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10-Q CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Series A Convertible Preferred Stock
Series A-1 Convertible Preferred Stock
Class B Convertible Preferred Stock
Class B convertible common stock
Class A Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance, temporary equity (in shares) at Dec. 31, 2021 [1]   12,077,942 0 0 2,744,184        
Beginning balance, temporary equity at Dec. 31, 2021 [1]   $ 24,381 $ 0 $ 0 $ 5,900        
Convertible Preferred and Common Stock                  
Issuance of Series B convertible preferred stock, net of issuance costs (in shares) [1]   9,899,340 2,950,548            
Issuance of convertible preferred stock, net of issuance costs [1]   $ 20,240 $ 9,893            
Ending balance, temporary equity (in shares) at Dec. 31, 2022 [1]   21,977,282 2,950,548 0 2,744,184        
Ending balance, temporary equity at Dec. 31, 2022 $ 60,414 $ 44,621 [1] $ 9,893 [1] $ 0 [1] $ 5,900 [1]        
Beginning balance, common stock (in shares) at Dec. 31, 2021 [1]           1,891,985      
Beginning balance at Dec. 31, 2021 [1] (14,214)         $ 1 $ 251 $ (14,466) $ 0
Stockholders' Deficit                  
Unrealized gain on marketable securities 0                
Exercise of stock options (in shares) [1]           55,003      
Exercise of stock options [1] 135         $ 9 126    
Share-based compensation [1] 721           721    
Net loss [1] $ (10,811)             (10,811)  
Ending balance, common stock (in shares) at Dec. 31, 2022 1,946,988         1,946,988      
Ending balance at Dec. 31, 2022 [1] $ (24,169)         $ 10 1,098 (25,277) 0
Convertible Preferred and Common Stock                  
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)       28,019,181          
Issuance of convertible preferred stock, net of issuance costs       $ 82,976          
Ending balance, temporary equity (in shares) at Mar. 31, 2023   21,977,282 2,950,548 28,019,181 2,744,184        
Ending balance, temporary equity at Mar. 31, 2023   $ 44,621 $ 9,893 $ 82,976 $ 5,900        
Stockholders' Deficit                  
Vesting of early exercised stock options (in shares)           5,593      
Vesting of early exercised stock options 19           19    
Share-based compensation 142           142    
Net loss (12,670)             (12,670)  
Ending balance, common stock (in shares) at Mar. 31, 2023           1,952,581      
Ending balance at Mar. 31, 2023 (36,678)         $ 10 1,259 (37,947) 0
Beginning balance, temporary equity (in shares) at Dec. 31, 2022 [1]   21,977,282 2,950,548 0 2,744,184        
Beginning balance, temporary equity at Dec. 31, 2022 $ 60,414 $ 44,621 [1] $ 9,893 [1] $ 0 [1] $ 5,900 [1]        
Ending balance, temporary equity (in shares) at Jun. 30, 2023   21,977,282 2,950,548 28,019,181 2,744,184        
Ending balance, temporary equity at Jun. 30, 2023   $ 44,621 $ 9,893 $ 82,976 $ 5,900        
Beginning balance, common stock (in shares) at Dec. 31, 2022 1,946,988         1,946,988      
Beginning balance at Dec. 31, 2022 [1] $ (24,169)         $ 10 1,098 (25,277) 0
Stockholders' Deficit                  
Unrealized gain on marketable securities (14)                
Net loss (27,396)                
Ending balance, common stock (in shares) at Jun. 30, 2023           1,958,174      
Ending balance at Jun. 30, 2023 (51,210)         $ 10 1,467 (52,673) (14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022 [1]   21,977,282 2,950,548 0 2,744,184        
Beginning balance, temporary equity at Dec. 31, 2022 60,414 $ 44,621 [1] $ 9,893 [1] $ 0 [1] $ 5,900 [1]        
Convertible Preferred and Common Stock                  
Issuance of Series B convertible preferred stock, net of issuance costs (in shares) [1]       28,019,181          
Issuance of convertible preferred stock, net of issuance costs [1]       $ 82,976          
Ending balance, temporary equity (in shares) at Dec. 31, 2023 [1],[2]   21,977,282 2,950,548 28,019,181 2,744,184        
Ending balance, temporary equity at Dec. 31, 2023 $ 143,390 $ 44,621 [1],[2] $ 9,893 [1],[2] $ 82,976 [1],[2] $ 5,900 [1],[2]        
Beginning balance, common stock (in shares) at Dec. 31, 2022 1,946,988         1,946,988      
Beginning balance at Dec. 31, 2022 [1] $ (24,169)         $ 10 1,098 (25,277) 0
Stockholders' Deficit                  
Unrealized gain on marketable securities [1] 6               6
Exercise of stock options (in shares) [1]           22,372      
Exercise of stock options [1] 76           76    
Share-based compensation [1] 1,343           1,343    
Net loss [1] $ (69,968)             (69,968)  
Ending balance, common stock (in shares) at Dec. 31, 2023 1,969,360       2,744,184 1,969,360 [2]      
Ending balance at Dec. 31, 2023 [1] $ (92,712) [3]         $ 10 [2] 2,517 [2] (95,245) [2] 6 [2]
Beginning balance, temporary equity (in shares) at Mar. 31, 2023   21,977,282 2,950,548 28,019,181 2,744,184        
Beginning balance, temporary equity at Mar. 31, 2023   $ 44,621 $ 9,893 $ 82,976 $ 5,900        
Ending balance, temporary equity (in shares) at Jun. 30, 2023   21,977,282 2,950,548 28,019,181 2,744,184        
Ending balance, temporary equity at Jun. 30, 2023   $ 44,621 $ 9,893 $ 82,976 $ 5,900        
Beginning balance, common stock (in shares) at Mar. 31, 2023           1,952,581      
Beginning balance at Mar. 31, 2023 (36,678)         $ 10 1,259 (37,947) 0
Stockholders' Deficit                  
Unrealized gain on marketable securities (14)               (14)
Vesting of early exercised stock options (in shares)           5,593      
Vesting of early exercised stock options 19           19    
Share-based compensation 189           189    
Net loss (14,726)             (14,726)  
Ending balance, common stock (in shares) at Jun. 30, 2023           1,958,174      
Ending balance at Jun. 30, 2023 (51,210)         $ 10 1,467 (52,673) (14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023 [1],[2]   21,977,282 2,950,548 28,019,181 2,744,184        
Beginning balance, temporary equity at Dec. 31, 2023 $ 143,390 $ 44,621 [1],[2] $ 9,893 [1],[2] $ 82,976 [1],[2] $ 5,900 [1],[2]        
Convertible Preferred and Common Stock                  
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)   (21,977,282) (2,950,548) (28,019,181) (2,744,184)        
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)   $ (44,621) $ (9,893) $ (82,976) $ (5,900)        
Ending balance, temporary equity (in shares) at Mar. 31, 2024   0 0 0 0        
Ending balance, temporary equity at Mar. 31, 2024   $ 0 $ 0 $ 0 $ 0        
Beginning balance, common stock (in shares) at Dec. 31, 2023 1,969,360       2,744,184 1,969,360 [2]      
Beginning balance at Dec. 31, 2023 [1] $ (92,712) [3]         $ 10 [2] 2,517 [2] (95,245) [2] 6 [2]
Stockholders' Deficit                  
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)           11,260,672      
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 143,390         $ (10) 143,400    
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)           8,320,485      
Issuance of common stock to Graphite stockholders as a result of the Merger 116,145           116,145    
Stock Issued During Period, Shares, New Issues           3,559,565      
Issuance of common stock from private placement, net 49,840           49,840    
Reclassification of warrant liability to equity 1,918           1,918    
Merger transaction costs (5,146)           (5,146)    
Unrealized gain on marketable securities (7)               (7)
Exercise of stock options and common warrants (in shares)           383,898      
Exercise of stock options and common warrants 430           430    
Vesting of early exercised stock options (in shares)           6,150      
Vesting of early exercised stock options 10           10    
Share-based compensation 947           947    
Net loss (16,648)             (16,648)  
Ending balance, common stock (in shares) at Mar. 31, 2024           25,500,130      
Ending balance at Mar. 31, 2024 198,167         $ 0 310,061 (111,893) (1)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023 [1],[2]   21,977,282 2,950,548 28,019,181 2,744,184        
Beginning balance, temporary equity at Dec. 31, 2023 143,390 $ 44,621 [1],[2] $ 9,893 [1],[2] $ 82,976 [1],[2] $ 5,900 [1],[2]        
Ending balance, temporary equity (in shares) at Jun. 30, 2024   0 0 0 0        
Ending balance, temporary equity at Jun. 30, 2024 $ 0 $ 0 $ 0 $ 0 $ 0        
Beginning balance, common stock (in shares) at Dec. 31, 2023 1,969,360       2,744,184 1,969,360 [2]      
Beginning balance at Dec. 31, 2023 [1] $ (92,712) [3]         $ 10 [2] 2,517 [2] (95,245) [2] 6 [2]
Stockholders' Deficit                  
Unrealized gain on marketable securities (68)                
Net loss $ (26,902)                
Ending balance, common stock (in shares) at Jun. 30, 2024 25,845,671       0 25,845,671      
Ending balance at Jun. 30, 2024 $ 192,921 [3]         $ 0 315,130 (122,147) (62)
Beginning balance, temporary equity (in shares) at Mar. 20, 2024   21,977,282 2,950,548            
Stockholders' Deficit                  
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares) 8,320,485                
Stock Issued During Period, Shares, New Issues 8,670,653                
Merger transaction costs $ (5,200)                
Beginning balance, temporary equity (in shares) at Mar. 31, 2024   0 0 0 0        
Beginning balance, temporary equity at Mar. 31, 2024   $ 0 $ 0 $ 0 $ 0        
Ending balance, temporary equity (in shares) at Jun. 30, 2024   0 0 0 0        
Ending balance, temporary equity at Jun. 30, 2024 0 $ 0 $ 0 $ 0 $ 0        
Beginning balance, common stock (in shares) at Mar. 31, 2024           25,500,130      
Beginning balance at Mar. 31, 2024 198,167         $ 0 310,061 (111,893) (1)
Stockholders' Deficit                  
Unrealized gain on marketable securities (61)               (61)
Vesting of early exercised stock options (in shares)           7,281      
Vesting of early exercised stock options 28           28    
Adjustments to reverse recapitalization accounting and issuance of common stock from private placement 31           31    
Exercise of stock options (in shares)           338,260      
Exercise of stock options 3,413           3,413    
Share-based compensation 1,597           1,597    
Net loss $ (10,254)             (10,254)  
Ending balance, common stock (in shares) at Jun. 30, 2024 25,845,671       0 25,845,671      
Ending balance at Jun. 30, 2024 $ 192,921 [3]         $ 0 $ 315,130 $ (122,147) $ (62)
[1] Retroactively recast for the reverse recapitalization as described in Note 1.
[2] Retroactively recast for the reverse recapitalization as described in Note 3.
[3] Retroactively recast for the reverse recapitalization as described in Note 3.