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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue:    
Total revenue $ 0 $ 198
Operating expenses:    
Research and development [1] 34,928 13,776
General and administrative 12,846 5,228
Total operating expenses 47,774 19,004
Loss from operations (47,774) (18,806)
Other income (expense):    
Interest income 4,432 420
Other expense (483) (72)
Total other income (expense) 3,949 348
Loss before income tax expense (43,825) (18,458)
Income tax (expense) benefit (32) 36
Net loss $ (43,857) $ (18,422)
Net loss per share, basic (in dollars per share) $ 0.72  
Net loss per share, diluted (in dollars per share) $ 0.72  
Weighted-average common shares outstanding, basic (in shares) 36,512,662 3,770,506
Weighted-average common shares outstanding, diluted (in shares) 36,512,662 3,770,506
Series A Preferred Stock    
Other income (expense):    
Net loss $ (12,642) $ 0
Net loss per share, basic (in dollars per share) $ (28.93) $ 0
Net loss per share, diluted (in dollars per share) $ (28.93) $ 0
Weighted-average common shares outstanding, basic (in shares) 437,037 0
Weighted-average common shares outstanding, diluted (in shares) 437,037 0
Series B Preferred Stock    
Other income (expense):    
Net loss $ (4,810) $ 0
Net loss per share, basic (in dollars per share) $ (28.93) $ 0
Net loss per share, diluted (in dollars per share) $ (28.93) $ 0
Weighted-average common shares outstanding, basic (in shares) 166,261 0
Weighted-average common shares outstanding, diluted (in shares) 166,261 0
Common Stock    
Other income (expense):    
Net loss $ (26,405) $ (18,422)
Net loss per share, basic (in dollars per share) $ (0.72) $ (4.89)
Net loss per share, diluted (in dollars per share) $ (0.72) $ (4.89)
Weighted-average common shares outstanding, basic (in shares) 36,262,662 2,614,843
Weighted-average common shares outstanding, diluted (in shares) 36,512,662 3,770,506
Development fee and royalty    
Revenue:    
Total revenue $ 0 $ 198
[1] Includes $17.1 million in related party expenses for the three months ended March 31, 2024 and no related party expenses for the three months ended March 31, 2023.