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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 110,164 $ 70,169
Short-term investments 225,975 77,309
Restricted cash 105 85
Prepaid expenses and other current assets 4,422 3,309
Total current assets 340,666 150,872
Property and equipment, net 3,474 1,916
Operating lease right of use asset, net 1,769 2,084
Other assets 189 551
Total assets 346,098 155,423
Current liabilities    
Accounts payable [1] 1,875 2,502
Accrued expenses and other current liabilities [1] 5,517 5,631
Operating lease liability 703 670
Total current liabilities 8,095 8,803
Series B preferred stock tranche right liability   4,200
Operating lease liability, net of current portion 1,117 1,476
Total liabilities 9,212 14,479
Commitments and Contingencies
Convertible preferred stock   166,578
Stockholders' equity (deficit)    
Undesignated preferred stock, $0.001 par value; 10,000,000 shares and zero shares authorized at June 30, 2024 and December 31, 2023, respectively; zero shares issued and outstanding at both June 30, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value; 500,000,000 shares and 250,000,000 shares authorized at June 30, 2024 and December 31, 2023, respectively; 36,576,457 shares and 4,170,817 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 36 4
Additional paid-in capital 423,261 19,796
Accumulated other comprehensive income (loss) (183) 4
Accumulated deficit (86,228) (45,438)
Total stockholders' equity (deficit) 336,886 (25,634)
Total liabilities, convertible preferred stock, and stockholders' equity (deficit) $ 346,098 155,423
Series A Convertible Preferred Stock    
Current liabilities    
Convertible preferred stock   89,487
Series B Convertible Preferred Stock    
Current liabilities    
Series B preferred stock tranche right liability   4,200
Convertible preferred stock   $ 77,091
[1] Includes related party amounts of zero and $0.2 million (accounts payable) and less than $0.1 million and zero (accrued expenses) as of June 30, 2024 and December 31, 2023, respectively (see Notes 5 and 10).