May 15, 2023, the Company issued a total of 5,322,456 options to purchase common stock at an exercise price of $2.72 per share. Immediately following the issuance, a total of 1,770,389 shares remained available for future issuance under the 2019 Plan. 2023 NKMAX Loans From January through April 2023, NKGen entered into additional loan agreements with NKMAX for aggregate gross proceeds of $5.0 million. The terms of the loans included a 4.6% interest rate and a maturity date of December 31, 2024. Business Combination On April 14, 2023, the board of directors of Graf Acquisition Corp. IV, a Delaware corporation (“Graf,”), unanimously approved the Agreement and Plan of Merger, dated April 14, 2023, by and among Graf, Austria Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Graf (“Merger Sub”), and the Company (as it may be amended and/or restated from time to time, the “Merger Agreement”). If the Merger Agreement is adopted by Graf’s stockholders and the transactions under the Merger Agreement are consummated (the “Business Combination”), Merger Sub will merge with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Graf (the “Merger”). In connection with the consummation of the Business Combination (the “Closing” and the date of the Closing, the “Closing Date”), Graf will be renamed “NKGen Biotech, Inc.” and the Company will change its name to “NKGen Operating Biotech, Inc.” References below to “New NKGen” denote Graf as the post-Business Combination entity. In accordance with the terms and subject to the conditions set forth in the Merger Agreement, Graf has agreed to pay to equity holders of the Company (other than holders of unvested NKGen options to purchase shares of common stock of NKGen (“NKGen options”) as of immediately prior to the effective time of the Merger (the “Effective Time”) aggregate consideration (the “Merger Consideration”) of a number of shares of newly issued common stock, par value $0.0001 per share, of New NKGen (“Common Stock”), valued at $10.00 per share, equal to the product of the number of outstanding shares of common stock of the Company (“NKGen common stock”) at the Closing, multiplied by the Exchange Ratio. The “Exchange Ratio” is equal to the quotient of (A) the sum of (i) $145.0 million plus (ii) the aggregate amount of principal and accrued interest underlying convertible promissory notes of NKGen (“NKGen Convertible Notes”) that are converted into shares of the Company common stock as of immediately prior to the effective time of the Merger (the “Effective Time”), divided by (B) $10.00, divided by (C) the number of Fully Diluted common stock of the Company (as defined below) immediately prior to the Effective Time. Prior to the Closing, the Company will use its commercially reasonable efforts to cause each convertible note to be converted into shares of NKGen common stock pursuant to its terms as of immediately prior to the Effective Time. Additionally, at the Effective Time, each outstanding and unexercised stock option of the Company will be cancelled and converted into an option to acquire Common Stock (“New NKGen Options”), provided that: (i) each such New NKGen Option shall be exercisable for that number of shares of Common Stock equal to the product (rounded down to the nearest whole number) of (A) the number of shares of NKGen common stock subject to such NKGen Option immediately prior the Effective Time multiplied by (B) the Exchange Ratio, and (ii) the per share exercise price for each share of Common Stock issuable upon exercise of the New NKGen Option shall be equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of each NKGen Option immediately prior to the Effective Time by (B) the Exchange Ratio. 2023 Convertible Notes From March through May 15, 2023, the Company issued convertible promissory notes to investors for total proceeds of $4.1 million, of which $0.1 million was issued to a related party (the “2023 Convertible Notes”). The 2023 Convertible Notes bear interest at 4.55% per year and in the event the Company consummates, while the 2023 Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million in a qualified financing of Next Round Securities, excluding any and all indebtedness under the 2023 Convertible Notes that is converted into Next Round Securities, and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the 2023 Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing (A) $300.0 million by (B) the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the 2023 Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $5.0 million in the 2023 Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes: 25%. The maturity dates of the 2023 Convertible Notes are three years from the respective issuance dates. Modification to the Convertible Notes In April 2023, the Company (i) modified the Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes and the 2023 Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes and 2023 Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share Amendment to NKMAX License In April 2023, the Company and NKMAX executed an amendment to the Intercompany License to expand the scope of Licensed Products initially limited to cancer treatment to any field of use. 13. Subsequent Events (unaudited) Business Combination On September 29, 2023, the Business Combination closed. Additional 2023 Convertible Notes On May 19, 2023, the Company issued additional 2023 Convertible Notes for total proceeds of $0.8 million with the same terms as set forth above for the 2023 Convertible Notes issued from March through May 15, 2023. In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. In June 2023, the Company executed a draw of $3.8 million on this revolving line of credit. In July 2023, the Company executed an additional draw of $1.1 million upon the revolving line of credit. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws occurred through October 19, 2023. Collaboration Agreement The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Employee Stock Purchase Plan Upon consummation of the Business Combination, NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.
Graf Acquisition Corp. IV [Member]
Subsequent Events	Note 10—Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date of these unaudited condensed consolidated financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.	Note 12 — Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date financial statements were issued. Based upon this review, other than noted below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On March 23, 2023, the Company and NKGen Biotech, Inc. (“NKGen Biotech”), a biotechnology company focused on harnessing the power of the body’s immune system through the development of natural killer cell therapies, issued a press release to announce that they had entered into a non-binding letter of intent for a potential business combination.

Basis of Presentation and Sum_2

Restatement of Previously Repor

Restatement of Previously Reported Balance Sheet (Tables) - Graf Acquisition Corp. IV [Member]	12 Months Ended
	Dec. 31, 2022
Schedule of impact of restatement on statement of operations	For the Three Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (968,952) — (968,952) Other income (expenses) Change in fair value of derivative warrant liabilities 1,605,330 — 1,605,330 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 124,764 — 124,764 Net income before income tax expenses 4,665,383 (3,724,646) 940,737 Income tax benefit 15,402 — 15,402 Net income $ 4,680,785 $ (3,724,646) $ 956,139 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.22 $ (0.17) $ 0.04 For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (1,700,860) $ — $ (1,700,860) Other income (expenses) Change in fair value of derivative warrant liabilities 4,296,600 — 4,296,600 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 168,792 — 168,792 Net income before income tax expenses 6,668,773 (3,724,646) 2,944,127 Income tax benefit 15,402 — 15,402 Net income $ 6,684,175 $ (3,724,646) $ 2,959,529 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.31 $ (0.17) $ 0.14 For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Loss from operations $ (2,104,916) $ — $ (2,104,916) Other income (expenses) Change in fair value of derivative warrant liabilities 4,863,180 — 4,863,180 Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability 3,904,241 (3,724,646) 179,595 Income from investments held in Trust Account 1,073,311 — 1,073,311 Net income before income tax expenses 7,735,816 (3,724,646) 4,011,170 Income tax expense (164,076) — (164,076) Net income $ 7,571,740 $ (3,724,646) $ 3,847,094 Weighted average shares outstanding of common stock, basic and diluted 21,451,875 — 21,451,875 Basic and diluted net income per share, common stock $ 0.35 $ (0.17) $ 0.18
Schedule of impact of restatement on statements of changes in stockholders' deficit	For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Adjustment for accretion of Class A common stock subject to possible redemption amount - accumulated deficit $ — $ 3,724,646 $ 3,724,646 For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Adjustment for accretion of Class A common stock subject to possible redemption amount - accumulated deficit $ (582,502) $ 3,724,646 $ 3,142,144
Schedule of impact of restatement on statement of cash flows	For the Six Months Ended June 30, 2022 As Previously Restatement Reported Adjustment As Restated Net income $ 6,684,175 $ (3,724,646) $ 2,959,529 Adjustments to reconcile net income to net cash used in operating activities: Change in fair value of derivative warrant liability (4,296,600) — (4,296,600) Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability (3,904,241) 3,724,646 (179,595) Income from investments held in Trust Account (168,792) — (168,792) Changes in operating assets and liabilities: Prepaid expenses 288,199 — 288,199 Prepaid expenses - related party (13,173) — (13,173) Deferred tax asset (15,402) — (15,402) Accounts payable 79,438 — 79,438 Franchise tax payable (56,214) — (56,214) Accrued expenses 940,161 — 940,161 Net cash used in operating activities $ (462,449) $ — $ (462,449) For the Nine Months Ended September 30, 2022 As Previously Restatement Reported Adjustment As Restated Net income $ 7,571,740 $ (3,724,646) $ 3,847,094 Adjustments to reconcile net income to net cash used in operating activities: Change in fair value of derivative warrant liability (4,863,180) — (4,863,180) Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability (3,904,241) 3,724,646 (179,595) Income from investments held in Trust Account (1,073,311) — (1,073,311) Changes in operating assets and liabilities: Prepaid expenses 394,156 — 394,156 Accounts payable 195,119 — 195,119 Franchise tax payable (163,696) — (163,696) Income tax payable 164,076 — 164,076 Accrued expenses 684,840 — 684,840 Net cash used in operating activities $ (994,497) $ — $ (994,497)

Common Stock Subject to Possi_2

Common Stock Subject to Possible Redemption (Tables)	6 Months Ended	12 Months Ended
Common Stock Subject to Possible Redemption (Tables)	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Schedule of common stock subject to possible redemption	Common stock subject to possible redemption as of December 31, 2021 $ 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 173,164,122 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 12,467 Adjustment for accretion of common stock subject to possible redemption amount 1,507,323 Common stock subject to possible redemption as of March 31, 2023 174,683,912 Plus: Adjustment for accretion of common stock subject to possible redemption amount 1,408,829 Less: Redemptions (113,296,457) Common stock subject to possible redemption as of June 30, 2023 $ 62,796,284	The common stock subject to possible redemption reflected on the balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 171,615,000 Less: Fair value of Public Warrants at issuance (7,894,290) Offering costs allocated at common stock subject to possible redemption (9,494,877) Plus: Accretion on common stock subject to possible redemption 17,389,167 Common stock subject to possible redemption as of December 31, 2021 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 $ 173,164,122

Fair Value of Measurements (Tab

Fair Value of Measurements (Tables)	6 Months Ended	12 Months Ended
Fair Value of Measurements (Tables)	Jun. 30, 2023	Dec. 31, 2022
Schedule of quantitative information regarding Level 3 fair value measurements inputs at their measurement dates	December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 %
Schedule of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs	The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264	2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655
Graf Acquisition Corp. IV [Member]
Schedule of assets and liabilities that are measured at fair value on a recurring basis	Quoted Prices in Significant Other Significant Other June 30, 2023 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 944,310 Quoted Prices in Significant Other Significant Other December 31, 2022 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 (1) Includes cash balance held within the Trust Account of $1,264 at December 31, 2022.	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December 31,2022 Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 December 31,2021 Significant Significant Other Other Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 171,656,153 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 5,571,410
Schedule of quantitative information regarding Level 3 fair value measurements inputs at their measurement dates	June 30, 2023 December 31, 2022 Exercise price $ 11.50 $ 11.50 Share price $ 10.33 $ 9.95 Expected term (years) 5.17 5.40 Volatility 0.5 % 5.50 % Risk-free rate 4.12 % 3.98 % Probability of completion of Business Combination 50.00 % 10.00 % Dividend yield (per share) 0.00 % 0.00 %	December 31, December 31, 2022 2021 Exercise price $ 11.50 $ 11.50 Share price $ 9.95 $ 9.69 Expected term (years) 5.40 5.98 Volatility 5.50 % 16.20 % Risk-free rate 3.98 % 1.35 % Probability of completion of Business Combination 10.00 % 100.00 % Dividend yield (per share) 0.00 % 0.00 %
Schedule of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs	Derivative warrant liability at December 31, 2022 $ 424,940 Change in fair value of derivative warrant liability 236,070 Derivative warrant liability at March 31, 2023 $ 661,010 Change in fair value of derivative warrant liability 283,300 Derivative warrant liability at June 30, 2023 $ 944,310 Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (2,691,270) Derivative warrant liability at March 31, 2022 2,880,140 Change in fair value of derivative warrant liability (1,605,330) Derivative warrant liability at June 30, 2022 $ 1,274,810	Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (5,146,470) Derivative warrant liability at December 31, 2022 $ 424,940 Derivative warrant liability at January 28, 2021 (inception) $ — Issuance of Private Placement Warrants 10,551,330 Issuance of Private Placement Warrants (over-allotment) 685,920 Change in fair value of derivative warrant liability (5,665,840) Derivative warrant liability at December 31, 2021 $ 5,571,410

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Schedule of components of income tax provision (benefit)	Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7
Schedule of Company's net deferred tax assets	December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26)
Schedule of reconciliation of the statutory federal income tax rate (benefit) to the Company's effective tax rate (benefit)	Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7
Graf Acquisition Corp. IV [Member]
Schedule of components of income tax provision (benefit)	For the Period from January 28, 2021 For the Year Ended (inception) through December 31, 2022 December 31, 2021 Current Federal $ 438,374 $ — State — — Deferred Federal (539,887) 518,081 State — Valuation allowance 539,887 (518,081) Income tax provision $ 438,374 $ —
Schedule of Company's net deferred tax assets	December 31, 2022 December 31, 2021 Deferred tax assets: Start-up/Organization costs $ 1,027,717 $ 487,830 Net operating loss carryforwards — 30,251 Total deferred tax assets 1,027,717 518,081 Valuation allowance (1,027,717) (518,081) Deferred tax asset, net of allowance $ — $ —
Schedule of reconciliation of the statutory federal income tax rate (benefit) to the Company's effective tax rate (benefit)	December 31, 2022 December 31, 2021 Statutory Federal income tax rate 21.0 % 21.0 % Offering Costs 0.0 % (0.7) % Loss upon issuance of private placement warrants 0.0 % (88.1) % Gain on settlement of deferred underwriting commissions (0.8) % 0.0 % Change in fair value of warrant liabilities (21.7) % 120.1 % Change in Valuation Allowance 10.8 % (52.3) % Income tax provision 9.3 % 0.0 %

Description of Organization a_2

Description of Organization and Business Operations (Details)				3 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	May 22, 2023 USD ($) $ / shares shares	Jun. 02, 2021 USD ($) $ / shares shares	May 25, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) item $ / shares shares
Description of Organization and Business Operations
Common stock fair value (in dollars per share) \| $ / shares				$ 3.75	$ 3.75
Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Condition for future business combination number of businesses minimum \| item					1		1
Common stock fair value (in dollars per share) \| $ / shares				$ 10	$ 10		$ 10
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering \| shares					2,250,000		2,250,000
Net proceeds of sale					$ 171,600,000		$ 171,600,000
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account					80%		20%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete Business Combination					50%		50%
Minimum net tangible assets upon consummation of Business Combination				$ 5,000,001	$ 5,000,001		$ 5,000,001
Threshold percentage of public shares subject to redemption without Company's prior written consents					20		0.80
Obligation to redeem public shares if entity does not complete a business combination (as a percent)					100%		100%
Redemption period upon closure							24 months
Maximum allowed dissolution expenses					$ 100,000
Operating bank accounts					41,000		$ 600,000
Working capital					6,200,000		2,000,000
Working Capital Loans outstanding					$ 416,710		0
Redemption of exercised shares \| shares	11,078,000			6,083,500	6,083,500
Redemption of common stock	$ 113,296,457			$ 113,296,457	$ 113,296,457
Proceeds received from initial public offering, gross						$ 171,615,000
Sponsor \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Payments for investment of cash in Trust Account					25,000		25,000
Repayment of promissory note - related party					$ 67,000		$ 67,000
Common Stock \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Redemption of exercised shares \| shares	11,078,000
Redemption price per share \| $ / shares	$ 10.227
Redemption of common stock	$ 113,300,000
Common Stock \| Public Warrants \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Redemption price per share \| $ / shares	$ 0.03
Redemption of common stock	$ 165,000
Initial Public Offering \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares			15,000,000
Common stock fair value (in dollars per share) \| $ / shares			$ 10	$ 10	$ 10		$ 10
Gross proceeds from Initial Public Offering			$ 150,000,000
Offering costs			8,800,000
Deferred underwriting commissions			5,300,000
Maximum allowed dissolution expenses							$ 100,000
Purchase price, per unit \| $ / shares				$ 10	$ 10		$ 10
Proceeds received from initial public offering, gross			$ 150,000,000
Initial Public Offering \| Common Stock \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares					8,153,833		17,161,500
Redemption of exercised shares \| shares				17,161,500	17,161,500
Private Placement \| Private Placement Warrants \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Sale of Private Placement Warrants (in shares) \| shares			4,433,333				4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50				$ 1.50
Proceeds from sale of Private Placement Warrants			$ 6,700,000				$ 6,700,000
Private Placement \| Additional Private Placement Warrants \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50
Proceeds from sale of Private Placement Warrants		$ 432,000
Additional units sold of shares \| shares		288,200
Over-allotment option \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares		2,161,500
Gross proceeds from Initial Public Offering		$ 21,600,000
Offering costs		1,200,000
Period of option to purchase additional units for underwriter			45 days
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering \| shares			2,250,000
Deferred underwriting fess		757,000
Proceeds received from initial public offering, gross		$ 21,600,000
Over-allotment option \| Private Placement Warrants \| Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Price of warrant (in dollars per warrant) \| $ / shares							$ 10
Proceeds from sale of Private Placement Warrants							$ 171,600,000

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements - Statements of Operations (Details) - USD ($)	3 Months Ended				6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Restatement of Previously Issued Financial Statements
Loss from operations					$ (13,409,000)	$ (12,092,000)			$ (24,346,000)	$ (21,861,000)
Other expenses:
Net income before income tax expenses					(16,171,000)	(13,113,000)			(26,747,000)	(23,260,000)
Income tax expense									7,000	5,000
Net loss and comprehensive loss					$ (16,171,000)	$ (13,113,000)			$ (26,754,000)	$ (23,265,000)
Weighted average shares outstanding of common stock, basic					32,603,130	14,445,193			15,563,850	14,250,287
Basic net (loss) income per share, common stock					$ (0.50)	$ (0.91)			$ (1.72)	$ (1.63)
Weighted average shares outstanding of common stock, diluted					32,603,130	14,445,193			15,563,850	14,250,287
Diluted net (loss) income per share, common stock					$ (0.50)	$ (0.91)			$ (1.72)	$ (1.63)
Graf Acquisition Corp. IV [Member]
Restatement of Previously Issued Financial Statements
Loss from operations	$ (2,676,577)		$ (968,952)		$ (3,631,419)	$ (1,700,860)	$ (2,104,916)	$ (2,508,207)	$ (2,740,030)
Other expenses:
Change in fair value of derivative warrant liability	(283,300)		1,605,330		(519,370)	4,296,600	4,863,180	5,665,840	5,146,470
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability			179,595			179,595	179,595		179,595
Income from investments held in Trust Account			124,764		3,389,390	168,792	1,073,311	41,153	2,400,690
Net income before income tax expenses	(1,544,270)		940,737		(761,399)	2,944,127	4,011,170	(990,638)	4,986,725
Income tax expense	286,778		(15,402)		690,772	(15,402)	(164,076)	0	438,374
Net loss and comprehensive loss	$ (1,831,048)	$ 378,877	$ 956,139	$ 2,003,390	$ (1,452,171)	$ 2,959,529	$ 3,847,094	$ (990,638)	$ 4,548,351
Weighted average shares outstanding of common stock, basic	16,825,897		21,451,875		19,126,107	21,451,875	21,451,875	15,083,469	21,451,875
Basic net (loss) income per share, common stock	$ (0.11)		$ 0.04		$ (0.08)	$ 0.14	$ 0.18	$ (0.07)	$ 0.21
Weighted average shares outstanding of common stock, diluted	16,825,897		21,451,875		19,126,107	21,451,875	21,451,875	15,083,469	21,451,875
Diluted net (loss) income per share, common stock	$ (0.11)		$ 0.04		$ (0.08)	$ 0.14		$ (0.07)	$ 0.39
As Previously Reported \| Graf Acquisition Corp. IV [Member]
Restatement of Previously Issued Financial Statements
Loss from operations			$ (968,952)			$ (1,700,860)	$ (2,104,916)
Other expenses:
Change in fair value of derivative warrant liability			1,605,330			4,296,600	4,863,180
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability			3,904,241			3,904,241	3,904,241
Income from investments held in Trust Account			124,764			168,792	1,073,311
Net income before income tax expenses			4,665,383			6,668,773	7,735,816
Income tax expense			(15,402)			(15,402)	(164,076)
Net loss and comprehensive loss			$ 4,680,785			$ 6,684,175	$ 7,571,740
Weighted average shares outstanding of common stock, basic			21,451,875			21,451,875	21,451,875
Basic net (loss) income per share, common stock			$ 0.22			$ 0.31	$ 0.35
Weighted average shares outstanding of common stock, diluted			21,451,875			21,451,875	21,451,875
Diluted net (loss) income per share, common stock			$ 0.22			$ 0.31
Restatement Adjustment \| Graf Acquisition Corp. IV [Member]
Other expenses:
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability			$ (3,724,646)			$ (3,724,646)	$ (3,724,646)
Net income before income tax expenses			(3,724,646)			(3,724,646)	(3,724,646)
Net loss and comprehensive loss			$ (3,724,646)			$ (3,724,646)	$ (3,724,646)
Basic net (loss) income per share, common stock			$ (0.17)			$ (0.17)	$ (0.17)
Diluted net (loss) income per share, common stock			$ (0.17)			$ (0.17)

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements - Statement of Changes in Stockholders' Deficit (Details) - Graf Acquisition Corp. IV [Member] - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Restatement of Previously Issued Financial Statements
Adjustment for accretion of common stock subject to possible redemption amount	$ (1,408,829)	$ (1,507,323)	$ 3,724,646			$ 2,175,524
Class A common stock subject to possible redemption
Restatement of Previously Issued Financial Statements
Adjustment for accretion of common stock subject to possible redemption amount				$ 3,724,646	$ 3,142,144
As Previously Reported \| Class A common stock subject to possible redemption
Restatement of Previously Issued Financial Statements
Adjustment for accretion of common stock subject to possible redemption amount					(582,502)
Restatement Adjustment \| Class A common stock subject to possible redemption
Restatement of Previously Issued Financial Statements
Adjustment for accretion of common stock subject to possible redemption amount				$ 3,724,646	$ 3,724,646

Restatement of Previously Iss_4

Restatement of Previously Issued Financial Statements - Statement of Cash Flows (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Change in operating assets and liabilities:
Net cash used in operating activities			$ 10,444,000	$ 11,708,000			$ 22,557,000	$ 19,548,000
Graf Acquisition Corp. IV [Member]
Restatement of Previously Issued Financial Statements
Net income (loss)			(1,452,171)	2,959,529	$ 3,847,094	$ (990,638)	4,548,351
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in fair value of derivative warrant liability	$ 283,300	$ (1,605,330)	519,370	(4,296,600)	(4,863,180)	(5,665,840)	(5,146,470)
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability		(179,595)		(179,595)	(179,595)		(179,595)
Income from investments held in Trust Account		(124,764)	(3,389,390)	(168,792)	(1,073,311)	(41,153)	(2,400,690)
Change in operating assets and liabilities:
Prepaid expenses			208,573	288,199	394,156	(812,724)	569,972
Prepaid expenses - related party				(13,173)
Deferred tax asset				(15,402)
Accounts payable			(13,813)	79,438	195,119	51,807	125,350
Franchise tax payable			23,550	(56,214)	(163,696)	185,205	(142,500)
Income tax payable			390,772	(15,402)	164,076		181,374
Accrued expenses			2,618,655	940,161	684,840	1,557,213	873,215
Net cash used in operating activities			$ 1,061,645	462,449	(994,497)	$ 1,523,725	$ 1,570,993
As Previously Reported \| Graf Acquisition Corp. IV [Member]
Restatement of Previously Issued Financial Statements
Net income (loss)				6,684,175	7,571,740
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in fair value of derivative warrant liability		(1,605,330)		(4,296,600)	(4,863,180)
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability		(3,904,241)		(3,904,241)	(3,904,241)
Income from investments held in Trust Account		(124,764)		(168,792)	(1,073,311)
Change in operating assets and liabilities:
Prepaid expenses				288,199	394,156
Prepaid expenses - related party				(13,173)
Deferred tax asset				(15,402)
Accounts payable				79,438	195,119
Franchise tax payable				(56,214)	(163,696)
Income tax payable					164,076
Accrued expenses				940,161	684,840
Net cash used in operating activities				462,449	(994,497)
Restatement Adjustment \| Graf Acquisition Corp. IV [Member]
Restatement of Previously Issued Financial Statements
Net income (loss)				(3,724,646)	(3,724,646)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability		$ 3,724,646		$ 3,724,646	$ 3,724,646

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)		6 Months Ended		12 Months Ended
	May 25, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 22, 2023	Dec. 31, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Unrecognized tax benefits				$ 403,000		$ 269,000	$ 156,000
Unrecognized tax benefits accrued for interest and penalties				0
Antidilutive securities excluded from computation of earnings per share		5,176,366	1,549,621
Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies
Cash equivalents		$ 0		$ 0		0
Maturity term of U.S. government securities				185 days
Cash, FDIC insured amount				$ 250,000		250,000
Unrecognized tax benefits		0		0		0
Unrecognized tax benefits accrued for interest and penalties		$ 0		$ 0		$ 0
Common stock shares subject to possible redemption		6,083,500			11,078,000
Common Stock \| Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies
Common stock shares subject to possible redemption					11,078,000
Initial Public Offering \| Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies
Number of units sold in Initial Public Offering (in shares)	15,000,000
Antidilutive securities excluded from computation of earnings per share				8,153,833
Initial Public Offering \| Common Stock \| Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies
Number of units sold in Initial Public Offering (in shares)		8,153,833		17,161,500
Common stock shares subject to possible redemption		17,161,500

Initial Public Offering (Detail

Initial Public Offering (Details) - USD ($)			6 Months Ended	12 Months Ended
Initial Public Offering (Details) - USD ($)	Jun. 02, 2021	May 25, 2021	Jun. 30, 2023	Dec. 31, 2022	May 16, 2022
Initial Public Offering
Common stock fair value (in dollars per share)			$ 3.75
Graf Acquisition Corp. IV [Member]
Initial Public Offering
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering			2,250,000	2,250,000
Common stock fair value (in dollars per share)			$ 10	$ 10
Deferred underwriting fee waived					$ 3,900,000
Initial Public Offering \| Graf Acquisition Corp. IV [Member]
Initial Public Offering
Number of units sold in Initial Public Offering (in shares)		15,000,000
Number of shares in a unit		1		1
Number of shares issuable per warrant		1		1
Proceeds from issuance initial public offering		$ 150,000,000
Common stock fair value (in dollars per share)		$ 10	$ 10	$ 10
Offering costs		$ 8,800,000
Deferred underwriting commissions		$ 5,300,000
Initial Public Offering \| Graf Acquisition Corp. IV [Member] \| Public Warrants
Initial Public Offering
Number of warrants in a unit		0.20		0.20
Exercise price of warrants		$ 11.50		$ 11.50
Over-allotment option \| Graf Acquisition Corp. IV [Member]
Initial Public Offering
Number of units sold in Initial Public Offering (in shares)	2,161,500
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering		2,250,000
Proceeds from issuance initial public offering	$ 21,600,000
Offering costs	1,200,000
Deferred underwriting fess	$ 757,000

Related Party Transactions - Fo

Related Party Transactions - Founder Shares (Details)						6 Months Ended	11 Months Ended	12 Months Ended
Related Party Transactions - Founder Shares (Details)	Jul. 14, 2021 shares	Jun. 02, 2021 USD ($) $ / shares shares	May 25, 2021 USD ($) $ / shares shares	Apr. 08, 2021 shares	Feb. 13, 2021 USD ($) shares	Jun. 30, 2023 D $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) D $ / shares shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)						32,606,548	14,382,093	32,575,043
Graf Acquisition Corp. IV [Member]
Related Party Transaction [Line Items]
Issuance of common stock to Sponsor \| $							$ 25,000
Graf Acquisition Corp. IV [Member] \| Over-allotment option \| Private Placement Warrants
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares								$ 10
Proceeds from sale of Private Placement Warrants \| $								$ 171,600,000
Graf Acquisition Corp. IV [Member] \| Private Placement
Related Party Transaction [Line Items]
Number of shares issuable per warrant								1
Graf Acquisition Corp. IV [Member] \| Private Placement \| Private Placement Warrants
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)			4,433,333					4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50					$ 1.50
Proceeds from sale of Private Placement Warrants \| $			$ 6,700,000					$ 6,700,000
Graf Acquisition Corp. IV [Member] \| Private Placement \| Additional Private Placement Warrants
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50
Proceeds from sale of Private Placement Warrants \| $		$ 432,000
Additional units sold of shares		288,200
Graf Acquisition Corp. IV [Member] \| Sponsor
Related Party Transaction [Line Items]
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D						30		30
Private placements \| Graf Acquisition Corp. IV [Member] \| Sponsor
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares		$ 11.50
Exercise price of warrants \| $ / shares								$ 11.50
Number of shares issuable per warrant		1
Private placements \| Graf Acquisition Corp. IV [Member] \| Sponsor \| Private Placement
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)								4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50					$ 1.50
Proceeds from sale of Private Placement Warrants \| $			$ 6,700,000					$ 6,700,000
Private placements \| Graf Acquisition Corp. IV [Member] \| Sponsor \| Private placement two
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)			4,433,333					288,200
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50						$ 1.50
Proceeds from sale of Private Placement Warrants \| $		$ 400,000						$ 400,000
Additional units sold of shares		288,200
Founder Shares \| Graf Acquisition Corp. IV [Member] \| Over-allotment option
Related Party Transaction [Line Items]
Common stock outstanding (in shares)		4,290,375
Founder Shares \| Graf Acquisition Corp. IV [Member] \| Sponsor
Related Party Transaction [Line Items]
Issuance of common stock to Sponsor \| $					$ 25,000
Issuance of common stock to Sponsor (in shares)					4,312,500
Shares subject to forfeiture				562,500
Number of shares forfeited		22,125
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders				20%
Common stock outstanding (in shares)		4,290,375		4,252,500
Restrictions on transfer period of time after business combination completion						1 year		1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares						$ 12		$ 12
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D						20		20
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences						120 days		120 days
Founder Shares \| Graf Acquisition Corp. IV [Member] \| Sponsor \| Independent directors
Related Party Transaction [Line Items]
Number of shares transferred				20,000
Founder Shares \| Graf Acquisition Corp. IV [Member] \| Sponsor \| Alexandra Lebenthal
Related Party Transaction [Line Items]
Number of shares transferred	20,000
Related Party Loans \| Graf Acquisition Corp. IV [Member] \| Sponsor
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares						$ 1.50

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)						3 Months Ended		6 Months Ended		11 Months Ended	12 Months Ended
	May 15, 2023	Dec. 21, 2022	May 06, 2022	May 20, 2021	Jan. 29, 2021	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2021
Related Party Transactions
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)						$ 129,000		$ 129,000		$ 1,930,000	$ 55,000	$ 1,930,000
Proceeds from note payable to related party								5,000,000	$ 12,500,000		23,000,000	20,500,000
Convertible promissory notes, current										11,219,000	11,392,000	11,219,000
Graf Acquisition Corp. IV [Member]
Related Party Transactions
Working Capital Loans								416,710			0
Outstanding balance of related party note										0	0	0
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)						32,809		32,809			0
Proceeds from note payable to related party										500
Borrowings under the working capital loans									$ 0
Convertible promissory notes, current						416,710		416,710			0
Graf Acquisition Corp. IV [Member] \| Warrants
Related Party Transactions
Quantity of warrants issued	1,000,000
Graf Acquisition Corp. IV [Member] \| Administrative Services Agreement
Related Party Transactions
Borrowings under the working capital loans						0		0			0
Graf Acquisition Corp. IV [Member] \| Other Related Party Transactions
Related Party Transactions
Outstanding balance of related party note						6,652		6,652			0
Related party
Related Party Transactions
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)										1,867,000	0	1,867,000
Convertible promissory notes, current						307,000		307,000		259,000	263,000	259,000
Related party \| Graf Acquisition Corp. IV [Member] \| Administrative Services Agreement \| G-SPAC Management LLC [Member]
Related Party Transactions
Expenses per month								90,000
Borrowings under the working capital loans										0	0	0
Administrative fees expense per month				$ 15,000			$ 45,000
Incurred expenses				$ 15,000						108,000	180,000
Related party \| Graf Acquisition Corp. IV [Member] \| Other Related Party Transactions
Related Party Transactions
Expenses						$ 81,000		$ 170,000		0	158,000
Sponsor [Member] \| Graf Acquisition Corp. IV [Member] \| Convertible Promissory Note
Related Party Transactions
Price of warrant (in dollars per warrant)	$ 1.50
Principal amount of promissory note	$ 1,500,000
Sponsor [Member] \| Graf Acquisition Corp. IV [Member] \| Related Party Loans
Related Party Transactions
Price of warrant (in dollars per warrant)						$ 1.50		$ 1.50
Proceeds held in trust account used to repay working capital loans								$ 0			0
Loan conversion agreement warrant						$ 1,500,000		$ 1,500,000			1,500,000
Maximum borrowing capacity of related party promissory note					$ 150,000
Proceeds from note payable to related party					$ 70,000
Borrowings under the working capital loans										$ 0	$ 0	$ 0	$ 0	$ 0
Sponsor [Member] \| Graf Acquisition Corp. IV [Member] \| Related Party Loans \| Working capital loans warrant
Related Party Transactions
Price of warrant (in dollars per warrant)											$ 1.50
CFO \| Graf Acquisition Corp. IV [Member] \| Other Related Party Transactions
Related Party Transactions
Compensation expense per month		$ 16,667
Officer [Member] \| Graf Acquisition Corp. IV [Member] \| Other Related Party Transactions
Related Party Transactions
Compensation expense per month			$ 6,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Graf Acquisition Corp. IV [Member]						3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	May 22, 2023 USD ($) shares	May 08, 2023 USD ($)	May 16, 2022 USD ($)	Jun. 02, 2021 USD ($) shares	May 25, 2021 USD ($) shares	Jun. 30, 2023 USD ($) item $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) D item $ / shares shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) D item $ / shares shares	Dec. 31, 2021 shares
Commitments and Contingencies
Maximum number of demands for registration of securities \| item						3		3			3
Underwriting grants option days \| D								45			45
Maximum number of purchase additional units less underwriting discounts and commissions \| shares								2,250,000			2,250,000
Underwriting discount per unit \| $ / shares								$ 0.20			$ 0.20
Underwriting discount paid amount								$ 3,400,000			$ 3,400,000
Deferred fee per unit \| $ / shares						$ 0.35		$ 0.35			$ 0.35
Aggregate deferred underwriting commission fee payable								$ 6,000,000			$ 6,000,000
Gain on settlement of deferred underwriting commissions			$ 3,900,000
Deferred underwriting fee waived			$ 3,900,000
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability							$ 179,595		$ 179,595	$ 179,595	179,595
Payments to suppliers								$ 4,500
Redemption of exercised shares \| shares	11,078,000					6,083,500		6,083,500
Redemption of common stock	$ 113,296,457					$ 113,296,457		$ 113,296,457
Vendor Agreement
Commitments and Contingencies
Advisory fee payable in cash		$ 2,000,000
Advisory fee payable by kind		2,000,000
Minimum adequacy of capital raised in business combination		20,000,000
Minimum adequacy of capital raised in business combination by cash		2,500,000
Minimum adequacy of capital raised in business combination by kind		2,000,000
Minimum adequacy of capital raised in business combination		20,000,000
Maximum adequacy of capital raised in business combination		40,000,000
Maximum adequacy of capital raised in business combination by cash		4,000,000
Maximum adequacy of capital raised in business combination by kind		1,000,000
Reimbursement of vendor expenses		200,000
Vendor Agreement \| Minimum
Commitments and Contingencies
Adequacy of capital raised in business combination by kind		40,000,000
Adequacy of capital raised in business combination		5,000,000
Vendor Agreement \| Maximum
Commitments and Contingencies
Adequacy of capital raised in business combination by kind		50,000,000
Adequacy of capital raised in business combination		$ 50,000,000
Common stock subject to possible redemption
Commitments and Contingencies
Common stock carrying value								3,700,000			3,700,000
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability								$ 180,000			$ 180,000
Redemption of exercised shares \| shares						6,083,500		6,083,500			17,161,500	17,161,500
Initial Public Offering
Commitments and Contingencies
Underwriting discount paid amount					$ 3,000,000						$ 3,000,000
Aggregate deferred underwriting commission fee payable					$ 5,250,000						5,300,000
Over-allotment option
Commitments and Contingencies
Maximum number of purchase additional units less underwriting discounts and commissions \| shares					2,250,000
Number of additional purchased units that exercised the over-allotment option \| shares				2,161,500
Underwriting discount paid amount				$ 400,000							400,000
Aggregate deferred underwriting commission fee payable				$ 800,000							$ 800,000

Common Stock Subject to Possi_3

Common Stock Subject to Possible Redemption (Details) - Graf Acquisition Corp. IV [Member] - USD ($)		3 Months Ended			6 Months Ended	11 Months Ended	12 Months Ended
	May 22, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Common Stock Subject to Possible Redemption
Common stock subject to possible redemption, Beginning balance		$ 174,683,912	$ 173,164,122		$ 173,164,122		$ 171,615,000
Accretion on common stock subject to possible redemption						$ 17,389,167
Waiver of offering costs allocated to common stock subject to possible redemption			12,467				3,724,646
Adjustment for accretion of common stock subject to possible redemption amount		(1,408,829)	(1,507,323)	$ 3,724,646			2,175,524
Redemptions	$ (113,296,457)	(113,296,457)			(113,296,457)
Common stock subject to possible redemption, Ending balance		$ 62,796,284	174,683,912		62,796,284	171,615,000	173,164,122	$ 171,615,000
Common Stock Subject To Possible Redemption
Common Stock Subject to Possible Redemption
Common stock subject to possible redemption, Beginning balance			$ 173,164,122		$ 173,164,122		171,615,000
Gross proceeds from Initial Public Offering								171,615,000
Fair value of Public Warrants at issuance								(7,894,290)
Offering costs allocated to common stock subject to possible redemption								(9,494,877)
Accretion on common stock subject to possible redemption								17,389,167
Waiver of offering costs allocated to common stock subject to possible redemption							3,724,646
Adjustment for accretion of common stock subject to possible redemption amount							(2,175,524)
Common stock subject to possible redemption, Ending balance						$ 171,615,000	$ 173,164,122	$ 171,615,000

Common Stock Subject to Possi_4

Common Stock Subject to Possible Redemption - The condensed balance sheet (Details)	Jun. 30, 2023 Vote $ / shares shares	May 22, 2023 shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Common Stock Subject to Possible Redemption
Common stock, shares authorized	60,000,000		60,000,000	20,000,000
Common stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Graf Acquisition Corp. IV [Member]
Common Stock Subject to Possible Redemption
Common stock, shares authorized	400,000,000		400,000,000	400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, votes per share \| Vote	1		1
Common stock shares outstanding including shares subject to possible redemption	10,373,875		21,451,875	21,451,875
Common stock shares subject to possible redemption	6,083,500	11,078,000
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Common Stock Subject to Possible Redemption
Common stock shares subject to possible redemption	6,083,500		17,161,500	17,161,500

Stockholders' Deficit - Preferr

Stockholders' Deficit - Preferred stock (Details) - Graf Acquisition Corp. IV [Member] - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Preferred stock authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, par value, (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock issued (in shares)	0	0	0
Preferred stock outstanding (in shares)	0	0	0

Stockholders' Deficit - Common

Stockholders' Deficit - Common Stock (Details)	Jun. 30, 2023 Vote $ / shares shares	May 22, 2023 shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Stockholders' Deficit
Common stock authorized (in shares)	60,000,000		60,000,000	20,000,000
Common stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Common stock issued (in shares)	32,606,548		32,575,043	14,382,093
Common stock outstanding (in shares)	32,606,548		32,575,043	14,382,093
Graf Acquisition Corp. IV [Member]
Stockholders' Deficit
Common stock authorized (in shares)	400,000,000		400,000,000	400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, votes per share \| Vote	1		1
Redemption of exercised shares	6,083,500	11,078,000
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Stockholders' Deficit
Redemption of exercised shares	6,083,500		17,161,500	17,161,500
Common stock not subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Stockholders' Deficit
Common stock authorized (in shares)	400,000,000		400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001
Common stock issued (in shares)	4,290,375		4,290,375	4,290,375
Common stock outstanding (in shares)	4,290,375		4,290,375	4,290,375

Warrants (Details)

Warrants (Details) - Graf Acquisition Corp. IV [Member]	6 Months Ended	12 Months Ended
Warrants (Details) - Graf Acquisition Corp. IV [Member]	Jun. 30, 2023 D $ / shares shares	Dec. 31, 2022 D $ / shares shares	Dec. 31, 2021 shares
Public Warrants
Warrants
Warrants outstanding \| shares	3,432,300	3,432,300	3,432,300
Warrant exercise period condition one	30 days	30 days
Maximum period after business combination in which to file registration statement	20 days	20 days
Period of time within which registration statement is expected to become effective	60 days	60 days
Redemption price per public warrant (in dollars per share)	$ 11.50	$ 11.50
Public Warrants expiration term	5 years	5 years
Share price trigger used to measure dilution of warrant.	$ 9.20	$ 9.20
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60	60
Threshold trading days for redemption of public warrants \| D	20	20
Warrant redemption price adjustment multiple	115	115
Warrant redemption condition minimum share price	$ 18	$ 18
Warrant exercise price adjustment multiple	180	180
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Warrants
Redemption price per public warrant (in dollars per share)	$ 0.01	$ 0.01
Threshold trading days for redemption of public warrants \| D	20	20
Warrant redemption condition minimum share price	$ 18	$ 18
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Threshold consecutive trading days for redemption of public warrants \| D	30	30
Private Placement Warrants
Warrants
Warrants outstanding \| shares		4,721,533	4,721,533

Fair Value of Measurements - Ad

Fair Value of Measurements - Additional Information (Details) - Graf Acquisition Corp. IV [Member] - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets transferred from level 1 to 2	$ 0	$ 0	$ 0	$ 0			$ 0
Fair value of assets transferred from level 2 to 1	0	0	0	0			0
Fair value assets transferred into (out of) level 3	0	0	0	0			0
Increase decrease in fair value of derivative warrant liabilities	283,300	$ (1,605,330)	519,370	$ (4,296,600)	$ (4,863,180)	$ (5,665,840)	(5,146,470)
Assets Held-in-trust, Noncurrent	63,529,895		63,529,895			$ 171,656,153	173,488,201
Cash withdrawn from Trust Account in connection with redemption			113,296,457
Withdrew for franchise and income taxes from trust account			381,239				568,642
Increase in fair value of derivative warrant liability	1,800,000		2,000,000
Demand deposit account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Held-in-trust, Noncurrent	$ 0		$ 0				602,742
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Held-in-trust, Noncurrent							$ 172,885,459

Fair Value of Measurements - As

Fair Value of Measurements - Assets and liabilities that are measured at fair value on a recurring basis (Details) - Graf Acquisition Corp. IV [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account	$ 63,529,895	$ 173,488,201	$ 171,656,153
Liabilities
Derivative Warrant liability	944,310	424,940	5,571,410
cash balance held Trust Account		1,264	1,153
Demand deposit account
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account	0	602,742
Level 1 \| U.S. Treasury Securities
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account		172,885,459	171,656,153
Level 1 \| Money market funds
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account		602,742
Level 3 \| Private Placement Warrants
Liabilities
Derivative Warrant liability	$ 944,310	$ 424,940	$ 5,571,410

Fair Value of Measurements - Qu

Fair Value of Measurements - Quantitative information regarding Level 3 fair value measurements inputs (Details) - Graf Acquisition Corp. IV [Member] - Level 3	Jun. 30, 2023 $ / shares Y	Dec. 31, 2022 $ / shares	Dec. 31, 2022 Y	Dec. 31, 2022	Dec. 31, 2022 item	Dec. 31, 2021 $ / shares item Y
Exercise price
Fair Value of Measurements
Measurement input	11.50	11.50				11.50
Share price
Fair Value of Measurements
Measurement input	10.33	9.95				9.69
Expected term (years)
Fair Value of Measurements
Measurement input \| Y	5.17		5.40			5.98
Volatility
Fair Value of Measurements
Measurement input	0.005			0.0550		0.1620
Risk-free rate
Fair Value of Measurements
Measurement input	0.0412			0.0398		0.0135
Probability of completion of Business Combination
Fair Value of Measurements
Measurement input	0.5000			0.1000		1
Dividend yield (per share)
Fair Value of Measurements
Measurement input	0			0	0	0

Fair Value of Measurements - Ch

Fair Value of Measurements - Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs (Details) - USD ($)	3 Months Ended				6 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2022
Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs
Beginning balance		$ 11,655,000			$ 11,655,000
Issuance of Private Placement Warrants					4,825,000
Ending balance	$ 19,264,000				19,264,000		$ 11,655,000
Level 3 \| Graf Acquisition Corp. IV [Member]
Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs
Beginning balance	661,010	424,940	$ 2,880,140	$ 5,571,410	424,940		5,571,410
Change in fair value of derivative warrant liability	283,300	236,070	(1,605,330)	(2,691,270)		$ (5,665,840)	(5,146,470)
Issuance of Private Placement Warrants						10,551,330
Ending balance	$ 944,310	$ 661,010	$ 1,274,810	$ 2,880,140	$ 944,310	5,571,410	$ 424,940
Level 3 \| Graf Acquisition Corp. IV [Member] \| Over-allotment option
Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs
Issuance of Private Placement Warrants						$ 685,920

Income Taxes - Components of in

Income Taxes - Components of income tax provision (benefit) (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Deferred
Federal							$ 7,000	$ 5,000
Valuation allowance							(7,900,000)	(7,000,000)
Provision for income taxes							7,000	$ 5,000
Graf Acquisition Corp. IV [Member]
Current
Federal							438,374
Deferred
Federal						$ 518,081	(539,887)
Valuation allowance						(518,081)	539,887
Provision for income taxes	$ 286,778	$ (15,402)	$ 690,772	$ (15,402)	$ (164,076)	$ 0	$ 438,374

Income Taxes - Company's net de

Income Taxes - Company's net deferred tax assets (Details) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2023	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 14,380,000	$ 17,890,000
Total deferred tax assets	16,867,000	24,495,000
Valuation allowance	(15,917,000)	(23,825,000)
Unrecognized tax benefits	269,000	403,000		$ 156,000
Unrecognized tax benefits accrued for interest and penalties		0
Graf Acquisition Corp. IV [Member]
Deferred tax assets:
Start-up/Organization costs	487,830	1,027,717
Net operating loss carryforwards	30,251
Total deferred tax assets	518,081	1,027,717
Valuation allowance	(518,081)	(1,027,717)
U.S. federal operating loss carryovers that do not expire	144,052	0
Valuation allowance	518,081	1,027,717
Unrecognized tax benefits	0	0	$ 0
Unrecognized tax benefits accrued for interest and penalties	$ 0	$ 0	$ 0

Income Taxes - Effective income

Income Taxes - Effective income tax rate reconciliation (Details)	6 Months Ended		11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Income tax provision	0%	0%
Graf Acquisition Corp. IV [Member]
Statutory Federal income tax rate			21%	21%
Offering Costs			(0.70%)	0%
Loss upon issuance of private placement warrants			(88.10%)	0%
Gain on settlement of deferred underwriting commissions			0%	(0.80%)
Change in fair value of warrant liabilities			120.10%	(21.70%)
Change in Valuation Allowance			(52.30%)	10.80%
Income tax provision			0%	9.30%

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 27, 2021	Dec. 31, 2020
Current assets:
Cash	$ 1,222,000		$ 117,000	$ 357,000		$ 351,000
Prepaid expenses	464,000		133,000			172,000
Total current assets	2,069,000		350,000			612,000
Total assets	21,105,000		16,330,000			18,070,000
Current liabilities:
Accounts payable	3,537,000		975,000			1,687,000
Accrued expenses	1,064,000		1,359,000			248,000
Other current liabilities	129,000		55,000			1,930,000
Convertible promissory notes, current			11,392,000			11,219,000
Total current liabilities	23,229,000		14,741,000			55,743,000
Total liabilities	33,461,000		14,767,000			56,122,000
Commitments and contingencies (Note 8)
Stockholders' Deficit:
Common stock, $0.001 par value; 60,000,000 authorized shares as of each of December 31, 2022 and June 30, 2023; 32,575,043 and 32,606,548 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	33,000		33,000			14,000
Additional paid-in capital	82,958,000		80,706,000			14,356,000
Accumulated deficit	(95,347,000)		(79,176,000)			(52,422,000)
Total stockholders' equity (deficit)	(12,356,000)		1,563,000	(51,116,000)		(38,052,000)		$ (14,943,000)
Total liabilities and stockholders' equity (deficit)	21,105,000		16,330,000			18,070,000
Graf Acquisition Corp. IV [Member]
Current assets:
Cash	41,459		635,155			1,722,506
Prepaid expenses	34,179		242,752			812,724
Total current assets	75,638		877,907			2,535,230
Cash and investments held in Trust Account	63,529,895		173,488,201			171,656,153
Total assets	63,605,533		174,366,108			174,191,383
Current liabilities:
Accounts payable	163,344		177,157			51,807
Franchise tax payable	66,255		42,705			185,205
Accrued expenses	5,050,540		2,444,352			1,656,137
Other current liabilities	32,809		0
Income tax payable	572,146		181,374
Convertible promissory notes, current	416,710		0
Total current liabilities	6,301,804		2,845,588			1,893,149
Derivative warrant liability	944,310		424,940			5,571,410
Deferred underwriting commissions in connection with the initial public offering	2,102,284		2,102,284			6,006,525
Total liabilities	9,348,398		5,372,812			13,471,084
Commitments and contingencies (Note 8)
Stockholders' Deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022
Additional paid-in capital	0		0			0
Accumulated deficit	(8,539,578)		(4,171,255)			(10,895,130)
Total stockholders' equity (deficit)	(8,539,149)	$ (5,299,272)	(4,170,826)	$ (4,210,526)	$ (8,891,311)	(10,894,701)	$ 0
Total liabilities and stockholders' equity (deficit)	63,605,533		174,366,108			174,191,383
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Current liabilities:
Common stock subject to possible redemption; 6,083,500 and 17,161,500 shares at redemption value of approximately $10.32 and $10.09 per share as of June 30, 2023 and December 31, 2022, respectively	62,796,284		173,164,122			171,615,000
Common stock not subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Stockholders' Deficit:
Common stock, $0.001 par value; 60,000,000 authorized shares as of each of December 31, 2022 and June 30, 2023; 32,575,043 and 32,606,548 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	$ 429		$ 429			$ 429

CONDENSED CONSOLIDATED BALANC_4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	May 22, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock, par value per share	$ 0.001		$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000		60,000,000	20,000,000
Common stock, shares issued	32,606,548		32,575,043	14,382,093
Common stock, shares outstanding	32,606,548		32,575,043	14,382,093
Graf Acquisition Corp. IV [Member]
Common stock shares subject to possible redemption	6,083,500	11,078,000
Preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000		1,000,000	1,000,000
Preferred stock, shares issued	0		0	0
Preferred stock, shares outstanding	0		0	0
Common stock, par value per share	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000		400,000,000	400,000,000
Common stock subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Common stock shares subject to possible redemption	6,083,500		17,161,500	17,161,500
Common stock subject to possible redemption, approximate redemption value (in dollars per share)	$ 10.32		$ 10.09	$ 10
Common stock not subject to possible redemption \| Graf Acquisition Corp. IV [Member]
Common stock, par value per share	$ 0.0001		$ 0.0001
Common stock, shares authorized	400,000,000		400,000,000
Common stock, shares issued	4,290,375		4,290,375	4,290,375
Common stock, shares outstanding	4,290,375		4,290,375	4,290,375

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended		11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
General and administrative expenses			$ 5,761,000	$ 3,625,000		$ 7,659,000
Loss from operations			(13,409,000)	(12,092,000)		(24,346,000)
Other income (expenses):
Net (loss) income before income tax			(16,171,000)	(13,113,000)		(26,747,000)
Income tax (expense) benefit						(7,000)
Net loss and comprehensive loss			$ (16,171,000)	$ (13,113,000)		$ (26,754,000)
Weighted average shares outstanding of common stock, basic			32,603,130	14,445,193		15,563,850
Weighted average shares outstanding of common stock, diluted			32,603,130	14,445,193		15,563,850
Basic net (loss) income per share, common stock			$ (0.50)	$ (0.91)		$ (1.72)
Diluted net (loss) income per share, common stock			$ (0.50)	$ (0.91)		$ (1.72)
Graf Acquisition Corp. IV [Member]
General and administrative expenses	$ 2,581,577	$ 874,637	$ 3,441,419	$ 1,512,778
General and administrative expenses - related party	45,000	45,000	90,000	90,000
Franchise tax expenses	50,000	49,315	100,000	98,082	$ 185,205	$ 169,141
Loss from operations	(2,676,577)	(968,952)	(3,631,419)	(1,700,860)	(2,508,207)	(2,740,030)
Other income (expenses):
Change in fair value of derivative warrant liability	(283,300)	1,605,330	(519,370)	4,296,600	5,665,840	5,146,470
Gain on settlement of deferred underwriting commissions		179,595		179,595		179,595
Income from investments held in Trust Account	1,415,607	124,764	3,389,390	168,792	41,153	2,400,690
Other income (expense)	1,132,307	1,909,689	2,870,020	4,644,987	1,517,569	7,726,755
Net (loss) income before income tax	(1,544,270)	940,737	(761,399)	2,944,127	(990,638)	4,986,725
Income tax (expense) benefit	(286,778)	15,402	(690,772)	15,402	0	(438,374)
Net loss and comprehensive loss	$ (1,831,048)	$ 956,139	$ (1,452,171)	$ 2,959,529	$ (990,638)	$ 4,548,351
Weighted average shares outstanding of common stock, basic	16,825,897	21,451,875	19,126,107	21,451,875	15,083,469	21,451,875
Weighted average shares outstanding of common stock, diluted	16,825,897	21,451,875	19,126,107	21,451,875	15,083,469	21,451,875
Basic net (loss) income per share, common stock	$ (0.11)	$ 0.04	$ (0.08)	$ 0.14	$ (0.07)	$ 0.21
Diluted net (loss) income per share, common stock	$ (0.11)	$ 0.04	$ (0.08)	$ 0.14	$ (0.07)	$ 0.39

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common stock Graf Acquisition Corp. IV [Member]	Common stock	Additional Paid-In Capital Graf Acquisition Corp. IV [Member]	Additional Paid-In Capital	Accumulated Deficit Graf Acquisition Corp. IV [Member]	Accumulated Deficit	Graf Acquisition Corp. IV [Member]	Total
Beginning balance at Dec. 31, 2020		$ 14,000		$ 14,200,000		$ (29,157,000)		$ (14,943,000)
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(23,265,000)		(23,265,000)
Ending balance at Dec. 31, 2021	$ 429	14,000	$ 0	14,356,000	$ (10,895,130)	(52,422,000)	$ (10,894,701)	(38,052,000)
Balance at the end (in shares) at Dec. 31, 2021	4,290,375
Beginning balance at Jan. 27, 2021	$ 0		0		0		0
Balance at the beginning (in shares) at Jan. 27, 2021	0
Increase (decrease) in Stockholders' Deficit
Net income (loss)			0		(990,638)		(990,638)
Ending balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the end (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)					2,003,390		2,003,390
Ending balance at Mar. 31, 2022	$ 429				(8,891,740)		(8,891,311)
Balance at the end (in shares) at Mar. 31, 2022	4,290,375
Beginning balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the beginning (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(13,113,000)	2,959,529	(13,113,000)
Ending balance at Jun. 30, 2022	$ 429	14,000		14,405,000	(4,210,955)	(65,535,000)	(4,210,526)	(51,116,000)
Balance at the end (in shares) at Jun. 30, 2022	4,290,375
Beginning balance at Dec. 31, 2021	$ 429	14,000	0	14,356,000	(10,895,130)	(52,422,000)	(10,894,701)	(38,052,000)
Balance at the beginning (in shares) at Dec. 31, 2021	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)			0		4,548,351	(26,754,000)	4,548,351	(26,754,000)
Adjustment for accretion of common stock subject to possible redemption amount			0		2,175,524		2,175,524
Ending balance at Dec. 31, 2022	$ 429	33,000	0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the end (in shares) at Dec. 31, 2022	4,290,375
Beginning balance at Mar. 31, 2022	$ 429				(8,891,740)		(8,891,311)
Balance at the beginning (in shares) at Mar. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)					956,139		956,139
Adjustment for accretion of common stock subject to possible redemption amount					3,724,646		3,724,646
Ending balance at Jun. 30, 2022	$ 429	14,000		14,405,000	(4,210,955)	(65,535,000)	(4,210,526)	(51,116,000)
Balance at the end (in shares) at Jun. 30, 2022	4,290,375
Beginning balance at Dec. 31, 2022	$ 429	33,000	0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the beginning (in shares) at Dec. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)					378,877		378,877
Adjustment for accretion of common stock subject to possible redemption amount					(1,507,323)		(1,507,323)
Ending balance at Mar. 31, 2023	$ 429				(5,299,701)		(5,299,272)
Balance at the end (in shares) at Mar. 31, 2023	4,290,375
Beginning balance at Dec. 31, 2022	$ 429	33,000	$ 0	80,706,000	(4,171,255)	(79,176,000)	(4,170,826)	1,563,000
Balance at the beginning (in shares) at Dec. 31, 2022	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)						(16,171,000)	(1,452,171)	(16,171,000)
Ending balance at Jun. 30, 2023	$ 429	33,000		82,958,000	(8,539,578)	(95,347,000)	(8,539,149)	(12,356,000)
Balance at the end (in shares) at Jun. 30, 2023	4,290,375
Beginning balance at Mar. 31, 2023	$ 429				(5,299,701)		(5,299,272)
Balance at the beginning (in shares) at Mar. 31, 2023	4,290,375
Increase (decrease) in Stockholders' Deficit
Net income (loss)					(1,831,048)		(1,831,048)
Adjustment for accretion of common stock subject to possible redemption amount					(1,408,829)		(1,408,829)
Ending balance at Jun. 30, 2023	$ 429	$ 33,000		$ 82,958,000	$ (8,539,578)	$ (95,347,000)	$ (8,539,149)	$ (12,356,000)
Balance at the end (in shares) at Jun. 30, 2023	4,290,375

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Change in operating assets and liabilities:
Net cash used in operating activities			$ (10,444,000)	$ (11,708,000)			$ (22,557,000)	$ (19,548,000)
Cash Flows from Investing Activities:
Net cash used in investing activities			(30,000)	(123,000)			(163,000)	(459,000)
Cash Flows from Financing Activities:
Proceeds from convertible promissory note - related party			4,825,000
Net cash provided by financing activities			11,829,000	11,837,000			22,486,000	20,159,000
Net increase in cash, cash equivalents, and restricted cash			1,355,000	6,000			(234,000)	152,000
Cash, cash equivalents, and restricted cash at the beginning of period			117,000	351,000	$ 351,000		351,000	199,000
Cash, cash equivalents, and restricted cash at the end of period	$ 1,472,000	$ 357,000	1,472,000	357,000		$ 351,000	117,000	351,000
Graf Acquisition Corp. IV [Member]
Operating Activities
Net (loss) income			(1,452,171)	2,959,529	3,847,094	(990,638)	4,548,351
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in fair value of derivative warrant liability	283,300	(1,605,330)	519,370	(4,296,600)	(4,863,180)	(5,665,840)	(5,146,470)
Gain on settlement of deferred underwriting commissions		(179,595)		(179,595)			(179,595)
Income from investments held in Trust Account		(124,764)	(3,389,390)	(168,792)	(1,073,311)	(41,153)	(2,400,690)
Change in operating assets and liabilities:
Prepaid expenses			208,573	288,199	394,156	(812,724)	569,972
Prepaid expenses - related party				(13,173)
Accounts payable			(13,813)	79,438	195,119	51,807	125,350
Franchise tax payable			23,550	(56,214)	(163,696)	185,205	(142,500)
Income tax payable			390,772	(15,402)	164,076		181,374
Due to related party			32,809
Accrued expenses			2,618,655	940,161	684,840	1,557,213	873,215
Net cash used in operating activities			(1,061,645)	(462,449)	994,497	(1,523,725)	(1,570,993)
Cash Flows from Investing Activities:
Investment of cash into Trust Account			(330,000)			(171,615,000)
Cash withdrawals from Trust Account to pay for taxes			381,239				568,642
Cash withdrawn from Trust Account in connection with redemption			113,296,457
Net cash used in investing activities			113,347,696			(171,615,000)	568,642
Cash Flows from Financing Activities:
Proceeds from convertible promissory note - related party			416,710
Redemption of common stock	(113,296,457)		(113,296,457)
Net cash provided by financing activities			(112,879,747)			174,861,231	(85,000)
Net increase in cash, cash equivalents, and restricted cash			(593,696)	(462,449)		1,722,506	(1,087,351)
Cash, cash equivalents, and restricted cash at the beginning of period			635,155	1,722,506	$ 1,722,506	0	1,722,506
Cash, cash equivalents, and restricted cash at the end of period	$ 41,459	$ 1,260,057	41,459	$ 1,260,057		$ 1,722,506	635,155	$ 1,722,506
Supplementary cash flow information:
Cash paid for income taxes			300,000				257,000
Supplemental disclosure of noncash activities:
Extinguishment of accrued expenses related to offering costs			$ 13,924				$ 3,724,646

Description of Organization a_3

Description of Organization and Business Operations	6 Months Ended	12 Months Ended
Description of Organization and Business Operations	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations	Note 1—Description of Organization and Business Operations Graf Acquisition Corp. IV (“Graf”) is a newly organized blank check company incorporated in Delaware and formed for the purpose of effecting into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. On December 9, 2021, Graf incorporated Austria Merger Sub, Inc. (“Merger Sub”), a Delaware corporation. Graf and its subsidiary are collectively referred to as the “Company.” On April 14, 2023, Graf entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and NKGen Biotech, Inc., a Delaware corporation (“NKGen”), pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into NKGen (the “Merger”), with NKGen surviving the Merger in accordance with the Delaware General Corporation Law as a wholly owned subsidiary of Graf (the Merger, together with the other transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Business Combination”). As of June 30, 2023, the Company had not yet commenced operations. All activity for the period from January 28, 2021 (inception) through June 30, 2023, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering. The Company’s sponsor is Graf Acquisition Partners IV LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on May 20, 2021. On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions (see Note 5). The Company granted the underwriter a 45-day Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 4,433,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million (see Note 4). Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $432,000. Upon the closing of the Initial Public Offering, Over-Allotment, and Private Placement, $171.6 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering, Over-Allotment and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) in the United States maintained by Continental Stock Transfer & Trust Company, as trustee, and has been invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“ FASB ASC ASC 480 SEC Notwithstanding the foregoing, the Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the shares of common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, and directors have agreed not to propose an amendment to the Charter that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment. If a Business Combination has not been consummated by September 29, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. On May 22, 2023, the Company held a special meeting of stockholders (the “Meeting”), pursuant to which the Company’s stockholders approved a proposal to amend the Charter (the “Charter Amendment”) to (i) provide the Company with the right to extend the date by which the Company must consummate its initial business combination (the “Extension”), from May 25, 2023 to September 29, 2023 (the “Extended Date”), and to and (ii) permit the Company’s board of directors, in its sole discretion, to elect to wind up the Company’s operations on an earlier date than the Extended Date as determined by the board of directors and included in a public announcement. In addition, on May 22, 2023, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware. In addition, in connection with the Extension, the Company shall deposit into the Trust Account $0.03 per Public Share of common stock that is not redeemed, up to $165,000, for each calendar month (or pro rata portion thereof if less than a full month), until the earlier to occur of (i) September 29, 2023, (ii) the closing of the Business Combination and (iii) the Company’s liquidation. In connection with the vote to approve the Extension Amendment Proposal, the holders of 11,078,000 shares of common stock properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.227 per share, for an aggregate redemption amount of approximately $113.3 million. The Initial Stockholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. The Company will seek to have all third parties (except the Company’s independent registered public accounting firm) and any prospective target businesses enter into valid and enforceable agreements with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account. Nevertheless, there is no guarantee that vendors, service providers and prospective target businesses will execute such agreements. The Company’s insiders agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company’s insiders may not be able to satisfy their indemnification obligations. Moreover, the Company’s insiders will not be liable to the Public Stockholders and instead will only have liability to the Company. Liquidity and Going Concern As of June 30, 2023, the Company had approximately $41,000 in its operating bank account and working capital deficit of approximately $6.2 million. The Company’s liquidity needs through June 30, 2023 were satisfied through a payment of $25,000 from the Sponsor to purchase the Founder Shares (as defined in Note 4), the loan of approximately $67,000 from the Sponsor under the Note (as defined in Note 4 to the unaudited condensed consolidated financial statements), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on May 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, provide Working Capital Loans (as defined in Note 4 to the unaudited condensed consolidated financial statements). As of June 30, 2023, and December 31, 2022, there were $416,710 and $0 amounts outstanding under any Working Capital Loans, respectively, borrowed under the Convertible Promissory Note (defined in Note 4). In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ ASU certificate of incorporation) raises substantial doubt about the Company’s ability to continue as a going concern. Although management expects that it will be able to raise additional capital to support its planned activities and complete a business combination on or prior to September 29, 2023 (unless extended in accordance with the amended and restated certificate of incorporation), it is uncertain whether it will be able to do so. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 29, 2023 (unless extended in accordance with the amended and restated certificate of incorporation). The unaudited condensed consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.	Note 1 — Description of Organization and Business Operations Graf Acquisition Corp. IV (the “Company”), is a newly organized blank check company incorporated in Delaware and formed for the purpose of effecting into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). As of December 31, 2022, the Company had not yet commenced operations. All activity for the period from January 28, 2021 (inception) through December 31, 2022, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering. The Company’s sponsor is Graf Acquisition Partners IV LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on May 20, 2021. On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions (see Note 4). The Company granted the underwriter a 45-day Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 4,433,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million (see Note 5). Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $432,000. Upon the closing of the Initial Public Offering, Over-Allotment, and Private Placement, $171.6 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering, Over-Allotment and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) in the United States maintained by Continental Stock Transfer & Trust Company, as trustee, and has been invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares were recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“ FASB ASC ASC 480 SEC Notwithstanding the foregoing, the Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the shares of common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, and directors have agreed not to propose an amendment to the Charter that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment. If a Business Combination has not been consummated within 24 months from the closing of the Initial Public Offering, or May 25, 2023 or any extended period of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Initial Stockholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. The Company will seek to have all third parties (except the Company’s independent registered public accounting firm) and any prospective target businesses enter into valid and enforceable agreements with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account. Nevertheless, there is no guarantee that vendors, service providers and prospective target businesses will execute such agreements. The Company’s insiders agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company’s insiders may not be able to satisfy their indemnification obligations. Moreover, the Company’s insiders will not be liable to the Public Stockholders and instead will only have liability to the Company. Liquidity and Going Concern As of December 31, 2022, we had approximately $0.6 million in our operating bank account and working capital deficit of approximately $2.0 million. The Company’s liquidity needs through December 31, 2022 were satisfied through a payment of $25,000 from the Sponsor to purchase the Founder Shares, the loan of approximately $67,000 from the Sponsor under the Note (as defined in Note 5 to the financial statements), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on May 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, provide Working Capital Loans (as defined in Note 5 to the financial statements). As of December 31, 2022 and 2021, there were no amounts outstanding under any Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ ASU

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2—Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 31, 2023. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2023, and December 31, 2022. Cash and investments Held in the Trust Account The Company’s portfolio of investments is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. Gains and losses resulting from the change in fair value of these securities are included in income on investments held in the Trust Account in the accompanying condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB Topic ASC 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the condensed consolidated balance sheets, primarily due to their short-term nature, other than the derivative warrant liabilities. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liability The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company will evaluate its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ ASC 815 The Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The fair value of the Private Placement Warrants as of June 30, 2023, and December 31, 2022, is determined using Black-Scholes option pricing model. The determination of the fair value of the warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, underwriting fees, accounting, and other costs incurred through the condensed consolidated balance sheet date that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liability will be expensed as incurred, presented as non-operating expenses in the condensed statements of operations. Offering costs associated with the Public Shares issued were charged to stockholders’ equity upon the completion of the Initial Public Offering. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as liability instruments and is measured at fair value. Conditionally redeemable common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, June 30, 2023 and December 31, 2022, 6,083,500 and 17,161,500 shares of common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed consolidated balance sheets, respectively. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of the reporting period. This method would view the end of the reporting period as if it were also the redemption date of the security. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ ASC 740 ASC 740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed consolidated financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. Net (Loss) Income per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net (loss) income per common stock is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net (loss) income per common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 8,153,833 shares of common stock in the calculation of diluted (loss) income per common stock, because their exercise is contingent upon future events. As a result, diluted net (loss) income per common stock is the same as basic net (loss) income per common stock for the three and six months ended June 30, 2023 and 2022. Accretion associated with the redeemable common stock is excluded from earnings per share as the redemption value approximates fair value. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the unaudited condensed consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.	Note 3 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP SEC Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2022 and 2021. Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. Gains and losses resulting from the change in fair value of these securities are included in income on investments held in the Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB Topic ASC 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the balance sheets, primarily due to their short-term nature, other than the derivative warrant liabilities. (see Note 10). Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liability The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company will evaluate its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ ASC 815 The Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The fair value of the Private Placement Warrants as of December 31, 2022 and 2021, is determined using Black-Scholes option pricing model. The determination of the fair value of the warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, underwriting fees, accounting, and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liability will be expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Public Shares issued were charged to stockholders’ equity upon the completion of the Initial Public Offering. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as liability instruments and is measured at fair value. Conditionally redeemable common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of Initial Public Offering (including exercise of the over-allotment option), 17,161,500 shares of common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of the reporting period. This method would view the end of the reporting period as if it were also the redemption date of the security. Effective with the closing of the Initial Public Offering (including exercise of the over-allotment option), the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ ASC 740 ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2022 and 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. Net Income (Loss) Per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net income per common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering (including exercise of the over-allotment option) and the Private Placement to purchase an aggregate of 8,153,833 shares of common stock in the calculation of diluted income (loss) per common stock, because their exercise is contingent upon future events. As a result, diluted net income per common stock is the same as basic net income per common stock for the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021. Accretion associated with the redeemable common stock is excluded from earnings per share as the redemption value approximates fair value. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the financial statements. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering_2

Initial Public Offering	6 Months Ended	12 Months Ended
Initial Public Offering	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Initial Public Offering	Note 3—Initial Public Offering On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 Units, at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions. The Company granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased 2,161,500 additional Units (the “Additional Units”), generating gross proceeds of approximately $21.6 million (the “Over-Allotment”). The Company incurred additional offering costs of approximately $1.2 million in connection with the Over-Allotment (of which approximately $0.8 million was for deferred underwriting fees). On May 16, 2022, one of the underwriters waived their deferred fee of approximately $3.9 million. Each Unit consists of one share of common stock, and one	Note 4 — Initial Public Offering On May 25, 2021, the Company consummated its Initial Public Offering of 15,000,000 Units, at $10.00 per Unit, generating gross proceeds of $150.0 million, and incurring offering costs of approximately $8.8 million, of which approximately $5.3 million was for deferred underwriting commissions. The Company granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased 2,161,500 additional Units (the “Additional Units”), generating gross proceeds of approximately $21.6 million (the “Over-Allotment”). The Company incurred additional offering costs of approximately $1.2 million in connection with the Over-Allotment (of which approximately $0.8 million was for deferred underwriting fees). On May 16, 2022, one of the underwriters waived their deferred fee of approximately $3.9 million. Each Unit consists of one share of common stock, and one

Related Party Transactions_2

Related Party Transactions	6 Months Ended	12 Months Ended
Related Party Transactions	Jun. 30, 2023	Dec. 31, 2022
Related Party Transactions	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the six months ended June 30, 2022 and 2023, $0.2 million and zero, respectively, in research and development expenses related to these advisory services were recorded. As of December 31, 2022, amounts payable of less than $0.1 million relating to advisory and research services from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to advisory and research services from related parties. Purchases of laboratory supplies For the six months ended June 30, 2022 and 2023, the Company recorded research and development expenses totaling less than $0.1 million and zero, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2022, amounts payable of $0.1 million relating to the purchase of laboratory supplies from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to the purchase of laboratory supplies from related parties. Related Party Loans Between August 2019 and December 2022, the Company entered into related party loans with NKMAX (“Related Party Loans”). In December 2022, the aggregate outstanding Related Party Loans’ principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which was recognized as a capital contribution within the condensed statement of common stock and stockholders’ equity (deficit) for the year ended December 31, 2022. From January through April 2023, the Company entered into additional Related Party Loans with NKMAX for aggregate gross proceeds of $5.0 million. These additional Related Party Loans bear an interest rate of 4.6% and mature on December 31, 2024. There are no financial or non-financial covenants associated with the Related Party Loans. The Related Party Loans are not convertible into equity, including upon the consummation of the Business Combination. In connection with the Related Party Loans, interest expenses incurred $1.0 million and $0.1 million for the six months ended June 30, 2022 and 2023, respectively. Related party interest payable amounts recorded to other current liabilities on the condensed balance sheets were zero and $0.1 million as of December 31, 2022 and June 30, 2023, respectively. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 through May 2023, relatives of one of the Company’s directors invested in Convertible Notes. As of each of December 31, 2022 and June 30, 2023, the principal amount and related fair value of Convertible Notes held by relatives of a director of the Company were each $0.4 million.	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the year ended December 31, 2021, no research and development expenses related to these advisory services were provided or recorded. For the year ended December 31, 2022, the Company recorded $0.4 million of research and development expenses related to these advisory services. As of December 31, 2022, amounts payable of less than $0.1 million remained outstanding and recorded within accounts payable and accrued expenses on the balance sheet. The Company receives scientific research consulting services from ATGEN Canada, a sister company under common ownership. For the year ended December 31, 2021, the Company recorded $0.2 million of research and development expenses for services provided by ATGEN Canada. For the year ended December 31, 2022, no research and development expenses related to these services were provided or recorded. As of December 31, 2021 and 2022, there were no outstanding amounts payable relating to these professional research services. Purchases of laboratory supplies For the years ended December 31, 2021 and 2022, the Company recorded research and development expenses totaling $0.1 million and $0.1 million, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2021 and December 31, 2022, there was zero and less than $0.1 million outstanding payables, respectively, relating to the purchase of laboratory supplies, which is recorded within accounts payable and accrued expenses on the balance sheets. Related party loans Between August 2019 and December 2022, the Company entered into multiple loan agreements with NKMAX under which the total proceeds received from related parties during the years ended December 31, 2021 and 2022 were $20.5 million and $23.0 million, respectively. The loans carry an interest rate of 4.6%. There are no financial or non-financial covenants associated with the debt. In December 2022, the aggregate outstanding related party loan principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which has been recognized as a capital contribution within the statements of common stock and stockholders’ equity (deficit). No related party loan amounts were outstanding as of December 31, 2022. Interest expenses incurred were $1.3 million and $2.3 million for the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 and 2022, interest payable amounts owed to related parties was $1.9 million and zero, respectively, which is recorded in other current liabilities on the balance sheets. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 to December 2019, relatives of one of the Company’s directors invested in convertible promissory notes totaling $0.5 million. As of December 31, 2021, the principal amount and the fair value of Related Party Convertible Notes held by relatives of a director of the Company were $0.3 million. As of December 31, 2022, the principal amount and related fair value of the Related Party Convertible Notes held by relatives of a director of the Company were $0.3
Graf Acquisition Corp. IV [Member]
Related Party Transactions	Note 4—Related Party Transactions Founder Shares On February 13, 2021, Graf Acquisition Partners LLC (“Graf LLC”) paid an aggregate of $25,000 for certain offering costs on behalf of the Company in exchange for issuance of 4,312,500 shares of common stock (the “Founder Shares”). On April 2, 2021, Graf LLC transferred all of its Founder shares to the Sponsor. On April 8, 2021, the Sponsor transferred 20,000 Founder Shares to each of the Company’s independent directors, resulting in the Sponsor holding 4,252,500 Founder Shares. The holders of the Founder Shares agreed to forfeit up to an aggregate of 562,500 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters partially exercised their over-allotment option on June 2, 2021, and forfeited the remaining option; and, as a result, an aggregate of 22,125 Founder Shares were forfeited, resulting in 4,290,375 Founder Shares outstanding. On July 14, 2021, the Sponsor transferred 20,000 Founder Shares to Alexandra Lebenthal in connection with her appointment to the Company’s board of directors. The Initial Stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,433,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million. Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $0.4 million. Each whole Private Placement Warrant entitles the holder thereof to purchase one common stock at an exercise price of $11.50 per full share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees (see Note 8). Related Party Loans On January 29, 2021, the Sponsor agreed to loan the Company up to $150,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the consummation of the Initial Public Offering. The Company had borrowed approximately $70,000 under the Note. The Note was paid back in full on May 26, 2021. Subsequent to the repayment, the facility was no longer available to the Company. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (the “Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into additional warrants at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. In connection with the Extension and advances the Sponsor may make in the future to the Company for working capital expenses, on May 15, 2023, the Company issued a convertible promissory note to the Sponsor with a principal amount up to $1,500,000 (the “Convertible Promissory Note”). The Convertible Promissory Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the Company’s liquidation. If the Company does not consummate an initial business combination by the Extended Date, the Convertible Promissory Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. Subject to the terms and conditions of the Merger Agreement, dated as of April 14, 2023, by and among Graf, Merger Sub and NKGen, upon maturity, the outstanding principal of the Note may be converted into warrants, at a price of $1.50 per warrant, at the option of the Sponsor. Such warrants will have terms identical to the warrants issued to the Sponsor in a private placement that closed simultaneously with the Company’s initial public offering. Any drawdowns in connection with the Convertible Promissory Note are subject to unanimous written consent of the Company’s board of directors and the consent of the Sponsor. In no event shall the quantity of warrants issued exceed one million (1,000,000) warrants. As of June 30, 2023, and December 31, 2022, the Company had $416,710 and $0, respectively, borrowings under the Convertible Promissory Note. Administrative Services Agreement On May 20, 2021, the Company entered into an agreement that provided that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay G-SPAC Management LLC, an affiliate of the Sponsor, $15,000 per month for office space, utilities, secretarial, administrative and support services provided to the Company and members of the management team. For the three and six months ended June 30, 2023, the Company incurred expenses of approximately $45,000 and $90,000 under this agreement, respectively. As of June 30, 2023 and December 31, 2022, there was no outstanding balance on the unaudited condensed consolidated balance sheets for these expenses. Other Related Party Transactions On December 21, 2022, at a special meeting of stockholders, the Company’s stockholders approved the payment of compensation of $16,667 per month base to the Company’s full-time Chief Financial Officer plus any related taxes (including, without limitation, Medicare and social security), governmental payments and health care benefits, for services rendered to the Company as an employee, contractor or otherwise from May 6, 2022 (retroactive) through the Company’s closing of a Business Combination. The stockholders also approved the payment of up to $6,000 per month in aggregate for health care benefits for the officers of the Company who are not otherwise receiving compensation from the Company. For the three and six months ended June 30, 2023, the Company incurred expenses of approximately $81,000 and $170,000 under this agreement, respectively. For the three and six months ended June 30, 2022, the Company did not incur expenses under this agreement. As of June 30, 2023 and December 31, 2022, there was an outstanding balance of $32,809 and $0 reported as due to related party for these expenses on the unaudited condensed consolidated balance sheets, respectively. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account. As of June 30, 2023 and December 31, 2022, there was an outstanding balance of $6,652 and $0, respectively, reported as accrued expenses for reimbursable expenses on the unaudited condensed consolidated balance sheets.	Note 5 — Related Party Transactions Founder Shares On February 13, 2021, Graf Acquisition Partners LLC (“Graf LLC”) paid an aggregate of $25,000 for certain offering costs on behalf of the Company in exchange for issuance of 4,312,500 shares of common stock (the “Founder Shares”). On April 2, 2021, Graf LLC transferred all of its Founder shares to the Sponsor. On April 8, 2021, the Sponsor transferred 20,000 Founder Shares to each of the Company’s independent directors, resulting in the Sponsor holding 4,252,500 Founder Shares. The holders of the Founder Shares agreed to forfeit up to an aggregate of 562,500 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters partially exercised their over-allotment option on June 2, 2021, and forfeited the remaining option; and, as a result, an aggregate of 22,125 Founder Shares were forfeited, resulting in 4,290,375 Founder Shares outstanding. On July 14, 2021, the Sponsor transferred 20,000 Founder Shares to Alexandra Lebenthal in connection with her appointment to the Company’s board of directors. The Initial Stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,433,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $6.7 million. Simultaneously with the closing of the Over-Allotment on June 2, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 288,200 Private Placement Warrants at $1.50 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds of approximately $0.4 million. Each whole Private Placement Warrant entitles the holder thereof to purchase one common stock at an exercise price of $11.50 per full share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees (see Note 9). Related Party Loans On January 29, 2021, the Sponsor agreed to loan the Company up to $150,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the consummation of the Initial Public Offering. The Company had borrowed approximately $70,000 under the Note. The Note was paid back in full on May 26, 2021. Subsequent to the repayment, the facility was no longer available to the Company. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (the “Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into additional warrants at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2022 and 2021, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement On May 20, 2021, the Company entered into an agreement that provided that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay G-SPAC Management LLC, an affiliate of the Sponsor, $15,000 per month for office space, utilities, secretarial, administrative and support services provided to the Company and members of the management team. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company incurred expenses of approximately $180,000 and $108,000, respectively, under this agreement. As of December 31, 2022 and 2021, the Company had no outstanding for services in connection with such agreement on the accompanying balance sheets. Other Related Party Transactions On December 21, 2022, the Company’s stockholders approved the payment of compensation of $16,667 per month base to the Company’s full-time Chief Financial Officer plus any related taxes (including, without limitation, Medicare and social security), governmental payments and health care benefits, for services rendered to the Company as an employee, contractor or otherwise from May 6, 2022 (retroactive) through the Company’s closing of a Business Combination. The stockholders also approved the payment of up to $6,000 per month in aggregate for health care benefits for the officers of the Company who are not otherwise receiving compensation from the Company. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company incurred expenses of approximately $158,000 and $0, respectively. As of December 31, 2022 and 2021, the Company had no outstanding for services in connection with such stockholder approval on the accompanying balance sheets. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account.

Commitments and Contingencies_2

Commitments and Contingencies	6 Months Ended	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies	8. Commitments and Contingencies Leases As of June 30, 2023, the Company recorded an aggregate right of use asset of $1.1 million with an accumulated amortization of $0.9 million in the condensed balance sheet as operating lease right-of-use asset, net, and an aggregate lease liability of $0.2 million in the condensed balance sheet as operating lease liability, current. As of June 30, 2023, the weighted-average remaining lease term was less than one year, and the weighted-average estimated incremental borrowing rate was 6.00%. As of June 30, 2023, total undiscounted lease payments were $0.2 million, which are committed to be made during 2023. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, the Company is also required to pay one-time milestone payments for the first receipt of regulatory approval by the Company or any of its affiliates for a Licensed Product in the following jurisdictions (and amounts): the United States ($5.0 million), the European Union (“EU”) ($4.0 million), and four other countries ($1.0 million each). The Company is obligated to pay a mid-single digit royalty on net sales of Licensed Products by it, its affiliates or its sublicensees, subject to customary reductions. The Company is also required to pay a percentage of its sublicensing revenue ranging from a low double-digit percentage to a midsingle digit percentage. As of June 30, 2023, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2022 and June 30, 2023.	8. Commitments and Contingencies Leases As of December 31, 2021, the Company recorded an aggregate ROU asset of $0.8 million with an aggregate accumulated amortization of $0.3 million in the balance sheet as operating lease right-of-use assets, net, and an aggregate lease liability of $0.8 million in the balance sheet as operating lease liability, of which $0.5 million was classified as current and $0.4 million was classified as noncurrent. As of December 31, 2021, the weighted-average remaining lease term is 1.7 years and the weighted-average estimated incremental borrowing rate is 5.5%. As of December 31, 2022, the Company recorded an aggregate ROU asset of $1.1 Maturities of the operating lease liability as of December 31, 2022 are as follows (in thousands): Minimum lease payments 2023 $ 412 Total undiscounted lease payments 412 Less: imputed interest (33) Total operating lease liability $ 379 As of December 31, 2021, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. As of December 31, 2022, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, under each agreement, the Company shall make milestone payments to NKMAX after the first receipt of Regulatory Approval of a licensed product (“Licensed Product”) in the applicable country by the Company or any of its affiliates of $5.0 million in United States of America, $4.0 million in the European Union (“EU”) and $1.0 million in any country other than United States of America or the EU for up to four additional countries. The Company shall also pay a mid-single digit fee on the net sales of Licensed Products, the manufacture, use or sale of which are claimed by or use any Licensed Technology. As of December 31, 2022, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its accompanying financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2021 and 2022.
Graf Acquisition Corp. IV [Member]
Commitments and Contingencies	Note 5—Commitments and Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration rights agreement signed upon the effective date of the Initial Public Offering. These holders were entitled to make up to three demands, excluding short form registration demands, that the Company registered such securities for sale under the Securities Act. In addition, these holders will have “piggyback” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 2,250,000 additional Units less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option. On June 2, 2021, the underwriters partially exercised the over-allotment option and purchased an additional 2,161,500 Units. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $3.4 million in the aggregate, paid upon the closing of the Initial Public Offering ($3.0 million) and Over-Allotment (approximately $0.4 million). In addition, $0.35 per unit, or approximately $6.0 million in the aggregate was payable to the underwriters for deferred underwriting commissions (approximately $5.25 million related to the Initial Public Offering and $0.8 million related to the Over-Allotment). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 16, 2022, J.P. Morgan Securities LLC (“ JPM Vendor Agreement On May 8, 2023, the Company entered into an agreement with a vendor for capital market advisement services related to the Business Combination Agreement. The agreement calls for the vendor to receive an advisory fee payable in cash or a combination of cash and common stock of the surviving entity following the Business Combination. The advisory fee payable is as follows (i) $2,000,000 in cash and $2,000,000 in common stock if the total capital raised involved in the Business Combination is less than $20,000,000 or (ii) $2,500,000 in cash and $2,000,000 in common stock if the total capital raised involved in the Business Combination is greater than or equal to $20,000,000 and less than $40,000,000 or (iii) 4,000,000 in cash and $1,000,000 in common stock if the total capital raised involved in the Business Combination is greater than or equal to $40,000,000 and less than $50,000,000 or (iv) 5,000,000 in cash if the total capital raised involved in the Business Combination is greater than or equal to $50,000,000. The Company is also required to reimburse the vendor for out-of-pocket expenses which are capped at an aggregate of $200,000, of which approximately $4,500 has been accrued as of June 30, 2023 and included in accrued expenses on the unaudited condensed balance sheets. Risks and Uncertainties In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these unaudited condensed consolidated financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed consolidated financial statements. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IR Act”), which, among other things, imposes a new 1% U.S. federal excise tax on certain repurchases of stock by “covered corporations” (which include publicly traded domestic (i.e., U.S.) corporations) beginning in 2023, with certain exceptions (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is repurchased. Because the Company is a Delaware corporation and its securities are trading on the NYSE, the Company is a “covered corporation” for this purpose. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the Excise Tax, including with respect to some transactions in which special purpose acquisition companies typically engage. In the notice, the Treasury appears to have intended to exempt from the excise tax any distributions, including those that occur in connection with redemptions, by a corporation in the same year it completely liquidates, but the guidance is not clearly drafted and arguably could be interpreted to have a narrower application. Consequently, a substantial risk remains that any redemptions would be subject to the Excise Tax, including in circumstances where the Company either engages in a business combination in 2023 in which the Company does not issue shares sufficient to offset the earlier redemptions or liquidates later in 2023. Because the application of the Excise Tax is not entirely clear, any redemption or other repurchase effected by the Company, in connection with a business combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax on a redemption of shares of common stock or other stock issued by the Company would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock in connection with the initial business combination, an extension or otherwise (iii) the structure of the initial business combination, (iv) the nature and amount of any “PIPE” or other equity issuances in connection with the initial business combination (or otherwise issued not in connection with the initial business combination but issued within the same taxable year of a redemption treated as a repurchase of stock) and (v) the content of regulations and other guidance from the U.S. Department of the Treasury. As noted above, the Excise Tax would be payable by the Company, and not by the redeeming holder, and the mechanics of any required payment of the Excise Tax have not yet been determined. The imposition of the Excise Tax could cause a reduction in the cash available on hand to complete an initial business combination or for effecting redemptions and may affect the Company’s ability to complete an initial business combination. To mitigate the current uncertainty surrounding the implementation of the IR Act, in the event that any excise tax is accrued in connection with any redemption event, the Sponsor intends to indemnify the Company for any Excise Tax liabilities resulting from the implementation of the IR Act with respect to any future redemptions. For the avoidance of doubt, the proceeds deposited in the trust account and the interest earned thereon shall not be used to pay for any Excise Tax due under the IR Act in connection with any redemptions of the public shares in connection with any redemption event. On May 22, 2023, the Company’s stockholders redeemed 11,078,000 shares of common stock for a total of $113,296,457. The Company evaluated the classification and accounting of the share/ stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. The Company evaluated the current status and probability of completing a Business Combination as of June 30, 2023 and determined that no excise tax needs to be recorded at this time. Business Combination On April 14, 2023, Graf entered into a Merger Agreement (the “Merger Agreement”), with Merger Sub and NKGen, pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into NKGen, with NKGen surviving the Merger in accordance with the Delaware General Corporation Law as a wholly owned subsidiary of Graf. Immediately prior to the Closing, Graf will change its name to “NKGen Biotech, Inc.” and NKGen will change its name to “NKGen Operating Biotech, Inc.” The Company’s board of directors has unanimously approved and declared advisable the Merger Agreement and the Business Combination and resolved to recommend approval of the Merger Agreement and related matters by Graf’s stockholders. Pursuant to the Merger Agreement, the Company has agreed to issue to the equityholders of NKGen aggregate consideration of a number of shares of newly issued common stock in an amount calculated using the exchange ratio described in the Merger Agreement. At the effective time of the merger, each outstanding and unexercised NKGen option will be cancelled and converted into an option to acquire common stock. The Merger Agreement contains customary representations, warranties and covenants by the parties thereto and the closing is subject to certain conditions as further described in the Merger Agreement. Related ancillary documents, each of which is in connection with the Closing and pursuant to the Merger, include the following: (i) a sponsor support and lockup agreement (the “Sponsor Support and Lockup Agreement”), pursuant to which the Sponsor agreed (x) to vote in favor of the merger and (y) to subject certain founder shares to a prescribed scheme; (ii) a support agreement (the “NKGen Support Agreement”), whereby NKGen stockholders agreed to vote in favor of the merger, (iii) a backstop agreement (the “Backstop Agreement”), whereby a majority stockholder of NKGen agreed to purchase a certain amount of common stock; (iv) lockup agreements (the “Lockup Agreements”), pursuant to which certain NKGen stockholders agreed to lockup their shares for a designated time period; and (v) an amended and restated registration rights agreement (the “A&R Registration Rights Agreement”) under which the company emerging from the merger agreed to register for resale.	Note 6 — Commitments and Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration rights agreement signed upon the effective date of the Initial Public Offering. These holders were entitled to make up to three demands, excluding short form registration demands, that the Company registered such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 2,250,000 additional Units less the underwriting discounts and commissions. On June 2, 2021, the underwriters partially exercised the over-allotment option. On June 2, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 2,161,500 Units. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $3.4 million in the aggregate, paid upon the closing of the Initial Public Offering ($3.0 million) and Over-Allotment (approximately $0.4 million). In addition, $0.35 per unit, or approximately $6.0 million in the aggregate was payable to the underwriters for deferred underwriting commissions (approximately $5.3 million related to the Initial Public Offering and $0.8 million related to the Over-Allotment). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On May 16, 2022, J.P. Morgan Securities LLC (“ JPM Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy is not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IR Act”), which, among other things, imposes a new 1% U.S. federal excise tax on certain repurchases of stock by “covered corporations” (which include publicly traded domestic (i.e., U.S.) corporations) beginning in 2023, with certain exceptions (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which the stock is repurchased. Because we are a Delaware corporation and our securities are trading on the NYSE, we are a “covered corporation” for this purpose. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the Excise Tax, including with respect to some transactions in which SPACs typically engage. In the notice, the Treasury appears to have intended to exempt from the excise tax any distributions, including those that occur in connection with redemptions, by a corporation in the same year it completely liquidates, but the guidance is not clearly drafted and arguably could be interpreted to have a narrower application. Consequently, a substantial risk remains that any redemptions would be subject to the Excise Tax, including in circumstances where we either engage in a business combination in 2023 in which we do not issue shares sufficient to offset the earlier redemptions or liquidate later in 2023. Because the application of the Excise Tax is not entirely clear, any redemption or other repurchase effected by us, in connection with a business combination, extension vote or otherwise, may be subject to the Excise Tax. Whether and to what extent we would be subject to the Excise Tax on a redemption of our shares of common stock or other stock issued by us would depend on a number of factors, including (i) whether the redemption is treated as a repurchase of stock for purposes of the Excise Tax, (ii) the fair market value of the redemption treated as a repurchase of stock in connection with our initial business combination, an extension or otherwise (iii) the structure of the initial business combination, (iv) the nature and amount of any “PIPE” or other equity issuances in connection with the initial business combination (or otherwise issued not in connection with the initial business combination but issued within the same taxable year of a redemption treated as a repurchase of stock) and (v) the content of regulations and other guidance from the U.S. Department of the Treasury. As noted above, the Excise Tax would be payable by us, and not by the redeeming holder, and the mechanics of any required payment of the Excise Tax have not yet been determined. The imposition of the Excise Tax could cause a reduction in the cash available on hand to complete an initial business combination or for effecting redemptions and may affect our ability to complete an initial business combination. To mitigate the current uncertainty surrounding the implementation of the IR Act, in the event that any excise tax is accrued in connection with any redemption event, the Sponsor intends to indemnify the Company for any Excise Tax liabilities resulting from the implementation of the IR Act with respect to any future redemptions. For the avoidance of doubt, the proceeds deposited in the trust account and the interest earned thereon shall not be used to pay for any Excise Tax due under the IR Act in connection with any redemptions of the public shares in connection with any redemption event.

Common Stock Subject to Possi_5

Common Stock Subject to Possible Redemption	6 Months Ended	12 Months Ended
Common Stock Subject to Possible Redemption	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Common Stock Subject to Possible Redemption	Note 6—Common Stock Subject to Possible Redemption The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. On May 22, 2023, the holders of 11,078,000 shares of common stock properly exercised their right to redeem their shares. As of June 30, 2023, and December 31, 2022, there were 10,373,875 and 21,451,875 shares of common stock outstanding, of which 6,083,500 and 17,161,500 shares were subject to possible redemption and classified outside of permanent equity in the condensed consolidated balance sheets, respectively. The common stock subject to possible redemption reflected on the condensed consolidated balance sheets is reconciled on the following table: Common stock subject to possible redemption as of December 31, 2021 $ 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 173,164,122 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 12,467 Adjustment for accretion of common stock subject to possible redemption amount 1,507,323 Common stock subject to possible redemption as of March 31, 2023 174,683,912 Plus: Adjustment for accretion of common stock subject to possible redemption amount 1,408,829 Less: Redemptions (113,296,457) Common stock subject to possible redemption as of June 30, 2023 $ 62,796,284	Note 7 — Common Stock Subject to Possible Redemption The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. As of December 31, 2022 and 2021, there were 21,451,875 shares of common stock outstanding, of which 17,161,500 shares were subject to possible redemption and classified outside of permanent equity in the balance sheets. The common stock subject to possible redemption reflected on the balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 171,615,000 Less: Fair value of Public Warrants at issuance (7,894,290) Offering costs allocated at common stock subject to possible redemption (9,494,877) Plus: Accretion on common stock subject to possible redemption 17,389,167 Common stock subject to possible redemption as of December 31, 2021 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 $ 173,164,122

Stockholders' Deficit_2

Stockholders' Deficit	6 Months Ended	12 Months Ended
Stockholders' Deficit	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Stockholders' Deficit	Note 7—Stockholders’ Deficit Preferred Stock Common Stock —	Note 8 — Stockholders’ Deficit Preferred stock Common Stock —

Warrants_2

Warrants	6 Months Ended	12 Months Ended
Warrants	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Warrants	Note 8—Warrants As of June 30, 2023, and December 31, 2022, the Company has 3,432,300 and 4,721,533 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable commencing 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement covering the shares of common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60 business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrant has an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the warrants for redemption as described above, it will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that none of the Private Placement Warrants will be redeemable by the Company so long as they are held by the initial purchasers or any of their permitted transferees. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.	Note 9 — Warrants As of December 31, 2022 and 2021, the Company has 3,432,300 and 4,721,533 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable commencing 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement covering the shares of common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60 business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrant has an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the warrants for redemption as described above, it will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that none of the Private Placement Warrants will be redeemable by the Company so long as they are held by the initial purchasers or any of their permitted transferees. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Fair Value of Measurements_2

Fair Value of Measurements	6 Months Ended	12 Months Ended
Fair Value of Measurements	Jun. 30, 2023	Dec. 31, 2022
Fair Value of Measurements	5. Fair Value Measurements The Company elects to account for its convertible promissory notes issued from November through December 2019 to investors (“2019 Convertible Notes”) and related parties (“2019 Related Party Convertible Notes”), convertible promissory notes issued during 2023 to investors (“2023 Convertible Notes”) and to related parties (“2023 Related Party Convertible Notes), collectively referred to as “Convertible Notes”, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans (as defined in Note 6) approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans, which are due within three years or less from issuance. The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264 For the six months ended June 30, 2022, the Company recognized less than $0.1 million of expense associated with the change in fair value for each of the 2019 The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264 The Company determines the carrying amount of the Convertible Notes using a scenario-based analysis that estimates the fair value of the Convertible Notes based on the probability-weighted present value of expected future investment returns by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes as of: December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	5. Fair Value Measurements The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s management used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 The following table presents a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655 The Company determines the carrying amount of the Convertible Notes by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes: As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.
Graf Acquisition Corp. IV [Member]
Fair Value of Measurements	Note 9—Fair Value of Measurements At June 30, 2023, assets held in the Trust Account were comprised of $63,529,895 in cash and $0 in U.S. Treasury securities or money market funds. Through June 30, 2023, the Company withdrew $113,296,457 for redemptions and $381,239 for franchise and income taxes from the Trust Account. At December 31, 2022, assets held in the Trust Account totaled $ , which was comprised of $172,885,459 in U.S. Treasury securities and $602,742 in cash and money market funds. Through December 31, 2022, the Company withdrew $568,642 for franchise and income taxes from the Trust Account. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: Quoted Prices in Significant Other Significant Other June 30, 2023 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 944,310 Quoted Prices in Significant Other Significant Other December 31, 2022 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 (1) Includes cash balance held within the Trust Account of $1,264 at December 31, 2022. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1, 2, and 3 during the three and six months ended June 30, 2023 and 2022. Level 1 assets include investments in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of the Private Placement Warrants was measured at fair value using a Black-Scholes model. The estimated fair value of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Black-Scholes model is assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. For the three and six months ended June 30, 2023, the Company recognized a loss in the unaudited condensed consolidated statements of operations resulting from an increase in fair value of the derivative warrant liability of approximately $1.8 million and $2.0 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying unaudited condensed consolidated statements of operations. For the three and six months ended June 30, 2022, the Company recognized a gain in the unaudited condensed consolidated statements of operations resulting from a decrease in fair value of the derivative warrant liability of approximately $1.6 million and $4.3 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying unaudited condensed consolidated statements of operations. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: June 30, 2023 December 31, 2022 Exercise price $ 11.50 $ 11.50 Share price $ 10.33 $ 9.95 Expected term (years) 5.17 5.40 Volatility 0.5 % 5.50 % Risk-free rate 4.12 % 3.98 % Probability of completion of Business Combination 50.00 % 10.00 % Dividend yield (per share) 0.00 % 0.00 % The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and six months ended June 30, 2023, is summarized below. Derivative warrant liability at December 31, 2022 $ 424,940 Change in fair value of derivative warrant liability 236,070 Derivative warrant liability at March 31, 2023 $ 661,010 Change in fair value of derivative warrant liability 283,300 Derivative warrant liability at June 30, 2023 $ 944,310 The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and six months ended June 30, 2022, is summarized below. Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (2,691,270) Derivative warrant liability at March 31, 2022 2,880,140 Change in fair value of derivative warrant liability (1,605,330) Derivative warrant liability at June 30, 2022 $ 1,274,810	Note 10 — Fair Value of Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December 31,2022 Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 December 31,2021 Significant Significant Other Other Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 171,656,153 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 5,571,410 (1) Includes cash balance held within the Trust Account of $1,264 and $1,153 at December 31, 2022 and 2021, respectively. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1 2 3 Level 1 assets include investments in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of the Private Placement Warrants was measured at fair value using a Black-Scholes model. The estimated fair value of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Black-Scholes model is assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. For the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, the Company recognized a gain in the statements of operations resulting from a decrease in fair value of the derivative warrant liabilities of approximately $5.1 million and $5.7 million, respectively, presented as change in fair value of derivative warrant liability in the accompanying statements of operations. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: December 31, December 31, 2022 2021 Exercise price $ 11.50 $ 11.50 Share price $ 9.95 $ 9.69 Expected term (years) 5.40 5.98 Volatility 5.50 % 16.20 % Risk-free rate 3.98 % 1.35 % Probability of completion of Business Combination 10.00 % 100.00 % Dividend yield (per share) 0.00 % 0.00 % The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the year ended December 31, 2022 and for the period from January 28, 2021 (inception) through December 31, 2021, is summarized as follows: Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (5,146,470) Derivative warrant liability at December 31, 2022 $ 424,940 Derivative warrant liability at January 28, 2021 (inception) $ — Issuance of Private Placement Warrants 10,551,330 Issuance of Private Placement Warrants (over-allotment) 685,920 Change in fair value of derivative warrant liability (5,665,840) Derivative warrant liability at December 31, 2021 $ 5,571,410

Subsequent Events_2

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2023	Dec. 31, 2022
Subsequent Events	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for recognition purposes through September 21, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Revolving Line of Credit From July 1 2023 through September 21, 2023, NKGen executed additional draws of $1.1 million upon the revolving line of credit described in Note 6 of the unaudited condensed financial statements as of and for the six months ended June 30, 2023. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws upon the revolving line of credit occurred from July 1, 2023 through October 19, 2023. Convertible Notes In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Business Combination The Business Combination was consummated on September 29, 2023. In connection with the Closing, Graf changed its name to “NKGen Biotech, Inc.” and NKGen changed its name to “NKGen Operating Biotech, Inc.” The Common Stock and warrants of New NKGen began trading on The Nasdaq Stock Market LLC under the symbols “NKGN” and “NKGNW”, respectively, on October 2, 2023. Contemporaneously with the execution of the Merger Agreement, Graf and NKGen entered into an amended and restated sponsor support and lockup agreement (“Amended and Restated Sponsor Support and Lockup Agreement”). In connection with the Amended and Restated Sponsor Support and Lockup Agreement, of the 4,290,375 shares of Graf held by Graf’s sponsor and insiders (“Founder Shares”): (i) 1,773,631 shares were forfeited, (ii) 1,173,631 shares became restricted shares subject to vesting conditions (“Deferred Founder Shares”), and (iii) the remaining 1,343,113 shares were not forfeited, did not become restricted, nor subject to vesting conditions. Deferred Founder Shares do not have voting rights, do not participate in dividends and are not transferrable. During the vesting period of five years from Closing (“Vesting Period”), if the trading price or price per share consideration upon a change in control for Common Stock is greater than or equal to $14.00 at any 20 trading days in a 30 consecutive trading-day period, then 873,631 Deferred Founder Shares will immediately vest; and if greater than or equal to $20.00 at any 20 trading days in a 30 consecutive trading-day period, then an additional 300,000 Deferred Founder Shares will immediately vest. In the event there is a sale of New NKGen, then immediately prior to the consummation of such sale, the calculated Acquiror Sale Price, as defined in the agreement, will take into account the number of Deferred Founder Shares that will vest upon a change in control. Upon the expiration of the Vesting Period, unvested Founder Shares will be forfeited and cancelled for no consideration. Employee Stock Purchase Plan Upon consummation of the Business Combination, New NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of New NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of New NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. New NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of New NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four-year term and an interest rate of 5.0% paid in cash semi-annually or 8.0% paid in kind (“2027 Convertible Notes”). The 2027 Convertible Notes have a conversion price of $10.00 per share of common stock (subject to anti-dilution adjustments in the event of stock splits and the like), and a put option commencing 2.5 Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Commented Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for recognition purposes through May 15, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to the 2019 Plan and Stock Option Grants In February 2023, the Company amended its 2019 Plan to increase the aggregate number of shares of Common Stock reserved from 2,780,000 shares to 8,723,922 shares. From January 1, 2023 through May 15, 2023, the Company issued a total of 5,322,456 options to purchase common stock at an exercise price of $2.72 per share. Immediately following the issuance, a total of 1,770,389 shares remained available for future issuance under the 2019 Plan. 2023 NKMAX Loans From January through April 2023, NKGen entered into additional loan agreements with NKMAX for aggregate gross proceeds of $5.0 million. The terms of the loans included a 4.6% interest rate and a maturity date of December 31, 2024. Business Combination On April 14, 2023, the board of directors of Graf Acquisition Corp. IV, a Delaware corporation (“Graf,”), unanimously approved the Agreement and Plan of Merger, dated April 14, 2023, by and among Graf, Austria Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Graf (“Merger Sub”), and the Company (as it may be amended and/or restated from time to time, the “Merger Agreement”). If the Merger Agreement is adopted by Graf’s stockholders and the transactions under the Merger Agreement are consummated (the “Business Combination”), Merger Sub will merge with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Graf (the “Merger”). In connection with the consummation of the Business Combination (the “Closing” and the date of the Closing, the “Closing Date”), Graf will be renamed “NKGen Biotech, Inc.” and the Company will change its name to “NKGen Operating Biotech, Inc.” References below to “New NKGen” denote Graf as the post-Business Combination entity. In accordance with the terms and subject to the conditions set forth in the Merger Agreement, Graf has agreed to pay to equity holders of the Company (other than holders of unvested NKGen options to purchase shares of common stock of NKGen (“NKGen options”) as of immediately prior to the effective time of the Merger (the “Effective Time”) aggregate consideration (the “Merger Consideration”) of a number of shares of newly issued common stock, par value $0.0001 per share, of New NKGen (“Common Stock”), valued at $10.00 per share, equal to the product of the number of outstanding shares of common stock of the Company (“NKGen common stock”) at the Closing, multiplied by the Exchange Ratio. The “Exchange Ratio” is equal to the quotient of (A) the sum of (i) $145.0 million plus (ii) the aggregate amount of principal and accrued interest underlying convertible promissory notes of NKGen (“NKGen Convertible Notes”) that are converted into shares of the Company common stock as of immediately prior to the effective time of the Merger (the “Effective Time”), divided by (B) $10.00, divided by (C) the number of Fully Diluted common stock of the Company (as defined below) immediately prior to the Effective Time. Prior to the Closing, the Company will use its commercially reasonable efforts to cause each convertible note to be converted into shares of NKGen common stock pursuant to its terms as of immediately prior to the Effective Time. Additionally, at the Effective Time, each outstanding and unexercised stock option of the Company will be cancelled and converted into an option to acquire Common Stock (“New NKGen Options”), provided that: (i) each such New NKGen Option shall be exercisable for that number of shares of Common Stock equal to the product (rounded down to the nearest whole number) of (A) the number of shares of NKGen common stock subject to such NKGen Option immediately prior the Effective Time multiplied by (B) the Exchange Ratio, and (ii) the per share exercise price for each share of Common Stock issuable upon exercise of the New NKGen Option shall be equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of each NKGen Option immediately prior to the Effective Time by (B) the Exchange Ratio. 2023 Convertible Notes From March through May 15, 2023, the Company issued convertible promissory notes to investors for total proceeds of $4.1 million, of which $0.1 million was issued to a related party (the “2023 Convertible Notes”). The 2023 Convertible Notes bear interest at 4.55% per year and in the event the Company consummates, while the 2023 Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million in a qualified financing of Next Round Securities, excluding any and all indebtedness under the 2023 Convertible Notes that is converted into Next Round Securities, and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the 2023 Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing (A) $300.0 million by (B) the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the 2023 Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $5.0 million in the 2023 Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes: 25%. The maturity dates of the 2023 Convertible Notes are three years from the respective issuance dates. Modification to the Convertible Notes In April 2023, the Company (i) modified the Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes and the 2023 Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes and 2023 Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share Amendment to NKMAX License In April 2023, the Company and NKMAX executed an amendment to the Intercompany License to expand the scope of Licensed Products initially limited to cancer treatment to any field of use. 13. Subsequent Events (unaudited) Business Combination On September 29, 2023, the Business Combination closed. Additional 2023 Convertible Notes On May 19, 2023, the Company issued additional 2023 Convertible Notes for total proceeds of $0.8 million with the same terms as set forth above for the 2023 Convertible Notes issued from March through May 15, 2023. In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. In June 2023, the Company executed a draw of $3.8 million on this revolving line of credit. In July 2023, the Company executed an additional draw of $1.1 million upon the revolving line of credit. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws occurred through October 19, 2023. Collaboration Agreement The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Employee Stock Purchase Plan Upon consummation of the Business Combination, NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.
Graf Acquisition Corp. IV [Member]
Subsequent Events	Note 10—Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date of these unaudited condensed consolidated financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.	Note 12 — Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date financial statements were issued. Based upon this review, other than noted below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On March 23, 2023, the Company and NKGen Biotech, Inc. (“NKGen Biotech”), a biotechnology company focused on harnessing the power of the body’s immune system through the development of natural killer cell therapies, issued a press release to announce that they had entered into a non-binding letter of intent for a potential business combination.

Basis of Presentation and Sum_5

Common Stock Subject to Possi_6

Common Stock Subject to Possible Redemption (Tables)	6 Months Ended	12 Months Ended
Common Stock Subject to Possible Redemption (Tables)	Jun. 30, 2023	Dec. 31, 2022
Graf Acquisition Corp. IV [Member]
Schedule of common stock subject to possible redemption	Common stock subject to possible redemption as of December 31, 2021 $ 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 173,164,122 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 12,467 Adjustment for accretion of common stock subject to possible redemption amount 1,507,323 Common stock subject to possible redemption as of March 31, 2023 174,683,912 Plus: Adjustment for accretion of common stock subject to possible redemption amount 1,408,829 Less: Redemptions (113,296,457) Common stock subject to possible redemption as of June 30, 2023 $ 62,796,284	The common stock subject to possible redemption reflected on the balance sheets is reconciled on the following table: Gross proceeds from Initial Public Offering $ 171,615,000 Less: Fair value of Public Warrants at issuance (7,894,290) Offering costs allocated at common stock subject to possible redemption (9,494,877) Plus: Accretion on common stock subject to possible redemption 17,389,167 Common stock subject to possible redemption as of December 31, 2021 171,615,000 Plus: Waiver of offering costs allocated to common stock subject to possible redemption 3,724,646 Less: Adjustment for accretion of common stock subject to possible redemption amount (2,175,524) Common stock subject to possible redemption as of December 31, 2022 $ 173,164,122

Fair Value of Measurements (T_2

Fair Value of Measurements (Tables)	6 Months Ended	12 Months Ended
Fair Value of Measurements (Tables)	Jun. 30, 2023	Dec. 31, 2022
Schedule of quantitative information regarding Level 3 fair value measurements inputs at their measurement dates	December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 %
Schedule of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs	The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264	2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655
Graf Acquisition Corp. IV [Member]
Schedule of assets and liabilities that are measured at fair value on a recurring basis	Quoted Prices in Significant Other Significant Other June 30, 2023 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 944,310 Quoted Prices in Significant Other Significant Other December 31, 2022 Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 (1) Includes cash balance held within the Trust Account of $1,264 at December 31, 2022.	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December 31,2022 Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 172,885,459 $ — $ — Money market funds (1) $ 602,742 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 424,940 December 31,2021 Significant Significant Other Other Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Assets (1) U.S. Treasury securities $ 171,656,153 $ — $ — Liabilities Derivative Warrant liability- Private warrants $ — $ — $ 5,571,410
Schedule of quantitative information regarding Level 3 fair value measurements inputs at their measurement dates	June 30, 2023 December 31, 2022 Exercise price $ 11.50 $ 11.50 Share price $ 10.33 $ 9.95 Expected term (years) 5.17 5.40 Volatility 0.5 % 5.50 % Risk-free rate 4.12 % 3.98 % Probability of completion of Business Combination 50.00 % 10.00 % Dividend yield (per share) 0.00 % 0.00 %	December 31, December 31, 2022 2021 Exercise price $ 11.50 $ 11.50 Share price $ 9.95 $ 9.69 Expected term (years) 5.40 5.98 Volatility 5.50 % 16.20 % Risk-free rate 3.98 % 1.35 % Probability of completion of Business Combination 10.00 % 100.00 % Dividend yield (per share) 0.00 % 0.00 %
Schedule of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs	Derivative warrant liability at December 31, 2022 $ 424,940 Change in fair value of derivative warrant liability 236,070 Derivative warrant liability at March 31, 2023 $ 661,010 Change in fair value of derivative warrant liability 283,300 Derivative warrant liability at June 30, 2023 $ 944,310 Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (2,691,270) Derivative warrant liability at March 31, 2022 2,880,140 Change in fair value of derivative warrant liability (1,605,330) Derivative warrant liability at June 30, 2022 $ 1,274,810	Derivative warrant liability at December 31, 2021 $ 5,571,410 Change in fair value of derivative warrant liability (5,146,470) Derivative warrant liability at December 31, 2022 $ 424,940 Derivative warrant liability at January 28, 2021 (inception) $ — Issuance of Private Placement Warrants 10,551,330 Issuance of Private Placement Warrants (over-allotment) 685,920 Change in fair value of derivative warrant liability (5,665,840) Derivative warrant liability at December 31, 2021 $ 5,571,410

Income Taxes (Tables)_2

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Schedule of components of income tax provision (benefit)	Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7
Schedule of Company's net deferred tax assets	December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26)
Schedule of reconciliation of the statutory federal income tax rate (benefit) to the Company's effective tax rate (benefit)	Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7
Graf Acquisition Corp. IV [Member]
Schedule of components of income tax provision (benefit)	For the Period from January 28, 2021 For the Year Ended (inception) through December 31, 2022 December 31, 2021 Current Federal $ 438,374 $ — State — — Deferred Federal (539,887) 518,081 State — Valuation allowance 539,887 (518,081) Income tax provision $ 438,374 $ —
Schedule of Company's net deferred tax assets	December 31, 2022 December 31, 2021 Deferred tax assets: Start-up/Organization costs $ 1,027,717 $ 487,830 Net operating loss carryforwards — 30,251 Total deferred tax assets 1,027,717 518,081 Valuation allowance (1,027,717) (518,081) Deferred tax asset, net of allowance $ — $ —
Schedule of reconciliation of the statutory federal income tax rate (benefit) to the Company's effective tax rate (benefit)	December 31, 2022 December 31, 2021 Statutory Federal income tax rate 21.0 % 21.0 % Offering Costs 0.0 % (0.7) % Loss upon issuance of private placement warrants 0.0 % (88.1) % Gain on settlement of deferred underwriting commissions (0.8) % 0.0 % Change in fair value of warrant liabilities (21.7) % 120.1 % Change in Valuation Allowance 10.8 % (52.3) % Income tax provision 9.3 % 0.0 %

Description of Organization a_4

Description of Organization and Business Operations (Details)				3 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	May 22, 2023 USD ($) $ / shares shares	Jun. 02, 2021 USD ($) $ / shares shares	May 25, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) item $ / shares shares
Description of Organization and Business Operations
Common stock fair value (in dollars per share) \| $ / shares				$ 3.75	$ 3.75
Graf Acquisition Corp. IV [Member]
Description of Organization and Business Operations
Condition for future business combination number of businesses minimum \| item					1		1
Common stock fair value (in dollars per share) \| $ / shares				$ 10	$ 10		$ 10
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering \| shares					2,250,000		2,250,000
Net proceeds of sale					$ 171,600,000		$ 171,600,000
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account					80%		20%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete Business Combination					50%		50%
Minimum net tangible assets upon consummation of Business Combination				$ 5,000,001	$ 5,000,001		$ 5,000,001
Threshold percentage of public shares subject to redemption without Company's prior written consents					20		0.80
Obligation to redeem public shares if entity does not complete a business combination (as a percent)					100%		100%
Redemption period upon closure							24 months
Maximum allowed dissolution expenses					$ 100,000
Operating bank accounts					41,000		$ 600,000
Working capital					6,200,000		2,000,000
Working Capital Loans outstanding					$ 416,710		0
Redemption of exercised shares \| shares	11,078,000			6,083,500	6,083,500
Redemption of common stock	$ 113,296,457			$ 113,296,457	$ 113,296,457
Proceeds received from initial public offering, gross						$ 171,615,000
Graf Acquisition Corp. IV [Member] \| Sponsor
Description of Organization and Business Operations
Payments for investment of cash in Trust Account					25,000		25,000
Repayment of promissory note - related party					$ 67,000		$ 67,000
Graf Acquisition Corp. IV [Member] \| Common Stock
Description of Organization and Business Operations
Redemption of exercised shares \| shares	11,078,000
Redemption price per share \| $ / shares	$ 10.227
Redemption of common stock	$ 113,300,000
Graf Acquisition Corp. IV [Member] \| Common Stock \| Public Warrants
Description of Organization and Business Operations
Redemption price per share \| $ / shares	$ 0.03
Redemption of common stock	$ 165,000
Graf Acquisition Corp. IV [Member] \| Initial Public Offering
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares			15,000,000
Common stock fair value (in dollars per share) \| $ / shares			$ 10	$ 10	$ 10		$ 10
Gross proceeds from Initial Public Offering			$ 150,000,000
Offering costs			8,800,000
Deferred underwriting commissions			5,300,000
Maximum allowed dissolution expenses							$ 100,000
Purchase price, per unit \| $ / shares				$ 10	$ 10		$ 10
Proceeds received from initial public offering, gross			$ 150,000,000
Graf Acquisition Corp. IV [Member] \| Initial Public Offering \| Common Stock
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares					8,153,833		17,161,500
Redemption of exercised shares \| shares				17,161,500	17,161,500
Graf Acquisition Corp. IV [Member] \| Private Placement \| Private Placement Warrants
Description of Organization and Business Operations
Sale of Private Placement Warrants (in shares) \| shares			4,433,333				4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50				$ 1.50
Proceeds from sale of Private Placement Warrants			$ 6,700,000				$ 6,700,000
Graf Acquisition Corp. IV [Member] \| Private Placement \| Additional Private Placement Warrants
Description of Organization and Business Operations
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50
Proceeds from sale of Private Placement Warrants		$ 432,000
Additional units sold of shares \| shares		288,200
Graf Acquisition Corp. IV [Member] \| Over-allotment option
Description of Organization and Business Operations
Number of units sold in Initial Public Offering (in shares) \| shares		2,161,500
Gross proceeds from Initial Public Offering		$ 21,600,000
Offering costs		1,200,000
Period of option to purchase additional units for underwriter			45 days
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering \| shares			2,250,000
Deferred underwriting fess		757,000
Proceeds received from initial public offering, gross		$ 21,600,000
Graf Acquisition Corp. IV [Member] \| Over-allotment option \| Private Placement Warrants
Description of Organization and Business Operations
Price of warrant (in dollars per warrant) \| $ / shares							$ 10
Proceeds from sale of Private Placement Warrants							$ 171,600,000

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)		6 Months Ended		12 Months Ended
	May 25, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 22, 2023	Dec. 31, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Unrecognized tax benefits				$ 403,000		$ 269,000	$ 156,000
Unrecognized tax benefits accrued for interest and penalties				0
Antidilutive securities excluded from computation of earnings per share		5,176,366	1,549,621
Graf Acquisition Corp. IV [Member]
Basis of Presentation and Summary of Significant Accounting Policies
Cash equivalents		$ 0		$ 0		0
Maturity term of U.S. government securities				185 days
Cash, FDIC insured amount				$ 250,000		250,000
Unrecognized tax benefits		0		0		0
Unrecognized tax benefits accrued for interest and penalties		$ 0		$ 0		$ 0
Common stock shares subject to possible redemption		6,083,500			11,078,000
Graf Acquisition Corp. IV [Member] \| Common Stock
Basis of Presentation and Summary of Significant Accounting Policies
Common stock shares subject to possible redemption					11,078,000
Graf Acquisition Corp. IV [Member] \| Initial Public Offering
Basis of Presentation and Summary of Significant Accounting Policies
Number of units sold in Initial Public Offering (in shares)	15,000,000
Antidilutive securities excluded from computation of earnings per share				8,153,833
Graf Acquisition Corp. IV [Member] \| Initial Public Offering \| Common Stock
Basis of Presentation and Summary of Significant Accounting Policies
Number of units sold in Initial Public Offering (in shares)		8,153,833		17,161,500
Common stock shares subject to possible redemption		17,161,500

Initial Public Offering (Deta_2

Initial Public Offering (Details) - USD ($)			6 Months Ended	12 Months Ended
Initial Public Offering (Details) - USD ($)	Jun. 02, 2021	May 25, 2021	Jun. 30, 2023	Dec. 31, 2022	May 16, 2022
Initial Public Offering
Common stock fair value (in dollars per share)			$ 3.75
Graf Acquisition Corp. IV [Member]
Initial Public Offering
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering			2,250,000	2,250,000
Common stock fair value (in dollars per share)			$ 10	$ 10
Deferred underwriting fee waived					$ 3,900,000
Graf Acquisition Corp. IV [Member] \| Initial Public Offering
Initial Public Offering
Number of units sold in Initial Public Offering (in shares)		15,000,000
Number of shares in a unit		1		1
Number of shares issuable per warrant		1		1
Proceeds from issuance initial public offering		$ 150,000,000
Common stock fair value (in dollars per share)		$ 10	$ 10	$ 10
Offering costs		$ 8,800,000
Deferred underwriting commissions		$ 5,300,000
Graf Acquisition Corp. IV [Member] \| Initial Public Offering \| Public Warrants
Initial Public Offering
Number of warrants in a unit		0.20		0.20
Exercise price of warrants		$ 11.50		$ 11.50
Graf Acquisition Corp. IV [Member] \| Over-allotment option
Initial Public Offering
Number of units sold in Initial Public Offering (in shares)	2,161,500
Maximum number additional Units granted for underwriter to purchase at Initial Public Offering		2,250,000
Proceeds from issuance initial public offering	$ 21,600,000
Offering costs	1,200,000
Deferred underwriting fess	$ 757,000

Related Party Transactions - _2

Related Party Transactions - Founder Shares (Details)						6 Months Ended	11 Months Ended	12 Months Ended
Related Party Transactions - Founder Shares (Details)	Jul. 14, 2021 shares	Jun. 02, 2021 USD ($) $ / shares shares	May 25, 2021 USD ($) $ / shares shares	Apr. 08, 2021 shares	Feb. 13, 2021 USD ($) shares	Jun. 30, 2023 D $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) D $ / shares shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)						32,606,548	14,382,093	32,575,043
Graf Acquisition Corp. IV [Member]
Related Party Transaction [Line Items]
Issuance of common stock to Sponsor \| $							$ 25,000
Graf Acquisition Corp. IV [Member] \| Over-allotment option \| Private Placement Warrants
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares								$ 10
Proceeds from sale of Private Placement Warrants \| $								$ 171,600,000
Graf Acquisition Corp. IV [Member] \| Private Placement
Related Party Transaction [Line Items]
Number of shares issuable per warrant								1
Graf Acquisition Corp. IV [Member] \| Private Placement \| Private Placement Warrants
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)			4,433,333					4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50					$ 1.50
Proceeds from sale of Private Placement Warrants \| $			$ 6,700,000					$ 6,700,000
Graf Acquisition Corp. IV [Member] \| Private Placement \| Additional Private Placement Warrants
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50
Proceeds from sale of Private Placement Warrants \| $		$ 432,000
Additional units sold of shares		288,200
Graf Acquisition Corp. IV [Member] \| Sponsor
Related Party Transaction [Line Items]
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D						30		30
Graf Acquisition Corp. IV [Member] \| Private placements \| Sponsor
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares		$ 11.50
Exercise price of warrants \| $ / shares								$ 11.50
Number of shares issuable per warrant		1
Graf Acquisition Corp. IV [Member] \| Private placements \| Sponsor \| Private Placement
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)								4,433,333
Price of warrant (in dollars per warrant) \| $ / shares			$ 1.50					$ 1.50
Proceeds from sale of Private Placement Warrants \| $			$ 6,700,000					$ 6,700,000
Graf Acquisition Corp. IV [Member] \| Private placements \| Sponsor \| Private placement two
Related Party Transaction [Line Items]
Sale of Private Placement Warrants (in shares)			4,433,333					288,200
Price of warrant (in dollars per warrant) \| $ / shares		$ 1.50						$ 1.50
Proceeds from sale of Private Placement Warrants \| $		$ 400,000						$ 400,000
Additional units sold of shares		288,200
Graf Acquisition Corp. IV [Member] \| Founder Shares \| Over-allotment option
Related Party Transaction [Line Items]
Common stock outstanding (in shares)		4,290,375
Graf Acquisition Corp. IV [Member] \| Founder Shares \| Sponsor
Related Party Transaction [Line Items]
Issuance of common stock to Sponsor \| $					$ 25,000
Issuance of common stock to Sponsor (in shares)					4,312,500
Shares subject to forfeiture				562,500
Number of shares forfeited		22,125
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders				20%
Common stock outstanding (in shares)		4,290,375		4,252,500
Restrictions on transfer period of time after business combination completion						1 year		1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares						$ 12		$ 12
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D						20		20
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences						120 days		120 days
Graf Acquisition Corp. IV [Member] \| Founder Shares \| Sponsor \| Independent directors
Related Party Transaction [Line Items]
Number of shares transferred				20,000
Graf Acquisition Corp. IV [Member] \| Founder Shares \| Sponsor \| Alexandra Lebenthal
Related Party Transaction [Line Items]
Number of shares transferred	20,000
Graf Acquisition Corp. IV [Member] \| Related Party Loans \| Sponsor
Related Party Transaction [Line Items]
Price of warrant (in dollars per warrant) \| $ / shares						$ 1.50

Related Party Transactions - _3

Related Party Transactions - Additional Information (Details) - USD ($)						3 Months Ended		6 Months Ended		11 Months Ended	12 Months Ended
	May 15, 2023	Dec. 21, 2022	May 06, 2022	May 20, 2021	Jan. 29, 2021	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2021
Related Party Transactions
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)						$ 129,000		$ 129,000		$ 1,930,000	$ 55,000	$ 1,930,000
Proceeds from note payable to related party								5,000,000	$ 12,500,000		23,000,000	20,500,000
Convertible promissory notes, current										11,219,000	11,392,000	11,219,000
Related party
Related Party Transactions
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)										1,867,000	0	1,867,000
Convertible promissory notes, current						307,000		307,000		259,000	263,000	259,000
Graf Acquisition Corp. IV [Member]
Related Party Transactions
Working Capital Loans								416,710			0
Outstanding balance of related party note										0	0	0
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)						32,809		32,809			0
Proceeds from note payable to related party										500
Borrowings under the working capital loans									$ 0
Convertible promissory notes, current						416,710		416,710			0
Graf Acquisition Corp. IV [Member] \| Warrants
Related Party Transactions
Quantity of warrants issued	1,000,000
Graf Acquisition Corp. IV [Member] \| Administrative Services Agreement
Related Party Transactions
Borrowings under the working capital loans						0		0			0
Graf Acquisition Corp. IV [Member] \| Other Related Party Transactions
Related Party Transactions
Outstanding balance of related party note						6,652		6,652			0
Graf Acquisition Corp. IV [Member] \| Related party \| Administrative Services Agreement \| G-SPAC Management LLC [Member]
Related Party Transactions
Expenses per month								90,000
Borrowings under the working capital loans										0	0	0
Administrative fees expense per month				$ 15,000			$ 45,000
Incurred expenses				$ 15,000						108,000	180,000
Graf Acquisition Corp. IV [Member] \| Related party \| Other Related Party Transactions
Related Party Transactions
Expenses						$ 81,000		$ 170,000		0	158,000
Graf Acquisition Corp. IV [Member] \| Sponsor [Member] \| Convertible Promissory Note
Related Party Transactions
Price of warrant (in dollars per warrant)	$ 1.50
Principal amount of promissory note	$ 1,500,000
Graf Acquisition Corp. IV [Member] \| Sponsor [Member] \| Related Party Loans
Related Party Transactions
Price of warrant (in dollars per warrant)						$ 1.50		$ 1.50
Proceeds held in trust account used to repay working capital loans								$ 0			0
Loan conversion agreement warrant						$ 1,500,000		$ 1,500,000			1,500,000
Maximum borrowing capacity of related party promissory note					$ 150,000
Proceeds from note payable to related party					$ 70,000
Borrowings under the working capital loans										$ 0	$ 0	$ 0	$ 0	$ 0
Graf Acquisition Corp. IV [Member] \| Sponsor [Member] \| Related Party Loans \| Working capital loans warrant
Related Party Transactions
Price of warrant (in dollars per warrant)											$ 1.50
Graf Acquisition Corp. IV [Member] \| CFO \| Other Related Party Transactions
Related Party Transactions
Compensation expense per month		$ 16,667
Graf Acquisition Corp. IV [Member] \| Officer [Member] \| Other Related Party Transactions
Related Party Transactions
Compensation expense per month			$ 6,000

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Graf Acquisition Corp. IV [Member]						3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	May 22, 2023 USD ($) shares	May 08, 2023 USD ($)	May 16, 2022 USD ($)	Jun. 02, 2021 USD ($) shares	May 25, 2021 USD ($) shares	Jun. 30, 2023 USD ($) item $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) D item $ / shares shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) D item $ / shares shares	Dec. 31, 2021 shares
Commitments and Contingencies
Maximum number of demands for registration of securities \| item						3		3			3
Underwriting grants option days \| D								45			45
Maximum number of purchase additional units less underwriting discounts and commissions \| shares								2,250,000			2,250,000
Underwriting discount per unit \| $ / shares								$ 0.20			$ 0.20
Underwriting discount paid amount								$ 3,400,000			$ 3,400,000
Deferred fee per unit \| $ / shares						$ 0.35		$ 0.35			$ 0.35
Aggregate deferred underwriting commission fee payable								$ 6,000,000			$ 6,000,000
Gain on settlement of deferred underwriting commissions			$ 3,900,000
Deferred underwriting fee waived			$ 3,900,000
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability							$ 179,595		$ 179,595	$ 179,595	179,595
Payments to suppliers								$ 4,500
Redemption of exercised shares \| shares	11,078,000					6,083,500		6,083,500
Redemption of common stock	$ 113,296,457					$ 113,296,457		$ 113,296,457
Vendor Agreement
Commitments and Contingencies
Advisory fee payable in cash		$ 2,000,000
Advisory fee payable by kind		2,000,000
Minimum adequacy of capital raised in business combination		20,000,000
Minimum adequacy of capital raised in business combination by cash		2,500,000
Minimum adequacy of capital raised in business combination by kind		2,000,000
Minimum adequacy of capital raised in business combination		20,000,000
Maximum adequacy of capital raised in business combination		40,000,000
Maximum adequacy of capital raised in business combination by cash		4,000,000
Maximum adequacy of capital raised in business combination by kind		1,000,000
Reimbursement of vendor expenses		200,000
Vendor Agreement \| Minimum
Commitments and Contingencies
Adequacy of capital raised in business combination by kind		40,000,000
Adequacy of capital raised in business combination		5,000,000
Vendor Agreement \| Maximum
Commitments and Contingencies
Adequacy of capital raised in business combination by kind		50,000,000
Adequacy of capital raised in business combination		$ 50,000,000
Common stock subject to possible redemption
Commitments and Contingencies
Common stock carrying value								3,700,000			3,700,000
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability								$ 180,000			$ 180,000
Redemption of exercised shares \| shares						6,083,500		6,083,500			17,161,500	17,161,500
Initial Public Offering
Commitments and Contingencies
Underwriting discount paid amount					$ 3,000,000						$ 3,000,000
Aggregate deferred underwriting commission fee payable					$ 5,250,000						5,300,000
Over-allotment option
Commitments and Contingencies
Maximum number of purchase additional units less underwriting discounts and commissions \| shares					2,250,000
Number of additional purchased units that exercised the over-allotment option \| shares				2,161,500
Underwriting discount paid amount				$ 400,000							400,000
Aggregate deferred underwriting commission fee payable				$ 800,000							$ 800,000

Common Stock Subject to Possi_7

Common Stock Subject to Possible Redemption (Details) - Graf Acquisition Corp. IV [Member] - USD ($)		3 Months Ended			6 Months Ended	11 Months Ended	12 Months Ended
	May 22, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Common Stock Subject to Possible Redemption
Common stock subject to possible redemption, Beginning balance		$ 174,683,912	$ 173,164,122		$ 173,164,122		$ 171,615,000
Accretion on common stock subject to possible redemption						$ 17,389,167
Waiver of offering costs allocated to common stock subject to possible redemption			12,467				3,724,646
Adjustment for accretion of common stock subject to possible redemption amount		(1,408,829)	(1,507,323)	$ 3,724,646			2,175,524
Redemptions	$ (113,296,457)	(113,296,457)			(113,296,457)
Common stock subject to possible redemption, Ending balance		$ 62,796,284	174,683,912		62,796,284	171,615,000	173,164,122	$ 171,615,000
Common Stock Subject To Possible Redemption
Common Stock Subject to Possible Redemption
Common stock subject to possible redemption, Beginning balance			$ 173,164,122		$ 173,164,122		171,615,000
Gross proceeds from Initial Public Offering								171,615,000
Fair value of Public Warrants at issuance								(7,894,290)
Offering costs allocated to common stock subject to possible redemption								(9,494,877)
Accretion on common stock subject to possible redemption								17,389,167
Waiver of offering costs allocated to common stock subject to possible redemption							3,724,646
Adjustment for accretion of common stock subject to possible redemption amount							(2,175,524)
Common stock subject to possible redemption, Ending balance						$ 171,615,000	$ 173,164,122	$ 171,615,000

Common Stock Subject to Possi_8

Common Stock Subject to Possible Redemption - The condensed balance sheet (Details)	Jun. 30, 2023 Vote $ / shares shares	May 22, 2023 shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Common Stock Subject to Possible Redemption
Common stock, shares authorized	60,000,000		60,000,000	20,000,000
Common stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Graf Acquisition Corp. IV [Member]
Common Stock Subject to Possible Redemption
Common stock, shares authorized	400,000,000		400,000,000	400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, votes per share \| Vote	1		1
Common stock shares outstanding including shares subject to possible redemption	10,373,875		21,451,875	21,451,875
Common stock shares subject to possible redemption	6,083,500	11,078,000
Graf Acquisition Corp. IV [Member] \| Common stock subject to possible redemption
Common Stock Subject to Possible Redemption
Common stock shares subject to possible redemption	6,083,500		17,161,500	17,161,500

Stockholders' Deficit - Prefe_2

Stockholders' Deficit - Preferred stock (Details) - Graf Acquisition Corp. IV [Member] - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Preferred stock authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, par value, (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock issued (in shares)	0	0	0
Preferred stock outstanding (in shares)	0	0	0

Stockholders' Deficit - Commo_2

Stockholders' Deficit - Common Stock (Details)	Jun. 30, 2023 Vote $ / shares shares	May 22, 2023 shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Stockholders' Deficit
Common stock authorized (in shares)	60,000,000		60,000,000	20,000,000
Common stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Common stock issued (in shares)	32,606,548		32,575,043	14,382,093
Common stock outstanding (in shares)	32,606,548		32,575,043	14,382,093
Graf Acquisition Corp. IV [Member]
Stockholders' Deficit
Common stock authorized (in shares)	400,000,000		400,000,000	400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, votes per share \| Vote	1		1
Redemption of exercised shares	6,083,500	11,078,000
Graf Acquisition Corp. IV [Member] \| Common stock subject to possible redemption
Stockholders' Deficit
Redemption of exercised shares	6,083,500		17,161,500	17,161,500
Graf Acquisition Corp. IV [Member] \| Common stock not subject to possible redemption
Stockholders' Deficit
Common stock authorized (in shares)	400,000,000		400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001
Common stock issued (in shares)	4,290,375		4,290,375	4,290,375
Common stock outstanding (in shares)	4,290,375		4,290,375	4,290,375

Warrants (Details)_2

Warrants (Details) - Graf Acquisition Corp. IV [Member]	6 Months Ended	12 Months Ended
Warrants (Details) - Graf Acquisition Corp. IV [Member]	Jun. 30, 2023 D $ / shares shares	Dec. 31, 2022 D $ / shares shares	Dec. 31, 2021 shares
Public Warrants
Warrants
Warrants outstanding \| shares	3,432,300	3,432,300	3,432,300
Warrant exercise period condition one	30 days	30 days
Maximum period after business combination in which to file registration statement	20 days	20 days
Period of time within which registration statement is expected to become effective	60 days	60 days
Redemption price per public warrant (in dollars per share)	$ 11.50	$ 11.50
Public Warrants expiration term	5 years	5 years
Share price trigger used to measure dilution of warrant.	$ 9.20	$ 9.20
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60	60
Threshold trading days for redemption of public warrants \| D	20	20
Warrant redemption price adjustment multiple	115	115
Warrant redemption condition minimum share price	$ 18	$ 18
Warrant exercise price adjustment multiple	180	180
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Warrants
Redemption price per public warrant (in dollars per share)	$ 0.01	$ 0.01
Threshold trading days for redemption of public warrants \| D	20	20
Warrant redemption condition minimum share price	$ 18	$ 18
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Threshold consecutive trading days for redemption of public warrants \| D	30	30
Private Placement Warrants
Warrants
Warrants outstanding \| shares		4,721,533	4,721,533

Fair Value of Measurements - _2

Fair Value of Measurements - Additional Information (Details) - Graf Acquisition Corp. IV [Member] - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets transferred from level 1 to 2	$ 0	$ 0	$ 0	$ 0			$ 0
Fair value of assets transferred from level 2 to 1	0	0	0	0			0
Fair value assets transferred into (out of) level 3	0	0	0	0			0
Increase decrease in fair value of derivative warrant liabilities	283,300	$ (1,605,330)	519,370	$ (4,296,600)	$ (4,863,180)	$ (5,665,840)	(5,146,470)
Assets Held-in-trust, Noncurrent	63,529,895		63,529,895			$ 171,656,153	173,488,201
Cash withdrawn from Trust Account in connection with redemption			113,296,457
Withdrew for franchise and income taxes from trust account			381,239				568,642
Increase in fair value of derivative warrant liability	1,800,000		2,000,000
Demand deposit account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Held-in-trust, Noncurrent	$ 0		$ 0				602,742
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Held-in-trust, Noncurrent							$ 172,885,459

Fair Value of Measurements - _3

Fair Value of Measurements - Assets and liabilities that are measured at fair value on a recurring basis (Details) - Graf Acquisition Corp. IV [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account	$ 63,529,895	$ 173,488,201	$ 171,656,153
Liabilities
Derivative Warrant liability	944,310	424,940	5,571,410
cash balance held Trust Account		1,264	1,153
Demand deposit account
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account	0	602,742
Level 1 \| U.S. Treasury Securities
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account		172,885,459	171,656,153
Level 1 \| Money market funds
Assets - Investments held in Trust Account:
Marketable securities held in Trust Account		602,742
Level 3 \| Private Placement Warrants
Liabilities
Derivative Warrant liability	$ 944,310	$ 424,940	$ 5,571,410

Fair Value of Measurements - _4

Fair Value of Measurements - Quantitative information regarding Level 3 fair value measurements inputs (Details) - Graf Acquisition Corp. IV [Member] - Level 3	Jun. 30, 2023 Y $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022 Y	Dec. 31, 2022	Dec. 31, 2022 item	Dec. 31, 2021 $ / shares item Y
Exercise price
Fair Value of Measurements
Measurement input	11.50	11.50				11.50
Share price
Fair Value of Measurements
Measurement input	10.33	9.95				9.69
Expected term (years)
Fair Value of Measurements
Measurement input \| Y	5.17		5.40			5.98
Volatility
Fair Value of Measurements
Measurement input	0.005			0.0550		0.1620
Risk-free rate
Fair Value of Measurements
Measurement input	0.0412			0.0398		0.0135
Probability of completion of Business Combination
Fair Value of Measurements
Measurement input	0.5000			0.1000		1
Dividend yield (per share)
Fair Value of Measurements
Measurement input	0			0	0	0

Fair Value of Measurements - _5

Fair Value of Measurements - Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs (Details) - USD ($)	3 Months Ended				11 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs
Beginning balance		$ 11,655,000
Ending balance	$ 19,264,000					$ 11,655,000
Graf Acquisition Corp. IV [Member] \| Level 3
Change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs
Beginning balance	661,010	424,940	$ 2,880,140	$ 5,571,410		5,571,410
Change in fair value of derivative warrant liability	283,300	236,070	(1,605,330)	(2,691,270)	$ (5,665,840)	(5,146,470)
Ending balance	$ 944,310	$ 661,010	$ 1,274,810	$ 2,880,140	$ 5,571,410	$ 424,940

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,222,000	$ 117,000	$ 357,000	$ 351,000
Accounts receivable		29,000
Prepaid expenses and other current assets	597,000	204,000		261,000
Total current assets	2,069,000	350,000		612,000
Property and equipment, net	14,952,000	15,521,000		16,567,000
Operating lease right-of-use assets, net	177,000	362,000		802,000
Capitalized software, net	93,000	97,000		89,000
Total assets	21,105,000	16,330,000		18,070,000
Current liabilities:
Accounts payable and accrued expenses (including related party amounts of $81 and zero as of December 31, 2022 and June 30, 2023, respectively)	5,022,000	2,652,000		2,202,000
Convertible promissory notes, current		$ 11,392,000		$ 11,219,000
Other liability enumeration		Related party		Related party
Operating lease liability, current	189,000	$ 379,000		$ 458,000
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)	129,000	55,000		1,930,000
Total current liabilities	23,229,000	14,741,000		55,743,000
Operating lease and other non-current liabilities				360,000
Deferred tax liability	26,000	26,000		19,000
Total liabilities	33,461,000	14,767,000		56,122,000
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.001 par value; 20,000,000 and 60,000,000 authorized shares as of December 31, 2021 and 2022, respectively; 14,382,093 and 32,575,043 shares issued and outstanding as of December 31, 2021 and 2022, respectively	33,000	33,000		14,000
Additional paid-in capital	82,958,000	80,706,000		14,356,000
Accumulated deficit	(95,347,000)	(79,176,000)		(52,422,000)
Total stockholders' equity (deficit)	(12,356,000)	1,563,000	$ (51,116,000)	(38,052,000)	$ (14,943,000)
Total liabilities and stockholders' equity (deficit)	21,105,000	16,330,000		18,070,000
Nonrelated party
Current liabilities:
Convertible promissory notes, current	13,751,000	11,392,000
Nonrelated party \| Paycheck Protection Program Loan
Current liabilities:
Loans payable				675,000
Related party
Current liabilities:
Accounts payable and accrued expenses (including related party amounts of $81 and zero as of December 31, 2022 and June 30, 2023, respectively)	0	81,000		0
Convertible promissory notes, current	$ 307,000	263,000		259,000
Loans payable		0		39,000,000
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)		$ 0		$ 1,867,000

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts payable and accrued expenses	$ 5,022,000	$ 2,652,000	$ 2,202,000
Other current liabilities	$ 129,000	$ 55,000	$ 1,930,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000	20,000,000
Common stock, shares issued	32,606,548	32,575,043	14,382,093
Common stock, shares outstanding	32,606,548	32,575,043	14,382,093
Related party
Accounts payable and accrued expenses	$ 0	$ 81,000	$ 0
Other current liabilities		$ 0	$ 1,867,000

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 77	$ 426
Costs and expenses:
Cost of revenues	18	30
Research and development (including related party amounts of $197 and zero for the and six months ended June 30, 2022 and 2023, respectively)	16,746	14,672
General and administrative	7,659	7,585
Total expenses	24,423	22,287
Loss from operations	(24,346)	(21,861)
Other expenses:
Interest expense (including related party amounts of $1,305 and $2,271 for the year ended December 31, 2021 and 2022, respectively)	(2,306)	(1,315)
Other expenses, net	(95)	(84)
Net loss before provision for income taxes	(26,747)	(23,260)
Provision for income taxes	(7)	(5)
Net loss and comprehensive loss	$ (26,754)	$ (23,265)
Weighted-average common shares outstanding, basic	15,563,850	14,250,287
Weighted-average common shares outstanding, diluted	15,563,850	14,250,287
Net loss per share, basic	$ (1.72)	$ (1.63)
Net loss per share, diluted	$ (1.72)	$ (1.63)

Statements of Operations and _2

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Research and development	$ 7,648	$ 8,538	$ 16,746	$ 14,672
Interest expense	96	1,054	2,306	1,315
Related party
Research and development	0	197	439	209
Interest expense	$ 91	$ 1,035	$ 2,271	$ 1,305

Statements of Common Stock and

Statements of Common Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 14	$ 14,200	$ (29,157)	$ (14,943)
Beginning balance (in shares) at Dec. 31, 2020	13,914,370
Exercise of common stock options		63		$ 63
Exercise of common stock options (in shares)	467,723			467,723
Stock-based compensation		93		$ 93
Net loss			(23,265)	(23,265)
Ending balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Ending balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Ending balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Ending balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Beginning balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Beginning balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Exercise of common stock options		12		$ 12
Exercise of common stock options (in shares)	92,391
Stock-based compensation		37		37
Net loss			(13,113)	(13,113)
Ending balance at Jun. 30, 2022	$ 14	14,405	(65,535)	(51,116)
Ending balance (in shares) at Jun. 30, 2022	14,474,484
Beginning balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Beginning balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Issuance of common stock upon conversion of related party loans	$ 17	66,122		$ 66,139
Issuance of common stock upon conversion of related party loans (in shares)	17,002,230
Exercise of common stock options	$ 2	159		$ 161
Exercise of common stock options (in shares)	1,190,720			1,190,720
Stock-based compensation		69		$ 69
Net loss			(26,754)	(26,754)
Ending balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Ending balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Ending balance at Jun. 30, 2022	$ 14	14,405	(65,535)	$ (51,116)
Ending balance (in shares) at Jun. 30, 2022	14,474,484
Beginning balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Beginning balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Beginning balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Beginning balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Exercise of common stock options		12		$ 12
Exercise of common stock options (in shares)	31,505			31,505
Stock-based compensation		2,240		$ 2,240
Net loss			(16,171)	(16,171)
Ending balance at Jun. 30, 2023	$ 33	82,958	(95,347)	$ (12,356)
Ending balance (in shares) at Jun. 30, 2023	32,606,548			32,606,548
Ending balance at Jun. 30, 2023	$ 33	$ 82,958	$ (95,347)	$ (12,356)
Ending balance (in shares) at Jun. 30, 2023	32,606,548			32,606,548

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (16,171)	$ (13,113)	$ (26,754)	$ (23,265)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	603	608	1,210	1,128
Stock-based compensation	2,240	37	69	93
Amortization of operating lease right-of use assets	185	221	440	116
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties	2,784	15	177	143
Related party noncash interest expense	91	1,035	2,271	1,305
Changes in operating assets and liabilities:
Accounts receivable	29		(29)	111
Prepaid expenses and other current assets	(296)	(141)	57	(48)
Accounts payable and accrued expenses	298	(143)	443	959
Operating lease liabilities	(190)	(217)	(437)	(116)
Other, net	(17)	(10)	(4)	26
Net cash used in operating activities	(10,444)	(11,708)	(22,557)	(19,548)
Investing activities
Purchases of property and equipment		(96)	(101)	(403)
Purchase of capitalized software	(30)	(27)	(62)	(56)
Net cash used in investing activities	(30)	(123)	(163)	(459)
Financing activities
Proceeds from exercise of common stock options	12	12	161	63
Proceeds from related party loans	5,000	12,500	23,000	20,500
Repayments on payroll protection program loan		(675)	(675)	(404)
Net cash provided by financing activities	11,829	11,837	22,486	20,159
Net increase in cash, cash equivalents, and restricted cash	1,355	6	(234)	152
Cash, cash equivalents, and restricted cash at the beginning of period	117	351	351	199
Cash, cash equivalents, and restricted cash at the end of period	$ 1,472	$ 357	117	351
Supplemental disclosure of noncash investing and financing activities
Related party loans and interest payable converted into common stock			66,139
Operating lease right-of use asset obtained in exchange for lease liability				738
Property and equipment included in Accounts payable and accrued expenses			$ 8	$ 98

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”). The Company maintains its accounting records under the accrual method of accounting in conformity with US GAAP. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these condensed financial statements and accompanying footnotes should be read in conjunction with NKGen’s financial statements as of and for the year ended December 31, 2022. The results for the interim periods are not necessarily indicative of results for the full year. Except as described in this Note 2, there have been no material changes to NKGen’s significant accounting policies as described in NKGen’s financial statements as of and for the year ended December 31, 2022. In the opinion of management, all adjustments, of a normal recuring nature, considered necessary for a fair presentation have been included in the condensed financial statements. NKGen believes that the disclosures provided herein are adequate to present the information presented from being misleading. Use of Estimates The preparation of condensed financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the condensed financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States. Deferred Transaction Costs The Company capitalizes deferred transaction costs, which primarily consist of incremental legal fees, accounting fees and other fees directly attributable to the anticipated Business Combination. The deferred transaction costs are anticipated to be reclassified to additional paid-in capital upon closing. No deferred transaction costs were recorded as of December 31, 2022. As of June 30, 2023, $3.8 million of deferred transaction costs were capitalized in connection with the Business Combination on the condensed balance sheets. Restricted Cash Restricted cash consists of funds that are contractually restricted due to a revolving line of credit, which was entered into during June 2023. In accordance with the terms of the revolving line of credit, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings. No restricted cash balances were recorded as of December 31, 2022. As of June 30, 2023, $0.3 million in restricted cash was recorded on the condensed balance sheet. The Company includes its restricted bank deposits in cash, cash equivalents and restricted cash when reconciling beginning-of-period and end-of-period total amounts shown on the condensed statement of cash flows for the six months ended June 30, 2023. Deferred Debt Issuance Costs Costs incurred through the issuance of the revolving line of credit to parties who are providing short-term financing availability are reflected as deferred debt issuance costs. These costs are generally amortized to interest expense over the life of the financing instrument using the effective interest rate method or other methods approximating the effective interest method. No deferred debt issuance costs were recorded as of December 31, 2022. As of June 30, 2023, $0.1 million in deferred debt issuance costs were recorded to prepaid expenses and other current assets on the condensed balance sheet. Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there was no public market for the underlying common stock prior to October 2, 2023. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, and the implied fair values upon a merger transaction, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for each of the six months ended June 30, 2022 and 2023 includes stock options of 1,549,621 and 5,176,366, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material impact on the Company’s financial statements.	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“ SEC Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States. 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. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximate their fair value. These investments may include money market funds, U.S. Government agencies, corporate debt securities, and commercial paper. The Company has not experienced any losses in such accounts and management believes the Company has no highly liquid investments exposed to credit risk. Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations, and/or commercial paper with short maturities. To date, the Company has not experienced any losses associated with this credit risk and continues to believe this exposure is not significant. Cash deposits are insured by the Federal Deposit Insurance Corporations (“ FDIC For the years ended December 31, 2021 and 2022, no customer accounted for over 10% of total revenue. As of December 31, 2021 and 2022, the Company had no trade accounts receivables outstanding and less than $0.1 million in other receivables. Property and Equipment, net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Repairs and maintenance costs are charged to expense as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective amounts and any gain or loss is recognized, as applicable, in the accompanying statements of operations. Capitalized Software, net Expenditures related to internal use software are capitalized. Such expenditures are amortized over their period of benefit, which are generally three-year period, using the straight-line method. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset, or asset group, may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company has not recognized any impairment losses for the years ended December 31, 2021 and 2022. Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures The Company’s financial instruments include cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, convertible promissory notes issued from 2019 through 2022 to investors (“2019 Convertible Notes”), convertible promissory notes due to related parties (“Related Party Convertible Notes”, together with the 2019 Convertible Notes, “Convertible Notes”) and debt due to a related party (“Related Party Loans”). The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective values because of the short-term nature of those instruments. The Company elects to account for its 2019 Convertible Notes and Related Party Convertible Notes, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Subsequent changes in fair value of the Convertible Notes are recorded within other expenses, net on the accompanying statement of operations and comprehensive loss. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans. Employee Benefit Plan Effective January 1, 2019, the Company adopted and maintains a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code, on behalf of its eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. During the years ended December 31, 2021 and 2022, the Company did not contribute to the plan. Revenue Recognition Historically, the Company recognized revenue in connection with Coronavirus Disease of 2019 (“ COVID-19 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as contract liability until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract. Collaboration Agreement The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements Research and Development Expenses All research and development costs are expensed in the period incurred. Research and development expenses primarily consist of services provided by contract organizations for clinical development, salaries and related expenses for personnel, including stock-based compensation expense, outside service providers, facilities costs, fees paid to consultants and other professional services, license fees, depreciation and supplies used in research and development. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the related goods or services are received. Costs are accrued for research performed over the service periods specified in the contracts and estimates are adjusted, if required, based upon an ongoing review of the level of effort and costs actually incurred. Leases The Company accounts for its leases under ASC 842, Leases Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there is no public market for the underlying common stock. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third- party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. 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 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 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 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. No tax liability has been recognized in the financial statements attributed to uncertain tax positions. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share, because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the years ended December 31, 2021 and 2022 includes stock options of 1,770,584 and 453,590, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In October 2021, the FASB issued ASU 2021-07, Compensation — Stock Compensation (Topic 718) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property and Equipment, net

Property and Equipment, net	6 Months Ended	12 Months Ended
Property and Equipment, net	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment, net
Property and Equipment, net	3. Property and Equipment, net Property and equipment, net consist of the following (in thousands): December 31, June 30, Useful Life 2022 2023 Land — $ 5,025 $ 5,025 Buildings 40 years 8,325 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 4,003 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,211 18,211 Less: Accumulated depreciation (2,690) (3,259) $ 15,521 $ 14,952 Depreciation expense related to property and equipment was $0.6 million for each of the six months ended June 30, 2022 and 2023.	3. Property and Equipment, net Property and equipment, net consist of the following (in thousands) as of December 31: December 31, Useful Life 2021 2022 Land — $ 5,025 $ 5,025 Buildings 40 years 8,311 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 3,907 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,101 18,211 Less: Accumulated depreciation (1,534) (2,690) $ 16,567 $ 15,521 Depreciation expense related to property and equipment was $1.1 million and $1.2

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended	12 Months Ended
Additional Balance Sheet Information	Jun. 30, 2023	Dec. 31, 2022
Additional Balance Sheet Information
Additional Balance Sheet Information	4. Additional Balance Sheet Information Prepaid expenses and other current assets consist of the following (in thousands): December 31, June 30, 2022 2023 Prepaid expenses $ 133 $ 464 Other receivables 67 36 Revolving line of credit issuance fees — 97 Other 4 — Prepaid expenses and other current asset $ 204 $ 597 Accounts payable and accrued expenses consist of the following (in thousands): December 31, June 30, 2022 2023 Accounts payable $ 975 $ 3,537 Accrued liabilities 1,359 1,064 Employee compensation 291 384 Other 27 37 Accounts payable and accrued expenses $ 2,652 $ 5,022	4. Additional Balance Sheet Information Prepaid expenses and other current assets consist of the following (in thousands) as of December 31: December 31, 2021 2022 Prepaid expenses $ 172 $ 133 Other receivables 67 67 Other current assets 22 4 Prepaid expenses and other current assets $ 261 $ 204 Accounts payable and accrued expenses consists of the following (in thousands) as of December 31: December 31, 2021 2022 Accounts payable $ 1,687 $ 975 Accrued liabilities 248 1,359 Employee compensation 240 291 Other 27 27 Accounts payable and accrued expenses $ 2,202 $ 2,652

Fair Value Measurements

Fair Value Measurements	6 Months Ended	12 Months Ended
Fair Value Measurements	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements The Company elects to account for its convertible promissory notes issued from November through December 2019 to investors (“2019 Convertible Notes”) and related parties (“2019 Related Party Convertible Notes”), convertible promissory notes issued during 2023 to investors (“2023 Convertible Notes”) and to related parties (“2023 Related Party Convertible Notes), collectively referred to as “Convertible Notes”, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans (as defined in Note 6) approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans, which are due within three years or less from issuance. The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264 For the six months ended June 30, 2022, the Company recognized less than $0.1 million of expense associated with the change in fair value for each of the 2019 The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264 The Company determines the carrying amount of the Convertible Notes using a scenario-based analysis that estimates the fair value of the Convertible Notes based on the probability-weighted present value of expected future investment returns by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes as of: December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	5. Fair Value Measurements The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s management used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 The following table presents a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655 The Company determines the carrying amount of the Convertible Notes by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes: As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.

Debt

Debt	6 Months Ended	12 Months Ended
Debt	Jun. 30, 2023	Dec. 31, 2022
Debt
Debt	6. Debt Convertible promissory notes From November through December 2019, the Company issued the 2019 Convertible Notes and the 2019 Related Party Convertible Notes for total proceeds of $10.8 million and $0.3 million, respectively, which each bear interest at 1.68% per year. From March 2023 In the event the Company consummates, while the Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million, excluding any and all indebtedness under the Convertible Notes that is converted into Company equity securities sold in a qualified financing (“Next Round Securities”), and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing $300.0 million by the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to (a) with respect to the 2019 Convertible Notes and the 2019 Related Party Convertible Notes, for an investor that invests up to $1.0 million in 2019 Convertible Notes or the 2019 Related Party Convertible Notes: 20%, and for an investor that invests more than $1.0 million and less than $5.0 million in 2019 Convertible Notes or the 2019 Related Party Convertible Notes: 25% or (b) with respect to the 2023 Convertible Notes and the 2023 Related Party Convertible Notes, for an investor that invests up to $5.0 million in 2023 Convertible Notes or the 2023 Related Party Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in 2023 Convertible Notes or 2023 Related Party Convertible Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes or 2023 Related Party Convertible Notes: 25%. There are no financial or non-financial covenants associated with the Convertible Notes. The principal amounts of the 2019 Convertible Notes and 2019 Related Party Convertible Notes were due on demand as of December 31, 2022. In April 2023, the Company (i) modified the 2019 Convertible Notes and 2019 Related Party Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share of common stock in the definitive agreement(s) relating to such transaction, multiplied by (b) the discount figure applicable to a qualified financing as set forth above. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. All outstanding balances under the revolving line of credit are due and payable on June 20, 2024. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. Following completion of the Business Combination, NKGen will be required to maintain deposits with the lender in an amount of at least $15.0 million at all times until June 20, 2024. As of June 30, 2023, the interest rate for the revolving line of credit is 7.94%. In June 2023, the Company drew down $3.8 million upon the revolving line of credit. Interest expense of less than $0.1 million was incurred upon the revolving line of credit for the six months ended June 30, 2023. No interest expense was incurred for the revolving line of credit during the six months ended June 30, 2022. As of June 30, 2023, less than $0.1 million in accrued interest was recognized for the revolving line of credit, which is classified to other current liabilities within the condensed balance sheet as of June 30, 2023. No repayments of draws upon the revolving line of credit occurred through June 30, 2023.	6. Debt Convertible promissory notes From November through December 2019, the Company issued the 2019 Convertible Notes and the Related Party Convertible Notes for total proceeds of $11.1 million. The Convertible Notes bear interest at 1.68% per year and in the event the Company consummates, while the Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million, excluding any and all indebtedness under the Convertible Notes that is converted into Company equity securities sold in a qualified financing (“Next Round Securities”), and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing $300.0 million by the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $1.0 million in Convertible Notes: 20%, and for an investor that invests more than $1.0 million and less than $5.0 million in Convertible Notes: 25%. There are no financial or non-financial covenants associated with the Convertible Notes. The principal amounts of the Convertible Notes are due on demand as of December 31, 2022. Paycheck Protection Program Loan In May 2020, the Company received loan proceeds of $1.1 million pursuant to the Paycheck Protection Program (“PPP”). The PPP, established as part of the CARES Act, provides loans for small businesses to cover qualified payroll costs, rent, utilities, and interest on mortgage and other debt obligations. The loan has an interest rate of 1%. The loan was paid off in May 2022. The Company recorded interest expense of less than $0.1 million and $0.1 million related to the PPP loan to interest expense in the Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2022, respectively.

Related-Party Transactions

Related-Party Transactions	6 Months Ended	12 Months Ended
Related-Party Transactions	Jun. 30, 2023	Dec. 31, 2022
Related-Party Transactions
Related-Party Transactions	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the six months ended June 30, 2022 and 2023, $0.2 million and zero, respectively, in research and development expenses related to these advisory services were recorded. As of December 31, 2022, amounts payable of less than $0.1 million relating to advisory and research services from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to advisory and research services from related parties. Purchases of laboratory supplies For the six months ended June 30, 2022 and 2023, the Company recorded research and development expenses totaling less than $0.1 million and zero, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2022, amounts payable of $0.1 million relating to the purchase of laboratory supplies from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to the purchase of laboratory supplies from related parties. Related Party Loans Between August 2019 and December 2022, the Company entered into related party loans with NKMAX (“Related Party Loans”). In December 2022, the aggregate outstanding Related Party Loans’ principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which was recognized as a capital contribution within the condensed statement of common stock and stockholders’ equity (deficit) for the year ended December 31, 2022. From January through April 2023, the Company entered into additional Related Party Loans with NKMAX for aggregate gross proceeds of $5.0 million. These additional Related Party Loans bear an interest rate of 4.6% and mature on December 31, 2024. There are no financial or non-financial covenants associated with the Related Party Loans. The Related Party Loans are not convertible into equity, including upon the consummation of the Business Combination. In connection with the Related Party Loans, interest expenses incurred $1.0 million and $0.1 million for the six months ended June 30, 2022 and 2023, respectively. Related party interest payable amounts recorded to other current liabilities on the condensed balance sheets were zero and $0.1 million as of December 31, 2022 and June 30, 2023, respectively. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 through May 2023, relatives of one of the Company’s directors invested in Convertible Notes. As of each of December 31, 2022 and June 30, 2023, the principal amount and related fair value of Convertible Notes held by relatives of a director of the Company were each $0.4 million.	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the year ended December 31, 2021, no research and development expenses related to these advisory services were provided or recorded. For the year ended December 31, 2022, the Company recorded $0.4 million of research and development expenses related to these advisory services. As of December 31, 2022, amounts payable of less than $0.1 million remained outstanding and recorded within accounts payable and accrued expenses on the balance sheet. The Company receives scientific research consulting services from ATGEN Canada, a sister company under common ownership. For the year ended December 31, 2021, the Company recorded $0.2 million of research and development expenses for services provided by ATGEN Canada. For the year ended December 31, 2022, no research and development expenses related to these services were provided or recorded. As of December 31, 2021 and 2022, there were no outstanding amounts payable relating to these professional research services. Purchases of laboratory supplies For the years ended December 31, 2021 and 2022, the Company recorded research and development expenses totaling $0.1 million and $0.1 million, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2021 and December 31, 2022, there was zero and less than $0.1 million outstanding payables, respectively, relating to the purchase of laboratory supplies, which is recorded within accounts payable and accrued expenses on the balance sheets. Related party loans Between August 2019 and December 2022, the Company entered into multiple loan agreements with NKMAX under which the total proceeds received from related parties during the years ended December 31, 2021 and 2022 were $20.5 million and $23.0 million, respectively. The loans carry an interest rate of 4.6%. There are no financial or non-financial covenants associated with the debt. In December 2022, the aggregate outstanding related party loan principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which has been recognized as a capital contribution within the statements of common stock and stockholders’ equity (deficit). No related party loan amounts were outstanding as of December 31, 2022. Interest expenses incurred were $1.3 million and $2.3 million for the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 and 2022, interest payable amounts owed to related parties was $1.9 million and zero, respectively, which is recorded in other current liabilities on the balance sheets. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 to December 2019, relatives of one of the Company’s directors invested in convertible promissory notes totaling $0.5 million. As of December 31, 2021, the principal amount and the fair value of Related Party Convertible Notes held by relatives of a director of the Company were $0.3 million. As of December 31, 2022, the principal amount and related fair value of the Related Party Convertible Notes held by relatives of a director of the Company were $0.3

Commitments and Contingencies_4

Commitments and Contingencies	6 Months Ended	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Leases As of June 30, 2023, the Company recorded an aggregate right of use asset of $1.1 million with an accumulated amortization of $0.9 million in the condensed balance sheet as operating lease right-of-use asset, net, and an aggregate lease liability of $0.2 million in the condensed balance sheet as operating lease liability, current. As of June 30, 2023, the weighted-average remaining lease term was less than one year, and the weighted-average estimated incremental borrowing rate was 6.00%. As of June 30, 2023, total undiscounted lease payments were $0.2 million, which are committed to be made during 2023. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, the Company is also required to pay one-time milestone payments for the first receipt of regulatory approval by the Company or any of its affiliates for a Licensed Product in the following jurisdictions (and amounts): the United States ($5.0 million), the European Union (“EU”) ($4.0 million), and four other countries ($1.0 million each). The Company is obligated to pay a mid-single digit royalty on net sales of Licensed Products by it, its affiliates or its sublicensees, subject to customary reductions. The Company is also required to pay a percentage of its sublicensing revenue ranging from a low double-digit percentage to a midsingle digit percentage. As of June 30, 2023, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2022 and June 30, 2023.	8. Commitments and Contingencies Leases As of December 31, 2021, the Company recorded an aggregate ROU asset of $0.8 million with an aggregate accumulated amortization of $0.3 million in the balance sheet as operating lease right-of-use assets, net, and an aggregate lease liability of $0.8 million in the balance sheet as operating lease liability, of which $0.5 million was classified as current and $0.4 million was classified as noncurrent. As of December 31, 2021, the weighted-average remaining lease term is 1.7 years and the weighted-average estimated incremental borrowing rate is 5.5%. As of December 31, 2022, the Company recorded an aggregate ROU asset of $1.1 Maturities of the operating lease liability as of December 31, 2022 are as follows (in thousands): Minimum lease payments 2023 $ 412 Total undiscounted lease payments 412 Less: imputed interest (33) Total operating lease liability $ 379 As of December 31, 2021, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. As of December 31, 2022, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, under each agreement, the Company shall make milestone payments to NKMAX after the first receipt of Regulatory Approval of a licensed product (“Licensed Product”) in the applicable country by the Company or any of its affiliates of $5.0 million in United States of America, $4.0 million in the European Union (“EU”) and $1.0 million in any country other than United States of America or the EU for up to four additional countries. The Company shall also pay a mid-single digit fee on the net sales of Licensed Products, the manufacture, use or sale of which are claimed by or use any Licensed Technology. As of December 31, 2022, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its accompanying financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2021 and 2022.

Stockholders' Equity

Stockholders' Equity	6 Months Ended	12 Months Ended
Stockholders' Equity	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	9. Stockholders’ Equity Common Stock As of June 30, 2023, the Company had authorized 60,000,000 shares of common stock, par value $0.001 per share. As of June 30, 2023, 32,606,548 shares of common stock were issued and outstanding, and 27,393,452 shares of common stock were reserved for future issuance. Equity Incentive Plans The Company’s 2019 Plan (“2019 Plan”) became effective on October 23, 2019. The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock unit awards and performance share awards to employees, directors, and consultants of the Company. As of June 30, 2023, the Company has only issued stock options. In February 2023, the Company amended its 2019 Equity Incentive Plan to increase the aggregate number of shares of Common Stock reserved for future issuance from 2,780,000 shares to 8,723,922 shares. As of June 30, 2023, the Company had issued 6,880,684 stock options under the 2019 Plan, and a total of 1,843,238 shares remained available for future issuance under the 2019 Plan. Stock options granted under the 2019 Plan expire no later than ten years from the date of grant and generally vest over a four-year period, with vesting occurring at a rate of 25% at the end of the first and thereafter in 36 equal monthly installments, or in the case of awards granted to board members, on a monthly basis over three four years The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company estimated expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is zero since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. A summary of the Company’s stock option activity for the six months ended June 30, 2023 is as follows: Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2022 453,590 $ 0.56 Granted 5,322,456 2.72 Forfeited (568,175) 2.72 Exercised (31,505) 1.23 Outstanding as of June 30, 2023 5,176,366 $ 2.55 The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the six months ended June 30, 2023 were as follows: Common stock fair value $ 3.75 Risk-free interest rate 3.53 % Expected volatility 111.00 % Expected term (in years) 6.08 Expected dividend yield 0.00 % Stock options outstanding, vested and expected to vest and exercisable as of June 30, 2023 are as follows: Weighted Average Total Number of Remaining Weighted- Aggregate Stock Contractual Average Intrinsic Value Options Life (Years) Exercise Price (in thousands) Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Outstanding as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Vested and expected to vest as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Exercisable as of June 30, 2023 619,011 7.62 $ 1.31 $ 1,808 Intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the related measurement date. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2023 was $0.1 million. The aggregate fair value of stock options vested during the six months ended June 30, 2023 was $0.8 million. As of June 30, 2023, the total unrecognized stock-based compensation related to unvested stock option awards granted was $14.8 million, which the Company expects to recognize over a remaining weighted- average period of approximately 3.5 years. Stock-based compensation expense, recognized in the Company’s condensed statements of operations and comprehensive loss for the 2019 Plan was recorded as follows (in thousands): Six Months Ended June 30, 2022 2023 Research and development $ 23 $ 538 General and administrative 14 1,702 Total stock-based compensation expense $ 37 $ 2,240	9. Stockholders’ Equity Common Stock As of December 31, 2021, the Company had authorized 20,000,000 shares of common stock, par value $0.001 per share. In December 2022, the Company increased the number of authorized shares of common stock, par value $0.001 per share, to 60,000,000. As of December 31, 2021 and 2022, the Company has authorized 20,000,000 and 60,000,000 shares of common stock, par value $0.001 per share, respectively. As of December 31, 2021 and 2022, 14,382,093 and 32,575,043 shares of common stock were issued outstanding Equity Incentive Plans The Company’s 2019 Plan (“2019 Plan”) became effective on October 23, 2019. The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock unit awards and performance share awards to employees, directors, and consultants of the Company. As of December 31, 2022, the Company has only issued stock options. The 2019 Plan authorized up to 2,780,000 shares to be issued under the plan as of December 31, 2022. As of December 31, 2022, the Company had issued 2,126,403 Stock options granted under the 2019 Plan expire no later than ten years from the date of grant and generally vest over a four-year period, with vesting occurring at a rate of 25% at the end of the first and thereafter in 36 equal monthly installments, or in the case of awards granted to board members, on a monthly basis over three The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company estimated expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is zero since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. A summary of the Company’s stock option activity for the years ended December 31, 2021 and 2022 is as follows: Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2020 2,531,984 $ 0.41 Exercised (467,723) 0.14 Forfeited (293,677) 1.34 Outstanding as of December 31, 2021 1,770,584 $ 0.33 Exercised (1,190,720) 0.14 Forfeited (126,274) 0.86 Outstanding as of December 31, 2022 453,590 $ 0.56 There were no stock options granted during the years ended December 31, 2021 and 2022. Stock options outstanding, vested and expected to vest and exercisable as of December 31, 2021 and 2022 are as follows: Weighted Total Average Weighted- Aggregate Remaining Average Intrinsic Number of Contractual Exercise Value Stock Options Life (Years) Price (in thousands) Outstanding as of December 31, 2021 1,770,584 7.79 $ 0.33 $ 3,674 Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Vested and expected to vest as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Exercisable as of December 31, 2022 357,618 6.94 $ 0.46 $ 807 Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021 and 2022 was $0.1 million and $3.1 million, respectively. The aggregate fair value of stock options vested during the years ended December 31, 2021 and 2022 was $0.3 million and $0.6 million, respectively. As of December 31, 2022, the total unrecognized stock-based compensation related to unvested stock option awards granted was $0.1 million, which the Company expects to recognize over a remaining weighted-average period of approximately 1.1 years. Stock-based compensation expense, recognized in the Company’s statements of operations for the 2019 Plan was recorded as follows for the years ended December 31, 2021 and 2022 (in thousands): Years Ended December 31, 2021 2022 Research and development $ 44 $ 45 General and administrative 49 24 Total stock-based compensation expense $ 93 $ 69

Collaboration Agreement

Collaboration Agreement	6 Months Ended	12 Months Ended
Collaboration Agreement	Jun. 30, 2023	Dec. 31, 2022
Collaboration Agreement
Collaboration Agreement	10. Collaboration Agreement On September 17, 2020, the Company entered into a strategic collaboration with Affimed GmbH (“Affimed”) to initiate a Phase 1/2 trial of SNK01 in combination with AFM24, a tetravalent biologic created by Affimed designed to direct NK cell killing of epidermal growth factor receptor (“ EGFR The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023.	10. Collaboration Agreement On September 17, 2020, the Company entered into a strategic collaboration with Affimed GmbH (“Affimed”) to initiate a Phase 1/2 trial of SNK01 in combination with AFM24, a tetravalent biologic created by Affimed designed to direct NK cell killing of epidermal growth factor receptor (“EGFR”) expressing tumors. Under the collaboration agreement, the Company and Affimed split the development costs of the combination product equally. Total reductions to research and development expenses for each of the years ended December 31, 2021 and 2022 were $0.4 million.

Income Taxes_2

Income Taxes	6 Months Ended	12 Months Ended
Income Taxes	Jun. 30, 2023	Dec. 31, 2022
Income Taxes
Income Taxes	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The Company’s effective tax rate is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. Each quarter, an estimate of the annual effective tax rate is updated should we revise our forecast of earnings based upon our operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is made. The Company’s effective tax rate was 0% for each of the six months ended June 30, 2022 and 2023. The difference between the effective tax rate of 0% and the U.S. federal statutory rate of 21% for each of the six months ended June 30, 2022 and 2023 was primarily due to changes in deferred tax balances, partially offset by valuation allowances. As of June 30, 2023, we determined that, based on an evaluation of our history of net losses and all available evidence, both positive and negative, including our latest forecasts and cumulative losses in recent years, it was more likely than not that none or substantially none of our deferred tax assets would be realized and, therefore, we continued to record a valuation allowance.	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The provision for income taxes for the years ended December 31, 2021 and 2022 are as follows (in thousands): Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7 A reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes is as follows (in thousands): Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7 Significant components of the Company’s deferred income taxes are as follows (in thousands): December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26) Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the deferred tax assets have been offset by a valuation allowance net of reversing deferred tax liabilities that provided for a source of future taxable income. The valuation allowance increased by approximately $7.0 million and $7.9 million for the years ended December 31, 2021 and 2022, respectively. The Company has net operating loss carryforwards for federal and state income tax purposes of approximately $61.3 million and $71.6 million, respectively, as of December 31, 2022. Under the Tax Act and Jobs Act of 2017, the $61.3 million of federal net operating losses generated after December 31, 2017 will be carried forward indefinitely. The California net operating loss carryforwards will begin to expire in 2037 unless previously utilized. As of December 31, 2022, the Company also had federal and California research and development tax credit carryforward of approximately $2.2 million and $1.8 million, respectively. The federal research and development credit carryforwards will begin to expire in 2038. The California research and development credit carryforwards are available indefinitely. Federal and California tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Sections 382 and 383. The Company has not completed a formal study to determine the limitations on their tax attributes due to change in ownership and may have limitations on the utilization of net operating loss carryforwards, credit carryforwards, or other tax attributes due to ownership changes. The Inflation Reduction Act of 2022 (“IRA”) which incorporates a Corporate Alternative Minimum Tax (CAMT) was signed on August 16, 2022. The changes will be effective for the tax years beginning after December 31, 2022. The new tax law will require companies to compute two separate calculations for federal income tax purposes and pay the greater of the new minimum tax or their regular tax liability. The IRA is not expected to have a material impact for the Company. Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on March 27, 2020, net operating losses (“NOLs”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the tax year of such loss. Moreover, under the Tax Act as modified by the CARES Act, federal NOLs of the Company’s corporate subsidiaries generated in tax years ending after December 31, 2017 may be carried forward indefinitely, but the deductibility of federal NOLs, particularly for tax years beginning on or after January 1, 2021, may be limited. The Company is currently assessing the impact the CARES Act will have on the Company’s financial statements. Uncertain Tax Benefits No liability related to uncertain tax positions is recorded on the financial statements. The following table summarizes the activity related to the Company’s unrecognized tax benefits for the year ended December 31 (in thousands): Years Ended December 31, 2021 2022 Beginning balance $ 156 $ 269 Additions for tax positions related to the current year 113 131 Reductions for tax positions related to prior years — 3 Ending balance $ 269 $ 403 The reversal of uncertain tax benefits would not affect the effective tax rate to the extent that the Company continues to maintain a valuation allowance against its deferred tax assets. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. Income tax returns are filed in the United States and California. The Company is not currently under audit by the Internal Revenue Service and the State of California. The years 2019 and forward remain open to examination for federal income tax purposes and the years 2018 and forward for California income tax to which the Company is subject. Due to net operating loss carryforwards, all years effectively remain open to income tax examination by the domestic taxing jurisdictions in which the Company files tax returns. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. For the years ended December 31, 2021 and 2022 the Company has not recognized any interest or penalties related to income tax in the Company’s statements of operations.

Subsequent Events_2_3

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2023	Dec. 31, 2022
Subsequent Events
Subsequent Events	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for recognition purposes through September 21, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Revolving Line of Credit From July 1 2023 through September 21, 2023, NKGen executed additional draws of $1.1 million upon the revolving line of credit described in Note 6 of the unaudited condensed financial statements as of and for the six months ended June 30, 2023. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws upon the revolving line of credit occurred from July 1, 2023 through October 19, 2023. Convertible Notes In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Business Combination The Business Combination was consummated on September 29, 2023. In connection with the Closing, Graf changed its name to “NKGen Biotech, Inc.” and NKGen changed its name to “NKGen Operating Biotech, Inc.” The Common Stock and warrants of New NKGen began trading on The Nasdaq Stock Market LLC under the symbols “NKGN” and “NKGNW”, respectively, on October 2, 2023. Contemporaneously with the execution of the Merger Agreement, Graf and NKGen entered into an amended and restated sponsor support and lockup agreement (“Amended and Restated Sponsor Support and Lockup Agreement”). In connection with the Amended and Restated Sponsor Support and Lockup Agreement, of the 4,290,375 shares of Graf held by Graf’s sponsor and insiders (“Founder Shares”): (i) 1,773,631 shares were forfeited, (ii) 1,173,631 shares became restricted shares subject to vesting conditions (“Deferred Founder Shares”), and (iii) the remaining 1,343,113 shares were not forfeited, did not become restricted, nor subject to vesting conditions. Deferred Founder Shares do not have voting rights, do not participate in dividends and are not transferrable. During the vesting period of five years from Closing (“Vesting Period”), if the trading price or price per share consideration upon a change in control for Common Stock is greater than or equal to $14.00 at any 20 trading days in a 30 consecutive trading-day period, then 873,631 Deferred Founder Shares will immediately vest; and if greater than or equal to $20.00 at any 20 trading days in a 30 consecutive trading-day period, then an additional 300,000 Deferred Founder Shares will immediately vest. In the event there is a sale of New NKGen, then immediately prior to the consummation of such sale, the calculated Acquiror Sale Price, as defined in the agreement, will take into account the number of Deferred Founder Shares that will vest upon a change in control. Upon the expiration of the Vesting Period, unvested Founder Shares will be forfeited and cancelled for no consideration. Employee Stock Purchase Plan Upon consummation of the Business Combination, New NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of New NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of New NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. New NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of New NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four-year term and an interest rate of 5.0% paid in cash semi-annually or 8.0% paid in kind (“2027 Convertible Notes”). The 2027 Convertible Notes have a conversion price of $10.00 per share of common stock (subject to anti-dilution adjustments in the event of stock splits and the like), and a put option commencing 2.5 Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Commented Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for recognition purposes through May 15, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to the 2019 Plan and Stock Option Grants In February 2023, the Company amended its 2019 Plan to increase the aggregate number of shares of Common Stock reserved from 2,780,000 shares to 8,723,922 shares. From January 1, 2023 through May 15, 2023, the Company issued a total of 5,322,456 options to purchase common stock at an exercise price of $2.72 per share. Immediately following the issuance, a total of 1,770,389 shares remained available for future issuance under the 2019 Plan. 2023 NKMAX Loans From January through April 2023, NKGen entered into additional loan agreements with NKMAX for aggregate gross proceeds of $5.0 million. The terms of the loans included a 4.6% interest rate and a maturity date of December 31, 2024. Business Combination On April 14, 2023, the board of directors of Graf Acquisition Corp. IV, a Delaware corporation (“Graf,”), unanimously approved the Agreement and Plan of Merger, dated April 14, 2023, by and among Graf, Austria Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Graf (“Merger Sub”), and the Company (as it may be amended and/or restated from time to time, the “Merger Agreement”). If the Merger Agreement is adopted by Graf’s stockholders and the transactions under the Merger Agreement are consummated (the “Business Combination”), Merger Sub will merge with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Graf (the “Merger”). In connection with the consummation of the Business Combination (the “Closing” and the date of the Closing, the “Closing Date”), Graf will be renamed “NKGen Biotech, Inc.” and the Company will change its name to “NKGen Operating Biotech, Inc.” References below to “New NKGen” denote Graf as the post-Business Combination entity. In accordance with the terms and subject to the conditions set forth in the Merger Agreement, Graf has agreed to pay to equity holders of the Company (other than holders of unvested NKGen options to purchase shares of common stock of NKGen (“NKGen options”) as of immediately prior to the effective time of the Merger (the “Effective Time”) aggregate consideration (the “Merger Consideration”) of a number of shares of newly issued common stock, par value $0.0001 per share, of New NKGen (“Common Stock”), valued at $10.00 per share, equal to the product of the number of outstanding shares of common stock of the Company (“NKGen common stock”) at the Closing, multiplied by the Exchange Ratio. The “Exchange Ratio” is equal to the quotient of (A) the sum of (i) $145.0 million plus (ii) the aggregate amount of principal and accrued interest underlying convertible promissory notes of NKGen (“NKGen Convertible Notes”) that are converted into shares of the Company common stock as of immediately prior to the effective time of the Merger (the “Effective Time”), divided by (B) $10.00, divided by (C) the number of Fully Diluted common stock of the Company (as defined below) immediately prior to the Effective Time. Prior to the Closing, the Company will use its commercially reasonable efforts to cause each convertible note to be converted into shares of NKGen common stock pursuant to its terms as of immediately prior to the Effective Time. Additionally, at the Effective Time, each outstanding and unexercised stock option of the Company will be cancelled and converted into an option to acquire Common Stock (“New NKGen Options”), provided that: (i) each such New NKGen Option shall be exercisable for that number of shares of Common Stock equal to the product (rounded down to the nearest whole number) of (A) the number of shares of NKGen common stock subject to such NKGen Option immediately prior the Effective Time multiplied by (B) the Exchange Ratio, and (ii) the per share exercise price for each share of Common Stock issuable upon exercise of the New NKGen Option shall be equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of each NKGen Option immediately prior to the Effective Time by (B) the Exchange Ratio. 2023 Convertible Notes From March through May 15, 2023, the Company issued convertible promissory notes to investors for total proceeds of $4.1 million, of which $0.1 million was issued to a related party (the “2023 Convertible Notes”). The 2023 Convertible Notes bear interest at 4.55% per year and in the event the Company consummates, while the 2023 Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million in a qualified financing of Next Round Securities, excluding any and all indebtedness under the 2023 Convertible Notes that is converted into Next Round Securities, and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the 2023 Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing (A) $300.0 million by (B) the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the 2023 Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $5.0 million in the 2023 Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes: 25%. The maturity dates of the 2023 Convertible Notes are three years from the respective issuance dates. Modification to the Convertible Notes In April 2023, the Company (i) modified the Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes and the 2023 Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes and 2023 Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share Amendment to NKMAX License In April 2023, the Company and NKMAX executed an amendment to the Intercompany License to expand the scope of Licensed Products initially limited to cancer treatment to any field of use. 13. Subsequent Events (unaudited) Business Combination On September 29, 2023, the Business Combination closed. Additional 2023 Convertible Notes On May 19, 2023, the Company issued additional 2023 Convertible Notes for total proceeds of $0.8 million with the same terms as set forth above for the 2023 Convertible Notes issued from March through May 15, 2023. In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. In June 2023, the Company executed a draw of $3.8 million on this revolving line of credit. In July 2023, the Company executed an additional draw of $1.1 million upon the revolving line of credit. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws occurred through October 19, 2023. Collaboration Agreement The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Employee Stock Purchase Plan Upon consummation of the Business Combination, NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”). The Company maintains its accounting records under the accrual method of accounting in conformity with US GAAP. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these condensed financial statements and accompanying footnotes should be read in conjunction with NKGen’s financial statements as of and for the year ended December 31, 2022. The results for the interim periods are not necessarily indicative of results for the full year. Except as described in this Note 2, there have been no material changes to NKGen’s significant accounting policies as described in NKGen’s financial statements as of and for the year ended December 31, 2022. In the opinion of management, all adjustments, of a normal recuring nature, considered necessary for a fair presentation have been included in the condensed financial statements. NKGen believes that the disclosures provided herein are adequate to present the information presented from being misleading.	Basis of Presentation The accompanying financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“ SEC
Use of Estimates	Use of Estimates The preparation of condensed financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the condensed financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates.	Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States.	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States.
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. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximate their fair value. These investments may include money market funds, U.S. Government agencies, corporate debt securities, and commercial paper. The Company has not experienced any losses in such accounts and management believes the Company has no highly liquid investments exposed to credit risk.
Concentrations of Risk		Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations, and/or commercial paper with short maturities. To date, the Company has not experienced any losses associated with this credit risk and continues to believe this exposure is not significant. Cash deposits are insured by the Federal Deposit Insurance Corporations (“ FDIC For the years ended December 31, 2021 and 2022, no customer accounted for over 10% of total revenue. As of December 31, 2021 and 2022, the Company had no trade accounts receivables outstanding and less than $0.1 million in other receivables.
Property and Equipment, net		Property and Equipment, net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Repairs and maintenance costs are charged to expense as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective amounts and any gain or loss is recognized, as applicable, in the accompanying statements of operations.
Capitalized Software, net		Capitalized Software, net Expenditures related to internal use software are capitalized. Such expenditures are amortized over their period of benefit, which are generally three-year period, using the straight-line method.
Impairment of Long-Lived Assets		Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset, or asset group, may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company has not recognized any impairment losses for the years ended December 31, 2021 and 2022.
Fair Value of Financial Instruments		Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures The Company’s financial instruments include cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, convertible promissory notes issued from 2019 through 2022 to investors (“2019 Convertible Notes”), convertible promissory notes due to related parties (“Related Party Convertible Notes”, together with the 2019 Convertible Notes, “Convertible Notes”) and debt due to a related party (“Related Party Loans”). The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective values because of the short-term nature of those instruments. The Company elects to account for its 2019 Convertible Notes and Related Party Convertible Notes, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Subsequent changes in fair value of the Convertible Notes are recorded within other expenses, net on the accompanying statement of operations and comprehensive loss. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans.
Employee Benefit Plan		Employee Benefit Plan Effective January 1, 2019, the Company adopted and maintains a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code, on behalf of its eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. During the years ended December 31, 2021 and 2022, the Company did not contribute to the plan.
Revenue Recognition		Revenue Recognition Historically, the Company recognized revenue in connection with Coronavirus Disease of 2019 (“ COVID-19 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as contract liability until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.
Collaboration Agreement		Collaboration Agreement The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements
Research and Development Expenses		Research and Development Expenses All research and development costs are expensed in the period incurred. Research and development expenses primarily consist of services provided by contract organizations for clinical development, salaries and related expenses for personnel, including stock-based compensation expense, outside service providers, facilities costs, fees paid to consultants and other professional services, license fees, depreciation and supplies used in research and development. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the related goods or services are received. Costs are accrued for research performed over the service periods specified in the contracts and estimates are adjusted, if required, based upon an ongoing review of the level of effort and costs actually incurred.
Leases		Leases The Company accounts for its leases under ASC 842, Leases
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there was no public market for the underlying common stock prior to October 2, 2023. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, and the implied fair values upon a merger transaction, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur.	Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there is no public market for the underlying common stock. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third- party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur.
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 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 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 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. No tax liability has been recognized in the financial statements attributed to uncertain tax positions.
Basic and Diluted Net Loss Per Common Share	Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for each of the six months ended June 30, 2022 and 2023 includes stock options of 1,549,621 and 5,176,366, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time.	Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share, because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the years ended December 31, 2021 and 2022 includes stock options of 1,770,584 and 453,590, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material impact on the Company’s financial statements.	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In October 2021, the FASB issued ASU 2021-07, Compensation — Stock Compensation (Topic 718) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended	12 Months Ended
Property and Equipment, net (Tables)	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment, net
Schedule of Property and Equipment, net	Property and equipment, net consist of the following (in thousands): December 31, June 30, Useful Life 2022 2023 Land — $ 5,025 $ 5,025 Buildings 40 years 8,325 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 4,003 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,211 18,211 Less: Accumulated depreciation (2,690) (3,259) $ 15,521 $ 14,952	December 31, Useful Life 2021 2022 Land — $ 5,025 $ 5,025 Buildings 40 years 8,311 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 3,907 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,101 18,211 Less: Accumulated depreciation (1,534) (2,690) $ 16,567 $ 15,521

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended	12 Months Ended
Additional Balance Sheet Information (Tables)	Jun. 30, 2023	Dec. 31, 2022
Additional Balance Sheet Information
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following (in thousands): December 31, June 30, 2022 2023 Prepaid expenses $ 133 $ 464 Other receivables 67 36 Revolving line of credit issuance fees — 97 Other 4 — Prepaid expenses and other current asset $ 204 $ 597	December 31, 2021 2022 Prepaid expenses $ 172 $ 133 Other receivables 67 67 Other current assets 22 4 Prepaid expenses and other current assets $ 261 $ 204
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (in thousands): December 31, June 30, 2022 2023 Accounts payable $ 975 $ 3,537 Accrued liabilities 1,359 1,064 Employee compensation 291 384 Other 27 37 Accounts payable and accrued expenses $ 2,652 $ 5,022	December 31, 2021 2022 Accounts payable $ 1,687 $ 975 Accrued liabilities 248 1,359 Employee compensation 240 291 Other 27 27 Accounts payable and accrued expenses $ 2,202 $ 2,652

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Schedule of liabilities measured at fair value on a recurring basis	Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264	Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655
Schedule of reconciliation of the Convertible Notes measured at fair value on a recurring basis using significant unobservable inputs	The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264	2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655
Schedule of assumptions were used in determining the fair value of the Convertible notes	December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 %

Commitments and Contingencies_5

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies
Schedule of maturities of the operating lease liability	Maturities of the operating lease liability as of December 31, 2022 are as follows (in thousands): Minimum lease payments 2023 $ 412 Total undiscounted lease payments 412 Less: imputed interest (33) Total operating lease liability $ 379

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended	12 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Schedule of Company's stock option activity	Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2022 453,590 $ 0.56 Granted 5,322,456 2.72 Forfeited (568,175) 2.72 Exercised (31,505) 1.23 Outstanding as of June 30, 2023 5,176,366 $ 2.55	Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2020 2,531,984 $ 0.41 Exercised (467,723) 0.14 Forfeited (293,677) 1.34 Outstanding as of December 31, 2021 1,770,584 $ 0.33 Exercised (1,190,720) 0.14 Forfeited (126,274) 0.86 Outstanding as of December 31, 2022 453,590 $ 0.56
Schedule of stock options outstanding, vested and expected to vest and exercisable	Weighted Average Total Number of Remaining Weighted- Aggregate Stock Contractual Average Intrinsic Value Options Life (Years) Exercise Price (in thousands) Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Outstanding as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Vested and expected to vest as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Exercisable as of June 30, 2023 619,011 7.62 $ 1.31 $ 1,808	Weighted Total Average Weighted- Aggregate Remaining Average Intrinsic Number of Contractual Exercise Value Stock Options Life (Years) Price (in thousands) Outstanding as of December 31, 2021 1,770,584 7.79 $ 0.33 $ 3,674 Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Vested and expected to vest as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Exercisable as of December 31, 2022 357,618 6.94 $ 0.46 $ 807
Schedule of stock-based compensation expense, recognized in the Company's statements of operations	Stock-based compensation expense, recognized in the Company’s condensed statements of operations and comprehensive loss for the 2019 Plan was recorded as follows (in thousands): Six Months Ended June 30, 2022 2023 Research and development $ 23 $ 538 General and administrative 14 1,702 Total stock-based compensation expense $ 37 $ 2,240	Years Ended December 31, 2021 2022 Research and development $ 44 $ 45 General and administrative 49 24 Total stock-based compensation expense $ 93 $ 69

Income Taxes (Tables)_2_3

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Taxes
Schedule of provision for income taxes	Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7
Schedule of reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes	Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7
Schedule of significant components of the Company's deferred income taxes	December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26)
Schedule of the activity related to the Company's unrecognized tax benefits	Years Ended December 31, 2021 2022 Beginning balance $ 156 $ 269 Additions for tax positions related to the current year 113 131 Reductions for tax positions related to prior years — 3 Ending balance $ 269 $ 403

Company Information (Details)

Company Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Company Information
Accumulated deficit	$ (95,347)	$ (79,176)		$ (52,422)
Cash and cash equivalents	$ 1,222	$ 117	$ 357	$ 351

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 segment shares	Jun. 30, 2022 shares	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($) shares
Summary of Significant Accounting Policies
Number of Reportable Segments \| segment	1		1
Trade accounts receivable			$ 0	$ 0
Other receivables			100	$ 100
Income tax penalties and interest accrued			$ 0
Antidilutive securities excluded from computation of earnings per share \| shares	5,176,366	1,549,621
Stock options
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share \| shares			453,590	1,770,584
Capitalized software
Summary of Significant Accounting Policies
Intangible asset, useful life			3 years

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, net
Property and equipment, Gross	$ 18,211	$ 18,211	$ 18,101
Less: Accumulated depreciation	(3,259)	(2,690)	(1,534)
Property and equipment, net	14,952	15,521	16,567
Depreciation expense	600	600	1,100
Gain or loss on disposal of property and equipment		0	0
Land
Property and Equipment, net
Property and equipment, Gross	$ 5,025	$ 5,025	5,025
Buildings
Property and Equipment, net
Property and equipment - Useful Life	40 years	40 years
Property and equipment, Gross	$ 8,325	$ 8,325	8,311
Furniture and fixtures
Property and Equipment, net
Property and equipment - Useful Life	7 years	7 years
Property and equipment, Gross	$ 677	$ 677	677
Lab equipment
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 4,003	$ 4,003	3,907
Leasehold improvements
Property and Equipment, net
Property and equipment, Gross	$ 52	$ 52	52
Office equipment
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 17	$ 17	17
Vehicles
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 112	$ 112	$ 112

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid expenses	$ 464	$ 133	$ 172
Other receivables	36	67	67
Other current assets		4	22
Prepaid expenses and other current asset	597	204	261
Accounts payable and accrued expenses
Accounts payable	3,537	975	1,687
Accrued liabilities	1,064	1,359	248
Employee compensation	384	291	240
Other	37	27	27
Accounts payable and accrued expenses	$ 5,022	$ 2,652	$ 2,202

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Liabilities at fair value	$ 19,264	$ 11,655
2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value	13,751	11,392
Recurring
Fair Value Measurements
Liabilities at fair value		11,655	$ 11,478
Recurring \| 2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value		11,392	11,219
Recurring \| Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		263	259
Level 3
Fair Value Measurements
Liabilities at fair value	19,264	11,655
Level 3 \| 2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value	$ 13,751	11,392
Level 3 \| Recurring
Fair Value Measurements
Liabilities at fair value		11,655	11,478
Level 3 \| Recurring \| 2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value		11,392	11,219
Level 3 \| Recurring \| Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		$ 263	$ 259

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of the Convertible Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Beginning balance	$ 11,655
Change in fair value	2,784
Ending balance	19,264	$ 11,655
2019 Convertible Notes
Fair Value Measurements
Beginning balance	11,392
Change in fair value	2,359
Ending balance	13,751	11,392
Level 3 \| Recurring
Fair Value Measurements
Beginning balance	11,655	11,478	$ 11,335
Change in fair value		177	143
Ending balance		11,655	11,478
Level 3 \| Recurring \| 2019 Convertible Notes
Fair Value Measurements
Beginning balance	11,392	11,219	10,807
Transfer from related party to unrelated party			270
Change in fair value		173	142
Ending balance		11,392	11,219
Level 3 \| Recurring \| Related Party Convertible Notes
Fair Value Measurements
Beginning balance	$ 263	259	528
Transfer from related party to unrelated party			(270)
Change in fair value		4	1
Ending balance		$ 263	$ 259

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions were used in determining the fair value of the Convertible notes (Details)	Jun. 30, 2023 Y	Dec. 31, 2022	Dec. 31, 2021 Y
Probability of conversion
Fair Value Measurements
Measurement input	75		90
Probability of holding until maturity without conversion
Fair Value Measurements
Measurement input	25		10
Remaining term until potential conversion trigger date (years)
Fair Value Measurements
Measurement input	0.17		0.75
Discount yield
Fair Value Measurements
Measurement input	13	20	17

Debt (Details)

Debt (Details) - USD ($) $ in Millions	2 Months Ended	6 Months Ended	12 Months Ended
Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jun. 30, 2023	Dec. 31, 2022
Debt
Threshold minimum aggregate sales price in a qualified financing of Next Round Securities		$ 20
Amount considered for determination of conversion price of debt		300
Maximum
Debt
Amount of investment in notes		10
Maximum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes			$ 5
Discount rate percentage			25%
Minimum
Debt
Amount of investment in notes		$ 5
Minimum \| For an investor that invests up to $1.0 million
Debt
Amount of investment in notes			$ 1
Discount rate percentage			20%
Minimum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes			$ 1
Convertible promissory notes
Debt
Total proceeds	$ 11.1
Interest rate percentage			1.68%
Threshold minimum aggregate sales price in a qualified financing of Next Round Securities			$ 20
Amount considered for determination of conversion price of debt			$ 300

Debt - Paycheck Protection Prog

Debt - Paycheck Protection Program Loan (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt
Interest expense		$ 96	$ 1,054	$ 2,306	$ 1,315
Paycheck Protection Program Loan
Debt
Proceeds from loan	$ 1,100
Interest rate percentage	1%
Interest expense				$ 100	$ 100

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	6 Months Ended		12 Months Ended
Related-Party Transactions (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development	$ 7,648,000	$ 8,538,000	$ 16,746,000	$ 14,672,000
Accounts payable and accrued expenses	5,022,000		2,652,000	2,202,000
NKMAX
Related Party Transaction [Line Items]
Research and development	0	100,000
Purchases of laboratory supplies
Related Party Transaction [Line Items]
Accounts payable and accrued expenses			100,000
Related Party [Member]
Related Party Transaction [Line Items]
Research and development	0	197,000	439,000	209,000
Accounts payable and accrued expenses	0		81,000	0
Related Party [Member] \| Advisory and research services
Related Party Transaction [Line Items]
Research and development			400,000
Accounts payable and accrued expenses			100,000
Related Party [Member] \| Advisory and research services \| Paul Song
Related Party Transaction [Line Items]
Research and development	$ 0	$ 200,000		0
Accounts payable and accrued expenses			100,000
Related Party [Member] \| Advisory and research services \| ATGEN Canada
Related Party Transaction [Line Items]
Research and development			0	200,000
Accounts payable and accrued expenses			0	0
Related Party [Member] \| Purchases of laboratory supplies \| NKMAX
Related Party Transaction [Line Items]
Research and development			100,000	100,000
Accounts payable and accrued expenses			$ 100,000	$ 0

Related-Party Transactions - Re

Related-Party Transactions - Related party loans (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2023
Related Party Transaction [Line Items]
Proceeds from related party loans		$ 5,000,000	$ 12,500,000	$ 23,000,000	$ 20,500,000
Interest expense		96,000	1,054,000	2,306,000	1,315,000
Other current liabilities	$ 55,000	129,000		$ 55,000	1,930,000
Common stock
Related Party Transaction [Line Items]
Number of shares issued upon conversion of related party loans				17,002,230
Related Party [Member]
Related Party Transaction [Line Items]
Interest rate percentage						4.60%
Amount of principal and interest converted into shares	66,100,000
Loan outstanding	0			$ 0	39,000,000
Interest expense		$ 91,000	$ 1,035,000	2,271,000	1,305,000
Other current liabilities	$ 0			0	1,867,000
Related Party [Member] \| Common stock
Related Party Transaction [Line Items]
Number of shares issued upon conversion of related party loans	17,002,230
Related Party [Member] \| Multiple Loan Agreements with NKMAX [Member]
Related Party Transaction [Line Items]
Proceeds from related party loans				$ 23,000,000	$ 20,500,000
Interest rate percentage	4.60%			4.60%

Related-Party Transactions - Co

Related-Party Transactions - Convertible promissory notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Convertible promissory notes outstanding		$ 11,392	$ 11,219
Related Party [Member]
Related Party Transaction [Line Items]
Convertible promissory notes outstanding	$ 307	263	259
Related Party [Member] \| Convertible promissory notes
Related Party Transaction [Line Items]
Amount of investment in notes		500
Convertible promissory notes outstanding	$ 400	$ 400	$ 300

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Commitments and Contingencies
Operating lease right-of-use assets	$ 362	$ 802	$ 177
Accumulated amortization	700	300	900
Operating lease liability	379	800
Operating lease liability, current	$ 379	458	$ 189
Operating lease liability, noncurrent		$ 360
Weighted-average remaining lease term	1 year	1 year 8 months 12 days	1 year
Weighted-average estimated incremental borrowing rate	5.90%	5.50%	6%
Operating cost	$ 300	$ 300
Fixed cost	200	200
Variable cost	$ 100	$ 100

Commitments and Contingencies_6

Commitments and Contingencies - Maturities of the operating lease liability (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies
2023		$ 412
Total undiscounted lease payments	$ 200	412
Less: imputed interest		(33)
Total operating lease liability		$ 379	$ 800

Commitments and Contingencies_7

Commitments and Contingencies - License Agreements and Litigation (Details) - USD ($)	1 Months Ended			12 Months Ended
	Aug. 31, 2023	Apr. 30, 2023	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Mar. 31, 2023	Dec. 31, 2021
Commitments and Contingencies
Upfront fee	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Accrued litigation liability				$ 0		$ 0	$ 0
US
Commitments and Contingencies
Milestone payments					$ 5,000,000
European Union
Commitments and Contingencies
Milestone payments					4,000,000
Four additional countries
Commitments and Contingencies
Milestone payments					$ 1,000,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Common stock, shares authorized	60,000,000	60,000,000	20,000,000
Common stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued	32,606,548	32,575,043	14,382,093
Common stock, shares outstanding	32,606,548	32,575,043	14,382,093
Common stock, shares reserved for future issuance	27,393,452	27,424,957	5,617,907

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details)	6 Months Ended	12 Months Ended
Stockholders' Equity - Equity Incentive Plans (Details)	Jun. 30, 2023 installment shares	Dec. 31, 2022 installment shares	Dec. 31, 2021 shares	Feb. 28, 2023 shares
2019 Equity Incentive Plan
Number of shares authorized under the plan		2,780,000		2,780,000
Number of options issued under the 2019 Plan	5,322,456	0	0
Number of shares remained available for future issuance under the plan	1,843,238	653,597
Term of the stock options		10 years
Vesting period		4 years
Vesting percentage	25%	25%
Number of equal monthly instalments for vesting \| installment	36	36
Expiration term of the vested options if not exercised	3 months	3 months
Expected dividend yield percentage	0%	0%
Minimum
2019 Equity Incentive Plan
Number of shares authorized under the plan	2,780,000
Term of the stock options	10 years
Minimum \| Board members
2019 Equity Incentive Plan
Vesting period	3 years	3 years
Maximum
2019 Equity Incentive Plan
Number of shares authorized under the plan	8,723,922
Maximum \| Board members
2019 Equity Incentive Plan
Vesting period	4 years	4 years

Stockholders' Equity - Equity_2

Stockholders' Equity - Equity Incentive Plans - Summary of the Company's stock option activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options Outstanding
Beginning balance	453,590	1,770,584	2,531,984
Exercised	(31,505)	(1,190,720)	(467,723)
Forfeited	(568,175)	(126,274)	(293,677)
Ending balance	5,176,366	453,590	1,770,584
Weighted Average Exercise Price
Beginning balance	$ 0.56	$ 0.33	$ 0.41
Exercised	1.23	0.14	0.14
Forfeited	2.72	0.86	1.34
Ending balance	$ 2.55	$ 0.56	$ 0.33
Granted	5,322,456	0	0

Stockholders' Equity - Equity_3

Stockholders' Equity - Equity Incentive Plans - Stock options outstanding, vested and expected to vest and exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options Outstanding
Beginning balance	453,590	1,770,584	2,531,984
Ending balance	5,176,366	453,590	1,770,584
Vested and expected to vest as of the ending date	5,176,366	453,590
Exercisable as of the ending date	619,011	357,618
Weighted Average Remaining Contractual Life (Years)
Weighted Average Remaining Contractual Life (Years)	9 years 4 months 6 days	6 years 11 months 23 days	7 years 9 months 14 days
Vested and expected to vest as of the ending date	9 years 4 months 6 days	6 years 11 months 23 days
Exercisable as of the ending date	7 years 7 months 13 days	6 years 11 months 8 days
Weighted Average Exercise Price
Beginning balance	$ 2.55	$ 0.56	$ 0.33	$ 0.41
Ending balance	2.55	0.56	$ 0.33
Vested and expected to vest as of the ending date	2.55	0.56
Exercisable as of the ending date	$ 1.31	$ 0.46
Beginning balance	$ 980	$ 3,674
Ending balance	8,728	980	$ 3,674
Vested and expected to vest as of the ending date	8,728	980
Exercisable as of the ending date	1,808	807
Aggregate intrinsic value of stock options exercised	100	3,100	100
Aggregate fair value of stock options vested	$ 800	$ 600	$ 300

Stockholders' Equity - Equity_4

Stockholders' Equity - Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense
Total unrecognized stock-based compensation related to unvested stock option awards granted	$ 14,800		$ 100
Period for recognition of unrecognized stock-based compensation related to unvested stock option awards granted	3 years 6 months		1 year 1 month 6 days
Total stock-based compensation expense	$ 2,240	$ 37	$ 69	$ 93
Research and development
Stock-based compensation expense
Total stock-based compensation expense	538	23	45	44
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 1,702	$ 14	$ 24	$ 49

Collaboration Agreement (Detail

Collaboration Agreement (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
Collaboration Agreement (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaboration Agreement
Total reductions to research and development expenses	$ 0.1	$ 0.2	$ 0.4

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred:
Federal	$ 7	$ 5
Provision for income taxes	$ 7	$ 5

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Tax benefit at statutory federal rate	$ (5,618)	$ (4,885)
State tax, net of federal tax benefit	(1,694)	(1,500)
Interest expense	477	274
Increase in valuation allowance	7,908	6,993
Permanent items	37	30
General business tax credit	(1,098)	(923)
Other	(5)	16
Provision for income taxes	$ 7	$ 5

Income Taxes - Significant comp

Income Taxes - Significant components of the Company's deferred income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 17,890	$ 14,380
Tax credit carryforwards, net	3,285	2,191
Accrued expenses	347	52
Section 174 R&E capitalization	2,847
Lease liability	106	229
Stock-based compensation	20	15
Total deferred tax assets	24,495	16,867
Deferred tax liabilities:
Operating lease right-of-use asset	(101)	(224)
Property and equipment	(595)	(745)
Total deferred tax liabilities	(696)	(969)
Net deferred tax assets	23,799	15,898
Less: Valuation allowance	(23,825)	(15,917)
Net deferred tax liability	(26)	(19)
Increase in valuation allowance	$ 7,900	$ 7,000

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards and Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Federal
Income Taxes
Net operating loss carryforwards	$ 61.3
Research and development tax credit carryforward	2.2
State
Income Taxes
Net operating loss carryforwards	71.6
Research and development tax credit carryforward	$ 1.8

Income Taxes - Uncertain Tax Be

Income Taxes - Uncertain Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Uncertain Tax Benefits
Beginning balance	$ 269	$ 156
Additions for tax positions related to the current year	131	113
Reductions for tax positions related to prior years	3
Ending balance	$ 403	$ 269

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions

1 Months Ended

2 Months Ended

4 Months Ended

6 Months Ended

12 Months Ended

Sep. 29, 2023

May 19, 2023

Apr. 14, 2023

Sep. 30, 2023

Apr. 30, 2023

Sep. 30, 2023

May 15, 2023

Dec. 31, 2019

May 15, 2023

Apr. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Feb. 28, 2023

Subsequent Events

Aggregate number of shares reserved for issuance under the 2019 Plan

2,780,000

Number of options issued under the 2019 Plan

5,322,456

Exercise price of options issued under the 2019 Plan

$ 2.72

Shares remaining available for issuance under the 2019 Plan

1,843,238

653,597

Common stock, par value per share

$ 0.001

Threshold minimum aggregate sales price in a qualified financing of Next Round Securities

$ 20

Amount considered for determination of conversion price of debt

$ 300

Minimum

Subsequent Events

Aggregate number of shares reserved for issuance under the 2019 Plan

2,780,000

Amount of investment in notes

$ 5

Maximum

Subsequent Events

Aggregate number of shares reserved for issuance under the 2019 Plan

8,723,922

Amount of investment in notes

$ 10

Related party

Subsequent Events

Interest rate percentage

4.60%

Convertible Notes

Subsequent Events

Total proceeds

$ 11.1

Interest rate percentage

1.68%

Threshold minimum aggregate sales price in a qualified financing of Next Round Securities

$ 20

Amount considered for determination of conversion price of debt

300

Convertible Notes | Related party

Subsequent Events

Amount of investment in notes

$ 0.5

NKGen Biotech, Inc.

Subsequent Events

Common stock, par value per share

$ 0.0001

New NKGen

Subsequent Events

Exchange ratio, Amount considered for numerator

$ 145

New NKGen | NKGen Biotech, Inc.

Subsequent Events

Share price

$ 10

Subsequent Events

Aggregate number of shares reserved for issuance under the 2019 Plan

8,723,922

Number of options issued under the 2019 Plan

5,322,456

Exercise price of options issued under the 2019 Plan

$ 2.72

Shares remaining available for issuance under the 2019 Plan

1,770,389

Total proceeds

$ 10.2

Interest rate percentage

Debt instrument term

2 years 6 months

Subsequent Events | 2023 Convertible Notes

Subsequent Events

Total proceeds

$ 0.8

$ 1.4

$ 4.1

Interest rate percentage

4.55%

Threshold minimum aggregate sales price in a qualified financing of Next Round Securities

$ 20

Amount considered for determination of conversion price of debt

$ 300

Debt instrument term

30 days

3 years

Number of shares considered for determination of conversion price

Subsequent Events | 2023 Convertible Notes | For an investor that invests up to $5.0 million

Subsequent Events

Discount rate percentage

15%

Subsequent Events | 2023 Convertible Notes | For an investor that invests up to $5.0 million | Maximum

Subsequent Events

Amount of investment in notes

$ 5

Subsequent Events | 2023 Convertible Notes | For an investor that invests more than $5.0 million and less than $10.0 million

Subsequent Events

Discount rate percentage

20%

Subsequent Events | 2023 Convertible Notes | For an investor that invests more than $5.0 million and less than $10.0 million | Minimum

Subsequent Events

Amount of investment in notes

$ 5

Subsequent Events | 2023 Convertible Notes | For an investor that invests more than $10.0 million

Subsequent Events

Discount rate percentage

25%

Subsequent Events | 2023 Convertible Notes | For an investor that invests more than $10.0 million | Maximum

Subsequent Events

Amount of investment in notes

$ 10

Subsequent Events | 2023 Convertible Notes | Related party

Subsequent Events

Total proceeds

$ 0.1

Subsequent Events | Convertible Notes

Subsequent Events

Number of shares considered for determination of conversion price

Subsequent Events | New NKGen | NKGen Biotech, Inc.

Subsequent Events

Common stock, par value per share

$ 0.0001

Share price

$ 10

Exchange ratio, Amount considered for numerator

$ 145

Subsequent Events | 2023 NKMAX Loans

Subsequent Events

Aggregate gross proceeds

$ 5

Interest rate percentage

4.60%

Subsequent Events (unaudited) (

Subsequent Events (unaudited) (Details) - USD ($)

1 Months Ended

2 Months Ended

6 Months Ended

12 Months Ended

Sep. 29, 2023

Aug. 10, 2023

May 19, 2023

Sep. 30, 2023

Jul. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

May 15, 2023

Dec. 31, 2023

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Subsequent Events

Issuance fees

$ 97,000

Amount of draw executed

3,831,000

Proceeds from note payable to related party

5,000,000

$ 12,500,000

$ 23,000,000

$ 20,500,000

Subsequent Events

Total proceeds

$ 10,200,000

Debt instrument term

2 years 6 months

Interest rate percentage

Percentage of fully diluted common stock

Percentage of fair value common stock

85%

Warrants to purchase common stock shares

10,209,994

Exercise price of warrants

$ 1

Warrants exercisable term

5 years

Proceeds from issuance of warrants

$ 10,200,000

Conversion price

$ 10

Issuance of common stock to Sponsor (in shares)

200,000

Stock Issued During Period Shares New Issues Considerations Shares

80,000

Issuance of common stock to Sponsor

$ 32,900,000

Conversion of Incremental shares

Subsequent Events | Incremental shares

Subsequent Events

Issuance of common stock to Sponsor (in shares)

314,889

Subsequent Events | Structuring shares

Subsequent Events

Issuance of common stock to Sponsor (in shares)

3,168,121

Subsequent Events | Minimum

Subsequent Events

Exercise price of warrants

$ 1.50

Class of warrants rights exercisable

1.50

Subsequent Events | Warrants exercisable price at 10.00

Subsequent Events

Class of warrants rights exercisable

Subsequent Events | Warrants exercisable price at 12.50

Subsequent Events

Exercise price of warrants

12.50

Class of warrants rights exercisable

12.50

Subsequent Events | Warrants exercisable price at 15.00

Subsequent Events

Exercise price of warrants

Class of warrants rights exercisable

$ 15

Subsequent Events | 2023 Convertible Notes

Subsequent Events

Total proceeds

$ 800,000

$ 1,400,000

$ 4,100,000

Debt instrument term

30 days

3 years

Interest rate percentage

4.55%

Proceeds from note payable to related party

$ 300,000

Debt instrument interest rate

5.12%

Subsequent Events | 2027 Convertible Notes

Subsequent Events

Debt instrument term

4 years

Interest rate percentage

Warrants to purchase common stock shares

1,000,000

Exercise price of warrants

$ 11.50

Proceeds from issuance of warrants

$ 10,000,000

Interest rate percentage in kind

Conversion price

$ 10

Subsequent Events | Revolving Line of Credit

Subsequent Events

Maximum borrowing capacity

$ 15,000,000

$ 1,100,000

$ 5,000,000

$ 1,100,000

$ 5,000,000

Debt instrument term

1 year

Description of Variable Rate Basis

P1M

Variable rate percentage

2.85%

Interest rate percentage

7.50%

Issuance fees

$ 100,000

Restricted cash balance to be maintained

300,000

$ 300,000

Amount of draw executed

$ 1,100,000

$ 3,800,000

Repayments of draw

$ 0

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS	Jun. 30, 2023 USD ($)
Current assets:
Cash and cash equivalents	$ 1,222,000
Restricted cash	250,000
Prepaid expenses and other current assets	597,000
Total current assets	2,069,000
Deferred transaction costs	3,814,000
Property and equipment, net	14,952,000
Operating lease right-of-use assets, net	177,000
Capitalized software, net	93,000
Total assets	21,105,000
Current liabilities:
Accounts payable and accrued expenses (including related party amounts of $81 and zero as of December 31, 2022 and June 30, 2023, respectively)	5,022,000
Operating lease liability	189,000
Other current liabilities (including related party amounts of zero and $91, as of December 31, 2022 and June 30, 2023, respectively)	129,000
Revolving line of credit	3,831,000
Total current liabilities	23,229,000
Related party loans	5,000,000
Deferred tax liability	26,000
Total liabilities	33,461,000
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):
Common stock, $0.001 par value; 60,000,000 authorized shares as of each of December 31, 2022 and June 30, 2023; 32,575,043 and 32,606,548 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	33,000
Additional paid-in capital	82,958,000
Accumulated deficit	(95,347,000)
Total stockholders' equity (deficit)	(12,356,000)
Total liabilities and stockholders' equity (deficit)	21,105,000
Nonrelated parties
Current liabilities:
Convertible promissory notes, current	13,751,000
Convertible promissory notes, noncurrent, due to related parties	5,071,000
Related parties
Current liabilities:
Accounts payable and accrued expenses (including related party amounts of $81 and zero as of December 31, 2022 and June 30, 2023, respectively)	0
Convertible promissory notes, current	307,000
Convertible promissory notes, noncurrent, due to related parties	$ 135,000

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts payable and accrued expenses	$ 5,022	$ 2,652
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	32,606,548	32,575,043
Common stock, shares outstanding	32,606,548	32,575,043
Related party
Accounts payable and accrued expenses	$ 0	$ 81
Other current liabilities	$ 91	$ 0

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues		$ 74
Costs and expenses:
Cost of revenues		3
Research and development (including related party amounts of $197 and zero for the and six months ended June 30, 2022 and 2023, respectively)	$ 7,648	8,538
General and administrative	5,761	3,625
Total expenses	13,409	12,166
Loss from operations	(13,409)	(12,092)
Other income (expenses):
Interest expense (including related party amounts of $1,035 and $91 for the six months ended June 30, 2022 and 2023, respectively)	(96)	(1,054)
Change in fair value of convertible promissory notes	(2,784)	(15)
Other income, net	118	48
Net loss before provision for income taxes	(16,171)	(13,113)
Net loss and comprehensive loss	$ (16,171)	$ (13,113)
Weighted-average common shares outstanding, basic	32,603,130	14,445,193
Weighted-average common shares outstanding, diluted	32,603,130	14,445,193
Net loss per share, basic	$ (0.50)	$ (0.91)
Net loss per share, diluted	$ (0.50)	$ (0.91)

CONDENSED STATEMENTS OF OPERA_2

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Research and development	$ 7,648	$ 8,538	$ 16,746	$ 14,672
Interest expense	96	1,054	2,306	1,315
Related party
Research and development	0	197	439	209
Interest expense	$ 91	$ 1,035	$ 2,271	$ 1,305

CONDENSED STATEMENTS OF COMMON

CONDENSED STATEMENTS OF COMMON STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 14	$ 14,200	$ (29,157)	$ (14,943)
Beginning balance (in shares) at Dec. 31, 2020	13,914,370
Exercise of common stock options		63		$ 63
Exercise of common stock options (in shares)	467,723			467,723
Stock-based compensation		93		$ 93
Net loss			(23,265)	(23,265)
Ending balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Ending balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Ending balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Ending balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Beginning balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Beginning balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Exercise of common stock options		12		$ 12
Exercise of common stock options (in shares)	92,391
Stock-based compensation		37		37
Net loss			(13,113)	(13,113)
Ending balance at Jun. 30, 2022	$ 14	14,405	(65,535)	(51,116)
Ending balance (in shares) at Jun. 30, 2022	14,474,484
Beginning balance at Dec. 31, 2021	$ 14	14,356	(52,422)	$ (38,052)
Beginning balance (in shares) at Dec. 31, 2021	14,382,093			14,382,093
Issuance of common stock upon conversion of related party loans	$ 17	66,122		$ 66,139
Issuance of common stock upon conversion of related party loans (in shares)	17,002,230
Exercise of common stock options	$ 2	159		$ 161
Exercise of common stock options (in shares)	1,190,720			1,190,720
Stock-based compensation		69		$ 69
Net loss			(26,754)	(26,754)
Ending balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Ending balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Ending balance at Jun. 30, 2022	$ 14	14,405	(65,535)	$ (51,116)
Ending balance (in shares) at Jun. 30, 2022	14,474,484
Beginning balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Beginning balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Beginning balance at Dec. 31, 2022	$ 33	80,706	(79,176)	$ 1,563
Beginning balance (in shares) at Dec. 31, 2022	32,575,043			32,575,043
Exercise of common stock options		12		$ 12
Exercise of common stock options (in shares)	31,505			31,505
Stock-based compensation		2,240		$ 2,240
Net loss			(16,171)	(16,171)
Ending balance at Jun. 30, 2023	$ 33	82,958	(95,347)	$ (12,356)
Ending balance (in shares) at Jun. 30, 2023	32,606,548			32,606,548
Ending balance at Jun. 30, 2023	$ 33	$ 82,958	$ (95,347)	$ (12,356)
Ending balance (in shares) at Jun. 30, 2023	32,606,548			32,606,548

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net loss	$ (16,171)	$ (13,113)	$ (26,754)	$ (23,265)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	603	608	1,210	1,128
Stock-based compensation	2,240	37	69	93
Noncash lease expense	185	221	440	116
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties	2,784	15	177	143
Related party noncash interest expense	91	1,035	2,271	1,305
Changes in operating assets and liabilities:
Accounts receivable	29		(29)	111
Prepaid expenses and other current assets	(296)	(141)	57	(48)
Accounts payable and accrued expenses	298	(143)	443	959
Operating lease liabilities	(190)	(217)	(437)	(116)
Other, net	(17)	(10)	(4)	26
Net cash used in operating activities	(10,444)	(11,708)	(22,557)	(19,548)
Investing activities
Purchases of property and equipment		(96)	(101)	(403)
Purchases of capitalized software	(30)	(27)	(62)	(56)
Net cash used in investing activities	(30)	(123)	(163)	(459)
Financing activities
Proceeds from exercise of common stock options	12	12	161	63
Proceeds from related party loans	5,000	12,500	23,000	20,500
Proceeds from issuance of convertible promissory notes and convertible promissory notes due to related parties	4,825
Proceeds from draws on revolving line of credit	3,831
Payment of debt issuance costs on revolving line of credit	(97)
Repayments on paycheck protection loan		(675)	(675)	(404)
Payment of deferred transaction costs	(1,742)
Net cash provided by financing activities	11,829	11,837	22,486	20,159
Net increase in cash, cash equivalents, and restricted cash	1,355	6	(234)	152
Cash, cash equivalents, and restricted cash at the beginning of period	117	351	351	199
Cash, cash equivalents, and restricted cash at the end of period	1,472	357	117	351
Cash and cash equivalents	1,222	357	117	351
Restricted cash	250		0
Total cash, cash equivalents, and restricted cash	1,472	357	117	351
Supplemental disclosure of noncash investing and financing activities
Deferred transaction costs included in accounts payable and accrued expenses	$ 2,072
Capitalized software costs included in accounts payable and accrued expenses		$ 8
Related party loans and interest payable converted into common stock			66,139
Operating lease right-of use asset obtained in exchange for lease liability				738
Property and equipment included in accounts payable and accrued expenses			$ 8	$ 98

Company Information_2

Company Information	6 Months Ended	12 Months Ended
Company Information	Jun. 30, 2023	Dec. 31, 2022
Company Information
Company Information	1. Company Information NKGen Biotech, Inc. (“Company”, “NKGen”, “we”, “us”, or “our”), a Delaware corporation headquartered in Santa Ana, California, is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic and CAR-NK natural killer cell therapies utilizing their proprietary SNK (Super-Natural-Killer) platform. The Company is majority owned and controlled by NKMAX Co., Ltd. (“NKMAX”), a company formed under the laws of the Republic of Korea. Business Combination On April 14, 2023, the Company entered into the Agreement and Plan of Merger by and among Graf Acquisition Corp. IV (“Graf”), Austria Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Graf (“Merger Sub”), and the Company (as it may be amended and/or restated from time to time, the “Merger Agreement”). Upon consummation of the transactions under the Merger Agreement on September 29, 2023 (the “Business Combination”), Merger Sub merged with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Graf (the “Merger”). In connection with the consummation of the Business Combination (the “Closing”), Graf was renamed to “NKGen Biotech, Inc.” and the Company changed its name to “NKGen Operating Biotech, Inc.” References below to “New NKGen” denote Graf as the post-Business Combination entity. In accordance with the terms and subject to the conditions set forth in the Merger Agreement, Graf paid to equity holders of the Company (other than holders of unvested NKGen options to purchase shares of common stock of NKGen as of immediately prior to the effective time of the Merger (the “Effective Time”) aggregate consideration (the “Merger Consideration”) of a number of shares of newly issued common stock, par value $0.0001 per share, of New NKGen Common Stock, valued at $10.00 per share, equal to the product of the number of outstanding shares of common stock of the Company at the Closing, multiplied by the Exchange Ratio. The “Exchange Ratio” is equal to the quotient of (A) the sum of (i) $145.0 million plus (ii) the aggregate amount of principal and accrued interest underlying convertible promissory notes of NKGen that are converted into shares of the Company common stock as of immediately prior to the Effective Time of the Merger, divided by (B) $10.00, divided by (C) the number of fully diluted common stock of the Company immediately prior to the Effective Time. Prior to the Closing, each convertible note was converted into shares of NKGen common stock pursuant to its terms as of immediately prior to the Effective Time. Liquidity The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ ASC Presentation of Financial Statements — Going Concern The Company has a limited operating history, has incurred significant operating losses since its inception, and the revenue and income potential of the Company’s business and market are unproven. The preparation of these condensed financial statements does not include any adjustments that may result from the outcome of this uncertainty. The Company’s condensed financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of June 30, 2023, the Company had an accumulated deficit of $95.3 million and cash and cash equivalents of $1.2 million. To date, the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of debt to related parties, draws upon a revolving line of credit, and proceeds from the Business Combination. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional near-term financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. Management has prepared cash flow forecasts which indicate that based on the Company’s expected operating losses and negative cash flows, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of these condensed financial statements. The Company plans to continue to fund its losses from operations and capital funding needs through additional debt or equity financings to be received from related parties, private equity, or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, suspend or curtail planned programs, or may be forced to cease operations or file for bankruptcy protection. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company.	1. Company Information NKGen Biotech, Inc. (“Company”, “NKGen”, “we”, “us”, or “our”), a Delaware corporation headquartered in Santa Ana, California, is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic and CAR-NK natural killer cell therapies utilizing their proprietary SNK (Super-Natural-Killer) platform. The Company is majority owned and controlled by NKMax Co., Ltd. (“NKMAX”), a company located in South Korea. Liquidity The Company follows Financial Accounting Standards Board (“ FASB ASC Presentation of Financial Statements — Going Concern The Company has a limited operating history, has incurred significant operating losses since its inception, and the revenue and income potential of the Company’s business and market are unproven. The preparation of these financial statements does not include any adjustments that may result from the outcome of this uncertainty. The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of December 31, 2022, the Company had an accumulated deficit of $79.2 million and cash and cash equivalents of $0.1 million. To date, the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes and the issuance of debt to a related party. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional near-term financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. Management has prepared cash flow forecasts which indicate that based on the Company’s expected operating losses and negative cash flows, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of these financial statements. The Company plans to continue to fund its losses from operations and capital funding needs through additional debt or equity financings to be received from related parties, private equity, or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, suspend or curtail planned programs, or may be forced to cease operations or file for bankruptcy protection. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be on terms acceptable to the Company.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”). The Company maintains its accounting records under the accrual method of accounting in conformity with US GAAP. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these condensed financial statements and accompanying footnotes should be read in conjunction with NKGen’s financial statements as of and for the year ended December 31, 2022. The results for the interim periods are not necessarily indicative of results for the full year. Except as described in this Note 2, there have been no material changes to NKGen’s significant accounting policies as described in NKGen’s financial statements as of and for the year ended December 31, 2022. In the opinion of management, all adjustments, of a normal recuring nature, considered necessary for a fair presentation have been included in the condensed financial statements. NKGen believes that the disclosures provided herein are adequate to present the information presented from being misleading. Use of Estimates The preparation of condensed financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the condensed financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States. Deferred Transaction Costs The Company capitalizes deferred transaction costs, which primarily consist of incremental legal fees, accounting fees and other fees directly attributable to the anticipated Business Combination. The deferred transaction costs are anticipated to be reclassified to additional paid-in capital upon closing. No deferred transaction costs were recorded as of December 31, 2022. As of June 30, 2023, $3.8 million of deferred transaction costs were capitalized in connection with the Business Combination on the condensed balance sheets. Restricted Cash Restricted cash consists of funds that are contractually restricted due to a revolving line of credit, which was entered into during June 2023. In accordance with the terms of the revolving line of credit, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings. No restricted cash balances were recorded as of December 31, 2022. As of June 30, 2023, $0.3 million in restricted cash was recorded on the condensed balance sheet. The Company includes its restricted bank deposits in cash, cash equivalents and restricted cash when reconciling beginning-of-period and end-of-period total amounts shown on the condensed statement of cash flows for the six months ended June 30, 2023. Deferred Debt Issuance Costs Costs incurred through the issuance of the revolving line of credit to parties who are providing short-term financing availability are reflected as deferred debt issuance costs. These costs are generally amortized to interest expense over the life of the financing instrument using the effective interest rate method or other methods approximating the effective interest method. No deferred debt issuance costs were recorded as of December 31, 2022. As of June 30, 2023, $0.1 million in deferred debt issuance costs were recorded to prepaid expenses and other current assets on the condensed balance sheet. Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there was no public market for the underlying common stock prior to October 2, 2023. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, and the implied fair values upon a merger transaction, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for each of the six months ended June 30, 2022 and 2023 includes stock options of 1,549,621 and 5,176,366, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material impact on the Company’s financial statements.	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“ SEC Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States. 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. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximate their fair value. These investments may include money market funds, U.S. Government agencies, corporate debt securities, and commercial paper. The Company has not experienced any losses in such accounts and management believes the Company has no highly liquid investments exposed to credit risk. Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations, and/or commercial paper with short maturities. To date, the Company has not experienced any losses associated with this credit risk and continues to believe this exposure is not significant. Cash deposits are insured by the Federal Deposit Insurance Corporations (“ FDIC For the years ended December 31, 2021 and 2022, no customer accounted for over 10% of total revenue. As of December 31, 2021 and 2022, the Company had no trade accounts receivables outstanding and less than $0.1 million in other receivables. Property and Equipment, net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Repairs and maintenance costs are charged to expense as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective amounts and any gain or loss is recognized, as applicable, in the accompanying statements of operations. Capitalized Software, net Expenditures related to internal use software are capitalized. Such expenditures are amortized over their period of benefit, which are generally three-year period, using the straight-line method. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset, or asset group, may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company has not recognized any impairment losses for the years ended December 31, 2021 and 2022. Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures The Company’s financial instruments include cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, convertible promissory notes issued from 2019 through 2022 to investors (“2019 Convertible Notes”), convertible promissory notes due to related parties (“Related Party Convertible Notes”, together with the 2019 Convertible Notes, “Convertible Notes”) and debt due to a related party (“Related Party Loans”). The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective values because of the short-term nature of those instruments. The Company elects to account for its 2019 Convertible Notes and Related Party Convertible Notes, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Subsequent changes in fair value of the Convertible Notes are recorded within other expenses, net on the accompanying statement of operations and comprehensive loss. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans. Employee Benefit Plan Effective January 1, 2019, the Company adopted and maintains a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code, on behalf of its eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. During the years ended December 31, 2021 and 2022, the Company did not contribute to the plan. Revenue Recognition Historically, the Company recognized revenue in connection with Coronavirus Disease of 2019 (“ COVID-19 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as contract liability until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract. Collaboration Agreement The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements Research and Development Expenses All research and development costs are expensed in the period incurred. Research and development expenses primarily consist of services provided by contract organizations for clinical development, salaries and related expenses for personnel, including stock-based compensation expense, outside service providers, facilities costs, fees paid to consultants and other professional services, license fees, depreciation and supplies used in research and development. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the related goods or services are received. Costs are accrued for research performed over the service periods specified in the contracts and estimates are adjusted, if required, based upon an ongoing review of the level of effort and costs actually incurred. Leases The Company accounts for its leases under ASC 842, Leases Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there is no public market for the underlying common stock. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third- party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. 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 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 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 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. No tax liability has been recognized in the financial statements attributed to uncertain tax positions. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share, because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the years ended December 31, 2021 and 2022 includes stock options of 1,770,584 and 453,590, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In October 2021, the FASB issued ASU 2021-07, Compensation — Stock Compensation (Topic 718) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property and Equipment, net_2

Property and Equipment, net	6 Months Ended	12 Months Ended
Property and Equipment, net	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment, net
Property and Equipment, net	3. Property and Equipment, net Property and equipment, net consist of the following (in thousands): December 31, June 30, Useful Life 2022 2023 Land — $ 5,025 $ 5,025 Buildings 40 years 8,325 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 4,003 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,211 18,211 Less: Accumulated depreciation (2,690) (3,259) $ 15,521 $ 14,952 Depreciation expense related to property and equipment was $0.6 million for each of the six months ended June 30, 2022 and 2023.	3. Property and Equipment, net Property and equipment, net consist of the following (in thousands) as of December 31: December 31, Useful Life 2021 2022 Land — $ 5,025 $ 5,025 Buildings 40 years 8,311 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 3,907 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,101 18,211 Less: Accumulated depreciation (1,534) (2,690) $ 16,567 $ 15,521 Depreciation expense related to property and equipment was $1.1 million and $1.2

Additional Balance Sheet Info_4

Additional Balance Sheet Information	6 Months Ended	12 Months Ended
Additional Balance Sheet Information	Jun. 30, 2023	Dec. 31, 2022
Additional Balance Sheet Information
Additional Balance Sheet Information	4. Additional Balance Sheet Information Prepaid expenses and other current assets consist of the following (in thousands): December 31, June 30, 2022 2023 Prepaid expenses $ 133 $ 464 Other receivables 67 36 Revolving line of credit issuance fees — 97 Other 4 — Prepaid expenses and other current asset $ 204 $ 597 Accounts payable and accrued expenses consist of the following (in thousands): December 31, June 30, 2022 2023 Accounts payable $ 975 $ 3,537 Accrued liabilities 1,359 1,064 Employee compensation 291 384 Other 27 37 Accounts payable and accrued expenses $ 2,652 $ 5,022	4. Additional Balance Sheet Information Prepaid expenses and other current assets consist of the following (in thousands) as of December 31: December 31, 2021 2022 Prepaid expenses $ 172 $ 133 Other receivables 67 67 Other current assets 22 4 Prepaid expenses and other current assets $ 261 $ 204 Accounts payable and accrued expenses consists of the following (in thousands) as of December 31: December 31, 2021 2022 Accounts payable $ 1,687 $ 975 Accrued liabilities 248 1,359 Employee compensation 240 291 Other 27 27 Accounts payable and accrued expenses $ 2,202 $ 2,652

Fair Value Measurements_2

Fair Value Measurements	6 Months Ended	12 Months Ended
Fair Value Measurements	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements The Company elects to account for its convertible promissory notes issued from November through December 2019 to investors (“2019 Convertible Notes”) and related parties (“2019 Related Party Convertible Notes”), convertible promissory notes issued during 2023 to investors (“2023 Convertible Notes”) and to related parties (“2023 Related Party Convertible Notes), collectively referred to as “Convertible Notes”, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans (as defined in Note 6) approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans, which are due within three years or less from issuance. The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264 For the six months ended June 30, 2022, the Company recognized less than $0.1 million of expense associated with the change in fair value for each of the 2019 The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264 The Company determines the carrying amount of the Convertible Notes using a scenario-based analysis that estimates the fair value of the Convertible Notes based on the probability-weighted present value of expected future investment returns by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes as of: December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	5. Fair Value Measurements The Company accounts for the fair value of its financial instruments under the framework established by US GAAP which defines fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s management used the following methods and assumptions to estimate the fair value of its financial instruments: Level 1 — Quoted prices in active markets for identical assets or liabilities the Company has the ability to access at the measurement date. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 — Pricing inputs that are unobservable, supported by little or no market activity and are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial assets and financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company does not measure assets at fair value on a recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 The following table presents a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655 The Company determines the carrying amount of the Convertible Notes by measuring the fair value of similar debt instruments that do not have the conversion feature. If no similar debt instrument exists, fair value is estimated by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the Convertible Notes requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt, and the associated non-cash interest expense. The following assumptions were used in determining the fair value of the Convertible notes: As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.

Debt_2

Debt	6 Months Ended	12 Months Ended
Debt	Jun. 30, 2023	Dec. 31, 2022
Debt
Debt	6. Debt Convertible promissory notes From November through December 2019, the Company issued the 2019 Convertible Notes and the 2019 Related Party Convertible Notes for total proceeds of $10.8 million and $0.3 million, respectively, which each bear interest at 1.68% per year. From March 2023 In the event the Company consummates, while the Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million, excluding any and all indebtedness under the Convertible Notes that is converted into Company equity securities sold in a qualified financing (“Next Round Securities”), and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing $300.0 million by the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to (a) with respect to the 2019 Convertible Notes and the 2019 Related Party Convertible Notes, for an investor that invests up to $1.0 million in 2019 Convertible Notes or the 2019 Related Party Convertible Notes: 20%, and for an investor that invests more than $1.0 million and less than $5.0 million in 2019 Convertible Notes or the 2019 Related Party Convertible Notes: 25% or (b) with respect to the 2023 Convertible Notes and the 2023 Related Party Convertible Notes, for an investor that invests up to $5.0 million in 2023 Convertible Notes or the 2023 Related Party Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in 2023 Convertible Notes or 2023 Related Party Convertible Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes or 2023 Related Party Convertible Notes: 25%. There are no financial or non-financial covenants associated with the Convertible Notes. The principal amounts of the 2019 Convertible Notes and 2019 Related Party Convertible Notes were due on demand as of December 31, 2022. In April 2023, the Company (i) modified the 2019 Convertible Notes and 2019 Related Party Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share of common stock in the definitive agreement(s) relating to such transaction, multiplied by (b) the discount figure applicable to a qualified financing as set forth above. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. All outstanding balances under the revolving line of credit are due and payable on June 20, 2024. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. Following completion of the Business Combination, NKGen will be required to maintain deposits with the lender in an amount of at least $15.0 million at all times until June 20, 2024. As of June 30, 2023, the interest rate for the revolving line of credit is 7.94%. In June 2023, the Company drew down $3.8 million upon the revolving line of credit. Interest expense of less than $0.1 million was incurred upon the revolving line of credit for the six months ended June 30, 2023. No interest expense was incurred for the revolving line of credit during the six months ended June 30, 2022. As of June 30, 2023, less than $0.1 million in accrued interest was recognized for the revolving line of credit, which is classified to other current liabilities within the condensed balance sheet as of June 30, 2023. No repayments of draws upon the revolving line of credit occurred through June 30, 2023.	6. Debt Convertible promissory notes From November through December 2019, the Company issued the 2019 Convertible Notes and the Related Party Convertible Notes for total proceeds of $11.1 million. The Convertible Notes bear interest at 1.68% per year and in the event the Company consummates, while the Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million, excluding any and all indebtedness under the Convertible Notes that is converted into Company equity securities sold in a qualified financing (“Next Round Securities”), and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing $300.0 million by the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $1.0 million in Convertible Notes: 20%, and for an investor that invests more than $1.0 million and less than $5.0 million in Convertible Notes: 25%. There are no financial or non-financial covenants associated with the Convertible Notes. The principal amounts of the Convertible Notes are due on demand as of December 31, 2022. Paycheck Protection Program Loan In May 2020, the Company received loan proceeds of $1.1 million pursuant to the Paycheck Protection Program (“PPP”). The PPP, established as part of the CARES Act, provides loans for small businesses to cover qualified payroll costs, rent, utilities, and interest on mortgage and other debt obligations. The loan has an interest rate of 1%. The loan was paid off in May 2022. The Company recorded interest expense of less than $0.1 million and $0.1 million related to the PPP loan to interest expense in the Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2022, respectively.

Related-Party Transactions_2

Related-Party Transactions	6 Months Ended	12 Months Ended
Related-Party Transactions	Jun. 30, 2023	Dec. 31, 2022
Related-Party Transactions
Related-Party Transactions	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the six months ended June 30, 2022 and 2023, $0.2 million and zero, respectively, in research and development expenses related to these advisory services were recorded. As of December 31, 2022, amounts payable of less than $0.1 million relating to advisory and research services from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to advisory and research services from related parties. Purchases of laboratory supplies For the six months ended June 30, 2022 and 2023, the Company recorded research and development expenses totaling less than $0.1 million and zero, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2022, amounts payable of $0.1 million relating to the purchase of laboratory supplies from related parties remained outstanding, which were recorded to accounts payable and accrued expenses on the condensed balance sheet. As of June 30, 2023, no amounts payable remained outstanding relating to the purchase of laboratory supplies from related parties. Related Party Loans Between August 2019 and December 2022, the Company entered into related party loans with NKMAX (“Related Party Loans”). In December 2022, the aggregate outstanding Related Party Loans’ principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which was recognized as a capital contribution within the condensed statement of common stock and stockholders’ equity (deficit) for the year ended December 31, 2022. From January through April 2023, the Company entered into additional Related Party Loans with NKMAX for aggregate gross proceeds of $5.0 million. These additional Related Party Loans bear an interest rate of 4.6% and mature on December 31, 2024. There are no financial or non-financial covenants associated with the Related Party Loans. The Related Party Loans are not convertible into equity, including upon the consummation of the Business Combination. In connection with the Related Party Loans, interest expenses incurred $1.0 million and $0.1 million for the six months ended June 30, 2022 and 2023, respectively. Related party interest payable amounts recorded to other current liabilities on the condensed balance sheets were zero and $0.1 million as of December 31, 2022 and June 30, 2023, respectively. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 through May 2023, relatives of one of the Company’s directors invested in Convertible Notes. As of each of December 31, 2022 and June 30, 2023, the principal amount and related fair value of Convertible Notes held by relatives of a director of the Company were each $0.4 million.	7. Related-Party Transactions Advisory and research services The Company was provided professional clinical program advisory services from Paul Song, prior to his hiring as Chief Executive Officer in December 2022. For the year ended December 31, 2021, no research and development expenses related to these advisory services were provided or recorded. For the year ended December 31, 2022, the Company recorded $0.4 million of research and development expenses related to these advisory services. As of December 31, 2022, amounts payable of less than $0.1 million remained outstanding and recorded within accounts payable and accrued expenses on the balance sheet. The Company receives scientific research consulting services from ATGEN Canada, a sister company under common ownership. For the year ended December 31, 2021, the Company recorded $0.2 million of research and development expenses for services provided by ATGEN Canada. For the year ended December 31, 2022, no research and development expenses related to these services were provided or recorded. As of December 31, 2021 and 2022, there were no outstanding amounts payable relating to these professional research services. Purchases of laboratory supplies For the years ended December 31, 2021 and 2022, the Company recorded research and development expenses totaling $0.1 million and $0.1 million, respectively, associated with the purchase of laboratory supplies from NKMAX. As of December 31, 2021 and December 31, 2022, there was zero and less than $0.1 million outstanding payables, respectively, relating to the purchase of laboratory supplies, which is recorded within accounts payable and accrued expenses on the balance sheets. Related party loans Between August 2019 and December 2022, the Company entered into multiple loan agreements with NKMAX under which the total proceeds received from related parties during the years ended December 31, 2021 and 2022 were $20.5 million and $23.0 million, respectively. The loans carry an interest rate of 4.6%. There are no financial or non-financial covenants associated with the debt. In December 2022, the aggregate outstanding related party loan principal and interest of $66.1 million was converted into 17,002,230 shares of common stock which has been recognized as a capital contribution within the statements of common stock and stockholders’ equity (deficit). No related party loan amounts were outstanding as of December 31, 2022. Interest expenses incurred were $1.3 million and $2.3 million for the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 and 2022, interest payable amounts owed to related parties was $1.9 million and zero, respectively, which is recorded in other current liabilities on the balance sheets. Convertible promissory notes due to related parties In connection with the issuance of certain Convertible Notes from November 2019 to December 2019, relatives of one of the Company’s directors invested in convertible promissory notes totaling $0.5 million. As of December 31, 2021, the principal amount and the fair value of Related Party Convertible Notes held by relatives of a director of the Company were $0.3 million. As of December 31, 2022, the principal amount and related fair value of the Related Party Convertible Notes held by relatives of a director of the Company were $0.3

Commitments and Contingencies_8

Commitments and Contingencies	6 Months Ended	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Leases As of June 30, 2023, the Company recorded an aggregate right of use asset of $1.1 million with an accumulated amortization of $0.9 million in the condensed balance sheet as operating lease right-of-use asset, net, and an aggregate lease liability of $0.2 million in the condensed balance sheet as operating lease liability, current. As of June 30, 2023, the weighted-average remaining lease term was less than one year, and the weighted-average estimated incremental borrowing rate was 6.00%. As of June 30, 2023, total undiscounted lease payments were $0.2 million, which are committed to be made during 2023. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, the Company is also required to pay one-time milestone payments for the first receipt of regulatory approval by the Company or any of its affiliates for a Licensed Product in the following jurisdictions (and amounts): the United States ($5.0 million), the European Union (“EU”) ($4.0 million), and four other countries ($1.0 million each). The Company is obligated to pay a mid-single digit royalty on net sales of Licensed Products by it, its affiliates or its sublicensees, subject to customary reductions. The Company is also required to pay a percentage of its sublicensing revenue ranging from a low double-digit percentage to a midsingle digit percentage. As of June 30, 2023, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2022 and June 30, 2023.	8. Commitments and Contingencies Leases As of December 31, 2021, the Company recorded an aggregate ROU asset of $0.8 million with an aggregate accumulated amortization of $0.3 million in the balance sheet as operating lease right-of-use assets, net, and an aggregate lease liability of $0.8 million in the balance sheet as operating lease liability, of which $0.5 million was classified as current and $0.4 million was classified as noncurrent. As of December 31, 2021, the weighted-average remaining lease term is 1.7 years and the weighted-average estimated incremental borrowing rate is 5.5%. As of December 31, 2022, the Company recorded an aggregate ROU asset of $1.1 Maturities of the operating lease liability as of December 31, 2022 are as follows (in thousands): Minimum lease payments 2023 $ 412 Total undiscounted lease payments 412 Less: imputed interest (33) Total operating lease liability $ 379 As of December 31, 2021, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. As of December 31, 2022, the Company incurred operating cost of $0.3 million, of which $0.2 million was attributable as fixed cost and less than $0.1 million was attributable as variable cost. License Agreements The Company has entered into exclusive license agreements with NKMAX, as amended in October 2021, April 2023 and August 2023 (“Intercompany License”), pursuant to which the Company acquired certain intellectual property. Pursuant to each license agreement, as consideration for an exclusive license to the intellectual property, the Company paid an upfront fee of $1.0 million (“Licensed Technology”). As the license has no alternative future use, the Company recognized the upfront fee as research and development expense in the statement of operations during the year ended December 31, 2020. Additionally, under each agreement, the Company shall make milestone payments to NKMAX after the first receipt of Regulatory Approval of a licensed product (“Licensed Product”) in the applicable country by the Company or any of its affiliates of $5.0 million in United States of America, $4.0 million in the European Union (“EU”) and $1.0 million in any country other than United States of America or the EU for up to four additional countries. The Company shall also pay a mid-single digit fee on the net sales of Licensed Products, the manufacture, use or sale of which are claimed by or use any Licensed Technology. As of December 31, 2022, the Company has not paid any milestone payments and no sales of Licensed Products have occurred. Litigation The Company is subject to legal proceedings and claims, which arise in the ordinary course of business. The Company is not subject to any currently pending legal matters or claims that would have a material adverse effect on its accompanying financial position, results of operations or cash flows. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. No amounts were accrued as of December 31, 2021 and 2022.

Stockholders' Equity_2

Stockholders' Equity	6 Months Ended	12 Months Ended
Stockholders' Equity	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	9. Stockholders’ Equity Common Stock As of June 30, 2023, the Company had authorized 60,000,000 shares of common stock, par value $0.001 per share. As of June 30, 2023, 32,606,548 shares of common stock were issued and outstanding, and 27,393,452 shares of common stock were reserved for future issuance. Equity Incentive Plans The Company’s 2019 Plan (“2019 Plan”) became effective on October 23, 2019. The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock unit awards and performance share awards to employees, directors, and consultants of the Company. As of June 30, 2023, the Company has only issued stock options. In February 2023, the Company amended its 2019 Equity Incentive Plan to increase the aggregate number of shares of Common Stock reserved for future issuance from 2,780,000 shares to 8,723,922 shares. As of June 30, 2023, the Company had issued 6,880,684 stock options under the 2019 Plan, and a total of 1,843,238 shares remained available for future issuance under the 2019 Plan. Stock options granted under the 2019 Plan expire no later than ten years from the date of grant and generally vest over a four-year period, with vesting occurring at a rate of 25% at the end of the first and thereafter in 36 equal monthly installments, or in the case of awards granted to board members, on a monthly basis over three four years The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company estimated expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is zero since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. A summary of the Company’s stock option activity for the six months ended June 30, 2023 is as follows: Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2022 453,590 $ 0.56 Granted 5,322,456 2.72 Forfeited (568,175) 2.72 Exercised (31,505) 1.23 Outstanding as of June 30, 2023 5,176,366 $ 2.55 The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the six months ended June 30, 2023 were as follows: Common stock fair value $ 3.75 Risk-free interest rate 3.53 % Expected volatility 111.00 % Expected term (in years) 6.08 Expected dividend yield 0.00 % Stock options outstanding, vested and expected to vest and exercisable as of June 30, 2023 are as follows: Weighted Average Total Number of Remaining Weighted- Aggregate Stock Contractual Average Intrinsic Value Options Life (Years) Exercise Price (in thousands) Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Outstanding as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Vested and expected to vest as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Exercisable as of June 30, 2023 619,011 7.62 $ 1.31 $ 1,808 Intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the related measurement date. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2023 was $0.1 million. The aggregate fair value of stock options vested during the six months ended June 30, 2023 was $0.8 million. As of June 30, 2023, the total unrecognized stock-based compensation related to unvested stock option awards granted was $14.8 million, which the Company expects to recognize over a remaining weighted- average period of approximately 3.5 years. Stock-based compensation expense, recognized in the Company’s condensed statements of operations and comprehensive loss for the 2019 Plan was recorded as follows (in thousands): Six Months Ended June 30, 2022 2023 Research and development $ 23 $ 538 General and administrative 14 1,702 Total stock-based compensation expense $ 37 $ 2,240	9. Stockholders’ Equity Common Stock As of December 31, 2021, the Company had authorized 20,000,000 shares of common stock, par value $0.001 per share. In December 2022, the Company increased the number of authorized shares of common stock, par value $0.001 per share, to 60,000,000. As of December 31, 2021 and 2022, the Company has authorized 20,000,000 and 60,000,000 shares of common stock, par value $0.001 per share, respectively. As of December 31, 2021 and 2022, 14,382,093 and 32,575,043 shares of common stock were issued outstanding Equity Incentive Plans The Company’s 2019 Plan (“2019 Plan”) became effective on October 23, 2019. The 2019 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock unit awards and performance share awards to employees, directors, and consultants of the Company. As of December 31, 2022, the Company has only issued stock options. The 2019 Plan authorized up to 2,780,000 shares to be issued under the plan as of December 31, 2022. As of December 31, 2022, the Company had issued 2,126,403 Stock options granted under the 2019 Plan expire no later than ten years from the date of grant and generally vest over a four-year period, with vesting occurring at a rate of 25% at the end of the first and thereafter in 36 equal monthly installments, or in the case of awards granted to board members, on a monthly basis over three The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company estimated expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is zero since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. A summary of the Company’s stock option activity for the years ended December 31, 2021 and 2022 is as follows: Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2020 2,531,984 $ 0.41 Exercised (467,723) 0.14 Forfeited (293,677) 1.34 Outstanding as of December 31, 2021 1,770,584 $ 0.33 Exercised (1,190,720) 0.14 Forfeited (126,274) 0.86 Outstanding as of December 31, 2022 453,590 $ 0.56 There were no stock options granted during the years ended December 31, 2021 and 2022. Stock options outstanding, vested and expected to vest and exercisable as of December 31, 2021 and 2022 are as follows: Weighted Total Average Weighted- Aggregate Remaining Average Intrinsic Number of Contractual Exercise Value Stock Options Life (Years) Price (in thousands) Outstanding as of December 31, 2021 1,770,584 7.79 $ 0.33 $ 3,674 Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Vested and expected to vest as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Exercisable as of December 31, 2022 357,618 6.94 $ 0.46 $ 807 Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021 and 2022 was $0.1 million and $3.1 million, respectively. The aggregate fair value of stock options vested during the years ended December 31, 2021 and 2022 was $0.3 million and $0.6 million, respectively. As of December 31, 2022, the total unrecognized stock-based compensation related to unvested stock option awards granted was $0.1 million, which the Company expects to recognize over a remaining weighted-average period of approximately 1.1 years. Stock-based compensation expense, recognized in the Company’s statements of operations for the 2019 Plan was recorded as follows for the years ended December 31, 2021 and 2022 (in thousands): Years Ended December 31, 2021 2022 Research and development $ 44 $ 45 General and administrative 49 24 Total stock-based compensation expense $ 93 $ 69

Collaboration Agreement_2

Collaboration Agreement	6 Months Ended	12 Months Ended
Collaboration Agreement	Jun. 30, 2023	Dec. 31, 2022
Collaboration Agreement
Collaboration Agreement	10. Collaboration Agreement On September 17, 2020, the Company entered into a strategic collaboration with Affimed GmbH (“Affimed”) to initiate a Phase 1/2 trial of SNK01 in combination with AFM24, a tetravalent biologic created by Affimed designed to direct NK cell killing of epidermal growth factor receptor (“ EGFR The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023.	10. Collaboration Agreement On September 17, 2020, the Company entered into a strategic collaboration with Affimed GmbH (“Affimed”) to initiate a Phase 1/2 trial of SNK01 in combination with AFM24, a tetravalent biologic created by Affimed designed to direct NK cell killing of epidermal growth factor receptor (“EGFR”) expressing tumors. Under the collaboration agreement, the Company and Affimed split the development costs of the combination product equally. Total reductions to research and development expenses for each of the years ended December 31, 2021 and 2022 were $0.4 million.

Income Taxes_2_3

Income Taxes	6 Months Ended	12 Months Ended
Income Taxes	Jun. 30, 2023	Dec. 31, 2022
Income Taxes
Income Taxes	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The Company’s effective tax rate is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. Each quarter, an estimate of the annual effective tax rate is updated should we revise our forecast of earnings based upon our operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is made. The Company’s effective tax rate was 0% for each of the six months ended June 30, 2022 and 2023. The difference between the effective tax rate of 0% and the U.S. federal statutory rate of 21% for each of the six months ended June 30, 2022 and 2023 was primarily due to changes in deferred tax balances, partially offset by valuation allowances. As of June 30, 2023, we determined that, based on an evaluation of our history of net losses and all available evidence, both positive and negative, including our latest forecasts and cumulative losses in recent years, it was more likely than not that none or substantially none of our deferred tax assets would be realized and, therefore, we continued to record a valuation allowance.	11. Income Taxes The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is not subject to taxation in foreign countries. The provision for income taxes for the years ended December 31, 2021 and 2022 are as follows (in thousands): Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7 A reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes is as follows (in thousands): Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7 Significant components of the Company’s deferred income taxes are as follows (in thousands): December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26) Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the deferred tax assets have been offset by a valuation allowance net of reversing deferred tax liabilities that provided for a source of future taxable income. The valuation allowance increased by approximately $7.0 million and $7.9 million for the years ended December 31, 2021 and 2022, respectively. The Company has net operating loss carryforwards for federal and state income tax purposes of approximately $61.3 million and $71.6 million, respectively, as of December 31, 2022. Under the Tax Act and Jobs Act of 2017, the $61.3 million of federal net operating losses generated after December 31, 2017 will be carried forward indefinitely. The California net operating loss carryforwards will begin to expire in 2037 unless previously utilized. As of December 31, 2022, the Company also had federal and California research and development tax credit carryforward of approximately $2.2 million and $1.8 million, respectively. The federal research and development credit carryforwards will begin to expire in 2038. The California research and development credit carryforwards are available indefinitely. Federal and California tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Sections 382 and 383. The Company has not completed a formal study to determine the limitations on their tax attributes due to change in ownership and may have limitations on the utilization of net operating loss carryforwards, credit carryforwards, or other tax attributes due to ownership changes. The Inflation Reduction Act of 2022 (“IRA”) which incorporates a Corporate Alternative Minimum Tax (CAMT) was signed on August 16, 2022. The changes will be effective for the tax years beginning after December 31, 2022. The new tax law will require companies to compute two separate calculations for federal income tax purposes and pay the greater of the new minimum tax or their regular tax liability. The IRA is not expected to have a material impact for the Company. Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on March 27, 2020, net operating losses (“NOLs”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the tax year of such loss. Moreover, under the Tax Act as modified by the CARES Act, federal NOLs of the Company’s corporate subsidiaries generated in tax years ending after December 31, 2017 may be carried forward indefinitely, but the deductibility of federal NOLs, particularly for tax years beginning on or after January 1, 2021, may be limited. The Company is currently assessing the impact the CARES Act will have on the Company’s financial statements. Uncertain Tax Benefits No liability related to uncertain tax positions is recorded on the financial statements. The following table summarizes the activity related to the Company’s unrecognized tax benefits for the year ended December 31 (in thousands): Years Ended December 31, 2021 2022 Beginning balance $ 156 $ 269 Additions for tax positions related to the current year 113 131 Reductions for tax positions related to prior years — 3 Ending balance $ 269 $ 403 The reversal of uncertain tax benefits would not affect the effective tax rate to the extent that the Company continues to maintain a valuation allowance against its deferred tax assets. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. Income tax returns are filed in the United States and California. The Company is not currently under audit by the Internal Revenue Service and the State of California. The years 2019 and forward remain open to examination for federal income tax purposes and the years 2018 and forward for California income tax to which the Company is subject. Due to net operating loss carryforwards, all years effectively remain open to income tax examination by the domestic taxing jurisdictions in which the Company files tax returns. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. For the years ended December 31, 2021 and 2022 the Company has not recognized any interest or penalties related to income tax in the Company’s statements of operations.

Subsequent Events_2_3_4

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2023	Dec. 31, 2022
Subsequent Events
Subsequent Events	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for recognition purposes through September 21, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the June 30, 2023 unaudited condensed balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Revolving Line of Credit From July 1 2023 through September 21, 2023, NKGen executed additional draws of $1.1 million upon the revolving line of credit described in Note 6 of the unaudited condensed financial statements as of and for the six months ended June 30, 2023. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws upon the revolving line of credit occurred from July 1, 2023 through October 19, 2023. Convertible Notes In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Business Combination The Business Combination was consummated on September 29, 2023. In connection with the Closing, Graf changed its name to “NKGen Biotech, Inc.” and NKGen changed its name to “NKGen Operating Biotech, Inc.” The Common Stock and warrants of New NKGen began trading on The Nasdaq Stock Market LLC under the symbols “NKGN” and “NKGNW”, respectively, on October 2, 2023. Contemporaneously with the execution of the Merger Agreement, Graf and NKGen entered into an amended and restated sponsor support and lockup agreement (“Amended and Restated Sponsor Support and Lockup Agreement”). In connection with the Amended and Restated Sponsor Support and Lockup Agreement, of the 4,290,375 shares of Graf held by Graf’s sponsor and insiders (“Founder Shares”): (i) 1,773,631 shares were forfeited, (ii) 1,173,631 shares became restricted shares subject to vesting conditions (“Deferred Founder Shares”), and (iii) the remaining 1,343,113 shares were not forfeited, did not become restricted, nor subject to vesting conditions. Deferred Founder Shares do not have voting rights, do not participate in dividends and are not transferrable. During the vesting period of five years from Closing (“Vesting Period”), if the trading price or price per share consideration upon a change in control for Common Stock is greater than or equal to $14.00 at any 20 trading days in a 30 consecutive trading-day period, then 873,631 Deferred Founder Shares will immediately vest; and if greater than or equal to $20.00 at any 20 trading days in a 30 consecutive trading-day period, then an additional 300,000 Deferred Founder Shares will immediately vest. In the event there is a sale of New NKGen, then immediately prior to the consummation of such sale, the calculated Acquiror Sale Price, as defined in the agreement, will take into account the number of Deferred Founder Shares that will vest upon a change in control. Upon the expiration of the Vesting Period, unvested Founder Shares will be forfeited and cancelled for no consideration. Employee Stock Purchase Plan Upon consummation of the Business Combination, New NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of New NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of New NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. New NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of New NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four-year term and an interest rate of 5.0% paid in cash semi-annually or 8.0% paid in kind (“2027 Convertible Notes”). The 2027 Convertible Notes have a conversion price of $10.00 per share of common stock (subject to anti-dilution adjustments in the event of stock splits and the like), and a put option commencing 2.5 Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Commented Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.	12. Subsequent Events The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for recognition purposes through May 15, 2023, the date when the financial statements were available. The Company has evaluated all events or transactions that occurred after the December 31, 2022 balance sheet date for disclosure purposes through October 19, 2023 to determine if they must be disclosed. Amendment to the 2019 Plan and Stock Option Grants In February 2023, the Company amended its 2019 Plan to increase the aggregate number of shares of Common Stock reserved from 2,780,000 shares to 8,723,922 shares. From January 1, 2023 through May 15, 2023, the Company issued a total of 5,322,456 options to purchase common stock at an exercise price of $2.72 per share. Immediately following the issuance, a total of 1,770,389 shares remained available for future issuance under the 2019 Plan. 2023 NKMAX Loans From January through April 2023, NKGen entered into additional loan agreements with NKMAX for aggregate gross proceeds of $5.0 million. The terms of the loans included a 4.6% interest rate and a maturity date of December 31, 2024. Business Combination On April 14, 2023, the board of directors of Graf Acquisition Corp. IV, a Delaware corporation (“Graf,”), unanimously approved the Agreement and Plan of Merger, dated April 14, 2023, by and among Graf, Austria Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Graf (“Merger Sub”), and the Company (as it may be amended and/or restated from time to time, the “Merger Agreement”). If the Merger Agreement is adopted by Graf’s stockholders and the transactions under the Merger Agreement are consummated (the “Business Combination”), Merger Sub will merge with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Graf (the “Merger”). In connection with the consummation of the Business Combination (the “Closing” and the date of the Closing, the “Closing Date”), Graf will be renamed “NKGen Biotech, Inc.” and the Company will change its name to “NKGen Operating Biotech, Inc.” References below to “New NKGen” denote Graf as the post-Business Combination entity. In accordance with the terms and subject to the conditions set forth in the Merger Agreement, Graf has agreed to pay to equity holders of the Company (other than holders of unvested NKGen options to purchase shares of common stock of NKGen (“NKGen options”) as of immediately prior to the effective time of the Merger (the “Effective Time”) aggregate consideration (the “Merger Consideration”) of a number of shares of newly issued common stock, par value $0.0001 per share, of New NKGen (“Common Stock”), valued at $10.00 per share, equal to the product of the number of outstanding shares of common stock of the Company (“NKGen common stock”) at the Closing, multiplied by the Exchange Ratio. The “Exchange Ratio” is equal to the quotient of (A) the sum of (i) $145.0 million plus (ii) the aggregate amount of principal and accrued interest underlying convertible promissory notes of NKGen (“NKGen Convertible Notes”) that are converted into shares of the Company common stock as of immediately prior to the effective time of the Merger (the “Effective Time”), divided by (B) $10.00, divided by (C) the number of Fully Diluted common stock of the Company (as defined below) immediately prior to the Effective Time. Prior to the Closing, the Company will use its commercially reasonable efforts to cause each convertible note to be converted into shares of NKGen common stock pursuant to its terms as of immediately prior to the Effective Time. Additionally, at the Effective Time, each outstanding and unexercised stock option of the Company will be cancelled and converted into an option to acquire Common Stock (“New NKGen Options”), provided that: (i) each such New NKGen Option shall be exercisable for that number of shares of Common Stock equal to the product (rounded down to the nearest whole number) of (A) the number of shares of NKGen common stock subject to such NKGen Option immediately prior the Effective Time multiplied by (B) the Exchange Ratio, and (ii) the per share exercise price for each share of Common Stock issuable upon exercise of the New NKGen Option shall be equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of each NKGen Option immediately prior to the Effective Time by (B) the Exchange Ratio. 2023 Convertible Notes From March through May 15, 2023, the Company issued convertible promissory notes to investors for total proceeds of $4.1 million, of which $0.1 million was issued to a related party (the “2023 Convertible Notes”). The 2023 Convertible Notes bear interest at 4.55% per year and in the event the Company consummates, while the 2023 Convertible Notes are outstanding, an equity financing pursuant to which it sells shares of its equity securities, with an aggregate sales price of not less than $20.0 million in a qualified financing of Next Round Securities, excluding any and all indebtedness under the 2023 Convertible Notes that is converted into Next Round Securities, and with the principal purpose of raising capital, then all principal, together with all unpaid accrued interest under the 2023 Convertible Notes, shall automatically convert into shares of Next Round Securities at the lesser of (i) the price obtained by dividing (A) $300.0 million by (B) the number of outstanding shares of common stock of the Company immediately prior to the qualified financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the 2023 Convertible Notes or other indebtedness) and (ii) a discount to the cash price per share paid by the other purchasers of Next Round Securities in the qualified financing equal to for an investor that invests up to $5.0 million in the 2023 Convertible Notes: 15%, and for an investor that invests more than $5.0 million and less than $10.0 million in Notes: 20%, and for an investor that invests more than $10.0 million in 2023 Convertible Notes: 25%. The maturity dates of the 2023 Convertible Notes are three years from the respective issuance dates. Modification to the Convertible Notes In April 2023, the Company (i) modified the Convertible Notes to extend the maturity date to December 31, 2023 and (ii) modified the Convertible Notes and the 2023 Convertible Notes to provide that upon the closing of a transaction such as the Business Combination, the Convertible Notes and 2023 Convertible Notes will, immediately prior to the closing of such transaction, convert into the Company’s common stock at a conversion price equal to (a) the value ascribed to the consideration to be paid in respect of one share Amendment to NKMAX License In April 2023, the Company and NKMAX executed an amendment to the Intercompany License to expand the scope of Licensed Products initially limited to cancer treatment to any field of use. 13. Subsequent Events (unaudited) Business Combination On September 29, 2023, the Business Combination closed. Additional 2023 Convertible Notes On May 19, 2023, the Company issued additional 2023 Convertible Notes for total proceeds of $0.8 million with the same terms as set forth above for the 2023 Convertible Notes issued from March through May 15, 2023. In August and September 2023, NKGen issued additional convertible notes of $1.4 million to investors. The terms of the additional convertible notes issued in August and September 2023 are consistent with those set forth for the 2023 Convertible Notes in Note 6. Revolving Line of Credit In June 2023, the Company entered into a $5.0 million revolving line of credit agreement with a commercial bank with a one-year term and an interest rate based on the higher of (i) the one month secured overnight financing rate plus 2.85% or (ii) 7.50%. Issuance fees of $0.1 million were incurred in connection with this revolving line of credit. The revolving line of credit is secured by all of the Company’s assets, including a deed of trust over the Company’s owned real property located in Santa Ana, California. Additionally, the Company is required to maintain a restricted cash balance of $0.3 million following the issuance. In June 2023, the Company executed a draw of $3.8 million on this revolving line of credit. In July 2023, the Company executed an additional draw of $1.1 million upon the revolving line of credit. On September 19, 2023, the minimum deposit requirement under the revolving line of credit was modified such that NKGen will be required to maintain the $15.0 million minimum deposits beginning as of December 31, 2023. No repayments of draws occurred through October 19, 2023. Collaboration Agreement The study associated with the strategic collaboration with Affimed was discontinued by mutual agreement in June 2023. Amendment to NKMAX License In August 2023, the Company and NKMAX executed an amendment to the Intercompany License to clarify that the Company shall not be responsible for certain fees or costs previously paid or incurred by NKMAX. Short Term Related Party Loan In September 2023, NKGen raised $0.3 million in proceeds in connection with a related party loan with a 30-day term and an interest rate of 5.12%. This related party loan is not convertible into equity. This loan was repaid on October 5, 2023. Employee Stock Purchase Plan Upon consummation of the Business Combination, NKGen adopted an employee stock purchase plan (“ESPP”). The maximum number of shares of NKGen common stock that may be issued under the ESPP is 3% of the fully diluted common stock of NKGen, determined as of immediately following Closing. Such maximum number of shares is subject to automatic annual increases. NKGen employees and the employees of any designated affiliates may participate in the ESPP. The purchase price of the ESPP shares is 85% of the lesser of the fair market value of NKGen common stock on the first day of an offering or on the applicable date of purchase. Warrant Subscription Agreements The Company entered into warrant subscription agreements (the “Warrant Subscription Agreements”) that closed on September 29, 2023, for total proceeds of $10.2 million with certain investors (the “Warrant Investors”), pursuant to which the Investors agreed to purchase an aggregate of 10,209,994 warrants, at a purchase price of $1.00 per warrant (the “Subscribed Warrants”). The Subscribed Warrants are exercisable for cash (or by “cashless” exercise under certain circumstances) during the five Securities Purchase Agreement On September 29, 2023 NKGen received $10.0 million in connection with the issuance of the 2027 Convertible notes which have a four Forward Purchase Agreements, Subscription Agreements, and Side Letter On September 22, 2023, September 26, 2023, and September 29, 2023, the Company entered into private agreements (“Private Placement Agreements”) with investors (“FPA Investors” or “Sellers”) consisting of Forward Purchase Agreements, Subscription Agreements, and a Side Letter. Concurrently with the Closing of the Business Combination, the FPA Investors purchased 3,168,121 shares of common stock (“Subscribed Shares”) in exchange for a subscription receivable of $32.9 million (“Prepayment Amount”), which was placed into an escrow account for the benefit of the FPA Investors (“Escrow Account”). The terms of the Private Placement Agreements provide that following a one-year period after the Closing (“Measurement Period”), subject to early termination and settlement at the election of the FPA Investors, the funds placed into the Escrow Account will be released to the Company, the FPA Investors, or a combination of both, based on a combination of factors, including the number of shares sold by the FPA Investors during the Measurement Period, the volume weighted average price of the Company’s common stock over a specified valuation period, and the application of antidilution provisions. In addition to the Subscribed Shares, the FPA Investors received an aggregate 314,889 share consideration shares (“Share Consideration Shares”), consisting of (i) the award of 200,000 Share Consideration Shares to Meteora Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, (ii) the award of 34,889 Share Consideration Shares to Sandia Entities (as defined below) which were public shares redeemed and reversed by Graf Stockholders, and (iii) the issuance of 80,000 Share Consideration Shares, which are new shares of common stock issued in connection with the Closing, each for no cash consideration. In addition, the Meteora Entities received 200,000 structuring shares, pursuant to a side letter, (“Structuring Shares”, collectively with the Share Consideration Shares, “Incremental Shares”), which were also public shares of Graf common stock previously held by Graf Stockholders. These Incremental Shares are not subject to an escrow arrangement. The Incremental Shares were converted into shares of NKGen common stock on a one-for-one basis at Closing. Accordingly, such shares have the same voting as well as dividend and liquidation participation rights as other shares of NKGen common stock.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”). The Company maintains its accounting records under the accrual method of accounting in conformity with US GAAP. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these condensed financial statements and accompanying footnotes should be read in conjunction with NKGen’s financial statements as of and for the year ended December 31, 2022. The results for the interim periods are not necessarily indicative of results for the full year. Except as described in this Note 2, there have been no material changes to NKGen’s significant accounting policies as described in NKGen’s financial statements as of and for the year ended December 31, 2022. In the opinion of management, all adjustments, of a normal recuring nature, considered necessary for a fair presentation have been included in the condensed financial statements. NKGen believes that the disclosures provided herein are adequate to present the information presented from being misleading.	Basis of Presentation The accompanying financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“ SEC
Use of Estimates	Use of Estimates The preparation of condensed financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the condensed financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates.	Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that impact the reported amounts of certain assets and liabilities, certain disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s financial statements include, but are not limited to, accrued research and development expenses, convertible promissory notes, convertible promissory notes due to related parties, the valuation of common stock and equity awards. These estimates and assumptions are based upon historical experience, knowledge of current events, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States.	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on an enterprise-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. Additionally, the Company generates all of its revenues, and maintains all of its long-lived assets within the United States.
Deferred Transaction Costs	Deferred Transaction Costs The Company capitalizes deferred transaction costs, which primarily consist of incremental legal fees, accounting fees and other fees directly attributable to the anticipated Business Combination. The deferred transaction costs are anticipated to be reclassified to additional paid-in capital upon closing. No deferred transaction costs were recorded as of December 31, 2022. As of June 30, 2023, $3.8 million of deferred transaction costs were capitalized in connection with the Business Combination on the condensed balance sheets.
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. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximate their fair value. These investments may include money market funds, U.S. Government agencies, corporate debt securities, and commercial paper. The Company has not experienced any losses in such accounts and management believes the Company has no highly liquid investments exposed to credit risk.
Restricted Cash	Restricted Cash Restricted cash consists of funds that are contractually restricted due to a revolving line of credit, which was entered into during June 2023. In accordance with the terms of the revolving line of credit, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings. No restricted cash balances were recorded as of December 31, 2022. As of June 30, 2023, $0.3 million in restricted cash was recorded on the condensed balance sheet. The Company includes its restricted bank deposits in cash, cash equivalents and restricted cash when reconciling beginning-of-period and end-of-period total amounts shown on the condensed statement of cash flows for the six months ended June 30, 2023.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Costs incurred through the issuance of the revolving line of credit to parties who are providing short-term financing availability are reflected as deferred debt issuance costs. These costs are generally amortized to interest expense over the life of the financing instrument using the effective interest rate method or other methods approximating the effective interest method. No deferred debt issuance costs were recorded as of December 31, 2022. As of June 30, 2023, $0.1 million in deferred debt issuance costs were recorded to prepaid expenses and other current assets on the condensed balance sheet.
Concentrations of Risk		Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations, and/or commercial paper with short maturities. To date, the Company has not experienced any losses associated with this credit risk and continues to believe this exposure is not significant. Cash deposits are insured by the Federal Deposit Insurance Corporations (“ FDIC For the years ended December 31, 2021 and 2022, no customer accounted for over 10% of total revenue. As of December 31, 2021 and 2022, the Company had no trade accounts receivables outstanding and less than $0.1 million in other receivables.
Property and Equipment, net		Property and Equipment, net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Repairs and maintenance costs are charged to expense as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective amounts and any gain or loss is recognized, as applicable, in the accompanying statements of operations.
Capitalized Software, net		Capitalized Software, net Expenditures related to internal use software are capitalized. Such expenditures are amortized over their period of benefit, which are generally three-year period, using the straight-line method.
Impairment of Long-Lived Assets		Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset, or asset group, may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company has not recognized any impairment losses for the years ended December 31, 2021 and 2022.
Fair Value of Financial Instruments		Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures The Company’s financial instruments include cash and cash equivalents, prepaid expenses, accounts payable, accrued expenses, convertible promissory notes issued from 2019 through 2022 to investors (“2019 Convertible Notes”), convertible promissory notes due to related parties (“Related Party Convertible Notes”, together with the 2019 Convertible Notes, “Convertible Notes”) and debt due to a related party (“Related Party Loans”). The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective values because of the short-term nature of those instruments. The Company elects to account for its 2019 Convertible Notes and Related Party Convertible Notes, which meet the required criteria, at fair value at inception and at each subsequent reporting date. Subsequent changes in fair value of the Convertible Notes are recorded within other expenses, net on the accompanying statement of operations and comprehensive loss. Interest expense associated with the Convertible Notes is included in the change in fair value for the Convertible Notes. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying value of the Company’s Related Party Loans approximates fair value as the stated interest rate approximates market rates for similar loans and due to the short-term nature of such loans.
Employee Benefit Plan		Employee Benefit Plan Effective January 1, 2019, the Company adopted and maintains a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code, on behalf of its eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. During the years ended December 31, 2021 and 2022, the Company did not contribute to the plan.
Revenue Recognition		Revenue Recognition Historically, the Company recognized revenue in connection with Coronavirus Disease of 2019 (“ COVID-19 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as contract liability until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.
Collaboration Agreement		Collaboration Agreement The Company has entered into a research agreement that falls under the scope of ASC 808, Collaborative Arrangements
Research and Development Expenses		Research and Development Expenses All research and development costs are expensed in the period incurred. Research and development expenses primarily consist of services provided by contract organizations for clinical development, salaries and related expenses for personnel, including stock-based compensation expense, outside service providers, facilities costs, fees paid to consultants and other professional services, license fees, depreciation and supplies used in research and development. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the related goods or services are received. Costs are accrued for research performed over the service periods specified in the contracts and estimates are adjusted, if required, based upon an ongoing review of the level of effort and costs actually incurred.
Leases		Leases The Company accounts for its leases under ASC 842, Leases
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there was no public market for the underlying common stock prior to October 2, 2023. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, and the implied fair values upon a merger transaction, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur.	Stock-Based Compensation Stock-based compensation expense is comprised of stock options awarded to employees and consultants. The Company accounts for share-based awards under the fair value method prescribed by ASC 718-10, Stock Compensation The fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s board of directors as there is no public market for the underlying common stock. The Company’s board of directors determines the fair value of the Company’s common stock by considering a number of objective and subjective factors including contemporaneous third- party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst other factors. The Company recognizes the expense for options with graded-vesting schedules on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur.
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 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 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 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. No tax liability has been recognized in the financial statements attributed to uncertain tax positions.
Basic and Diluted Net Loss Per Common Share	Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for each of the six months ended June 30, 2022 and 2023 includes stock options of 1,549,621 and 5,176,366, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time.	Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss for the year by the weighted-average number of common shares outstanding during the year. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding for the period using the treasury stock or if-converted method if their inclusion is dilutive. Diluted net loss per common share is the same as basic net loss per common share, because the inclusion of potentially dilutive shares would be anti-dilutive to the calculation of loss and comprehensive loss per common share. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the years ended December 31, 2021 and 2022 includes stock options of 1,770,584 and 453,590, respectively, in addition to the shares underlying the Convertible Notes. The Company is unable to quantify the number of shares underlying the Convertible Notes as the quantity of shares issuable upon conversion, as described in Note 6, is not determinable at this time.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material impact on the Company’s financial statements.	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In October 2021, the FASB issued ASU 2021-07, Compensation — Stock Compensation (Topic 718) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Property and Equipment, net (_2

Property and Equipment, net (Tables)	6 Months Ended	12 Months Ended
Property and Equipment, net (Tables)	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment, net
Schedule of property and equipment, net	Property and equipment, net consist of the following (in thousands): December 31, June 30, Useful Life 2022 2023 Land — $ 5,025 $ 5,025 Buildings 40 years 8,325 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 4,003 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,211 18,211 Less: Accumulated depreciation (2,690) (3,259) $ 15,521 $ 14,952	December 31, Useful Life 2021 2022 Land — $ 5,025 $ 5,025 Buildings 40 years 8,311 8,325 Furniture and fixtures 7 years 677 677 Lab equipment 5 years 3,907 4,003 Leasehold improvements Lesser of estimated useful life or related lease term 52 52 Office equipment 5 years 17 17 Vehicles 5 years 112 112 18,101 18,211 Less: Accumulated depreciation (1,534) (2,690) $ 16,567 $ 15,521

Additional Balance Sheet Info_5

Additional Balance Sheet Information (Tables)	6 Months Ended	12 Months Ended
Additional Balance Sheet Information (Tables)	Jun. 30, 2023	Dec. 31, 2022
Additional Balance Sheet Information
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following (in thousands): December 31, June 30, 2022 2023 Prepaid expenses $ 133 $ 464 Other receivables 67 36 Revolving line of credit issuance fees — 97 Other 4 — Prepaid expenses and other current asset $ 204 $ 597	December 31, 2021 2022 Prepaid expenses $ 172 $ 133 Other receivables 67 67 Other current assets 22 4 Prepaid expenses and other current assets $ 261 $ 204
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following (in thousands): December 31, June 30, 2022 2023 Accounts payable $ 975 $ 3,537 Accrued liabilities 1,359 1,064 Employee compensation 291 384 Other 27 37 Accounts payable and accrued expenses $ 2,652 $ 5,022	December 31, 2021 2022 Accounts payable $ 1,687 $ 975 Accrued liabilities 248 1,359 Employee compensation 240 291 Other 27 27 Accounts payable and accrued expenses $ 2,202 $ 2,652

Fair Value Measurements (Tabl_2

Fair Value Measurements (Tables)	6 Months Ended	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Schedule of liabilities measured at fair value on a recurring basis	Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 2019 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655 Fair Value Measurements at Reporting Date Using Balance as of June 30, 2023 Level 1 Level 2 Level 3 2019 Convertible Notes $ 13,751 $ — $ — $ 13,751 2019 Related Party Convertible Notes 307 — — 307 2023 Convertible Notes 5,071 — — 5,071 2023 Related Party Convertible Notes 135 — — 135 Total $ 19,264 $ — $ — $ 19,264	Fair Value Measurements at Reporting Date Using Balance as of December 31, 2021 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,219 $ — $ — $ 11,219 Related Party Convertible Notes 259 — — 259 Total $ 11,478 $ — $ — $ 11,478 Fair Value Measurements at Reporting Date Using Balance as of December 31, 2022 Level 1 Level 2 Level 3 2019 Convertible Notes $ 11,392 $ — $ — $ 11,392 Related Party Convertible Notes 263 — — 263 Total $ 11,655 $ — $ — $ 11,655
Schedule of reconciliation of the Convertible Notes measured at fair value on a recurring basis using significant unobservable inputs	The following tables present a reconciliation of the Convertible Notes, which are measured at fair value (in thousands) on a recurring basis using significant unobservable inputs (Level 3): 2019 2023 Related Related 2019 Party 2023 Party Convertible Convertible Convertible Convertible Notes Notes Notes Notes Total Balance as of December 31, 2022 $ 11,392 $ 263 $ — $ — $ 11,655 Issuance of Convertible Notes — — 4,700 125 4,825 Change in fair value 2,359 44 371 10 2,784 Balance as of June 30, 2023 $ 13,751 $ 307 $ 5,071 $ 135 $ 19,264	2019 Related Party Convertible Convertible Notes Notes Total Balance as of December 31, 2020 $ 10,807 $ 528 $ 11,335 Transfer from related party to unrelated party 270 (270) — Change in fair value 142 1 143 Balance as of December 31, 2021 11,219 259 11,478 Change in fair value 173 4 177 Balance as of December 31, 2022 $ 11,392 $ 263 $ 11,655
Schedule of assumptions were used in determining the fair value of the Convertible notes	December 31, June 30, 2022 2023 Probability of conversion — 75 % Probability of holding until maturity without conversion — 25 % Remaining term until potential conversion trigger date (years) — 0.17 Discount yield (1) 20 % 13 % (1) Estimated using a comparable bond analysis and under S&P Global Inc.’s credit rating scale using a multinominal logical regression.	As of December 31, 2021 2022 Probability of conversion 90 % — Probability of holding until maturity without conversion 10 % — Remaining term until potential conversion trigger date (years) 0.75 — Discount yield (1) 17 % 20 %

Stockholders' Equity (Tables)_2

Stockholders' Equity (Tables)	6 Months Ended	12 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Schedule of Company's stock option activity	Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2022 453,590 $ 0.56 Granted 5,322,456 2.72 Forfeited (568,175) 2.72 Exercised (31,505) 1.23 Outstanding as of June 30, 2023 5,176,366 $ 2.55	Stock Options Weighted Average Outstanding Exercise Price Outstanding as of December 31, 2020 2,531,984 $ 0.41 Exercised (467,723) 0.14 Forfeited (293,677) 1.34 Outstanding as of December 31, 2021 1,770,584 $ 0.33 Exercised (1,190,720) 0.14 Forfeited (126,274) 0.86 Outstanding as of December 31, 2022 453,590 $ 0.56
Schedule of weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants	The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the six months ended June 30, 2023 were as follows: Common stock fair value $ 3.75 Risk-free interest rate 3.53 % Expected volatility 111.00 % Expected term (in years) 6.08 Expected dividend yield 0.00 %
Schedule of stock options outstanding, vested and expected to vest and exercisable	Weighted Average Total Number of Remaining Weighted- Aggregate Stock Contractual Average Intrinsic Value Options Life (Years) Exercise Price (in thousands) Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Outstanding as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Vested and expected to vest as of June 30, 2023 5,176,366 9.35 $ 2.55 $ 8,728 Exercisable as of June 30, 2023 619,011 7.62 $ 1.31 $ 1,808	Weighted Total Average Weighted- Aggregate Remaining Average Intrinsic Number of Contractual Exercise Value Stock Options Life (Years) Price (in thousands) Outstanding as of December 31, 2021 1,770,584 7.79 $ 0.33 $ 3,674 Outstanding as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Vested and expected to vest as of December 31, 2022 453,590 6.98 $ 0.56 $ 980 Exercisable as of December 31, 2022 357,618 6.94 $ 0.46 $ 807
Schedule of stock-based compensation expense, recognized in the Company's statements of operations	Stock-based compensation expense, recognized in the Company’s condensed statements of operations and comprehensive loss for the 2019 Plan was recorded as follows (in thousands): Six Months Ended June 30, 2022 2023 Research and development $ 23 $ 538 General and administrative 14 1,702 Total stock-based compensation expense $ 37 $ 2,240	Years Ended December 31, 2021 2022 Research and development $ 44 $ 45 General and administrative 49 24 Total stock-based compensation expense $ 93 $ 69

Income Taxes (Tables)_2_3_4

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Taxes
Schedule of provision for income taxes	Years Ended December 31, 2021 2022 Current: Federal $ — $ — State — — Deferred: Federal 5 7 State — — Provision for income taxes $ 5 $ 7
Schedule of reconciliation of the income tax computed at federal statutory income tax rate to the reported provision for income taxes	Years Ended December 31, 2021 2022 Tax benefit at statutory federal rate $ (4,885) $ (5,618) State tax, net of federal tax benefit (1,500) (1,694) Interest expense 274 477 Increase in valuation allowance 6,993 7,908 Permanent items 30 37 General business tax credit (923) (1,098) Other 16 (5) Provision for income taxes $ 5 $ 7
Schedule of significant components of the Company's deferred income taxes	December 31, 2021 2022 Deferred tax assets: Net operating losses $ 14,380 $ 17,890 Tax credit carryforwards, net 2,191 3,285 Accrued expenses 52 347 Section 174 R&E capitalization — 2,847 Lease liability 229 106 Stock-based compensation 15 20 Total deferred tax assets 16,867 24,495 Deferred tax liabilities: Operating lease right-of-use asset (224) (101) Property and equipment (745) (595) Total deferred tax liabilities (969) (696) Net deferred tax assets 15,898 23,799 Less: Valuation allowance (15,917) (23,825) Net deferred tax liability $ (19) $ (26)
Schedule of the activity related to the Company's unrecognized tax benefits	Years Ended December 31, 2021 2022 Beginning balance $ 156 $ 269 Additions for tax positions related to the current year 113 131 Reductions for tax positions related to prior years — 3 Ending balance $ 269 $ 403

Company Information (Details)_2

Company Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Company Information
Common stock, par value per share	$ 0.001	$ 0.001		$ 0.001
Accumulated deficit	$ 95,347	$ 79,176		$ 52,422
Cash and cash equivalents	1,222	$ 117	$ 357	$ 351
New NKGen
Company Information
Exchange ratio, Amount considered for numerator	$ 145,000
NKGen Biotech, Inc.
Company Information
Common stock, par value per share	$ 0.0001
NKGen Biotech, Inc. \| New NKGen
Company Information
Share price	$ 10

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) segment shares	Jun. 30, 2022 shares	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($) shares
Summary of Significant Accounting Policies
Number of reportable segments \| segment	1		1
Trade accounts receivable			$ 0	$ 0
Other receivables			100	$ 100
Income tax penalties and interest accrued			0
Deferred transaction costs	$ 3,814		0
Restricted cash	250		0
Deferred debt issuance costs	$ 97		$ 0
Anti-dilutive shares excluded from the calculation of diluted net loss per share \| shares	5,176,366	1,549,621
Stock options
Summary of Significant Accounting Policies
Anti-dilutive shares excluded from the calculation of diluted net loss per share \| shares			453,590	1,770,584
Capitalized software
Summary of Significant Accounting Policies
Intangible asset, useful life			3 years

Property and Equipment, net (_3

Property and Equipment, net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, net
Property and equipment, Gross	$ 18,211	$ 18,211	$ 18,101
Less: Accumulated depreciation	(3,259)	(2,690)	(1,534)
Property and equipment, net	14,952	15,521	16,567
Depreciation expense	600	600	1,100
Gain or loss on disposal of property and equipment		0	0
Land
Property and Equipment, net
Property and equipment, Gross	$ 5,025	$ 5,025	5,025
Buildings
Property and Equipment, net
Property and equipment - Useful Life	40 years	40 years
Property and equipment, Gross	$ 8,325	$ 8,325	8,311
Furniture and fixtures
Property and Equipment, net
Property and equipment - Useful Life	7 years	7 years
Property and equipment, Gross	$ 677	$ 677	677
Lab equipment
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 4,003	$ 4,003	3,907
Leasehold improvements
Property and Equipment, net
Property and equipment, Gross	$ 52	$ 52	52
Office equipment
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 17	$ 17	17
Vehicles
Property and Equipment, net
Property and equipment - Useful Life	5 years	5 years
Property and equipment, Gross	$ 112	$ 112	$ 112

Additional Balance Sheet Info_6

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid expenses	$ 464	$ 133	$ 172
Other receivables	36	67	67
Revolving line of credit issuance fees	97	0
Other		4	22
Prepaid expenses and other current asset	597	204	261
Accounts payable and accrued expenses
Accounts payable	3,537	975	1,687
Accrued liabilities	1,064	1,359	248
Employee compensation	384	291	240
Other	37	27	27
Accounts payable and accrued expenses	$ 5,022	$ 2,652	$ 2,202

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Liabilities at fair value		$ 19,264	$ 11,655
2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value		13,751	11,392
Expense associated with change in fair value of Convertible Notes	$ 100
2019 Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		307	263
Expense associated with change in fair value of Convertible Notes	$ 100
2023 Convertible Notes
Fair Value Measurements
Liabilities at fair value		5,071
2023 Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		135
Level 3
Fair Value Measurements
Liabilities at fair value		19,264	11,655
Level 3 \| 2019 Convertible Notes
Fair Value Measurements
Liabilities at fair value		13,751	11,392
Level 3 \| 2019 Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		307	$ 263
Level 3 \| 2023 Convertible Notes
Fair Value Measurements
Liabilities at fair value		5,071
Level 3 \| 2023 Related Party Convertible Notes
Fair Value Measurements
Liabilities at fair value		$ 135

Fair Value Measurements - Rec_2

Fair Value Measurements - Reconciliation of the Convertible Notes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Measurements
Beginning balance	$ 11,655
Issuance of Convertible Notes	4,825
Change in fair value	2,784
Ending balance	19,264
2019 Convertible Notes
Fair Value Measurements
Beginning balance	11,392
Change in fair value	2,359
Ending balance	13,751
2019 Related Party Convertible Notes
Fair Value Measurements
Beginning balance	263
Change in fair value	44
Ending balance	307
2023 Convertible Notes
Fair Value Measurements
Issuance of Convertible Notes	4,700
Change in fair value	371
Ending balance	5,071
2023 Related Party Convertible Notes
Fair Value Measurements
Issuance of Convertible Notes	125
Change in fair value	10
Ending balance	$ 135

Fair Value Measurements - Ass_2

Fair Value Measurements - Assumptions were used in determining the fair value of the Convertible notes (Details)	Jun. 30, 2023 Y	Dec. 31, 2022	Dec. 31, 2021 Y
Probability of conversion
Fair Value Measurements
Measurement input	75		90
Probability of holding until maturity without conversion
Fair Value Measurements
Measurement input	25		10
Remaining term until potential conversion trigger date (years)
Fair Value Measurements
Measurement input	0.17		0.75
Discount yield
Fair Value Measurements
Measurement input	13	20	17

Debt (Details)_2

Debt (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2019	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt
Threshold minimum aggregate sales price in a qualified financing of Next Round Securities			$ 20
Amount considered for determination of conversion price of debt			300
Maximum
Debt
Amount of investment in notes	$ 10		10
Maximum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes					$ 5
Discount rate percentage					25%
Minimum
Debt
Amount of investment in notes	5		5
Minimum \| For an investor that invests up to $1.0 million
Debt
Amount of investment in notes					$ 1
Discount rate percentage					20%
Minimum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes					$ 1
2019 Convertible Notes
Debt
Total proceeds		$ 10.8
Interest rate percentage		1.68%
2019 Convertible Notes \| For an investor that invests up to $1.0 million
Debt
Amount of investment in notes	$ 1		$ 1
2019 Convertible Notes \| For an investor that invests up to $5.0 million
Debt
Discount rate percentage	20%		20%
2019 Related Party Convertible Notes
Debt
Total proceeds		$ 0.3
Interest rate percentage		1.68%
2023 Convertible Notes
Debt
Total proceeds	$ 4.7
Interest rate percentage	4.55%		4.55%
Amount of investment in notes	$ 10		$ 10
Discount rate percentage	25%		25%
2023 Convertible Notes \| For an investor that invests up to $5.0 million
Debt
Amount of investment in notes	$ 5		$ 5
Discount rate percentage	15%		15%
2023 Convertible Notes \| For an investor that invests more than $10.0 million
Debt
Discount rate percentage	20%		20%
2023 Related Party Convertible Notes
Debt
Total proceeds	$ 0.1
Interest rate percentage	4.55%		4.55%
Related Party Convertible Notes \| Maximum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes	$ 5		$ 5
Related Party Convertible Notes \| Minimum \| For an investor that invests more than $1.0 million and less than $5.0 million
Debt
Amount of investment in notes	1		1
Commercial bank \| Revolving Line of Credit
Debt
Revolving line of credit	$ 5		5
Interest rate of line of credit	7.94%
Debt issuance fees	$ 0.1		0.1
Restricted cash balance	0.3		0.3
Deposits maintain with lender	15		15
Line of credit drew down	$ 3.8		3.8
Interest expense			0.1	$ 0
Accrued interest			0.1
Commercial bank \| Revolving Line of Credit \| Maximum
Debt
Repayments of line of credit			$ 0
Commercial bank \| Revolving Line of Credit \| Overnight financing rate plus \| Maximum
Debt
Interest rate of line of credit	7.50%
Commercial bank \| Revolving Line of Credit \| Overnight financing rate plus \| Minimum
Debt
Interest rate of line of credit	2.85%

Related-Party Transactions (D_2

Related-Party Transactions (Details) - USD ($)	6 Months Ended		12 Months Ended
Related-Party Transactions (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related-Party Transactions
Research and development	$ 7,648,000	$ 8,538,000	$ 16,746,000	$ 14,672,000
Accounts payable and accrued expenses	5,022,000		2,652,000	2,202,000
NKMAX
Related-Party Transactions
Research and development	0	100,000
Purchases of laboratory supplies
Related-Party Transactions
Accounts payable and accrued expenses			100,000
Related Party [Member]
Related-Party Transactions
Research and development	0	197,000	439,000	209,000
Accounts payable and accrued expenses	0		81,000	0
Related Party [Member] \| Advisory and research services
Related-Party Transactions
Research and development			400,000
Accounts payable and accrued expenses			100,000
Related Party [Member] \| Advisory and research services \| Paul Song
Related-Party Transactions
Research and development	$ 0	$ 200,000		0
Accounts payable and accrued expenses			100,000
Related Party [Member] \| Advisory and research services \| ATGEN Canada
Related-Party Transactions
Research and development			0	200,000
Accounts payable and accrued expenses			0	0
Related Party [Member] \| Purchases of laboratory supplies \| NKMAX
Related-Party Transactions
Research and development			100,000	100,000
Accounts payable and accrued expenses			$ 100,000	$ 0

Related-Party Transactions - _2

Related-Party Transactions - Related party loans (Details) - USD ($)	1 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related-Party Transactions
Proceeds from related party loans			$ 5,000,000	$ 12,500,000	$ 23,000,000	$ 20,500,000
Interest expense			96,000	1,054,000	$ 2,306,000	1,315,000
Common stock
Related-Party Transactions
Number of shares issued upon conversion of related party loans					17,002,230
Related party
Related-Party Transactions
Interest rate percentage		4.60%
Interest expense			91,000	$ 1,035,000	$ 2,271,000	1,305,000
Interest payable	$ 0		$ 100,000		0
Amount of principal and interest converted into shares	66,100,000
Loan outstanding	$ 0				0	39,000,000
Related party \| Common stock
Related-Party Transactions
Number of shares issued upon conversion of related party loans	17,002,230
Related party \| Multiple Loan Agreements with NKMAX [Member]
Related-Party Transactions
Proceeds from related party loans					$ 23,000,000	$ 20,500,000
Interest rate percentage	4.60%				4.60%
Related party \| Related party loans with NKMAX
Related-Party Transactions
Proceeds from related party loans		$ 5,000,000
Amount of principal and interest converted into shares	$ 66,100,000
Number of shares issued upon conversion of related party loans	17,002,230

Related-Party Transactions - _3

Related-Party Transactions - Convertible promissory notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Related-Party Transactions
Convertible promissory notes outstanding		$ 11,392	$ 11,219
Related party
Related-Party Transactions
Convertible promissory notes outstanding	$ 307	263	259
Related party \| Convertible promissory notes
Related-Party Transactions
Amount of investment in notes		500
Convertible promissory notes outstanding	$ 400	$ 400	$ 300

Commitments and Contingencies_9

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Commitments and Contingencies
Aggregate right of use asset			$ 1,100
Accumulated amortization	$ 700	$ 300	900
Operating lease liability	379	800
Operating lease liability	$ 379	458	$ 189
Operating lease liability, noncurrent		$ 360
Weighted-average remaining lease term	1 year	1 year 8 months 12 days	1 year
Weighted-average estimated incremental borrowing rate	5.90%	5.50%	6%
Total undiscounted lease payments	$ 412		$ 200
Operating cost	300	$ 300
Fixed cost	200	200
Variable cost	$ 100	$ 100

Commitments and Contingencie_10

Commitments and Contingencies - License Agreements and Litigation (Details) - USD ($)	1 Months Ended			12 Months Ended
	Aug. 31, 2023	Apr. 30, 2023	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Mar. 31, 2023	Dec. 31, 2021
Commitments and Contingencies
Upfront fee	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Accrued litigation liability				$ 0		$ 0	$ 0
US
Commitments and Contingencies
Milestone payments					$ 5,000,000
European Union
Commitments and Contingencies
Milestone payments					4,000,000
Four additional countries
Commitments and Contingencies
Milestone payments					$ 1,000,000

Stockholders' Equity - Common_2

Stockholders' Equity - Common Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Common stock, shares authorized	60,000,000	60,000,000	20,000,000
Common stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued	32,606,548	32,575,043	14,382,093
Common stock, shares outstanding	32,606,548	32,575,043	14,382,093
Common stock, shares reserved for future issuance	27,393,452	27,424,957	5,617,907

Stockholders' Equity - Equity_5

Stockholders' Equity - Equity Incentive Plans (Details)	6 Months Ended	12 Months Ended
Stockholders' Equity - Equity Incentive Plans (Details)	Jun. 30, 2023 installment shares	Dec. 31, 2022 installment shares	Dec. 31, 2021 shares	Feb. 28, 2023 shares
2019 Equity Incentive Plan
Number of shares authorized under the plan		2,780,000		2,780,000
Number of options issued under the 2019 Plan	5,322,456	0	0
Number of shares remained available for future issuance under the plan	1,843,238	653,597
Term of the stock options		10 years
Vesting period		4 years
Vesting percentage	25%	25%
Number of equal monthly instalments for vesting \| installment	36	36
Expiration term of the vested options if not exercised	3 months	3 months
Expected dividend yield percentage	0%	0%
Stock Option
2019 Equity Incentive Plan
Number of options issued under the 2019 Plan	6,880,684
Minimum
2019 Equity Incentive Plan
Number of shares authorized under the plan	2,780,000
Term of the stock options	10 years
Minimum \| Board members
2019 Equity Incentive Plan
Vesting period	3 years	3 years
Maximum
2019 Equity Incentive Plan
Number of shares authorized under the plan	8,723,922
Maximum \| Board members
2019 Equity Incentive Plan
Vesting period	4 years	4 years

Stockholders' Equity - Equity_6

Stockholders' Equity - Equity Incentive Plans - Summary of the Company's stock option activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options Outstanding
Beginning balance	453,590	1,770,584	2,531,984
Granted	5,322,456	0	0
Forfeited	(568,175)	(126,274)	(293,677)
Exercised	(31,505)	(1,190,720)	(467,723)
Ending balance	5,176,366	453,590	1,770,584
Weighted Average Exercise Price
Beginning balance	$ 0.56	$ 0.33	$ 0.41
Granted	2.72
Forfeited	2.72	0.86	1.34
Exercised	1.23	0.14	0.14
Ending balance	$ 2.55	$ 0.56	$ 0.33

Equity Incentive Plans - Weight

Equity Incentive Plans - Weighted average assumptions used to determine the fair value of stock option grants (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Common stock fair value (in dollars per share)	$ 3.75
Risk-free interest rate	3.53%
Expected volatility	111%
Expected term (in years)	6 years 29 days
Expected dividend yield	0%	0%

Stockholders' Equity - Equity_7

Stockholders' Equity - Equity Incentive Plans - Stock options outstanding, vested and expected to vest and exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options Outstanding
Beginning balance	453,590	1,770,584	2,531,984
Ending balance	5,176,366	453,590	1,770,584
Vested and expected to vest as of the ending date	5,176,366	453,590
Exercisable as of the ending date	619,011	357,618
Weighted Average Remaining Contractual Life (Years)
Outstanding	9 years 4 months 6 days	6 years 11 months 23 days	7 years 9 months 14 days
Vested and expected to vest as of the ending date	9 years 4 months 6 days	6 years 11 months 23 days
Exercisable as of the ending date	7 years 7 months 13 days	6 years 11 months 8 days
Weighted Average Exercise Price
Beginning balance	$ 0.56	$ 0.33	$ 0.41
Ending balance	2.55	0.56	$ 0.33
Vested and expected to vest as of the ending date	2.55	0.56
Exercisable as of the ending date	$ 1.31	$ 0.46
Total Aggregate Intrinsic Value (in thousands)
Beginning balance	$ 980	$ 3,674
Ending balance	8,728	980	$ 3,674
Vested and expected to vest as of the ending date	8,728	980
Exercisable as of the ending date	1,808	807
Aggregate intrinsic value of stock options exercised	100	3,100	100
Aggregate fair value of stock options vested	$ 800	$ 600	$ 300

Stockholders' Equity - Equity_8

Stockholders' Equity - Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense
Total unrecognized stock-based compensation related to unvested stock option awards granted	$ 14,800		$ 100
Period for recognition of unrecognized stock-based compensation related to unvested stock option awards granted	3 years 6 months		1 year 1 month 6 days
Total stock-based compensation expense	$ 2,240	$ 37	$ 69	$ 93
Research and development
Stock-based compensation expense
Total stock-based compensation expense	538	23	45	44
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 1,702	$ 14	$ 24	$ 49

Collaboration Agreement (Deta_2

Collaboration Agreement (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
Collaboration Agreement (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaboration Agreement
Total reductions to research and development expenses	$ 0.1	$ 0.2	$ 0.4

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Effective tax rate percentage	0%	0%
U.S. federal statutory rate percentage	21%	21%

Subsequent Events (Details)_2

Subsequent Events (Details) - USD ($)

1 Months Ended

2 Months Ended

4 Months Ended

6 Months Ended

12 Months Ended

Sep. 29, 2023

Aug. 10, 2023

May 19, 2023

Sep. 30, 2023

Jul. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

May 15, 2023

Apr. 30, 2023

Dec. 31, 2023

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Subsequent Events

Issuance fees

$ 97,000

Amount of draw executed

3,831,000

Proceeds from related party loans

$ 5,000,000

$ 12,500,000

$ 23,000,000

$ 20,500,000

Forfeited (in shares)

568,175

126,274

293,677

Vested (in shares)

5,176,366

453,590

Vesting period

4 years

Share price

$ 3.75

Related party

Subsequent Events

Interest rate percentage

4.60%

Subsequent Events

Interest rate percentage

Warrants exercisable term

5 years

Total proceeds

$ 10,200,000

Percentage of fully diluted common stock

Percentage of fair value common stock

85%

Warrants to purchase common stock shares

10,209,994

Exercise price of warrants

$ 1

Proceeds from issuance of warrants

$ 10,200,000

Debt instrument term

2 years 6 months

Conversion price

$ 10

Stock issued during period shares new issue (in shares)

200,000

Stock issued during period shares new issue

$ 32,900,000

Conversion of Incremental shares

Subsequent Events | Structuring shares

Subsequent Events

Stock issued during period shares new issue (in shares)

3,168,121

Subsequent Events | Incremental shares

Subsequent Events

Stock issued during period shares new issue (in shares)

314,889

Subsequent Events | Minimum

Subsequent Events

Exercise price of warrants

$ 1.50

Class of warrants rights exercisable

1.50

Subsequent Events | Warrants exercisable price at 10.00

Subsequent Events

Class of warrants rights exercisable

Subsequent Events | Warrants exercisable price at 12.50

Subsequent Events

Exercise price of warrants

12.50

Class of warrants rights exercisable

12.50

Subsequent Events | Warrants exercisable price at 15.00

Subsequent Events

Exercise price of warrants

Class of warrants rights exercisable

$ 15

Subsequent Events | Amended and restated sponsor support and lockup agreement

Subsequent Events

Forfeited (in shares)

1,773,631

Vested (in shares)

1,173,631

Non-Forfeited (in shares)

1,343,113

Vesting period

5 years

Share price

$ 14

Business combination threshold business period

20 days

Deferred shares

873,631

Underwriting cash discount per unit

$ 20

Weighted average trading days

20 days

Public warrants expire

30 days

Additional deferred founder shares

300,000

Subsequent Events | Forward purchase agreements, subscription agreements and side letter

Subsequent Events

Stock issued during period shares new issue (in shares)

3,168,121

Stock issued during period shares new issue

$ 32,900,000

Conversion of Incremental shares

Subsequent Events | Forward purchase agreements, subscription agreements and side letter | Structuring shares

Subsequent Events

Stock issued during period shares other (in shares)

200,000

Subsequent Events | Forward purchase agreements, subscription agreements and side letter | Incremental shares

Subsequent Events

Stock issued during period shares other (in shares)

314,889

Subsequent Events | 2023 NKMAX Loans

Subsequent Events

Aggregate gross proceeds

$ 5,000,000

Subsequent Events | Graf Acquisition Corp | Amended and restated sponsor support and lockup agreement

Subsequent Events

Business combination shares issuable

4,290,375

Subsequent Events | Graf Acquisition Corp | Forward purchase agreements, subscription agreements and side letter | Structuring shares

Subsequent Events

Stock issued during period shares new issue (in shares)

34,889

Subsequent Events | Graf Acquisition Corp | Forward purchase agreements, subscription agreements and side letter | Incremental shares

Subsequent Events

Stock issued during period shares new issue (in shares)

80,000

Subsequent Events | 2023 Convertible Notes

Subsequent Events

Interest rate percentage

4.55%

Total proceeds

$ 800,000

$ 1,400,000

$ 4,100,000

Proceeds from related party loans

$ 300,000

Debt instrument interest rate

5.12%

Debt instrument term

30 days

3 years

Subsequent Events | 2023 Convertible Notes | Related party

Subsequent Events

Total proceeds

$ 100,000

Subsequent Events | 2027 Convertible Notes

Subsequent Events

Interest rate percentage

Interest rate percentage in kind

Warrants to purchase common stock shares

1,000,000

Exercise price of warrants

$ 11.50

Proceeds from issuance of warrants

$ 10,000,000

Debt instrument term

4 years

Conversion price

$ 10

Subsequent Events | Revolving Line of Credit

Subsequent Events

Description of Variable Rate Basis

P1M

Variable rate percentage

2.85%

Interest rate percentage

7.50%

Issuance fees

$ 100,000

Restricted cash balance to be maintained

300,000

$ 300,000

Amount of draw executed

$ 1,100,000

3,800,000

Maximum borrowing capacity

$ 15,000,000

$ 1,100,000

5,000,000

$ 1,100,000

5,000,000

Minimum deposits on line of credit

$ 15,000,000

Repayments of draw

$ 0

Debt instrument term

1 year