Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	111,032	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	111,371	$	148,718

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	111,032	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	111,371	$	148,718

Restructuring and Related Costs

A summary of the accrued liabilities activity recorded in connection with the wind-down of Neoleukin’s Phase 1 trial of NL-201 for the six months ended June 30, 2024 is as follows (in thousands):

	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at June 30, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(42)	$	(685)	$	1,235

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share amounts):

	Six Months Ended June 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(35,413)	$	(24,123)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,922,630		439,073		—
Net loss per share, basic and diluted	$	(2.09)	$	(54.94)	$	—

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:

	Six Months Ended June 30,
	2024	2023
Series A-1 convertible preferred stock (1)	—	18,604,653
Series A-2 convertible preferred stock (1)	—	13,291,208
Series B convertible preferred stock (1)	—	74,405,719
Stock options	1,496,652	615,007
Total	1,496,652	106,916,587

(1) The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.