0000950170-23-069192 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes the stock option activity under the 2021 Plan for the nine months ended September 30, 2023 (weighted-average remaining contractual term (in years) is not stated in thousands):


	Number of			Weighted- Average Exercise		Weighted- Average Grant Date		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
	Shares			Price		Fair Value		(in years)
Outstanding as of December 31, 2022		1,916,194		$	4.64	$	3.00		8.65	$	20,130
Granted		1,134,312			13.71		10.15
Exercised		(11,916	)		4.27		2.75				104
Forfeited		(715,747	)		7.66		5.37
Outstanding as of September 30, 2023		2,322,843		$	8.14	$	5.76		7.78	$	8,995
Vested options outstanding and exercisable as of September 30, 2023		815,625		$	5.50	$	3.65		8.04	$	4,991
Unvested options outstanding and exercisable as of September 30, 2023		1,507,218		$	9.57	$	6.90		8.99	$	4,003

Summary of Following Assumptions Presented on Weighted Average Basis

The Company estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis during the nine months ended September 30, 2023 (not stated in thousands):


Weighted average risk-free interest rate	3.29	%
Expected term (in years)	5.95
Expected volatility	66.19	%
Expected dividend yield	0.00	%

Summary of Stock-Based Compensation Expenses

Stock-based compensation expense was classified as follows in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development expense	$	503	$	189	$	1,219	$	593
General and administrative expense		371		242		1,020		667
Total stock-based compensation expense	$	874	$	431	$	2,239	$	1,260

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Accrued research and development expenses	$	9,812	$	4,755
Accrued payroll expenses		355		796
Accrued professional fees		1,455		629
Other current liabilities		182		240
Total accrued expenses and other current liabilities	$	11,804	$	6,420

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Dec. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	Lexeo Therapeutics, Inc.
Entity Central Index Key	0001907108
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity File Number	001-41855
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4012572
Entity Address, Address Line One	345 Park Avenue South
Entity Address, Address Line Two	Floor 6
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	212
Local Phone Number	547-9879
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock ($0.0001 par value)
Trading Symbol	LXEO
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		26,645,538

Convertible Safe Note - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended
	Nov. 07, 2023	Nov. 02, 2023	Sep. 30, 2023	Sep. 30, 2023	Aug. 24, 2023
Debt Instrument [Line Items]
Unamortized discount			$ 4,147	$ 4,147
SAFE
Debt Instrument [Line Items]
Issuance costs					$ 136
Increase in fair value of safe instrument			272
Total liabilities			4,272	4,272
Unamortized discount			$ 4,147	$ 4,147
SAFE \| Subsequent Event
Debt Instrument [Line Items]
Outstanding principal balance together with accrued interest		$ 4,077
SAFE \| Common Stock \| IPO \| Subsequent Event
Debt Instrument [Line Items]
Number of common shares on conversion of debt instrument	411,815	411,815
SAFE \| Sarepta Therapeutics, Inc
Debt Instrument [Line Items]
Convertible safe note, principal amount					$ 4,000
Annual interest rate					10.00%
Debt Instrument, Description				Upon a qualified equity financing event, the convertible SAFE Note would have automatically converted into a number of shares of corresponding preferred stock based on a certain discount to the price of such preferred stock issued to the other investors applied to the then-current Cash-Out Amount. Upon the effective date of an IPO or a direct listing, or immediately prior to the closing of a SPAC transaction, the convertible SAFE Note would have automatically converted, and did automatically convert upon the effectiveness of the Company's IPO registration statement on November 2, 2023, into a number of shares of common stock based on a certain discount to the public offering price of such common stock applied to the then-current Cash-Out Amount (see Note 14). Upon a change of control, the Investor would have been entitled to receive the greater of (i) an amount equal to a certain premium applied to the then-current Cash-Out Amount, or (ii) the amount that would have been payable on the number of shares of the senior-most series of the Company’s preferred stock after applying a certain discount to the original issue price of such senior-most preferred stock together with a certain premium applied to the then-current Cash-Out Amount (the greater of (i) and (ii), the “Conversion Amount”). Upon the one-year maturity of the convertible SAFE Note, or upon dissolution of the Company, the Investor was to be paid an amount equal to the Cash-Out Amount. Upon the event of a change of control or dissolution, the Investor’s right to receive its Cash-Out Amount or its Conversion Amount would have been junior to payment of outstanding indebtedness and creditor claims, on par with payments for the Company’s most senior series of preferred stock or other SAFE note holders, if any, and senior to payments for the Company’s common stock and any other series or class of stock. The convertible SAFE Note did not maintain any voting rights.

Leases - Reconciliation of Remaining Equipment Finance Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 96
2024	579
2025	579
2026	579
2027	357
Thereafter	11
Total lease payments	2,201
Less: imputed interest	(331)
Total finance lease liabilties	1,870
Included in the consolidated balance sheet:
Current portion of lease liabilities - finance	519	$ 547
Non-current portion of lease liabilities - finance	$ 1,351	$ 1,648

Convertible Safe Note

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Convertible Safe Note

7. CONVERTIBLE SAFE NOTE

On August 24, 2023, the Company entered into a convertible SAFE Note with Sarepta Therapeutics, Inc. (the “Investor”) in a principal amount of $4,000 bearing simple interest at an annual rate of 10% to be repaid (the “Cash-Out Amount”) after one year in the absence of the occurrence of certain settlement events, including upon a qualified preferred stock equity financing, a public offering or a Special Purpose Acquisition Company (“SPAC”) transaction, a change of control, or dissolution. The convertible SAFE Note was accounted for as a liability in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, which was initially and subsequently measured at fair value with changes in fair value recognized in earnings (see Note 3). Upon a qualified equity financing event, the convertible SAFE Note would have automatically converted into a number of shares of corresponding preferred stock based on a certain discount to the price of such preferred stock issued to the other investors applied to the then-current Cash-Out Amount. Upon the effective date of an IPO or a direct listing, or immediately prior to the closing of a SPAC transaction, the convertible SAFE Note would have automatically converted, and did automatically convert upon the effectiveness of the Company's IPO registration statement on November 2, 2023, into a number of shares of common stock based on a certain discount to the public offering price of such common stock applied to the then-current Cash-Out Amount (see Note 14). Upon a change of control, the Investor would have been entitled to receive the greater of (i) an amount equal to a certain premium applied to the then-current Cash-Out Amount, or (ii) the amount that would have been payable on the number of shares of the senior-most series of the Company’s preferred stock after applying a certain discount to the original issue price of such senior-most preferred stock together with a certain premium applied to the then-current Cash-Out Amount (the greater of (i) and (ii), the “Conversion Amount”). Upon the one-year maturity of the convertible SAFE Note, or upon dissolution of the Company, the Investor was to be paid an amount equal to the Cash-Out Amount. Upon the event of a change of control or dissolution, the Investor’s right to receive its Cash-Out Amount or its Conversion Amount would have been junior to payment of outstanding indebtedness and creditor claims, on par with payments for the Company’s most senior series of preferred stock or other SAFE note holders, if any, and senior to payments for the Company’s common stock and any other series or class of stock. The convertible SAFE Note did not maintain any voting rights.

In connection with the convertible SAFE Note, the Company incurred issuance costs of $136 that were recorded as a discount to the liability balance and amortized to interest expense over the term of the convertible SAFE Note. As of September 30, 2023, the estimated fair value of the convertible SAFE Note, gross of unamortized discount, increased by $272 to $4,272 (see Note 3), and the corresponding carrying value was $4,147, net of unamortized discount. The aggregate outstanding convertible SAFE Note principal balance together with accrued interest thereon totaling $4,077, gross of unamortized discount, automatically converted into 411,815 shares of the Company’s common stock upon the declaration of effectiveness of the Company’s IPO registration statement on November 2, 2023 (see Note 14).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. STOCK-BASED COMPENSATION

In February 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) for the issuance of stock options to the Company’s key directors, officers, employees and consultants, as a means to secure the benefits arising from capital stock ownership, and in connection with the Company’s IPO in November 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Plan”, and collectively, the “Plans”) (see Note 14). The purposes of the Plans are to promote the alignment of the interests of key directors, officers, employees, and consultants with the success of the Company and to provide compensation opportunities to attract, retain and motivate directors, officers, employees, and consultants of the Company.

Under the 2021 Plan, the Company initially authorized 841,800 shares of its common stock for issuance upon exercise of options granted under the Plan. In August 2021, the Company’s Board of Directors amended the 2021 Plan to increase the aggregate number of shares of its common stock reserved for issuance pursuant to the 2021 Plan by 1,889,682 shares, from 841,800 shares to a new total of 2,731,482 shares. In November 2021, the Company’s Board of Directors further amended the 2021 Plan to further increase the aggregate number of shares of its common stock reserved for issuance pursuant to the 2021 Plan by 319,852 shares, from 2,731,482 shares to a new total of 3,051,334 shares. As of September 30, 2023, 581,954 shares were available for future grants under the 2021 Plan.

Stock option activity

Stock options granted under the 2021 Plan generally (i) are subject to requisite service requirements, (ii) vest over a four-year period with 25% of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months, and (iii) allow for early exercise subject to repurchase. Stock options granted under the 2021 Plan to certain of the Company’s non-employees vest in equal monthly installments over a four-year period or vested upon the achievement of a certain milestone event. The Company has not repurchased any shares of common stock issued pursuant to the early exercise of stock options granted under the 2021 Plan.


	Number of			Weighted- Average Exercise		Weighted- Average Grant Date		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
	Shares			Price		Fair Value		(in years)
Outstanding as of December 31, 2022		1,916,194		$	4.64	$	3.00		8.65	$	20,130
Granted		1,134,312			13.71		10.15
Exercised		(11,916	)		4.27		2.75				104
Forfeited		(715,747	)		7.66		5.37
Outstanding as of September 30, 2023		2,322,843		$	8.14	$	5.76		7.78	$	8,995
Vested options outstanding and exercisable as of September 30, 2023		815,625		$	5.50	$	3.65		8.04	$	4,991
Unvested options outstanding and exercisable as of September 30, 2023		1,507,218		$	9.57	$	6.90		8.99	$	4,003

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

The total grant date fair values of options vested during the nine months ended September 30, 2023 and September 30, 2022 were $1,995 and $1,277, respectively.


Weighted average risk-free interest rate	3.29	%
Expected term (in years)	5.95
Expected volatility	66.19	%
Expected dividend yield	0.00	%

The expected dividend yields are 0.00% as the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

Stock-based compensation expense

The Company recorded total stock-based compensation expense of $875 and $2,239 for the three and nine-months ended September 30, 2023, respectively, and $431 and $1,260 for the three and nine-months ended September 30, 2022, respectively. Stock-based compensation expense was classified as follows in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development expense	$	503	$	189	$	1,219	$	593
General and administrative expense		371		242		1,020		667
Total stock-based compensation expense	$	874	$	431	$	2,239	$	1,260

As of September 30, 2023 there was $9,946 of unrecognized stock-based compensation expense related to unvested stock options estimated to be recognized over a weighted-average period of 3.16 years.

Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. PROPERTY AND EQUIPMENT

The following is the summary of the Company’s property and equipment and related accumulated depreciation and amortization as of September 30, 2023 and December 31, 2022:


	Useful Life	September 30, 2023			December 31, 2022
Internal use software	3 years	$	296		$	245
Furniture and fixtures	5 years		375			375
Lab equipment	7 years		393			279
Leasehold improvements	7 years		232			232
Total property and equipment			1,296			1,131
Less: accumulated depreciation and amortization			(316	)		(133	)
Total property and equipment, net		$	980		$	998

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Components of Operating Lease

The components of this operating lease were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Operating lease expense	$	537	$	537	$	1,611	$	1,074
Variable lease expense		78		69		226		139
Total operating lease expense	$	615	$	606	$	1,837	$	1,213
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	720	$	270	$	1,775	$	270

Reconciliation of Remaining Undiscounted Contractual Rent Obligations

The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each year ended December 31 to the operating lease liabilities recognized as of September 30, 2023:



Years ended December 31	Operating Leases
2023	$	542
2024		2,100
2025		2,152
2026		2,206
2027		2,261
Thereafter		3,689
Total lease payments		12,950
Less: present value adjustment		(2,759	)
Total operating lease liabilities	$	10,191
Included in the consolidated balance sheet:
Current portion of lease liabilities - operating		2,078
Non-current portion of lease liabilities - operating		8,113
Total operating lease liabilities	$	10,191

Components of Equipment Finance Leases

The components of the equipment finance leases were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Finance lease amortization of right-of-use assets	$	79	$	46	$	227	$	58
Interest on finance lease liabilities		44		27		136		35
Total finance lease expense	$	123	$	73	$	363	$	93
Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows	$	107	$	36	$	320	$	55

Reconciliation of Remaining Equipment Finance Lease Obligations

The following table provides a reconciliation of the Company’s remaining equipment finance lease obligations due within each year ending December 31 to the equipment finance lease liabilities recognized at September 30, 2023:


Years ended December 31	Equipment Finance Leases
2023	$	96
2024		579
2025		579
2026		579
2027		357
Thereafter		11
Total lease payments		2,201
Less: imputed interest		(331	)
Total finance lease liabilties	$	1,870
Included in the consolidated balance sheet:
Current portion of lease liabilities - finance		519
Non-current portion of lease liabilities - finance		1,351
Total finance lease liabilities	$	1,870

Leases - Reconciliation of Remaining Undiscounted Contractual Rent Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 542
2024	2,100
2025	2,152
2026	2,206
2027	2,261
Thereafter	3,689
Total lease payments	12,950
Less: present value adjustment	(2,759)
Total operating lease liabilities	10,191
Included in the consolidated balance sheet:
Current portion of lease liabilities - operating	2,078	$ 2,287
Non-current portion of lease liabilities - operating	$ 8,113	$ 9,000

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Temporary equity, balance, shares at Dec. 31, 2021		143,653,545
Temporary equity, balance, value at Dec. 31, 2021		$ 185,013
Balance, shares at Dec. 31, 2021			1,580,651
Balance, value at Dec. 31, 2021	$ (55,602)			$ 567	$ (56,169)
Proceeds from issuance of series A convertible preferred stock		$ 20
Exercise of stock options, shares			48,313
Exercise of stock options, value	235			235
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			(60,333)
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	(235)			(235)
Stock-based compensation expense	275			275
Net loss	(12,502)				(12,502)
Temporary equity, balance, shares at Mar. 31, 2022		143,653,545
Temporary equity, balance, value at Mar. 31, 2022		$ 185,033
Balance, shares at Mar. 31, 2022			1,568,631
Balance, value at Mar. 31, 2022	(67,829)			842	(68,671)
Temporary equity, balance, shares at Dec. 31, 2021		143,653,545
Temporary equity, balance, value at Dec. 31, 2021		$ 185,013
Balance, shares at Dec. 31, 2021			1,580,651
Balance, value at Dec. 31, 2021	(55,602)			567	(56,169)
Net loss	(44,700)
Temporary equity, balance, shares at Sep. 30, 2022		143,653,545
Temporary equity, balance, value at Sep. 30, 2022		$ 185,033
Balance, shares at Sep. 30, 2022			1,590,586
Balance, value at Sep. 30, 2022	(98,978)			1,891	(100,869)
Temporary equity, balance, shares at Dec. 31, 2021		143,653,545
Temporary equity, balance, value at Dec. 31, 2021		$ 185,013
Balance, shares at Dec. 31, 2021			1,580,651
Balance, value at Dec. 31, 2021	(55,602)			567	(56,169)
Net loss	$ 59,277
Temporary equity, balance, shares at Dec. 31, 2022	143,653,545	143,653,545
Temporary equity, balance, value at Dec. 31, 2022		$ 185,033
Balance, shares at Dec. 31, 2022			1,607,185
Balance, value at Dec. 31, 2022	$ (112,954)			2,492	(115,446)
Temporary equity, balance, shares at Mar. 31, 2022		143,653,545
Temporary equity, balance, value at Mar. 31, 2022		$ 185,033
Balance, shares at Mar. 31, 2022			1,568,631
Balance, value at Mar. 31, 2022	(67,829)			842	(68,671)
Exercise of stock options, shares			14,158
Exercise of stock options, value	69			69
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			(9,832)
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	(69)			(69)
Stock-based compensation expense	554			554
Net loss	(15,143)				(15,143)
Temporary equity, balance, shares at Jun. 30, 2022		143,653,545
Temporary equity, balance, value at Jun. 30, 2022		$ 185,033
Balance, shares at Jun. 30, 2022			1,572,957
Balance, value at Jun. 30, 2022	(82,418)			1,396	(83,814)
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			17,629
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	64			64
Stock-based compensation expense	431			431
Net loss	(17,055)				(17,055)
Temporary equity, balance, shares at Sep. 30, 2022		143,653,545
Temporary equity, balance, value at Sep. 30, 2022		$ 185,033
Balance, shares at Sep. 30, 2022			1,590,586
Balance, value at Sep. 30, 2022	$ (98,978)			1,891	(100,869)
Temporary equity, balance, shares at Dec. 31, 2022	143,653,545	143,653,545
Temporary equity, balance, value at Dec. 31, 2022		$ 185,033
Balance, shares at Dec. 31, 2022			1,607,185
Balance, value at Dec. 31, 2022	$ (112,954)			2,492	(115,446)
Exercise of stock options, shares			1,494
Exercise of stock options, value	12			12
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			5,325
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	21			21
Stock-based compensation expense	397			397
Net loss	(18,658)				(18,658)
Temporary equity, balance, shares at Mar. 31, 2023		143,653,545
Temporary equity, balance, value at Mar. 31, 2023		$ 185,033
Balance, shares at Mar. 31, 2023			1,614,004
Balance, value at Mar. 31, 2023	$ (131,182)			2,922	(134,104)
Temporary equity, balance, shares at Dec. 31, 2022	143,653,545	143,653,545
Temporary equity, balance, value at Dec. 31, 2022		$ 185,033
Balance, shares at Dec. 31, 2022			1,607,185
Balance, value at Dec. 31, 2022	$ (112,954)			2,492	(115,446)
Net loss	$ (52,207)
Temporary equity, balance, shares at Sep. 30, 2023	143,653,545	143,653,545
Temporary equity, balance, value at Sep. 30, 2023		$ 185,033
Balance, shares at Sep. 30, 2023			1,633,206
Balance, value at Sep. 30, 2023	$ (162,808)			4,845	(167,653)
Temporary equity, balance, shares at Mar. 31, 2023		143,653,545
Temporary equity, balance, value at Mar. 31, 2023		$ 185,033
Balance, shares at Mar. 31, 2023			1,614,004
Balance, value at Mar. 31, 2023	(131,182)			2,922	(134,104)
Exercise of stock options, shares			2,342
Exercise of stock options, value	9			9
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			5,708
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	26			26
Stock-based compensation expense	969			969
Net loss	(13,441)				(13,441)
Temporary equity, balance, shares at Jun. 30, 2023		143,653,545
Temporary equity, balance, value at Jun. 30, 2023		$ 185,033
Balance, shares at Jun. 30, 2023			1,622,054
Balance, value at Jun. 30, 2023	(143,619)			3,926	(147,545)
Exercise of stock options, shares			8,080
Exercise of stock options, value	30			30
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, shares			3,072
Proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, net of amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, value	16			16
Stock-based compensation expense	873			873
Net loss	$ (20,108)				(20,108)
Temporary equity, balance, shares at Sep. 30, 2023	143,653,545	143,653,545
Temporary equity, balance, value at Sep. 30, 2023		$ 185,033
Balance, shares at Sep. 30, 2023			1,633,206
Balance, value at Sep. 30, 2023	$ (162,808)			$ 4,845	$ (167,653)

Fair Value Measurements - Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 31,024	$ 74,802
Total liabilities	4,272
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,024	74,802
Convertible SAFE Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	4,272
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,024	74,802
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,024	$ 74,802
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	4,272
Level 3 [Member] \| Convertible SAFE Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 4,272

Leases - Components of Equipment Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Finance lease amortization of right-of-use assets	$ 79	$ 46	$ 227	$ 58
Interest on finance lease liabilities	44	27	136	35
Total finance lease expense	123	73	363	93
Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows	$ 107	$ 36	$ 320	$ 55

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option [Member] - 2021 Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares outstanding, beginning \| shares	1,916,194
Granted, shares \| shares	1,134,312
Exercised, shares \| shares	(11,916)
Forfeited, shares \| shares	(715,747)
Number of shares outstanding, ending \| shares	2,322,843	1,916,194
Number of shares, vested and exercisable \| shares	815,625
Number of shares, unvested and exercisable \| shares	1,507,218
Weighted average exercise price, beginning balance	$ 4.64
Weighted average exercise price, granted	13.71
Weighted average exercise price, exercised	4.27
Weighted average exercise price, forfeited	7.66
Weighted average exercise price, ending balance	8.14	$ 4.64
Weighted average exercise price, vested and exercisable	5.5
Weighted average exercise price, unvested and exercisable	9.57
Weighted average grant date fair value, beginning	3
Weighted average grant date fair value, granted	10.15
Weighted average grant date fair value, exercised	2.75
Weighted average grant date fair value, forfeited	5.37
Weighted average grant date fair value, ending	5.76	$ 3
Weighted average grant date fair value, vested and exercisable	3.65
Weighted average grant date fair value, Unvested and exercisable	$ 6.9
Weighted average remaining contractual term	7 years 9 months 10 days	8 years 7 months 24 days
Weighted average remaining contractual term, vested and exercisable	8 years 14 days
Weighted average remaining contractual term, unvested and exercisable	8 years 11 months 26 days
Aggregate intrinsic value, beginning \| $	$ 20,130
Aggregate intrinsic value, exercised \| $	104
Aggregate intrinsic value, ending \| $	8,995	$ 20,130
Aggregate intrinsic value, vested and exercisable \| $	4,991
Aggregate intrinsic value, unvested and exercisable \| $	$ 4,003

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Financial Statements.

Use of Estimates—The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expense during the reporting period. The most significant estimates relate to the accruals of research and development costs, accruals of research contract costs, and assumptions used to estimate the fair value of the Company’s stock option awards and the determination of fair value of its common stock. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.

Net Loss per Share—The Company follows the two-class method when computing net income (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred stock to be participating securities as, in the event a dividend is paid on common stock, the holders of these securities would be entitled to receive dividends on a basis consistent with the common stockholders. The Company also considers the shares issued upon the early exercise of stock options that are subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. There is no allocation required under the two-class method during periods of loss since the participating securities do not have a contractual obligation to share in the losses of the Company.

Basic net income (loss) per common share is computed by dividing the net income (loss) per common share by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per common share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purposes of this calculation, shares of convertible preferred stock are considered potential dilutive common shares.

In periods in which the Company reported a net loss, diluted net loss per common share was the same as basic net loss per common share since dilutive common shares were not assumed to have been issued if their effect was anti-dilutive. During (i) the three and nine-months ended September 30, 2023, potential common shares related to the conversion of the convertible SAFE Note, which subsequently converted into 411,815 common shares in connection with the Company’s IPO (see Note 14), (ii) the three and nine-months ended September 30, 2023 and September 30, 2022, 8,070,027 potential common shares related to the conversion of Series A convertible preferred stock and 5,489,573 potential common shares related to the conversion of Series B convertible preferred stock, which subsequently converted into 8,070,027 common shares and 6,386,337 common shares, respectively, in connection with the Company’s IPO (see Note 14), and (iii) the three and nine-months ended September 30, 2023 and September 30, 2022, 2,322,843 and 1,955,035 potential common shares, respectively, related to the exercise of outstanding stock options, were excluded from the computation of diluted net loss per common share because including them would have had an anti-dilutive effect as the Company reported net losses for those periods.

Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and restricted cash balances exceed Federal Deposit Insurance Corporation insurance limits, and the Company’s cash equivalents consist of investments in a U.S. government money market fund. The Company’s cash and cash equivalents and restricted cash is held with large financial institutions that management believes to be of high credit quality. To date, the Company has not recognized any losses caused by uninsured balances.

Subsequent Events - Additional Information (Details)				1 Months Ended		36 Months Ended
Subsequent Events - Additional Information (Details)	Nov. 07, 2023 $ / shares shares	Nov. 02, 2023 USD ($) shares	Oct. 13, 2023	Dec. 02, 2023 shares	Dec. 02, 2023 USD ($)	Nov. 07, 2023 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Aug. 31, 2021 shares	Feb. 16, 2021 shares
Subsequent Event [Line Items]
Convertible preferred stock, shares outstanding							143,653,545	143,653,545
Common stock shares authorized							18,125,051	18,125,051
Common stock, par value per share \| $ / shares							$ 0.0001	$ 0.0001
Common stock, shares reserved for issuance							16,464,397	16,476,313
2021 Plan
Subsequent Event [Line Items]
Common stock, shares reserved for issuance									2,731,482	841,800
Series A Convertible Preferred Stock
Subsequent Event [Line Items]
Convertible preferred stock, shares outstanding	85,495,722					85,495,722	85,495,722	85,495,722
Common stock, shares reserved for issuance							8,070,027	8,070,027
Series B Convertible Preferred Stock
Subsequent Event [Line Items]
Convertible preferred stock, shares outstanding	58,157,823					58,157,823	58,157,823	58,157,823
Common stock, shares reserved for issuance							5,489,573	5,489,573
Common Stock
Subsequent Event [Line Items]
Common stock, shares reserved for issuance							2,322,843	1,916,194
Subsequent Event
Subsequent Event [Line Items]
Stock split ratio			10.59423
Reverse stock split			10.594230-for-1
Proceeds from issuance of common stock \| $					$ 100,049,000
Authorized capital stock	510,000,000					510,000,000
Common stock shares authorized	500,000,000					500,000,000
Preferred stock, shares authorized	10,000,000					10,000,000
Common stock, par value per share \| $ / shares	$ 0.0001					$ 0.0001
Preferred stock, par value per share \| $ / shares	$ 0.0001					$ 0.0001
Subsequent Event \| 2021 Plan
Subsequent Event [Line Items]
Common stock, shares reserved for issuance	582,699					582,699
Subsequent Event \| 2023 Plan
Subsequent Event [Line Items]
Common stock, shares reserved for issuance	1,803,980					1,803,980
Number of shares authorized	1,803,980					1,803,980
Percentage of automatically increase in available shares of common stock on beginning of each calendar year	5.00%
Subsequent Event \| 2023 Plan
Subsequent Event [Line Items]
Number of shares authorized	4,737,000					4,737,000
Subsequent Event \| 2023 ESPP
Subsequent Event [Line Items]
Common stock, shares reserved for issuance	238,600					238,600
Number of shares automatically increase in available shares of common stock under plan	477,200
Subsequent Event \| IPO
Subsequent Event [Line Items]
Common stock shares authorized	500,000,000					500,000,000
Subsequent Event \| SAFE
Subsequent Event [Line Items]
Long term debt including accrued interest \| $		$ 4,077,000
Subsequent Event \| Series B Convertible Preferred Stock \| Antidilutive Securities
Subsequent Event [Line Items]
Number of shares issued during the period upon conversion of convertible securities	896,764
Subsequent Event \| Common Stock \| IPO
Subsequent Event [Line Items]
Number of common shares issued and sold	9,090,910
Offering price per share \| $ / shares	$ 11					$ 11
Subsequent Event \| Common Stock \| Over-Allotment Option
Subsequent Event [Line Items]
Number of common shares issued and sold				1,048,746
Subsequent Event \| Common Stock \| SAFE \| IPO
Subsequent Event [Line Items]
Number of common shares on conversion of debt instrument	411,815	411,815
Subsequent Event \| Common Stock \| Series A Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares issued during the period upon conversion of convertible securities	8,070,027
Subsequent Event \| Common Stock \| Series B Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares issued during the period upon conversion of convertible securities	6,386,337
Subsequent Event \| Maximum \| 2023 ESPP
Subsequent Event [Line Items]
Percentage of automatically increase in available shares of common stock on beginning of each calendar year	1.00%
Subsequent Event \| Maximum \| Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock \| $						$ 75,000

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

Leases—As of September 30, 2023, the Company had entered into commitments under lease agreements to rent office space and finance equipment (see Note 6).

Commitments—As of September 30, 2023, the Company had entered into commitments under license, acquisition, research collaboration and sponsored research agreements with third parties (see Note 13). In addition, the Company has entered into services agreements with third parties for pharmaceutical manufacturing and research activities in the normal course of business, which can generally be terminated by the Company with 30- to 60-days’ written notice, unless otherwise indicated. Further, certain of the Company’s manufacturing agreements could require early termination and wind-down payments due from the Company upon either the termination of its clinical trials or if the Company terminates such agreements for convenience.

Contingencies—From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company recognizes any associated legal fees as incurred and accrues a liability for such contingent liability matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings (see Note 14).

Indemnification Agreements—In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. For all periods presented, the Company has not incurred any material costs as a result of such indemnifications.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Total revenue		$ 531		$ 654
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		us-gaap:GrantMember		us-gaap:GrantMember
Operating expenses
Research and development expenses	$ 17,246	$ 15,362	$ 44,920	$ 37,775
General and administrative	3,027	2,651	8,619	8,191
Total operating expenses	20,273	18,013	53,539	45,966
Operating loss	(20,273)	(17,482)	(53,539)	(45,312)
Other income and expense
Gain (loss) on fair value adjustment to convertible SAFE note	(272)		(272)
Other income (expense)	1		(6)
Interest expense	(52)	(29)	(155)	(37)
Interest income	488	456	1,765	649
Total other income and expense	165	427	1,332	612
Loss from operations before income taxes	(20,108)	(17,055)	(52,207)	(44,700)
Net loss and comprehensive loss	$ (20,108)	$ (17,055)	$ (52,207)	$ (44,700)
Net loss per common share, basic	$ (12.36)	$ (10.38)	$ (32.24)	$ (27.5)
Net loss per common share, diluted	$ (12.36)	$ (10.38)	$ (32.24)	$ (27.5)
Weighted average number of shares outstanding used in computation of net loss per common share, basic	1,626,734	1,643,122	1,619,152	1,625,611
Weighted average number of shares outstanding used in computation of net loss per common share, diluted	1,626,734	1,643,122	1,619,152	1,625,611

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,296	$ 1,131
Less: accumulated depreciation and amortization	(316)	(133)
Property, Plant and Equipment, Net, Total	980	998
Internal Use Software
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 296	245
Useful Life	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 375	375
Useful Life	5 years
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 393	279
Useful Life	7 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 232	$ 232
Useful Life	7 years

Preferred Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Preferred Stock

8. PREFERRED STOCK

As of September 30, 2023, the Company’s certificate of incorporation authorized the Company to issue 143,653,546 shares of series A and series B convertible preferred stock each with a par value of $0.0001 per share. All outstanding shares of the Company’s series A and series B convertible preferred stock converted into shares of common stock upon the closing of the Company’s IPO on November 7, 2023 (see Note 14).

As of September 30, 2023 and December 31, 2022, preferred stock consisted of the following:


			Convertible
	Convertible		Preferred
	Preferred		Stock						Common Stock
	Stock		Issued and		Proceeds		Liquidation		Issuable Upon
	Authorized		Outstanding		Received		Preference		Conversion
Series A convertible preferred stock		85,495,722		85,495,722	$	85,496	$	85,496		8,070,027
Series B convertible preferred stock		58,157,824		58,157,823		100,060		100,060		5,489,573
		143,653,546		143,653,545	$	185,556	$	185,556		13,559,600

As of September 30, 2023, the rights and privileges of the holders of the convertible preferred stock were as follows:

Voting—Holders of preferred stock were to vote together with the holders of common stock as a single class and on an as converted to common stock basis.

Dividends—The holders of shares of series B convertible preferred stock were entitled to receive, as declared by the Company’s Board of Directors, dividends per share at the rate of 8% of the issue price per share of series B convertible preferred stock, prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of common stock payable in shares of common stock). After payment of dividends to the holders of shares of series B convertible preferred stock, the holders of shares of series A convertible preferred stock were entitled to receive, as declared by the Company’s Board of Directors, dividends per share at the rate of 8% of the issue price per share of series A convertible preferred stock, prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of common stock payable in shares of common stock).

Deemed Liquidation Event—Each of the following events was to be considered a “Deemed Liquidation Event” unless the holders of a majority of the outstanding shares of preferred stock and the holders of at least 64% of the outstanding shares of series B convertible preferred stock elected otherwise by written notice to be sent to the Company at least five business days prior to the effective date of any such event; (a) a merger or consolidation in which the Company is a constituent party or a subsidiary of the Company was a constituent party and the Company issued shares of its capital stock pursuant to such merger or consolidation, except: any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continued to represent, or were converted into or exchanged for shares of capital stock that represented, immediately following such merger or consolidation, at least a majority by voting power of the capital stock of (1) the surviving or resulting company; or (2) if the surviving or resulting company was a wholly owned subsidiary of another company immediately following such merger or consolidation, the parent company of such surviving or resulting corporation; (b) (1) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or (2) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole were held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition was to a wholly owned subsidiary of the Company; or (c) the Corporation’s completion of (1) a reverse merger into a public shell, or (2) a merger or consolidation with a special purpose acquisition company or its subsidiary in which the common stock (or similar securities) of the surviving or parent entity were publicly traded in a public offering pursuant to an effective registration statement under the 1933 Securities Act, as amended.

Liquidation Preference—In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of shares of series B convertible preferred stock were entitled to be paid out of the assets of the Company or, in the case of a Deemed Liquidation Event, out of the consideration payable to stockholders or the available proceeds, before any payment would be made to the holders of common stock or series A convertible preferred stock, an amount per share equal to the series B convertible preferred stock issue price of $18.227267 per share (subject to adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization), plus any dividends declared but unpaid. If upon any such liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders was insufficient to pay the holders of shares of series B convertible preferred stock the full amount to which they were entitled, the holders of shares of series B convertible preferred stock would have shared ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full (the “Series B Liquidation Preference”).

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after payment of the Series B Liquidation Preference, the holders of shares of series A convertible preferred stock were entitled to be paid out of the assets of the Company or, in the case of a Deemed Liquidation Event, out of the consideration payable to stockholders or the available proceeds, before any payment shall be made to the holders of common stock or series A convertible preferred stock, an amount per share equal to the series A convertible preferred stock issue price of $10.594230 per share (subject to adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization), plus any dividends declared but unpaid. If upon any such liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders was insufficient to pay the holders of shares of series A convertible preferred stock the full amount to which they were entitled, the holders of shares of series A convertible preferred stock would have shared ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full (the “Series A Liquidation Preference”).

In the event that there were additional assets to be distributed after payment of the Series A Liquidation Preference and the Series B Liquidation Preference, the holders of the series A convertible preferred stock and series B convertible preferred stock would have shared in the distribution along with common stockholders as if the shares of the series A convertible preferred stock and series B convertible preferred stock had converted to common stock immediately prior to the distribution, up to an amount, (a) taken together with the Series A Liquidation Preference, not to exceed $31.782691 per share with respect to the series A convertible preferred stockholders; and (b) taken together with the Series B Liquidation Preference, not to exceed $54.681802 per share with respect to the series B convertible preferred stockholders.

Redemption—The preferred stock did not contain a mandatory redemption provision. Upon a deemed liquidation event, the holders would have been paid their preference amounts according to their priority. Remeasurement to redemption value would only have been required if a deemed liquidation event was probable.

Conversion—Upon either (a) the closing of the sale of shares of common stock to the public at a price of at least $22.784057 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the common stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $75,000 of gross proceeds to the Company and in connection with the offering of the common stock listed for trading on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another exchange or marketplace approved by the Company’s Board of Directors, including the approval of at least two (2) preferred directors (a “Qualified IPO”), which occurred on November 7, 2023 (see Note 14), or (b) the date and time, or the occurrence of an event specified by vote or written consent of the Noteholders, then (i) all outstanding shares of convertible preferred stock were to automatically be converted into shares of common stock, at the then effective conversion rate.

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

11. NET LOSS PER SHARE

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Numerator:
Net loss attributable to common stockholders	$	(20,108	)	$	(17,055	)	$	(52,207	)	$	(44,700	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		1,626,734			1,643,122			1,619,152			1,625,611
Net loss per share attributable to common stockholders, basic and diluted	$	(12.36	)	$	(10.38	)	$	(32.24	)	$	(27.50	)

Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended			34 Months Ended
	Oct. 13, 2023	Dec. 02, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net Loss			$ 20,108	$ 13,441	$ 18,658	$ 17,055	$ 15,143	$ 12,502	$ 52,207	$ 44,700	$ (59,277)
Cash and cash equivalents, including restricted cash			35,449			$ 94,153			35,449	$ 94,153	77,335	$ 135,860		$ 35,449
Accumulated deficit			(167,653)						(167,653)		$ (115,446)			(167,653)
Issuance of convertible preferred stock														$ 185,556
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split	10.594230-for-1
Proceeds from issuance of common stock		$ 100,049
Series A Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of convertible preferred stock												$ 51,000
Series B Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of convertible preferred stock													$ 100,060
SAFE [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gross proceeds			$ 4,000						$ 4,000
IPO [Member] \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds after deductions		$ 100,049

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Accrued research and development expenses	$	9,812	$	4,755
Accrued payroll expenses		355		796
Accrued professional fees		1,455		629
Other current liabilities		182		240
Total accrued expenses and other current liabilities	$	11,804	$	6,420

Commitments and Contingencies - Additional Information (Details) - Third Parties for Pharmaceutical Manufacturing and Research Activities	9 Months Ended
	Sep. 30, 2023
Maximum
Loss Contingencies [Line Items]
Termination notice period (in days)	60 days
Minimum
Loss Contingencies [Line Items]
Termination notice period (in days)	30 days

Preferred Stock - Additional Information (Details)	1 Months Ended	27 Months Ended	36 Months Ended
Preferred Stock - Additional Information (Details)	Dec. 02, 2023 USD ($)	Nov. 07, 2023 $ / shares	Nov. 07, 2023 USD ($) Director $ / shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Convertible preferred stock, shares authorized \| shares				143,653,546	143,653,546
Series A and B Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized \| shares				143,653,546
Convertible preferred stock, par value				$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized \| shares				85,495,722	85,495,722
Convertible preferred stock, par value				$ 0.0001	$ 0.0001
Percentage of dividends per share		8.00%
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized \| shares				58,157,824	58,157,824
Convertible preferred stock, par value				$ 0.0001	$ 0.0001
Percentage of dividends per share		8.00%
Series B Convertible Preferred Stock \| Maximum
Class of Stock [Line Items]
Percentage of outstanding shares for deemed liquidation		64.00%
Subsequent Event
Class of Stock [Line Items]
Gross proceeds \| $	$ 100,049,000
Qualified IPO minimum number of directors approval required \| Director			2
Subsequent Event \| Maximum \| Common Stock
Class of Stock [Line Items]
Sale of shares of common stock		$ 22.784057	$ 22.784057
Gross proceeds \| $			$ 75,000
Subsequent Event \| Series A Convertible Preferred Stock
Class of Stock [Line Items]
Liquidation preference		10.59423	$ 10.59423
Subsequent Event \| Series B Convertible Preferred Stock
Class of Stock [Line Items]
Liquidation preference		18.227267	18.227267
Subsequent Event \| Series A Liquidation Preference \| Maximum
Class of Stock [Line Items]
Liquidation preference		31.782691	31.782691
Subsequent Event \| Series B Liquidation Preference \| Maximum
Class of Stock [Line Items]
Liquidation preference		$ 54.681802	$ 54.681802

Leases - Additional Information (Details)			1 Months Ended			9 Months Ended	12 Months Ended	60 Months Ended
Leases - Additional Information (Details)	Apr. 01, 2023	Apr. 01, 2022 USD ($)	Jul. 31, 2029	Apr. 30, 2022	Jan. 31, 2022	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2034	Aug. 01, 2029 USD ($)	Dec. 11, 2023 USD ($) Installment
Lessee, Lease, Description [Line Items]
Operating lease commencement date				2022-04
Operating lease right-of-use assets						$ 9,776,000	$ 10,708,000
Operating lease liabilities						10,191,000
Net book values						$ 1,842,000	$ 2,069,000
Remaining lease terms						5 years 9 months 18 days	6 years
Remaining lease payment terms						5 years 9 months 18 days	6 years
Weighted average remaining lease payment term						3 years 10 months 24 days	3 years 10 months 24 days
Weighted average remaining amortization term						5 years 10 months 24 days	5 years 10 months 24 days
Weighted average effective interest rate						8.59%	8.59%
Office Facility and Laboratory Space
Lessee, Lease, Description [Line Items]
Operating lease agreement entered date					2022-01
Operating lease end date			2029-07
Option to extend						additional five-year option to extend the lease beyond July 2029 at the then-prevailing effective market rental rate
Existence of option to extend								true
Operating lease right-of-use assets		$ 11,585,000
Operating lease liabilities		$ 11,585,000
Incremental borrowing rate		8.53%
Office Facility and Laboratory Space \| Scenario Forecast
Lessee, Lease, Description [Line Items]
Renewal term									5 years
Operating lease right-of-use assets									$ 0
Operating lease liabilities									$ 0
Office Facility and Laboratory Space \| Letter of Credit
Lessee, Lease, Description [Line Items]
Security deposit		$ 1,189,000
Laboratory Equipment
Lessee, Lease, Description [Line Items]
Estimated useful life						7 years
Total gross						$ 2,216,000
Accumulated amortization						374,000
Net book values						1,842,000
Finance lease, commencement date range, start		Apr. 01, 2022
Finance lease, commencement date range, end	Apr. 01, 2023
Total aggregate monthly installment payment amount						$ 48,000
Laboratory Equipment \| Subsequent Event
Lessee, Lease, Description [Line Items]
Number of monthly installments \| Installment										60
Laboratory Equipment \| Minimum \| Subsequent Event
Lessee, Lease, Description [Line Items]
Imputed interest rate										7.90%
Monthly installment payment amounts										$ 4,000
Laboratory Equipment \| Maximum \| Subsequent Event
Lessee, Lease, Description [Line Items]
Imputed interest rate										9.30%
Monthly installment payment amounts										$ 18,000

Net Loss Per Share - Schedule of Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (20,108)	$ (13,441)	$ (18,658)	$ (17,055)	$ (15,143)	$ (12,502)	$ (52,207)	$ (44,700)	$ 59,277
Denominator:
Weighted-average common shares outstanding, basic	1,626,734			1,643,122			1,619,152	1,625,611
Weighted-average common shares outstanding, diluted	1,626,734			1,643,122			1,619,152	1,625,611
Net loss per share attributable to common stockholders, basic	$ (12.36)			$ (10.38)			$ (32.24)	$ (27.5)
Net loss per share attributable to common stockholders, diluted	$ (12.36)			$ (10.38)			$ (32.24)	$ (27.5)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Preferred Stock

As of September 30, 2023 and December 31, 2022, preferred stock consisted of the following:


			Convertible
	Convertible		Preferred
	Preferred		Stock						Common Stock
	Stock		Issued and		Proceeds		Liquidation		Issuable Upon
	Authorized		Outstanding		Received		Preference		Conversion
Series A convertible preferred stock		85,495,722		85,495,722	$	85,496	$	85,496		8,070,027
Series B convertible preferred stock		58,157,824		58,157,823		100,060		100,060		5,489,573
		143,653,546		143,653,545	$	185,556	$	185,556		13,559,600

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Stock-Based Compensation - Summary of Following Assumptions Presented on Weighted Average Basis (Details) - Employee Stock Option	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average risk-free interest rate	3.29%
Expected term (in years)	5 years 11 months 12 days
Expected volatility	66.19%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Numerator:
Net loss attributable to common stockholders	$	(20,108	)	$	(17,055	)	$	(52,207	)	$	(44,700	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		1,626,734			1,643,122			1,619,152			1,625,611
Net loss per share attributable to common stockholders, basic and diluted	$	(12.36	)	$	(10.38	)	$	(32.24	)	$	(27.50	)

Fair Value Measurements - Schedule of Rollforward of Changes in Fair Value of Financial Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Convertible SAFE Note [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 0
Convertible SAFE note issuance at August 24, 2023	4,000
Change in estimated fair value since issuance	272
Ending balance	$ 4,272

Common Stock (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuances

The Company had reserved the following number of shares of common stock for the exercise of outstanding stock options, future issuance of stock-based awards, and conversion of outstanding shares of convertible preferred stock:


	September 30, 2023		December 31, 2022
Shares of series A convertible preferred stock		8,070,027		8,070,027
Shares of series B convertible preferred stock		5,489,573		5,489,573
Options to purchase shares of common stock		2,322,843		1,916,194
Shares available for issuance under the 2021 Plan		581,954		1,000,519
Total shares of common stock reserved for future issuance		16,464,397		16,476,313

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values:


	As of September 30, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	31,024	$	-	$	-	$	31,024
	$	31,024	$	-	$	-	$	31,024


	As of September 30, 2023:
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible SAFE note, gross	$	-	$	-	$	4,272	$	4,272
	$	-	$	-	$	4,272	$	4,272


	As of December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	74,802	$	-	$	-	$	74,802
	$	74,802	$	-	$	-	$	74,802

         
        As of  December 31, 2022:

         
        Level 1

        Level 2

        Level 3

        Total

        Liabilities:

Convertible SAFE note, gross

-

-

-

-

-

-

-

-

Schedule of Rollforward of Changes in Fair Value of Financial Liabilities

The following table sets forth a roll forward of changes in the fair value of financial liabilities, gross of unamortized discount, classified as Level 3 in the fair value hierarchy:


	Convertible SAFE note, gross
Beginning balance at December 31, 2022	$	-
Convertible SAFE note issuance at August 24, 2023		4,000
Change in estimated fair value since issuance		272
Ending balance at September 30, 2023	$	4,272

Schedule of Significant Unobservable Inputs Used in Valuation Model to Estimate Fair Value

The ranges of the significant unobservable inputs used in the valuation model to estimate the fair value of the Company’s convertible SAFE Note that was categorized within Level 3 of the fair value hierarchy as of September 30, 2023 and August 24, 2023 (inception) were as follows (not stated in thousands):


Probability of meeting qualified equity financing event	10.0% - 20.0%
Probability of meeting public offering event	75.0% - 85.0%
Probability of meeting change in control event		5.0	%
Time until qualified equity financing event (in years)	0.17 - 0.27
Time until public offering event (in years)	0.08 - 0.19
Time until change in control event (in years)	0.50 - 0.60

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following is the summary of the Company’s property and equipment and related accumulated depreciation and amortization as of September 30, 2023 and December 31, 2022:


	Useful Life	September 30, 2023			December 31, 2022
Internal use software	3 years	$	296		$	245
Furniture and fixtures	5 years		375			375
Lab equipment	7 years		393			279
Leasehold improvements	7 years		232			232
Total property and equipment			1,296			1,131
Less: accumulated depreciation and amortization			(316	)		(133	)
Total property and equipment, net		$	980		$	998

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (52,207)	$ (44,700)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Amortization of right-of-use asset, operating	932	580
Amortization of right-of-use assets, finance	227	58
Stock based compensation expense	2,239	1,260
Depreciation and amortization expense	194	62
Change in fair value of convertible SAFE note liability	272
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	292	(1,062)
Security deposits		3
Accounts payable	(574)	795
Change in deferred income		(46)
Accrued expenses and other current liabilities	4,701	5,384
Taxes payable	(490)	(163)
Lease liability, operating	(1,096)	(114)
Lease liabilities, finance	(5)	9
Net cash used in operating activities	(45,515)	(37,934)
Cash flows from investing activities:
Purchase of internal use software	(50)	(147)
Purchase of property and equipment	(42)	(647)
Net cash used in investing activities	(92)	(794)
Cash flows from financing activities:
Proceeds from issuance of series A convertible preferred stock		21
Proceeds from exercise of stock options	51	304
Payments on finance leases	(320)	(55)
Payments of issuance costs on convertible SAFE Note	(11)
Proceeds from issuance of convertible SAFE Note	4,000
Net cash provided by financing activities	3,720	270
Net change in cash, cash equivalents and restricted cash	(41,887)	(38,458)
Total cash, cash equivalents and restricted cash at beginning of period	80,588	135,860
Total cash, cash equivalents and restricted cash at end of period	38,701	97,402
Cash and cash equivalents at beginning of period	77,335	135,860
Restricted cash included in long-term assets at beginning of period	3,253
Cash and cash equivalents at end of period	35,449	94,153
Restricted cash included in long-term assets at end of period	3,252	3,249
Supplemental disclosure of non-cash activities
Deferred financing costs included in accounts payable and accrued expenses	1,004	298
Issuance costs related to convertible debt included in accounts payable and accrued expenses	125
Purchase of property and equipment included in accounts payable and accrued expenses	73	6
Purchase of internal use software included in accounts payable and accrued expenses		64
Operating lease right-of-use assets and operating lease liabilities recognized		11,585
Finance lease right-of use assets and finance lease liabilities recognized		1,333
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, (net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities)	$ 63	$ (240)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Convertible preferred stock, shares authorized	143,653,546	143,653,546
Convertible preferred stock, shares issued	143,653,545	143,653,545
Convertible preferred stock, shares outstanding	143,653,545	143,653,545
Convertible preferred stock, Liquidation Preference	$ 185,556	$ 185,556
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, Authorized	18,125,051	18,125,051
Common Stock, Shares issued	1,660,650	1,648,734
Common stock, Outstanding	1,633,206	1,607,185
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	85,495,722	85,495,722
Convertible preferred stock, shares issued	85,495,722	85,495,722
Convertible preferred stock, shares outstanding	85,495,722	85,495,722
Convertible preferred stock, Liquidation Preference	$ 85,496	$ 85,496
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	58,157,824	58,157,824
Convertible preferred stock, shares issued	58,157,823	58,157,823
Convertible preferred stock, shares outstanding	58,157,823	58,157,823
Convertible preferred stock, Liquidation Preference	$ 100,060	$ 100,060

License, Acquisition, Research Collaboration and Sponsored Research Agreements

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

License, Acquisition, Research Collaboration and Sponsored Research Agreements

13. LICENSE, ACQUISITION, RESEARCH COLLABORATION AND SPONSORED RESEARCH AGREEMENTS

Adverum Biotechnologies—On January 25, 2021, the Company entered into an exclusive license agreement with Adverum Biotechnologies Inc. (“Adverum”) to in-license materials and technology related to the treatment of cardiomyopathy due to Friedrich’s Ataxia (the “Adverum Agreement”). In connection with the Adverum Agreement, the Company gained access to a portfolio of inventions, patent rights, technology, and licensed methods that the Company continues to develop, and the Company will assume all development and commercialization activities worldwide. Pursuant to the Adverum Agreement, the Company paid a one-time up-front non-refundable fee of $7,500, and is obligated to pay aggregate development and regulatory milestones of up to $17,500 including a $3,500 development milestone that was achieved and paid in the first quarter of 2023, and aggregate sales event and commercialization milestones of up to $49,000. The Company is obligated to pay Adverum tiered royalties ranging from high single-digits to sub teens based on annual aggregate worldwide net sales of Products (as defined in the Adverum Agreement). As of September 30, 2023, there were no research and development expenses recorded by the Company or payments made to Adverum under the terms of the Adverum Agreement other than the one-time up-front non-refundable fee of $7,500 and the $3,500 development milestone that was achieved and paid in the first quarter of 2023.

The Adverum Agreement remains in effect until termination at the date of the last royalty term to expire. The Company can terminate the Adverum Agreement with 120 days’ written notice. The Adverum Agreement can also be terminated as a result of a patent challenge, material breach of contractual terms, or insolvency by either party.

Cornell University—On May 27, 2020, the Company entered into two exclusive license agreements with Cornell University (“Cornell”) (the “Cornell First License Agreement” and the “Cornell Second License Agreement,” collectively “the Cornell License Agreements”). The Cornell First License Agreement is for the in-license of technology related to portfolios for APOE, Alzheimer’s disease, and Anti-Tau, although the Company’s license is not restricted by such indications and it includes assignment to the Company of Cornell’s IND for the use of AAVrh10.hAPOE2 vector to treat APOE4 homozygous patients who are at risk for or have Alzheimer’s disease to support development of the Company’s LX1001 program. The Cornell Second License Agreement is for the in-license of technology related to portfolios for infantile neuronal ceroid lipofuscinosis (also called CLN2 Batten disease) and Friedreich’s ataxia although the Company’s license is not restricted by such indications, and it includes assignment to the Company of Cornell’s IND for the use of AAVrh.10cUhCLN2 to treat children with CLN2 Batten disease to support development of the Company’s LX1004 program. Through the Cornell License Agreements, the Company gains access to a portfolio of inventions, patent rights, technology, and licensed methods that the Company continues to develop. Under the terms of the Cornell License Agreements, the Company has assumed all development and commercialization activities worldwide with respect to the licensed technology.

As initial consideration for the Cornell License Agreements, the Company paid Cornell an upfront payment in cash of $325 and issued $1,300 of notes (“Notes”). In November 2020, Notes with outstanding principal of $1,300 were cancelled in exchange for 1,337,610 shares of Series A convertible preferred stock. As additional consideration, the Company is required to pay Cornell up to $8,350 upon the achievement of specific clinical and regulatory milestones under the Cornell First License Agreement and up to $4,300 in two portfolios and up to $600 for a third portfolio upon the achievement of specific clinical and regulatory milestones under the Cornell Second License Agreement. In the second quarter of 2022, a clinical and regulatory milestone of $100 was recognized and paid to Cornell in connection with the Cornell Second License Agreement. The Company is also required to pay Cornell a flat royalty in the mid-single-digits based on net sales of the products covered by the licenses, subject to certain adjustments.

Upon expiration of the royalty term of a given licensed product in a country, the respective license becomes non-exclusive and royalty-free. In addition, each of the Cornell License Agreements may be terminated by the Company for any reason upon ninety (90) days’ advance notice to Cornell and by Cornell upon the Company’s material uncured breach, and all licenses and rights granted by either party under such agreement will concurrently terminate.

During the three and nine-months ended September 30, 2022, the Company incurred and paid zero and $100 of research and development expenses, respectively, to Cornell in connection with the Cornell License Agreements. During the three and nine-months ended September 30, 2023, the Company did not incur any research and development expenses or make any payments to Cornell in connection with the Cornell License Agreements.

Stelios Therapeutics, Inc.—Stelios Therapeutics, Inc. (“Stelios”) was an early-stage company developing novel adeno-associated AAV-based gene therapies for rare cardiac conditions including arrhythmogenic right ventricular cardiomyopathy and TNNI3-associated hypertrophic cardiomyopathy. On July 16, 2021, the Company acquired 100% of the outstanding stock of Stelios that was accounted for as an asset acquisition pursuant FASB ASC 805, Business Combinations. The Company is required to pay up to an aggregate of $20,500 to the selling shareholders of Stelios upon the achievement of certain development milestones, including a $2,000 development milestone that was achieved and paid in the third quarter of 2022.

Regents of the University of California, San Diego—Stelios entered into exclusive worldwide license agreements on April 23, 2020, and August 6, 2020 (the “First UCSD Agreement” and the “Second UCSD Agreement”, respectively) with the Regents of UCSD to in-license materials and intellectual property related to gene therapies for arrhythmogenic right ventricular cardiomyopathy and hypertrophic cardiomyopathy, respectively. The First UCSD Agreement and the Second UCSD Agreement relate to the Company’s development efforts for its LX2021 and LX2022 programs, respectively. In connection with the First UCSD Agreement and the Second UCSD Agreement, the Company gained access to inventions, patent rights, technology, and licensed methods that it continues to develop, and it has assumed all worldwide development and commercialization activities with respect to the licensed technologies. The First UCSD Agreement and Second UCSD Agreement required Stelios to pay one-time up-front non-refundable cash fees of $20,000 for each agreement and requires the Company to pay aggregate development and commercialization milestones of up to $4,750 and $2,400, respectively, and low- to mid-single digit royalties and low-single digit royalties, respectively, based on aggregate net sales. The only research and development expenses incurred by Stelios or the Company and payments made to the Regents of UCSD through September 30, 2023 under the terms of the First UCSD Agreement and the Second UCSD Agreement were the one-time up-front non-refundable cash fees of $20,000 for each agreement. The Company has the right to terminate the First UCSD Agreement and the Second UCSD Agreement at any time upon sixty (60)-days’ written notice to the Regents of UCSD.

On October 4, 2021, the Company entered into an exclusive worldwide license agreement (the “Third UCSD Agreement” and collectively with the First UCSD Agreement and the Second UCSD Agreement, the “UCSD Agreements”) with the Regents of UCSD to in-license materials and intellectual property related to a gene therapy for arrhythmogenic right ventricular cardiomyopathy. The Third UCSD Agreement relates to the Company’s development efforts for its LX2020 program. In connection with the Third UCSD Agreement, the Company gained access to inventions, patent rights, technology, and licensed methods that it continues to develop, and it has assumed all worldwide development and commercialization activities with respect to the licensed technology. The Third UCSD Agreement required the Company to pay a one-time up-front non-refundable cash fee of $20 and requires the Company to pay aggregate development and commercialization milestones of up to $4,000, and low- to mid-single digit royalties based on aggregate net sales. The only research and development expenses incurred by the Company and payments made to the Regents of UCSD under the terms of the Third UCSD Agreement were the one-time up-front non-refundable cash fee of $20. The Company has the right to terminate the Third UCSD Agreement at any time upon sixty (60)-days’ written notice to the Regents of UCSD.

On December 3, 2021, the Company entered into two sponsored research agreements with the Regents of UCSD (collectively, the “UCSD SRAs”) for the Company’s LX2020, LX2021 and LX2022 programs in connection with the UCSD Agreements. Under the terms of the UCSD SRAs, the Company has the first rights to obtain non-exclusive or exclusive, sublicensable, royalty-bearing, perpetual and transferable worldwide licenses in any resulting inventions owned by the Regents of UCSD or resulting jointly owned inventions between the Company and the Regents of UCSD, and the Company retains the rights to any resulting inventions owned by the Company. The UCSD SRAs each have a two-year term and may be terminated early by the Company at any time upon the giving of thirty (30) days’ written notice to the Regents of UCSD. The total costs to be invoiced to the Company over the terms of the UCSD SRAs are $5,644, of which $247 and $693 were recorded in research and development expenses during the three months ended September 30, 2023, and September 30, 2022, respectively, and $1,308 and $2,080 were recorded in research and development expenses during the nine months ended September 30, 2023, and September 30, 2022, respectively. The Company did not make any payments to UCSD in connection with the UCSD SRAs during the three months ended September 30, 2023, and made payments totaling $247 during the nine months ended September 30, 2023. The Company paid totals of $693 and $2,080 during the three and nine months ended September 30, 2022, respectively, and has paid a cumulative total of $3,020 to the Regents of UCSD as of September 30, 2023, in connection with the UCSD SRAs.

Weill Cornell Medical College—On February 2, 2021, the Company entered into a Research Collaboration Agreement with Weill Cornell Medical College (“WCM” and the “WCM Agreement”) in conjunction with the Cornell License Agreements entered on May 27, 2020. The Company committed to fund scientific research at WCM to investigate further and potentially enhance the technology licensed to the Company pursuant to the License Agreements.

Under the terms of the WCM Agreement, the Company is required to pay WCM at least $3,000 over the course of 3 years, with equal $250 payments due each quarter starting 10 days after the execution of the WCM Agreement. With respect to each WCM invention, joint invention, and related joint results for which an Improvement, as defined in the WCM Agreement, applies and the Company has made an election to amend the Cornell License Agreements, the Company has the first option to negotiate in good faith with WCM for royalty- bearing, worldwide license, under Cornell patent rights, Cornell rights, and Cornell’s interest in joint patent rights, to develop, make, have made, use, offer for sale, sell, have sold, and import derived products in the field. During the three months ended September 30, 2022, the Company incurred and paid $1,596 WCM in connection with the WCM Agreement and incurred $4,506 and paid $3,942 to WCM during the nine months ended September 30, 2022. During the three months ended September 30, 2023, the Company incurred $250 of costs to WCM in connection with the WCM Agreement and did not make any payments, and during the nine months ended September 30, 2023, the Company incurred $1,032 and paid $1,846 to WCM. Cumulatively, the Company has incurred and paid total research and development costs of $9,634 to WCM in connection with the WCM Agreement as of September 30, 2023.

The WCM Agreement terminates upon the expiration of the agreed upon 3-year term. In addition, the WCM Agreement may be terminated by the Company in the event that the WCM principal investigator ceases to supervise the research and WCM is unable to or declines to find a substitute.

Common Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Stock

9. COMMON STOCK

As of September 30, 2023, the Company’s certificate of incorporation authorized the Company to issue 18,125,051 shares of common stock with a par value of $0.0001 per share, which was increased to an authorized total of 500,000,000 shares of common stock upon the closing of the Company’s IPO on November 7, 2023 (see Note 14). Until the closing of the Company’s IPO, the voting, dividend and liquidation rights of the holders of the Company’s common shares were subject to and qualified by the rights, powers and preferences of the holders of the convertible preferred stock set forth in Note 8. Each common share entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Common stockholders are entitled to receive dividends, if any, as may be declared by the Company’s Board of Directors, and were subject to the preferential dividend rights of the convertible preferred stock until the closing of the Company’s IPO. No cash dividends have been declared or paid by the Company.


	September 30, 2023		December 31, 2022
Shares of series A convertible preferred stock		8,070,027		8,070,027
Shares of series B convertible preferred stock		5,489,573		5,489,573
Options to purchase shares of common stock		2,322,843		1,916,194
Shares available for issuance under the 2021 Plan		581,954		1,000,519
Total shares of common stock reserved for future issuance		16,464,397		16,476,313

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,449	$ 77,335
Prepaid expenses	1,414	2,342
Other current assets	2,011	371
Total current assets	38,874	80,048
Restricted cash	3,252	3,253
Property and equipment, net	980	998
Lease right-of-use assets - finance, net	1,842	2,069
Lease right-of-use assets - operating	9,776	10,708
Total assets	54,724	97,076
Current liabilities:
Accounts payable	2,655	2,678
Taxes payable	16	506
Accrued expenses and other current liabilities	11,804	6,420
Accrued bonuses	1,816	1,911
Convertible SAFE note, net	4,147
Current portion of lease liabilities - finance	519	547
Current portion of lease liabilities - operating	2,078	2,287
Total current liabilities	23,035	14,349
Non-current liabilities
Non-current portion of lease liabilities - finance	1,351	1,648
Non-current portion of lease liabilities - operating	8,113	9,000
Total liabilities	32,499	24,997
Commitments and contingencies (Note 12)
Stockholders' and members' deficit:
Common stock, $0.0001 par value, 18,125,051 shares authorized as of September 30, 2023 and December 31, 2022; 1,660,650 shares issued and 1,633,206 shares outstanding as of September 30, 2023; 1,648,734 shares issued and 1,607,185 shares outstanding as of December 31, 2022	0	0
Additional paid-in capital	4,845	2,492
Accumulated deficit	(167,653)	(115,446)
Total stockholders' (deficit) equity	(162,808)	(112,954)
Total liabilities, convertible preferred stock, stockholders' deficit	54,724	97,076
Series A Convertible Preferred Stock
Non-current liabilities
Convertible preferred stock	85,268	85,268
Series B Convertible Preferred Stock
Non-current liabilities
Convertible preferred stock	$ 99,765	$ 99,765

Stock-Based Compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 874	$ 431	$ 2,239	$ 1,260
Research and development expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	503	189	1,219	593
General and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 371	$ 242	$ 1,020	$ 667

Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	16,464,397	16,476,313
2021 Plan
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	581,954	1,000,519
Common Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	2,322,843	1,916,194
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	8,070,027	8,070,027
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	5,489,573	5,489,573

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

6. LEASES

Operating Lease Right-of-Use Asset

In January 2022, the Company entered into a lease agreement for an office facility and laboratory space in New York, New York that commenced in April 2022 and ends in July 2029 with an additional five-year option to extend the lease beyond July 2029 at the then-prevailing effective market rental rate. Upon commencement of this lease, the Company recorded operating lease right-of-use assets and operating lease liabilities of $11,585 based on the present value of payments over the lease term using an estimated incremental borrowing rate of 8.53% in accordance with the provisions of ASC Topic 842, Leases (“ASC 842”). In connection with the Company’s lease of office space and laboratory space, the Company provided a security deposit to the landlord in the form of a letter of credit totaling $1,189. The cash collateralizing the letter of credit was included in long-term restricted cash in the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022. This lease was classified as an operating lease in accordance with the provisions of ASC 842. The Company did not recognize any right-of-use assets and lease liabilities associated with the potential option to renew or extend. The Company’s operating lease agreement does not contain any significant residual value guarantees or restrictive covenants.

The remaining lease terms and payment terms as of September 30, 2023 and December 31, 2022 were 5.8 years and 6.0 years, respectively. The components of this operating lease were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Operating lease expense	$	537	$	537	$	1,611	$	1,074
Variable lease expense		78		69		226		139
Total operating lease expense	$	615	$	606	$	1,837	$	1,213
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	720	$	270	$	1,775	$	270



Years ended December 31	Operating Leases
2023	$	542
2024		2,100
2025		2,152
2026		2,206
2027		2,261
Thereafter		3,689
Total lease payments		12,950
Less: present value adjustment		(2,759	)
Total operating lease liabilities	$	10,191
Included in the consolidated balance sheet:
Current portion of lease liabilities - operating		2,078
Non-current portion of lease liabilities - operating		8,113
Total operating lease liabilities	$	10,191

Equipment Finance Leases

Commencing in April 2022, the Company leases certain laboratory equipment under financing arrangements accounted for as finance leases in accordance with the provision of ASC 842 that are classified in the Company’s condensed consolidated balance sheet as finance lease liabilities with related right-of-use assets recorded and depreciated on a straight-line basis over the estimated useful life of 7 years. The total gross, accumulated amortization, and net book values of equipment finance lease right-of-use assets capitalized under such finance lease arrangements at September 30, 2023 were $2,216, $374 and $1,842, respectively. Under the terms of the equipment finance lease agreements executed through the issuance of these unaudited condensed consolidated financial statements, the principal balances plus interest for the equipment are to be repaid in full after 60 monthly installments following lease commencement, with lease commencement dates ranging from April 1, 2022 to April 1, 2023, annual imputed interest rates ranging from 7.90% to 9.30%, and monthly installment payment amounts ranging from $4 to $18. As of September 30, 2023, the total aggregate monthly installment payment amount was $48 for equipment finance lease agreements executed through the issuance date of these unaudited condensed consolidated financial statements.

The weighted-average remaining lease payment term, weighted-average remaining amortization term, and weighted-average effective interest rate for the Company's equipment finance lease agreements as of September 30, 2023 were 3.9 years, 5.9 years, and 8.59%, respectively. The weighted-average remaining lease payment term, weighted-average remaining amortization term, and weighted-average effective interest rate for the Company's equipment finance lease agreements as of December 31, 2022 were 3.9 years, 5.9 years, and 8.59%, respectively. The components of the equipment finance leases were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Finance lease amortization of right-of-use assets	$	79	$	46	$	227	$	58
Interest on finance lease liabilities		44		27		136		35
Total finance lease expense	$	123	$	73	$	363	$	93
Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows	$	107	$	36	$	320	$	55


Years ended December 31	Equipment Finance Leases
2023	$	96
2024		579
2025		579
2026		579
2027		357
Thereafter		11
Total lease payments		2,201
Less: imputed interest		(331	)
Total finance lease liabilties	$	1,870
Included in the consolidated balance sheet:
Current portion of lease liabilities - finance		519
Non-current portion of lease liabilities - finance		1,351
Total finance lease liabilities	$	1,870

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3—Inputs are unobservable inputs for the asset or liability.

The Company’s cash equivalents consist of investments in a U.S. government money market fund stated at carrying value, which approximates fair value and is based on quoted prices in active markets for identical securities. Cash is stated at carrying value, which approximates fair value due to its short-term nature. The carrying values of the Company’s prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s convertible SAFE Note, gross of unamortized discount, was estimated using a probability-weighted present value model, which involved the use of significant unobservable inputs (see Notes 7 and 14).


	As of September 30, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	31,024	$	-	$	-	$	31,024
	$	31,024	$	-	$	-	$	31,024


	As of September 30, 2023:
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible SAFE note, gross	$	-	$	-	$	4,272	$	4,272
	$	-	$	-	$	4,272	$	4,272


	As of December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	74,802	$	-	$	-	$	74,802
	$	74,802	$	-	$	-	$	74,802

         
        As of  December 31, 2022:

         
        Level 1

        Level 2

        Level 3

        Total

        Liabilities:

Convertible SAFE note, gross

-

-

-

-

-

-

-

-

The following table sets forth a roll forward of changes in the fair value of financial liabilities, gross of unamortized discount, classified as Level 3 in the fair value hierarchy:


	Convertible SAFE note, gross
Beginning balance at December 31, 2022	$	-
Convertible SAFE note issuance at August 24, 2023		4,000
Change in estimated fair value since issuance		272
Ending balance at September 30, 2023	$	4,272

The valuation models used to estimate the fair value of the Company’s convertible SAFE Note considered the estimated probabilities of each of qualified equity financing, public offering, and change of control events, together with corresponding estimated periods of time from each valuation date until the achievements of each such event. Future values were converted to present value using a discount rate appropriate for probability-adjusted cash flows. The ranges of the significant unobservable inputs used in the valuation model to estimate the fair value of the Company’s convertible SAFE Note that was categorized within Level 3 of the fair value hierarchy as of September 30, 2023 and August 24, 2023 (inception) were as follows (not stated in thousands):


Probability of meeting qualified equity financing event	10.0% - 20.0%
Probability of meeting public offering event	75.0% - 85.0%
Probability of meeting change in control event		5.0	%
Time until qualified equity financing event (in years)	0.17 - 0.27
Time until public offering event (in years)	0.08 - 0.19
Time until change in control event (in years)	0.50 - 0.60

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates—The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expense during the reporting period. The most significant estimates relate to the accruals of research and development costs, accruals of research contract costs, and assumptions used to estimate the fair value of the Company’s stock option awards and the determination of fair value of its common stock. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.
Net Loss per Share	Net Loss per Share—The Company follows the two-class method when computing net income (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred stock to be participating securities as, in the event a dividend is paid on common stock, the holders of these securities would be entitled to receive dividends on a basis consistent with the common stockholders. The Company also considers the shares issued upon the early exercise of stock options that are subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. There is no allocation required under the two-class method during periods of loss since the participating securities do not have a contractual obligation to share in the losses of the Company. Basic net income (loss) per common share is computed by dividing the net income (loss) per common share by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per common share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purposes of this calculation, shares of convertible preferred stock are considered potential dilutive common shares. In periods in which the Company reported a net loss, diluted net loss per common share was the same as basic net loss per common share since dilutive common shares were not assumed to have been issued if their effect was anti-dilutive. During (i) the three and nine-months ended September 30, 2023, potential common shares related to the conversion of the convertible SAFE Note, which subsequently converted into 411,815 common shares in connection with the Company’s IPO (see Note 14), (ii) the three and nine-months ended September 30, 2023 and September 30, 2022, 8,070,027 potential common shares related to the conversion of Series A convertible preferred stock and 5,489,573 potential common shares related to the conversion of Series B convertible preferred stock, which subsequently converted into 8,070,027 common shares and 6,386,337 common shares, respectively, in connection with the Company’s IPO (see Note 14), and (iii) the three and nine-months ended September 30, 2023 and September 30, 2022, 2,322,843 and 1,955,035 potential common shares, respectively, related to the exercise of outstanding stock options, were excluded from the computation of diluted net loss per common share because including them would have had an anti-dilutive effect as the Company reported net losses for those periods.
Concentrations of Credit Risk	Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and restricted cash balances exceed Federal Deposit Insurance Corporation insurance limits, and the Company’s cash equivalents consist of investments in a U.S. government money market fund. The Company’s cash and cash equivalents and restricted cash is held with large financial institutions that management believes to be of high credit quality. To date, the Company has not recognized any losses caused by uninsured balances.

Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ in Thousands	26 Months Ended	34 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Nov. 07, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Convertible Preferred Stock Authorized	143,653,546	143,653,546		143,653,546
Convertible Preferred Stock Issued	143,653,545	143,653,545		143,653,545
Convertible Preferred Stock Outstanding	143,653,545	143,653,545		143,653,545
Proceeds Received		$ 185,556
Liquidation Preference	$ 185,556	$ 185,556		$ 185,556
Common Stock Issuable Upon Conversion	13,559,600	13,559,600		13,559,600
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Convertible Preferred Stock Authorized	85,495,722	85,495,722		85,495,722
Convertible Preferred Stock Issued	85,495,722	85,495,722		85,495,722
Convertible Preferred Stock Outstanding	85,495,722	85,495,722	85,495,722	85,495,722
Proceeds Received		$ 85,496
Liquidation Preference	$ 85,496	$ 85,496		$ 85,496
Common Stock Issuable Upon Conversion	8,070,027	8,070,027		8,070,027
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Convertible Preferred Stock Authorized	58,157,824	58,157,824		58,157,824
Convertible Preferred Stock Issued	58,157,823	58,157,823		58,157,823
Convertible Preferred Stock Outstanding	58,157,823	58,157,823	58,157,823	58,157,823
Proceeds Received	$ 100,060
Liquidation Preference	$ 100,060	$ 100,060		$ 100,060
Common Stock Issuable Upon Conversion	5,489,573	5,489,573		5,489,573

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended		32 Months Ended
	Nov. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Aug. 31, 2021	Feb. 16, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for issuance		16,464,397		16,464,397		16,464,397	16,476,313
Stock-based compensation expense		$ 875,000	$ 431,000	$ 2,239,000	$ 1,260,000
Unrecognized stock-based compensation expense		$ 9,946,000		$ 9,946,000		$ 9,946,000
Unrecognized compensation expense, weighted-average period of recognition				3 years 1 month 28 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Repurchase of Common stock						$ 0
Total grant date fair values of options vested				$ 1,995,000	$ 1,277,000
Expected dividend yields percentage				0.00%
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for issuance								2,731,482	841,800
Increase in aggregate number of shares of common stock reserved for issuance	319,852							1,889,682
Increase in aggregate number of shares, common stock reserved for issuance	3,051,334
Number of shares available for future grants		581,954		581,954		581,954
2021 Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						4 years
Vesting period, percentage						25.00%
2021 Plan \| Employee Stock Option \| Non-employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation payment description						vest over a four-year period with 25% of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months

Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business—Lexeo Therapeutics, Inc. (the “Company”), together with its consolidated subsidiary, Stelios Therapeutics Inc., until such subsidiary was merged into the Company on December 15, 2022 and ceased to exist, is a clinical stage genetic medicine company with a focus on hereditary and acquired diseases of high unmet need. The Company’s investigational therapies have the potential to offer gene therapy-based treatments to address many diseases that have eluded today’s existing drug delivery platforms. The Company utilizes adeno-associated viruses (“AAV”) that have been engineered to transfer genes to patients. The Company’s therapeutic investigational treatments include gene therapies primarily in the early clinical and late pre-clinical stages of research and development.

The Company is located in New York, NY and was first formed on February 17, 2017, as an LLC under the laws of the State of Delaware under the legal name Lexeo Therapeutics, LLC. The Company filed and executed a certificate of conversion to corporation on November 20, 2020, to convert the LLC to Lexeo Therapeutics, Inc, a Delaware corporation. All of the Company’s tangible assets are held in the United States (“U.S.”).

Basis of Presentation and Principles of Consolidation—The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, and September 30.

These unaudited condensed consolidated financial statements and accompanying notes reflect the operations of the Company and its wholly owned subsidiary that have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2022 (the “Annual Financial Statements”). The unaudited condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the periods presented have been included. Operating results for the three and nine-months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, for any other interim period, or for any other future year.

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accounts of the wholly owned subsidiary are included in these unaudited condensed consolidated financial statements and accompanying notes. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

A 10.594230-for-1 reverse share split of the Company’s Series A convertible preferred stock, Series B convertible preferred stock, common stock, and options to purchase common stock under the Company’s 2021 Equity Incentive Plan (as defined in Note 10), as well as corresponding adjustments in the respective conversion prices of the Series A convertible preferred stock and Series B convertible preferred stock, was effected on October 13, 2023 as approved by the Company’s board of directors (the "Board of Directors") and its shareholders (the “Stock Split”) (see Note 14). The Stock Split reduced the number of shares of the Company’s authorized, issued and outstanding common stock, as well as the numbers of shares reserved and available for future issuance and underlying outstanding options to purchase common stock under its 2021 Equity Incentive Plan, on a 10.594230-for-1 basis. As such, all references to Series A convertible preferred stock and Series B convertible preferred stock conversion ratios, conversion share and per share amounts, and post- conversion share and per share amounts, as well as common stock option, option per common share, common share and common per share amounts, in these unaudited condensed consolidated financial statements and accompanying notes have been retroactively restated to reflect the Stock Split and the Stock Split’s effect on the respective Series A convertible preferred stock and Series B convertible preferred stock conversion ratios for each series of convertible preferred stock. The Stock Split did not affect the par values per share.

Need for Additional Capital—Since inception, the Company has incurred net losses and negative cash flows from operations, including net losses of $52,207 and $59,277 during the nine months ended September 30, 2023 and the year ended December 31, 2022, respectively. As of September 30, 2023, the Company had cash and cash equivalents of $35,449 and an accumulated deficit of $167,653 and expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future. During the three and nine-months ended September 30, 2023, and the years ended December 31, 2021 and December 31, 2020, the Company raised $4,000, $51,000 and $100,060 of gross proceeds in connection with the issuance of a convertible Simple Agreement for Future Equity (“SAFE”) note (the "SAFE Note") (see Note 7), Series A convertible preferred stock and Series B convertible preferred stock (see Note 8), respectively. Upon the closing of the Company’s initial public offering (“IPO”) on November 7, 2023 and the subsequent partial exercise of the underwriters’ 30-day option to purchase additional shares, the Company received total net proceeds of approximately $100,049 after deducting underwriting discounts, commissions and estimated offering expenses (the "IPO Proceeds") (see Note 14). As a result of the receipt of the IPO Proceeds, management estimates that there is no substantial doubt about the Company’s ability to continue as a going concern for the one year period following the date that these unaudited condensed consolidated financial statements and accompanying notes were issued or were available to be issued, and the prior substantial doubt about the Company’s ability to continue as a going concern that was alleviated as a result of management’s plans upon the issuance of the Company’s June 30, 2023 unaudited condensed consolidated interim financial statements no longer exists.

Risks and Uncertainties—The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the ability to secure additional capital to fund operations, and commercial success of its product candidates. Any of the Company’s current product candidates and future product candidates that it may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance- reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		82 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 11, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Common Stock Issuable Upon Conversion	13,559,600		13,559,600			13,559,600
Loss recognized from uninsured balances					$ 0
Exercise of Outstanding Stock Options
Summary of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from Computation of diluted net loss per common share	2,322,843	1,955,035	2,322,843	1,955,035
Series A Convertible Preferred Stock
Summary of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from Computation of diluted net loss per common share	8,070,027	8,070,027	8,070,027	8,070,027
Common Stock Issuable Upon Conversion	8,070,027		8,070,027			8,070,027
Series B Convertible Preferred Stock
Summary of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from Computation of diluted net loss per common share	5,489,573	5,489,573	5,489,573	5,489,573
Common Stock Issuable Upon Conversion	5,489,573		5,489,573			5,489,573

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

14. SUBSEQUENT EVENTS

Subsequent events have been evaluated through December 11, 2023, which is the date that these unaudited condensed consolidated financial statements were issued and were available to be issued.

On October 12, 2023, Rocket Pharmaceuticals, Inc. (“Rocket”) filed a lawsuit in the U.S. District Court for the Southern District of New York against the Company and two individuals claiming, among other things, misappropriation of confidential information and trade secrets. The individual defendants are a current employee and a former employee of the Company’s analytical development team, both of whom were employed at Rocket before joining the Company in 2021. The complaint alleges the individual defendants downloaded confidential Rocket company documents and other proprietary materials prior to leaving Rocket in 2021 and that the Company used this information to advance its programs. The complaint seeks unspecified damages and asks the court to enjoin the Company from competing and working in the market for gene therapy treatments targeting cardiac diseases. The Company retained legal counsel to assist with its ongoing review of the allegations in Rocket’s complaint and is confident in its defenses to the allegations. On December 7, 2023, the Company filed a motion to dismiss the complaint, and the Company intends to continue to defend this litigation vigorously. While it is not possible to predict the outcome with certainty and an estimate of the possible loss cannot be made, the Company currently does not expect the final outcome will have a material adverse effect on its timelines for development of its product candidates.

On October 13, 2023, the Stock Split, consisting of a 10.594230-for-1 reverse share split of the Company’s common stock and options to purchase common stock under its 2021 Equity Incentive Plan, was effected, as approved by the Company’s Board of Directors and the requisite shareholders. The Stock Split reduced the number of shares of the Company’s authorized, issued and outstanding common stock, as well as the numbers of shares reserved and available for future issuance and underlying outstanding options to purchase common stock under its 2021 Equity Incentive Plan, on a 10.594230-for-1 basis, and resulted in an adjustment to the respective conversion ratios for the Company’s Series A convertible preferred stock and Series B convertible preferred stock to account for the Stock Split on any conversion of such series of convertible preferred stock into common stock. As such, all references to Series A convertible preferred stock and Series B convertible preferred stock conversion ratios, conversion share and per share amounts, and post-conversion share and per share amounts, as well as common stock option, option per common share, common share and common per share amounts, in these unaudited condensed consolidated financial statements and accompanying notes have been retroactively restated to reflect the Stock Split and the Stock Split’s effect on the respective Series A convertible preferred stock and Series B convertible preferred stock conversion ratios for each series of convertible preferred stock. The Stock Split did not affect the par values per share.

On November 2, 2023, the aggregate outstanding convertible SAFE Note principal balance together with accrued interest thereon totaling $4,077, gross of unamortized discount, automatically converted into 411,815 shares of the Company’s common stock upon the declaration of effectiveness of the Company’s IPO registration statement.

On November 7, 2023, the Company closed its planned IPO, in which it issued and sold 9,090,910 shares of its common stock, and subsequently, the underwriters partially exercised their associated 30-day option to purchase additional shares of common stock with 1,048,746 additional shares issued. The net proceeds to the Company from the IPO and subsequent partial exercise of the underwriters’ 30-day option to purchase additional shares were approximately $100,049 based on the initial offering price of $11.00 per share, after deducting underwriting discounts, commissions and estimated offering expenses. In addition, upon the closing of the IPO, all 85,495,722 outstanding shares of the Company’s Series A convertible preferred stock and all 58,157,823 outstanding shares of the Company’s Series B convertible preferred stock converted into 8,070,027 shares and 6,386,337 shares of common stock, respectively, including 896,764 shares of common stock issued as a result of Series B convertible preferred stock antidilution provisions. In connection with the IPO (i) the Company filed an Amended and Restated Certificate of Incorporation, which provides that the authorized capital stock of the Company is 510,000,000 shares consisting of 500,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock, both with a par value of $0.0001 per share, and (ii) the Company’s 2023 Equity Incentive Plan (the “2023 Plan”) and its 2023 Employee Stock Purchase Plan (the “2023 ESPP”) became effective. The Company’s Board of Directors adopted the 2023 Plan and the 2023 ESPP in October 2023, and the Company’s stockholders approved the 2023 Plan and the 2023 ESPP in October 2023. Upon the effectiveness of the 2023 Plan and the 2023 ESPP:

•

582,699 shares of common stock reserved for future issuance under the 2021 Plan ceased to be available for issuance and were added to, and became available for issuance under, the 2023 Plan, and no further grants will be made under the 2021 Plan;

•

1,803,980 shares of common stock were reserved for future issuance under the 2023 Plan, in addition to the shares of common stock reserved for issuance under the 2021 Plan that were added to the shares reserved under the 2023 Plan; and

•

238,600 shares of common stock were reserved for future issuance under the 2023 Employee Stock Purchase Plan (the “2023 ESPP”).

The maximum number of shares of common stock that may be issued under the 2023 Plan is 4,737,000 shares, which is approximately the sum of (i) 1,803,980 new shares, plus (ii) the 2021 Plan’s available reserve, plus (iii) the number of returning shares, if any, upon the cancellation or forfeiture of equity awards that are outstanding under the 2021 Plan. In addition, the number of shares of common stock reserved for issuance under the 2023 Plan will automatically increase on January 1 of each year, beginning on January 1, 2024, and continuing through and including January 1, 2033, by 5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares determined by the Company’s Board of Directors prior to the applicable January 1. The number of shares of common stock reserved for issuance under the 2023 ESPP will automatically increase on January 1 of each calendar year, beginning on January 1, 2024 and continuing through and including January 1, 2033, by the lesser of (i) 1% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, (ii) 477,200 shares and (iii) a number of shares determined by the Company’s Board of Directors. Shares subject to purchase rights granted under the 2023 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the 2023 ESPP.

Leases - Components of Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 537	$ 537	$ 1,611	$ 1,074
Variable lease expense	78	69	226	139
Total operating lease expense	615	606	1,837	1,213
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$ 720	$ 270	$ 1,775	$ 270

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued research and development expenses	$ 9,812	$ 4,755
Accrued payroll expenses	355	796
Accrued professional fees	1,455	629
Other current liabilities	182	240
Total accrued expenses and other current liabilities	$ 11,804	$ 6,420

License, Acquisition, Research Collaboration and Sponsored Research Agreements - Additional Information (Details)									1 Months Ended	3 Months Ended				9 Months Ended		22 Months Ended	32 Months Ended		36 Months Ended
	Dec. 03, 2021 USD ($) IntegerItem	Oct. 04, 2021 USD ($)	Jul. 16, 2021 USD ($)	Feb. 02, 2021 USD ($)	Jan. 25, 2021 USD ($)	Aug. 06, 2020 USD ($)	May 27, 2020 USD ($) IntegerItem	Apr. 23, 2020 USD ($)	Nov. 30, 2020 USD ($) shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Feb. 02, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses										$ 17,246,000		$ 15,362,000		$ 44,920,000	$ 37,775,000
Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Asset acquisition date of acquisition			Jul. 16, 2021
Asset acquisition percentage of outstanding stock acquisition			100.00%
Payment to selling shareholders												2,000,000
Maximum \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment to selling shareholders			$ 20,500,000
Adverum License Agreement \| Adverum Biotechnologies Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fee paid					$ 7,500,000						$ 7,500,000
Development milestone paid											$ 3,500,000
Royalty payments description														The Company is obligated to pay Adverum tiered royalties ranging from high single-digits to sub teens based on annual aggregate worldwide net sales of Products (as defined in the Adverum Agreement).
Research and development expenses																	$ 0
License agreement termination notice period					120 days
Adverum License Agreement \| Adverum Biotechnologies Inc \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and regulatory milestones due					$ 17,500,000
Commercialization milestones due					$ 49,000,000
Cornell License Agreements \| Cornell University
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses										0		0		$ 0	100,000
License agreement termination notice period							90 days
Number of license agreements \| IntegerItem							2
Upfront payment in cash							$ 325,000
Notes issued							1,300,000
Notes with outstanding principal exchanged									$ 1,300,000
Cornell License Agreements \| Cornell University \| Series A Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued on debt exchanged \| shares									1,337,610
Cornell First License Agreements \| Cornell University \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Specific clinical and regulatory milestones due							8,350,000
Cornell Second License Agreements \| Cornell University
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Clinical and regulatory milestone paid													$ 100,000
Cornell Second License Agreements \| Cornell University \| Maximum \| Two Portfolios
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Specific clinical and regulatory milestones due							4,300,000
Cornell Second License Agreements \| Cornell University \| Maximum \| Third Portfolio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Specific clinical and regulatory milestones due							$ 600,000
First UCSD License Agreement \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fee paid						$ 20,000,000		$ 20,000,000
License agreement termination notice period								60 days
First UCSD License Agreement \| Stelios Therapeutics Inc \| Research and Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fees								$ 20,000,000
First UCSD License Agreement \| Maximum \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and commercialization milestones due								$ 4,750,000
Second UCSD License Agreement \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement termination notice period						60 days
Second UCSD License Agreement \| Stelios Therapeutics Inc \| Research and Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fees						$ 20,000,000
Second UCSD License Agreement \| Maximum \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and commercialization milestones due						$ 2,400,000
Third UCSD License Agreement \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fee paid		$ 20,000
License agreement termination notice period		60 days
Development and commercialization milestones description														the Company to pay aggregate development and commercialization milestones of up to $4,000, and low- to mid-single digit royalties based on aggregate net sales.
Third UCSD License Agreement \| Stelios Therapeutics Inc \| Research and Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time up-front non-refundable fees		$ 20,000
Third UCSD License Agreement \| Maximum \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and commercialization milestones due		$ 4,000,000
UCSD Sponsored Research Agreements \| Stelios Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses										247,000		693,000		$ 1,308,000	2,080,000
Number of research agreements \| IntegerItem	2
Research agreements term	2 years
Research agreement termination notice period	30 days
Costs incurred for research	$ 5,644,000
Payment to research and development										0		693,000		247,000	2,080,000	$ 3,020,000
Research Collaboration Agreement \| Weill Cornell Medical College
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses										250,000		1,596,000		1,032,000	4,506,000			$ 9,634,000
Payment to research and development										$ 0		$ 1,596,000		$ 1,846,000	$ 3,942,000			$ 9,634,000
Payment term				3 years
Amount due for each quarter under agreement				$ 250,000
Payment starting after period of execution of agreement				10 days
Research Collaboration Agreement \| Weill Cornell Medical College \| Scenario Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement expiration term																			3 years
Research Collaboration Agreement \| Weill Cornell Medical College \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount due under agreement				$ 3,000,000

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used In the Valuation Model to Estimate Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - Convertible SAFE Note [Member]	1 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of meeting change in control event	5.00%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of meeting qualified equity financing event	10.00%
Probability of meeting public offering event	75.00%
Time until qualified equity financing event (in years)	2 months 1 day
Time until public offering event (in years)	29 days
Time until change in control event (in years)	6 months
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of meeting qualified equity financing event	20.00%
Probability of meeting public offering event	85.00%
Time until qualified equity financing event (in years)	3 months 7 days
Time until public offering event (in years)	2 months 8 days
Time until change in control event (in years)	7 months 6 days

Common Stock - Additional Information (Details) - USD ($)	82 Months Ended
	Dec. 11, 2023	Nov. 07, 2023	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock shares authorized			18,125,051	18,125,051
Common stock, par value per share			$ 0.0001	$ 0.0001
Subsequent Event
Class of Stock [Line Items]
Common stock shares authorized		500,000,000
Common stock, par value per share		$ 0.0001
Dividends, common stock, cash	$ 0
IPO \| Subsequent Event
Class of Stock [Line Items]
Common stock shares authorized		500,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details