0000950170-24-125369 | 10-Q | XBRL Viewer

Common Stock

9 Months Ended

Sep. 30, 2024

6. Common stock

Common stock issued and outstanding on the unaudited condensed balance sheets and statements of stockholders’ equity includes shares related to restricted stock that are subject to repurchase and therefore are excluded from the reserved common stock in the table below.

The Company’s reserved common stock, on an as-converted basis for issuance was as follows:


	September 30, 2024		December 31, 2023
Common stock options issued and outstanding under the Plan		6,060,968		3,720,455
Common stock issuable upon exercise of pre-funded warrants		1,842,499		—
Remaining shares available for issuance under the Plan		3,457,652		3,893,858
Remaining shares available for issuance under the ESPP		798,780		386,725
Total reserved common stock		12,159,899		8,001,038

Pre-funded Warrants – Exchange Agreement

In January 2024, the Company entered into an exchange agreement (the “Exchange Agreement”), with certain stockholders (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,842,499 shares of the Company’s common stock owned by the Exchanging Stockholders for pre-funded warrants to purchase an aggregate of 1,842,499 common stock. The warrants have an exercise price of $0.001 per share and no expiration date. The pre-funded warrants are exercisable immediately and no additional consideration was rendered in the exchange. Holders of the pre-funded warrants (together with their affiliates and other attribution parties) may not exercise any portion of a pre-funded warrant if after giving effect to such exercise the holder, together with its affiliates, would beneficially own more than 9.99% (the “Exercise Limitation”) of the Company’s outstanding common stock immediately after exercise. At the holders’ election, the Exercise Limitation may be increased or decreased to any other percentage not in excess of 9.99% and will be effective 61 days after notice of such change to the Company.

The Company determined the fair value of the pre-funded warrants issued was $37.6 million which was equal to the fair value of the shares of the exchanged common stock.

Private Placement

On May 30, 2024, the Company sold and issued 6,471,000 shares of its common stock to certain healthcare-focused institutional investors in a private placement (the “Private Placement”) at $17.00 per share for gross proceeds of approximately $110.0 million. In June 2024, the Company filed a Registration Statement on Form S-1 with the SEC to register the shares of common stock sold in the Private Placement. The Company raised net proceeds of $102.9 million, after deducting placement agent fees and offering expenses of $7.1 million.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Computation of Diluted Net Loss per Share Attributable to Common Stockholders

A reconciliation of net loss attributable to common stockholders and the number of shares in the calculation of basic and diluted loss per share was as follows:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(41,908	)	$	(35,471	)	$	(122,067	)	$	(66,070	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		47,664,309			748,862			44,014,886			673,175
Net loss per share attributable to common stockholders, basic and diluted	$	(0.88	)	$	(47.37	)	$	(2.77	)	$	(98.15	)

Summary of Potentially Dilutive Shares

The following potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):


	September 30,
	2024		2023
Redeemable convertible preferred stock, as converted		—		12,495,411
Outstanding stock options		6,060,968		3,048,512
Restricted stock awards subject to repurchase		70,664		300,914
Total		6,131,632		15,844,837

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net loss	$ (122,067)	$ (66,070)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	13,137	1,707
Amortization of operating lease right-of-use assets	3,835	1,631
Depreciation	1,876	960
Loss from disposal of property and equipment	156
Acquired in-process research and development	270	1,225
Accretion on investments in marketable securities	(4,233)
Change in fair value of derivative liabilities		(6,453)
Loss on extinguishment of convertible notes		2,316
Noncash interest expense		1,604
Net change in fair value of redeemable convertible preferred stock tranche obligations		8,343
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,525)	(1,017)
Other non-current assets	(263)	(3,550)
Accounts payable	1,053	3,297
Accrued clinical and research and development expenses	1,908	5,120
Accrued expenses and other current liabilities	631	203
Operating lease liabilities	367	(1,498)
Net cash used in operating activities	(104,855)	(52,182)
INVESTING ACTIVITIES
Purchases of marketable securities	(489,461)
Proceeds from sales and maturities of marketable securities	160,657
Purchase of property and equipment	(3,817)	(5,660)
Proceeds from sale of property and equipment	223
Purchase of in-process research and development	(950)	(358)
Net cash used in investing activities	(333,348)	(6,018)
FINANCING ACTIVITIES
Proceeds from issuance of common stock in private placement, net of issuance costs	102,888
Proceeds from issuance of convertible notes, net of issuance costs - related party		2,212
Proceeds from issuance of convertible notes, net of issuance costs		1,286
Proceeds from issuance of redeemable convertible preferred stock and tranche obligations, net of issuance costs		113,909
Proceeds from exercise of stock options	889	8
Payment of deferred initial public offering costs	(105)	(743)
Payment of transaction costs for exchange of common stock for warrants	(25)
Net cash provided by financing activities	103,647	116,672
Net (decrease) increase in cash, cash equivalents and restricted cash	(334,556)	58,472
Cash, cash equivalents, and restricted cash at beginning of period	406,299	1,872
Cash, cash equivalents, and restricted cash at end of period	71,743	60,344
COMPONENTS OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
Cash and cash equivalents	71,176	60,344
Restricted cash	567
Total cash, cash equivalents, and restricted cash	71,743	60,344
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES
Reclassification of tranche obligation asset to Series A-1 redeemable convertible preferred stock		1,910
Exchange of common stock for pre-funded warrants	37,600
Conversion of convertible notes to shares of Series A-2 redeemable convertible preferred stock		35,576
Reclassification of shares of Series Seed redeemable convertible preferred stock to mezzanine equity		9,830
Purchase of property and equipment in accounts payable and accrued expenses and other current liabilities	601	1,741
In-process research and development costs in accounts payable, accrued clinical and research and development expenses, and other non-current liabilities	$ 493	1,250
Deferred offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities		$ 1,945

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lessee Disclosure [Abstract]

Summary of Future Payments Associated with Company's Operating Lease Liabilities

The future payments associated with the Company’s operating lease liabilities as of September 30, 2024 were as follows:


	Amount
	(in thousands)
2024 (remaining three months)	$	145
2025		4,676
2026		7,224
2027		7,441
2028		7,664
Thereafter		18,119
Total undiscounted lease payments		45,269
Less: imputed interest		(16,685	)
Total operating lease liabilities	$	28,584

Summary of Total Lease Costs and Other Information

A summary of total lease costs and other information for the periods relating to the Company’s operating leases was as follows:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands)
Operating lease cost	$	2,035		$	683		$	6,702		$	1,929
Variable lease cost		847			168			2,525			476
Sublease income		(568	)		(60	)		(568	)		(280	)
Total lease cost	$	2,314		$	791		$	8,659		$	2,125

Summary of Weighted-average Remaining Lease Term and Discount Rate


	September 30, 2024	December 31, 2023
Other information:
Weighted-average remaining lease term (in years)	6.5	6.7
Weighted-average discount rate	13.7%	13.6%

Schedule of Supplemental Cash Flow and Noncash Information Related to Operating Leases

Supplemental cash flow and noncash information related to the Company’s operating leases was as follows:


	Nine months ended September 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	2,500	$	1,804
Right-of-use assets obtained in exchange for lease obligations	$	—	$	2,291
Decrease in right-of-use assets and liabilities from lease modifications	$	324	$	—

Leases - Summary of Total Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 2,035	$ 683	$ 6,702	$ 1,929
Variable lease cost	847	168	2,525	476
Sublease income	(568)	(60)	(568)	(280)
Total lease cost	$ 2,314	$ 791	$ 8,659	$ 2,125

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company has prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars.
Reclassifications	Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current period presentation. Specifically, interest income was previously presented within other income (expense), net for the three and nine months ended September 30, 2023 in the Quarterly Report on Form 10-Q filed with the SEC on December 13, 2023. Interest income is presented separately in the unaudited condensed statement of operations and comprehensive loss within these financial statements.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, the fair value of derivative liabilities, the initial fair value of the financial commitment liabilities related to the convertible notes, valuation of the redeemable convertible preferred stock tranche asset and liability, valuation of deferred tax assets, the fair value of equity instruments, equity-based instruments, stock-based compensation, and the determination of the incremental borrowing rate.
Unaudited interim condensed financial statements	Unaudited interim condensed financial statements The condensed balance sheet as of September 30, 2024 and the condensed statements of operations and comprehensive loss, condensed statement of stockholders’ equity, and condensed statement of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2024, and 2023 and condensed statements of cash flows for the nine months ended September 30, 2024, and 2023 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 21, 2024.
Marketable securities	Marketable securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company evaluates securities for impairment at the end of each reporting period. Factors considered in the evaluation include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospect of the issuer, and the Company’s intent and ability to hold the investment to allow for anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is reported as a component of other comprehensive loss. Realized gains and losses are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. Accrued interest on marketable securities is included in prepaid expenses and other current assets on the balance sheets.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period while the warrants are outstanding. The Company’s pre-funded warrants met all the criteria for equity classification and were recorded as a component of additional paid-in capital at their fair value on issuance.
Net loss per share attributable to common stockholders	Net loss per share attributable to common stockholders The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per 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 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. Basic net loss per share attributable to common stockholders is computed using the weighted-average number of shares of common stock outstanding during the period excluding unvested restricted stock subject to repurchase. Basic net loss per share includes pre-funded warrants issued in January 2024 because the pre-funded warrants have a nominal exercise price of $0.001 per share and they were fully vested and exercisable upon their issuance. Diluted net loss per share attributable to common stockholders is computed using the sum of the weighted-average number of shares of common stock outstanding during the period and the effect of dilutive securities. For periods when the Company’s redeemable convertible preferred stock was outstanding, the holders of such shares were contractually entitled to participate in dividends but not contractually required to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. As the Company was in a net loss position for the periods presented, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive.
Recently adopted accounting pronouncements / Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements The Company has implemented all new accounting pronouncements, which are expected to have a material impact on its condensed financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial statements. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of incremental segment information on an interim and annual basis and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted annual requirements under ASU 2023-07 on January 1, 2024 and plans to adopt interim requirements under ASU 2023-07 on January 1, 2025. The Company will begin including financial statement disclosures in accordance with ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. ASU 2023-09 requires consistent categories and greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company beginning on January 1, 2025, with early adoption permitted. The Company is assessing the impact of the adoption of this standard on its financial statements. From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the accompanying financial statements and disclosures.

Common Stock - Summary of Reserved Common Stock For Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total reserved common stock	12,159,899	8,001,038
Common Stock Options Issued And Outstanding Under The Plan
Class of Stock [Line Items]
Total reserved common stock	6,060,968	3,720,455
Common Stock Issuable Upon Exercise of Pre-funded Warrants
Class of Stock [Line Items]
Total reserved common stock	1,842,499
Remaining Shares Available For Issuance Under The Plan
Class of Stock [Line Items]
Total reserved common stock	3,457,652	3,893,858
Remaining Shares Available for Issuance Under The ESPP
Class of Stock [Line Items]
Total reserved common stock	798,780	386,725

- 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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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
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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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

License and Research and Development Agreements

9 Months Ended

Sep. 30, 2024

Research and Development [Abstract]

License and Research and Development Agreements

8. License and Research and Development Agreements

Stanford license agreement

In August 2022, the Company entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University (“Stanford University”) relating to the Company’s platform technologies relating to CAR T-cell therapies (the “Stanford License”). Pursuant to the Stanford License, Stanford University granted the Company a worldwide, exclusive license under certain patent rights, and a worldwide non-exclusive license under certain technology, in each case, owned or controlled by Stanford University, to make, use and sell products, methods or services in the field of human therapeutic and diagnostic products. The licensed patent rights cover platform technology relating to the use of CD2/CD58 co-stimulatory signaling in cell therapy.

As consideration for the licenses granted under the Stanford License, the Company made an upfront payment of $50,000 and issued 67,605 shares of its common stock with a fair value of $0.1 million, of which 22,317 shares were issued to Stanford University, 27,100 shares were issued to two non-profit organizations that supported the research, and 18,188 shares were issued to various Stanford University inventors. The Company determined that the purchase of the licenses under the Stanford License represented an asset acquisition as it did not meet the definition of a business. As the acquired licenses represented in-process research and development (“IPR&D”) assets with no alternative future use, the Company recorded the upfront consideration of $0.2 million as research and development expense in August 2022, upon entering into the Stanford License.

The Company recorded research and development expense pursuant to the Stanford License of $20,000 during the three and nine months ended September 30, 2024, and $10,000 during three and nine months ended September 30, 2023.

In addition to annual license maintenance fees of up to $0.1 million per year, the Company may be required to pay up to $7.5 million upon achievement of sales milestones, up to $4.0 million upon achievement of development milestone events for each product covered by licensed patent rights, including upon initiation of specific clinical trials

or receipt of regulatory approvals, up to $50,000 in a milestone payment upon achievement of a certain commercial milestone event, up to $0.5 million in a milestone payment upon achievement of certain additional development milestone events, and a double-digit percentage of development and sales milestone payments on the first two licensed non-patent products and, subject to certain royalty reductions, as applicable, low single-digit percentage royalties on net sales of products that are covered by the licensed patent rights or licensed technology. Subject to the terms of the Stanford License, the Company also agreed to pay Stanford University a certain percentage of non-royalty sublicense-related revenue that the Company receives from third-party sublicenses.

Oxford license and supply agreement

In June 2022, the Company entered into a License and Supply Agreement (the “Oxford Agreement”), with OXB (UK) Limited (“Oxford”) for the manufacture and supply of lentiviral vectors for clinical and potentially commercial purposes by the Company. Pursuant to the Oxford Agreement, Oxford granted to the Company a non-exclusive worldwide, sub-licensable, royalty-bearing license under certain intellectual property rights for the purposes of research, development, manufacturing and commercialization of products transduced with the vectors manufactured by Oxford or by the Company following a technology transfer by Oxford, which products are directed against certain initial targets, and upon payment of certain fees, additional targets as agreed by Oxford and the Company.

As consideration for the license granted under the Oxford Agreement, the Company paid an upfront license fee of $0.2 million. The Company determined that the purchase of the license under the Oxford Agreement represented an asset acquisition as it did not meet the definition of a business. As the acquired license represented IPR&D assets with no alternative future use, the Company recorded the upfront payment of $0.2 million as research and development expense in June 2022.

In March 2024, the Company entered into an amendment to the Oxford Agreement pursuant to which Oxford and the Company agreed to an amended royalty payment structure for certain lentiviral vectors manufactured by Oxford. Under the firi-cel program the Company may be obligated to pay up to an aggregate amount of $4.8 million in regulatory and commercial milestones. This includes reduced regulatory and commercial milestones for the firi-cel program, as part of the amendment. In addition, the Company is no longer obligated to pay earned royalties on net sales of licensed products manufactured by Oxford under its firi-cel program and remains obligated to pay an earned royalty at low single-digit percentages of net sales of licensed products under its firi-cel program that are manufactured by an affiliate or a third party. Under its CRG-023 program, the Company may be obligated to pay up to an aggregate amount of $9.5 million in additional target fees, regulatory and commercial milestones and pay an earned royalty at low single-digit percentages of net sales.

No research and development expense related to the license was recorded during the three and nine months ended September 30, 2024. The Company recorded research and development expense related to the license of $0.3 million during the three and nine months ended September 30, 2023.

Unless terminated earlier, the Oxford Agreement will expire when no further payments are due to Oxford. The Company can terminate the agreement at will upon advance written notice and may be subject to certain manufacturing slot cancellation fees.

National Cancer Institute

In March 2022, the Company entered into an exclusive license agreement (the “2022 NCI License”) with the U.S. Department of Health and Human Services, as represented by The National Cancer Institute (“NCI”), pursuant to which the Company obtained a worldwide, royalty-bearing, exclusive license under certain patent rights to make, use, sell, offer for sale, and import certain autologous products covered by such licensed patents in the field of CAR-T immunotherapies for the treatment of B-cell malignancies that express CD22, and a non-sublicensable exclusive license for evaluation purposes only to make, use, and import, but not sell, certain allogenic products and to practice processes in the field of certain CAR-T immunotherapies for the treatment of B-cell malignancies that express CD22 for evaluation purposes, with an exclusive option to negotiate a non-exclusive or exclusive commercialization license. In March 2024, Company exercised its right to extend the exclusive option one time for an additional year and paid an extension royalty of $50,000.

As consideration for the licenses granted under the 2022 NCI License, the Company is required to pay the NCI a non-refundable license fee of $0.6 million, of which $0.2 million was paid in 2022, $0.1 million was paid in 2023 and $0.2 million was paid in March 2024, and the remaining balance of $0.1 million is payable on the third anniversary of the effective date of the agreement. The Company accrued the non-refundable upfront fees of $0.4 million upon entering into the 2022 NCI License. Non-refundable upfront fees of $0.1 million were accrued in accrued clinical and research and development expenses as of both September 30, 2024, and December 31, 2023, and as of December 31, 2023, $0.2 million, is classified as other non-current liabilities on the unaudited condensed balance sheet. The Company determined that the purchase of the license under the 2022 NCI License represented an asset acquisition as it did not meet the definition of a business. As the acquired license represented IPR&D assets with no alternative future use, the Company recorded the initial consideration of $0.6 million under the 2022 NCI License as research and development expense in March 2022, upon entering into the 2022 NCI License. The Company recorded research and development expense related to the license of $0.2 million and $0.6 million during the nine months ended September 30, 2024, and 2023, respectively, and of $0.1 million and $0.5 million during the three months ended September 30, 2024, and 2023, respectively.

The Company agreed to pay up to $0.2 million in regulatory milestone payments upon achieving specific regulatory filings, up to $1.8 million in development milestone payments upon achieving specific clinical trials or registration trials, and up to $16.0 million in sales milestones upon achievement of specific commercial milestone events for up to three distinct licensed products, and an earned royalty on net sales of autologous cell therapy products covered by the licensed patent rights and, if the Company chooses to exercise the exclusive option mentioned above, on net sales of allogenic products, at a low single-digit percentage, depending on the amount of annual net sales and subject to the terms of the 2022 NCI License. The Company is also required to make minimum annual royalty payments of $50,000 per year, which will be creditable against royalties due for sales in that year. In addition, the Company is obligated to pay the NCI a percentage of non-royalty revenue received by the Company from its right to sublicense. Additionally, in the event the Company is granted a priority review voucher (“PRV”), the Company would be obligated to pay the NCI a minimum of $5.0 million upon the sale, transfer or lease of the PRV or $0.5 million upon submission of the PRV for use by the U.S. FDA. The Company is also obligated to pay the NCI a royalty based on a percentage of the fair market value of the consideration the Company receives for any assignment of the 2022 NCI License to a non-affiliate (upon the NCI’s prior written consent) or on an allocated portion of the fair value of consideration received in connection with a change in control (including an IPO). On the closing of the Company's IPO in November 2023, the change in control milestone was met, and the Company and the NCI are in discussions regarding the amount of such payment.

Unless earlier terminated, the 2022 NCI License will expire upon the expiration of the last to expire of the licensed patent rights. The NCI may terminate or modify the 2022 NCI License in the event of an uncured material breach, including, but not limited to, if the Company does not meet certain milestones by certain dates, or upon certain insolvency events that remain uncured following the date that is 90 days following written notice of such breach or insolvency event. The Company may terminate the license, or any portion thereof, at its sole discretion at any time upon 60 days written notice to the NCI.

In February 2023, the Company entered into an exclusive license agreement (the “2023 NCI License”) with the NCI, pursuant to which the Company obtained a worldwide, royalty-bearing, exclusive license under certain patent rights owned by the NCI to make, use, sell and import products and to practice processes in the field of certain CAR-T immunotherapies for the treatment of B-cell malignancies, wherein the T cells are engineered to express CD22 in combination with binders, CARs or other receptors targeting CD19, CD20, and/or CD79b; and at least one of the following: manufacturing the product with the STASH platform technology and/or a technology to activate CD2 signaling in the CAR T cell.

As consideration for the licenses granted under the 2023 NCI License, the Company agreed to pay the NCI a non-refundable license fee of $0.3 million in three installments whereby the first installment was payable within 60 days of the execution of the agreement and the remaining two payments are due on the first and second anniversaries of the effective date of the agreement. Additionally, the Company agreed to reimburse the NCI for $0.1 million in expenses incurred by the NCI prior to January 1, 2022, related to the preparation, filing, prosecution, and maintenance of all patent applications and patents included in the license under the 2023 NCI License. The Company determined that the purchase of the license under the 2023 NCI License represented an asset acquisition as it did not meet the definition of a business. As the acquired license represented IPR&D assets with no alternative future use, upon entering

the 2023 NCI License in February 2023, the Company recorded the initial consideration of $0.4 million under the 2023 NCI License, consisting of the non-refundable upfront fees, as research and development expense.

The Company recorded research and development expense of $50,000 and $0.4 million related to the minimum annual royalty, the license issue royalty, the reimbursement of past patent application expenses during the nine months ended September 30, 2024, and 2023, respectively. No research and development expense related to the license was recorded during the three months ended September 30, 2024, and 2023.

The Company agreed to pay up to $0.1 million in milestone payments upon achievement of certain regulatory milestone events, up to $1.7 million in milestone payments upon achievement of certain development milestone events including initiation of specific clinical trials or registration trials, and up to $16.0 million in milestone payments upon achievement of specific commercial milestone events. Subject to the terms of the 2023 NCI License, the Company also agreed to pay a low single-digit percentage on earned royalties on net sales of products covered by the licensed patent rights. The Company also agreed to make minimum annual royalty payments of $50,000 per year, which will be creditable against royalties due for sales in that year. In addition, the Company is obligated to pay the NCI a percentage of non-royalty revenue received by the Company from its right to sublicense at defined percentages. Additionally, if the Company is granted a PRV, the Company would be obligated to pay the NCI a minimum of $5.0 million upon the sale, transfer or lease of the PRV or $0.5 million upon submission of the PRV for use by the FDA. The Company is also obligated to pay the NCI a royalty based on a percentage of the fair market value of the consideration the Company receives for any assignment of the 2023 NCI License to a non-affiliate (upon the NCI’s prior written consent) or on an allocated portion of the fair value of consideration received in connection with a change in control (including an IPO). On the closing of the Company's IPO in November 2023, the change in control milestone was met, and the Company and the NCI are in discussions regarding the amount of such payment.

Unless earlier terminated, the 2023 NCI License will expire upon the expiration of the last to expire of the licensed patent rights. The NCI may terminate or modify the 2023 NCI License in the event of an uncured material breach, including, but not limited to, if the Company does not meet certain milestones by certain dates, or upon certain insolvency events that remain uncured following the date that is 90 days following written notice of such breach or insolvency event. The Company may terminate the license, or any portion thereof, at its sole discretion at any time upon 60 days written notice to the NCI.

In connection with the closing of the Company’s IPO in November 2023, the Company accrued a total of $0.3 million of research and development expense within accrued clinical and research and development expenses on the balance sheet related to the change in control royalty for both the 2022 NCI License and the 2023 NCI License.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance Sheet Components [Abstract]
Depreciation expense	$ 700	$ 500	$ 1,876	$ 960

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Available for sale securities debt maturities term			mature within one year
Allowance for credit-related losses on investments	$ 0	$ 0	$ 0	$ 0
Other-than-temporary impairment charge for investments	$ 0	$ 0	$ 0	$ 0

Organization

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Description of the business

CARGO Therapeutics, Inc. (the “Company”) was incorporated in the state of Delaware in December 2019 as Syncopation Life Sciences, Inc. and changed its name to CARGO Therapeutics, Inc. in September 2022. It is a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients. The Company’s programs, platform technologies, and manufacturing strategy are designed to directly address the key limitations of approved cell therapies, including limited durability of effect, suboptimal safety and unreliable supply. The Company’s lead program, firicabtagene autoleucel (firi-cel) (previously CRG-022), an investigational autologous CD22 chimeric antigen receptor (“CAR”) T-cell therapy, has demonstrated robust safety, activity and manufacturability in clinical trials and is currently being studied in a potentially pivotal Phase 2 clinical trial for the treatment of large B-cell lymphoma (“LBCL”). The Company is also leveraging its proprietary cell engineering platform technologies to develop a pipeline of programs that incorporate multi-functional genetic “cargo” designed to enhance CAR T-cell persistence, as well as help safeguard against tumor resistance and T-cell exhaustion. The Company’s most advanced preclinical program, CRG-023, a tri-specific CAR T designed with the goal of providing more patients with a broad range of B-cell malignancies with durable responses by addressing several known causes of relapse associated with existing CAR T-cell therapies such as tumor antigen loss (e.g., CD19), loss of co-stimulation (e.g., CD58) and T cell exhaustion, resulting in a potential best-in-class CAR T-cell therapy. CRG-023 targets the B-cell lineage antigens (CD19, CD20, CD22) via tri-cistronic expression of 3 distinct CARs from a single lentiviral vector, each with its own co-stimulatory domain. One co-stimulatory domain incorporates CD2 signaling into the tri-specific CAR T cell, the design of which has been informed by immune-evasion and CAR T-cell resistance mediated by the loss of CD58 (the ligand of the CD2 co-stimulatory receptor).

Since its founding, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital, establishing licensing arrangements, building its proprietary platform technologies, discovering its product candidates, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its product candidates and related raw materials, and providing general and administrative support for these operations.

Reverse Stock Split

On November 1, 2023, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a 13.5685-for-1 basis (the “Reverse Stock Split”) which was effected on November 3, 2023. The par value and authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All share data and per share data amounts for all periods presented in the condensed financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Reverse Stock Split.

Initial Public Offering

On November 14, 2023, the Company closed its initial public offering (“IPO”), pursuant to which it issued and sold an aggregate of 18,750,000 shares of its common stock at a public offering price of $15.00 per share and on November 21, 2023, the Company issued and sold 2,512,181 additional shares of its common stock to the underwriters of the IPO pursuant to the partial exercise of their option to purchase additional shares, resulting in net proceeds of $291.0 million, after deducting underwriting discounts, commissions and other offering expenses. Upon the closing of the IPO, the Company’s 18,836,561 outstanding shares of redeemable convertible preferred stock then outstanding automatically converted into 18,836,561 shares of common stock. Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding.

In connection with the closing of its IPO, on November 14, 2023, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.001 per share and 50,000,000 shares of preferred stock, par value of $0.001 per share.

Liquidity

Since inception, the Company has incurred significant operating losses and negative cash flows, and it expects that it will continue to incur losses and negative cash flows for the foreseeable future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its platforms and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property and grows its business. As of and for the nine months ended September 30, 2024, the Company had an accumulated deficit of $267.2 million, cash and cash equivalents and marketable securities of $404.8 million and negative cash flows from operations of $104.9 million. The Company believes its existing cash and cash equivalents and marketable securities will be sufficient to support operations for at least 12 months from the issuance of these unaudited condensed financial statements.

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning balance \| shares	3,720,455
Granted \| shares	2,751,102
Exercised \| shares	(155,970)
Cancelled and forfeited \| shares	(254,619)
Outstanding, Ending balance \| shares	6,060,968	3,720,455
Vested and expected to vest, September 30, 2024 \| shares	6,060,968
Exercisable at September 30, 2024 \| shares	1,074,989
Weighted Average Exercise Price
Beginning balance \| $ / shares	$ 7.61
Granted \| $ / shares	23.07
Exercised \| $ / shares	5.7
Cancelled and forfeited \| $ / shares	13.97
Ending balance \| $ / shares	14.41	$ 7.61
Vested and expected to vest, September 30, 2024 \| $ / shares	14.41
Exercisable at September 30, 2024 \| $ / shares	$ 11.79
Weighted Average Remaining Contractual Term (in years)
Outstanding	9 years 3 days	9 years 5 months 26 days
Vested and expected to vest, September 30, 2024	9 years 3 days
Exercisable at September 30, 2024	8 years 6 months 3 days
Aggregate Intrinsic Value
Beginning balance \| $	$ 57,821
Ending balance \| $	37,216	$ 57,821
Vested and expected to vest, September 30, 2024 \| $	37,216
Exercisable at September 30, 2024 \| $	$ 9,000

Leases - Summary of Weighted-average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	6 years 6 months	6 years 8 months 12 days
Weighted-average discount rate	13.70%	13.60%

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	May 30, 2024	Jan. 31, 2024	Sep. 30, 2024	Nov. 14, 2023
Class of Warrant or Right [Line Items]
Fair value of pre-funded warrants issued		$ 37,600
Exercise price		$ 0.001
Sale of stock, price per share				$ 15
Gross proceeds from issuance of private placement			$ 102,888
Private Placement
Class of Warrant or Right [Line Items]
Sale of stock, number of shares issued in transaction	6,471,000
Sale of stock, price per share	$ 17
Gross proceeds from issuance of private placement	$ 110,000
Net proceeds from issuance of private placement			102,900
Placement agent fees and offering expenses			$ 7,100
Pre-funded Warrants \| Exchange Agreement
Class of Warrant or Right [Line Items]
Common stock exchanged for prefunded warrants		1,842,499
Exchange agreement terms			In January 2024, the Company entered into an exchange agreement (the “Exchange Agreement”), with certain stockholders (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,842,499 shares of the Company’s common stock owned by the Exchanging Stockholders for pre-funded warrants to purchase an aggregate of 1,842,499 common stock. The warrants have an exercise price of $0.001 per share and no expiration date.
Exercise price		$ 0.001
Exercise limitation terms			At the holders’ election, the Exercise Limitation may be increased or decreased to any other percentage not in excess of 9.99% and will be effective 61 days after notice of such change to the Company.
Pre-funded Warrants \| Maximum \| Exchange Agreement
Class of Warrant or Right [Line Items]
Percentage of ownership of common stock after exercise of warrants		9.99%
Exercise limitation percentage		9.99%

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Interest receivable	$ 1,699	$ 316
Other receivables	1,173	1,423
Prepaid research and development	1,707	825
Prepaid other	591	1,181
Total prepaid expenses and other current assets	$ 5,170	$ 3,745

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Interest receivable	$	1,699	$	316
Other receivables		1,173		1,423
Prepaid research and development		1,707		825
Prepaid other		591		1,181
Total prepaid expenses and other current assets	$	5,170	$	3,745

Property and equipment, net

Property and equipment, net consisted of the following:


	September 30, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	13,117		$	9,644
Furniture and fixtures		120			87
Computer equipment		680			593
Leasehold improvements		564			134
Construction in progress		691			1,833
Property and equipment at cost		15,172			12,291
Less: accumulated depreciation		(3,513	)		(1,912	)
Property and equipment, net	$	11,659		$	10,379

Depreciation expense for the three months ended September 30, 2024, and 2023 was $0.7 million and $0.5 million, respectively, and for nine months ended September 30, 2024, and 2023 was $1.9 million and $1.0 million, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued compensation and related expenses	$	5,589	$	5,391
Accrued purchases of property and equipment		515		112
Accrued deferred offering costs		—		95
Other		1,428		1,031
Total accrued expenses and other current liabilities	$	7,532	$	6,629

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued compensation and related expenses	$ 5,589	$ 5,391
Accrued purchases of property and equipment	515	112
Accrued deferred offering costs	0	95
Other	1,428	1,031
Total accrued expenses and other current liabilities	$ 7,532	$ 6,629

License and Research and Development Agreements - Additional Information (Details) - USD ($)	1 Months Ended					3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2024	Feb. 28, 2023	Aug. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense						$ 35,932,000		$ 22,233,000	$ 103,893,000	$ 48,724,000
Accrued clinical and research and development expenses						8,595,000			8,595,000		$ 7,242,000
Other non-current liabilities											225,000
Stanford License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment			$ 50,000
Issuance of common shares for license, shares			67,605
Issuance of common shares for license, fair value			$ 100,000
Research and development expense			200,000			20,000		10,000	20,000	10,000
Stanford License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Annual license maintenance fees			100,000
Stanford License \| Maximum \| Development Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments			4,000,000
Stanford License \| Maximum \| Sales Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments			$ 7,500,000
Oxford License and Supply Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense						0		300,000	0	300,000
Upfront license fee				$ 200,000
Oxford License and Supply Agreement \| Research and Development
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront license fee				$ 200,000
Amendment to Oxford Agreement \| Regulatory and Commercial Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments	$ 4,800,000
2022 NCI License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense						100,000		500,000	200,000	600,000
Payment of extension royalty					$ 50,000
Non-refundable license fee					600,000		$ 200,000				100,000	$ 200,000
Remaining balance of non refundable license fee									$ 100,000
Accrued non refundable license fee					400,000
Minimum payment on sale, transfer or lease of PRV					5,000,000
Termination and expiration clause									NCI may terminate or modify the 2022 NCI License in the event of an uncured material breach, including, but not limited to, if the Company does not meet certain milestones by certain dates, or upon certain insolvency events that remain uncured following the date that is 90 days following written notice of such breach or insolvency event. The Company may terminate the license, or any portion thereof, at its sole discretion at any time upon 60 days written notice to the NCI.
2022 NCI License \| Accrued Clinical and Research and Development Expenses Current
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accrued non-refundable upfront fees						100,000			$ 100,000		100,000
2022 NCI License \| Other Noncurrent Liabilities
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accrued non-refundable upfront fees											$ 200,000
2022 NCI License \| Research and Development
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Non-refundable license fee					600,000
2022 NCI License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments					200,000
2022 NCI License \| Maximum \| Development Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments					1,800,000
2022 NCI License \| Maximum \| Sales Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments					16,000,000
2022 NCI License \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Minimum annual royalty payments					50,000
Minimum payment on submission of PRV					$ 500,000
2023 NCI License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Non-refundable license fee		$ 300,000
Minimum payment on sale, transfer or lease of PRV		5,000,000
Termination and expiration clause									Unless earlier terminated, the 2023 NCI License will expire upon the expiration of the last to expire of the licensed patent rights. The NCI may terminate or modify the 2023 NCI License in the event of an uncured material breach, including, but not limited to, if the Company does not meet certain milestones by certain dates, or upon certain insolvency events that remain uncured following the date that is 90 days following written notice of such breach or insolvency event. The Company may terminate the license, or any portion thereof, at its sole discretion at any time upon 60 days written notice to the NCI.
Payment of reimburse in expense incurred on patent		100,000
2023 NCI License \| Accrued Expenses and Other Current Liabilities Member
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accrued clinical and research and development expenses													$ 300,000
2023 NCI License \| Research and Development
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Non-refundable license fee		400,000
2023 NCI License \| Minimum Annual Royalty
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense						$ 0		$ 0	$ 50,000	$ 400,000
2023 NCI License \| Maximum \| Development Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments		1,700,000
2023 NCI License \| Maximum \| Regulatory Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments		100,000
2023 NCI License \| Maximum \| Sales Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments		16,000,000
2023 NCI License \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Minimum annual royalty payments		50,000
Minimum payment on submission of PRV		$ 500,000
Stanford University \| Stanford License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Issuance of common shares for license, shares			22,317
Non-profit Organizations \| Stanford License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Issuance of common shares for license, shares			27,100
Stanford University Inventors \| Stanford License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Issuance of common shares for license, shares			18,188
Commercial Milestone Event \| Stanford License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments			$ 50,000
Certain Additional Milestone Events \| Stanford License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments			$ 500,000
CRG-023 Program \| Amendment to Oxford Agreement \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Additional target fees to be paid	$ 9,500,000						$ 9,500,000

Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Reserved Common Stock For Issuance

The Company’s reserved common stock, on an as-converted basis for issuance was as follows:


	September 30, 2024		December 31, 2023
Common stock options issued and outstanding under the Plan		6,060,968		3,720,455
Common stock issuable upon exercise of pre-funded warrants		1,842,499		—
Remaining shares available for issuance under the Plan		3,457,652		3,893,858
Remaining shares available for issuance under the ESPP		798,780		386,725
Total reserved common stock		12,159,899		8,001,038

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 35,932	$ 22,233	$ 103,893	$ 48,724
General and administrative	11,180	6,478	33,343	13,030
Total operating expenses	47,112	28,711	137,236	61,754
Loss from operations	(47,112)	(28,711)	(137,236)	(61,754)
Interest income	5,403	894	15,395	1,577
Interest expense				(1,604)
Net change in fair value of redeemable convertible preferred stock tranche obligations		(7,651)		(8,343)
Change in fair value of derivative liabilities				6,453
Loss on extinguishment of convertible notes				(2,316)
Other expense, net	(199)	(3)	(226)	(83)
Net loss	(41,908)	(35,471)	(122,067)	(66,070)
Other comprehensive loss:
Unrealized gain on marketable securities	958		635
Comprehensive loss	$ (40,950)	$ (35,471)	$ (121,432)	$ (66,070)
Net loss per share attributable to common stockholders, basic	$ (0.88)	$ (47.37)	$ (2.77)	$ (98.15)
Net loss per share attributable to common stockholders, diluted	$ (0.88)	$ (47.37)	$ (2.77)	$ (98.15)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	47,664,309	748,862	44,014,886	673,175
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	47,664,309	748,862	44,014,886	673,175

Net Loss Per Share - Summary of Potentially Dilutive Shares (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive shares excluded from computation of diluted net loss per share	6,131,632	15,844,837
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive shares excluded from computation of diluted net loss per share		12,495,411
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive shares excluded from computation of diluted net loss per share	6,060,968	3,048,512
Restricted Stock Awards Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive shares excluded from computation of diluted net loss per share	70,664	300,914

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable Convertible Preferred Stock	Convertible Preferred Stock Preferred Stock	Series A-1 Redeemable Convertible Preferred Stock	Series A-2 Redeemable Convertible Preferred Stock
Beginning balance, shares at Dec. 31, 2022						0
Beginning balance, amount at Dec. 31, 2022						$ 0
Beginning balance, shares at Dec. 31, 2022		1,091,800					810,700
Beginning balance, amount at Dec. 31, 2022	$ (35,236)	$ 1	$ 11,761		$ (46,999)		$ 1
Reclassification of Series Seed redeemable convertible preferred stock, shares						810,700
Reclassification of Series Seed redeemable convertible preferred stock, amount						$ 9,830
Reclassification of series seed redeemable convertible preferred stock, shares							(810,700)
Reclassification of series seed redeemable convertible preferred stock, amount	(9,830)		(9,829)				$ (1)
Issuance of redeemable convertible preferred stock, shares								5,072,919
Issuance of redeemable convertible preferred stock, amount								$ 60,760
Issuance of redeemable convertible preferred stock upon conversion of convertible notes, shares									3,229,851
Issuance of redeemable convertible preferred stock upon conversion of convertible notes, amount									$ 35,576
Issuance of restricted stock, shares		1,874
Vesting of restricted stock	18		18
Repurchase of restricted stock		(4,698)
Stock-based compensation	31		31
Net loss	(12,747)				(12,747)
Ending balance, shares at Mar. 31, 2023						9,113,470
Ending balance, amount at Mar. 31, 2023						$ 106,166
Ending balance, shares at Mar. 31, 2023		1,088,976					0
Ending balance, amount at Mar. 31, 2023	(57,764)	$ 1	1,981		(59,746)		$ 0
Beginning balance, shares at Dec. 31, 2022						0
Beginning balance, amount at Dec. 31, 2022						$ 0
Beginning balance, shares at Dec. 31, 2022		1,091,800					810,700
Beginning balance, amount at Dec. 31, 2022	(35,236)	$ 1	11,761		(46,999)		$ 1
Net loss	(66,070)
Ending balance, shares at Sep. 30, 2023						12,495,411
Ending balance, amount at Sep. 30, 2023						$ 150,088
Ending balance, shares at Sep. 30, 2023		1,086,262					0
Ending balance, amount at Sep. 30, 2023	(109,335)	$ 1	3,733		(113,069)		$ 0
Beginning balance, shares at Mar. 31, 2023						9,113,470
Beginning balance, amount at Mar. 31, 2023						$ 106,166
Beginning balance, shares at Mar. 31, 2023		1,088,976					0
Beginning balance, amount at Mar. 31, 2023	(57,764)	$ 1	1,981		(59,746)		$ 0
Exercise of stock options, shares		1,695
Exercise of stock options, amount	2		2
Vesting of restricted stock	43		43
Repurchase of restricted stock		(4,686)
Stock-based compensation	592		592
Net loss	(17,852)				(17,852)
Ending balance, shares at Jun. 30, 2023						9,113,470
Ending balance, amount at Jun. 30, 2023						$ 106,166
Ending balance, shares at Jun. 30, 2023		1,085,985					0
Ending balance, amount at Jun. 30, 2023	(74,979)	$ 1	2,618		(77,598)		$ 0
Issuance of redeemable convertible preferred stock, shares								3,381,941
Issuance of redeemable convertible preferred stock, amount								$ 42,012
Reclassification of tranche obligation asset to Series A-1 redeemable convertible preferred stock						$ 1,910
Exercise of stock options, shares		5,545
Exercise of stock options, amount	6		6
Vesting of restricted stock	25		25
Repurchase of restricted stock		(5,268)
Stock-based compensation	1,084		1,084
Net loss	(35,471)				(35,471)
Ending balance, shares at Sep. 30, 2023						12,495,411
Ending balance, amount at Sep. 30, 2023						$ 150,088
Ending balance, shares at Sep. 30, 2023		1,086,262					0
Ending balance, amount at Sep. 30, 2023	(109,335)	$ 1	3,733		(113,069)		$ 0
Beginning balance, shares at Dec. 31, 2023		41,205,551
Beginning balance, amount at Dec. 31, 2023	405,386	$ 41	550,491	$ 0	(145,146)
Exchange of common stock for pre-funded warrants, shares		(1,842,499)
Exchange of common stock for pre-funded warrants, value	(25)	$ (2)	(23)
Exercise of stock options, shares		5,595
Exercise of stock options, amount	26		26
Vesting of restricted stock	11		11
Stock-based compensation	3,904		3,904
Net loss	(35,811)				(35,811)
Other comprehensive income (loss)	(279)			(279)
Ending balance, shares at Mar. 31, 2024		39,368,647
Ending balance, amount at Mar. 31, 2024	373,212	$ 39	554,409	(279)	(180,957)
Beginning balance, shares at Dec. 31, 2023		41,205,551
Beginning balance, amount at Dec. 31, 2023	$ 405,386	$ 41	550,491	0	(145,146)
Exercise of stock options, shares	155,970
Net loss	$ (122,067)
Ending balance, shares at Sep. 30, 2024		45,990,022
Ending balance, amount at Sep. 30, 2024	400,878	$ 46	667,410	635	(267,213)
Beginning balance, shares at Mar. 31, 2024		39,368,647
Beginning balance, amount at Mar. 31, 2024	373,212	$ 39	554,409	(279)	(180,957)
Issuance of common stock in private placement, net of issuance costs, amount	102,888	$ 7	102,881
Issuance of common stock in private placement, net of issuance costs, shares		6,471,000
Exercise of stock options, shares		22,744
Exercise of stock options, amount	80		80
Vesting of restricted stock	11		11
Stock-based compensation	4,302		4,302
Net loss	(44,348)				(44,348)
Other comprehensive income (loss)	(44)			(44)
Ending balance, shares at Jun. 30, 2024		45,862,391
Ending balance, amount at Jun. 30, 2024	436,101	$ 46	661,683	(323)	(225,305)
Exercise of stock options, shares		127,631
Exercise of stock options, amount	783		783
Vesting of restricted stock	13		13
Stock-based compensation	4,931		4,931
Net loss	(41,908)				(41,908)
Other comprehensive income (loss)	958			958
Ending balance, shares at Sep. 30, 2024		45,990,022
Ending balance, amount at Sep. 30, 2024	$ 400,878	$ 46	$ 667,410	$ 635	$ (267,213)

Stock-Based Compensation - Summary of Estimated Grant Date Fair Value of Awards (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend	0.00%	0.00%
Stock Options and Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, Minimum	85.70%	84.60%
Expected volatility, Maximum	104.10%	87.20%
Risk-free interest rate, Minimum	3.50%	3.20%
Risk-free interest rate, Maximum	4.70%	4.60%
Stock Options and Restricted Stock Awards \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	1 year 3 months 18 days
Stock Options and Restricted Stock Awards \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 4 months 24 days

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2024 ft²	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) ft² SubleaseAgreement	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Leases, term of contract			7 years
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Lease renewal term	12 months		3 years
Total undiscounted lease payments				$ 45,269
Number of sublease agreements \| SubleaseAgreement			2
Area subleased \| ft²			2,300
Decrease in operating lease liability and right-of-use asset from lease modifications		$ 300
San Mateo, California
Lessee, Lease, Description [Line Items]
Lease space \| ft²			31,117
Lease expiration date			Nov. 30, 2024
San Carlos, California
Lessee, Lease, Description [Line Items]
Lease space \| ft²	38,200		99,557
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Undiscounted lease payments for Initial term of sublease				$ 4,600
Letter of Credit
Lessee, Lease, Description [Line Items]
Letter of credit			$ 600

Convertible Notes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Convertible Notes [Line Items]
Loss on extinguishment of convertible notes		$ (2,316)
Series A-2 Redeemable Convertible Preferred Stock
Convertible Notes [Line Items]
Issuance of redeemable convertible preferred stock upon conversion of convertible notes, shares	3,229,851

Net Loss Per Share - Summary of Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (41,908)	$ (44,348)	$ (35,811)	$ (35,471)	$ (17,852)	$ (12,747)	$ (122,067)	$ (66,070)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	47,664,309			748,862			44,014,886	673,175
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	47,664,309			748,862			44,014,886	673,175
Net loss per share attributable to common stockholders, basic	$ (0.88)			$ (47.37)			$ (2.77)	$ (98.15)
Net loss per share attributable to common stockholders, diluted	$ (0.88)			$ (47.37)			$ (2.77)	$ (98.15)

- Definition

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

+ References

+ Details

- Definition

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.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	CARGO Therapeutics, Inc.
Document Period End Date	Sep. 30, 2024
Entity Central Index Key	0001966494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity File Number	001-41859
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4080422
Entity Address, Address Line One	835 Industrial Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	499-8950
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	CRGX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,027,727

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Interest receivable	$	1,699	$	316
Other receivables		1,173		1,423
Prepaid research and development		1,707		825
Prepaid other		591		1,181
Total prepaid expenses and other current assets	$	5,170	$	3,745

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following:


	September 30, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	13,117		$	9,644
Furniture and fixtures		120			87
Computer equipment		680			593
Leasehold improvements		564			134
Construction in progress		691			1,833
Property and equipment at cost		15,172			12,291
Less: accumulated depreciation		(3,513	)		(1,912	)
Property and equipment, net	$	11,659		$	10,379

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued compensation and related expenses	$	5,589	$	5,391
Accrued purchases of property and equipment		515		112
Accrued deferred offering costs		—		95
Other		1,428		1,031
Total accrued expenses and other current liabilities	$	7,532	$	6,629

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

2023 Incentive Award Plan

In November 2023, the Company's board of directors adopted the 2023 Incentive Award Plan (the “2023 Plan”). On January 1, 2024, the shares of common stock authorized for issuance under the 2023 Plan increased by 2,060,277 shares and as of September 30, 2024, a total of 3,457,652 shares of common stock were available for future issuance under the 2023 Plan.

Stock options

Stock option activity for the nine months ended September 30, 2024 was as follows:


	Number of Options			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		3,720,455		$	7.61		9.49	$	57,821
Granted		2,751,102			23.07
Exercised		(155,970	)		5.70
Cancelled and forfeited		(254,619	)		13.97
Outstanding at September 30, 2024		6,060,968		$	14.41		9.01	$	37,216
Vested and expected to vest, September 30, 2024		6,060,968		$	14.41		9.01	$	37,216
Exercisable at September 30, 2024		1,074,989		$	11.79		8.51	$	9,000

Aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the options and the Company’s estimated fair value of its common stock as of September 30, 2024 and December 31, 2023.

The aggregate intrinsic value of options exercised during the three months ended September 30, 2024 and 2023 was $1.8 million and $39,000, respectively, and during the nine months ended September 30, 2024 and 2023 was $2.3 million and $46,000, respectively. The estimated weighted-average grant-date fair value of options granted during the nine months ended September 30, 2024 and 2023 was $18.32 and $5.17 per share, respectively. As of September 30, 2024, there was $54.4 million of unrecognized stock-based compensation related to stock options, which is expected to be recognized over a weighted-average period of 3.1 years.

Restricted stock awards

The following table summarizes the Company’s restricted stock activity.


	Number of Awards			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2023		239,699		$	0.93
Vested		(169,035	)		1.00
Unvested as of September 30, 2024		70,664		$	0.76

The purchase price of the restricted stock awards is the fair value of common stock as determined by the board of directors at the issuance date. The shares generally vest monthly over four years from the grant date.

The Company recorded $0.1 million as a share repurchase liability for restricted stock awards in accrued expenses and other current liabilities on the unaudited condensed balance sheets as of September 30, 2024 and December 31, 2023.

As of September 30, 2024, unrecognized stock-based compensation expense related to outstanding unvested restricted stock awards was $35,000, which is expected to be recognized over a weighted-average period of 1.5 years.

Stock‑based compensation expense

Total stock-based compensation expense recorded in the unaudited condensed statements of operations and comprehensive loss was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands)
General and administrative	$	3,048	$	587	$	7,889	$	1,014
Research and development		1,883		497		5,248		693
Total stock-based compensation expense	$	4,931	$	1,084	$	13,137	$	1,707

The estimated grant-date fair value of awards granted was calculated based on the following assumptions:


	Nine months ended September 30,
	2024	2023
Expected term (in years)	5.3 - 6.1	1.3 - 6.4
Expected volatility	85.7% - 104.1%	84.6% - 87.2%
Expected dividend	—	—
Risk-free interest rate	3.5% - 4.7%	3.2% - 4.6%

Employee Stock Purchase Plan

On November 14, 2023, the Company's board of directors adopted the 2023 Employee Stock Purchase Plan (the “ESPP”) which became effective immediately. On January 1, 2024, the number of shares of common stock authorized for issuance under the ESPP increased automatically by 412,055 shares and as of September 30, 2024, a total of 798,780 shares were available for future issuance under the ESPP. There were no shares issued under the ESPP during the three and nine months ended September 30, 2024.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the nine months ended September 30, 2024 was as follows:


	Number of Options			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		3,720,455		$	7.61		9.49	$	57,821
Granted		2,751,102			23.07
Exercised		(155,970	)		5.70
Cancelled and forfeited		(254,619	)		13.97
Outstanding at September 30, 2024		6,060,968		$	14.41		9.01	$	37,216
Vested and expected to vest, September 30, 2024		6,060,968		$	14.41		9.01	$	37,216
Exercisable at September 30, 2024		1,074,989		$	11.79		8.51	$	9,000

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity.


	Number of Awards			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2023		239,699		$	0.93
Vested		(169,035	)		1.00
Unvested as of September 30, 2024		70,664		$	0.76

Summary of Stock Based Compensation Expense

Total stock-based compensation expense recorded in the unaudited condensed statements of operations and comprehensive loss was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands)
General and administrative	$	3,048	$	587	$	7,889	$	1,014
Research and development		1,883		497		5,248		693
Total stock-based compensation expense	$	4,931	$	1,084	$	13,137	$	1,707

Summary of Estimated Grant Date Fair Value of Awards

The estimated grant-date fair value of awards granted was calculated based on the following assumptions:


	Nine months ended September 30,
	2024	2023
Expected term (in years)	5.3 - 6.1	1.3 - 6.4
Expected volatility	85.7% - 104.1%	84.6% - 87.2%
Expected dividend	—	—
Risk-free interest rate	3.5% - 4.7%	3.2% - 4.6%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (41,908)	$ (44,348)	$ (35,811)	$ (35,471)	$ (17,852)	$ (12,747)	$ (122,067)	$ (66,070)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Related Parties - Additional Information (Details)	3 Months Ended
Related Parties - Additional Information (Details)	Mar. 31, 2023 shares
Series A-2 Redeemable Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of redeemable convertible preferred stock upon conversion of convertible notes, shares	3,229,851

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Award	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested, Number of Awards, Beginning balance \| shares	239,699
Number of Awards, Vested \| shares	(169,035)
Unvested, Number of Awards, Ending balance \| shares	70,664
Unvested, Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 0.93
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1
Unvested, Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 0.76

- 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

Leases - Schedule of Supplemental Cash Flow and Noncash Information Related to Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 2,500	$ 1,804
Right-of-use assets obtained in exchange for lease obligations		$ 2,291
Decrease in right-of-use assets and liabilities from lease modifications	$ 324

Leases - Summary of Future Payments Associated with Company's Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 145
2025	4,676
2026	7,224
2027	7,441
2028	7,664
Thereafter	18,119
Total undiscounted lease payments	45,269
Less: imputed interest	(16,685)
Total operating lease liabilities	$ 28,584

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 71,176	$ 405,732
Marketable securities	333,672
Prepaid expenses and other current assets	5,170	3,745
Total current assets	410,018	409,477
Operating lease right-of-use assets	24,063	28,222
Restricted cash	567	567
Property and equipment, net	11,659	10,379
Other non-current assets	4,654	4,391
Total assets	450,961	453,036
Current liabilities:
Accounts payable	5,372	5,013
Accrued clinical and research and development expenses	8,595	7,242
Accrued expenses and other current liabilities	7,532	6,629
Operating lease liabilities, current	143	2,278
Total current liabilities	21,642	21,162
Operating lease liabilities, non-current	28,441	26,263
Other non-current liabilities		225
Total liabilities	50,083	47,650
Stockholders' equity:
Common stock	46	41
Additional paid-in capital	667,410	550,491
Accumulated other comprehensive income	635
Accumulated deficit	(267,213)	(145,146)
Total stockholders' equity	400,878	405,386
Total liabilities and stockholders' equity	$ 450,961	$ 453,036

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option granted			$ 23.07
Share repurchase liability	$ 100,000		$ 100,000			$ 100,000
Restricted Stock Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 35,000		$ 35,000
Unrecognized stock-based compensation expense, weighted average period of recognition			1 year 6 months
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock authorized for issuance increase					2,060,277
Shares of common stock available for future issuance	3,457,652		3,457,652
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value option exercised	$ 1,800,000	$ 39,000	$ 2,300,000	$ 46,000
Weighted-average grant-date per share fair value of options			$ 18.32	$ 5.17
Unrecognized compensation expense	$ 54,400,000		$ 54,400,000
Unrecognized stock-based compensation expense, weighted average period of recognition			3 years 1 month 6 days
2023 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock authorized for issuance increase					412,055
Shares of common stock available for future issuance	798,780		798,780
Shares, Issued	0		0

Convertible Preferred Stock - Additional Information (Details) - shares	3 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Nov. 14, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding			0
Series A-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of redeemable convertible preferred stock, shares	3,381,941	5,072,919
Series A-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of redeemable convertible preferred stock upon conversion of convertible notes, shares		3,229,851
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding	12,495,411	9,113,470		9,113,470	0

- 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 - Summary of Stock Based Compensation Expense (Details) - Stock Options and Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,931	$ 1,084	$ 13,137	$ 1,707
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	3,048	587	7,889	1,014
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,883	$ 497	$ 5,248	$ 693

- 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

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

5. Leases

In December 2023, the Company entered into a 7-year lease for 99,557 square feet of lab and office space in San Carlos, California. The agreement provides for two options to renew for three years each, which the Company is not reasonably certain to exercise. The Company is required to maintain a letter of credit for $0.6 million which has been classified as non-current restricted cash on the unaudited condensed balance sheets.

In July 2024, the Company entered into an agreement with a third party to sublease approximately 38,200 square feet of the Company’s headquarters in San Carlos, California. The sublease term ends on June 30, 2026 with the third party having the option to extend the term for 12 months, unless sooner terminated or cancelled in accordance with the terms and conditions of the sublease or the Company intends to reoccupy the space. The sublease did not relieve the Company of its obligations under the primary lease, and therefore the Company did not adjust the right-of-use asset and the operating lease liability. The total undiscounted lease payments for the initial term of the sublease are $4.6 million as of September 30, 2024.

The Company also leases 31,117 square feet of lab and office space in San Mateo, California which expires in November 2024. The Company was a sublessor in two agreements for a combined 2,300 square feet of the Company’s leased premises which expired in May 2023 and October 2023. In the second quarter of 2024, the Company approved the plan to cease use of the San Mateo leased premises with a planned abandonment date of August 15, 2024. In June 2024, the Company executed an amendment to terminate one of the two leases in San Mateo effective August 15, 2024. As a result, in the second quarter of 2024, the Company reduced the operating lease liability and right-of-use asset of the modified lease by $0.3 million. The Company also accelerated the amortization of the right-of-use asset

for the remaining leased premises and related leasehold improvements to recognize amortization on a straight-line basis between the approval date and the abandonment date.

The future payments associated with the Company’s operating lease liabilities as of September 30, 2024 were as follows:


	Amount
	(in thousands)
2024 (remaining three months)	$	145
2025		4,676
2026		7,224
2027		7,441
2028		7,664
Thereafter		18,119
Total undiscounted lease payments		45,269
Less: imputed interest		(16,685	)
Total operating lease liabilities	$	28,584

A summary of total lease costs and other information for the periods relating to the Company’s operating leases was as follows:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands)
Operating lease cost	$	2,035		$	683		$	6,702		$	1,929
Variable lease cost		847			168			2,525			476
Sublease income		(568	)		(60	)		(568	)		(280	)
Total lease cost	$	2,314		$	791		$	8,659		$	2,125


	September 30, 2024	December 31, 2023
Other information:
Weighted-average remaining lease term (in years)	6.5	6.7
Weighted-average discount rate	13.7%	13.6%

Supplemental cash flow and noncash information related to the Company’s operating leases was as follows:


	Nine months ended September 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	2,500	$	1,804
Right-of-use assets obtained in exchange for lease obligations	$	—	$	2,291
Decrease in right-of-use assets and liabilities from lease modifications	$	324	$	—

Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 403,211
Unrealized Gains	637
Unrealized Losses	(2)
Fair Value	403,846
Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	333,037
Unrealized Gains	637
Unrealized Losses	(2)
Fair Value	333,672
U.S. Government and Agencies Securities \| Marketable Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	196,278
Unrealized Gains	305
Unrealized Losses	(2)
Fair Value	196,581
U.S Treasury Securities \| Marketable Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	136,759
Unrealized Gains	332
Unrealized Losses	0
Fair Value	137,091
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	70,174	$ 398,017
Fair Value	70,174	398,017
Cash Equivalents \| Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	70,174	398,017
Fair Value	$ 70,174	$ 398,017

Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Details)	Nov. 14, 2023 shares
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized	0
Redeemable convertible preferred stock, shares outstanding	0

Convertible Preferred Stock - Summary of Convertible Preferred Stock (Details)	Nov. 14, 2023 $ / shares shares
Class of Stock [Line Items]
Convertible preferred stock, shares authorized \| shares	50,000,000
Convertible preferred stock, original issuance price \| $ / shares	$ 0.001

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Nov. 21, 2023	Nov. 14, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization [Line Items]
Accumulated deficit			$ (267,213)		$ (145,146)
Stockholders' equity, reverse stock split			13.5685-for-1 basis
Issuance of common stock in private placement, net of issuance costs, shares		18,750,000
Public offering price of shares		$ 15
Shares converted (in shares)		18,836,561
Redeemable convertible preferred stock, shares outstanding		0
Redeemable convertible preferred stock, shares authorized		0
Common stock, shares authorized		500,000,000
Common Stock, par value		$ 0.001
Convertible preferred stock, shares authorized		50,000,000
Convertible preferred stock, par value		$ 0.001
Cash and cash equivalents and marketable securities			$ 404,800
Cash flows from operations			$ (104,855)	$ (52,182)
IPO
Organization [Line Items]
Additional shares issued to underwriters of IPO	2,512,181
Net proceeds from issuance of initial public offering	$ 291,000

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2024:


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	70,174	$	—	$	—		$	70,174
Total		$	70,174	$	—	$	—		$	70,174

Marketable securities:
U.S. government and agencies securities	Level 2	$	196,278	$	305	$	(2	)	$	196,581
U.S. Treasury securities	Level 2		136,759		332		—			137,091
Total		$	333,037	$	637	$	(2	)	$	333,672

Total assets		$	403,211	$	637	$	(2	)	$	403,846

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023:


	Valuation	Amortized		Unrealized		Unrealized		Fair
	Hierarchy	Cost		Gains		Losses		Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	398,017	$	—	$	—	$	398,017
Total		$	398,017	$	—	$	—	$	398,017

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 15,172	$ 12,291
Less: accumulated depreciation	(3,513)	(1,912)
Property and equipment, net	11,659	10,379
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment at cost	13,117	9,644
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment at cost	120	87
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment at cost	680	593
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment at cost	564	134
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 691	$ 1,833

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Mar. 31, 2023
Stock Issuance Costs	$ 7,119
Convertible Preferred Stock
Issuance of tranche asset and liability			$ 7,317
Series A-1 Redeemable Convertible Preferred Stock
Stock Issuance Costs		$ 55	$ 755

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of presentation

The Company has prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars.

Reclassifications

Certain reclassifications of previously reported amounts have been made to conform to the current period presentation. Specifically, interest income was previously presented within other income (expense), net for the three and nine months ended September 30, 2023 in the Quarterly Report on Form 10-Q filed with the SEC on December 13, 2023. Interest income is presented separately in the unaudited condensed statement of operations and comprehensive loss within these financial statements.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations.

Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, the fair value of derivative liabilities, the initial fair value of the financial commitment liabilities related to the convertible notes, valuation of the redeemable convertible preferred stock tranche asset and liability, valuation of deferred tax assets, the fair value of equity instruments, equity-based instruments, stock-based compensation, and the determination of the incremental borrowing rate.

Unaudited interim condensed financial statements

The condensed balance sheet as of September 30, 2024 and the condensed statements of operations and comprehensive loss, condensed statement of stockholders’ equity, and condensed statement of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2024, and 2023 and condensed statements of cash flows for the nine months ended September 30, 2024, and 2023 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or for any other future

annual or interim period. The condensed balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 21, 2024.

Marketable securities

The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company evaluates securities for impairment at the end of each reporting period. Factors considered in the evaluation include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospect of the issuer, and the Company’s intent and ability to hold the investment to allow for anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is reported as a component of other comprehensive loss. Realized gains and losses are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. Accrued interest on marketable securities is included in prepaid expenses and other current assets on the balance sheets.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period while the warrants are outstanding. The Company’s pre-funded warrants met all the criteria for equity classification and were recorded as a component of additional paid-in capital at their fair value on issuance.

Net loss per share attributable to common stockholders

The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per 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 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.

Basic net loss per share attributable to common stockholders is computed using the weighted-average number of shares of common stock outstanding during the period excluding unvested restricted stock subject to repurchase. Basic net loss per share includes pre-funded warrants issued in January 2024 because the pre-funded warrants have a nominal exercise price of $0.001 per share and they were fully vested and exercisable upon their issuance. Diluted net loss per share attributable to common stockholders is computed using the sum of the weighted-average number of shares of common stock outstanding during the period and the effect of dilutive securities.

For periods when the Company’s redeemable convertible preferred stock was outstanding, the holders of such shares were contractually entitled to participate in dividends but not contractually required to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. As the Company was in a net loss position for the periods presented, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive.

Recently adopted accounting pronouncements

The Company has implemented all new accounting pronouncements, which are expected to have a material impact on its condensed financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial statements.

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of incremental segment information on an interim and annual basis and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted annual requirements under ASU 2023-07 on January 1, 2024 and plans to adopt interim requirements under ASU 2023-07 on January 1, 2025. The Company will begin including financial statement disclosures in accordance with ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. ASU 2023-09 requires consistent categories and greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company beginning on January 1, 2025, with early adoption permitted. The Company is assessing the impact of the adoption of this standard on its financial statements.

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the accompanying financial statements and disclosures.

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

A reconciliation of net loss attributable to common stockholders and the number of shares in the calculation of basic and diluted loss per share was as follows:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(41,908	)	$	(35,471	)	$	(122,067	)	$	(66,070	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		47,664,309			748,862			44,014,886			673,175
Net loss per share attributable to common stockholders, basic and diluted	$	(0.88	)	$	(47.37	)	$	(2.77	)	$	(98.15	)


	September 30,
	2024		2023
Redeemable convertible preferred stock, as converted		—		12,495,411
Outstanding stock options		6,060,968		3,048,512
Restricted stock awards subject to repurchase		70,664		300,914
Total		6,131,632		15,844,837

Fair Value Measurement

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices 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 assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Carrying amounts of certain of the Company’s financial instruments including, cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued clinical and research and development expenses, and accrued expenses and other current liabilities approximate fair value due to the short-term nature of these instruments.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2024:


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	70,174	$	—	$	—		$	70,174
Total		$	70,174	$	—	$	—		$	70,174

Marketable securities:
U.S. government and agencies securities	Level 2	$	196,278	$	305	$	(2	)	$	196,581
U.S. Treasury securities	Level 2		136,759		332		—			137,091
Total		$	333,037	$	637	$	(2	)	$	333,672

Total assets		$	403,211	$	637	$	(2	)	$	403,846

The Company’s marketable securities as of September 30, 2024 mature within one year.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023:


	Valuation	Amortized		Unrealized		Unrealized		Fair
	Hierarchy	Cost		Gains		Losses		Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	398,017	$	—	$	—	$	398,017
Total		$	398,017	$	—	$	—	$	398,017

The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices when available. If quoted market prices are not available, the fair value for the security is estimated under the market or income approach using pricing models with market observable inputs.

During the three and nine months ended September 30, 2024, and 2023, the Company did not recognize an allowance for credit-related losses or an other-than-temporary impairment charge for any of its investments.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details