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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue:      
Total revenue $ 886 $ 2,329 $ 18,739
Operating expenses:      
Research and development [1] 89,504 58,579 57,069
General and administrative 39,946 28,531 27,319
Acquired in-process research and development 130,188 0 0
Gain on sale of in-process research and development asset (16,449) 0 0
Total operating expenses 243,189 87,110 84,388
Loss from operations (242,303) (84,781) (65,649)
Other (expense) income:      
Interest income 6,147 837 111
Other expense, net (19,130) (7) (122)
Total other (expense) income (96,513) 830 (11)
Loss before income tax expense (338,816) (83,951) (65,660)
Income tax benefit (expense) 26 136 (141)
Net loss $ (338,790) $ (83,815) $ (65,801)
Net loss per share, basic (in dollars per share) $ 13.76    
Net loss per share, diluted (in dollars per share) $ 13.76    
Weighted-average common shares outstanding, basic (in shares) 6,897,065 3,371,231 2,629,784
Weighted-average common shares outstanding, diluted (in shares) 6,897,065 3,371,231 2,629,784
Series A Preferred Stock      
Other (expense) income:      
Net loss $ (239,158) $ 0 $ 0
Net loss per share, basic (in dollars per share) $ (550.28) $ 0 $ 0
Net loss per share, diluted (in dollars per share) $ (550.28) $ 0 $ 0
Weighted-average common shares outstanding, basic (in shares) 434,612 0 0
Weighted-average common shares outstanding, diluted (in shares) 434,612 0 0
Series B Preferred Stock      
Other (expense) income:      
Net loss $ (4,749) $ 0 $ 0
Net loss per share, basic (in dollars per share) $ (550.29) $ 0 $ 0
Net loss per share, diluted (in dollars per share) $ (550.29) $ 0 $ 0
Weighted-average common shares outstanding, basic (in shares) 8,630 0 0
Weighted-average common shares outstanding, diluted (in shares) 8,630 0 0
Common Stock      
Other (expense) income:      
Net loss $ (94,883) $ (83,815) $ (65,801)
Net loss per share, basic (in dollars per share) $ (13.76) $ (24.86) $ (25.02)
Net loss per share, diluted (in dollars per share) $ (13.76) $ (24.86) $ (25.02)
Weighted-average common shares outstanding, basic (in shares) 6,201,954 2,307,668 1,956,933
Weighted-average common shares outstanding, diluted (in shares) 6,897,065 3,371,231 2,629,784
Forward Contract Liability      
Other (expense) income:      
Change in fair value of forward contract liability $ (83,530) $ 0 $ 0
License      
Revenue:      
Total revenue 0 0 12,000
Development fee and royalty      
Revenue:      
Total revenue $ 886 $ 2,329 $ 6,739
[1] Includes $48.5 million in related party expenses for the year ended December 31, 2023 and no related party expenses for the year ended months ended December 31, 2022 and 2021.