0000950170-24-122840 | 10-Q | XBRL Viewer

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	September 30,			December 31,
	2024			2023
Furniture and fixtures	$	181		$	162
Computer equipment and software		62			59
Equipment		760			21
Leasehold improvements		391			372
Construction in progress		3			3
Total property and equipment		1,397			617
Less accumulated depreciation		(364	)		(178	)
Property and equipment, net	$	1,033		$	439

Depreciation expense was $0.1 million and an immaterial amount for the three months ended September 30, 2024 and 2023, respectively, and $0.2 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party transactions In April 2019, the Company executed the Research Agreement pursuant to which the Company agreed to fund certain research of a director and former officer of the Company. The period of performance for this agreement is June 1, 2019 through April 30, 2022 and the contract totals approximately $2.8 million. On February 14, 2022, the Research Agreement was amended to extend the period of performance from April 30, 2022 to April 30, 2025 and increase the total contract costs by $3.0 million. The Company paid $0.2 million and $0.3 million pursuant to this agreement during the three months ended September 30, 2024 and 2023, respectively, and $0.9 million and $0.7 million during the nine months ended September 30, 2024 and 2023, respectively. The Research Agreement also provides the Company an option to license the technology arising under the agreement (see Note 9).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding to purchase common stock		3,573,385	3,573,385	2,493,777
Total unrecognized compensation cost		$ 18.2	$ 18.2
Unrecognized compensation cost expected to be recognized			3 years 3 months 18 days
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair market value price of common stock in percent			100.00%
Number of shares authorized		3,728,169	3,728,169
Stock options outstanding to purchase common stock		3,086,160	3,086,160
Shares initially reserved for issuance		6,440,596	6,440,596	18,386,568
Vesting period			4 years
2024 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares remaining available for grant		2,577,775	2,577,775
Shares initially reserved for issuance	3,065,000
Increase in number of shares reserved for issuance, percent of common stock outstanding	5.00%
2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares initially reserved for issuance	289,436
Increase in common stock capital shares reserved for future issuance	578,872
Increase in number of shares reserved for issuance, percent of common stock outstanding	1.00%
Shares issued		0	0

Net Loss per Share Attributable to Common Stockholders - Schedule of Potential Dilutive Securities that were Excluded from the Calculation of Net Loss Per Share due to Anti-dilutive Effect (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the calculation of net loss per share due to their anti-dilutive effect	3,591,424	17,750,247
Series A Convertible Preferred Stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the calculation of net loss per share due to their anti-dilutive effect	0	4,458,324
Series B Convertible Preferred Stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the calculation of net loss per share due to their anti-dilutive effect	0	10,750,183
Outstanding Common Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the calculation of net loss per share due to their anti-dilutive effect	3,573,385	2,406,109
Restricted Stock Related to Early Exercise of Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the calculation of net loss per share due to their anti-dilutive effect	18,039	135,631

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AND CONVERTIBLE PREFERRED STOCK (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Initial Public Offering
Net of issuance costs	$ 17,210
Series B Convertible Preferred Stock
Net of issuance costs		$ 30
Series C Convertible Preferred Stock
Net of issuance costs	$ 279

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12.

Stock-Based Compensation

2019 Stock Option and Grant Plan

The Company’s 2019 Plan, as amended, provides for the Company to sell or issue common stock or restricted common stock or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board, and consultants of the Company. The 2019 Plan is administered by the Board or at the discretion of the Board by a committee of the Board. The exercise prices, vesting periods, and other restrictions are determined at the discretion of the Board or a committee of the Board, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the contractual term of stock option may not be greater than 10 years. Stock options granted to date typically vest and become exercisable over four years from the date of grant.

As of December 31, 2023, the total number of shares of common stock authorized and issuable under the 2019 Plan was 3,728,169. The remaining shares reserved for issuance under the 2019 Plan ceased to be available for issuance at the time that the 2024 Plan became effective. There will be no further awards granted under the 2019 Plan, but all outstanding awards under the 2019 Plan will continue to be governed by their existing terms. 3,086,160 stock options to purchase common stock were outstanding under the 2019 Plan as of September 30, 2024.

2024 Stock Option and Incentive Plan

In August 2024, the Company's Board adopted, and its stockholders approved, the 2024 Plan, which became effective in September 2024. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The 2024 Plan provides for the grant of incentive stock options, stock options, stock appreciation rights, restricted shares of common stock, restricted stock units, dividend equivalent rights and cash bonuses. The number of shares initially reserved for issuance under the 2024 Plan is 3,065,000 shares. In addition, the number of shares reserved and available for issuance under the 2024 Plan will automatically increase on January 1, 2025 and each January 1 thereafter, by five percent (5%) of the sum of the outstanding number of shares of common stock and the numbers of shares of common stock issuable pursuant to the exercise of any outstanding warrants to acquire common stock for a nominal exercise price on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. The number of shares reserved under the 2024 Plan is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of September 30, 2024, 2,577,775 shares remained available for future grant under the 2024 Plan. The shares available for issuance under the 2024 Plan may be authorized but unissued shares or shares reacquired by the Company.

The shares of common stock underlying any awards under the 2024 Plan and the 2019 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2024 Plan.

2024 Employee Stock Purchase Plan

In August 2024, the Company's board directors adopted, and its stockholders approved, the 2024 Employee Stock Purchase Plan (the "2024 ESPP"), which became effective in September 2024. A total of 289,436 shares of common stock were initially reserved for issuance under the 2024 ESPP. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2025 and each January 1 thereafter, by the least of (i) 578,872 shares of common stock, (ii) one percent (1%) of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (iii)

such lesser number of shares of common stock as determined by the administrator of the 2024 ESPP. The number of shares reserved under the 2024 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization.

No shares were issued under the 2024 ESPP during the three and nine months ended September 30, 2024.

Stock option valuation

The determination of the grant date fair value of stock-based awards granted to employees, directors and nonemployees during the nine months ended September 30, 2024 and 2023, is estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.


	Nine months ended September 30,
	2024	2023
Fair value of common stock	$9.14 - $16.00	$4.09 - $7.81
Dividend yield	—%	—%
Volatility	88% - 110%	80% - 90%
Risk-free interest rate	3.52% - 5.18%	3.42% - 4.34%
Expected term (years)	0.50 - 6.08	6.02 - 6.08

Summary of option activity

The Company’s stock option activity regarding employees, directors, and nonemployees for the nine months ended September 30, 2024, is summarized as follows (in thousands except share and per share amounts):


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (years)		Aggregate intrinsic value
Options outstanding - December 31, 2023		2,493,777		$	6.00		9.26	$	4,543
Granted		1,333,901			12.18
Exercised		(63,194	)		3.68
Forfeited		(198,696	)		6.40
Cancelled		(3,217	)		3.25
Repurchased		10,814			2.41
Options outstanding and exercisable - September 30, 2024		3,573,385		$	8.31		8.97	$	63,134

Additional information with regard to stock option activity involving employees and directors for the nine months ended September 30, 2024 and 2023, is as follows (in thousands except per share amounts):


	September 30,
	2024		2023
Weighted-average grant date fair value per option of total options granted	$	4.79	$	0.48
Aggregate intrinsic value of stock options exercised		361		320

As of September 30, 2024, total unrecognized compensation cost related to the unvested awards to employees, directors, and nonemployees is $18.2 million, which is expected to be recognized over a weighted-average period of 3.3 years.

Stock-based compensation

During the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Research and development expense	$	529	$	227	$	1,913	$	402
General and administrative expense		663		369		1,821		623
Total	$	1,192	$	596	$	3,734	$	1,025

Stock-Based Compensation - Summary of Stock Option Valuation Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility, minimum	88.00%	80.00%
Volatility, maximum	110.00%	90.00%
Risk-free interest rate, minimum	3.52%	3.42%
Risk-free interest rate, maximum	5.18%	4.34%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock	$ 9.14	$ 4.09
Expected term (years)	6 months	6 years 7 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock	$ 16	$ 7.81
Expected term (years)	6 years 29 days	6 years 29 days

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Lessee, Lease, Description [Line Items]

Summary of Future Minimum Rent Payments

The future minimum rent payments relating to the Carmel Lease under the terms and conditions existing as of September 30, 2024, are summarized as follows (in thousands):


(in thousands)	Amount
2024 (remaining three months)	$	43
2025		178
Total lease payments		221
Less: imputed interest		(11	)
Present value of lease liabilities	$	210

Summary of Operating Lease Term and Discount Rate

The following table summarizes the operating lease term and discount rate for the Carmel Lease as of September 30, 2024 and December 31, 2023:


	September 30,			December 31,
	2024			2023
Weighted-average remaining lease term (years)		1.3			2.0
Weighted-average discount rate		8.0	%		8.0	%

Summary of Right of Use Assets and Lease Liabilities

The following table sets forth the amount of right-of-use assets and lease liabilities included on the Company’s balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023
Right-of use assets	$	147	$	226
Operating lease liability, current		166		153
Operating lease liability, net of current		44		171

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Leases

In April 2022, the Company entered into an operating lease agreement for a principal executive office in Carmel, Indiana (the “Carmel Lease”). The Carmel Lease commenced in October 2022 and has an initial term of 39 months, terminating in December 2025, with an option to extend for 36 additional months at the Company’s discretion. The option to extend is not considered reasonably certain as of the lease inception.

In December 2023, the Company entered into an operating lease agreement for laboratory space in Indianapolis, Indiana (the “Laboratory Lease”). The Laboratory Lease commenced in December 2023 and has a term of 12 months, terminating in December 2024. The lease does not contain an option to extend the term. Due to the lease term being only one year, we have elected to account for it as a short-term lease with no corresponding lease liability or right-of-use asset recorded, and lease payments recognized as expense on a straight-line basis over the lease term.

The Company has no other operating or finance leases as of September 30, 2024 or December 31, 2023.

The future minimum rent payments relating to the Carmel Lease under the terms and conditions existing as of September 30, 2024, are summarized as follows (in thousands):


(in thousands)	Amount
2024 (remaining three months)	$	43
2025		178
Total lease payments		221
Less: imputed interest		(11	)
Present value of lease liabilities	$	210

The Company incurred $0.1 million and an immaterial amount of rent expense for the three months ended September 30, 2024 and 2023, respectively, and $0.2 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively.

The following table summarizes the operating lease term and discount rate for the Carmel Lease as of September 30, 2024 and December 31, 2023:


	September 30,			December 31,
	2024			2023
Weighted-average remaining lease term (years)		1.3			2.0
Weighted-average discount rate		8.0	%		8.0	%

Cash paid for amounts included in the measurement of the Company’s operating lease liability was $0.1 million for the nine months ended September 30, 2024.

The following table sets forth the amount of right-of-use assets and lease liabilities included on the Company’s balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023
Right-of use assets	$	147	$	226
Operating lease liability, current		166		153
Operating lease liability, net of current		44		171

License agreement

In January 2024, the Company entered into an amendment (the "Amendment") for the Exclusive License Agreement with Indiana University Research and Technology Corporation (“IURTC”) (the “License Agreement”), to license certain intellectual property arising under the Master Research Agreement with The Trustees of Indiana University (the "Research Agreement"). The Amendment specifies IURTC is entitled to the receipt of additional clinical and regulatory milestones, as defined in the Amendment, up to an aggregate of $9.0 million. Following the execution of the Amendment, future remaining clinical and regulatory milestone payments in the License Agreement and all amendments total up to $9.3 million. In consideration for the license, during the nine months ended September 30, 2024 and year ended December 31, 2023, the Company paid immaterial licensing fees to IURTC.

Legal proceedings

The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to its legal proceedings.

Marketable Securities - Schedule of Fair Values of Available for Sale Debt Securities by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 187,620
Due after one year	0
Total	$ 187,620

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

PREPAID EXPENSES and Other Current assets

Prepaid and other current assets consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Prepaid research and development expenses	$	2,411	$	2,448
Interest receivable		858		208
Other current assets		838		133
Total prepaid and other current assets	$	4,107	$	2,789

Common Stock - Schedule of Common Stock Reserved (Details) - 2019 Plan - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved	6,440,596	18,386,568
Conversion of Series A Preferred Stock
Class of Stock [Line Items]
Common stock reserved	0	4,458,324
Conversion of Series B Preferred Stock
Class of Stock [Line Items]
Common stock reserved	0	10,750,183
Outstanding Common Stock Options
Class of Stock [Line Items]
Common stock reserved	3,573,385	2,493,777
Common Stock Options Available for Grant
Class of Stock [Line Items]
Common stock reserved	2,577,775	684,284
Shares Available for Issuance Under 2024 ESPP
Class of Stock [Line Items]
Common stock reserved	289,436	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	September 30,			December 31,
	2024			2023
Furniture and fixtures	$	181		$	162
Computer equipment and software		62			59
Equipment		760			21
Leasehold improvements		391			372
Construction in progress		3			3
Total property and equipment		1,397			617
Less accumulated depreciation		(364	)		(178	)
Property and equipment, net	$	1,033		$	439

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s financial instruments as of September 30, 2024 and December 31, 2023, that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands):


	September 30, 2024
	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (cash equivalents)	$	89,201	$	89,201	$	—	$	—
Marketable securities (cash equivalents)		43,422		24,752		18,670		—
Marketable securities		144,198		144,198		—		—
Total financial assets measured at fair value	$	276,821	$	258,151	$	18,670	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (cash equivalents)	$	30,359	$	30,359	$	—	$	—
Marketable securities		50,153		40,231		9,922		—
Total financial assets measured at fair value	$	80,512	$	70,590	$	9,922	$	—

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	(c) None of our directors or “officers,” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, adopted or terminated a Rule 10b5-1 trading plan or arrangement or a non-Rule 10b5-1 trading plan or arrangement, as defined in Item 408(c) of Regulation S-K, during the fiscal quarter covered by this report.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 100	$ 100	$ 186	$ 116

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 14, 2022	Apr. 30, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Contract amount			$ 16,747	$ 9,073	$ 42,192	$ 20,807
Related Party \| Research Agreement
Related Party Transaction [Line Items]
Research agreement, description					The period of performance for this agreement is June 1, 2019 through April 30, 2022 and the contract totals approximately $2.8 million. On February 14, 2022, the Research Agreement was amended to extend the period of performance from April 30, 2022 to April 30, 2025 and increase the total contract costs by $3.0 million.
Contract amount	$ 3,000	$ 2,800
Research agreement, amount paid			$ 200	$ 300	$ 900	$ 700

Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Common Stock Reserved

The number of shares of common stock that have been reserved for the potential conversion of Preferred Stock, and outstanding stock options granted under the Company's 2019 Stock Option and Grant Plan (the "2019 Plan") and the 2024 Stock Option and Incentive Plan (the "2024 Plan") and stock options available for grant under the 2019 Plan and 2024 Plan as of September 30, 2024 and December 31, 2023, are as follows:


	September 30,		December 31,
	2024		2023
Conversion of Series A Preferred Stock		—		4,458,324
Conversion of Series B Preferred Stock		—		10,750,183
Outstanding common stock options		3,573,385		2,493,777
Common stock options available for grant		2,577,775		684,284
Shares available for issuance under 2024 ESPP		289,436		—
Total		6,440,596		18,386,568

Prepaid Expenses and Other Current Assets - Summary of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development expenses	$ 2,411	$ 2,448
Interest receivable	858	208
Other current assets	838	133
Total prepaid and other current assets	$ 4,107	$ 2,789

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities Investments

The following table summarizes the Company’s investments (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)			Estimated Fair Value
Government and agency securities	$	187,514	$	121	$	(15	)	$	187,620
Total	$	187,514	$	121	$	(15	)	$	187,620


	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized (Loss)			Estimated Fair Value
Government and agency securities	$	50,093	$	62	$	(2	)	$	50,153
Total	$	50,093	$	62	$	(2	)	$	50,153

Schedule of Fair Values of Available for Sale Debt Securities by Contractual Maturity

The fair values of available-for-sale debt securities as of September 30, 2024, by contractual maturity, are summarized as follows (in thousands):


	September 30, 2024
Due in one year or less	$	187,620
Due after one year		—
Total	$	187,620

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE Measurements


	September 30, 2024
	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (cash equivalents)	$	89,201	$	89,201	$	—	$	—
Marketable securities (cash equivalents)		43,422		24,752		18,670		—
Marketable securities		144,198		144,198		—		—
Total financial assets measured at fair value	$	276,821	$	258,151	$	18,670	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (cash equivalents)	$	30,359	$	30,359	$	—	$	—
Marketable securities		50,153		40,231		9,922		—
Total financial assets measured at fair value	$	80,512	$	70,590	$	9,922	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Liabilities [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Compensation and benefits	$	1,850	$	1,365
Research and development expenses		3,717		903
Other		185		114
Total accrued expenses	$	5,752	$	2,382

Commitments and Contingencies - Summary of Future Minimum Rent Payments (Details) - The Carmel Lease $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
2024 (remaining three months)	$ 43
2025	178
Total lease payments	221
Less: imputed interest	(11)
Present value of lease liabilities	$ 210

Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (18,142)	$ (15,857)	$ (12,337)	$ (10,162)	$ (7,608)	$ (5,949)	$ (46,336)	$ (23,720)	$ (32,600)
Net loss per share attributable to common stockholders, basic	$ (2.78)			$ (9.4)			$ (15.42)	$ (24.28)
Net loss per share attributable to common stockholders, diluted	$ (2.78)			$ (9.4)			$ (15.42)	$ (24.28)
Weighted average number of common shares outstanding used in computation of net loss per common share, basic	6,515,616			1,081,349			3,004,382	976,824
Weighted average number of common shares outstanding used in computation of net loss per common share, diluted	6,515,616			1,081,349			3,004,382	976,824

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Defined Contribution Plan	9 Months Ended
Defined Contribution Plan	Sep. 30, 2024
Defined Contribution Plan [Abstract]
Defined Contribution Plan	13. defined contribution plan The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. As of September 30, 2024, the Company has not made any contributions to the plan on behalf of our employees.

CONDENSED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2023 USD ($) $ / shares shares
Preferred stock, par value \| $ / shares	$ 0.0001
Preferred stock, shares authorized	0
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value \| $ / shares	$ 0.0001
Common stock, shares authorized	237,000,000
Common stock, shares issued	1,257,080
Common stock, shares outstanding	1,257,080
Series A Convertible Preferred Stock
Convertible preferred stock, par value \| $ / shares	$ 0.0001
Convertible preferred stock, shares authorized	53,598,587
Convertible preferred stock, shares issued	53,598,587
Convertible preferred stock, shares outstanding	53,598,587
Convertible preferred stock, liquidation preference \| $	$ 36,822,229
Series B Convertible Preferred Stock
Convertible preferred stock, par value \| $ / shares	$ 0.0001
Convertible preferred stock, shares authorized	129,240,032
Convertible preferred stock, shares issued	129,240,032
Convertible preferred stock, shares outstanding	129,240,032
Convertible preferred stock, liquidation preference \| $	$ 116,316,029

Convertible Preferred Stock - Additional Information (Details) - USD ($)					1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 02, 2024	Aug. 15, 2023	Nov. 07, 2022	Nov. 12, 2021	Jul. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020	Dec. 31, 2019	Sep. 16, 2024	Aug. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)						10,000,000					10,000,000	0
Preferred stock, par value (in dollars per share)						$ 0.0001					$ 0.0001	$ 0.0001
Convertible preferred stock, shares issued upon conversion											20,336,599
Common stock, shares authorized						500,000,000					500,000,000	237,000,000
Common stock, par value						$ 0.0001					$ 0.0001	$ 0.0001
Convertible preferred stock, shares issued										0
Issuance costs						$ 3,735,000	$ 0
Preferred Stock, Issued						0						0
Preferred Stock, Outstanding						0						0
Share Option One \| Minimum
Class of Stock [Line Items]
Convertible preferred stock, Public at a price						$ 2.061
Share Option Two \| Minimum
Class of Stock [Line Items]
Convertible preferred stock, Public at a price						2.25
Share Option Three \| Minimum
Class of Stock [Line Items]
Convertible preferred stock, Public at a price						$ 2.25
Conversion Right \| Minimum
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock						$ 50,000,000
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares issued					29,112,081	0						53,598,587
Convertible preferred stock, par value						$ 0.0001						$ 0.0001
Convertible preferred stock, price per share				$ 0.687	$ 0.687
Convertible preferred stock, Gross proceeds				$ 11,000,000	$ 20,000,000
Issuance costs					$ 300,000
Convertible preferred stock, Sale of additional shares				16,011,641	14,556,039
Preferred Stock, Outstanding			53,598,587
Convertible preferred stock, Converted Shares								$ 8,474,865	$ 8,474,865
Convertible preferred stock, conversion price percentage								90.00%	90.00%
Convertible preferred stock, conversion price per share								$ 0.6183	$ 0.6183
Convertible preferred stock, value								$ 5,400,000	$ 5,400,000
Dividend Rate						8.00%
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			129,240,032
Convertible preferred stock, shares issued		76,121,099	40,545,552			0						129,240,032
Convertible preferred stock, par value			$ 0.0001			$ 0.0001						$ 0.0001
Convertible preferred stock, price per share		$ 0.9	$ 0.9
Convertible preferred stock, Gross proceeds		$ 68,500,000	$ 36,500,000			$ 0	68,509,000
Issuance costs			$ 400,000
Convertible preferred stock, Sale of additional shares			76,121,099
Preferred Stock, Issued			53,598,587
Convertible preferred stock, Converted Shares			$ 12,573,381
Convertible preferred stock, conversion price percentage			90.00%
Dividend Rate						8.00%
Series C Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares issued	61,650,480
Convertible preferred stock, price per share	$ 1.03
Convertible preferred stock, Gross proceeds	$ 63,500,000					$ 63,500,000	$ 0
Issuance costs	$ 300,000
Dividend Rate						8.00%

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Research and development	$ 16,747	$ 9,073	$ 42,192	$ 20,807
General and administrative	2,865	1,872	7,392	4,513
Total operating expenses	19,612	10,945	49,584	25,320
Loss from operations	(19,612)	(10,945)	(49,584)	(25,320)
Interest and other income, net	1,470	783	3,248	1,600
Net loss	(18,142)	(10,162)	(46,336)	(23,720)
Unrealized gain on marketable securities	121	9	46	6
Total other comprehensive gain	121	9	46	6
Total comprehensive loss	(18,021)	(10,153)	(46,290)	(23,714)
Net loss attributable to common stockholders	$ (18,142)	$ (10,162)	$ (46,336)	$ (23,720)
Net loss per common share, basic	$ (2.78)	$ (9.4)	$ (15.42)	$ (24.28)
Net loss per common share, diluted	$ (2.78)	$ (9.4)	$ (15.42)	$ (24.28)
Weighted average number of common shares outstanding used in computation of net loss per common share, basic	6,515,616	1,081,349	3,004,382	976,824
Weighted average number of common shares outstanding used in computation of net loss per common share, diluted	6,515,616	1,081,349	3,004,382	976,824

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Dec. 31, 2023	Apr. 30, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease rent expense			$ 100,000	$ 200,000	$ 100,000
Cash paid for amounts included in measurement of operating lease liability				$ 100,000
The License Agreement \| IURTC
Lessee, Lease, Description [Line Items]
Additional clinical and regulatory milestones						$ 9,000,000
Future remaining clinical and regulatory milestone payments						$ 9,300,000
The Carmel Lease
Lessee, Lease, Description [Line Items]
Lease term (in months)		39 months
Termination of lease				December 2025
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Lease option to extend				option to extend for 36 additional
The Laboratory Lease
Lessee, Lease, Description [Line Items]
Lease term (in months)	12 months
Termination of lease				December 2024
Lessee, Operating Lease, Existence of Option to Extend [true false]	false

Other Assets (Tables)

9 Months Ended

Sep. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Summary of Other Assets

Other assets consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Security deposits		50		50
Total other assets	$	50	$	50

Nature of Business and Liquidity - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 16, 2024 USD ($) $ / shares shares	Sep. 06, 2024	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 30, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Aggregate gross proceeds from sale of common stock, convertible preferred stock and convertible notes									$ 401,800
Net proceeds from offering, after deducting underwriting discounts, commissions and other offering costs									174,542	$ 0
Convertible preferred stock, shares issued upon conversion \| shares												20,336,599
Convertible preferred stock, shares authorized \| shares	0
Convertible preferred stock, shares issued \| shares	0
Convertible preferred stock, shares outstanding \| shares	0
Reverse stock split		one-for-12.0221 reverse stock split
Reverse stock split, conversion ratio		0.083
Net loss			$ (18,142)	$ (15,857)	$ (12,337)	$ (10,162)	$ (7,608)	$ (5,949)	(46,336)	$ (23,720)	$ (32,600)
Accumulated deficit			121,919						121,919		$ 75,583
Cash, cash equivalents and marketable securities			$ 277,100						$ 277,100
Initial Public Offering
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of shares sold \| shares	11,730,000
Public offering price per share \| $ / shares	$ 16
Net proceeds from offering, after deducting underwriting discounts, commissions and other offering costs	$ 170,500

Commitments and Contingencies - Summary of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of use assets	$ 147	$ 226
Operating lease liability, current	166	153
Operating lease liability, net of current	$ 44	$ 171

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42272
Entity Registrant Name	MBX Biosciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1882872
Entity Address, Address Line One	11711 N. Meridian Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Carmel
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46032
City Area Code	317
Local Phone Number	659-0200
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	MBX
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		33,417,418
Entity Central Index Key	0001776111
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Common Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock

11.

Common stock

On August 30, 2024, the Company’s stockholders approved the fourth amended and restated certificate of incorporation, which was filed upon the closing of the IPO on September 16, 2024 and which, among other things, increased the number of shares of common stock authorized for issuance to 500,000,000 shares of common stock, $0.0001 par value.

On September 16, 2024, the Company completed the IPO of its common stock and issued and sold 11,730,000 shares of its common stock at a price of $16.00 per share. As a result, the Company received $170.5 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $17.2 million.

As of September 30, 2024 and December 31, 2023, there were 33,376,058 and 1,257,080 shares of common stock issued and outstanding, respectively. Shares of common stock issued and outstanding as of September 30, 2024, include 18,039 shares of restricted stock related to the unvested portion of early exercised common stock options. Shares of common stock issued and outstanding as of December 31, 2023 include 90,324 shares of restricted stock related to the unvested portion of early exercised common stock options. These are included in shares of common stock as they are considered to be legally outstanding as of September 30, 2024 and December 31, 2023, respectively. These shares are subject to the Company’s option to repurchase and are not transferrable until such time as they are fully vested.

Common stock reserved


	September 30,		December 31,
	2024		2023
Conversion of Series A Preferred Stock		—		4,458,324
Conversion of Series B Preferred Stock		—		10,750,183
Outstanding common stock options		3,573,385		2,493,777
Common stock options available for grant		2,577,775		684,284
Shares available for issuance under 2024 ESPP		289,436		—
Total		6,440,596		18,386,568

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

ACCRUED Expenses

Accrued expenses consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Compensation and benefits	$	1,850	$	1,365
Research and development expenses		3,717		903
Other		185		114
Total accrued expenses	$	5,752	$	2,382

Net Loss Per Share Attributable To Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable To Common Stockholders

14.

Net loss per share attributable to common stockholders

Net loss per share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands except share and per share amounts).


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Net loss and net loss attributable to common stockholders	$	(18,142	)	$	(10,162	)	$	(46,336	)	$	(23,720	)
Net loss per share attributable to common stockholders, basic and diluted	$	(2.78	)	$	(9.40	)	$	(15.42	)	$	(24.28	)
Weighted average number of common shares outstanding used in computation of net loss per common share, basic and diluted		6,515,616			1,081,349			3,004,382			976,824

The Company’s potential dilutive securities, which include convertible preferred stock, restricted stock related to early exercise of common stock options, restricted stock related to unvested founder shares and outstanding common stock options, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The potential dilutive securities included in the table below, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	September 30,
	2024		2023
Series A Convertible Preferred Stock (as converted to common stock)		—		4,458,324
Series B Convertible Preferred Stock (as converted to common stock)		—		10,750,183
Outstanding common stock options		3,573,385		2,406,109
Restricted stock related to early exercise of options to purchase common stock		18,039		135,631
Total		3,591,424		17,750,247

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Share Options outstanding - December 31, 2023	2,493,777
Shares, Granted	1,333,901
Shares, Exercised	(63,194)
Shares, Forfeited	(198,696)
Shares, Cancelled	(3,217)
Shares, Repurchased	10,814
Share Options outstanding - September 30, 2024	3,573,385		2,493,777
Share options exercisable - September 30, 2024	3,573,385
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price - December 31, 2023	$ 6
Weighted-Average Exercise Price, Granted	12.18
Weighted-Average Exercise Price, Exercised	3.68
Weighted-Average Exercise Price, Forfeited	6.4
Weighted-Average Exercise Price, Cancelled	3.25
Weighted-Average Exercise Price, Repurchased	2.41
Weighted-Average Exercise Price - September 30, 2024	8.31		$ 6
Weighted-Average Exercise Price, Exercisable - September 30, 2024	$ 8.31
Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Weighted Average Remaining Contractual Term [Abstract]
Weighted-Average Remaining Contractual Life (years), Outstanding	8 years 11 months 19 days		9 years 3 months 3 days
Weighted-Average Remaining Contractual Life (years), Exercisable	8 years 11 months 19 days
Share Based Compensation Arrangement By Share Based Payment Award Option Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding	$ 63,134		$ 4,543
Aggregate intrinsic value, Exercisable	$ 63,134
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average grant date fair value of options granted	$ 4.79	$ 0.48
Aggregate intrinsic value of stock options exercised	$ 361	$ 320

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (46,336)	$ (23,720)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,734	1,025
Non cash operating lease expense	79	70
Accretion and amortization of marketable securities, net	(1,531)	(444)
Depreciation expense	186	116
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,319)	275
Accounts payable	3,282	722
Accrued expenses	3,374	1,226
Operating lease liability	(113)	(102)
Net cash used in operating activities	(38,644)	(20,832)
Cash flows from investing activities:
Purchases of property and equipment	(782)	(74)
Purchases of marketable securities	(151,968)	(29,898)
Maturities of marketable securities	59,500	28,000
Net cash used in investing activities	(93,250)	(1,972)
Cash flows from financing activities:
Proceeds from exercise of common stock options	208	720
Proceeds from initial public offering, net of underwriting discounts and commissions	174,542	0
Payments related to offering costs	(3,735)	0
Preferred stock issuance costs	(279)	(30)
Net cash provided by financing activities	234,236	69,199
Net increase in cash and cash equivalents	102,342	46,395
Cash and cash equivalents, beginning of period	30,523	24,210
Cash and cash equivalents, end of period	132,865	70,605
Supplemental disclosure of non-cash investing and financing activities:
Vesting of early exercised stock options and founder shares	206	389
Property and equipment in accounts payable and accrued liabilities	16	0
Conversion of convertible preferred stock to common stock upon initial public offering	215,578	0
Deferred initial public offering costs included in accounts payable and accrued expenses	329	0
Series C Convertible Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from the issuance of Convertible Preferred Stock	63,500	0
Series B Convertible Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from the issuance of Convertible Preferred Stock	$ 0	$ 68,509

Commitments and Contingencies - Summary of Operating Lease Term and Discount Rate (Details) - The Carmel Lease	Sep. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term (years)	1 year 3 months 18 days	2 years
Weighted-average discount rate	8.00%	8.00%

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - Employee Stock Option - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,192	$ 596	$ 3,734	$ 1,025
Research and development expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	529	227	1,913	402
General and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 663	$ 369	$ 1,821	$ 623

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Compensation and benefits	$ 1,850	$ 1,365
Research and development expenses	3,717	903
Other	185	114
Total accrued expenses	$ 5,752	$ 2,382

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Valuation Assumptions


	Nine months ended September 30,
	2024	2023
Fair value of common stock	$9.14 - $16.00	$4.09 - $7.81
Dividend yield	—%	—%
Volatility	88% - 110%	80% - 90%
Risk-free interest rate	3.52% - 5.18%	3.42% - 4.34%
Expected term (years)	0.50 - 6.08	6.02 - 6.08

Summary of Stock Option Activity


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (years)		Aggregate intrinsic value
Options outstanding - December 31, 2023		2,493,777		$	6.00		9.26	$	4,543
Granted		1,333,901			12.18
Exercised		(63,194	)		3.68
Forfeited		(198,696	)		6.40
Cancelled		(3,217	)		3.25
Repurchased		10,814			2.41
Options outstanding and exercisable - September 30, 2024		3,573,385		$	8.31		8.97	$	63,134


	September 30,
	2024		2023
Weighted-average grant date fair value per option of total options granted	$	4.79	$	0.48
Aggregate intrinsic value of stock options exercised		361		320

Summary of Stock-based Compensation Expense

During the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Research and development expense	$	529	$	227	$	1,913	$	402
General and administrative expense		663		369		1,821		623
Total	$	1,192	$	596	$	3,734	$	1,025

Net Loss per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands except share and per share amounts).


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Net loss and net loss attributable to common stockholders	$	(18,142	)	$	(10,162	)	$	(46,336	)	$	(23,720	)
Net loss per share attributable to common stockholders, basic and diluted	$	(2.78	)	$	(9.40	)	$	(15.42	)	$	(24.28	)
Weighted average number of common shares outstanding used in computation of net loss per common share, basic and diluted		6,515,616			1,081,349			3,004,382			976,824

Schedule of Potential Dilutive Securities that were Excluded from the Calculation of Net Loss Per Share due to Anti-dilutive Effect

The potential dilutive securities included in the table below, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	September 30,
	2024		2023
Series A Convertible Preferred Stock (as converted to common stock)		—		4,458,324
Series B Convertible Preferred Stock (as converted to common stock)		—		10,750,183
Outstanding common stock options		3,573,385		2,406,109
Restricted stock related to early exercise of options to purchase common stock		18,039		135,631
Total		3,591,424		17,750,247

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 132,865	$ 30,523
Marketable securities	144,198	50,153
Prepaid expenses and other current assets	4,107	2,789
Total current assets	281,170	83,465
Property and equipment, net	1,033	439
Right-of use assets	147	226
Other assets	50	50
Total assets	282,400	84,180
Current liabilities:
Accounts payable	5,002	1,391
Accrued expenses	5,752	2,382
Operating lease liability, current	166	153
Total current liabilities	10,920	3,926
Share repurchase liability	68	194
Operating lease liability, net of current	44	171
Total liabilities	11,032	4,291
Commitments and contingencies (Note 9)
Total convertible preferred stock	0	152,357
Stockholders' equity (deficit)
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized and zero issued and outstanding as of September 30, 2024 and zero shares authorized, issued and outstanding as of December 31, 2023
Common stock, $0.0001 par value, 500,000,000 shares authorized and 33,376,058 issued and outstanding as of September 30, 2024 and 237,000,000 shares authorized and 1,257,080 issued and outstanding as of December 31, 2023	5	1
Additional paid-in-capital	393,176	3,054
Accumulated deficit	(121,919)	(75,583)
Accumulated other comprehensive income (loss)	106	60
Total stockholders' equity (deficit)	271,368	(72,468)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	282,400	84,180
Series A Convertible Preferred Stock
Current liabilities:
Total convertible preferred stock	0	36,501
Series B Convertible Preferred Stock
Current liabilities:
Total convertible preferred stock	$ 0	$ 115,856

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,397	$ 617
Less accumulated depreciation	(364)	(178)
Property and equipment, net	1,033	439
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	181	162
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Total property and equipment	62	59
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	760	21
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	391	372
Construction in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3	$ 3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Segment
Accounts Payable and Accrued Expenses
Summary of Significant Accounting Policies [Line Items]
Deferred offering costs \| $	$ 0.3
Chief Executive Officer
Summary of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1

Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Security deposits	$ 50	$ 50
Total other assets	$ 50	$ 50

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The fair value of the Company’s marketable securities as of September 30, 2024 and December 31, 2023 is based on Level 1 and Level 2 inputs. The Company’s investments consist mainly of U.S. government and agency securities, government-sponsored bond obligations and certain other corporate debt securities. Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs. There were no transfers between levels within the fair value hierarchy during the nine months ended September 30, 2024 and year ended December 31, 2023. The Company has assessed U.S. government treasuries as Level 1 and all other marketable securities as Level 2 within the fair value hierarchy of ASC 820. The Company classifies its entire investment portfolio as available-for-sale as defined in ASC 320, Debt Securities, and views all investments as available for use in its current operations. We have therefore classified all securities as current, even if we do not necessarily intend to dispose of the securities in the following year. Securities are carried at fair value with the unrealized gains (losses) reported in other comprehensive income (loss).

As of September 30, 2024 and December 31, 2023, none of the Company’s investments were determined to be other than temporarily impaired.

The following table summarizes the Company’s investments (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)			Estimated Fair Value
Government and agency securities	$	187,514	$	121	$	(15	)	$	187,620
Total	$	187,514	$	121	$	(15	)	$	187,620


	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized (Loss)			Estimated Fair Value
Government and agency securities	$	50,093	$	62	$	(2	)	$	50,153
Total	$	50,093	$	62	$	(2	)	$	50,153

The fair values of available-for-sale debt securities as of September 30, 2024, by contractual maturity, are summarized as follows (in thousands):


	September 30, 2024
Due in one year or less	$	187,620
Due after one year		—
Total	$	187,620

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Sep. 16, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Aug. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000	500,000,000		500,000,000	237,000,000
Common stock, par value		$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Net proceeds after deducting underwriting discounts and commissions			$ 174,542	$ 0
offering costs			$ 3,735	$ 0
Common stock, shares issued		33,376,058	33,376,058			1,257,080
Common stock, shares outstanding		33,376,058	33,376,058			1,257,080
Common Stock
Class of Stock [Line Items]
Net proceeds after deducting underwriting discounts and commissions	$ 170,500
Initial Public Offering
Class of Stock [Line Items]
Number of shares sold	11,730,000
Net proceeds after deducting underwriting discounts and commissions	$ 170,500
Initial Public Offering \| Common Stock
Class of Stock [Line Items]
Number of shares sold	11,730,000	11,730,000
Stock price per share	$ 16
offering costs	$ 17,200
Restricted Stock
Class of Stock [Line Items]
Stock related to unvested portion of early exercised common stock options		18,039	18,039			90,324

Defined Contribution Plan - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Defined Contribution Plan [Abstract]
Contribution to the plan on behalf of employees	$ 0

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Initial Public Offering	Initial Public Offering On September 16, 2024, the Company completed its initial public offering ("IPO"), pursuant to which it sold 11,730,000 shares of its common stock at a public offering price of $16.00 per share, resulting in net proceeds of approximately $170.5 million, after deducting underwriting discounts, commissions and other offering costs. Immediately prior to the closing of the IPO, the Company's outstanding convertible preferred stock automatically converted into 20,336,599 shares of common stock. Following the closing of the IPO, zero shares of convertible preferred stock were authorized, issued or outstanding.
Liquidity	Liquidity From inception and through September 30, 2024, the Company has devoted substantially all of its efforts to drug discovery and development. The Company has a limited operating history, has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future. The Company incurred net losses of $46.3 million and $32.6 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively. As of September 30, 2024, the Company has an accumulated deficit of $121.9 million and cash, cash equivalents and marketable securities of $277.1 million. Based on the Company’s current business plan, management believes that existing cash and cash equivalents and marketable securities will be sufficient to fund the Company’s obligations for at least 12 months from the date of issuance of these condensed financial statements.
Reverse Stock Split	Reverse Stock Split On September 6, 2024, the Company effected a one-for-12.0221 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion prices for the Company's convertible preferred stock (see Note 10). Accordingly, all issued and outstanding share and per share amounts of common stock and stock option awards for all periods presented in the accompanying condensed financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split. The par value and the number of authorized shares of the common stock and convertible preferred stock were not adjusted in connection with the reverse stock split
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with U.S. generally accepted accounting principle ("U.S. GAAP") for interim financial information and pursuant to Article 10 of Regulation of the Securities Act of 1933, as amended. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023 included in the Company's final IPO prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on September 12, 2024 (the "IPO Prospectus").
Deferred Offering Costs	Deferred offering costs The Company capitalizes as deferred offering costs all direct and incremental legal, professional, accounting and other third-party fees incurred in connection with the Company's IPO. The deferred offering costs were offset against the IPO proceeds upon the consummation of the offering on September 16, 2024. As of September 30, 2024, $0.3 million of deferred offering costs were included in accounts payable and accrued expenses in the accompanying balance sheets.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is made available and is regularly evaluated by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company’s CODM is the chief executive officer and operations are managed as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s assets are located in the United States.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the accompanying financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the face of our consolidated income statements. This new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. We are currently assessing the impact ASU 2024-03 will have on our financial statements, including our footnote disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets measured at fair value	$ 276,821	$ 80,512
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	89,201	30,359
Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	43,422
Investments	144,198	50,153
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets measured at fair value	258,151	70,590
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	89,201	30,359
Level 1 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	24,752
Investments	144,198	40,231
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets measured at fair value	18,670	9,922
Level 2 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	18,670
Investments	0	9,922
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets measured at fair value	0	0
Level 3 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Investments	$ 0	$ 0

Marketable Securities - Schedule of Marketable Securities Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 187,620
Government and Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	187,514	$ 50,093
Unrealized Gain	121	62
Unrealized (Loss)	(15)	(2)
Estimated Fair Value	$ 187,620	$ 50,153

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Topic 320
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,142)	$ (15,857)	$ (12,337)	$ (10,162)	$ (7,608)	$ (5,949)	$ (46,336)	$ (23,720)	$ (32,600)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	16. subsequent events The Company has evaluated subsequent events through November 7, 2024, the date the unaudited condensed financial statements were available to be issued, to ensure these financial statements include appropriate disclosure of events both recognized in the financial statements and events which occurred but were not recognized in the financial statements. The Company has concluded no subsequent events have occurred that require disclosure.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Convertible Preferred Stock

10.

Convertible preferred stock

The Company has issued Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Preferred Stock.

On August 30, 2024, the Company's board of directors (the "Board") and stockholders approved the fourth amended and restated certificate of incorporation, which was effective immediately prior to the closing of the IPO on September 16, 2024, and which, among other things, authorized 10,000,000 undesignated shares of preferred stock, $0.0001 par value per share.

Immediately prior to the closing of the Company's IPO on September 16, 2024, pursuant to the reverse stock split and a proportional adjustment to the existing conversion ratios of each series of the Company's preferred stock as discussed further below,

all of the Company's outstanding shares of convertible preferred stock were converted into an aggregate of 20,336,599 shares of common stock.

Issuances of convertible preferred stock

In July 2020, the Company entered into a Series A convertible preferred stock purchase agreement (“Series A SPA”) under which it issued 29,112,081 shares of Series A Convertible Preferred Stock, for cash, at a price of $0.687 per share, for gross proceeds of $20.0 million (the “Initial Series A Closing”). The Company incurred issuance costs of $0.3 million in relation to the issuance of Series A Convertible Preferred Stock, which have been recorded as a reduction to the value of the Series A Convertible Preferred Stock in mezzanine equity in the accompanying balance sheets. The Series A SPA contained provisions that potentially obligated the Company to sell an additional 14,556,039 shares of Series A Convertible Preferred Stock at $0.687 per share in an additional closing contingent upon either the achievement of a regulatory milestone defined in the Series A SPA or upon the agreement of the Company’s Board and lead investor to waive the requirement to achieve the milestone. In the event that an Initial Series A Closing purchaser failed to purchase all of their required shares in the subsequent Series A closing, each of the Series A Convertible Preferred Stock held by such purchaser automatically converted into one-half of a share of common stock.

Concurrently with the Initial Series A Closing, convertible notes issued by the Company in 2019 and 2020, including accrued interest and accrued deferred compensation, plus interest, were converted into 8,474,865 shares of Series A convertible preferred stock at a conversion price equal to 90% of the Series A financing, or $0.6183, representing a total of $5.4 million.

On November 12, 2021, the Company sold 16,011,641 additional shares of Series A convertible preferred stock at the same terms and conditions as those contained in the initial Agreement. The gross proceeds from the sale of Series A Convertible Preferred Stock upon achieving the milestone event was $11.0 million at $0.687 per share. The Company incurred immaterial issuance costs in relation to the issuance of Series A Convertible Preferred Stock, which have been recorded as a reduction to the value of the Series A Convertible Preferred Stock in mezzanine equity in the accompanying balance sheets.

On November 7, 2022 (the “Initial Series B Closing”), the Company entered into a Series B preferred stock purchase agreement to issue certain investors Series B Convertible Preferred Stock at a purchase price of $0.90 per share ($0.0001 par value). The Company amended the Certificate of Incorporation (“Charter”) on November 7, 2022, which authorized the issuance of 129,240,032 shares of Series B Convertible Preferred Stock, in addition to 53,598,587 shares of Series A Convertible Preferred Stock issued and outstanding. The Company also executed the Amended and Restated Right of First Refusal and Co-Sale Agreement and the Amended and Restated Investors’ Rights Agreement.

The Initial Series B Closing resulted in the issuance of 40,545,552 shares of Series B Convertible Preferred Stock, at a price of $0.90 per share, for gross cash proceeds of $36.5 million. The Company incurred issuance costs of $0.4 million in relation to the issuance of Series B Convertible Preferred Stock, which have been recorded as a reduction to the value of the Series B Convertible Preferred Stock in mezzanine equity in the accompanying balance sheets. Concurrently with the Initial Series B Closing, the 2022 Notes, including accrued interest, were converted into 12,573,381 shares of Series B Convertible Preferred Stock at a conversion price equal to 90% of the Series B financing. After the Initial Closing, the Company agreed to sell on the same terms and conditions as the first sale, an additional 76,121,099 shares of Series B Preferred Stock (the “Series B Milestone Issuance”) upon achieving certain development milestones.

On August 15, 2023, the Company issued 76,121,099 shares of Series B Convertible Preferred Stock, at a price of $0.90 per share, for gross cash proceeds of $68.5 million in the Series B Milestone Issuance. The Company incurred immaterial issuance costs in relation to this issuance of Series B Convertible Preferred Stock, which have been recorded as a reduction to the value of the Series B Convertible Preferred Stock in mezzanine equity in the accompanying balance sheets.

On August 2, 2024, the Company entered into a Series C convertible preferred stock purchase agreement under which it issued 61,650,480 shares of Series C Convertible Preferred Stock, for cash, at a price of $1.03 per share, for gross proceeds of $63.5 million. The Company incurred issuance costs of $0.3 million in relation to the issuance of Series C Convertible Preferred Stock, which were initially recorded as a reduction to the value of Series C Convertible Preferred Stock.

The holders of the Series A, Series B and Series C Convertible Preferred Stock have the following rights and preferences:

Voting rights

Series A, Series B and Series C Convertible Preferred Stock are entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Series A, Series B and Series C Convertible Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter.

Election of directors

The holders of record of shares of Series A Convertible Preferred Stock, exclusively and as a separate class, shall be entitled to elect three directors of the Company. The holders of record of shares of Series B Convertible Preferred Stock, exclusively and as a separate class, shall be entitled to elect one director of the Company. The holders of record of shares of Series C Convertible Preferred Stock, exclusively and as a separate class, are not entitled to elect any directors of the Company.

Non-cumulative dividend

Holders of Series A, Series B and Series C Convertible Preferred Stock, in preference to the holders of common stock, are entitled to receive, when, as and if declared by the Board of the Company, but only out of funds that are legally available therefor, cash dividends at the rate of eight percent (8%) of the Series A, Series B and Series C original issue price per annum on each outstanding share of Series A, Series B and Series C Convertible Preferred Stock (the “Preferred Dividends”). All such Preferred Dividends shall be payable only when, as and if declared by the Board of the Company and shall be non-cumulative. No dividends have been declared to-date as of September 30, 2024.

Conversion right

Each share of Series A, Series B and Series C Convertible Preferred Stock is automatically converted into common stock upon either (a) the closing of the sale of shares of common stock to the public at a price of at least $2.061, $2.25 or $2.25, respectively, per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the common stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation and in connection with such offering the common stock is listed for trading on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another exchange or marketplace approved the Board or (b) the affirmative vote or written consent of the majority preferred stockholders. All outstanding convertible preferred stock was converted into common stock immediately prior to the closing of the Company's IPO.

Liquidation preference

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of shares of Series A, Series B and Series C Convertible Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a Deemed Liquidation Event (as defined in the Company’s Charter), the holders of shares of Series A, Series B and Series C Convertible Preferred Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the available proceeds, as applicable, before any payment shall be made to the holders of common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Series A, Series B and Series C Convertible Preferred Stock original issue prices, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Series A, Series B and Series C Convertible Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event.

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Prepaid research and development expenses	$	2,411	$	2,448
Interest receivable		858		208
Other current assets		838		133
Total prepaid and other current assets	$	4,107	$	2,789

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AND CONVERTIBLE PREFERRED STOCK - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Initial Public Offering	Initial Public Offering Common Stock	Initial Public Offering Additional Paid-in Capital	Initial Public Offering Series A Convertible Preferred Stock	Initial Public Offering Series A Convertible Preferred Stock Common Stock	Initial Public Offering Series A Convertible Preferred Stock Additional Paid-in Capital	Initial Public Offering Series B Convertible Preferred Stock	Initial Public Offering Series B Convertible Preferred Stock Common Stock	Initial Public Offering Series B Convertible Preferred Stock Additional Paid-in Capital	Initial Public Offering Series C Convertible Preferred Stock	Initial Public Offering Series C Convertible Preferred Stock Common Stock	Initial Public Offering Series C Convertible Preferred Stock Additional Paid-in Capital
Beginning Balance at Dec. 31, 2022						$ 36,501	$ 47,378
Beginning Balance, Shares at Dec. 31, 2022						53,598,587	53,118,933
Beginning Balance at Dec. 31, 2022	$ (42,605)	$ 1	$ 411	$ (43,020)	$ 3
Beginning Balance, Shares at Dec. 31, 2022		1,007,995
Issuance of common stock upon exercise of stock options	77		77
Issuance of common stock upon exercise of stock options, Shares		27,344
Stock-based compensation expense	204		204
Net loss	(5,949)			(5,949)
Other comprehensive income (loss)	1				1
Ending Balance at Mar. 31, 2023						$ 36,501	$ 47,378
Ending Balance, Shares at Mar. 31, 2023						53,598,587	53,118,933
Ending Balance at Mar. 31, 2023	(48,272)	$ 1	692	(48,969)	4
Ending Balance, Shares at Mar. 31, 2023		1,035,339
Beginning Balance at Dec. 31, 2022						$ 36,501	$ 47,378
Beginning Balance, Shares at Dec. 31, 2022						53,598,587	53,118,933
Beginning Balance at Dec. 31, 2022	(42,605)	$ 1	411	(43,020)	3
Beginning Balance, Shares at Dec. 31, 2022		1,007,995
Net loss	(23,720)
Other comprehensive income (loss)	6
Ending Balance at Sep. 30, 2023						$ 36,501	$ 115,856
Ending Balance, Shares at Sep. 30, 2023						53,598,587	129,240,032
Ending Balance at Sep. 30, 2023	(64,819)	$ 1	1,910	(66,739)	9
Ending Balance, Shares at Sep. 30, 2023		1,249,047
Beginning Balance at Dec. 31, 2022						$ 36,501	$ 47,378
Beginning Balance, Shares at Dec. 31, 2022						53,598,587	53,118,933
Beginning Balance at Dec. 31, 2022	(42,605)	$ 1	411	(43,020)	3
Beginning Balance, Shares at Dec. 31, 2022		1,007,995
Net loss	(32,600)
Ending Balance at Dec. 31, 2023	152,357					$ 36,501	$ 115,856
Ending Balance, Shares at Dec. 31, 2023						53,598,587	129,240,032
Ending Balance at Dec. 31, 2023	(72,468)	$ 1	3,054	(75,583)	60
Ending Balance, Shares at Dec. 31, 2023		1,257,080
Beginning Balance at Mar. 31, 2023						$ 36,501	$ 47,378
Beginning Balance, Shares at Mar. 31, 2023						53,598,587	53,118,933
Beginning Balance at Mar. 31, 2023	(48,272)	$ 1	692	(48,969)	4
Beginning Balance, Shares at Mar. 31, 2023		1,035,339
Issuance of common stock upon exercise of stock options	269		269
Issuance of common stock upon exercise of stock options, Shares		198,806
Stock-based compensation expense	225		225
Net loss	(7,608)			(7,608)
Other comprehensive income (loss)	(4)				(4)
Ending Balance at Jun. 30, 2023						$ 36,501	$ 47,378
Ending Balance, Shares at Jun. 30, 2023						53,598,587	53,118,933
Ending Balance at Jun. 30, 2023	(55,390)	$ 1	1,186	(56,577)	0
Ending Balance, Shares at Jun. 30, 2023		1,234,145
Issuance of Convertible Preferred Stock, net of issuance costs							$ 68,478
Issuance of Convertible Preferred Stock, net of issuance costs, Shares							76,121,099
Issuance of common stock upon exercise of stock options	129		129
Issuance of common stock upon exercise of stock options, Shares		14,902
Stock-based compensation expense	595		595
Net loss	(10,162)			(10,162)
Other comprehensive income (loss)	9				9
Ending Balance at Sep. 30, 2023						$ 36,501	$ 115,856
Ending Balance, Shares at Sep. 30, 2023						53,598,587	129,240,032
Ending Balance at Sep. 30, 2023	(64,819)	$ 1	1,910	(66,739)	9
Ending Balance, Shares at Sep. 30, 2023		1,249,047
Beginning Balance at Dec. 31, 2023	152,357					$ 36,501	$ 115,856
Beginning Balance, Shares at Dec. 31, 2023						53,598,587	129,240,032
Beginning Balance at Dec. 31, 2023	(72,468)	$ 1	3,054	(75,583)	60
Beginning Balance, Shares at Dec. 31, 2023		1,257,080
Issuance of common stock upon exercise of stock options	198		198
Issuance of common stock upon exercise of stock options, Shares		35,918
Stock-based compensation expense	1,623		1,623
Net loss	(12,337)			(12,337)
Other comprehensive income (loss)	(63)				(63)
Ending Balance at Mar. 31, 2024						$ 36,501	$ 115,856
Ending Balance, Shares at Mar. 31, 2024						53,598,587	129,240,032
Ending Balance at Mar. 31, 2024	(83,047)	$ 1	4,875	(87,920)	(3)
Ending Balance, Shares at Mar. 31, 2024		1,292,998
Beginning Balance at Dec. 31, 2023	152,357					$ 36,501	$ 115,856
Beginning Balance, Shares at Dec. 31, 2023						53,598,587	129,240,032
Beginning Balance at Dec. 31, 2023	$ (72,468)	$ 1	3,054	(75,583)	60
Beginning Balance, Shares at Dec. 31, 2023		1,257,080
Issuance of common stock upon exercise of stock options, Shares	63,194
Net loss	$ (46,336)
Other comprehensive income (loss)	46
Ending Balance at Sep. 30, 2024	0					$ 0	$ 0
Ending Balance, Shares at Sep. 30, 2024						0	0
Ending Balance at Sep. 30, 2024	271,368	$ 5	393,176	(121,919)	106
Ending Balance, Shares at Sep. 30, 2024		33,376,058
Beginning Balance at Mar. 31, 2024						$ 36,501	$ 115,856
Beginning Balance, Shares at Mar. 31, 2024						53,598,587	129,240,032
Beginning Balance at Mar. 31, 2024	(83,047)	$ 1	4,875	(87,920)	(3)
Beginning Balance, Shares at Mar. 31, 2024		1,292,998
Issuance of common stock upon exercise of stock options	112	$ 1	111
Issuance of common stock upon exercise of stock options, Shares		24,101
Stock-based compensation expense	919		919
Net loss	(15,857)			(15,857)
Other comprehensive income (loss)	(12)				(12)
Ending Balance at Jun. 30, 2024						$ 36,501	$ 115,856
Ending Balance, Shares at Jun. 30, 2024						53,598,587	129,240,032
Ending Balance at Jun. 30, 2024	(97,885)	$ 2	5,905	(103,777)	(15)
Ending Balance, Shares at Jun. 30, 2024		1,317,099
Issuance of Convertible Preferred Stock, net of issuance costs								$ 63,221
Issuance of Convertible Preferred Stock, net of issuance costs, Shares								61,650,480
Conversion of Convertible Preferred Stock to common stock upon closing of the initial public offering												$ (36,501)			$ (115,856)			$ (63,221)
Conversion of Convertible Preferred Stock to common stock upon closing of the initial public offering, Shares												(53,598,587)			(129,240,032)			(61,650,480)
Conversion of Convertible Preferred Stock to common stock upon closing of the initial public offering												$ 36,501		$ 36,501	$ 115,856	$ 1	$ 115,855	$ 63,221	$ 1	$ 63,220
Conversion of Convertible Preferred Stock to common stock upon closing of the initial public offering, Shares													4,458,324			10,750,183			5,128,092
Issuance of common stock from initial public offering, net of $17,210 issuance costs									$ 170,469	$ 1	$ 170,468
Issuance of common stock from initial public offering, net of $17,210 issuance costs, Shares										11,730,000
Issuance of common stock upon exercise of stock options	35		35
Issuance of common stock upon exercise of stock options, Shares		602
Repurchase of restricted stock due to early exercised unvested stock options		(8,242)
Stock-based compensation expense	1,192		1,192
Net loss	(18,142)			(18,142)
Other comprehensive income (loss)	121				121
Ending Balance at Sep. 30, 2024	0					$ 0	$ 0
Ending Balance, Shares at Sep. 30, 2024						0	0
Ending Balance at Sep. 30, 2024	$ 271,368	$ 5	$ 393,176	$ (121,919)	$ 106
Ending Balance, Shares at Sep. 30, 2024		33,376,058

Nature of Business and Liquidity

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Liquidity

NATURE OF BUSINESS AND Liquidity

MBX Biosciences, Inc. (“MBX” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. The Company is advancing a pipeline of novel candidates for endocrine and metabolic disorders. The Company was organized in August 2018 in Indiana as a Limited Liability Company and converted to a C corporation in the state of Delaware in April 2019. The Company maintains its corporate offices in Carmel, Indiana.

Since inception, the Company has devoted substantially all of its resources to drug discovery and development of its product candidates MBX 2109, MBX 1416 and MBX 4291, and other preclinical programs, building an intellectual property portfolio, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. The Company does not have any products approved for sale and has not generated any revenue from product sales. The Company has historically funded its operations primarily through the issuance and sale of our common stock, convertible preferred stock and convertible notes, which generated approximately $401.8 million in aggregate gross proceeds.

Initial Public Offering

On September 16, 2024, the Company completed its initial public offering ("IPO"), pursuant to which it sold 11,730,000 shares of its common stock at a public offering price of $16.00 per share, resulting in net proceeds of approximately $170.5 million, after deducting underwriting discounts, commissions and other offering costs. Immediately prior to the closing of the IPO, the Company's outstanding convertible preferred stock automatically converted into 20,336,599 shares of common stock. Following the closing of the IPO, zero shares of convertible preferred stock were authorized, issued or outstanding.

Reverse Stock Split

On September 6, 2024, the Company effected a one-for-12.0221 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion prices for the Company's convertible preferred stock (see Note 10). Accordingly, all issued and outstanding share and per share amounts of common stock and stock option awards for all periods presented in the accompanying condensed financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split. The par value and the number of authorized shares of the common stock and convertible preferred stock were not adjusted in connection with the reverse stock split.

Liquidity

From inception and through September 30, 2024, the Company has devoted substantially all of its efforts to drug discovery and development. The Company has a limited operating history, has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future. The Company incurred net losses of $46.3 million and $32.6 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively. As of September 30, 2024, the Company has an accumulated deficit of $121.9 million and cash, cash equivalents and marketable securities of $277.1 million. Based on the Company’s current business plan, management believes that existing cash and cash equivalents and marketable securities will be sufficient to fund the Company’s obligations for at least 12 months from the date of issuance of these condensed financial statements.

Basis of presentation

The accompanying unaudited condensed financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with U.S. generally accepted accounting principle ("U.S. GAAP") for interim financial information and pursuant to Article 10 of Regulation of the Securities Act of 1933, as amended. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying

them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023 included in the Company's final IPO prospectus filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on September 12, 2024 (the "IPO Prospectus").

Other Assets

9 Months Ended

Sep. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Other Assets

Other assets consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Security deposits		50		50
Total other assets	$	50	$	50

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes from the significant accounting policies and estimates disclosed in Note 2 of the 'Notes to Financial Statements" in the audited financial statements for the year ended December 31, 2023 and notes thereto, included in the IPO prospectus, except as noted below. Deferred offering costs The Company capitalizes as deferred offering costs all direct and incremental legal, professional, accounting and other third-party fees incurred in connection with the Company's IPO. The deferred offering costs were offset against the IPO proceeds upon the consummation of the offering on September 16, 2024. As of September 30, 2024, $0.3 million of deferred offering costs were included in accounts payable and accrued expenses in the accompanying balance sheets. Segments Operating segments are defined as components of an entity for which separate financial information is made available and is regularly evaluated by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company’s CODM is the chief executive officer and operations are managed as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s assets are located in the United States. Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the accompanying financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the face of our consolidated income statements. This new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. We are currently assessing the impact ASU 2024-03 will have on our financial statements, including our footnote disclosures.