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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (31,167,000) $ (16,243,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 364,000 37,000
Stock-based compensation expense 2,185,000 497,000
Non-cash lease expense 731,000 795,000
Net amortization of premiums and accretion of discounts on investments (698,000)  
License agreement paid for with common stock   349,000
Anti-dilution right assumed with license agreement   233,000
Change in fair value of preferred stock tranche rights   50,000
Change in fair value of anti-dilution right   30,000
Gain upon extinguishment of PPP loan   (58,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,539,000) (764,000)
Accounts payable (245,000) 798,000
Accrued expenses and other liabilities 2,919,000 866,000
Operating lease liabilities (667,000) (572,000)
Net cash used in operating activities (30,117,000) (13,982,000)
Cash flows from investing activities:    
Purchases of short-term and long-term investments (150,178,000)  
Proceeds from sales and maturities of short-term investments 10,668,000  
Purchases of property and equipment (2,166,000) (238,000)
Net cash used in investing activities (141,676,000) (238,000)
Cash flows from financing activities:    
Proceeds from initial public offering of common stock, net of commissions and underwriting discounts 99,808,000  
Proceeds from issuance of common stock upon Concurrent Private Placement, net of placement agent fee 4,650,000  
Proceeds from issuance of Series A-1 preferred stock in second and third closings, net of issuance costs   12,467,000
Proceeds from issuance of Series B preferred stock, net of issuance costs and settlement of anti-dilution right   99,753,000
Payments of initial public offering costs (2,773,000)  
Proceeds from exercise of stock options 24,000 1,000
Net cash provided by financing activities 101,709,000 112,221,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (70,084,000) 98,001,000
Cash, cash equivalents and restricted cash at beginning of period 99,991,000 1,990,000
Cash, cash equivalents and restricted cash at end of period 29,907,000 99,991,000
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 122,518,000  
Fair value of preferred stock tranche rights recognized as Series A-1 preferred stock upon issuance of milestone shares   368,000
Fair value of anti-dilution right recognized as Series B preferred stock upon issuance of anti-dilution shares   263,000
Purchases of property and equipment included in accounts payable   30,000
Supplemental cash flow information:    
Right-of-use assets obtained in exchange for operating lease liability   6,200,000
Deferred offering costs in accounts payable and accrued expenses and other current liabilities 866,000  
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 29,519,000 99,603,000
Restricted cash 388,000 388,000
Total cash, cash equivalents, and restricted cash $ 29,907,000 $ 99,991,000