0001558370-24-012236 | 10-Q | XBRL Viewer

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STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (39,291)	$ (33,739)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,390	359
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(262)	3,447
Other assets	(19)	(10)
Accounts payable	(720)	3,314
Accrued expenses	1,181	1,142
Operating lease liabilities	6
Net cash used in operating activities	(37,715)	(25,487)
Cash flows from investing activities:
Purchase of short-term investments		(25,000)
Net cash used in investing activities		(25,000)
Cash flows from financing activities:
Proceeds from issuance of common stock in an initial public offering, net of issuance costs	185,950
Proceeds from the exercise of stock options	45	30
Proceeds from the sale of Series B convertible preferred stock, net of issuance costs		44,919
Net cash provided by financing activities	185,995	44,949
Net increase in cash and cash equivalents	148,280	(5,538)
Cash and cash equivalents at beginning of the year	150,389	163,372
Cash and cash equivalents at end of the year	298,669	157,834
Supplemental disclosures of non-cash financing and investing activities
Deferred offering costs included in accounts payable		$ 50
Deferred offering costs transferred to additional paid in capital	$ 2,733

License and Collaborative Agreements

6 Months Ended

Jun. 30, 2024

License and Collaborative Agreements

License and Collaborative Agreements

(9)	License and Collaborative Agreements

Allist

In June 2021, the Company entered into a Global Technology Transfer and License Agreement with Allist (the “Allist Agreement”). Pursuant to the Allist Agreement, the Company was granted an exclusive license under certain intellectual property to develop, manufacture and commercialize certain licensed products in the field in the licensed territory. Upon execution of the Allist Agreement, the Company paid Allist a non-refundable cash payment of $40.0 million and issued 1,276,250 shares of its common stock.

Upon the achievement of certain clinical, regulatory and commercial milestones using the licensed technology, the Company is obligated to make future milestone payments to Allist. During the six months ended June 30, 2024 and 2023, no clinical milestones were met or achieved. The Company is obligated to make future milestone payments of up to $105.0 million in clinical and regulatory milestones and up to $655.0 million in sales milestones. Furthermore royalties, ranging from high single digit percentages to low mid-teen percentage will be payable on net sales of licensed products in licensed territories.

In connection with the Allist Agreement, in December 2021, the parties also entered into a Joint Clinical Collaboration Agreement (“Clinical Collaboration”) to define the framework under which the parties will cooperate and share costs related to global clinical studies to be conducted jointly by the Company and Allist. During the six months ended June 30, 2024 and 2023, the Company incurred $0.3 million and $1.3 million, respectively, in cost reimbursements to Allist which have been recorded as research and development expense under the Clinical Collaboration. The Company also was entitled to cost reimbursement from Allist of $0.3 million for each of the six months ended June 30, 2024 and 2023, which has been recorded as a reduction of research and development expenses.

Alphamab

In June 2024, the Company entered into a collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd. (“Alphamab”) to discover, develop and commercialize novel antibody drug conjugates (“ADCs”) for the treatment of cancers.

Under the agreement, both companies will leverage Alphamab’s proprietary linker-payload platform and glycan-conjugation technology to identify novel ADCs for oncology indications. The agreement gives the Company exclusive rights to develop and commercialize ADCs globally, except greater China, which includes outside of mainland China, Hong Kong, Macau and Taiwan where Alphamab retains the right to develop and commercialize the ADCs.

The terms of the agreement include combined upfront and potential milestone payments to Alphamab of up to $615.5 million in aggregate for the potential programs, based on the achievement of certain regulatory, development, and sales milestones. In addition, Alphamab is entitled to receive tiered sales royalties from the Company for each ADC product.

Aarvik

In December 2021, the Company entered into a Research Collaboration Agreement, as amended, effective June 30, 2023 (the “Aarvik Collaboration Agreement”), with Aarvik Pharmaceuticals, Inc. (“Aarvik”), under which the Company is required to pay Aarvik up to $3.1 million on statements of work (“SOWs”) and an initiation fee of $0.3 million predefined in the agreement. After the completion of the SOWs, the Company has an exclusive option to license the Aarvik intellectual property, and the option to acquire certain of Aarvik’s intellectual property, after which it is the Company’s sole responsibility to research, develop, manufacture and commercialize any applicable compound and product in the field and territory. If the Company exercises that option, it would be obligated to pay up to $18.0 million per product upon the achievement of certain clinical and regulatory milestone events and up to $80.0 million per product

in commercial milestones. Additionally, the Company would be obligated to pay Aarvik royalties in the mid-single digits based on net sales of licensed products.

The Company incurred $0.8 million and $0.6 million in research and development expenses related to the Aarvik SOWs during the three months ended June 30, 2024 and 2023, respectively. The Company incurred $1.0 million and $0.7 million in research and development expenses related to the Aarvik SOWs during the six months ended June 30, 2024 and 2023, respectively.

On August 9, 2024, the Company entered into an amendment and restatement of the Aarvik Collaboration Agreement (the “Amended and Restated Aarvik Collaboration Agreement”). Under the Amended and Restated Aarvik Collaboration Agreement, Aarvik has granted the Company an exclusive option to obtain exclusive rights to certain of Aarvik’s intellectual property for the research, development, manufacture, use, commercialization, or other exploitation of the ADCs related to (i) the two agreed targets to which the compounds being developed under the collaboration bind, which is referred to as the Target Pair, and (ii) to acquire exclusive rights to certain intellectual property generated during the collaboration. The Company has not yet selected the indication or indications that it would pursue in the collaboration and anticipates doing so in connection with the identification of a lead candidate for IND-enabling studies. Under the Amended and Restated Aarvik Collaboration Agreement, the Company is now required to pay Aarvik a collaboration initiation fee and research fees as provided in the SOWs in an aggregate of up to $4.7 million (based on estimated research fees).

Stock-based Compensation - Fair value (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based Compensation
Weighted-average grant-date fair value of options			$ 7.49	$ 2.74
Unrecognized compensation cost
Unrecognized compensation cost for awards (in dollars)	$ 9.2		$ 9.2
Expected period to be recognized			2 years 9 months 21 days
Employee Stock Option
Fair value assumptions
Risk-free interest rate, minimum (as a percent)	4.34%	3.50%	3.85%	3.45%
Risk-free interest rate, maximum (as a percent)	4.66%	3.68%	4.66%	3.68%
Expected term				6 years
Expected volatility (as a percent)	98.60%
Expected volatility, minimum (as a percent)		89.30%	93.10%	87.00%
Expected volatility, maximum (as a percent)		89.80%	98.60%	88.00%
Estimated fair value of the Company's common stock per share (in dollars per share)		$ 3.65		$ 3.65
Employee Stock Option \| Minimum
Fair value assumptions
Expected term	6 years	6 years	5 years 6 months
Estimated fair value of the Company's common stock per share (in dollars per share)	$ 15.90		$ 5.85
Employee Stock Option \| Maximum
Fair value assumptions
Expected term	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Estimated fair value of the Company's common stock per share (in dollars per share)	$ 20.15		$ 16.14

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 298,669	$ 150,389
Prepaid expenses and other current assets	9,842	9,579
Total current assets	308,511	159,968
Right of use assets - operating leases	219	291
Deferred offering costs		2,732
Other assets	125	107
Total assets	308,855	163,098
Current liabilities:
Accounts payable	3,812	4,532
Accrued expenses	8,134	6,952
Operating lease liabilities	152	140
Total current liabilities	12,098	11,624
Operating lease liabilities, net of current amount	98	177
Total liabilities	12,196	11,801
Commitments and contingencies (Note 7)
Stockholders' equity (deficit):
Preferred stock $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding
Common stock $0.0001 par value, 200,000,000 shares authorized; 33,509,090 and 2,745,480 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	3
Additional paid-in capital	493,792	4,652
Accumulated deficit	(197,136)	(157,845)
Total stockholders' equity (deficit)	296,659	(153,193)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 308,855	163,098
Series A convertible preferred stock
Current liabilities:
Convertible preferred stock		149,865
Series B convertible preferred stock
Current liabilities:
Convertible preferred stock		$ 154,625

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

Background

6 Months Ended

Jun. 30, 2024

Background

Background

(1)	Background

ArriVent BioPharma, Inc., a Delaware Corporation (the “Company”), founded on April 14, 2021, is a clinical-stage biopharmaceutical company focused on identifying, licensing and globalizing top biopharma innovations from around the world to deliver important medicines to patients. In June 2021, the Company entered into a license agreement with Shanghai Allist Pharmaceuticals Co. Ltd. (“Allist”) which granted the Company an exclusive license under certain intellectual property owned or controlled by Allist to develop, manufacture and commercialize any product containing firmonertinib or any of its derivatives as an active ingredient, for all uses, in all countries and territories other than greater China, which includes mainland China, Hong Kong, Macau and Taiwan (See Note 9). The Company’s lead development candidate, firmonertinib, is a third-generation tyrosine kinase inhibitor currently being evaluated in multiple clinical trials across a range of epidermal growth factor receptor (EGFR) mutations in non-small cell lung cancer (NSCLC), many for which there are limited treatment options.

On January 30, 2024, the Company completed the closing of its initial public offering of 9,722,222 shares of common stock at a price of $18.00 per share. Additionally, the underwriters exercised their option to purchase an additional 1,458,333 shares of common stock at a price of $18.00 per share. The shares of common stock began trading on the Nasdaq Global Market on January 26, 2024, under the symbol “AVBP”. The Company received net proceeds of $183.2 million, after deducting underwriting discounts and commissions and other offering expenses. In addition, as a result of the closing of the Company’s initial public offering, the Company’s Series A and Series B convertible preferred stock converted into 19,567,306 shares of common stock in January 2024.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Schedule of computation of net loss, basic and diluted

The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(21,874)	$	(21,567)	$	(39,291)	$	(33,739)
Denominator:
Weighted-average shares of common stock outstanding		33,502,347		2,617,198		29,274,441		2,609,919
Less: Weighted-average shares of common stock subject to repurchase		—		(617,493)		—		(972,296)
Weighted-average shares of common stock outstanding, basic and diluted		33,502,347		1,999,705		29,274,441		1,637,623

Net loss per share attributable to common stockholders, basic and diluted	$	(0.65)	$	(10.79)	$	(1.34)	$	(20.60)

Schedule of potentially dilutive securities have been excluded from the computation of diluted weighted-average shares


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383	—	9,705,383
Common stock subject to repurchase	—	1,314,914	—	1,314,914
Stock options	2,669,121	1,556,964	2,669,121	1,556,964
	2,669,121	22,439,184	2,669,121	22,439,184

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Total
Beginning balance at Dec. 31, 2022		$ 3,403	$ (88,512)	$ (85,109)
Beginning balance (in shares) at Dec. 31, 2022	2,597,738
Exercise of stock options		26		26
Exercise of stock options (in shares)	11,417
Stock-based compensation expense		166		166
Net Income (Loss)			(12,172)	(12,172)
Ending balance at Mar. 31, 2023		3,595	(100,684)	(97,089)
Ending balance (in shares) at Mar. 31, 2023	2,609,155
Beginning balance at Dec. 31, 2022		3,403	(88,512)	(85,109)
Beginning balance (in shares) at Dec. 31, 2022	2,597,738
Net Income (Loss)				(33,739)
Ending balance at Jun. 30, 2023	$ 4	3,788	(122,251)	(118,459)
Ending balance (in shares) at Jun. 30, 2023	2,603,415
Beginning balance at Mar. 31, 2023		3,595	(100,684)	(97,089)
Beginning balance (in shares) at Mar. 31, 2023	2,609,155
Repurchase of common stock (in shares)	(7,387)
Exercise of stock options	$ 4			4
Exercise of stock options (in shares)	1,647
Stock-based compensation expense		193		193
Net Income (Loss)			(21,567)	(21,567)
Ending balance at Jun. 30, 2023	$ 4	3,788	(122,251)	(118,459)
Ending balance (in shares) at Jun. 30, 2023	2,603,415
Beginning balance at Dec. 31, 2023		4,652	(157,845)	(153,193)
Beginning balance (in shares) at Dec. 31, 2023	2,745,480
Issuance of common stock in initial public offering, net of issuance costs of $18,032	$ 1	183,216		183,217
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares)	11,180,555
Conversion of convertible preferred stock into common stock	$ 2	304,488		304,490
Conversion of convertible preferred stock into common stock (in shares)	19,567,306
Exercise of stock options		1		1
Exercise of stock options (in shares)	409
Stock-based compensation expense		625		625
Net Income (Loss)			(17,417)	(17,417)
Ending balance at Mar. 31, 2024	$ 3	492,982	(175,262)	317,723
Ending balance (in shares) at Mar. 31, 2024	33,493,750
Beginning balance at Dec. 31, 2023		4,652	(157,845)	$ (153,193)
Beginning balance (in shares) at Dec. 31, 2023	2,745,480
Exercise of stock options (in shares)				15,749
Net Income (Loss)				$ (39,291)
Ending balance at Jun. 30, 2024	$ 3	493,792	(197,136)	296,659
Ending balance (in shares) at Jun. 30, 2024	33,509,090
Beginning balance at Mar. 31, 2024	$ 3	492,982	(175,262)	317,723
Beginning balance (in shares) at Mar. 31, 2024	33,493,750
Exercise of stock options		44		44
Exercise of stock options (in shares)	15,340
Stock-based compensation expense		766		766
Net Income (Loss)			(21,874)	(21,874)
Ending balance at Jun. 30, 2024	$ 3	$ 493,792	$ (197,136)	$ 296,659
Ending balance (in shares) at Jun. 30, 2024	33,509,090

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(3)	Summary of Significant Accounting Policies

The summary of significant accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 28, 2024 (the “Annual Report”) has not materially changed, except as set forth below.

(a)	Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any references in these notes to applicable guidance are meant to refer to GAAP as found in Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

In the opinion of management, the accompanying interim financial statements include all the normal and recurring adjustments (which consist primarily of accruals, estimates, and assumptions that impact financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2024 and its results of operations for the three and six months ended June 30, 2024 and 2023. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2023, which are included in the Annual Report. The December 31, 2023 balance sheet has been derived from the audited financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.

(b)	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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

Significant areas that require management’s estimates include the fair value of the Company’s common stock prior to the completion of the Company’s initial public offering, stock-based compensation expense assumptions and accrued research and development expenses.

(c)	Fair Value Measurements

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 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Management believes that the carrying amounts of the Company’s financial instruments, principally cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments.

(d)	Net Loss per Share

Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-

average number of shares of common stock is the same for basic net loss per share since when a net loss exists, potentially dilutive securities are not included in the calculation as their impact is anti-dilutive. The Company’s convertible preferred stock entitled the holder to participate in dividends and earnings of the Company, and, if the Company had recognized net income, it would have used the two-class method to calculate earnings per share. The two-class method was not applicable during periods with a net loss, as the holders of the convertible preferred stock had no obligation to fund losses.

The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(21,874)	$	(21,567)	$	(39,291)	$	(33,739)
Denominator:
Weighted-average shares of common stock outstanding		33,502,347		2,617,198		29,274,441		2,609,919
Less: Weighted-average shares of common stock subject to repurchase		—		(617,493)		—		(972,296)
Weighted-average shares of common stock outstanding, basic and diluted		33,502,347		1,999,705		29,274,441		1,637,623

Net loss per share attributable to common stockholders, basic and diluted	$	(0.65)	$	(10.79)	$	(1.34)	$	(20.60)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383	—	9,705,383
Common stock subject to repurchase	—	1,314,914	—	1,314,914
Stock options	2,669,121	1,556,964	2,669,121	1,556,964
	2,669,121	22,439,184	2,669,121	22,439,184

(e)	Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard includes the requirements that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, the title and position of the chief operating decision maker, and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. It also requires that a public entity that has a single reportable segment provide all the disclosures required by the guidance and all existing segment disclosures in ASC 280, Segment Reporting. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply

the amendments in the guidance retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact that this standard may have on its financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard includes the requirement that public business entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). It also requires that all entities disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received) and requires that all entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. Lastly, this standard eliminates the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. This standard is effective for the Company for the annual period beginning January 1, 2026. Early adoption is permitted. This standard should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact that this standard may have on its financial statements.

(f)	Reverse Stock Split

On January 23, 2024, the Company filed an amendment to its Articles of Incorporation and effected a 15.21-for-1 reverse stock split of its issued and outstanding shares of common stock. All common stock share and per-share amounts presented in the financial statements and related notes have been retroactively adjusted to reflect the reverse stock split.

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

(5)	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Research and development	$	7,867	$	8,450
Professional fees		480		240
Insurance		745		128
Tax credit receivable		750		761
	$	9,842	$	9,579

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 12, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41929
Entity Registrant Name	ARRIVENT BIOPHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3336099
Entity Address, Address Line One	18 Campus Boulevard Suite 100
Entity Address, City or Town	Newtown Square
Entity Address State Or Province	PA
Entity Address, Postal Zip Code	19073
City Area Code	628
Local Phone Number	277-4836
Title of 12(b) Security	Common Stock, $0.0001 Par Value per Share
Trading Symbol	AVBP
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		33,585,893
Entity Central Index Key	0001868279
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

STATEMENTS OF CONVERTIBLE PREFERRED STOCK (DEFICIT) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in convertible preferred stock
Conversion of convertible preferred stock into common stock	$ 304,490
Exercise of stock options	1	$ 4	$ 26
Exercise of stock options (in shares)				15,749
Stock-based compensation expense	625	193	166
Net Income (Loss)	(17,417)	(21,567)	(12,172)	$ (39,291)	$ (33,739)
Series A convertible preferred stock
Change in convertible preferred stock
Beginning balance	$ 149,865	$ 149,865	$ 149,865	$ 149,865	$ 149,865
Beginning balance (in shares)	150,000,000	150,000,000	150,000,000	150,000,000	150,000,000
Conversion of convertible preferred stock into common stock	$ (149,865)
Conversion of convertible preferred stock into common stock (in shares)	(150,000,000)
Ending balance		$ 149,865	$ 149,865		$ 149,865
Ending balance (in shares)		150,000,000	150,000,000		150,000,000
Series B convertible preferred stock
Change in convertible preferred stock
Beginning balance	$ 154,625	$ 154,649	$ 109,706	$ 154,625	$ 109,706
Beginning balance (in shares)	147,619,034	147,619,034	104,761,894	147,619,034	104,761,894
Issuance of Series B convertible preferred stock at $1.05 per share, net of issuance costs of $57			$ 44,943
Issuance of Series B convertible preferred stock at $1.05 per share, net of issuance costs of $57 (in shares)			42,857,140
Issuance costs of Series B convertible preferred stock		$ (24)	$ (57)
Conversion of convertible preferred stock into common stock	$ (154,625)
Conversion of convertible preferred stock into common stock (in shares)	(147,619,034)
Ending balance		$ 154,625	$ 154,649		$ 154,625
Ending balance (in shares)		147,619,034	147,619,034		147,619,034

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Schedule of future maturities of operating lease payments

Future maturities of operating lease liabilities were as follows as of June 30, 2024 (in thousands):


Fiscal year ending:
Remainder of 2024	$	84
2025		173
2026		14
Total future minimum payments		271
Less imputed interest		(21)
Present value of lease liabilities	$	250

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,874)	$ (17,417)	$ (21,567)	$ (12,172)	$ (39,291)	$ (33,739)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss (basic)	$ (21,874)	$ (21,567)	$ (39,291)	$ (33,739)
Net loss (diluted)	$ (21,874)	$ (21,567)	$ (39,291)	$ (33,739)
Denominator:
Weighted-average shares of common stock outstanding	33,502,347	2,617,198	29,274,441	2,609,919
Less: Weighted-average shares of common stock subject to repurchase		(617,493)		(972,296)
Weighted-average shares of common stock outstanding, basic (in shares)	33,502,347	1,999,705	29,274,441	1,637,623
Weighted-average shares of common stock outstanding, diluted (in shares)	33,502,347	1,999,705	29,274,441	1,637,623
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.65)	$ (10.79)	$ (1.34)	$ (20.60)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.65)	$ (10.79)	$ (1.34)	$ (20.60)

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Research and development	$	418	$	99	$	652	$	182
General and administrative		348		94		738		177
	$	766	$	193	$	1,390	$	359

Schedule of of stock options activity under the Plan


					Weighted
		Weighted			average
		average			remaining	Aggregate
		exercise			contractual	Intrinsic Value
	Options	price			term (years)	(in thousands)
Outstanding as of December 31, 2023	1,683,156	$	3.38
Granted	1,023,951		9.54
Exercised	(15,749)		2.85
Forfeited/Expired	(22,237)		16.51
Outstanding as of June 30, 2024	2,669,121		5.64	$	7.06	$	33,129
Exercisable as of June 30, 2024	646,440		2.61		6.56		9,948
Vested and expected to vest at June 30, 2024	2,669,121	$	5.64	$	7.06	$	33,129

Schedule of assumptions used in estimating the fair value of options


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate		4.34% - 4.66%		3.50% - 3.68%		3.85% - 4.66%		3.45% - 3.68%
Expected term		6.0 - 6.1 years		6.0 - 6.1 years		5.5 - 6.1 years		6.0 years
Expected volatility		98.6%		89.3% - 89.8%		93.1% - 98.6%		87.0% - 88.0%
Expected dividend yield		—		—		—		—
Estimated fair value of the Company's common stock per share	$	15.90 - 20.15	$	3.65	$	5.85 - 16.14	$	3.65

Commitments and Contingencies - Operating Lease maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Future maturities of operating lease liabilities
Remainder of 2024	$ 84		$ 84
2025	173		173
2026	14		14
Total future minimum payments	271		271
Less imputed interest	(21)		(21)
Present value of lease liabilities	250		250
Maximum
Future maturities of operating lease liabilities
Cash paid for rent expense	$ 100	$ 100	$ 100	$ 100

Stock-based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based Compensation
Stock-based compensation expense	$ 766,000	$ 193,000	$ 1,390	$ 359
Research and development
Stock-based Compensation
Stock-based compensation expense	418,000	99,000	652	182
General and administrative
Stock-based Compensation
Stock-based compensation expense	$ 348,000	$ 94,000	$ 738	$ 177

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies - Other (Details)	Jan. 23, 2024
Summary of Significant Accounting Policies
Reverse stock split	15.21

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Commitments and contingencies

(7)	Commitments and Contingencies

Leases

Operating lease expense was less than $0.1 million for each of the three and six months ended June 30, 2024 and 2023. The Company’s remaining lease term and discount rate for its operating lease as of June 30, 2024 were 1.58 years and 10.0%, respectively.

Future maturities of operating lease liabilities were as follows as of June 30, 2024 (in thousands):


Fiscal year ending:
Remainder of 2024	$	84
2025		173
2026		14
Total future minimum payments		271
Less imputed interest		(21)
Present value of lease liabilities	$	250

Cash paid for rent expense recorded during the three months ended June 30, 2024 and 2023 was less than $0.1 million. Cash paid for rent expense recorded during the six months ended June 30, 2024 and 2023 was less than $0.1 million.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Schedule of company's financial assets measured at fair value on a recurring basis

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


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents - money market funds	$	293,669	$	—	$	—	$	293,669
Total assets measured at fair value	$	293,669	$	—	$	—	$	293,669


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents - money market funds	$	124,322	$	—	$	—	$	124,322
Total assets measured at fair value	$	124,322	$	—	$	—	$	124,322

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Research and development	$	7,867	$	8,450
Professional fees		480		240
Insurance		745		128
Tax credit receivable		750		761
	$	9,842	$	9,579

Stock-based Compensation - Plans (Details) - shares	1 Months Ended	6 Months Ended
Stock-based Compensation - Plans (Details) - shares	Jan. 31, 2024	Jun. 30, 2024	Dec. 31, 2022	Jun. 30, 2021
Stock-based Compensation
Shares available for grant		3,802,245
2021 Plan
Stock-based Compensation
Shares authorized			2,748,818	803,564
Employee Stock Option
Stock-based Compensation
Vesting Period		4 years
Employee Stock Option \| 2024 Plan
Stock-based Compensation
Additional shares authorized	3,900,000

- Definition

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

+ References

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Fair Value Measurements

(4)	Fair Value Measurements


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents - money market funds	$	293,669	$	—	$	—	$	293,669
Total assets measured at fair value	$	293,669	$	—	$	—	$	293,669


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents - money market funds	$	124,322	$	—	$	—	$	124,322
Total assets measured at fair value	$	124,322	$	—	$	—	$	124,322

Money market accounts are highly liquid investments. The pricing information on the Company’s money market account is based on quoted prices in active markets. This approach results in a classification of these securities as Level 1 of the fair value hierarchy.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Lease (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Remaining lease term	1 year 6 months 29 days		1 year 6 months 29 days
Discount rate (as a percent)	10.00%		10.00%
Maximum
Leases
Operating lease expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses
Research and development	$ 5,890	$ 3,126
Professional fees	90	411
Compensation and related expenses	2,035	3,353
Other accrued expenses	119	62
Total	$ 8,134	$ 6,952

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	33,509,090	2,745,480
Common stock, shares outstanding (in shares)	33,509,090	2,745,480
Series A convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, shares authorized (in shares)		150,000,000
Convertible preferred stock, shares issued (in shares)		150,000,000
Convertible preferred stock, shares outstanding (in shares)		150,000,000
Series B convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, shares authorized (in shares)		147,619,034
Convertible preferred stock, shares issued (in shares)		147,619,034
Convertible preferred stock, shares outstanding (in shares)		147,619,034

STATEMENTS OF CONVERTIBLE PREFERRED STOCK (Parenthetical) - Series B convertible preferred stock - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Convertible preferred stock, issued price per share		$ 1.05
Issuance costs	$ 24	$ 57

Development-Stage Risks and Liquidity

6 Months Ended

Jun. 30, 2024

Development-Stage Risks and Liquidity

Development-Stage Risks and Liquidity

(2)	Development-Stage Risks and Liquidity

The Company has incurred losses since inception and has an accumulated deficit of $197.1 million as of June 30, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development. Management believes that cash and cash equivalents of $298.7 million as of June 30, 2024 are sufficient to sustain planned operations through at least twelve months from the issuance date of these financial statements.

The Company is subject to those risks associated with any specialty biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Expenses

Schedule of Accrued expenses, current

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Research and development	$	5,890	$	3,126
Professional fees		90		411
Compensation and related expenses		2,035		3,353
Other accrued expenses		119		62
	$	8,134	$	6,952

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Cash equivalents - money market funds	$ 293,669	$ 124,322
Total assets measured at fair value	293,669	124,322
Level 1
Fair Value Measurements
Cash equivalents - money market funds	293,669	124,322
Total assets measured at fair value	$ 293,669	$ 124,322

Licenses and Collaborative Agreements - Allist and Alphamab (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Agreement
Research and development		$ 21,778		$ 20,358	$ 38,753	$ 30,594
Common stock
Agreement
Shares issued (in shares)			11,180,555
License Agreement \| Allist
Agreement
Non-refundable cash payment	$ 40,000
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events		105,000			105,000
Maximum amount payable per product upon achievement of commercial milestones		655,000			655,000
Research and development					300	1,300
Cost reimbursement					300	$ 300
License Agreement \| Allist \| Common stock
Agreement
Shares issued (in shares)	1,276,250
Collaboration Agreement \| Alphamab
Agreement
Maximum amount payable upon achievement of milestones		$ 615,500			$ 615,500

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Accrued Expenses

Accrued Expenses

(6)	Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Research and development	$	5,890	$	3,126
Professional fees		90		411
Compensation and related expenses		2,035		3,353
Other accrued expenses		119		62
	$	8,134	$	6,952

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Interim Financial Statements

(a)	Interim Financial Statements

Use of Estimates

(b)	Use of Estimates

Fair Value Measurements

(c)	Fair Value Measurements

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Net Loss per Share

(d)	Net Loss per Share

The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(21,874)	$	(21,567)	$	(39,291)	$	(33,739)
Denominator:
Weighted-average shares of common stock outstanding		33,502,347		2,617,198		29,274,441		2,609,919
Less: Weighted-average shares of common stock subject to repurchase		—		(617,493)		—		(972,296)
Weighted-average shares of common stock outstanding, basic and diluted		33,502,347		1,999,705		29,274,441		1,637,623

Net loss per share attributable to common stockholders, basic and diluted	$	(0.65)	$	(10.79)	$	(1.34)	$	(20.60)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383	—	9,705,383
Common stock subject to repurchase	—	1,314,914	—	1,314,914
Stock options	2,669,121	1,556,964	2,669,121	1,556,964
	2,669,121	22,439,184	2,669,121	22,439,184

Accounting Pronouncements Not Yet Adopted

(e)	Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies - Potentially dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares	2,669,121	22,439,184	2,669,121	22,439,184
Convertible preferred stock \| Series A convertible preferred stock
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares		9,861,923		9,861,923
Convertible preferred stock \| Series B convertible preferred stock
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares		9,705,383		9,705,383
Common stock subject to repurchase
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares		1,314,914		1,314,914
Employee Stock Option
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares	2,669,121	1,556,964	2,669,121	1,556,964

Licenses and Collaborative Agreements - Aarvik (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 09, 2024
Agreement
Research and development	$ 21,778	$ 20,358	$ 38,753	$ 30,594
Collaboration Agreement \| Aarvik
Agreement
Maximum payment on statements of work		3,100		3,100
Initiation fee		300		300
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events		18,000		18,000
Maximum amount payable per product upon achievement of commercial milestones		80,000		80,000
Research and development	$ 800	$ 600	$ 1,000	$ 700
Collaboration Agreement \| Aarvik \| Subsequent Event
Agreement
Maximum amount of initiation and research fees to be paid					$ 4,700

Development-Stage Risks and Liquidity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Development-Stage Risks and Liquidity
Accumulated deficit	$ 197,136	$ 157,845
Cash and cash equivalents	$ 298,669	$ 150,389
Substantial doubt about ability to continue as going concern within one year	false

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Issuance costs	$ 18,032

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Research and development	$ 7,867	$ 8,450
Professional fees	480	240
Insurance	745	128
Tax credit receivable	750	761
Total	$ 9,842	$ 9,579

Stock-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement

Stock-based Compensation

(8)	Stock-based Compensation

In June 2021, the Company adopted the 2021 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2021 Plan”), that authorized the Company to grant up to 803,564 shares of common stock. In 2022, the Company

amended the 2021 Plan and increased the total number of shares authorized under the Plan to 2,748,818. In January 2024, the Company adopted the 2024 Employee, Director and Consultant Equity Incentive Plan (the “2024 Plan”) that authorized the Company to grant up to 3,900,000 shares of common stock plus any remaining ungranted or forfeited shares from the 2021 Plan. As of June 30, 2024, there were 3,802,245 shares available to be granted. The Company’s stock options vest based on the terms in the awards agreements and generally vest over four years. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Research and development	$	418	$	99	$	652	$	182
General and administrative		348		94		738		177
	$	766	$	193	$	1,390	$	359

The following is a summary of stock options activity:


					Weighted
		Weighted			average
		average			remaining	Aggregate
		exercise			contractual	Intrinsic Value
	Options	price			term (years)	(in thousands)
Outstanding as of December 31, 2023	1,683,156	$	3.38
Granted	1,023,951		9.54
Exercised	(15,749)		2.85
Forfeited/Expired	(22,237)		16.51
Outstanding as of June 30, 2024	2,669,121		5.64	$	7.06	$	33,129
Exercisable as of June 30, 2024	646,440		2.61		6.56		9,948
Vested and expected to vest at June 30, 2024	2,669,121	$	5.64	$	7.06	$	33,129

The weighted-average grant-date fair value of options granted in the first six months of 2024 and 2023 were $7.49 and $2.74 per share, respectively. The fair value was estimated using the Black-Scholes option-pricing model based on the following assumptions:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate		4.34% - 4.66%		3.50% - 3.68%		3.85% - 4.66%		3.45% - 3.68%
Expected term		6.0 - 6.1 years		6.0 - 6.1 years		5.5 - 6.1 years		6.0 years
Expected volatility		98.6%		89.3% - 89.8%		93.1% - 98.6%		87.0% - 88.0%
Expected dividend yield		—		—		—		—
Estimated fair value of the Company's common stock per share	$	15.90 - 20.15	$	3.65	$	5.85 - 16.14	$	3.65

Unrecognized compensation cost for awards not vested as of June 30, 2024 was $9.2 million and will be expensed over a weighted-average period of 2.81 years.

Stock-based Compensation - Summary of stock options activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares
Options
Outstanding as of beginning of period (in shares) \| shares	1,683,156
Granted (in shares) \| shares	1,023,951
Exercised (in shares) \| shares	(15,749)
Forfeited/Expired (in shares) \| shares	(22,237)
Outstanding as of end of period (in shares) \| shares	2,669,121
Exercisable (in shares) \| shares	646,440
Vested and expected to vest (in shares) \| shares	2,669,121
Weighted average exercise price
Outstanding as of beginning of period (in dollars per shares)	$ 3.38
Granted (in dollars per shares)	9.54
Exercised (in dollars per shares)	2.85
Forfeited/expired (in dollars per shares)	16.51
Outstanding as of end of period (in dollars per shares)	5.64
Exercisable (in dollars per shares)	2.61
Vested and expected to vest (in dollars per shares)	$ 5.64
Weighted average remaining contractual term (years) and Aggregate Intrinsic Value
Weighted average remaining contractual term - Outstanding (years)	7 years 21 days
Weighted average remaining contractual term - Exercisable (years)	6 years 6 months 21 days
Weighted average remaining contractual term - Vested and expected to vest (years)	7 years 21 days
Aggregate Intrinsic Value - Outstanding (in dollars) \| $	$ 33,129
Aggregate Intrinsic Value - Exercisable (in dollars) \| $	9,948
Aggregate Intrinsic Value - Vested and expected to vest (in dollars) \| $	$ 33,129
Weighted-average grant-date fair value of options	$ 7.49	$ 2.74

Background (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 30, 2024	Jan. 31, 2024	Mar. 31, 2024	Jun. 30, 2024
Background
Proceeds from issuance of common stock in an initial public offering, net of issuance costs	$ 183,200			$ 185,950
Common stock
Background
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares)			11,180,555
Conversion of convertible preferred stock into common stock (in shares)		19,567,306	19,567,306
IPO \| Common stock
Background
Share price	$ 18.00
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares)	9,722,222
Underwriters allotment \| Common stock
Background
Share price	$ 18.00
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares)	1,458,333

- 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

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+ Details

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 21,778	$ 20,358	$ 38,753	$ 30,594
General and administrative	3,919	2,226	7,618	4,162
Total operating expenses	25,697	22,584	46,371	34,756
Operating loss	(25,697)	(22,584)	(46,371)	(34,756)
Interest income	3,823	1,017	7,080	1,017
Net loss	$ (21,874)	$ (21,567)	$ (39,291)	$ (33,739)
Share information:
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.65)	$ (10.79)	$ (1.34)	$ (20.60)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.65)	$ (10.79)	$ (1.34)	$ (20.60)
Weighted-average shares of common stock outstanding, basic (in shares)	33,502,347	1,999,705	29,274,441	1,637,623
Weighted-average shares of common stock outstanding, diluted (in shares)	33,502,347	1,999,705	29,274,441	1,637,623