Summary of Significant Accounting Policies - 10Q (Tables)

9 Months Ended

Sep. 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):

	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021

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):

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	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,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021

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):

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	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 nine months ended September 30, 2024 is as follows (in thousands):

	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at September 30, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(201)	$	(999)	$	762

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, 2023						Year Ended December 31, 2022
	Pre-Merger (1)				Post-Merger (2)		Pre-Merger (1)
	Class A		Class B		Common stock		Class A		Class B
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Net income (loss) per share, basic	$	(117.28)	$	—	$	27.76	$	(139.88)	$	—
Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
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	426,097		—		4,656,947		394,533		—
Net income (loss) per share, diluted	$	(117.28)	$	—	$	2.93	$	(139.88)	$	—
__________________
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023 and for the year ended December 31, 2022.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

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

	Nine Months Ended September 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(55,630)	$	(38,700)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,932,976		441,498		—
Net loss per share, basic and diluted	$	(3.29)	$	(87.66)	$	—

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, 2023			Year Ended December 31, 2022
	Pre-Merger (1)		Post-Merger (2)	Pre-Merger (1)
	Class A	Class B	Common stock	Class A	Class B
Options to purchase common stock	614,729	—	541,180	468,632	—
Restricted stock awards	—	—	—	6,691	—
Series A-1 convertible preferred stock (3)	—	—	—	18,604,653	—
Series A-2 convertible preferred stock (3)	—	—	—	13,291,208	—
Series B convertible preferred stock (3)	—	—	—	74,405,719	—
Total awards excluded	614,729	—	541,180	106,776,903	—

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

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

	Nine Months Ended September 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	1,384,182	609,656
Total	1,384,182	106,911,236

__________________

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