Contineum Therapeutics, Inc. Class A Common Stock (CTNM) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Document Information [Line Items]
Entity Central Index Key	0001855175
Entity Registrant Name	Contineum Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-42001
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1467257
Entity Address, Address Line One	10578 Science Center Drive, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-5280
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	CTNM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,994,104

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77,230	$ 15,526
Marketable securities	141,423	109,664
Prepaid expenses and other current assets	1,667	2,516
Total current assets	220,320	127,706
Property and equipment, net	801	678
Other long-term assets	3	1,283
Operating lease right-of-use assets	231	719
Total assets	221,355	130,386
Current liabilities:
Accounts payable	734	635
Accrued expenses	2,521	4,385
Current portion of operating lease liabilities	484	464
Total current liabilities	3,739	5,484
Other long-term liabilities	0	110
Operating lease liabilities, net of current portion	113	108
Total liabilities	3,852	5,702
Convertible preferred stock, $0.001 par value; no shares authorized, issued, or outstanding at June 30, 2024; authorized shares—16,940,594 at December 31, 2023; issued and outstanding shares—15,906,236 shares at December 31, 2023	0	192,620
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2024; no shares issued or outstanding at June 30, 2024; no shares authorized, issued, or outstanding at December 31, 2023	0	0
Additional paid-in-capital	310,174	7,098
Accumulated deficit	(92,570)	(75,144)
Accumulated other comprehensive income (loss)	(127)	108
Total stockholders' equity (deficit)	217,503	(67,936)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	221,355	130,386
Common Class A [Member]
Stockholders' equity (deficit):
Common stock	19	2
Common Class B [Member]
Stockholders' equity (deficit):
Common stock	$ 7	$ 0

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, authorized (in shares)	0	16,940,594
Convertible preferred stock, issued (in shares)	0	15,906,236
Convertible preferred stock, outstanding (in shares)	0	15,906,236
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	39,630,511
Common stock, issued (in shares)	18,994,104	2,349,554
Common stock, outstanding (in shares)	18,994,104	2,349,554
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	0
Common stock, issued (in shares)	6,729,172	0
Common stock, outstanding (in shares)	6,729,172	0

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
License revenue	$ 0	$ 50,000	$ 0	$ 50,000
Operating expenses:
Research and development	7,901	9,460	15,679	13,092
General and administrative	3,043	1,603	5,195	3,086
Total operating expenses	10,944	11,063	20,874	16,178
Income (loss) from operations	(10,944)	38,937	(20,874)	33,822
Other income (expense):
Interest income	2,001	679	3,637	1,080
Interest expense	0	(116)	0	(208)
Change in fair value of warrant liability	11	2	(107)	2
Change in fair value of investor rights and obligations liability	0	2,867	0	2,867
Other expense, net	(77)	(76)	(82)	(94)
Total other income	1,935	3,356	3,448	3,647
Income (loss) before income taxes	(9,009)	42,293	(17,426)	37,469
Provision for income taxes	0	(729)	0	(729)
Net income (loss)	(9,009)	41,564	(17,426)	36,740
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	(69)	(56)	(235)	11
Comprehensive income (loss)	(9,078)	41,508	(17,661)	36,751
Net income (loss) attributable to common stockholders, basic	(9,009)	5,869	(17,426)	5,521
Net income (loss) attributable to common stockholders, diluted	$ (9,009)	$ 2,949	$ (17,426)	$ 2,601
Net income (loss) per share, basic (a) (in dollars per share)	$ (0.39)	$ 2.56	$ (1.35)	$ 2.42
Net income (loss) per share, diluted (a) (in dollars per share)	$ (0.39)	$ 0.84	$ (1.35)	$ 0.74
Weighted-average shares of common stock outstanding, basic (in shares)	23,355,588	2,291,866	12,862,328	2,284,750
Weighted-average shares of common stock outstanding, diluted (in shares)	23,355,588	3,511,757	12,862,328	3,513,596

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Convertible Preferred Stock, Temporary Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	11,889,674	2,259,734
Balance at Dec. 31, 2022	$ 132,482	$ 2	$ 4,726	$ (76)	$ (97,864)	$ (93,212)
Exercise of stock options (in shares)	0	7,146
Exercise of stock options	$ 0	$ 0	8	0	0	8
Stock-based compensation	0	0	494	0		494
Net income (loss)	0	0	0	0	(4,824)	(4,824)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	67	0	67
Vesting of shares of common stock subject to repurchase (in shares)	0	5,245
Vesting of shares of common stock subject to repurchase	$ 0	$ 0	5	0		5
Balance (in shares) at Mar. 31, 2023	11,889,674	2,272,126
Balance at Mar. 31, 2023	$ 132,482	$ 2	5,233	(9)	(102,688)	(97,462)
Balance (in shares) at Dec. 31, 2022	11,889,674	2,259,734
Balance at Dec. 31, 2022	$ 132,482	$ 2	4,726	(76)	(97,864)	(93,212)
Net income (loss)						36,740
Unrealized gain (loss) on marketable securities						11
Balance (in shares) at Jun. 30, 2023	15,222,913	2,320,744
Balance at Jun. 30, 2023	$ 182,378	$ 2	5,755	(65)	(61,124)	(55,432)
Balance (in shares) at Mar. 31, 2023	11,889,674	2,272,126
Balance at Mar. 31, 2023	$ 132,482	$ 2	5,233	(9)	(102,688)	(97,462)
Exercise of stock options (in shares)	0	36,715
Exercise of stock options	$ 0	$ 0	47	0	0	47
Stock-based compensation	0	0	489	0		489
Net income (loss)	0	0	0	0	41,564	41,564
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(56)	0	(56)
Issuance of stock, net of issuance costs (in shares)	3,333,239	0
Issuance of stock, net of issuance costs	$ 49,896	$ 0	0	0	0	0
Vesting of shares of common stock subject to repurchase (in shares)	0	14,584
Vesting of shares of common stock subject to repurchase	$ 0	$ 0	14	0		14
Repurchase of stock options (in shares)	0	(2,680)
Repurchase of stock options	$ 0	$ 0	(28)	0	0	(28)
Balance (in shares) at Jun. 30, 2023	15,222,913	2,320,744
Balance at Jun. 30, 2023	$ 182,378	$ 2	5,755	(65)	(61,124)	(55,432)
Balance (in shares) at Dec. 31, 2023	15,906,236	2,349,554
Balance at Dec. 31, 2023	$ 192,620	$ 2	7,098	108	(75,144)	(67,936)
Exercise of stock options (in shares)	0	34,872
Exercise of stock options	$ 0	$ 0	122	0	0	122
Stock-based compensation	0	0	768	0		768
Net income (loss)	0	0	0	0	(8,417)	(8,417)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(166)	0	(166)
Balance (in shares) at Mar. 31, 2024	15,906,236	2,384,426
Balance at Mar. 31, 2024	$ 192,620	$ 2	7,988	(58)	(83,561)	(75,629)
Balance (in shares) at Dec. 31, 2023	15,906,236	2,349,554
Balance at Dec. 31, 2023	$ 192,620	$ 2	7,098	108	(75,144)	$ (67,936)
Exercise of stock options (in shares)						43,809
Net income (loss)						$ (17,426)
Unrealized gain (loss) on marketable securities						(235)
Balance (in shares) at Jun. 30, 2024	0	25,723,276
Balance at Jun. 30, 2024	$ 0	$ 26	310,174	(127)	(92,570)	217,503
Balance (in shares) at Mar. 31, 2024	15,906,236	2,384,426
Balance at Mar. 31, 2024	$ 192,620	$ 2	7,988	(58)	(83,561)	(75,629)
Exercise of stock options (in shares)	0	8,932
Exercise of stock options	$ 0	$ 0	13	0	0	13
Stock-based compensation	0	0	1,494	0		1,494
Net income (loss)	0	0	0	0	(9,009)	(9,009)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(69)	0	(69)
Issuance of stock, net of issuance costs (in shares)	0	7,423,682
Issuance of stock, net of issuance costs	$ 0	$ 7	107,860	0	0	107,867
Conversion of convertible preferred stock to common stock upon initial public offering (in shares)	(15,906,236)	15,906,236
Conversion of convertible preferred stock to common stock upon initial public offering	$ (192,620)	$ 17	192,603	0	0	192,620
Reclassification of warrant from liability to equity	$ 0	$ 0	216	0	0	216
Balance (in shares) at Jun. 30, 2024	0	25,723,276
Balance at Jun. 30, 2024	$ 0	$ 26	$ 310,174	$ (127)	$ (92,570)	$ 217,503

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Issuance costs	$ 10,912	$ 103

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)	$ (17,426)	$ 36,740
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	121	115
Non-cash operating lease expense	488	467
Stock-based compensation	2,262	983
Accretion of debt discount and debt issuance costs	0	(197)
Accretion of premiums/discounts on investments, net	(2,092)	(480)
Change in fair value of warrant liability	107	(2)
Gain on marketable securities	0	24
Change in fair value of investor rights and obligations liability	0	(2,867)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	846	(14)
Other long-term assets	936	34
Accounts payable	100	(31)
Accrued expenses	(1,841)	1,175
Operating lease liabilities	25	(517)
Net cash provided by (used in) operating activities	(16,474)	35,430
Investing activities
Purchase of property and equipment	(266)	(83)
Purchases of marketable securities	(99,649)	(67,794)
Sales and maturities of marketable securities	69,747	32,775
Net cash used in investing activities	(30,168)	(35,102)
Financing activities
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	108,211	0
Proceeds from issuance of Series C convertible preferred stock, net of offering costs	0	49,895
Principal payments on debt	0	(3,750)
Proceeds from exercise of stock options	135	27
Net cash provided by financing activities	108,346	46,172
Net increase in cash and cash equivalents	61,704	46,500
Cash and cash equivalents at beginning of period	15,526	5,569
Cash and cash equivalents at end of period	77,230	52,069
Supplemental disclosure of noncash investing and financing activities
Reclassification of warrant from liability to equity	216	0
Reclassification of deferred offering costs paid in prior year to equity	343	0
Conversion of Convertible Preferred Stock to Common Stock [Member]
Supplemental disclosure of noncash investing and financing activities
Conversion of convertible preferred stock to common stock upon initial public offering	$ 192,620	$ 0

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization and Nature of Operations Contineum Therapeutics, Inc. (the “Company”), is a clinical stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies for neuroscience, inflammation and immunology indications with high unmet need. The Company, formerly named Sirocco Therapeutics, Inc. (“Sirocco” or “legacy Sirocco”), Inception 3, 2009 October 25, 2011, July 13, 2012. May 2018, May 9, 2017. May 7, 2019, December 31, 2019, January 2020, November 2023, Reverse Stock Split On April 1, 2024, fourth 1 Initial Public Offering On April 9, 2024, April 19, 2024, no In connection with the closing of its IPO, on April 9, 2024, may one Liquidity and Capital Resources Since its inception, the Company has devoted substantially all its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital to support and expand such activities and providing general and administrative support for these operations. The Company incurred a net loss of $9.0 million and $17.4 million for the three six June 30, 2024 June 30, 2024 June 30, 2024 February 2023 one April 2024 As of June 30, 2024 12 As the Company continues to pursue its business plan, it expects to finance its operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third no not may third may may may not may Unaudited Interim Condensed Financial Statements The condensed balance sheet as of June 30, 2024 three six June 30, 2024 2023, six June 30, 2024 2023, three six June 30, 2024 not December 31, 2023 December 31, 2023 1, No. 333 278003 424 1933, April 1, 2024 April 4, 2024 (

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. During the six June 30, 2024, no Basis of presentation The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted accounting principles (“GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board ("FASB"). Use of estimates During the six June 30, 2024, no Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07" 2023 07 December 15, 2023, December 15, 2024, In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09" 2023 09 December 15, 2024,

Note 3 - Marketable Securities

Note 3 - Marketable Securities	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. The Company invests its excess cash in marketable securities, including debt securities, commercial paper, asset-backed securities, Yankee debt and U.S. government agency securities. The following table summarizes the amortized cost and fair value of the Company’s marketable securities by major investment category (in thousands): As of June 30, 2024 Unrealized Amortized Cost Gains Losses Fair Value US Government agency securities $ 20,526 $ — $ (64 ) $ 20,462 Certificate of deposit 11,531 2 (2 ) 11,531 Corporate debt securities 67,530 9 (53 ) 67,486 Commercial paper 29,180 1 (19 ) 29,162 Yankee debt 3,926 — (5 ) 3,921 Asset-backed securities 8,857 7 (3 ) 8,861 $ 141,550 $ 19 $ (146 ) $ 141,423 As of December 31, 2023 Unrealized Amortized Cost Gains Losses Fair Value US Government agency securities $ 18,883 $ 11 $ — $ 18,894 Certificate of deposit 5,232 13 — 5,245 Corporate debt securities 52,310 65 (6 ) 52,369 Commercial paper 28,108 19 (1 ) 28,126 Yankee debt 2,445 3 — 2,448 Asset-backed securities 2,576 7 (1 ) 2,582 $ 109,554 $ 118 $ (8 ) $ 109,664 The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. As of June 30, 2024 not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three Level 1 Level 2 not Level 3 no Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Total Assets (Level 1) Inputs (Level 2) (Level 3) As of June 30, 2024: Assets: Cash equivalents $ 16,005 $ 16,005 $ — $ — US Government agency securities 20,462 19,833 629 — Certificates of deposits 11,531 — 11,531 — Corporate debt securities 67,486 — 67,486 — Commercial paper 29,162 — 29,162 — Yankee debt 3,921 — 3,921 — Asset-backed securities 8,861 — 8,861 — Total financial assets $ 157,428 $ 35,838 $ 121,590 $ — As of December 31, 2023: Assets: Cash equivalents $ 14,646 $ 14,646 $ — $ — US Government agency securities 18,894 16,360 2,534 — Certificates of deposits 5,245 — 5,245 — Corporate debt securities 52,369 — 52,369 — Commercial paper 28,126 — 28,126 — Yankee debt 2,448 — 2,448 — Asset-backed securities 2,582 — 2,582 — Total financial assets $ 124,310 $ 31,006 $ 93,304 $ — Liabilities: Preferred stock warrant liability (109 ) — — (109 ) Total financial liabilities $ (109 ) $ — $ — $ (109 ) The carrying amounts of the Company’s financial instruments, including cash, cash equivalents and marketable securities, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at June 30, 2024 December 31, 2023 1 Warrant Upon the closing of the IPO, the warrant to purchase shares of Series B preferred stock converted to a warrant to purchase shares of Class A common stock, and upon conversion the warrant met the equity classification requirements and was reclassified to equity. The warrant was remeasured to fair value immediately prior to the conversion to a common stock warrant and the Company recognized changes in the fair value of the warrant liability until April 9, 2024. As of December 31, 2023, 3 The Company’s valuation of the preferred stock warrant as of April 9, 2024 December 31, 2023 3 The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrant. The Company has estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends. Significant increases or decreases in any of these inputs in isolation would result in a significantly different fair value measurement. An increase in the risk-free interest rate, and/or an increase in the remaining contractual term or expected volatility, and/or an increase in the fair value of the convertible preferred stock would result in an increase in the fair value of the warrant. The following table summarizes the change in fair value of the preferred stock warrant liability, a Level 3 six June 30, 2024 ( Warrant Liability Balance at December 31, 2023 $ 109 Change in fair value of warrant liability 107 Balance at April 9, 2024 $ 216 Reclassification to equity $ (216 ) Balance at June 30, 2024 $ —

Note 5 - Accrued Expenses

Note 5 - Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accrued Expenses [Text Block]	5. Accrued expenses consisted of the following (in thousands): June 30, December 31, 2024 2023 Accrued compensation expenses $ 1,402 $ 1,904 Accrued research and development expenses 973 1,546 Accrued professional and consulting expenses 94 834 Other accrued expenses 52 101 Total accrued expenses $ 2,521 $ 4,385

Note 6 - Convertible Preferred

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	6. Equity (Deficit) Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 9,177,064 shares of Class A common stock and 6,729,172 shares of Class B common stock. Converted preferred stock outstanding as of the date of the IPO consisted of 15,906,236 shares. Each share of outstanding Series A, Series A- 1, one Convertible Preferred Stock As of December 31, 2023, 1, not not not The authorized, issued, and outstanding shares of convertible preferred stock as of December 31, 2023 Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Series A 1,786,607 1,786,604 $ 10,000 Series A-1 1,429,286 1,423,119 11,179 Series B 3,362,377 3,346,607 32,034 Series C 10,362,324 9,349,906 140,249 16,940,594 15,906,236 $ 193,462 Common Stock The Company has two June 30, 2024 Voting, dividend, and liquidation rights of the holders of the common stock were subject to, and qualified by, the rights, preferences and privileges of the holders of the convertible preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Class A common stock reserved for future issuance consisted of the following: As of June 30, December 31, 2024 2023 Convertible preferred stock — 15,906,236 Common stock options granted and outstanding 4,090,030 2,674,405 Shares available for issuance under the 2024 Plan 2,824,492 — Shares available for issuance under the 2012 Plan — 502,491 Preferred stock warrant — 15,764 Common stock warrant 15,764 — Common stock reserved under the 2024 ESPP 280,000 — Total common stock reserved for future issuance 7,210,286 19,098,896 There are no shares of Class B common stock reserved for future issuance. Stock Options In March 2024, 2024 "2024 2024 2012 "2012 2012 2024 The number of shares initially reserved for issuance under the 2024 June 30, 2024, 2024 2024 first 2025 2034, Under the 2024 2024 may not not The Company's board of directors (or a committee thereof to which the Company's board of directors has delegated authority) may 2024 2024 not 2024 ten 2024 In March 2024, 2024 "2024 2024 April 9, 2024. 2024 may not As of June 30, 2024, 2024 2024 first 2025 2044, 2024 During the six June 30, 2024, 2024 not Stock option activity under the 2024 2012 Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2023 2,674,457 $ 5.93 7.22 $ 13,453 Options granted 1,459,382 16.01 — — Options exercised (43,809 ) 3.09 — — Options cancelled and forfeited — — — — Options expired — — — — As of June 30, 2024 4,090,030 $ 9.55 7.82 $ 33,050 Options vested and expected to vest as of June 30, 2024 4,090,030 $ 9.55 7.82 $ 33,050 Options exercisable as of June 30, 2024 1,930,408 $ 4.35 5.91 $ 25,592 The aggregate intrinsic value of options exercised during the period ended June 30, 2024 not June 30, 2024 June 30, 2024, The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Assumptions: Expected term (in years) 6.05 — 6.03 6.08 Expected volatility 110 % — 110 % 90 % Risk free interest rate 4.49 % — 4.44 % 3.40 % Dividend yield — — — — The weighted-average grant-date fair value per share of stock options granted during the three six June 30, 2024 There were no stock options granted during the three June 30, 2023. The Company recorded $0.9 million and $0.6 million in stock-based compensation in general and administrative and research and development, respectively, for the three June 30, 2024. three June 30, 2023. The Company recorded $1.3 million and $1.0 million in stock-based compensation in general and administrative and research and development, respectively, for the six June 30, 2024. six June 30, 2023. As of June 30, 2024 June 30, 2023

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. The Company’s interim income tax provision consists of U.S. federal and state income taxes based on the estimated annual effective tax rate that the Company expects for the full year together with the tax effect of discrete items. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. For the three six June 30, 2024, not December 31, 2024. As of June 30, 2023, 2023, three June 30, 2023, six June 30, 2023, Under Section 382 383 50% three may 382 February 9, 2021. July 13, 2012, April 29, 2018, March 15, 2019, February 9, 2021 February 9, 2021 382 not February 9, 2021 may may In assessing the realizability of deferred tax assets, the Company evaluates whether it is more likely than not not not June 30, 2023.

Note 8 - License Agreement

Note 8 - License Agreement	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	8. In February 2023, 307 2 307 may, 307 first 3 307, 3 307, 307. The Company sold approximately 1.7 million shares of series C convertible preferred stock to Johnson & Johnson Innovation - JJDC, Inc., an affiliate of J&J, at $15.00 per share, for an aggregate purchase price of approximately $25.0 million, in April 2023. The Company concluded that J&J represented a customer and applied relevant guidance from ASC 606 second 2023, May 2023 June 30, 2024 In August 2023, 2 307 2 2 no June 30, 2024 no 2 no

Note 9 - Net Loss Per Share

Note 9 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	9. The following table sets forth the computation of the basic and diluted net income (loss) per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator, basic: Net income (loss) $ (9,009 ) $ 41,564 $ (17,426 ) $ 36,740 Allocation of earnings to participating preferred stockholders — 35,695 — 31,219 Net income (loss) applicable to common stockholders $ (9,009 ) $ 5,869 $ (17,426 ) $ 5,521 Denominator, basic: Weighted average common shares issued 23,355,588 2,295,378 12,862,328 2,291,887 Less: weighted average unvested common stock issued upon early exercise of stock options — (3,512 ) — (7,137 ) Weighted average shares used to compute net income (loss) per common share, basic 23,355,588 2,291,866 12,862,328 2,284,750 Numerator, diluted: Net income (loss) attributable to common stockholders $ (9,009 ) $ 5,869 $ (17,426 ) $ 5,521 Change in fair value of put option — (2,920 ) — (2,920 ) Net income (loss) applicable to common stockholders $ (9,009 ) $ 2,949 $ (17,426 ) $ 2,601 Denominator, diluted: Weighted average shares used to compute net income (loss) per common share, diluted 23,355,588 2,291,866 12,862,328 2,284,750 Common stock options — 1,036,729 — 1,042,226 Unvested common stock issued upon early exercise of stock options — 3,512 — 7,137 Preferred stock warrant (as converted to common stock) — 1,752 — 1,585 Preferred stock put option (common stock issued) — 177,898 — 177,898 Weighted average shares used to compute net income (loss) per common share, diluted 23,355,588 3,511,757 12,862,328 3,513,596 Net income (loss) per share, basic $ (0.39 ) $ 2.56 $ (1.35 ) $ 2.42 Net income (loss) per share, diluted $ (0.39 ) $ 0.84 $ (1.35 ) $ 0.74 For the three six June 30, 2024, For the three six June 30, 2023, no The Company’s potentially dilutive securities, which include convertible preferred stock, a common stock warrant, common stock options, common stock reserved under the 2024 three six June 30, 2024 The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of June 30, As of June 30, 2024 2023 Convertible preferred stock — 15,222,937 Common stock options 4,090,030 2,141,367 Common stock warrant 15,764 — Unvested common stock issued upon early exercise of stock options — 3,202 Common stock reserved under the 2024 ESPP 280,000 — Preferred stock warrant — 15,764 4,385,794 17,383,271

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. (c) Securities Trading Plans of Directors and Executive Officers During the quarter ended June 30, 2024, none 16a 1 10b5 1 10b5 1 408.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Income Tax, Policy [Policy Text Block]	Basis of presentation The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted accounting principles (“GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board ("FASB").
Use of Estimates, Policy [Policy Text Block]	Use of estimates During the six June 30, 2024, no
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07" 2023 07 December 15, 2023, December 15, 2024, In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09" 2023 09 December 15, 2024,

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	As of June 30, 2024 Unrealized Amortized Cost Gains Losses Fair Value US Government agency securities $ 20,526 $ — $ (64 ) $ 20,462 Certificate of deposit 11,531 2 (2 ) 11,531 Corporate debt securities 67,530 9 (53 ) 67,486 Commercial paper 29,180 1 (19 ) 29,162 Yankee debt 3,926 — (5 ) 3,921 Asset-backed securities 8,857 7 (3 ) 8,861 $ 141,550 $ 19 $ (146 ) $ 141,423 As of December 31, 2023 Unrealized Amortized Cost Gains Losses Fair Value US Government agency securities $ 18,883 $ 11 $ — $ 18,894 Certificate of deposit 5,232 13 — 5,245 Corporate debt securities 52,310 65 (6 ) 52,369 Commercial paper 28,108 19 (1 ) 28,126 Yankee debt 2,445 3 — 2,448 Asset-backed securities 2,576 7 (1 ) 2,582 $ 109,554 $ 118 $ (8 ) $ 109,664

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements Using Quoted Prices in Significant Active Markets Significant Other Unobservable for Identical Observable Inputs Total Assets (Level 1) Inputs (Level 2) (Level 3) As of June 30, 2024: Assets: Cash equivalents $ 16,005 $ 16,005 $ — $ — US Government agency securities 20,462 19,833 629 — Certificates of deposits 11,531 — 11,531 — Corporate debt securities 67,486 — 67,486 — Commercial paper 29,162 — 29,162 — Yankee debt 3,921 — 3,921 — Asset-backed securities 8,861 — 8,861 — Total financial assets $ 157,428 $ 35,838 $ 121,590 $ — As of December 31, 2023: Assets: Cash equivalents $ 14,646 $ 14,646 $ — $ — US Government agency securities 18,894 16,360 2,534 — Certificates of deposits 5,245 — 5,245 — Corporate debt securities 52,369 — 52,369 — Commercial paper 28,126 — 28,126 — Yankee debt 2,448 — 2,448 — Asset-backed securities 2,582 — 2,582 — Total financial assets $ 124,310 $ 31,006 $ 93,304 $ — Liabilities: Preferred stock warrant liability (109 ) — — (109 ) Total financial liabilities $ (109 ) $ — $ — $ (109 )
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Warrant Liability Balance at December 31, 2023 $ 109 Change in fair value of warrant liability 107 Balance at April 9, 2024 $ 216 Reclassification to equity $ (216 ) Balance at June 30, 2024 $ —

Note 5 - Accrued Expenses (Tabl

Note 5 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2024 2023 Accrued compensation expenses $ 1,402 $ 1,904 Accrued research and development expenses 973 1,546 Accrued professional and consulting expenses 94 834 Other accrued expenses 52 101 Total accrued expenses $ 2,521 $ 4,385

Note 6 - Convertible Preferre_2

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Convertible Preferred Stock [Table Text Block]	Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Series A 1,786,607 1,786,604 $ 10,000 Series A-1 1,429,286 1,423,119 11,179 Series B 3,362,377 3,346,607 32,034 Series C 10,362,324 9,349,906 140,249 16,940,594 15,906,236 $ 193,462
Schedule of Common Stock Reserved for Future Issuance [Table Text Block]	As of June 30, December 31, 2024 2023 Convertible preferred stock — 15,906,236 Common stock options granted and outstanding 4,090,030 2,674,405 Shares available for issuance under the 2024 Plan 2,824,492 — Shares available for issuance under the 2012 Plan — 502,491 Preferred stock warrant — 15,764 Common stock warrant 15,764 — Common stock reserved under the 2024 ESPP 280,000 — Total common stock reserved for future issuance 7,210,286 19,098,896
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2023 2,674,457 $ 5.93 7.22 $ 13,453 Options granted 1,459,382 16.01 — — Options exercised (43,809 ) 3.09 — — Options cancelled and forfeited — — — — Options expired — — — — As of June 30, 2024 4,090,030 $ 9.55 7.82 $ 33,050 Options vested and expected to vest as of June 30, 2024 4,090,030 $ 9.55 7.82 $ 33,050 Options exercisable as of June 30, 2024 1,930,408 $ 4.35 5.91 $ 25,592
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Assumptions: Expected term (in years) 6.05 — 6.03 6.08 Expected volatility 110 % — 110 % 90 % Risk free interest rate 4.49 % — 4.44 % 3.40 % Dividend yield — — — —

Note 9 - Net Loss Per Share (Ta

Note 9 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator, basic: Net income (loss) $ (9,009 ) $ 41,564 $ (17,426 ) $ 36,740 Allocation of earnings to participating preferred stockholders — 35,695 — 31,219 Net income (loss) applicable to common stockholders $ (9,009 ) $ 5,869 $ (17,426 ) $ 5,521 Denominator, basic: Weighted average common shares issued 23,355,588 2,295,378 12,862,328 2,291,887 Less: weighted average unvested common stock issued upon early exercise of stock options — (3,512 ) — (7,137 ) Weighted average shares used to compute net income (loss) per common share, basic 23,355,588 2,291,866 12,862,328 2,284,750 Numerator, diluted: Net income (loss) attributable to common stockholders $ (9,009 ) $ 5,869 $ (17,426 ) $ 5,521 Change in fair value of put option — (2,920 ) — (2,920 ) Net income (loss) applicable to common stockholders $ (9,009 ) $ 2,949 $ (17,426 ) $ 2,601 Denominator, diluted: Weighted average shares used to compute net income (loss) per common share, diluted 23,355,588 2,291,866 12,862,328 2,284,750 Common stock options — 1,036,729 — 1,042,226 Unvested common stock issued upon early exercise of stock options — 3,512 — 7,137 Preferred stock warrant (as converted to common stock) — 1,752 — 1,585 Preferred stock put option (common stock issued) — 177,898 — 177,898 Weighted average shares used to compute net income (loss) per common share, diluted 23,355,588 3,511,757 12,862,328 3,513,596 Net income (loss) per share, basic $ (0.39 ) $ 2.56 $ (1.35 ) $ 2.42 Net income (loss) per share, diluted $ (0.39 ) $ 0.84 $ (1.35 ) $ 0.74
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	As of June 30, As of June 30, 2024 2023 Convertible preferred stock — 15,222,937 Common stock options 4,090,030 2,141,367 Common stock warrant 15,764 — Unvested common stock issued upon early exercise of stock options — 3,202 Common stock reserved under the 2024 ESPP 280,000 — Preferred stock warrant — 15,764 4,385,794 17,383,271

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands					3 Months Ended				6 Months Ended
	Apr. 19, 2024 shares	Apr. 19, 2024 USD ($)	Apr. 05, 2024 $ / shares shares	Apr. 01, 2024	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Apr. 09, 2024 shares	Dec. 31, 2023 USD ($) shares
Proceeds from Issuance of Common Stock | $									$ 108,211	$ 0
Temporary Equity, Shares Outstanding (in shares)					0				0		15,906,236	15,906,236
Common Stock, Shares Authorized (in shares)											220,000,000
Preferred Stock, Shares Authorized (in shares)					10,000,000				10,000,000		10,000,000	0
Net Income (Loss) Attributable to Parent | $					$ (9,009)	$ (8,417)	$ 41,564	$ (4,824)	$ (17,426)	$ 36,740
Retained Earnings (Accumulated Deficit) | $					(92,570)				(92,570)			$ (75,144)
Cash, Cash Equivalents, and Short-Term Investments | $					$ 218,700				$ 218,700
Common Class A [Member]
Common Stock, Shares Authorized (in shares)					200,000,000				200,000,000		200,000,000	39,630,511
Common Class B [Member]
Common Stock, Shares Authorized (in shares)					20,000,000				20,000,000		20,000,000	0
IPO [Member]
Stock Issued During Period, Shares, New Issues (in shares)			6,875,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares			$ 16
Proceeds from Issuance of Common Stock | $		$ 107,900
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)	548,682
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio				5.5972

Note 3 - Marketable Securitie_2

Note 3 - Marketable Securities (Details Textual) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale, Allowance for Credit Loss	$ 0

Note 3 - Marketable Securitie_3

Note 3 - Marketable Securities - Amortized Costs and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities, Amortized cost	$ 141,550	$ 109,554
Securities, Gains	19	118
Securities, Losses	(146)	(8)
Securities, Fair Value	141,423	109,664
US Government Agencies Debt Securities [Member]
Securities, Amortized cost	20,526	18,883
Securities, Gains	0	11
Securities, Losses	(64)	0
Securities, Fair Value	20,462	18,894
Certificates of Deposit [Member]
Securities, Amortized cost	11,531	5,232
Securities, Gains	2	13
Securities, Losses	(2)	0
Securities, Fair Value	11,531	5,245
Corporate Debt Securities [Member]
Securities, Amortized cost	67,530	52,310
Securities, Gains	9	65
Securities, Losses	(53)	(6)
Securities, Fair Value	67,486	52,369
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, Amortized cost	29,180	28,108
Securities, Gains	1	19
Securities, Losses	(19)	(1)
Securities, Fair Value	29,162	28,126
Debt Security, Government, Non-US [Member]
Securities, Amortized cost	3,926	2,445
Securities, Gains	0	3
Securities, Losses	(5)	0
Securities, Fair Value	3,921	2,448
Asset-Backed Securities [Member]
Securities, Amortized cost	8,857	2,576
Securities, Gains	7	7
Securities, Losses	(3)	(1)
Securities, Fair Value	$ 8,861	$ 2,582

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements (Details Textual) Pure in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents, at Carrying Value	$ 77,230	$ 15,526
Preferred Stock Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0
Money Market Funds [Member]
Cash and Cash Equivalents, at Carrying Value	$ 11,300	$ 11,800

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities, fair value	$ 141,423	$ 109,664
US Government Agencies Debt Securities [Member]
Securities, fair value	20,462	18,894
Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member]
Cash equivalents	16,005	14,646
Total financial assets	157,428	124,310
Preferred stock warrant liability		(109)
Total financial liabilities		(109)
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member]
Securities, fair value	20,462	18,894
Fair Value, Recurring [Member] | Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	16,005	14,646
Total financial assets	35,838	31,006
Preferred stock warrant liability		0
Total financial liabilities		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Securities, fair value	19,833	16,360
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Total financial assets	121,590	93,304
Preferred stock warrant liability		0
Total financial liabilities		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Securities, fair value	629	2,534
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0	0
Total financial assets	0	0
Preferred stock warrant liability		(109)
Total financial liabilities		(109)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member]
Securities, fair value	$ 0	$ 0

Note 4 - Fair Value Measureme_5

Note 4 - Fair Value Measurements - Roll-forward of Level 3 Financial Instruments (Details) - Preferred Stock Warrant Liability [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Apr. 05, 2024
Beginning balance	$ 216	$ 109
Change in fair value of warrant liability		107
Reclassification to equity	(216)
Balance at April 9, 2024	$ 0	$ 216

Note 5 - Accrued Expenses - Sch

Note 5 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued compensation expenses	$ 1,402	$ 1,904
Accrued research and development expenses	973	1,546
Accrued professional and consulting expenses	94	834
Other accrued expenses	52	101
Total accrued expenses	$ 2,521	$ 4,385

Note 6 - Convertible Preferre_3

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details Textual) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 09, 2024 shares	Mar. 31, 2024	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jan. 01, 2024 shares	Dec. 31, 2023 shares
Temporary Equity, Shares Outstanding (in shares)	15,906,236		0		0			15,906,236
Common Stock, Shares Authorized (in shares)	220,000,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			7,210,286		7,210,286			19,098,896
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $					$ 0.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Available for Early Exercise, Number (in shares)			133,058		133,058
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares			$ 13.53		$ 13.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0	1,459,382
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $			$ 24.1	$ 2.9	$ 24.1	$ 2.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years 2 months 12 days	1 year
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			280,000		280,000			0
Employee Stock Ownership Plan, Increase in Reserved Shares, Maximum (in shares)	280,000
Employee Stock Ownership Plan, Increase in Reserved Shares, Percentage of Outstanding Stock	1%
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares)					0
Minimum [Member] | 2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Employee Stock Ownership Plan, Percentage of Compensation	1%
Maximum [Member] | 2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Employee Stock Ownership Plan, Percentage of Compensation	15%
Share-Based Payment Arrangement, Option [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			4,090,030		4,090,030			2,674,405
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense | $			$ 0.9	0.3	$ 1.3	$ 0.5
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense | $			$ 0.6	$ 0.2	$ 1	$ 0.5
The 2024 Equity Incentive Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			2,824,492		2,824,492		2,700,000	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			2,824,492		2,824,492
Share-Based Compensation Arrangement by Share-Based Payment Award, Yearly Increase in Authorized Shares, Percent of Shares Outstanding		5%
The 2024 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
The 2024 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent		100%
Common Class A [Member]
Common Stock, Number of Votes			1		1
Common Stock, Shares Authorized (in shares)	200,000,000		200,000,000		200,000,000			39,630,511
Common Stock, Shares, Outstanding (in shares)			18,994,104		18,994,104			2,349,554
Common Stock, Shares, Issued (in shares)			18,994,104		18,994,104			2,349,554
Common Class B [Member]
Common Stock, Number of Votes			0		0
Common Stock, Shares Authorized (in shares)	20,000,000		20,000,000		20,000,000			0
Common Stock, Shares, Outstanding (in shares)			6,729,172		6,729,172			0
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			0		0
Common Stock, Shares, Issued (in shares)			6,729,172		6,729,172			0
Conversion of Convertible Preferred Stock to Class A Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	9,177,064
Conversion of Convertible Preferred Stock to Class B Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	6,729,172

Note 6 - Convertible Preferre_4

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Preferred Stock Shares (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 09, 2024	Dec. 31, 2023
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	0
Preferred stock, shares issued (in shares)	0		0
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	1,786,607
Preferred stock, shares issued (in shares)	1,786,604
Liquidation preference	$ 10,000
Series A-1 Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	1,429,286
Preferred stock, shares issued (in shares)	1,423,119
Liquidation preference	$ 11,179
Series B Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	3,362,377
Preferred stock, shares issued (in shares)	3,346,607
Liquidation preference	$ 32,034
Series C Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	10,362,324
Preferred stock, shares issued (in shares)	9,349,906
Liquidation preference	$ 140,249
Convertible Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	16,940,594
Preferred stock, shares issued (in shares)	15,906,236
Liquidation preference	$ 193,462

Note 6 - Convertible Preferre_5

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023
Total common stock reserved for future issuance (in shares)	7,210,286		19,098,896
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Total common stock reserved for future issuance (in shares)	280,000		0
Preferred Stock Warrant [Member]
Total common stock reserved for future issuance (in shares)	0		15,764
Common Stock Warrant [Member]
Total common stock reserved for future issuance (in shares)	15,764		0
The 2024 Equity Incentive Plan [Member]
Total common stock reserved for future issuance (in shares)	2,824,492	2,700,000	0
The 2012 Equity Incentive Plan [Member]
Total common stock reserved for future issuance (in shares)	0		502,491
Share-Based Payment Arrangement, Option [Member]
Total common stock reserved for future issuance (in shares)	4,090,030		2,674,405
Convertible Preferred Stock [Member]
Total common stock reserved for future issuance (in shares)	0		15,906,236

Note 6 - Convertible Preferre_6

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Beginning balance, options (in shares)		2,674,457
Beginning balance, weighted average exercise price (in dollars per share)		$ 5.93
Weighted-average remaining contractual term (Year)		7 years 9 months 25 days	7 years 2 months 19 days
Aggregate intrinsic value		$ 33,050	$ 13,453
Options granted (in shares)	0	1,459,382
Options granted, weighted average exercise price (in dollars per share)		$ 16.01
Options exercised (in shares)		(43,809)
Options exercised, weighted average exercise price (in dollars per share)		$ 3.09
Options cancelled and forfeited (in shares)		0
Options cancelled and forfeited, weighted average exercise price (in dollars per share)		$ 0
Options expired (in shares)		0
Options expired, weighted average exercise price (in dollars per share)		$ 0
Ending balance, options (in shares)		4,090,030	2,674,457
Ending balance, weighted average exercise price (in dollars per share)		$ 9.55	$ 5.93
Options Vested and Expected to Vest, options (in shares)		4,090,030
Options Vested and Expected to Vest, weighted average exercise price (in dollars per share)		$ 9.55
Options Vested and Expected to Vest, Weighted-average remaining contractual term (Year)		7 years 9 months 25 days
Options Vested and Expected to Vest, Aggregate intrinsic value		$ 33,050
Options Exercisable, options (in shares)		1,930,408
Options Exercisable, weighted average exercise price (in dollars per share)		$ 4.35
Options Exercisable, Weighted-average remaining contractual term (Year)		5 years 10 months 28 days
Options Exercisable, Aggregate intrinsic value		$ 25,592

Note 6 - Convertible Preferre_7

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Weighted-average Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Expected term (in years) (Year)	6 years 18 days	0 years	6 years 10 days	6 years 29 days
Expected volatility	110%	0%	110%	90%
Risk free interest rate	4.49%	0%	4.44%	3.40%
Dividend yield	0%	0%	0%	0%

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Expense (Benefit)	$ 0	$ 729	$ 0	$ 729
Effective Income Tax Rate Reconciliation, Percent				1.94%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (9,009)	$ 42,293	$ (17,426)	$ 37,469

Note 8 - License Agreement (Det

Note 8 - License Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended			3 Months Ended
	May 31, 2023	Apr. 30, 2023	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock Issued During Period, Value, New Issues				$ 107,867	$ 0
Preferred Stock Purchase Agreement [Member] | JJDC [Member]
Stock Issued During Period, Shares, New Issues (in shares)		1.7
Shares Issued, Price Per Share (in dollars per share)		$ 15
Stock Issued During Period, Value, New Issues		$ 25,000
J&J License Agreement [Member]
Upfront Payment Received			$ 50,000
Contract with Customer, Asset, after Allowance for Credit Loss			$ 1,000,000
Revenue Not from Contract with Customer	$ 50,000

Note 9 - Net Loss Per Share - C

Note 9 - Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss) Attributable to Parent	$ (9,009)	$ (8,417)	$ 41,564	$ (4,824)	$ (17,426)	$ 36,740
Allocation of earnings to participating preferred stockholders	0		35,695		0	31,219
Net income (loss) applicable to common stockholders	$ (9,009)		$ 5,869		$ (17,426)	$ 5,521
Weighted average common shares issued (in shares)	23,355,588		2,295,378		12,862,328	2,291,887
Less: weighted average unvested common stock issued upon early exercise of stock options (in shares)	0		(3,512)		0	(7,137)
Weighted average shares used to compute net income (loss) per common share, basic (in shares)	23,355,588		2,291,866		12,862,328	2,284,750
Change in fair value of put option	$ 0		$ (2,920)		$ 0	$ (2,920)
Net income (loss) applicable to common stockholders	$ (9,009)		$ 2,949		$ (17,426)	$ 2,601
Common stock options (in shares)	0		1,036,729		0	1,042,226
Unvested common stock issued upon early exercise of stock options (in shares)	0		3,512		0	7,137
Preferred stock warrant (as converted to common stock) (in shares)	0		1,752		0	1,585
Preferred stock put option (common stock issued) (in shares)	0		177,898		0	177,898
Weighted average shares used to compute net income (loss) per common share, diluted (in shares)	23,355,588		3,511,757		12,862,328	3,513,596
Net income (loss) per share, basic (in dollars per share)	$ (0.39)		$ 2.56		$ (1.35)	$ 2.42
Net income (loss) per share, diluted (in dollars per share)	$ (0.39)		$ 0.84		$ (1.35)	$ 0.74

Note 9 - Net Loss Per Share - A

Note 9 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities (in shares)	4,385,794	17,383,271
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	0	15,222,937
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	4,090,030	2,141,367
Common Stock Warrant [Member]
Antidilutive securities (in shares)	15,764	0
Unvested Common Stock Issued Upon Early Exercise of Stock Options [Member]
Antidilutive securities (in shares)	0	3,202
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Antidilutive securities (in shares)	280,000	0
Warrant [Member]
Antidilutive securities (in shares)	0	15,764