0001558370-25-001999 | 10-K | XBRL Viewer

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Convertible Preferred Stock and Common Stock - Convertible Preferred Stock (Details) - $ / shares	1 Months Ended				12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Feb. 28, 2022	Jun. 30, 2021	Dec. 31, 2023
Series A convertible preferred stock
Convertible Preferred Stock and Common Stock
Issuance of convertible preferred stock (in shares)			60,000,000	90,000,000
Issue price (in dollars per share)			$ 1	$ 1
Series B convertible preferred stock
Convertible Preferred Stock and Common Stock
Issuance of convertible preferred stock (in shares)	42,857,140	104,761,894			42,857,140
Issue price (in dollars per share)	$ 1.05	$ 1.05

Commitments and Contingencies - Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and contingencies
Percentage employer matches of the employee's percentage contribution	100.00%
Percentage of employee's gross pay for which the employer contributes a matching contribution	4.00%
Company contributions (in dollars)	$ 0.5	$ 0.4

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 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):


	December 31,
	2024		2023
Research and development	$	7,209	$	8,450
Professional fees		233		240
Insurance		174		128
Tax credit receivable		500		761
	$	8,116	$	9,579

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	33,706,765	2,745,480
Common stock, shares outstanding (in shares)	33,706,765	2,745,480
Series A convertible preferred stock
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	150,000,000	150,000,000
Convertible preferred stock, shares issued (in shares)	0	150,000,000
Convertible preferred stock, shares outstanding (in shares)	0	150,000,000
Series B convertible preferred stock
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	147,619,034	147,619,034
Convertible preferred stock, shares issued (in shares)	0	147,619,034
Convertible preferred stock, shares outstanding (in shares)	0	147,619,034

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (80,488)	$ (69,333)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,208	895
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,464	9,671
Other assets	(20)	(35)
Accounts payable	(751)	1,379
Accrued expenses	6,377	1,556
Operating lease liabilities	(2)	25
Net cash used in operating activities	(70,212)	(55,842)
Cash flows from investing activities:
Purchase of short-term investments	(194,164)	(25,000)
Maturity of short-term investments	1,699	25,000
Net cash used in investing activities	(192,465)
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	631	354
Proceeds from the sale of Series B convertible preferred stock, net of issuance costs		44,919
Payment of deferred offering costs		(2,414)
Net cash provided by financing activities	186,581	42,859
Net (decrease) in cash and cash equivalents	(76,096)	(12,983)
Cash and cash equivalents at beginning of the year	150,389	163,372
Cash and cash equivalents at end of the year	74,293	150,389
Supplemental disclosures of non-cash financing and investing activities
Deferred offering costs transferred to additional paid in capital	$ 2,732
Deferred offering costs in accounts payable		318
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 300

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-based Compensation

Schedule of stock-based compensation expense

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



	Year Ended December 31,
	2024		2023
Research and development	$	1,328	$	432
General and administrative		1,880		463
	$	3,208	$	895

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 January 1, 2023	1,078,795	$	2.28
Granted	801,091		4.63
Exercised	(155,129)		2.28
Forfeited	(41,601)		3.04
Outstanding as of December 31, 2023	1,683,156	$	3.38
Granted	1,137,307		11.10
Exercised	(213,424)		2.96
Forfeited/Expired	(75,895)		7.29
Outstanding as of December 31, 2024	2,531,144		6.77	$	8.28	$	50,352
Exercisable as of December 31, 2024	724,934		3.04		7.40		17,112
Vested and expected to vest at December 31, 2024	2,531,144	$	6.77	$	8.28	$	50,252

Schedule of assumptions used in estimating the fair value of options



	Year Ended December 31,
	2024		2023
Risk-free interest rate		3.69% - 4.66%		3.45% - 4.86%
Expected term		5.5 - 6.1 years		5.5 - 6.1 years
Expected volatility		93.1% - 98.6%		89.3% - 92.5%
Expected dividend yield		—		—
Estimated fair value of the Company's common stock per share (a)	$	5.85 - 24.58	$	2.71 - 4.86

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information

Segment Information

(12) Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment: life science. The life science segment is engaged in identifying, licensing and globalizing top biopharma innovations from around the world to deliver important medicines to patients. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total assets. All of the Company’s assets are located in the United States.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval.

As such, the CODM uses cash forecast models in deciding how to invest into the life science segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, establishing cash forecast models and to optimize the distribution of resources across functions, therapeutic areas and research and development programs.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
(in thousands)	2024		2023
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):
FURTHER	$	12,272	$	18,886
FURVENT		34,135		25,898
FAVOUR		272		1,394
Other Firmonertinib costs		4,187		4,299
Total Firmonertinib		50,865		50,477
Research and development: Discovery-stage programs		10,940		1,702
Research and development: Personnel-related and other internal costs		17,199		12,705
General and administrative: Personnel-related costs		8,153		5,151
General and administrative: Other costs		7,151		4,554
Other segment items (a)		(13,820)		(5,257)
Net loss	$	(80,488)	$	(69,333)

(a)

Other segment items is comprised of interest and investment income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Uncertain tax positions, accrued interest or penalties	$ 0.0	$ 0.0
Uncertain tax positions, interest or penalties recognized	$ 0.0	$ 0.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and contingencies

Schedule of future maturities of operating lease payments

Future maturities of operating lease liabilities were as follows as of December 31, 2024 (in thousands):


Fiscal year ending:
2025	$	173
2026		14
Total future minimum payments		187
Less imputed interest		(11)
Present value of lease liabilities	$	176

Convertible Preferred Stock and Common Stock - Common Stock (Details)	12 Months Ended
	Dec. 31, 2024 Vote
Convertible Preferred Stock and Common Stock
Common stock voting right per share	1

Subsequent Event (Details) - Subsequent Event - License Agreement - Lepu Biopharma $ in Millions	Jan. 21, 2025 USD ($)
Subsequent Events
Cash payment	$ 40.0
Maximum amount payable upon near term milestones	7.0
Maximum amount payable upon achievement of development, regulatory and commercial milestones	$ 1,160.0

Income Taxes - Operating loss carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards
Increase in valuation allowance	$ 24.7	$ 24.1
Federal
Operating Loss Carryforwards
NOL	67.4	38.9
State
Operating Loss Carryforwards
NOL	$ 58.8	$ 25.5

License and Collaboration Agreements - Aarvik (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Aug. 09, 2024	Jun. 30, 2023
Agreement
Research and development		$ 79,004	$ 64,884
Collaborative Agreement \| Aarvik
Agreement
Maximum payment on statements of work					$ 3,100
Initiation fee					300
Amount of payment to exercise option to license and/or acquire certain intellectual property	$ 1,000
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events					18,000
Maximum amount payable per product upon achievement of commercial milestones					$ 80,000
Maximum amount of initiation and research fees to be paid				$ 4,900
Research and development		$ 2,300	$ 1,700

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(3)	Summary of Significant Accounting Policies

(a)	Basis of Presentation

The accompanying 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”).

(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 its initial public offering, 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 cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments.

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1, Level 2 or Level 3 during the years ended December 31, 2024 and 2023.

(d)	Cash equivalents

The Company considers all highly liquid investment instruments with a remaining maturity when purchased of three months or less to be cash equivalents. Investments qualifying as cash equivalents consist of money market funds, including money market funds held in a sweep account. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. The amount of cash equivalents included in cash and cash equivalents was approximately $69.3 million and $124.3 million at December 31, 2024 and 2023, respectively.

(e) Investments

The Company classifies all of its investments as available-for-sale based upon its intent with regard to such investments. The Company classifies investments as short-term when their remaining contractual maturities are one year or less from the balance sheet date, and as long-term when the investment has a remaining contractual maturity of more than one year from the balance sheet date. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in other comprehensive income (loss). The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest and investment income. Realized gains and losses and declines in value judged to be other than temporary on available-for-sale securities, are included in interest and investment income.

The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest and investment income. To determine whether an other-than-temporary impairment exists, the Company considers whether it has the ability and intent to hold the investment until a market price recovery, and whether evidence indicating the recoverability of the cost of the investment outweighs evidence to the contrary.

(f) Concentration of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and short and long-term investments. The Company maintains its balances at high quality, accredited financial institutions and, accordingly, it believes such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on these balances. The Company has no financial instruments with off-balance sheet risk of loss.

(g)

Leases

The Company determines whether an arrangement is or contains a lease, its classification, and its term at the lease commencement date. Leases with a term greater than one year will be recognized on the balance sheet as right-of-use (“ROU”) assets, current lease liabilities, and if applicable, long-term lease liabilities. The Company has elected certain practical expedients permitted under the transition guidance to not record short-term leases (terms less than 12 months). Lease liabilities and the corresponding ROU assets are recorded based on the present values of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rates, which are the rates that would be incurred to borrow on a collateralized basis, over similar terms, amounts equal to the lease payments in a similar economic environment. Payments for non-lease components or that are variable in nature that do not depend on a rate or index are not included in the lease liability and are typically expensed as incurred. If significant events, changes in circumstances, or other events indicate that the lease term or other inputs have changed, the Company would reassess lease classification, remeasure the lease liability using revised inputs as of the reassessment date, and adjust the ROU assets. Lease expense is recognized on a straight-line basis over the expected lease term for operating-classified leases.

(h)	Research and Development Costs

Research and development costs are recorded as expense as incurred and principally consist of contract research organization costs as well as personnel costs, and amounts paid to third parties for up-front and milestone payments made under license and collaboration agreements.

When third-party service providers’ billing terms do not coincide with the Company’s period-end, the Company is required to make estimates of its obligations to those third parties, including clinical trial costs, contractual services costs and costs for supply of its drug candidates, incurred in a given accounting period and record accruals at the end of the period. The Company bases its estimates on the completion status of the research and development programs and the associated estimate of unbilled costs.

(i)	Stock-Based Compensation Expense

The Company measures stock-based awards, including stock options, at their grant-date fair value and records compensation expense over the requisite service period, which is the vesting period of the awards. The Company accounts for forfeitures as they occur.

Estimating the fair value of stock options requires the use of subjective assumptions, including the fair value of the Company’s common stock (prior to its initial public offering in January 2024), the expected term of the option and

expected stock price volatility. The Company uses the Black-Scholes option-pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock options represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards.

The fair value of the Company’s common stock, prior to its initial public offering, was estimated by the Company’s board of directors, with input from management considering the most recently available third-party valuation of the Company’s common stock. Subsequent to its initial public offering on January 26, 2024, the fair value of common stock is based on the closing market price of common stock on the date of grant. The expected term of stock options for employees is estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting date and the contractual term of the option. The contractual term is used as the expected term for stock options granted to non-employees. For stock price volatility, the Company uses comparable public companies as a basis for the expected volatility to calculate the fair value of option grants. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected term of the option. The expected dividend yield is zero given the Company does not expect to pay dividends for the foreseeable future.

(j)	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 per share, basic and diluted (in thousands, except share and per share data):



	Year Ended December 31,
	2024		2023
Numerator:
Net loss	$	(80,488)	$	(69,333)
Denominator:
Weighted-average shares of common stock outstanding		31,469,328		2,633,907
Less: Weighted-average shares of common stock subject to repurchase		—		(492,956)
Weighted-average shares of common stock outstanding, basic and diluted		31,469,328		2,140,951

Net loss per share attributable to common stockholders, basic and diluted	$	(2.56)	$	(32.38)

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:



	December 31,
	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383
Stock options	2,531,144	1,683,156
	2,531,144	21,250,462

(k)	Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not-to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company will recognize interest and penalties related to uncertain tax positions as a component of income tax expense (benefit).

(l)	Accounting Pronouncements Recently Adopted

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through incremental disclosures about significant segment expenses, including for companies with a single reportable segment. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required. The Company adopted this standard in fiscal year 2024. See Note 12, Segment Information.

(m)	Accounting Pronouncements Not Yet Adopted

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 (or January 1, 2025 if the Company loses its status as an emerging growth company within 2025). 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.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement expense categories. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This standard is effective for the Company for the annual period beginning January 1, 2027 and interim periods beginning January 1, 2028. Early adoption is permitted. This standard can be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that this standard may have on its financial statements.

(n)	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.

(o)	License and Collaboration Agreements

The Company analyzes its license and collaborative agreements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement are within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, it accounts for those aspects of the arrangement within the scope of ASC 606, Revenue from Contracts with Customers. None of the license and collaboration agreements discussed in Note 11 represent transactions with customers.

If the Company concludes that some or all aspects of the arrangement are within the scope of ASC 808 and do not represent a transaction with a customer, it recognizes costs incurred as a component of the related expense in the period incurred. The arrangements may also require the Company to make payments on achievement of certain milestones, including clinical, regulatory, and development milestones. Clinical, regulatory, and development milestones are recognized as research and development expense only when such milestones are deemed probable of being achieved.

Subsequent Event

12 Months Ended

Dec. 31, 2024

Subsequent Event

Subsequent Event

(13) Subsequent Event

On January 21, 2025, the Company entered into an Exclusive License Agreement (the “Lepu Biopharma Agreement”) with Lepu Biopharma (“Lepu”), pursuant to which Lepu granted the Company a right to develop and commercialize ARR-217, an antibody drug conjugate for gastrointestinal cancers outside greater China, which is mainland China, Hong Kong, Macau and Taiwan (“Greater China”).

Under the Lepu Biopharma Agreement, Lepu granted to the Company: (i) an exclusive, royalty-bearing, sublicensable license under certain intellectual property owned or controlled by Lepu, to develop, manufacture and commercialize any product containing ARR-217 for all uses in all countries and territories other than Greater China (the “ArriVent Territory”); and (ii) a non-exclusive license under certain intellectual property controlled by Lepu to develop, manufacture and commercialize any product containing ARR-217 for use in oncology in the ArriVent Territory. Under the Lepu Agreement, the Company paid Lepu a one-time upfront payment of $40 million, and Lepu is eligible to receive near-term milestone payments totaling another $7.0 million in cash. Finally, Lepu is eligible to receive up to $1.16 billion in development, regulatory and commercial milestones and tiered royalties in high single-digit to low-teen percentages on net sales in the ArriVent Territory.

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Issuance costs	$ 18,032
Series B convertible preferred stock
Convertible preferred stock, issued price per share		$ 1.05
Issuance costs		$ 81

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Basis of Presentation

(a)	Basis of Presentation

Use of Estimates

(b)	Use of Estimates

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

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.

•

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

Cash equivalents

(d)	Cash equivalents

Investments

(e) Investments

Concentration of credit risk

(f) Concentration of credit risk

Leases

(g)

Leases

Research and Development Costs

(h)	Research and Development Costs

Stock-Based Compensation Expense

(i)	Stock-Based Compensation Expense

Net Loss per Share

(j)	Net Loss per Share

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



	Year Ended December 31,
	2024		2023
Numerator:
Net loss	$	(80,488)	$	(69,333)
Denominator:
Weighted-average shares of common stock outstanding		31,469,328		2,633,907
Less: Weighted-average shares of common stock subject to repurchase		—		(492,956)
Weighted-average shares of common stock outstanding, basic and diluted		31,469,328		2,140,951

Net loss per share attributable to common stockholders, basic and diluted	$	(2.56)	$	(32.38)

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:



	December 31,
	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383
Stock options	2,531,144	1,683,156
	2,531,144	21,250,462

Income Taxes

(k)	Income Taxes

Accounting Pronouncements Recently Adopted and Accounting Pronouncements Not Yet Adopted

(l)	Accounting Pronouncements Recently Adopted

(m)	Accounting Pronouncements Not Yet Adopted

Reverse Stock Split

(n)	Reverse Stock Split

License and Collaboration Agreements

(o)	License and Collaboration Agreements

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A convertible preferred stock	Series B convertible preferred stock	Common stock	Additional paid-in capital	Accumulated Other Comprehensive (Loss)	Accumulated deficit	Total
Beginning balance at Dec. 31, 2022	$ 149,865	$ 109,706
Beginning balance (in shares) at Dec. 31, 2022	150,000,000	104,761,894
Beginning balance at Dec. 31, 2022				$ 3,403		$ (88,512)	$ (85,109)
Beginning balance (in shares) at Dec. 31, 2022			2,597,738
Change in convertible preferred stock
Issuance of Convertible preferred stock at $1.05 per share, net of issuance costs		$ 44,919
Issuance of Convertible preferred stock at $1.05 per share, net of issuance costs (in shares)		42,857,140
Repurchase of common stock (in shares)			(7,387)
Exercise of stock options				354			$ 354
Exercise of stock options (in shares)			155,129				155,129
Stock-based compensation expense				895			$ 895
Net Income (Loss)						(69,333)	(69,333)
Ending balance at Dec. 31, 2023	$ 149,865	$ 154,625
Ending balance (in shares) at Dec. 31, 2023	150,000,000	147,619,034
Ending balance at Dec. 31, 2023				4,652		(157,845)	(153,193)
Ending balance (in shares) at Dec. 31, 2023			2,745,480
Change in convertible preferred stock
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	$ (149,865)	$ (154,625)
Conversion of convertible preferred stock into common stock (in shares)	(150,000,000)	(147,619,034)
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				631			$ 631
Exercise of stock options (in shares)			213,424				213,424
Stock-based compensation expense				3,208			$ 3,208
Unrealized (loss) on marketable securities					$ (211)		(211)
Net Income (Loss)						(80,488)	(80,488)
Ending balance (in shares) at Dec. 31, 2024	0	0
Ending balance at Dec. 31, 2024			$ 3	$ 496,195	$ (211)	$ (238,333)	$ 257,654
Ending balance (in shares) at Dec. 31, 2024			33,706,765

Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Stock-based Compensation

Stock-based Compensation

(9)	Stock-based Compensation

In June 2021, the Company adopted the 2021 Employee, Director and Consultant Equity Incentive Plan (the “2021 Plan”), as amended, that authorized the Company to grant up to 803,564 shares of common stock via stock-based compensation awards. In 2022, the Company amended the 2021 Plan and increased the total number of shares authorized under the 2021 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 December 31, 2024, there were 3,742,510 shares available to be granted. The Company’s stock options generally vest over four years. The Company recorded

stock-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss (in thousands):



	Year Ended December 31,
	2024		2023
Research and development	$	1,328	$	432
General and administrative		1,880		463
	$	3,208	$	895

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 January 1, 2023	1,078,795	$	2.28
Granted	801,091		4.63
Exercised	(155,129)		2.28
Forfeited	(41,601)		3.04
Outstanding as of December 31, 2023	1,683,156	$	3.38
Granted	1,137,307		11.10
Exercised	(213,424)		2.96
Forfeited/Expired	(75,895)		7.29
Outstanding as of December 31, 2024	2,531,144		6.77	$	8.28	$	50,352
Exercisable as of December 31, 2024	724,934		3.04		7.40		17,112
Vested and expected to vest at December 31, 2024	2,531,144	$	6.77	$	8.28	$	50,252

The weighted-average grant-date fair value of options granted in 2024 and 2023 were $7.52 and $3.57 per share, respectively. The fair value was estimated using the Black-Scholes option-pricing model based on the following assumptions:



	Year Ended December 31,
	2024		2023
Risk-free interest rate		3.69% - 4.66%		3.45% - 4.86%
Expected term		5.5 - 6.1 years		5.5 - 6.1 years
Expected volatility		93.1% - 98.6%		89.3% - 92.5%
Expected dividend yield		—		—
Estimated fair value of the Company's common stock per share (a)	$	5.85 - 24.58	$	2.71 - 4.86

(a)	Subsequent to the initial public offering on January 26, 2024, the fair value of common stock is based on the closing market price of common stock on the date of grant.

Unrecognized compensation cost for awards not vested as of December 31, 2024 was $9.5 million and will be expensed over a weighted-average period of 2.5 years.

License and Collaboration Agreements - Allist (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2024	Dec. 31, 2023
Agreement
Research and development		$ 79,004	$ 64,884
Global Technology Transfer And License Agreement \| Allist
Agreement
Cash payment	$ 40,000
Maximum amount payable upon achievement of certain clinical and regulatory milestone events		105,000
Maximum amount payable upon achievement of commercial milestones		655,000
Global Technology Transfer And License Agreement \| Allist \| Common stock
Agreement
Shares issued in execution of agreement (in shares)	1,276,250
Clinical Collaboration Agreement \| Allist
Agreement
Research and development		900	2,000
Cost reimbursement		$ 300	100
Milestone payments paid			$ 5,000

Commitments and Contingencies - Lease (Details) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2023 lease	Jan. 31, 2022 lease	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Commitments and contingencies
Number of operating leases that are subleases for office space			2
Number of subleases commencing during the period	1	1
Operating lease expense \| $			$ 0.2	$ 0.2
Remaining lease term			1 year 29 days
Discount rate (as a percent)			10.00%

Commitments and Contingencies - Operating Lease maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Future maturities of operating lease liabilities
2025	$ 173
2026	14
Total future minimum payments	187
Less imputed interest	(11)
Present value of lease liabilities	176
Cash paid for rent expense	$ 200	$ 200

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 28, 2025	Jun. 28, 2024
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 384,183,782
Entity Common Stock, Shares Outstanding		34,016,197
Auditor Name	KPMG LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	185
Entity Central Index Key	0001868279
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies - Other (Details)	Jan. 23, 2024
Summary of Significant Accounting Policies
Stock split conversion ratio	0.06575

License and Collaboration Agreements - Alphamab (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Agreement
Research and development	$ 79,004	$ 64,884
Collaborative Agreement \| Alphamab
Agreement
Maximum amount payable upon achievement of milestones			$ 615,500
Research and development	$ 200

Stock-based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation
Stock-based compensation expense	$ 3,208	$ 895
Research and development
Stock-based Compensation
Stock-based compensation expense	1,328	432
General and administrative
Stock-based Compensation
Stock-based compensation expense	$ 1,880	$ 463

- 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

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Expenses

Schedule of Accrued expenses, current

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Research and development	$	8,626	$	3,126
Professional fees		474		411
Compensation and related expenses		4,163		3,353
Other accrued expenses		67		62
	$	13,330	$	6,952

Development-Stage Risks and Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Development-Stage Risks and Liquidity
Accumulated deficit	$ 238,333	$ 157,845
Cash and cash equivalents, and short and long-term investments	$ 266,500
Substantial doubt about ability to continue as going concern within one year	false

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Background

12 Months Ended

Dec. 31, 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 11). 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 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.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Information

Schedule of significant expense categories


	Year Ended December 31,
(in thousands)	2024		2023
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):
FURTHER	$	12,272	$	18,886
FURVENT		34,135		25,898
FAVOUR		272		1,394
Other Firmonertinib costs		4,187		4,299
Total Firmonertinib		50,865		50,477
Research and development: Discovery-stage programs		10,940		1,702
Research and development: Personnel-related and other internal costs		17,199		12,705
General and administrative: Personnel-related costs		8,153		5,151
General and administrative: Other costs		7,151		4,554
Other segment items (a)		(13,820)		(5,257)
Net loss	$	(80,488)	$	(69,333)

(a)

Other segment items is comprised of interest and investment income.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

(10)	Income Taxes

The Company has incurred losses since inception and has not recorded current or deferred income taxes.

A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:



	Year Ended December 31,
	2024		2023
Tax at U.S. federal rate	21.0	%	21.0	%
State income taxes	4.9		5.5
Other permanent differences	—		(0.1)
Transaction costs	1.1		—
Rate change	(0.8)		5.5
Research and development credit	4.5		3.2
Valuation allowance	(30.7)		(35.1)
Total provision	—	%	—	%

Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which differences are expected to reverse.

Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets
Net operating losses	$	16,735	$	9,365
Research and development credit		7,062		3,465
Intangible asset		9,883		10,683
Capitalized research and development		34,591		20,583
Other		561		96
Gross deferred tax assets		68,832		44,192
Valuation allowance		(68,793)		(44,122)
Total deferred tax assets		39		70

Deferred tax liabilities
Right of use asset		(39)		(70)
Total deferred tax liabilities		(39)		(70)
Net deferred tax assets and liabilities	$	—	$	—

The Company records a valuation allowance against its net deferred tax asset when it is more likely than not that realization will not occur. The realization of deferred tax assets depends upon the Company’s ability to generate future taxable income or other tax planning strategies available in the relevant taxing jurisdiction. In evaluating the realizability of its deferred tax assets, Management must determine whether there will be sufficient taxable income to allow for the realization of deferred tax assets. Based upon the historical and anticipated future losses, Management has determined that the deferred tax assets do not meet the more-likely-than-not threshold for realizability. As a result, the Company recorded a valuation allowance against its net deferred tax assets as of December 31, 2024. The valuation allowance

increased by $24.7 million and $24.1 million during the years ended December 31, 2024 and 2023, respectively due to the current year pre-tax losses and research and development tax credits.

As of December 31, 2024 and 2023, the Company had gross federal net operating loss (“NOL”) carryforwards of $67.4 million and $38.9 million, respectively, which will be carried forward indefinitely to offset future taxable income, subject to an 80 percent limitation of taxable income annually. The Company does not have any pre-2018 NOLs subject to expiration. As of December 31, 2024 and 2023, state NOLs exist of approximately $58.8 million and $25.5 million, respectively, subject to various carryforward periods with the first state NOLs beginning to expire in 2043. The Company also had research and development tax credit carryforwards of approximately $7.1 million and $3.5 million as of December 31, 2024 and 2023, respectively. The research credit carryforward will begin to expire in 2041. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, the Code, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and credits to offset its post-change income and taxes may be limited. In general, an “ownership change” occurs if there is a cumulative change in ownership by one or more “5% shareholders” (as defined under U.S. income tax laws) that exceeds 50 percentage points over a rolling three-year period. Similar rules apply under state tax laws. The Company has not determined if it has experienced Section 382/383 ownership changes in the past and if a portion of the NOL and tax credit carryforwards are subject to an annual limitation under Section 382/383. In addition, the Company may experience ownership changes in the future as a result of subsequent shifts in stock ownership, some of which may be outside of its control.

As of December 31, 2024 and 2023, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s financial statements. The Company is generally subject to three-year statute of limitations for federal and state; therefore, 2021 through the current year remain open for examination.

- Definition

The entire disclosure for income tax.

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+ Details

License and Collaborative Agreements

12 Months Ended

Dec. 31, 2024

License and Collaboration Agreements

License and Collaborative Agreements

(11) License and Collaboration Agreements

Allist

In June 2021, the Company entered into a Global Technology Transfer and License Agreement with Allist (“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. The upfront payment and the fair value of the common stock issued was recorded to research and development expense in 2021.

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 of up to $105.0 million in clinical and regulatory milestones and up to $655.0 million in commercial milestones. Furthermore, royalties, ranging from high single digit to low mid-teen percentages will be payable to Allist 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 years ended December 31, 2024 and 2023, the Company incurred $0.9 million and $2.0 million, respectively, in cost reimbursements to Allist under the Clinical Collaboration which have been recorded as research and development expense. The Company also received cost reimbursements from Allist of $0.3 and $0.1 million for the years ended December 31, 2024 and 2023, respectively, which has been recorded as a reduction of research and development expenses. The Company paid $5.0 million in milestone payments to Allist during the year ended December 31, 2023. During the year ended December 31, 2024, no additional milestones were met or achieved, or were probable of achievement.

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 (“Alphamab Agreement”).

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

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

The upfront payment was recorded to research and development expense during the three-month period ended June 30, 2024. During the year ended December 31, 2024, the Company paid $0.2 million in cost reimbursements to Alphamab under the Alphamab Agreement which have also been recorded as research and development expense. No milestones have been met or achieved, or are probable of achievement, since the inception of the agreement.

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. 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. In August 2024, the Company paid $1.0 million to exercise that option, and as a result is now 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 is obligated to pay Aarvik royalties in the mid-single digits based on net sales of licensed products.

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 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) the acquisition of 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 activities. Under the Amended and Restated Aarvik Collaboration Agreement, the Company has paid Aarvik a collaboration initiation fee and research fees as provided in the SOWs in an aggregate amount of $4.9 million.

The Company incurred $2.3 million and $1.7 million in research and development expenses related to the Aarvik SOWs during the years ended December 31, 2024 and 2023, respectively. With the exception of the option described above, no milestones have been met or achieved, or are probable of achievement, since the inception of the Aarvik Collaboration Agreement.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (80,488)	$ (69,333)

- Definition

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

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and contingencies

Commitments and contingencies

(7)	Commitments and Contingencies

Leases

The Company has two operating leases that it subleases for its office space in California, one of which commenced in January 2022 with an original lease term through January 2024 (which ended in January 2024) and one of which commenced in November 2023 with an original lease term through January 2026. The Company also leases other office space with an initial lease term of less than twelve months; therefore, it does not recognize this lease as an operating lease on the balance sheet.

Operating lease expense was $0.2 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively. The Company’s remaining lease term and discount rate for its operating lease as of December 31, 2024 are 1.08 years and 10.0%, respectively.

Future maturities of operating lease liabilities were as follows as of December 31, 2024 (in thousands):


Fiscal year ending:
2025	$	173
2026		14
Total future minimum payments		187
Less imputed interest		(11)
Present value of lease liabilities	$	176

Cash paid for rent expense recorded during the years ended December 31, 2024 and 2023 was $0.2 million and $0.2 million, respectively.

Purchase Commitments

The Company enters into contracts in the normal course of business with contract research organizations, contract manufacturing organizations, universities, and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by the Company upon prior written notice although, purchase orders for clinical materials are generally non-cancellable. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company’s service providers, up to the date of cancellation or upon completion of a manufacturing run.

Employee Benefit Plan

The Company maintains a 401(k) plan for employees. The 401(k) plan qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) plan, participating employees may defer a portion of their pre-tax earnings. The Company contributes 100% of employee salary deferral contributions up to 4% of pay for each payroll period. The Company contributions to the 401(k) plan during the years ended December 31, 2024 and 2023, were $0.5 million and $0.4 million, respectively.

Contingencies

Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated.

Stock-based Compensation - Summary of stock options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options
Outstanding as of beginning of period (in shares)	1,683,156	1,078,795
Granted (in shares)	1,137,307	801,091
Exercised (in shares)	(213,424)	(155,129)
Forfeited/Expired (in shares)	(75,895)	(41,601)
Outstanding as of end of period (in shares)	2,531,144	1,683,156
Exercisable (in shares)	724,934
Vested and expected to vest (in shares)	2,531,144
Weighted average exercise price
Outstanding as of beginning of period (in dollars per shares)	$ 3.38	$ 2.28
Granted (in dollars per shares)	11.1	4.63
Exercised (in dollars per shares)	2.96	2.28
Forfeited/expired (in dollars per shares)	7.29	3.04
Outstanding as of end of period (in dollars per shares)	6.77	3.38
Exercisable (in dollars per shares)	3.04
Vested and expected to vest (in dollars per shares)	$ 6.77
Weighted average remaining contractual term (years) and Aggregate Intrinsic Value
Weighted average remaining contractual term - Outstanding (years)	8 years 3 months 10 days
Weighted average remaining contractual term - Exercisable (years)	7 years 4 months 24 days
Weighted average remaining contractual term - Vested and expected to vest (years)	8 years 3 months 10 days
Aggregate Intrinsic Value - Outstanding (in dollars)	$ 50,352
Aggregate Intrinsic Value - Exercisable (in dollars)	17,112
Aggregate Intrinsic Value - Vested and expected to vest (in dollars)	$ 50,252
Weighted-average grant-date fair value of options	$ 7.52	$ 3.57

Income Taxes - Deferred tax assets and liabilities for federal income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Net operating losses	$ 16,735	$ 9,365
Research and development credit	7,062	3,465
Intangible asset	9,883	10,683
Capitalized research and development	34,591	20,583
Other	561	96
Gross deferred tax assets	68,832	44,192
Valuation allowance	(68,793)	(44,122)
Total deferred tax assets	39	70
Deferred tax liabilities
Right of use asset	(39)	(70)
Total deferred tax liabilities	(39)	(70)
Net deferred tax assets and liabilities

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Accrued Expenses

Accrued Expenses

(6)	Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Research and development	$	8,626	$	3,126
Professional fees		474		411
Compensation and related expenses		4,163		3,353
Other accrued expenses		67		62
	$	13,330	$	6,952

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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 per share, basic and diluted (in thousands, except share and per share data):



	Year Ended December 31,
	2024		2023
Numerator:
Net loss	$	(80,488)	$	(69,333)
Denominator:
Weighted-average shares of common stock outstanding		31,469,328		2,633,907
Less: Weighted-average shares of common stock subject to repurchase		—		(492,956)
Weighted-average shares of common stock outstanding, basic and diluted		31,469,328		2,140,951

Net loss per share attributable to common stockholders, basic and diluted	$	(2.56)	$	(32.38)

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



	December 31,
	2024	2023
Series A convertible preferred stock (as converted to common stock)	—	9,861,923
Series B convertible preferred stock (as converted to common stock)	—	9,705,383
Stock options	2,531,144	1,683,156
	2,531,144	21,250,462

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

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

The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts, fair values, and fair value hierarchy as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	49,031	$	—	$	—	$	49,031	$	49,031	$	—	$	—
Corporate securities		114,577		10		(148)		114,439		—		114,439		—
Government securities		98,150		18		(91)		98,077		—		98,077		—
Total assets measured at fair value	$	261,758	$	28	$	(239)	$	261,547	$	49,031	$	212,516	$	—


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	124,322	$	—	$	—	$	124,322	$	124,322	$	—	$	—
Total assets measured at fair value	$	124,322	$	—	$	—	$	124,322	$	124,322	$	—	$	—

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Expenses
Research and development	$ 8,626	$ 3,126
Professional fees	474	411
Compensation and related expenses	4,163	3,353
Other accrued expenses	67	62
Total	$ 13,330	$ 6,952

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Research and development	$ 7,209	$ 8,450
Professional fees	233	240
Insurance	174	128
Tax credit receivable	500	761
Total	$ 8,116	$ 9,579

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 74,293	$ 150,389
Short-term investments	144,570
Prepaid expenses and other current assets	8,116	9,579
Total current assets	226,979	159,968
Long-term investments	47,683
Right of use assets - operating leases	154	291
Deferred offering costs		2,732
Other assets	126	107
Total assets	274,942	163,098
Current liabilities:
Accounts payable	3,782	4,532
Accrued expenses	13,330	6,952
Operating lease liabilities	162	140
Total current liabilities	17,274	11,624
Operating lease liabilities, net of current amount	14	177
Total liabilities	17,288	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; 33,706,765 and 2,745,480 shares issued and outstanding at December 31, 2024 and 2023, respectively	3
Additional paid-in capital	496,195	4,652
Accumulated deficit	(238,333)	(157,845)
Accumulated other comprehensive (loss)	(211)
Total stockholders' equity (deficit)	257,654	(153,193)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 274,942	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

Income Taxes - Tax credit carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Research and development
Tax Credit Carryforward
Tax credit carryforward	$ 7.1	$ 3.5

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,
	2024		2023
Research and development	$	7,209	$	8,450
Professional fees		233		240
Insurance		174		128
Tax credit receivable		500		761
	$	8,116	$	9,579

Convertible Preferred Stock and Common Stock

12 Months Ended

Dec. 31, 2024

Convertible Preferred Stock and Common Stock

Convertible Preferred Stock and Common Stock

(8)	Convertible Preferred Stock and Common Stock

Convertible Preferred Stock

In June 2021, the Company sold 90,000,000 shares of Series A convertible preferred stock (“Series A”) at an original issuance price of $1.00 per share. In February 2022, the Company sold 60,000,000 shares of Series A at an original issuance price of $1.00 per share. In December 2022, the Company sold 104,761,894 shares of Series B convertible preferred stock (“Series B”) at an original issuance price of $1.05 per share. In March 2023, the Company sold 42,857,140 shares of Series B at an original issuance price of $1.05 per share. The Series A and Series B stock were converted to common stock at the Company’s January 2024 initial public offering.

Classification of Convertible Preferred Stock

Prior to their conversion into common stock, the Series A and Series B were classified outside of stockholders’ equity (deficit) because the holders of such shares had redemption rights in the event of a Deemed Liquidation Event that was not solely within the control of the Company. Because the occurrence of a Deemed Liquidation Event was never considered probable, the carrying values of the Convertible Preferred Stock were not accreted to their redemption values.

Common Stock

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Unless required by law, there shall be no cumulative voting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment of all preferential amounts required to be paid to any holders of shares of Convertible Preferred Stock, the remaining funds and assets available for distribution to the stockholders of the Company will be distributed among the holders of shares of common stock, pro rata based on the number of shares of common stock held by each such holder.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Fair Value Measurements

(4)	Fair Value Measurements


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	49,031	$	—	$	—	$	49,031	$	49,031	$	—	$	—
Corporate securities		114,577		10		(148)		114,439		—		114,439		—
Government securities		98,150		18		(91)		98,077		—		98,077		—
Total assets measured at fair value	$	261,758	$	28	$	(239)	$	261,547	$	49,031	$	212,516	$	—


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	124,322	$	—	$	—	$	124,322	$	124,322	$	—	$	—
Total assets measured at fair value	$	124,322	$	—	$	—	$	124,322	$	124,322	$	—	$	—

Cash balances were $5,000 and $26,067 at December 31, 2024 and 2023, respectively. Money market fund accounts are highly liquid investments. The pricing information on the Company’s money market fund 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.

The Company’s investment portfolio includes many fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company applied other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, model processes were used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data.

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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
Rule 10b5-1 Arr Modified	false
Non-Rule 10b5-1 Arr Modified	false

Background (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 30, 2024	Dec. 31, 2024
Background
Proceeds from issuance of common stock in an initial public offering, net of underwriting discounts and commissions and other offering expenses	$ 183.2
Common stock
Background
Issuance of common stock in initial public offering (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
Issuance of common stock in initial public offering (in shares)	9,722,222
Share price (in dollars per share)	$ 18
Underwriters allotment \| Common stock
Background
Issuance of common stock in initial public offering (in shares)	1,458,333
Share price (in dollars per share)	$ 18

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

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

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

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

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-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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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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

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

+ Details

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Operating expenses:
Number of reportable segments \| segment	1
Total Firmonertinib	$ 79,004	$ 64,884
Net loss	(80,488)	(69,333)
Life science
Operating expenses:
Research and development: Discovery-stage programs	10,940	1,702
Research and development: Personnel-related and other internal costs	17,199	12,705
General and administrative: Personnel-related costs	8,153	5,151
General and administrative: Other costs	7,151	4,554
Other segment items	(13,820)	(5,257)
Net loss	$ (80,488)	(69,333)
Description of other segment item	Other segment items is comprised of interest and investment income
Life science \| Firmonertinib
Operating expenses:
Other Firmonertinib costs	$ 4,187	4,299
Total Firmonertinib	50,865	50,477
Life science \| Further
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	12,272	18,886
Life science \| Furvent
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	34,135	25,898
Life science \| Favour
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	$ 272	$ 1,394

Stock-based Compensation - Fair value (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation
Weighted-average grant-date fair value of options	$ 7.52	$ 3.57
Unrecognized compensation cost
Unrecognized compensation cost for awards (in dollars)	$ 9.5
Expected period to be recognized	2 years 6 months
Employee Stock Option
Fair value assumptions
Risk-free interest rate, minimum (as a percent)	3.69%	3.45%
Risk-free interest rate, maximum (as a percent)	4.66%	4.86%
Expected volatility, minimum (as a percent)	93.10%	89.30%
Expected volatility, maximum (as a percent)	98.60%	92.50%
Employee Stock Option \| Minimum
Fair value assumptions
Expected term	5 years 6 months	5 years 6 months
Estimated fair value of the Company's common stock per share (in dollars per share)	$ 5.85	$ 2.71
Employee Stock Option \| Maximum
Fair value assumptions
Expected term	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)	$ 24.58	$ 4.86

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of reconciliation of income tax benefit at the statutory federal income tax rate and income taxes



	Year Ended December 31,
	2024		2023
Tax at U.S. federal rate	21.0	%	21.0	%
State income taxes	4.9		5.5
Other permanent differences	—		(0.1)
Transaction costs	1.1		—
Rate change	(0.8)		5.5
Research and development credit	4.5		3.2
Valuation allowance	(30.7)		(35.1)
Total provision	—	%	—	%

Schedule of deferred tax assets and liabilities for federal income taxes

Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets
Net operating losses	$	16,735	$	9,365
Research and development credit		7,062		3,465
Intangible asset		9,883		10,683
Capitalized research and development		34,591		20,583
Other		561		96
Gross deferred tax assets		68,832		44,192
Valuation allowance		(68,793)		(44,122)
Total deferred tax assets		39		70

Deferred tax liabilities
Right of use asset		(39)		(70)
Total deferred tax liabilities		(39)		(70)
Net deferred tax assets and liabilities	$	—	$	—

Development-Stage Risks and Liquidity

12 Months Ended

Dec. 31, 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 $238.3 million as of December 31, 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 the aggregate balance of cash and cash equivalents, and short and long-term investments of $266.5 million as of December 31, 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.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 79,004	$ 64,884
General and administrative	15,304	9,706
Total operating expenses	94,308	74,590
Operating loss	(94,308)	(74,590)
Interest and investment income	13,820	5,257
Net loss	(80,488)	(69,333)
Unrealized (loss) on marketable securities, net of tax	(211)
Total other comprehensive (loss)	(211)
Total comprehensive loss	$ (80,699)	$ (69,333)
Share information:
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.56)	$ (32.38)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.56)	$ (32.38)
Weighted-average shares of common stock outstanding, basic (in shares)	31,469,328	2,140,951
Weighted-average shares of common stock outstanding, diluted (in shares)	31,469,328	2,140,951

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Gross Unrealized Gains	$ 28,000
Gross Unrealized Losses	(239,000)
Cash balance	5,000	$ 26,067
Corporate securities
Fair Value Measurements
Gross Unrealized Gains	10,000
Gross Unrealized Losses	(148,000)
Government securities
Fair Value Measurements
Gross Unrealized Gains	18,000
Gross Unrealized Losses	(91,000)
Amortized Cost
Fair Value Measurements
Money market funds	49,031,000	124,322,000
Total assets measured at fair value	261,758,000	124,322,000
Amortized Cost \| Corporate securities
Fair Value Measurements
Securities, Carrying Value	114,577,000
Amortized Cost \| Government securities
Fair Value Measurements
Securities, Carrying Value	98,150,000
Fair Value
Fair Value Measurements
Money market funds	49,031,000	124,322,000
Total assets measured at fair value	261,547,000	124,322,000
Fair Value \| Corporate securities
Fair Value Measurements
Securities, Fair Value	114,439,000
Fair Value \| Government securities
Fair Value Measurements
Securities, Fair Value	98,077,000
Fair Value \| Level 1
Fair Value Measurements
Money market funds	49,031,000	124,322,000
Total assets measured at fair value	49,031,000	$ 124,322,000
Fair Value \| Level 2
Fair Value Measurements
Total assets measured at fair value	212,516,000
Fair Value \| Level 2 \| Corporate securities
Fair Value Measurements
Securities, Fair Value	114,439,000
Fair Value \| Level 2 \| Government securities
Fair Value Measurements
Securities, Fair Value	$ 98,077,000

Summary of Significant Accounting Policies - Potentially dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares	2,531,144	21,250,462
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
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
Employee Stock Option
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares	2,531,144	1,683,156

Stock-based Compensation - Plans (Details) - shares	1 Months Ended	12 Months Ended
Stock-based Compensation - Plans (Details) - shares	Jan. 31, 2024	Dec. 31, 2024	Dec. 31, 2022	Jun. 30, 2021
Stock-based Compensation
Shares available for grant		3,742,510
2021 Plan
Stock-based Compensation
Shares authorized			2,748,818	803,564
2024 Plan
Stock-based Compensation
Additional shares authorized	3,900,000
Employee Stock Option
Stock-based Compensation
Vesting Period		4 years

- 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

Summary of Significant Accounting Policies- Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Fair value, measurement with unobservable inputs reconciliation, liability, transfers into level 3	$ 0	$ 0
Fair value, measurement with unobservable inputs reconciliation, liability, transfers out of level 3	0	0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset transfers into level 3	0	0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, transfers out of level 3	0	0
Fair value, measurement with unobservable inputs reconciliation, liability, level 1 to level 2 transfers	0	0
Fair value, measurement with unobservable inputs reconciliation, liability, level 2 to level 1 transfers	0	0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, level 1 to level 2 transfers	0	0
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, level 2 to level 1 transfers	0	0
Cash equivalents	$ 69,300	$ 124,300

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss (basic)	$ (80,488)	$ (69,333)
Net loss (diluted)	$ (80,488)	$ (69,333)
Denominator:
Weighted-average shares of common stock outstanding	31,469,328	2,633,907
Less: Weighted-average shares of common stock subject to repurchase		(492,956)
Weighted-average shares of common stock outstanding, basic (in shares)	31,469,328	2,140,951
Weighted-average shares of common stock outstanding, diluted (in shares)	31,469,328	2,140,951
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.56)	$ (32.38)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.56)	$ (32.38)

Income Taxes - Reconciliation of income tax benefit at the statutory federal income tax rate and income taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Tax at U.S. federal rate	21.00%	21.00%
State income taxes	4.90%	5.50%
Other permanent differences		(0.10%)
Transaction costs	1.10%
Rate change	(0.80%)	5.50%
Research and development credit	4.50%	3.20%
Valuation allowance	(30.70%)	(35.10%)
Total provision