Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Results Of Operations by Reportable Segment

Information on the segment and reconciliation to net loss is as follows (in thousands):

	December 31,
	2024		2023
Revenue under licensing agreements	$	925	$	—
Program specific expenses:
Rett syndrome	12,104		5,957
Batten disease	5,869		5,507
Early Discovery	5,401		2,945
Unallocated internal expenses:
Personnel-related	18,476		15,329
Share-based compensation	4,506		896
Manufacturing	12,098		10,696
Other (a)	2,463		3,064
Total research and development expenses	$	60,917	$	44,394
General and administrative specific expenses:
Personnel-related	$	8,098	$	5,923
Share-based compensation	3,813		521
Professional and consultant fees	4,558		2,306
Office-related	2,534		236
Other (b)	3,610		2,203
Total general and administrative expenses	$	22,613	$	11,189
Other income (expense) (c)	7,461		19,266
Net loss	$	(75,144)	$	(36,317)
(a) The Other expense segment items category within research and development expense is mainly comprised of: Consultant fees for programs not specified above, IT Software and network support and rent expenses. (b) The Other expense segment items category within general and administrative expense is mainly comprised of: Insurance, IT software and network support, market research, and tax expenses. (c) Other income (expense) included in net loss includes interest income, interest expense, other income and other expense.

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):

	December 31,
	2024		2023
Cash and cash equivalents	$	136,586	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	136,925	$	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):

	December 31,
	2024		2023
Cash and cash equivalents	$	136,586	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	136,925	$	148,718

Property, Plant and Equipment

The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:

Type	Estimated useful life
Lab equipment	5 years
Manufacturing equipment	10 years
Leasehold improvements	Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures	5 years
Software	3 years

Property and equipment consist of the following (in thousands):

	December 31,
	2024		2023
Lab equipment	$	3,259	$	3,144
Manufacturing equipment	6,326		6,142
Office equipment	19		19
Leasehold improvements	15,396		15,376
Software	285		268
Construction in progress	1,308		234
Total property and equipment, cost	26,593		25,183
Less accumulated depreciation	(11,171)		(8,009)
Property and equipment, net	$	15,422	$	17,174

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 year ended December 31, 2024 is as follows (in thousands):

	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at December 31, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(550)	$	(1,203)	$	209

Schedule of Earnings Per Share, Basic and Diluted

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

	Year Ended December 31, 2024		Year Ended December 31, 2023
			Pre-Merger (1)				Post-Merger (2)
	Common stock		Class A		Class B		Common stock
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(75,144)	$	(49,971)	$	—	$	13,654
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	17,567,082		426,097		—		491,867
Net income (loss) per share, basic	$	(4.28)	$	(117.28)	$	—	$	27.76
Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(75,144)	$	(49,971)	$	—	$	13,654
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	17,567,082		426,097		—		491,867
Weighted-average effect of dilutive securities:
Warrants to purchase common stock	—		—		—		4,063,361
Options to purchase common stock	—		—		—		101,719
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	17,567,082		426,097		—		4,656,947
Net income (loss) per share, diluted	$	(4.28)	$	(117.28)	$	—	$	2.93
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be antidilutive were as follows:

	Year Ended December 31, 2024	Year Ended December 31, 2023
		Pre-Merger (1)		Post-Merger (2)
	Common stock	Class A	Class B	Common stock
Options to purchase common stock	1,387,556	614,729	—	541,180