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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Total revenue $ 0 $ 688 $ 0 $ 886
Operating expenses:        
Research and development [1] 32,636 17,386 67,564 31,162
General and administrative 11,511 12,062 24,357 17,290
Acquired in-process research and development 0 130,486 0 130,486
Total operating expenses 44,147 159,934 91,921 178,938
Loss from operations (44,147) (159,246) (91,921) (178,052)
Other income (expense):        
Interest income 5,920 350 10,352 770
Other expense, net (610) (8) (1,093) (80)
Total other income (expense) 5,310 (57,828) 9,259 (57,480)
Loss before income tax expense (38,837) (217,074) (82,662) (235,532)
Income tax (expense) benefit 0 (7) (32) 29
Net loss $ (38,837) $ (217,081) $ (82,694) $ (235,503)
Net loss per share, basic (in dollars per share) $ (0.86) $ (56.79) $ (2.02) $ (62.03)
Net loss per share, diluted (in dollars per share) $ (0.86) $ (56.79) $ (2.02) $ (62.03)
Weighted-average common shares outstanding, basic (in shares) 45,316,264 3,822,605 40,914,463 3,796,699
Weighted-average common shares outstanding, diluted (in shares) 45,316,264 3,822,605 40,914,463 3,796,699
Forward contract liability        
Other income (expense):        
Change in fair value of forward contract liability $ 0 $ (58,170) $ 0 $ (58,170)
Development fee and royalty        
Revenue:        
Total revenue $ 0 $ 688 $ 0 $ 886
[1] Includes $9.4 million and $26.5 million in related party expenses for the three and six months ended June 30, 2024, respectively, and $1.4 million related party expenses for the three and six months ended June 30, 2023.