0000950170-25-044366 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Mar. 20, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	AN2 Therapeutics, Inc.
Entity Central Index Key	0001880438
Entity File Number	001-41331
Entity Tax Identification Number	82-0606654
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	1800 El Camino Real
Entity Address, Address Line Two	Suite D
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94027
City Area Code	650
Local Phone Number	331-9090
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	ANTX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		30,098,720
Entity Public Float			$ 41,131,046
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California
Auditor Firm ID	238
Auditor Opinion	We have audited the accompanying balance sheets of AN2 Therapeutics, Inc. (the “Company”) as of December 31, 2024 and 2023, and the related statements of operations and comprehensive loss, of stockholders’ equity and of cash flows for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for its 2025 annual meeting of stockholders is incorporated by reference in Item 5 of Part II and Items 10, 11, 12, 13 and 14 of Part III.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Certain reclassifications have been made to the prior year presentation to conform to the current year presentation. The prior year presentation of "other income, net" on the statements of operations and comprehensive loss has been separated to “interest income” and “other income” and conformed to reflect the current year's presentation. Risks and Uncertainties Liquidity Prior to the IPO, the Company’s operations had historically been financed through the issuance of redeemable convertible preferred stock. Since inception, the Company has incurred significant losses and negative net cash flows from operations. During the years ended December 31, 2024 and 2023, the Company incurred a net loss of $51.3 million and $64.7 million, respectively, and had cash flows used in operating activities of $49.3 million and $53.3 million, respectively. The Company has an accumulated deficit of $205.8 million and $154.5 million as of December 31, 2024 and 2023, respectively, and will require substantial additional capital for research and development activities. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. As of December 31, 2024, the Company had cash, cash equivalents, short-term investments and long-term investments of $88.6 million. Management believes that its cash, cash equivalents and investments as of December 31, 2024 will be sufficient to fund its current operating plan through at least 12 months from the issuance date of these financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development, including costs for preclinical and nonclinical studies, clinical trials, and clinical trial and material manufacturing. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital, and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Segments The Company operates and manages its business as one reportable and operating segment. For financial information related to the Company's one operating segment see Note 13 - Segment Reporting. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to research and development accruals, fair value of assets and liabilities and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Research and Development Expenses All research and development costs, including work performed by third parties, are expensed as incurred. Research and development costs consist of salaries and other personnel-related expenses, including associated stock-based compensation, consulting fees, and facility costs, as well as fees paid to other entities that conduct certain research and development activities on behalf of the Company. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or services are rendered. As part of the process of preparing its financial statements, the Company estimates its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of services performed and the associated cost incurred for services for which the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses at the end of each reporting period based on the facts and circumstances known to the Company at that time. The significant estimates in the Company’s accrued research and development expenses relate to expenses incurred with respect to contract manufacturing and clinical and other research organizations, academic research centers and other vendors in connection with research and development activities for which the Company has not yet been invoiced. Stock-Based Compensation The Company measures and recognizes compensation expense for equity-classified stock-based awards made to employees, directors and non-employees based on the grant date estimated fair value of each award. Compensation expense for employee and director awards is recognized on a straight-line basis over the requisite service period which is generally the vesting period for the entire award. Expense is adjusted for forfeitures as they occur. Compensation expense for non-employee awards is recognized in the same period and manner as if the Company had paid cash for the goods or services provided. The valuation model used for calculating the fair value of stock options for stock-based compensation expense is the Black-Scholes option-pricing model (the Black-Scholes model). The Black-Scholes model requires management to make assumptions and judgments about the variables used in the calculation, including the expected term, the expected volatility of common stock, an assumed risk-free interest rate, and expected dividends the Company may pay. Management uses the simplified calculation (based on the mid-point between the vesting date and the end of the contractual term) of the expected term for its stock options as the Company has concluded that its stock option history does not provide a reasonable basis upon which to estimate expected term. Volatility is based on an average of the historical volatilities of the common stock of entities with characteristics similar to the Company’s. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company uses an assumed dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. For option awards that contain performance conditions, compensation cost is recognized in the period in which it becomes probable that the performance condition will be satisfied. For option awards that vest upon a liquidity event or a change in control, the performance condition is not probable of being achieved until the event occurs. As a result, no compensation expense would be recognized until the performance-based vesting condition is achieved. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which consist of money market funds, corporate debt securities and corporate commercial paper, are stated at fair value. As of December 31, 2024 and 2023, the Company had cash and cash equivalents of $21.4 million and $15.6 million, respectively. Investments Investments consist of U.S. Treasury securities, commercial paper, U.S. Government agency securities, asset-backed securities, and corporate debt securities. All of the Company’s investments are classified as available-for-sale and are carried at estimated fair values and reported in cash equivalents, short-term investments or long-term investments. Management determines the appropriate classification of the investments at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months are considered long-term investments. The cost of investments sold, if any, is based on the specific identification method. Unrealized gains and losses on available-for-sale investments are reported in accumulated other comprehensive gain (loss) as a separate component of stockholders’ equity. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in other income (expense) in the statements of operations and comprehensive loss. If neither criterion is met, the Company evaluates whether the decline in fair value is related to credit-related factors or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income, net. Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit factors are recognized in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in other income, net in the statements of operations and comprehensive loss. For purposes of identifying and measuring credit-related impairments, the Company’s policy is to exclude applicable accrued interest from both the fair value and amortized cost basis of the related security. The Company has elected to write-off uncollectible accrued interest receivable balances in a timely manner, which is defined by the Company as when interest due becomes 90 days delinquent. The accrued interest write-off will be recorded by reversing interest income. Accrued interest receivable is recorded to prepaid expenses and other current assets. There have been no uncollectible accrued interest write-offs in the years ended December 31, 2024 or 2023. As of December 31, 2024 and 2023, the Company had investments of $67.3 million and $118.8 million, respectively. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and investments. The Company’s cash is invested through financial institutions in the United States. The Company’s investments consist of debt securities, issued by highly rated corporate entities or the U.S. government, and asset-backed securities. The Company’s exposure to any individual corporate entity is limited by its investment policy. Deposits have and will continue to exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds. The Company has not experienced any credit losses in such accounts. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash to the extent recorded on the balance sheets. In March 2023, one of the financial institutions utilized by the Company was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Through December 31, 2024, the Company has no off-balance sheet concentrations of credit risk. Government Contract In September 2022, the Company received a cost-reimbursement contract award under which the Company is eligible to receive up to $17.8 million from the U.S. National Institute of Allergy and Infectious Diseases (“NIAID”) to support preclinical, Phase 1 studies and other activities to enable advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. This project will be funded in whole or in part with Federal funds from the NIAID, National Institutes of Health, Department of Health and Human Services, and Department of Defense Contract No. 75N93022C00059. Accounting for this contract does not fall under ASC 606, Revenue from Contracts with Customers, as NIAID will not benefit directly from the advancement of epetraborole. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company applied International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for the NIAID contract payments to the Company. Under IAS 20, government contract proceeds are recognized when there is reasonable assurance the conditions of the contract will be met and the contract funding will be received. For the NIAID contract, this occurs after the qualifying expenses related to the contract have been incurred, or the Company concludes the conditions of the contract have been substantially met. The income related to the reimbursement of operating expenses is then recorded as a reduction of those expenses (see Note 4 - Funding Arrangements). Grant Agreements In September 2022, the Company entered into a subcontract agreement with the University of Georgia Research Foundation (“UGARF”) to receive up to $1.4 million from the UGARF to support preclinical development of a boron-containing small molecule for Chagas disease. In September 2023, the Company entered into a grant agreement with the Bill and Melinda Gates Foundation (“BMGF”) to fund up to $1.8 million to generate new boron-based lead compounds with the potential to be developed into drugs that treat tuberculosis (“TB”) and malaria. In July 2024, the Company entered into an amendment to the 2022 subcontract agreement with the UGARF for additional funding in the amount of $0.2 million. In September 2024, the Company entered into a second-year continuation grant agreement with BMGF to fund up to $2.0 million to support an early-stage research program focused on delivering novel leads as starting points for new drugs that can be combined to deliver shorter, safer and simpler TB drug regimens. The Company recognizes grant proceeds in accordance with ASC 958-605, Not-for-Profit Entities - Revenue Recognition, when qualifying costs are incurred and the conditions of the grant agreement have been met. When receipt of grant proceeds is reasonably assured, the Company records a reduction to the research and development expenses incurred and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as a liability and recognized as a reduction to the qualifying research and development expenses incurred (see Note 4 - Funding Arrangements). Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss. The Company’s other comprehensive loss consists of net changes in unrealized gains and losses on its available-for-sale investments. For the years ended December 31, 2024 and 2023, the Company had $0.2 million of net unrealized loss and $0.6 million of net unrealized gain on available-for-sale investments, respectively. Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options, unvested RSUs, common stock subject to repurchase related to unvested early exercise of stock options, and shares committed under ESPP are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods because the impact of potentially dilutive securities would be anti-dilutive. Restructuring Charges Restructuring charges consist primarily of employee severance payments and other employee termination-related expenses. The Company records restructuring charges based on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements, such as those documented by employment agreements or a pre-existing severance policy, in accordance with ASC 712, Nonretirement Postemployment Benefits. Under ASC 712, liabilities for postemployment benefits are recorded at the time the obligations are probable of being incurred and can be reasonably estimated. The Company accounts for one-time employment benefit arrangements in accordance with ASC 420, Exit or Disposal Cost Obligations. JOBS Act Accounting Election The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company may take advantage of these provisions for up to five years (which is through March 2027), unless the Company ceases to be an emerging growth company at an earlier date. As a result, these financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 are intended to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted ASU 2023-07 on January 1, 2024, retrospectively. Newly required disclosures have been included in Note 13 - Segment Reporting. Recent Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise noted, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements and disclosures. As an "emerging growth" company, it has been the Company's intention to take advantage of certain temporary exemptions from various reporting requirements, as well as taking advantage of additional transitional relief. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. 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 (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this standard on its financial statements and related disclosures.

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per share

Note 11. Net Loss Per Share

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


	Year Ended December 31,
	2024			2023
Numerator:
Net loss attributable to common stockholders	$	(51,321	)	$	(64,732	)
Denominator:
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		29,828,227			23,600,107
Net loss per share attributable to common stockholders, basic and diluted	$	(1.72	)	$	(2.74	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	December 31,
	2024		2023
Options issued and outstanding		4,890,843		3,930,306
Unvested RSUs		516,511		—
Early exercised common stock subject to future vesting		—		5,040
ESPP authorized for future issuance		563,731		337,017
Total		5,971,085		4,272,363

Equity - Shares of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	6,830,926	5,522,044
Stock Options Issued And Outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	4,890,843	3,930,306
Unvested Restricted Stock Units
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	516,511
Stock Options Authorized For Future Issuance
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	859,841	1,254,721
ESPP, Authorized for Future Issuance
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	563,731	337,017

- Definition

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

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+ Details

Equity Incentive Plan and Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan and Stock-Based Compensation

Note 9. Equity Incentive Plan and Stock-Based Compensation

2022 Equity Incentive Plan

The Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”) effective upon the closing of the IPO, which provides for the granting of incentive stock options (“ISOs”) to the Company's employees, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other forms of awards to employees, directors, and consultants. As of December 31, 2024, no stock appreciation rights or performance awards were issued.

The Company initially reserved for issuance 1,870,000 new shares of common stock pursuant to the 2022 Plan. The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) was terminated in 2022; however, shares underlying outstanding stock awards granted under the 2017 Plan will continue to be governed by the 2017 Plan. Shares available under the 2017 Plan were added to the available shares in the 2022 Plan. Shares underlying outstanding stock awards granted under the 2017 Plan that expire or are repurchased by, forfeited to, cancelled or withheld by the Company will also be reserved for issuance under the 2022 Plan.

The initial number of shares of the Company’s common stock that may be issued under the 2022 Plan will not exceed 4,423,920 shares of the Company's common stock, which is the sum of (i) 1,870,000 new shares, plus (ii) 2,553,920 shares related to the 2017 Plan. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2022 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2023 and continuing through January 1, 2032, in an amount equal to (1) 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company's board of directors no later than December 31 of the immediately preceding year. Accordingly, effective January 1, 2024, the number of shares in the 2022 Plan increased by 1,189,657 shares, representing 4% of the prior year end’s common stock outstanding. The maximum number of shares of the Company's common stock that may be issued on the exercise of stock options or vesting of RSUs and RSAs under the 2022 Plan is 13,271,760 shares.

Since the date of incorporation and through December 31, 2024, the Company issued stock options, RSUs and RSAs to its employees, directors and consultants. As of December 31, 2024, 859,841 shares of common stock remained available for future issuance under the 2022 Plan.

ISOs granted to newly hired employees under the 2022 Plan generally vest 25% after the completion of 12 months of service, and the balance vests in equal monthly installments over the next 36 months of service and expire ten years from the grant date, unless subject to provisions regarding 10% stockholders. ISOs granted to existing employees generally vest ratably over a 48-month period of service and expire ten years from the grant date. NSOs vest in accordance with the terms of the specific agreement under which the options were provided and expire ten years from the date of grant. RSUs granted to employees generally vest annually over a two to four year period of service and expire ten years from the grant date. RSAs granted to non-employees generally vest at the time of grant and expire ten years from the grant date.

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statements of operations and comprehensive loss during the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Research and development expenses	$	3,798	$	4,236
General and administrative expenses		4,540		4,176
Total	$	8,338	$	8,412

Valuation of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of employee and non-employee stock options is being amortized on the straight-line basis over the requisite service period of the awards.

The Black-Scholes option pricing model requires the use of highly subjective assumptions which determine the fair value of stock-based awards. These assumptions include:

•

Expected Term—The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual term of the stock-based awards.

•

Expected Volatility—Since the Company has limited trading history for its common stock, the expected volatility is based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle and area of specialty.

•

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of option.

•

Expected Dividend Rate—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

The following weighted average assumptions were used to value options granted during the periods indicated:


	Year Ended December 31, 2024			Year Ended December 31, 2023
Expected term	5.94 years			5.98 years
Expected volatility		110.6	%		90.8	%
Risk-free interest rate		4.28	%		4.04	%
Expected dividend yield		—			—

Stock Option Activity

A summary of the stock plan activity is as follows:


	Total Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		3,930,306		$	10.86		8.14	$	37,853
Granted		1,700,899			2.42
Exercised		(28,930	)		7.78
Forfeited/expired		(711,432	)		8.91
Vested and expected to vest at December 31, 2024		4,890,843		$	8.23		6.66	$	330
Exercisable as of December 31, 2024		2,883,622		$	9.45		5.46	$	263

As of December 31, 2024, there was unrecognized stock-based compensation expense of $8.3 million related to unvested stock options which the Company expects to recognize over a weighted-average period of 1.6 years.

Weighted-average grant-date fair value of the options granted during the year ended December 31, 2024 was $2.05 per share.

RSU Activity

RSUs entitle the holder to receive shares of the Company’s common stock upon vesting. The fair value of RSUs is based upon the closing sales price of the Company’s common stock on the grant date.

A summary of the RSU activity is as follows:


`	Number of Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Issued		762,346			2.59
Vested and released		(38,556	)		2.96
Forfeited		(207,279	)		2.63
Unvested at December 31, 2024		516,511		$	2.54

As of December 31, 2024, there was unrecognized stock-based compensation expense of $0.9 million related to unvested restricted stock units which the Company expects to recognize over a weighted-average period of 2.3 years.

RSA Activity

RSAs entitle the holder to receive shares of the Company’s common stock upon vesting. The fair value of RSAs is based upon the closing sales price of the Company’s common stock on the grant date.

A summary of the RSA activity is as follows:


	Number of Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Issued		40,003			1.27
Vested and released		(40,003	)		1.27
Forfeited		—			—
Unvested at December 31, 2024		—		$	—

As of December 31, 2024, there was no unrecognized stock-based compensation expense related to unvested restricted stock awards.

Liability for Early Exercise of Stock Options

The Company’s 2017 Plan permitted early exercise of certain stock options prior to vesting to certain directors, officers, and employees. Any shares issued pursuant to unvested options are restricted and subject to repurchase by the Company until the conditions for vesting are met. The amounts paid for shares purchased under an early exercise of stock options and subject to repurchase by the Company are reported as options subject to repurchase, short and long-term on the balance sheet and is reclassified to common stock and additional paid-in capital as such shares vest. Upon termination of employment of an option-holder, the Company has the right to repurchase, at the original purchase price, any unvested options.

As of December 31, 2024, and 2023, there were none and 5,040 unvested common shares outstanding that were issued upon the early exercise of stock options prior to the vesting of the underlying shares which are subject to repurchase by the Company at the original issuance price upon termination of the stockholders’ services. The right to repurchase these shares generally lapses with respect to 25% of the shares underlying the option after one year of service to the Company and 1/48th of the shares underlying the original grant per month for 36 months thereafter. The shares purchased by the option-holders pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest. As of December 31, 2023, the Company recorded an insignificant amount of liabilities associated with the cash received for shares issued subject to repurchase rights, recorded within the options subject to repurchase, short-term, and options subject to repurchase, long-term on the Company’s balance sheets.

2022 Employee Stock Purchase Plan

The Company’s 2022 Employee Stock Purchase Plan (“ESPP”) has two components: a component that is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the “423 Component”) and a component that is not intended to qualify (the “Non-423 Component”). The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. At the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock at the beginning of the offering period or at the end of each applicable purchase period.

Subject to adjustment in the case of certain capitalization events, 187,000 shares of the Company’s common stock were available for purchase at the adoption of the ESPP. Pursuant to the ESPP, the annual share increase pursuant to the evergreen provision is determined based on the least of (i) 1% of the Company’s common stock outstanding as of December 31 of the immediately preceding year, (ii) 561,000 shares, or (iii) such number of shares as determined by the Board. Accordingly, effective January 1, 2024, the number of shares in the ESPP increased by 297,414 shares, representing 1% of the prior year-end’s common stock outstanding. As of December 31, 2024, 563,731 shares of common stock remained available for issuance under the ESPP.

During the years ended December 31, 2024 and 2023, the Company recognized $0.1 million and $0.2 million, respectively, in stock-based compensation expense related to the ESPP.

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Adjuvant Global Health Agreement
Commitments And Contingencies [Line Items]
Long term purchase commitment period	10 years

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended				12 Months Ended
	Sep. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Jan. 01, 2024
Accounting Policies [Line Items]
Net loss					$ 51,321,000	$ 64,732,000
Cash flows used in operating activities					49,257,000	53,288,000
Accumulated deficit					205,776,000	154,455,000
Cash, cash equivalents, short-term investments and long-term investments					$ 88,600,000
Number of operating segments \| Segment					1
Number of reportable Segments \| Segment					1
Uncollectible accrued interest write-offs					$ 0	0
Cash and cash equivalents					21,351,000	15,647,000
Investments					67,300,000	118,800,000
Maximum amount eligible to receive under cost-reimbursement contract award				$ 17,800,000
Net unrealized gain (loss) on available-for-sale investments					200,000	(600,000)
UGARF
Accounting Policies [Line Items]
Grant award amount		$ 200,000		$ 1,400,000
BMGF
Accounting Policies [Line Items]
Grant award amount	$ 2,000,000		$ 1,800,000
ASU 2023-07
Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date							Jan. 01, 2024
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false]							true
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]							true
Initial Public Offering
Accounting Policies [Line Items]
Net loss					51,300,000	64,700,000
Cash flows used in operating activities					49,300,000	53,300,000
Accumulated deficit					$ 205,800,000	$ 154,500,000

Funding Arrangements - Additional Information (Details) $ in Thousands	1 Months Ended							12 Months Ended		28 Months Ended
	Sep. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)	May 31, 2024 USD ($) Option	Apr. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jul. 31, 2023 USD ($) Option	Sep. 30, 2022 USD ($) Option	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)
Government Assistance [Line Items]
Maximum amount eligible to receive under cost-reimbursement contract award							$ 17,800
Other liabilities current								$ 791	$ 666	$ 791
NIAID Contract
Government Assistance [Line Items]
Maximum amount eligible to receive under cost-reimbursement contract award							$ 17,800
Number of option period for funding from government contract							48 months	47 months
Government contract income recognized								$ 1,800	900
Government contract receivable								$ 0	400	0
Number of option exercised for government contract \| Option			1			1
Number of available options under government contract \| Option							7
Government contract fund increased amount			$ 3,800			$ 700
Funding of option extends estimated completion of contract term								29 months
Proceeds from government contract								$ 8,800		8,800
Contract term								18 months
UGARF Grant
Government Assistance [Line Items]
Grant receivable								$ 0	600	0
Grant award amount		$ 200					$ 1,400
Grant income recognized								200	1,300
BMGF Grant
Government Assistance [Line Items]
Grant award amount	$ 2,000				$ 1,800
Grant income recognized								1,700	300
Grant funding in advance amount	$ 1,100			$ 800	$ 1,000
Other liabilities current								$ 800	$ 700	$ 800

Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Shares of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance, on an as-if-converted basis, as of December 31, 2024 and 2023, consists of the following:


	December 31,		December 31,
	2024		2023
Stock options, issued and outstanding		4,890,843		3,930,306
Unvested restricted stock units		516,511		—
Stock options, authorized for future issuance		859,841		1,254,721
ESPP, authorized for future issuance		563,731		337,017
Total		6,830,926		5,522,044

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of level 1 to level 2	$ 0
Transfer of level 2 to level 1	$ 0
Debt securities unrealized loss position, more than12 months number of positions \| Security	0
Available-for-sale, sale of investments	$ 0	$ 0
Allowance for credit losses	0	0
Impairment losses related to investments	0	0
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued interest receivable	$ 300,000	$ 400,000

Income Taxes - Provision for Income Taxes Differs from Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory rate	$ (10,777,000)	$ (13,593,000)
State tax benefit at statutory rate, net of federal tax benefit	(3,892,000)	(4,917,000)
Change in valuation allowance	16,289,000	20,047,000
Research and development tax credits	(1,980,000)	(2,030,000)
Other	360,000	493,000
Provision for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted per share	5,971,085	4,272,363
Option Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted per share	4,890,843	3,930,306
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted per share	516,511
Early Exercised Common Stock Subject to Future Vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted per share		5,040
ESPP Authorized for Future Issuance
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted per share	563,731	337,017

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes Differs from Tax Expense and Effective Income Tax Rate Reconciliations

The provision for income taxes differs from the tax expense that would result by applying the statutory federal income tax rate to loss before taxes due to the following (in thousands):


	December 31,
	2024			2023
Federal tax benefit at statutory rate	$	(10,777	)	$	(13,593	)
State tax benefit at statutory rate, net of federal tax benefit		(3,892	)		(4,917	)
Change in valuation allowance		16,289			20,047
Research and development tax credits		(1,980	)		(2,030	)
Other		360			493
Provision for income taxes	$	—		$	—

The following table reflects the effective income tax rate reconciliation for the years ended December 31, 2024 and 2023:


	December 31,
	2024			2023
Statutory rate		21.0	%		21.0	%
Stock-based compensation		(0.7	%)		(0.7	%)
State taxes, net of the federal tax benefit		7.6	%		7.6	%
R&D credit benefit		3.9	%		3.1	%
Change in valuation allowance		(31.8	%)		(31.0	%)
Total		0.0	%		0.0	%

Components of Deferred Tax Assets

Components of the Company’s deferred tax assets are as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets
Net operating loss carryforwards	$	28,682		$	20,778
Capital research expenditures		18,308			14,014
Tax credit carryforwards		6,788			4,406
Stock-based compensation		4,324			2,568
Other		5			52
Gross deferred tax assets		58,107			41,818
Valuation allowance		(58,107	)		(41,818	)
Net deferred tax assets	$	—		$	—

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at beginning of year	$	1,461	$	783
Additions related to current year positions		622		678
Balance at end of year	$	2,083	$	1,461

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Certain reclassifications have been made to the prior year presentation to conform to the current year presentation. The prior year presentation of "other income, net" on the statements of operations and comprehensive loss has been separated to “interest income” and “other income” and conformed to reflect the current year's presentation.
Risks and Uncertainties	Risks and Uncertainties Liquidity Prior to the IPO, the Company’s operations had historically been financed through the issuance of redeemable convertible preferred stock. Since inception, the Company has incurred significant losses and negative net cash flows from operations. During the years ended December 31, 2024 and 2023, the Company incurred a net loss of $51.3 million and $64.7 million, respectively, and had cash flows used in operating activities of $49.3 million and $53.3 million, respectively. The Company has an accumulated deficit of $205.8 million and $154.5 million as of December 31, 2024 and 2023, respectively, and will require substantial additional capital for research and development activities. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. As of December 31, 2024, the Company had cash, cash equivalents, short-term investments and long-term investments of $88.6 million. Management believes that its cash, cash equivalents and investments as of December 31, 2024 will be sufficient to fund its current operating plan through at least 12 months from the issuance date of these financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development, including costs for preclinical and nonclinical studies, clinical trials, and clinical trial and material manufacturing. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital, and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its intended business objectives.
Segments	Segments The Company operates and manages its business as one reportable and operating segment. For financial information related to the Company's one operating segment see Note 13 - Segment Reporting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to research and development accruals, fair value of assets and liabilities and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Research and Development Expenses	Research and Development Expenses All research and development costs, including work performed by third parties, are expensed as incurred. Research and development costs consist of salaries and other personnel-related expenses, including associated stock-based compensation, consulting fees, and facility costs, as well as fees paid to other entities that conduct certain research and development activities on behalf of the Company. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or services are rendered. As part of the process of preparing its financial statements, the Company estimates its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of services performed and the associated cost incurred for services for which the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses at the end of each reporting period based on the facts and circumstances known to the Company at that time. The significant estimates in the Company’s accrued research and development expenses relate to expenses incurred with respect to contract manufacturing and clinical and other research organizations, academic research centers and other vendors in connection with research and development activities for which the Company has not yet been invoiced.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for equity-classified stock-based awards made to employees, directors and non-employees based on the grant date estimated fair value of each award. Compensation expense for employee and director awards is recognized on a straight-line basis over the requisite service period which is generally the vesting period for the entire award. Expense is adjusted for forfeitures as they occur. Compensation expense for non-employee awards is recognized in the same period and manner as if the Company had paid cash for the goods or services provided. The valuation model used for calculating the fair value of stock options for stock-based compensation expense is the Black-Scholes option-pricing model (the Black-Scholes model). The Black-Scholes model requires management to make assumptions and judgments about the variables used in the calculation, including the expected term, the expected volatility of common stock, an assumed risk-free interest rate, and expected dividends the Company may pay. Management uses the simplified calculation (based on the mid-point between the vesting date and the end of the contractual term) of the expected term for its stock options as the Company has concluded that its stock option history does not provide a reasonable basis upon which to estimate expected term. Volatility is based on an average of the historical volatilities of the common stock of entities with characteristics similar to the Company’s. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company uses an assumed dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. For option awards that contain performance conditions, compensation cost is recognized in the period in which it becomes probable that the performance condition will be satisfied. For option awards that vest upon a liquidity event or a change in control, the performance condition is not probable of being achieved until the event occurs. As a result, no compensation expense would be recognized until the performance-based vesting condition is achieved.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which consist of money market funds, corporate debt securities and corporate commercial paper, are stated at fair value. As of December 31, 2024 and 2023, the Company had cash and cash equivalents of $21.4 million and $15.6 million, respectively.
Investments	Investments Investments consist of U.S. Treasury securities, commercial paper, U.S. Government agency securities, asset-backed securities, and corporate debt securities. All of the Company’s investments are classified as available-for-sale and are carried at estimated fair values and reported in cash equivalents, short-term investments or long-term investments. Management determines the appropriate classification of the investments at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months are considered long-term investments. The cost of investments sold, if any, is based on the specific identification method. Unrealized gains and losses on available-for-sale investments are reported in accumulated other comprehensive gain (loss) as a separate component of stockholders’ equity. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in other income (expense) in the statements of operations and comprehensive loss. If neither criterion is met, the Company evaluates whether the decline in fair value is related to credit-related factors or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income, net. Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit factors are recognized in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in other income, net in the statements of operations and comprehensive loss. For purposes of identifying and measuring credit-related impairments, the Company’s policy is to exclude applicable accrued interest from both the fair value and amortized cost basis of the related security. The Company has elected to write-off uncollectible accrued interest receivable balances in a timely manner, which is defined by the Company as when interest due becomes 90 days delinquent. The accrued interest write-off will be recorded by reversing interest income. Accrued interest receivable is recorded to prepaid expenses and other current assets. There have been no uncollectible accrued interest write-offs in the years ended December 31, 2024 or 2023. As of December 31, 2024 and 2023, the Company had investments of $67.3 million and $118.8 million, respectively.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and investments. The Company’s cash is invested through financial institutions in the United States. The Company’s investments consist of debt securities, issued by highly rated corporate entities or the U.S. government, and asset-backed securities. The Company’s exposure to any individual corporate entity is limited by its investment policy. Deposits have and will continue to exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds. The Company has not experienced any credit losses in such accounts. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash to the extent recorded on the balance sheets. In March 2023, one of the financial institutions utilized by the Company was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Through December 31, 2024, the Company has no off-balance sheet concentrations of credit risk.
Government Contract	Government Contract In September 2022, the Company received a cost-reimbursement contract award under which the Company is eligible to receive up to $17.8 million from the U.S. National Institute of Allergy and Infectious Diseases (“NIAID”) to support preclinical, Phase 1 studies and other activities to enable advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. This project will be funded in whole or in part with Federal funds from the NIAID, National Institutes of Health, Department of Health and Human Services, and Department of Defense Contract No. 75N93022C00059. Accounting for this contract does not fall under ASC 606, Revenue from Contracts with Customers, as NIAID will not benefit directly from the advancement of epetraborole. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company applied International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for the NIAID contract payments to the Company. Under IAS 20, government contract proceeds are recognized when there is reasonable assurance the conditions of the contract will be met and the contract funding will be received. For the NIAID contract, this occurs after the qualifying expenses related to the contract have been incurred, or the Company concludes the conditions of the contract have been substantially met. The income related to the reimbursement of operating expenses is then recorded as a reduction of those expenses (see Note 4 - Funding Arrangements).
Grant Agreements	Grant Agreements In September 2022, the Company entered into a subcontract agreement with the University of Georgia Research Foundation (“UGARF”) to receive up to $1.4 million from the UGARF to support preclinical development of a boron-containing small molecule for Chagas disease. In September 2023, the Company entered into a grant agreement with the Bill and Melinda Gates Foundation (“BMGF”) to fund up to $1.8 million to generate new boron-based lead compounds with the potential to be developed into drugs that treat tuberculosis (“TB”) and malaria. In July 2024, the Company entered into an amendment to the 2022 subcontract agreement with the UGARF for additional funding in the amount of $0.2 million. In September 2024, the Company entered into a second-year continuation grant agreement with BMGF to fund up to $2.0 million to support an early-stage research program focused on delivering novel leads as starting points for new drugs that can be combined to deliver shorter, safer and simpler TB drug regimens. The Company recognizes grant proceeds in accordance with ASC 958-605, Not-for-Profit Entities - Revenue Recognition, when qualifying costs are incurred and the conditions of the grant agreement have been met. When receipt of grant proceeds is reasonably assured, the Company records a reduction to the research and development expenses incurred and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as a liability and recognized as a reduction to the qualifying research and development expenses incurred (see Note 4 - Funding Arrangements).
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss. The Company’s other comprehensive loss consists of net changes in unrealized gains and losses on its available-for-sale investments. For the years ended December 31, 2024 and 2023, the Company had $0.2 million of net unrealized loss and $0.6 million of net unrealized gain on available-for-sale investments, respectively.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options, unvested RSUs, common stock subject to repurchase related to unvested early exercise of stock options, and shares committed under ESPP are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods because the impact of potentially dilutive securities would be anti-dilutive.
Restructuring Charges	Restructuring Charges Restructuring charges consist primarily of employee severance payments and other employee termination-related expenses. The Company records restructuring charges based on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements, such as those documented by employment agreements or a pre-existing severance policy, in accordance with ASC 712, Nonretirement Postemployment Benefits. Under ASC 712, liabilities for postemployment benefits are recorded at the time the obligations are probable of being incurred and can be reasonably estimated. The Company accounts for one-time employment benefit arrangements in accordance with ASC 420, Exit or Disposal Cost Obligations.
JOBS Act Accounting Election	JOBS Act Accounting Election The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company may take advantage of these provisions for up to five years (which is through March 2027), unless the Company ceases to be an emerging growth company at an earlier date. As a result, these financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 are intended to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted ASU 2023-07 on January 1, 2024, retrospectively. Newly required disclosures have been included in Note 13 - Segment Reporting.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise noted, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements and disclosures. As an "emerging growth" company, it has been the Company's intention to take advantage of certain temporary exemptions from various reporting requirements, as well as taking advantage of additional transitional relief. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. 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 (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this standard on its financial statements and related disclosures.

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	29,919,634	29,741,445
Common stock, shares outstanding	29,919,634	29,741,445

Funding Arrangements

12 Months Ended

Dec. 31, 2024

Funding Arrangements [Abstract]

Funding Arrangements

Note 4. Funding Arrangements

NIAID Contract

In September 2022, the Company received a cost-reimbursement contract award from the NIAID to support preclinical, Phase 1 studies and other activities to enable the advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. The Company is eligible to receive up to $17.8 million in funding over a total term of 48 months, consisting of a base period and seven option periods. In July 2023 and May 2024, the NIAID exercised two of seven available options under the NIAID contract (No: 75N93022C00059), resulting in an increase in committed contract funding of $0.7 million and $3.8 million, respectively, for a cumulative total of $8.8 million. Funding for these options extends the estimated completion of the current contract by 29 months beyond the base period of 18 months to August 2026. As of December 31, 2024, a total of $8.8 million of funding for the 18-month base period plus an additional 29 months for a total of 47 months has been committed.

As of December 31, 2024 and 2023, the Company had recorded a receivable of zero and $0.4 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets. During the years ended December 31, 2024 and 2023, the Company recorded $1.8 million and $0.9 million of income under the NIAID contract as a reduction in research and development operating expenses.

UGARF Grant

In September 2022, the Company entered into a subcontract agreement with the UGARF to conduct preclinical activities on behalf of UGARF (“UGARF Agreement”). The UGARF reimburses the Company under an award from Wellcome. The Company received $1.4 million from the UGARF to support preclinical development of a boron-containing small molecule for Chagas disease. In July 2024, the Company signed an amendment to the UGARF Agreement for additional funding in the amount of $0.2 million. As of December 31, 2024 and 2023, the Company had recorded a grant receivable of zero and $0.6 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets. During the years ended December 31, 2024 and 2023, the Company recorded income of $0.2 million and $1.3 million, respectively, as a reduction in research and development operating expenses under the UGARF agreement.

BMGF Grant

In September 2023, the Company received a cost-reimbursement contract award from the Bill and Melinda Gates Foundation (“2023 BMGF Agreement”) under which the Company was awarded $1.8 million to support the discovery of novel, boron containing small molecules for the treatment of tuberculosis and malaria. The Company is required to apply the funds it receives under the 2023 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.0 million of funding in advance and tracks and reports eligible expenses incurred to the BMGF. In April 2024, the Company received $0.8 million in funding, making the grant fully funded.

In September 2024, the Company entered into a second-year continuation cost-reimbursement contract award with the Bill and Melinda Gates Foundation (“2024 BMGF Agreement”) under which the Company was awarded $2.0 million to support an early-stage research program focused on delivering novel leads as starting points for new drugs that can be combined to deliver shorter, safer and simpler TB drug regimens. The Company is required to apply the funds it receives under the 2024 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.1 million of funding in advance and tracks and reports eligible expenses incurred to the BMGF. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the balance sheets.

As of December 31, 2024 and 2023, the Company recorded $0.8 million and $0.7 million, respectively, to other current liabilities on the balance sheets. During the years ended December 31, 2024 and 2023, the Company recorded income of $1.7 million and $0.3 million, respectively, as a reduction in research and development operating expenses under the 2024 and 2023 BMGF Agreements.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Fair Value Measurement on Recurring Basis

The following table presents the Company’s financial assets, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	10,127	$	—	$	—		$	10,127
Short-term investments:
U.S. Treasury securities	Level 1		25,906		24		—			25,930
Commercial paper	Level 2		30,842		11		(14	)		30,839
U.S. Government agency securities	Level 2		3,499		6		—			3,505
Corporate debt securities	Level 2		1,991		2		—			1,993
Long-term investments:
U.S. Treasury securities	Level 1		5,019		2		—			5,021
Total		$	77,384	$	45	$	(14	)	$	77,415


	December 31, 2023
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	4,478	$	—	$	—		$	4,478
Short-term investments:
U.S. Treasury securities	Level 1		15,649		31		—			15,680
U.S. Treasury securities	Level 2		1,247		—		(1	)		1,246
Commercial paper	Level 2		41,472		47		(2	)		41,517
U.S. Government agency securities	Level 2		19,479		30		(5	)		19,504
Asset-backed securities	Level 2		8,770		12		(3	)		8,779
Corporate debt securities	Level 2		4,914		8		—			4,922
Long-term investments:
U.S. Treasury securities	Level 1		23,542		131		—			23,673
U.S. Government agency securities	Level 2		3,494		28		(1	)		3,521
Total		$	123,045	$	287	$	(12	)	$	123,320

Equity Incentive Plan and Stock-Based Compensation - Summary of RSU Activity (Details) - RSU	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued \| shares	762,346
Vested and released \| shares	(38,556)
Forfeited \| shares	(207,279)
Ending Balance \| shares	516,511
Weighted Average Grant Date Fair Value, Issued \| $ / shares	$ 2.59
Weighted-Average Grant Date Fair Value, Vested and released \| $ / shares	2.96
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	2.63
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 2.54

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
At the Market Offering
Issuance costs	$ 0.9
Underwritten Offering
Issuance costs	$ 4.5

Collaboration and License Agreements

12 Months Ended

Dec. 31, 2024

Collaboration And License Agreements [Abstract]

Collaboration and License Agreements

Note 5. Collaboration and License Agreements

Anacor Licensing Agreement

In November 2019, the Company entered into an exclusive worldwide license agreement with Anacor Pharmaceuticals, Inc. (“Anacor”) for certain compounds and other intellectual property controlled by Anacor for the treatment, diagnosis, or prevention of all human diseases (the “Anacor License”). The Anacor License will expire upon expiration of the last to expire royalty term. Either party may terminate the Anacor License for the other party’s material breach following a cure period or immediately upon certain insolvency events relating to the other party. The Company has the right to terminate the agreement at its convenience upon 90-day written notice until the first regulatory approval or one-year notice thereafter. Furthermore, upon termination of the Anacor License for any of the foregoing reasons, the rights and licenses within will terminate.

In exchange for the worldwide, sublicensable, exclusive right and licenses to develop, manufacture, and commercialize the specified compounds, the Company paid Anacor a non-refundable $2.0 million upfront payment and granted Anacor shares of Series A redeemable convertible preferred stock.

The Company agreed to make further payments to Anacor upon achievement of various development milestones for an aggregate maximum of $2.0 million, upon achievement of various commercial and sales threshold milestones for an aggregate maximum payment of $125.0 million, and up to 50% of royalties received under certain sublicensing arrangements. Royalties are subject to certain customary reductions, including lack of patent coverage and generic product entry. The Company also agreed to pay Anacor non-refundable, non-creditable sales royalties on a tiered marginal royalty rate based on the country’s status as a developing or developed country as defined in the license agreement. Sales royalties are a percentage of net sales, as specified in the Anacor License, and range from mid-single digits for developing countries (as classified by the World Bank) and single to mid-teens for all other countries or the China, Hong Kong, Taiwan, and Macau territories, upon reaching a minimum of net sales in the low-teen millions. The sales royalties are required to be paid on a product-by-product and country-by-country basis, until the latest to occur of 15 years following the date of first commercial sale of a product, the expiration of all regulatory or data exclusivity, or the date upon of the expiration of the last to expire valid claim of a licensed patent covering such product in such country. Currently, the date of the expiration of the last to expire valid claim of a licensed patent covering epetraborole in the licensed territory is June 2028. In addition, Anacor is entitled to certain milestone payments upon a change of control of the Company.

In December 2021, the Company entered into an amendment to the Anacor License for certain compounds and other intellectual property controlled by Anacor for the treatment, diagnosis, or prevention of certain bacterial pathogens (the “Anacor License Amendment”). The Anacor License Amendment has no impact on the Anacor License financial terms.

None of the development, regulatory, commercial or sales milestones or royalty payments were recognized during the years ended December 31, 2024 and 2023.

Brii Biosciences Agreement

In November 2019, the Company entered into a license agreement granting Brii Biosciences Limited the exclusive development and commercialization rights of certain compounds in China, Hong Kong, Taiwan, and Macau for the treatment of human diseases. The Company did not receive an upfront payment but is eligible to receive up to $15.0 million in the aggregate for development and regulatory milestones and up to $150.0 million in commercial milestones upon achieving sales thresholds. The Company is also entitled to tiered mid-single digits to high-first decile percentage sales-based royalties. The sales royalties are required to be paid on a product-by-product and region-by-region basis, until the latest to occur of 15 years following the date of first commercial sale of a product, the expiration of all regulatory or data exclusivity, or the date upon the expiration of the last to expire claim of a licensed patent covering the composition of matter or approved use of such product in such region. The last to expire valid claim of a licensed patent covering the composition of matter or approved use of such product in the licensed territory is June 2028. Future milestone payments and royalties will be accounted for under ASC 606.

Collaboration and License Agreements - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2024	Dec. 31, 2023
Collaboration And License Agreements [Line Items]
Research and development		$ 40,488,000	$ 54,871,000
Anacor Licensing Agreement
Collaboration And License Agreements [Line Items]
Number of days convenience upon written notice until first regulatory approval.	90 days
Number of days convenience upon written notice thereafter	1 year
Payment of non-refundable upfront payment	$ 2,000,000
Aggregate maximum payments upon achievement of development milestones	2,000,000
Aggregate maximum payments upon achievement of commercial and sales threshold milestones	$ 125,000,000
Royalty percentage	50.00%
Number of years, sales royalty required to be paid	15 years
Brii Biosciences Agreement
Collaboration And License Agreements [Line Items]
Aggregate maximum payments upon achievement of commercial and sales threshold milestones	$ 150,000,000
Number of years, sales royalty required to be paid	15 years
Upfront payment received	$ 0
Brii Biosciences Agreement \| Maximum
Collaboration And License Agreements [Line Items]
Aggregate development and regulatory milestones eligible to receive	$ 15,000,000

Equity Incentive Plan and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Total Stock-Based Compensation


	Year Ended December 31,
	2024		2023
Research and development expenses	$	3,798	$	4,236
General and administrative expenses		4,540		4,176
Total	$	8,338	$	8,412

Summary of Weighted Average Assumptions Used to Value Options Granted

The following weighted average assumptions were used to value options granted during the periods indicated:


	Year Ended December 31, 2024			Year Ended December 31, 2023
Expected term	5.94 years			5.98 years
Expected volatility		110.6	%		90.8	%
Risk-free interest rate		4.28	%		4.04	%
Expected dividend yield		—			—

Summary of Stock Plan Activity

A summary of the stock plan activity is as follows:


	Total Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		3,930,306		$	10.86		8.14	$	37,853
Granted		1,700,899			2.42
Exercised		(28,930	)		7.78
Forfeited/expired		(711,432	)		8.91
Vested and expected to vest at December 31, 2024		4,890,843		$	8.23		6.66	$	330
Exercisable as of December 31, 2024		2,883,622		$	9.45		5.46	$	263

Summary of RSU Activity

A summary of the RSU activity is as follows:


`	Number of Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Issued		762,346			2.59
Vested and released		(38,556	)		2.96
Forfeited		(207,279	)		2.63
Unvested at December 31, 2024		516,511		$	2.54

Summary of RSA Activity

A summary of the RSA activity is as follows:


	Number of Units			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		—		$	—
Issued		40,003			1.27
Vested and released		(40,003	)		1.27
Forfeited		—			—
Unvested at December 31, 2024		—		$	—

Segment Reporting - Summary of Disaggregated Amounts that Comprise Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
External research and development expenses:
Clinical trials expenses	$ 15,626	$ 21,200
Consulting and outside services	4,707	4,770
Other external research and development	6,911	12,340
Total external research and development expenses	27,244	38,310
Internal research and development expenses:
Personnel related expenses	13,244	16,561
Total research and development expenses	$ 40,488	$ 54,871

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Tax liability or expense	$ 0	$ 0
Increase in valuation allowance	16,300,000
Unrecognized tax benefits	2,083,000	$ 1,461,000	$ 783,000
Accrued interest and penalties	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	81,300,000
Federal \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 5,400,000
Tax credit carryforward, expiration year	2041
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 166,300,000
Operating loss carryforwards, expiration year	2037
State \| California \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 1,800,000

Equity Incentive Plan and Stock-Based Compensation - Summary of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,338	$ 8,412
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,798	4,236
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,540	$ 4,176

Equity Incentive Plan and Stock-Based Compensation - Summary of Stock Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total Options outstanding, Beginning balance	3,930,306
Total Options outstanding, Granted	1,700,899
Total Options Outstanding, Exercised	(28,930)
Total Options Outstanding, Forfeited/expired	(711,432)
Total Options outstanding, Ending balance	4,890,843	3,930,306
Total Options Outstanding, Exercisable	2,883,622
Weighted average exercise price, Beginning balance	$ 10.86
Weighted average exercise price, Granted	2.42
Weighted average exercise price, Exercised	7.78
Weighted average exercise price, Forfeited/expired	8.91
Weighted average exercise price, Ending balance	8.23	$ 10.86
Weighted Average Exercise Price per Share, Exercisable	$ 9.45
Weighted Average Remaining Contractual Life, Outstanding	6 years 7 months 28 days	8 years 1 month 20 days
Weighted Average Remaining Contractual Life, Exercisable	5 years 5 months 15 days
Aggregate Intrinsic Value, Outstanding	$ 330	$ 37,853
Aggregate Intrinsic Value, Exercisable	$ 263

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 13. Segment Reporting

The Company operates and manages its business as one reportable and operating segment. The determination of a single operating segment is consistent with the financial information regularly provided to the Company’s chief operating decision maker (the “CODM”). The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the statements of operations and comprehensive loss. The monitoring of budgeted versus actual results are used in assessing performance of the segment, and making operating decisions, allocating resources, and planning and forecasting for future periods. The measure of segment assets is reported on the balance sheets as total assets.

In addition to the significant expense categories included within net loss presented on the statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses:


	Year Ended
	December 31,
	2024		2023
External research and development expenses:
Clinical trials expenses	$	15,626	$	21,200
Consulting and outside services		4,707		4,770
Other external research and development (1)		6,911		12,340
Total external research and development expenses		27,244		38,310

Internal research and development expenses:
Personnel related expenses		13,244		16,561
Total research and development expenses	$	40,488	$	54,871

(1) Chemistry manufacturing controls, research and preclinical studies and other miscellaneous expenses.

- 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.

+ References

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+ Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Accrued liabilities consist of the following (in thousands):


	December 31,		December 31,
	2024		2023
Accrued clinical trial-related expenses	$	2,377	$	4,809
Accrued research and development-related expenses		1,974		1,746
Accrued professional services expenses		52		24
Other		51		102
Total accrued liabilities	$	4,454	$	6,681

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,461	$ 783
Additions related to current year positions	622	678
Balance at end of year	$ 2,083	$ 1,461

Equity Incentive Plan and Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024	Oct. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	6,830,926	5,522,044
Share-based payment arrangement expense	$ 8,338,000	$ 8,412,000
Weighted average grant-date fair value, options granted	$ 2.05
Unrecognized share-based compensation expense related to unvested share options	$ 8,300,000
Unrecognized share-based compensation expense expects to recognize over a weighted-average period	1 year 7 months 6 days
Expected dividend yield	0.00%
Unvested common shares outstanding were issued upon early exercise of stock options	0	5,040
Rights to repurchase shares, description	The right to repurchase these shares generally lapses with respect to 25% of the shares underlying the option after one year of service to the Company and 1/48th of the shares underlying the original grant per month for 36 months thereafter.
After Completion of 12 months of Service
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Rights to repurchase shares, service period	1 year
Over 36 months of Service
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	2.00%
Rights to repurchase shares, service period	36 months
Appreciation Rights Or Performance Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued	0
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued	516,511
Unrecognized stock-based compensation expense	$ 900,000
Unrecognized share-based compensation expense expects to recognize over a weighted-average period	2 years 3 months 18 days
RSA
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 0
2017 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	2,553,920
2022 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1,870,000
Maximum number of shares of common stock that may be issued	4,423,920
Shares of common stock remained available for future issuance	859,841
Percentage of annual increase in shares reserved for future issuance on common stock outstanding.	4.00%
Award contractual life (in years)	10 years
Increase in number of annual shares			1,189,657
Percentage of common stock outstanding	4.00%
2022 Equity Incentive Plan \| Incentive Stock Option \| Existing Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	48 months
2022 Equity Incentive Plan \| Incentive Stock Option \| Newly Hired Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	36 months
2022 Equity Incentive Plan \| Incentive Stock Option \| After Completion of 12 months of Service \| Newly Hired Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
2022 Equity Incentive Plan \| Incentive Stock Option \| Over 36 months of Service \| Newly Hired Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award contractual life (in years)	10 years
2022 Equity Incentive Plan \| Incentive Stock Option \| Over 48 months of Service \| Existing Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award contractual life (in years)	10 years
2022 Equity Incentive Plan \| Incentive Stock Option or RSUs and RSAs [Member] \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued	13,271,760
2022 Equity Incentive Plan \| Non-Statutory Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award contractual life (in years)	10 years
2022 Equity Incentive Plan \| RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award contractual life (in years)	10 years
2022 Equity Incentive Plan \| RSU \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
2022 Equity Incentive Plan \| RSU \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
2022 Equity Incentive Plan \| RSA
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award contractual life (in years)	10 years
2022 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				187,000
Shares of common stock remained available for future issuance	563,731
Maximum percentage in payroll deductions to purchase shares of common stock	15.00%
Employees purchase price of common stock as percentage of lower of fair market value	85.00%
Percentage of common stock outstanding	1.00%	1.00%
Share-based payment arrangement expense	$ 100,000	$ 200,000
2022 Employee Stock Purchase Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in number of annual shares	561,000		297,414

Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Net operating loss carryforwards	$ 28,682	$ 20,778
Capital research expenditures	18,308	14,014
Tax credit carryforwards	6,788	4,406
Stock-based compensation	4,324	2,568
Other	5	52
Gross deferred tax assets	58,107	41,818
Valuation allowance	$ (58,107)	$ (41,818)

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The Company adopted ASU 2016-13 beginning January 1, 2023. The Company records certain financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

•

Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities.

•

Level 2: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

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

The Company’s primary financial instruments include cash, cash equivalents and investments, prepaid expenses, accounts payable, and accrued liabilities. The carrying amounts of the Company’s financial instruments, other than cash equivalents and investments, approximate fair value due to their relatively short maturities.


	December 31, 2024
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	10,127	$	—	$	—		$	10,127
Short-term investments:
U.S. Treasury securities	Level 1		25,906		24		—			25,930
Commercial paper	Level 2		30,842		11		(14	)		30,839
U.S. Government agency securities	Level 2		3,499		6		—			3,505
Corporate debt securities	Level 2		1,991		2		—			1,993
Long-term investments:
U.S. Treasury securities	Level 1		5,019		2		—			5,021
Total		$	77,384	$	45	$	(14	)	$	77,415


	December 31, 2023
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	Level 1	$	4,478	$	—	$	—		$	4,478
Short-term investments:
U.S. Treasury securities	Level 1		15,649		31		—			15,680
U.S. Treasury securities	Level 2		1,247		—		(1	)		1,246
Commercial paper	Level 2		41,472		47		(2	)		41,517
U.S. Government agency securities	Level 2		19,479		30		(5	)		19,504
Asset-backed securities	Level 2		8,770		12		(3	)		8,779
Corporate debt securities	Level 2		4,914		8		—			4,922
Long-term investments:
U.S. Treasury securities	Level 1		23,542		131		—			23,673
U.S. Government agency securities	Level 2		3,494		28		(1	)		3,521
Total		$	123,045	$	287	$	(12	)	$	123,320

The Company classifies its money market funds and U.S. Treasury securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its investments in commercial paper, corporate debt securities, U.S. government agency securities, U.S. Treasury securities and asset-backed securities as Level 2 within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the year ended December 31, 2024.

As of December 31, 2024, none of the Company’s available-for-sale investments that were in an unrealized loss position had been in an unrealized loss position for more than 12 months. During the years ended December 31, 2024 and 2023, the Company did not sell any available-for-sale investments.

The Company’s short-term investments had maturities of less than one year from the balance sheet date. The Company’s long-term investments had maturities of between one and two years from the balance sheet date.

The Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. Additionally, the Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not credit related. Accordingly, no allowance for credit losses has been recognized as of December 31, 2024 and 2023. During the years ended December 31, 2024 and 2023, the Company did not recognize any impairment losses related to investments.

As of December 31, 2024 and 2023, the Company had accrued interest receivable of $0.3 million and $0.4 million, respectively, which was included in prepaid expenses and other current assets on the balance sheets.

Restructuring Charges - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 08, 2024	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Reduction in workforce percentage	50.00%
Severance and other charges		$ 2.2
Expected reduction-in-force completion year	2024
Cash payments for severance and other charges		$ 2.2

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Initial Public Offering	At the Market Offering	Common Stock	Common Stock At the Market Offering	Additional Paid-In Capital	Additional Paid-In Capital At the Market Offering	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning balances at Dec. 31, 2022	$ 95,372					$ 185,469		$ (374)	$ (89,723)
Beginning balances, shares at Dec. 31, 2022				19,402,658
Issuance of common stock, net of commissions and offering costs	65,479		$ 19,050			65,479	$ 19,050
Issuance of common stock, net of commissions and offering costs, shares				7,777,778	2,502,000
Issuance of common stock under the ESPP	366					366
Issuance of common stock under the ESPP, Shares				44,009
Issuance of common stock upon exercise of stock options	99					99
Issuance of common stock upon exercise of stock options shares				15,000
Vesting of early exercised stock options	6					6
Stock-based compensation	8,412					8,412
Unrealized gain (loss) on available-for-sale investments	649							649
Net loss	(64,732)	$ (64,700)							(64,732)
Ending balances at Dec. 31, 2023	124,701					278,881		275	(154,455)
Ending balances, shares at Dec. 31, 2023				29,741,445
Issuance of common stock under the ESPP	147					147
Issuance of common stock under the ESPP, Shares				70,700
Issuance of common stock upon exercise of stock options	$ 225					225
Issuance of common stock upon exercise of stock options shares	28,930			28,930
Vesting of early exercised stock options	$ 3					3
Issuance of common stock upon release of restricted stock units, shares				38,556
Issuance of common stock upon release of restricted stock awards ,shares				40,003
Stock-based compensation	8,338					8,338
Unrealized gain (loss) on available-for-sale investments	(244)							(244)
Net loss	(51,321)	$ (51,300)							(51,321)
Ending balances at Dec. 31, 2024	$ 81,849					$ 287,594		$ 31	$ (205,776)
Ending balances, shares at Dec. 31, 2024				29,919,634

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%
Stock-based compensation	(0.70%)	(0.70%)
State taxes, net of the federal tax benefit	7.60%	7.60%
R&D credit benefit	3.90%	3.10%
Change in valuation allowance	(31.80%)	(31.00%)
Total	0.00%	0.00%

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Aug. 15, 2023	Apr. 06, 2023	Aug. 31, 2023	Apr. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2024
Class of Stock [Line Items]
Common stock, shares authorized					500,000,000	500,000,000
Common stock, par value					$ 0.00001	$ 0.00001
Common Stock, Voting Rights					one
Preferred stock, shares authorized					10,000,000	10,000,000
Preferred stock, par value					$ 0.00001	$ 0.00001
Preferred stock, shares issued					0	0
Preferred stock, shares outstanding					0	0
Net proceeds from issuance of common stock					$ 147	$ 366
Rights Agreement
Class of Stock [Line Items]
Common stock, par value							$ 0.00001
Preferred stock, par value							0.00001
Stock issued, price per share							$ 6.5
Rights agreement, description					In connection with the Rights Agreement, a dividend was declared of one preferred stock purchase right (individually, a “Right” and collectively, the “Rights”) for each share of the common stock, par value $0.00001 per share, of the Company outstanding at the close of business on August 29, 2024 (the “Record Date”). Each Right entitles the registered holder thereof, after the Rights become exercisable and until August 15, 2025 (or the earlier redemption, exchange or termination of the Rights), to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.00001 per share (the “Series A Preferred”), of the Company at a price of $6.50 per one one-thousandth of a share of Series A Preferred, subject to adjustment.
Preferred stock dividend for each share of common stock							1
Dividend expiration date							Aug. 15, 2025
At the Market Offering \| Sales Agreement
Class of Stock [Line Items]
Aggregate gross sales		$ 100,000		$ 100,000
Common stock, shares sold					0	2,502,000
Net proceeds from issuance of common stock						$ 19,100
Underwritten Offering \| Underwriting Agreement
Class of Stock [Line Items]
Common stock, shares sold	7,777,778		7,777,778
Stock issued, price per share	$ 9		$ 9
Net proceeds from issuance of common stock	$ 65,500		$ 65,500

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss attributable to common stockholders	$ (51,321)	$ (64,732)
Denominator:
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic	29,828,227	23,600,107
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, diluted	29,828,227	23,600,107
Net loss per share attributable to common stockholders, basic	$ (1.72)	$ (2.74)
Net loss per share attributable to common stockholders, diluted	$ (1.72)	$ (2.74)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued clinical trial-related expenses	$ 2,377	$ 4,809
Accrued research and development-related expenses	1,974	1,746
Accrued professional services expenses	52	24
Other	51	102
Total accrued liabilities	$ 4,454	$ 6,681

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 21,351	$ 15,647
Short-term investments	62,267	91,648
Prepaid expenses and other current assets	2,644	3,212
Total current assets	86,262	110,507
Long-term investments	5,021	27,194
Other assets, long-term	804	1,043
Total assets	92,087	138,744
Current liabilities:
Accounts payable	3,317	2,676
Accrued compensation	1,676	4,018
Accrued liabilities	4,454	6,681
Other current liabilities	791	666
Options subject to repurchase, short-term		2
Total liabilities	10,238	14,043
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at December 31, 2024 and December 31, 2023, respectively; no shares issued and outstanding at December 31, 2024 and December 31, 2023
Common stock, $0.00001 par value; 500,000,000 shares authorized at December 31, 2024 and December 31, 2023; 29,919,634 and 29,741,445 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively
Additional paid-in capital	287,594	278,881
Accumulated other comprehensive gain	31	275
Accumulated deficit	(205,776)	(154,455)
Total stockholders' equity	81,849	124,701
Total liabilities and stockholders' equity	$ 92,087	$ 138,744

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 40,488	$ 54,871
General and administrative	14,066	14,764
Restructuring charges	2,234
Total operating expenses	56,788	69,635
Loss from operations	(56,788)	(69,635)
Interest income	5,467	4,860
Other income		43
Net loss	$ (51,321)	$ (64,732)
Net loss per share attributable to common stockholders, basic	$ (1.72)	$ (2.74)
Net loss per share attributable to common stockholders, diluted	$ (1.72)	$ (2.74)
Weighted-average number of shares used in computing net loss per share, basic	29,828,227	23,600,107
Weighted-average number of shares used in computing net loss per share, diluted	29,828,227	23,600,107
Other comprehensive loss:
Unrealized (loss) gain on investments	$ (244)	$ 649
Comprehensive loss	$ (51,565)	$ (64,083)

Equity Incentive Plan and Stock-Based Compensation - Summary of Weighted Average Assumptions Used to Value Options Granted (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected term	5 years 11 months 8 days	5 years 11 months 23 days
Expected volatility	110.60%	90.80%
Risk-free interest rate	4.28%	4.04%
Expected dividend yield	0.00%

Fair Value Measurements - Summary of Financial Assets Fair Value Measurement on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 77,384	$ 123,045
Unrealized Gain	45	287
Unrealized Loss	(14)	(12)
Estimated Fair Value	77,415	123,320
Cash and cash Equivalents \| Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	10,127	4,478
Estimated Fair Value	10,127	4,478
Short-term investments \| Level 1 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	25,906	15,649
Unrealized Gain	24	31
Estimated Fair Value	25,930	15,680
Short-term investments \| Level 2 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		1,247
Unrealized Loss		(1)
Estimated Fair Value		1,246
Short-term investments \| Level 2 \| Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	30,842	41,472
Unrealized Gain	11	47
Unrealized Loss	(14)	(2)
Estimated Fair Value	30,839	41,517
Short-term investments \| Level 2 \| U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	3,499	19,479
Unrealized Gain	6	30
Unrealized Loss		(5)
Estimated Fair Value	3,505	19,504
Short-term investments \| Level 2 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		8,770
Unrealized Gain		12
Unrealized Loss		(3)
Estimated Fair Value		8,779
Short-term investments \| Level 2 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,991	4,914
Unrealized Gain	2	8
Estimated Fair Value	1,993	4,922
Long-term investments \| Level 1 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	5,019	23,542
Unrealized Gain	2	131
Estimated Fair Value	$ 5,021	23,673
Long-term investments \| Level 2 \| U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		3,494
Unrealized Gain		28
Unrealized Loss		(1)
Estimated Fair Value		$ 3,521

Organization and Description of Business

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Note 1. Organization and Description of the Business

Description of Business

AN2 Therapeutics, Inc. (the “Company”) is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform. The Company has a pipeline of boron-based compounds in development for Chagas disease, non-tuberculous mycobacterial (“NTM”), and melioidosis, along with early-stage programs focused on targets in infectious diseases and oncology. The Company was incorporated in the state of Delaware in February 2017, began operations in November 2019, began trading on the Nasdaq Global Select Market on March 25, 2022 under the symbol “ANTX”, and is based in Menlo Park, California.

Since launching operations in November 2019, the Company has devoted substantially all of its resources to performing research and development activities, including with respect to its initial product candidate, epetraborole, and other product candidates, business planning and restructuring, hiring personnel, raising capital, and providing general and administrative support for these operations.

Initial Public Offering

On March 24, 2022, the Company’s registration statement on Form S-1 (File No. 333-263295) relating to its initial public offering (“IPO”) of common stock became effective. The IPO closed on March 29, 2022, at which time the Company issued an aggregate of 4,600,000 shares of its common stock at a price to the public of $15.00 per share. In addition, immediately prior to the closing of the IPO, all outstanding shares of the Company’s then existing redeemable convertible preferred stock automatically converted into 11,409,488 shares of common stock. The aggregate offering proceeds for shares sold in the IPO was $69.0 million. After deducting underwriting discounts and commissions of $4.8 million and offering costs paid or payable by the Company of $3.3 million, the net proceeds from the offering were approximately $60.9 million.

On April 8, 2022, the underwriters from the IPO exercised an option to purchase 690,000 additional shares of the Company's common stock at a public offering price of $15.00 per share, resulting in additional gross proceeds to the Company of $10.4 million, and additional net proceeds of approximately $9.5 million. After giving effect to this exercise of the overallotment option, the total number of shares sold by the Company in the IPO increased to 5,290,000 shares with total net proceeds to the Company of approximately $70.4 million.

At-The-Market Offering

On April 6, 2023, the Company entered into a sales agreement (“Sales Agreement”) with Cowen and Company, LLC as the Company’s sales agent (“Agent”) to issue and sell up to an aggregate gross sales of $100.0 million in shares (“Shares”) of the Company’s common stock through an “at-the-market” equity offering program (“ATM Offering”). The Company will pay commissions to the Agent of up to 3.0% of the gross proceeds of the sale of the Shares sold under the Sales Agreement and reimburse the Agent for certain expenses. During the year ended December 31, 2023, the Company issued and sold 2,502,000 shares of common stock under the ATM Offering, resulting in net proceeds of $19.1 million, after deducting commissions and other offering costs. The Company did not sell any shares of common stock through the ATM Offering during the year ended December 31, 2024.

Underwritten Offering

On August 15, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cowen and Company, LLC, Leerink Partners LLC and Evercore Group L.L.C., as representatives of several underwriters, to issue and sell 7,777,778 shares of common stock at an offering price of $9.00 per share, resulting in net proceeds of $65.5 million, after deducting commissions and other offering costs (the “Underwritten Offering”).

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

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Equity

Note 8. Equity

Common Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 500,000,000 shares of $0.00001 par value common stock. Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of the Company.

Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board. No dividends have been declared to date.

In April 2023, the Company entered into a Sales Agreement with Cowen and Company, LLC as the Company’s Agent, to issue and sell up to an aggregate gross sales of $100.0 million in Shares of the Company’s common stock through the ATM Offering. During the year ended December 31, 2023, the Company issued and sold 2,502,000 shares of common stock under the ATM Offering, resulting in net proceeds of $19.1 million, after deducting commissions and other offering costs. The Company did not sell any shares of common stock through the ATM Offering during the year ended December 31, 2024.

In August 2023, the Company entered into an Underwriting Agreement with Cowen and Company, LLC, Leerink Partners LLC and Evercore Group L.L.C. as representatives of several underwriters to issue and sell 7,777,778 shares of common stock at an offering price of $9.00 per share through the Underwritten Offering, resulting in net proceeds of $65.5 million, after deducting commissions and other offering costs.

Shares of common stock reserved for future issuance, on an as-if-converted basis, as of December 31, 2024 and 2023, consists of the following:


	December 31,		December 31,
	2024		2023
Stock options, issued and outstanding		4,890,843		3,930,306
Unvested restricted stock units		516,511		—
Stock options, authorized for future issuance		859,841		1,254,721
ESPP, authorized for future issuance		563,731		337,017
Total		6,830,926		5,522,044

Preferred Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 10,000,000 shares of $0.00001 par value preferred stock. The preferred stock is not convertible. No shares of preferred stock were issued and outstanding at December 31, 2024 and 2023.

Shareholder Rights Plan

In August 2024, the Company entered into a Rights Agreement between the Company and Equiniti Trust Company, LLC as Rights Agent (as amended from time to time, the “Rights Agreement"), which was previously approved by the Board. In connection with the Rights Agreement, a dividend was declared of one preferred stock purchase right (individually, a “Right” and collectively, the “Rights”) for each share of the common stock, par value $0.00001 per share, of the Company outstanding at the close of business on August 29, 2024 (the “Record Date”). Each Right entitles the registered holder thereof, after the Rights become exercisable and until August 15, 2025 (or the earlier redemption, exchange or termination of the Rights), to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.00001 per share (the “Series A Preferred”), of the Company at a price of $6.50 per one one-thousandth of a share of Series A Preferred, subject to adjustment. The Rights are not exercisable until the Distribution Date (as defined in the Rights Agreement”) and the Rights will expire on August 15, 2025, subject to the Company’s right to extend such date, unless earlier redeemed or exchanged by the Company or terminated. Additional information regarding the Rights Agreement is contained in a Current Report on Form 8-K filed with the SEC. The adoption of the Shareholder Rights Plan had no impact on the financial position of the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

The Company is liable for income taxes in the United States. For the years ended December 31, 2024 and 2023, the Company did not have any income for income tax purposes and therefore, no tax liability or expense has been recorded in these financial statements.

The provision for income taxes differs from the tax expense that would result by applying the statutory federal income tax rate to loss before taxes due to the following (in thousands):


	December 31,
	2024			2023
Federal tax benefit at statutory rate	$	(10,777	)	$	(13,593	)
State tax benefit at statutory rate, net of federal tax benefit		(3,892	)		(4,917	)
Change in valuation allowance		16,289			20,047
Research and development tax credits		(1,980	)		(2,030	)
Other		360			493
Provision for income taxes	$	—		$	—

The following table reflects the effective income tax rate reconciliation for the years ended December 31, 2024 and 2023:


	December 31,
	2024			2023
Statutory rate		21.0	%		21.0	%
Stock-based compensation		(0.7	%)		(0.7	%)
State taxes, net of the federal tax benefit		7.6	%		7.6	%
R&D credit benefit		3.9	%		3.1	%
Change in valuation allowance		(31.8	%)		(31.0	%)
Total		0.0	%		0.0	%

Recognition of deferred tax assets is appropriate when realization of such assets is more likely than not. Based upon the weight of available positive and negative evidence, which includes the Company’s historical operating performance and the U.S. cumulative net losses in all prior periods, the Company has provided a valuation allowance against its U.S. deferred tax assets. The valuation allowance increased by $16.3 million from December 31, 2023 to December 31, 2024 due to generation of current year net operating losses, capitalization of research and development costs, and research and development credits claimed.

Deferred income taxes reflect the net tax effects of losses, credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the Company’s deferred tax assets are as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets
Net operating loss carryforwards	$	28,682		$	20,778
Capital research expenditures		18,308			14,014
Tax credit carryforwards		6,788			4,406
Stock-based compensation		4,324			2,568
Other		5			52
Gross deferred tax assets		58,107			41,818
Valuation allowance		(58,107	)		(41,818	)
Net deferred tax assets	$	—		$	—

As of December 31, 2024, the Company had $81.3 million of federal and $166.3 million of state net operating loss available to offset future taxable income. The federal net operating loss carryforwards do not expire. The state net operating loss carryforwards begin to expire in 2037. The Company also has federal and California state research and development credits of $5.4 million and $1.8 million, respectively. The federal tax credit carryforwards will expire in 2041 if not utilized. The state tax credit carryforwards do not expire.

Utilization of the net operating loss carryforwards is subject to an annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions.

A Section 382 ownership change generally occurs if one or more stockholders or groups of stockholders who own at least 5% of our stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company is not currently in a taxable position and no net operating loss carryforwards or credits have been used to date.

As of December 31, 2024 and 2023, the Company has unrecognized tax benefits of $2.1 million and $1.5 million, respectively. As of December 31, 2024, the total amount of unrecognized tax benefits would not affect the effective tax rate, if recognized, due to the valuation allowance that currently offsets deferred tax assets. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at beginning of year	$	1,461	$	783
Additions related to current year positions		622		678
Balance at end of year	$	2,083	$	1,461

The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the statements of operations. Accrued interest and penalties are included within the related tax liability line in the balance sheet. No accrued interest and penalties have been recorded through December 31, 2024.

The Company files income tax returns in the U.S. federal jurisdiction and California, Illinois, New York, South Carolina and Virginia state jurisdictions. The Company is not currently under audit by the Internal Revenue Service or other similar state or local authorities. Carryover attributes beginning December 31, 2020 and December 31, 2019, respectively, remain open to adjustment by the U.S. and state taxing authorities to which the Company is subject.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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)	$ (51,321)	$ (64,732)

- 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

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	$ (51,321)	$ (64,732)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8,338	8,412
Non-cash operating lease expense		53
Net accretion of discount on investments	(3,279)	(2,855)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	807	(1,026)
Accounts payable	641	553
Accrued compensation	(2,342)	1,850
Accrued liabilities	(2,227)	3,844
Operating lease liabilities		(53)
Other current liabilities	126	666
Net cash used in operating activities	(49,257)	(53,288)
Cash flows from investing activities
Purchases of investments	(46,751)	(132,178)
Maturities of investments	101,340	88,900
Net cash provided by (used in) investing activities	54,589	(43,278)
Cash flows from financing activities
Proceeds from issuance of common stock from the Underwritten Offering, net of commissions and offering expenses		65,479
Proceeds from issuance of common stock from the "at-the-market" offering, net of commissions and offering expenses		19,050
Proceeds from issuance of common stock under the ESPP	147	366
Proceeds from exercise of stock options	225	99
Net cash provided by financing activities	372	84,994
Net increase (decrease) in cash and cash equivalents	5,704	(11,572)
Cash and cash equivalents at the beginning of the period	15,647	27,219
Cash and cash equivalents at the end of the period	$ 21,351	$ 15,647

Organization and Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		12 Months Ended
	Aug. 15, 2023	Apr. 06, 2023	Apr. 08, 2022	Mar. 24, 2022	Aug. 31, 2023	Apr. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuance of common stock							$ 147	$ 366
Common Stock
Subsidiary, Sale of Stock [Line Items]
Aggregate number of shares issued			5,290,000					7,777,778
Net proceeds from offering			$ 70,400
Common Stock \| Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate number of shares issued				4,600,000
Stock issued, price per share				$ 15
Shares converted				11,409,488
Aggregate offering price for shares sold				$ 69,000
Underwriting discounts and commissions				4,800
Offering Costs				3,300
Net proceeds from offering				$ 60,900
Common Stock \| Underwriters
Subsidiary, Sale of Stock [Line Items]
Aggregate number of shares issued			690,000
Stock issued, price per share			$ 15
Aggregate offering price for shares sold			$ 10,400
Net proceeds from offering			$ 9,500
Common Stock \| At the Market Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate number of shares issued								2,502,000
Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Percentage of maximum commissions to be paid to agent of gross proceeds of sale		3.00%
Sales Agreement \| At the Market Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate gross sales		$ 100,000				$ 100,000
Common stock issued and sold							0	2,502,000
Net proceeds from issuance of common stock								$ 19,100
Underwriting Agreement \| Underwritten Offering
Subsidiary, Sale of Stock [Line Items]
Stock issued, price per share	$ 9				$ 9
Common stock issued and sold	7,777,778				7,777,778
Net proceeds from issuance of common stock	$ 65,500				$ 65,500

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Disaggregated Amounts that Comprise Research and Development Expenses


	Year Ended
	December 31,
	2024		2023
External research and development expenses:
Clinical trials expenses	$	15,626	$	21,200
Consulting and outside services		4,707		4,770
Other external research and development (1)		6,911		12,340
Total external research and development expenses		27,244		38,310

Internal research and development expenses:
Personnel related expenses		13,244		16,561
Total research and development expenses	$	40,488	$	54,871

(1) Chemistry manufacturing controls, research and preclinical studies and other miscellaneous expenses.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Contingencies

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of December 31, 2024 and 2023, and the Company is not currently a party to any legal proceeding that, if determined adversely to the Company, in management’s opinion, is currently expected to individually or in the aggregate have a material adverse effect on the Company’s business, financial condition or results of operations taken as a whole.

Guarantees and Indemnifications

The Company, as permitted under Delaware law and in accordance with its certification of incorporation, as amended, and bylaws, and pursuant to indemnification agreements with certain of its officers and directors, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, which the officer or director is or was serving at the Company’s request in such capacity. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

Adjuvant Global Health Agreement

In conjunction with Adjuvant Global Health Technology Fund L.P.’s (“Adjuvant”) investment in the Company in 2019 and 2020, the Company entered into a Global Health Agreement with Adjuvant, pursuant to which the Company agreed to support the creation of innovative and affordable drugs to treat disease, through public health programs and private purchasers in Low and Lower-Middle-Income Countries (as such terms are defined by the World Bank and in the agreement).

Adjuvant’s investment supports the development of the Company’s product candidate, epetraborole, for use in melioidosis-endemic and melioidosis-at-risk countries and in tuberculosis-endemic and tuberculosis-at-risk countries, as defined in the agreement as amended and restated. These global access commitments will remain in effect until the latter of either that Adjuvant ceases to be a shareholder of the Company, or ten years following epetraborole approval for the treatment of melioidosis by a regulatory authority.

The Global Health Agreement contains various affirmative and negative covenants agreed to by the Company, including its use of reasonably diligent endeavors to develop the agreed-upon products using non-dilutive funding and make accessible to people in need in the target countries so long as the Company does not sell products at a loss. Other covenants include prohibition of use of investment for propaganda, attempt to influence legislation, influence of any public election or voter registration drive or promotion of terrorist activities, as well as compliance with certain environmental, social and governance requirements and anti-corruption requirements.

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable Segments	1
Number of operating segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the statements of operations and comprehensive loss. The monitoring of budgeted versus actual results are used in assessing performance of the segment, and making operating decisions, allocating resources, and planning and forecasting for future periods. The measure of segment assets is reported on the balance sheets as total assets.

Restructuring Charges

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

Note 12. Restructuring Charges

On August 8, 2024, the Company announced a reduction of approximately 50% of the Company's workforce, which was approved by the Board in connection with the Company’s planned restructuring following discontinuation of the EBO-301 study and to further extend the Company’s operating capital. In connection with the workforce reduction, the Company recognized severance and other charges of $2.2 million for the year ended December 31, 2024, primarily related to severance payments and other employee termination-related expenses. The severance and other charges were recorded to restructuring charges on the statements of operations and comprehensive loss. The workforce reduction was complete by the end of 2024. Cash payments for severance and other charges of $2.2 million were made in the year ended December 31, 2024.

Equity Incentive Plan and Stock-Based Compensation - Summary of RSA Activity (Details) - RSA	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued \| shares	40,003
Vested and released \| shares	(40,003)
Weighted Average Grant Date Fair Value, Issued \| $ / shares	$ 1.27
Weighted-Average Grant Date Fair Value, Vested and released \| $ / shares	$ 1.27

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the fourth quarter of 2024, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K.
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

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 6. Balance Sheet Components

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,		December 31,
	2024		2023
Accrued clinical trial-related expenses	$	2,377	$	4,809
Accrued research and development-related expenses		1,974		1,746
Accrued professional services expenses		52		24
Other		51		102
Total accrued liabilities	$	4,454	$	6,681

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

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


	Year Ended December 31,
	2024			2023
Numerator:
Net loss attributable to common stockholders	$	(51,321	)	$	(64,732	)
Denominator:
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		29,828,227			23,600,107
Net loss per share attributable to common stockholders, basic and diluted	$	(1.72	)	$	(2.74	)

Schedule of potentially dilutive securities that were not included in the diluted per share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	December 31,
	2024		2023
Options issued and outstanding		4,890,843		3,930,306
Unvested RSUs		516,511		—
Early exercised common stock subject to future vesting		—		5,040
ESPP authorized for future issuance		563,731		337,017
Total		5,971,085		4,272,363