| December 31, 2023 | ||||||||||||
| Actual | Pro Forma(1)(3) | Pro Forma As Adjusted(2)(3) | ||||||||||
| (in thousands) | (unaudited) | (unaudited) | ||||||||||
| Balance Sheet Data: | ||||||||||||
| Cash, cash equivalents, and short-term investments | $120,752 | $120,752 | $209,102 | |||||||||
| Working capital(4) | 114,845 | 114,845 | 203,195 | |||||||||
| Total assets | 129,894 | 129,894 | 218,244 | |||||||||
| Total liabilities | 9,359 | 9,359 | 9,359 | |||||||||
| Convertible preferred stock | 247,617 | — | — | |||||||||
| Accumulated deficit | (136,109) | (136,109) | (136,109) | |||||||||
| Total stockholders’ (deficit) equity | (127,082) | 120,535 | 208,885 | |||||||||
| Shares Purchased | Total Consideration | Weighted- Average Price Per Share | ||||||||||||||||||
| Number | Percent | Amount | Percent | |||||||||||||||||
| Existing stockholders before this offering | 15,989,333 | 71.9 | % | $ | 253,492,717 | 71.7 | % | $ | 15.85 | |||||||||||
| New investors participating in this offering | 6,250,000 | 28.1 | % | 100,000,000 | 28.3 | % | $ | 16.00 | ||||||||||||
| Total | 22,239,333 | 100.0 | % | $ | 353,492,717 | 100.0 | % | |||||||||||||
| Amount Paid or to Be Paid | ||||
| SEC registration fee | $ | 18,035 | ||
| FINRA filing fee | 18,828 | |||
| Nasdaq Global Select Market listing fee | 295,000 | |||
| Accountants’ fees and expenses | 950,000 | |||
| Legal fees and expenses | 2,955,000 | |||
| Transfer Agent’s fees and expenses | 10,000 | |||
| Printing and engraving expenses | 385,000 | |||
| Miscellaneous | 18,137 | |||
| Total expenses | $ | 4,650,000 | ||
| Year Ended December 31, | ||||||||
| 2022 | 2023 | |||||||
| (in thousands, except per share data) | ||||||||
| Statements of Operations Data: | ||||||||
| Operating expenses: | ||||||||
| Research and development | $ | 37,159 | $ | 42,637 | ||||
| General and administrative | 9,310 | 12,159 | ||||||
| Total operating expenses | 46,469 | 54,796 | ||||||
| Loss from operations | (46,469) | (54,796) | ||||||
| Other income (expense), net: | ||||||||
| Interest income | 668 | 5,282 | ||||||
| Other income (expense) | (100) | 80 | ||||||
| Total other income (expense), net | 568 | 5,362 | ||||||
| Net loss | $ | (45,901) | $ | (49,434) | ||||
| Net loss per common share, basic and diluted(1) | $ | (41.80) | $ | (40.65) | ||||
| Weighted-average shares used in net loss per common share calculation, basic and diluted(1) | 1,098 | 1,216 | ||||||
| Pro forma net loss per common share, basic and diluted (unaudited)(2) | $ | 3.53 | ||||||
| Pro forma weighted-average shares used in pro forma net loss per common share calculation, basic and diluted (unaudited)(2) | 13,990 | |||||||
| December 31, 2023 | ||||||||||||
| Actual | Pro Forma | Pro Forma As Adjusted(1) | ||||||||||
| (in thousands, except par value and share data) | (unaudited) | (unaudited) | ||||||||||
| Cash, cash equivalents, and short-term investments | $ | 120,752 | $ | 120,752 | $ | 209,102 | ||||||
| Convertible preferred stock, $0.0001 par value; 287,446,844 shares authorized, issued, and outstanding, actual; no shares authorized, issued, and outstanding, pro forma, and pro forma as adjusted | $ | 247,617 | $ | — | $ | — | ||||||
| Stockholders’ (deficit) equity: | ||||||||||||
| Preferred stock, $0.0001 par value; no shares authorized, issued, and outstanding, actual; 70,000,000 shares authorized and no shares issued and outstanding, pro forma and pro forma as adjusted | ||||||||||||
| Common stock, $0.0001 par value; 402,600,000 shares authorized, 1,248,493 shares issued and 1,247,012 shares outstanding, excluding 1,481 shares subject to a right of repurchase, actual; 700,000,000 shares authorized, 15,989,333 shares issued, and 15,987,852 outstanding, excluding 1,481 shares subject to a right of repurchase, pro forma; 700,000,000 shares authorized, 22,239,333 shares issued, and 22,237,852 shares outstanding, excluding 1,481 shares subject to a right of repurchase, pro forma as adjusted | — | 2 | 2 | |||||||||
| Additional paid-in capital | 8,987 | 256,602 | 344,952 | |||||||||
| Accumulated other comprehensive loss | 40 | 40 | 40 | |||||||||
| Accumulated deficit | (136,109) | (136,109) | (136,109) | |||||||||
| Total stockholders’ (deficit) equity | (127,082) | 120,535 | 208,885 | |||||||||
| Total capitalization | $ | 120,535 | $ | 120,535 | $ | 208,885 | ||||||
