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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 381,738,000 $ 267,110,000
Short-term marketable securities 406,693,000 47,510,000
Prepaid expenses and other current assets 6,207,000 1,444,000
Total current assets 794,638,000 316,064,000
Prepaid expenses and other assets, non-current 2,482,000 3,859,000
Operating lease, right-of-use asset 1,240,000 0
Property, plant and equipment, net 2,129,000 0
Total assets 800,489,000 319,923,000
Current liabilities    
Accounts payable 18,702,000 5,947,000
Accrued research and development expenses 41,295,000 5,717,000
Accrued compensation and other current liabilities 5,144,000 4,237,000
Severance liability 1,720,000 0
Total current liabilities 66,861,000 15,901,000
Derivative tranche liability 0 10,291,000
Operating lease liability, non-current 1,252,000 0
Total liabilities 68,113,000 26,192,000
Commitments and contingencies (Note 8)
Redeemable convertible preferred shares, no par value; no shares authorized, issued and outstanding as of September 30, 2023; 104,461,636 shares authorized as of December 31, 2022; par value of $0.00001 per share; 40,743,522 shares issued and outstanding as of December 31, 2022; aggregate liquidation preference $408,000 as of December 31, 2022 0 396,593,000
Stockholders’ equity (deficit)    
Preferred stock, 10,000,000 shares authorized, $0.00001 par value, no shares issued and outstanding at September 30, 2023; no shares authorized, issued, and outstanding at December 31, 2022 0 0
Common stock, par value of $0.00001 per share; 790,000,000 and 229,461,636 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 97,240,419 and 2,767,359 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 1,000 0
Additional paid-in capital 1,125,932,000 4,302,000
Accumulated other comprehensive loss (50,000) (86,000)
Accumulated deficit (393,507,000) (107,078,000)
Total stockholders' equity (deficit) 732,376,000 (102,862,000)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) $ 800,489,000 $ 319,923,000