0001437749-24-026680 | 10-Q | XBRL Viewer | Contineum Therapeutics INC

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies During the six months ended June 30, 2024, there were no significant changes to the Company's significant accounting policies as described in the Company's Registration Statement. *Basis of presentation* The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted accounting principles (“GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board ("FASB"). *Use of estimates* During the six months ended June 30, 2024, there were no significant changes to the Company's accounting estimates as described in the Company's Registration Statement. *Recently Issued Accounting Pronouncements* In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

During the six months ended June 30, 2024, there were no significant changes to the Company's significant accounting policies as described in the Company's Registration Statement.

Basis of presentation

The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted accounting principles (“GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board ("FASB").

Use of estimates

During the six months ended June 30, 2024, there were no significant changes to the Company's accounting estimates as described in the Company's Registration Statement.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Income Tax, Policy [Policy Text Block]	*Basis of presentation* The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted accounting principles (“GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board ("FASB").
Use of Estimates, Policy [Policy Text Block]	*Use of estimates* During the six months ended June 30, 2024, there were no significant changes to the Company's accounting estimates as described in the Company's Registration Statement.
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Issued Accounting Pronouncements* In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77,230	$ 15,526
Marketable securities	141,423	109,664
Prepaid expenses and other current assets	1,667	2,516
Total current assets	220,320	127,706
Property and equipment, net	801	678
Other long-term assets	3	1,283
Operating lease right-of-use assets	231	719
Total assets	221,355	130,386
Current liabilities:
Accounts payable	734	635
Accrued expenses	2,521	4,385
Current portion of operating lease liabilities	484	464
Total current liabilities	3,739	5,484
Other long-term liabilities	0	110
Operating lease liabilities, net of current portion	113	108
Total liabilities	3,852	5,702
Convertible preferred stock, $0.001 par value; no shares authorized, issued, or outstanding at June 30, 2024; authorized shares—16,940,594 at December 31, 2023; issued and outstanding shares—15,906,236 shares at December 31, 2023	0	192,620
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2024; no shares issued or outstanding at June 30, 2024; no shares authorized, issued, or outstanding at December 31, 2023	0	0
Additional paid-in-capital	310,174	7,098
Accumulated deficit	(92,570)	(75,144)
Accumulated other comprehensive income (loss)	(127)	108
Total stockholders' equity (deficit)	217,503	(67,936)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	221,355	130,386
Common Class A [Member]
Stockholders' equity (deficit):
Common stock	19	2
Common Class B [Member]
Stockholders' equity (deficit):
Common stock	$ 7	$ 0

Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

				*Fair Value Measurements Using*
				*Quoted Prices in*				*Significant*
				*Active Markets*		*Significant Other*		*Unobservable*
				*for Identical*		*Observable*		*Inputs*
	*Total*			*Assets (Level 1)*		*Inputs (Level 2)*		*(Level 3)*
As of June 30, 2024:
Assets:
Cash equivalents	$	16,005		$	16,005	$	—	$	—
US Government agency securities		20,462			19,833		629		—
Certificates of deposits		11,531			—		11,531		—
Corporate debt securities		67,486			—		67,486		—
Commercial paper		29,162			—		29,162		—
Yankee debt		3,921			—		3,921		—
Asset-backed securities		8,861			—		8,861		—
Total financial assets	$	157,428		$	35,838	$	121,590	$	—

As of December 31, 2023:
Assets:
Cash equivalents	$	14,646		$	14,646	$	—	$	—
US Government agency securities		18,894			16,360		2,534		—
Certificates of deposits		5,245			—		5,245		—
Corporate debt securities		52,369			—		52,369		—
Commercial paper		28,126			—		28,126		—
Yankee debt		2,448			—		2,448		—
Asset-backed securities		2,582			—		2,582		—
Total financial assets	$	124,310		$	31,006	$	93,304	$	—
Liabilities:
Preferred stock warrant liability		(109	)		—		—		(109	)
Total financial liabilities	$	(109	)	$	—	$	—	$	(109	)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Warrant Liability
Balance at December 31, 2023	$	109
Change in fair value of warrant liability		107
Balance at April 9, 2024	$	216
Reclassification to equity	$	(216	)
Balance at June 30, 2024	$	—

Note 3 - Marketable Securities

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. Marketable Securities

The Company invests its excess cash in marketable securities, including debt securities, commercial paper, asset-backed securities, Yankee debt and U.S. government agency securities.

The following table summarizes the amortized cost and fair value of the Company’s marketable securities by major investment category (in thousands):

	*As of June 30, 2024*
			*Unrealized*
	*Amortized Cost*		*Gains*		*Losses*			*Fair Value*
US Government agency securities	$	20,526	$	—	$	(64	)	$	20,462
Certificate of deposit		11,531		2		(2	)		11,531
Corporate debt securities		67,530		9		(53	)		67,486
Commercial paper		29,180		1		(19	)		29,162
Yankee debt		3,926		—		(5	)		3,921
Asset-backed securities		8,857		7		(3	)		8,861
	$	141,550	$	19	$	(146	)	$	141,423

	As of December 31, 2023
			Unrealized
	Amortized Cost		Gains		Losses			Fair Value
US Government agency securities	$	18,883	$	11	$	—		$	18,894
Certificate of deposit		5,232		13		—			5,245
Corporate debt securities		52,310		65		(6	)		52,369
Commercial paper		28,108		19		(1	)		28,126
Yankee debt		2,445		3		—			2,448
Asset-backed securities		2,576		7		(1	)		2,582
	$	109,554	$	118	$	(8	)	$	109,664

The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. As of June 30, 2024, the Company did not record an allowance for credit loss related to its investment portfolio.

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Convertible Preferred Stock [Table Text Block]

	*Shares Authorized*		*Shares Issued and Outstanding*		*Liquidation Preference (in thousands)*
Series A		1,786,607		1,786,604	$	10,000
Series A-1		1,429,286		1,423,119		11,179
Series B		3,362,377		3,346,607		32,034
Series C		10,362,324		9,349,906		140,249
		16,940,594		15,906,236	$	193,462

Schedule of Common Stock Reserved for Future Issuance [Table Text Block]

	*As of June 30,*		*December 31,*
	*2024*		*2023*
Convertible preferred stock		—		15,906,236
Common stock options granted and outstanding		4,090,030		2,674,405
Shares available for issuance under the 2024 Plan		2,824,492		—
Shares available for issuance under the 2012 Plan		—		502,491
Preferred stock warrant		—		15,764
Common stock warrant		15,764		—
Common stock reserved under the 2024 ESPP		280,000		—
Total common stock reserved for future issuance		7,210,286		19,098,896

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	*Options Outstanding*			*Weighted- Average Exercise Price*		*Weighted- Average Remaining Contractual Term*		*Aggregate Intrinsic Value (in thousands)*
Balance at December 31, 2023		2,674,457		$	5.93		7.22	$	13,453
Options granted		1,459,382			16.01		—		—
Options exercised		(43,809	)		3.09		—		—
Options cancelled and forfeited		—			—		—		—
Options expired		—			—		—		—
As of June 30, 2024		4,090,030		$	9.55		7.82	$	33,050
Options vested and expected to vest as of June 30, 2024		4,090,030		$	9.55		7.82	$	33,050
Options exercisable as of June 30, 2024		1,930,408		$	4.35		5.91	$	25,592

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Assumptions:
Expected term (in years)		6.05			—		6.03			6.08
Expected volatility		110	%		—		110	%		90	%
Risk free interest rate		4.49	%		—		4.44	%		3.40	%
Dividend yield		—			—		—			—

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)	$ (17,426)	$ 36,740
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	121	115
Non-cash operating lease expense	488	467
Stock-based compensation	2,262	983
Accretion of debt discount and debt issuance costs	0	(197)
Accretion of premiums/discounts on investments, net	(2,092)	(480)
Change in fair value of warrant liability	107	(2)
Gain on marketable securities	0	24
Change in fair value of investor rights and obligations liability	0	(2,867)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	846	(14)
Other long-term assets	936	34
Accounts payable	100	(31)
Accrued expenses	(1,841)	1,175
Operating lease liabilities	25	(517)
Net cash provided by (used in) operating activities	(16,474)	35,430
Investing activities
Purchase of property and equipment	(266)	(83)
Purchases of marketable securities	(99,649)	(67,794)
Sales and maturities of marketable securities	69,747	32,775
Net cash used in investing activities	(30,168)	(35,102)
Financing activities
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	108,211	0
Proceeds from issuance of Series C convertible preferred stock, net of offering costs	0	49,895
Principal payments on debt	0	(3,750)
Proceeds from exercise of stock options	135	27
Net cash provided by financing activities	108,346	46,172
Net increase in cash and cash equivalents	61,704	46,500
Cash and cash equivalents at beginning of period	15,526	5,569
Cash and cash equivalents at end of period	77,230	52,069
Supplemental disclosure of noncash investing and financing activities
Reclassification of warrant from liability to equity	216	0
Reclassification of deferred offering costs paid in prior year to equity	343	0
Conversion of Convertible Preferred Stock to Common Stock [Member]
Supplemental disclosure of noncash investing and financing activities
Conversion of convertible preferred stock to common stock upon initial public offering	$ 192,620	$ 0

Note 5 - Accrued Expenses

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Accrued Expenses [Text Block]

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	*June 30,*		*December 31,*
	*2024*		*2023*
Accrued compensation expenses	$	1,402	$	1,904
Accrued research and development expenses		973		1,546
Accrued professional and consulting expenses		94		834
Other accrued expenses		52		101
Total accrued expenses	$	2,521	$	4,385

Note 7 - Income Taxes

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

7. Income Taxes

The Company’s interim income tax provision consists of U.S. federal and state income taxes based on the estimated annual effective tax rate that the Company expects for the full year together with the tax effect of discrete items. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary.

For the three and six months ended June 30, 2024, the Company did not record a U.S. federal or state income tax provision due to current and expected annual net operating losses for the year ended December 31, 2024.

As of June 30, 2023, the estimated annual effective tax rate for 2023, exclusive of discrete items, was approximately 1.94% of projected pre-tax income. The estimated annual tax expense consists of a provision for federal and state income taxes. For the three months ended June 30, 2023, due to statutory limitations on the ability to utilize research and development credits and net operating losses to offset year to date taxable income, the Company recorded a tax expense of $0.7 million, on a pre-tax income of $42.3 million. For the six months ended June 30, 2023, due to statutory limitations on the ability to utilize research and development credits and net operating losses to offset year to date taxable income, the Company recorded a tax expense of $0.7 million, on a pre-tax income of $37.5 million.

Under Section 382 and 383 of the Internal Revenue Code ("IRC"), if a corporation undergoes an ownership change (generally defined as a greater than 50% change in its equity ownership over a three-year period), the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The Company has completed an ownership change analysis pursuant to IRC Section 382 for the periods prior to February 9, 2021. On July 13, 2012, April 29, 2018, March 15, 2019, and February 9, 2021 the Company experienced ownership changes. Accordingly, the Company’s ability to utilize net operating loss and tax credit carryforwards attributable to periods prior to February 9, 2021 is subject to substantial limitations. An ownership change analysis pursuant to IRC Section 382 has not been performed for the periods after February 9, 2021 and therefore additional ownership changes may have occurred which may limit the Company’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes.

In assessing the realizability of deferred tax assets, the Company evaluates whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company assesses all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. Based on these factors, including cumulative losses in recent years, the Company continues to maintain a full valuation allowance against its net deferred tax assets as of June 30, 2023.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 13, 2024
Document Information [Line Items]
Entity Central Index Key	0001855175
Entity Registrant Name	Contineum Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-42001
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1467257
Entity Address, Address Line One	10578 Science Center Drive, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-5280
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	CTNM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,994,104

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Convertible Preferred Stock, Temporary Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	11,889,674	2,259,734
Balance at Dec. 31, 2022	$ 132,482	$ 2	$ 4,726	$ (76)	$ (97,864)	$ (93,212)
Exercise of stock options (in shares)	0	7,146
Exercise of stock options	$ 0	$ 0	8	0	0	8
Stock-based compensation	0	0	494	0		494
Net income (loss)	0	0	0	0	(4,824)	(4,824)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	67	0	67
Vesting of shares of common stock subject to repurchase (in shares)	0	5,245
Vesting of shares of common stock subject to repurchase	$ 0	$ 0	5	0		5
Balance (in shares) at Mar. 31, 2023	11,889,674	2,272,126
Balance at Mar. 31, 2023	$ 132,482	$ 2	5,233	(9)	(102,688)	(97,462)
Balance (in shares) at Dec. 31, 2022	11,889,674	2,259,734
Balance at Dec. 31, 2022	$ 132,482	$ 2	4,726	(76)	(97,864)	(93,212)
Net income (loss)						36,740
Unrealized gain (loss) on marketable securities						11
Balance (in shares) at Jun. 30, 2023	15,222,913	2,320,744
Balance at Jun. 30, 2023	$ 182,378	$ 2	5,755	(65)	(61,124)	(55,432)
Balance (in shares) at Mar. 31, 2023	11,889,674	2,272,126
Balance at Mar. 31, 2023	$ 132,482	$ 2	5,233	(9)	(102,688)	(97,462)
Exercise of stock options (in shares)	0	36,715
Exercise of stock options	$ 0	$ 0	47	0	0	47
Stock-based compensation	0	0	489	0		489
Net income (loss)	0	0	0	0	41,564	41,564
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(56)	0	(56)
Issuance of stock, net of issuance costs (in shares)	3,333,239	0
Issuance of stock, net of issuance costs	$ 49,896	$ 0	0	0	0	0
Vesting of shares of common stock subject to repurchase (in shares)	0	14,584
Vesting of shares of common stock subject to repurchase	$ 0	$ 0	14	0		14
Repurchase of stock options (in shares)	0	(2,680)
Repurchase of stock options	$ 0	$ 0	(28)	0	0	(28)
Balance (in shares) at Jun. 30, 2023	15,222,913	2,320,744
Balance at Jun. 30, 2023	$ 182,378	$ 2	5,755	(65)	(61,124)	(55,432)
Balance (in shares) at Dec. 31, 2023	15,906,236	2,349,554
Balance at Dec. 31, 2023	$ 192,620	$ 2	7,098	108	(75,144)	(67,936)
Exercise of stock options (in shares)	0	34,872
Exercise of stock options	$ 0	$ 0	122	0	0	122
Stock-based compensation	0	0	768	0		768
Net income (loss)	0	0	0	0	(8,417)	(8,417)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(166)	0	(166)
Balance (in shares) at Mar. 31, 2024	15,906,236	2,384,426
Balance at Mar. 31, 2024	$ 192,620	$ 2	7,988	(58)	(83,561)	(75,629)
Balance (in shares) at Dec. 31, 2023	15,906,236	2,349,554
Balance at Dec. 31, 2023	$ 192,620	$ 2	7,098	108	(75,144)	$ (67,936)
Exercise of stock options (in shares)						43,809
Net income (loss)						$ (17,426)
Unrealized gain (loss) on marketable securities						(235)
Balance (in shares) at Jun. 30, 2024	0	25,723,276
Balance at Jun. 30, 2024	$ 0	$ 26	310,174	(127)	(92,570)	217,503
Balance (in shares) at Mar. 31, 2024	15,906,236	2,384,426
Balance at Mar. 31, 2024	$ 192,620	$ 2	7,988	(58)	(83,561)	(75,629)
Exercise of stock options (in shares)	0	8,932
Exercise of stock options	$ 0	$ 0	13	0	0	13
Stock-based compensation	0	0	1,494	0		1,494
Net income (loss)	0	0	0	0	(9,009)	(9,009)
Unrealized gain (loss) on marketable securities	$ 0	$ 0	0	(69)	0	(69)
Issuance of stock, net of issuance costs (in shares)	0	7,423,682
Issuance of stock, net of issuance costs	$ 0	$ 7	107,860	0	0	107,867
Conversion of convertible preferred stock to common stock upon initial public offering (in shares)	(15,906,236)	15,906,236
Conversion of convertible preferred stock to common stock upon initial public offering	$ (192,620)	$ 17	192,603	0	0	192,620
Reclassification of warrant from liability to equity	$ 0	$ 0	216	0	0	216
Balance (in shares) at Jun. 30, 2024	0	25,723,276
Balance at Jun. 30, 2024	$ 0	$ 26	$ 310,174	$ (127)	$ (92,570)	$ 217,503

Note 3 - Marketable Securities - Amortized Costs and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities, Amortized cost	$ 141,550	$ 109,554
Securities, Gains	19	118
Securities, Losses	(146)	(8)
Securities, Fair Value	141,423	109,664
US Government Agencies Debt Securities [Member]
Securities, Amortized cost	20,526	18,883
Securities, Gains	0	11
Securities, Losses	(64)	0
Securities, Fair Value	20,462	18,894
Certificates of Deposit [Member]
Securities, Amortized cost	11,531	5,232
Securities, Gains	2	13
Securities, Losses	(2)	0
Securities, Fair Value	11,531	5,245
Corporate Debt Securities [Member]
Securities, Amortized cost	67,530	52,310
Securities, Gains	9	65
Securities, Losses	(53)	(6)
Securities, Fair Value	67,486	52,369
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, Amortized cost	29,180	28,108
Securities, Gains	1	19
Securities, Losses	(19)	(1)
Securities, Fair Value	29,162	28,126
Debt Security, Government, Non-US [Member]
Securities, Amortized cost	3,926	2,445
Securities, Gains	0	3
Securities, Losses	(5)	0
Securities, Fair Value	3,921	2,448
Asset-Backed Securities [Member]
Securities, Amortized cost	8,857	2,576
Securities, Gains	7	7
Securities, Losses	(3)	(1)
Securities, Fair Value	$ 8,861	$ 2,582

Note 3 - Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]

	*As of June 30, 2024*
			*Unrealized*
	*Amortized Cost*		*Gains*		*Losses*			*Fair Value*
US Government agency securities	$	20,526	$	—	$	(64	)	$	20,462
Certificate of deposit		11,531		2		(2	)		11,531
Corporate debt securities		67,530		9		(53	)		67,486
Commercial paper		29,180		1		(19	)		29,162
Yankee debt		3,926		—		(5	)		3,921
Asset-backed securities		8,857		7		(3	)		8,861
	$	141,550	$	19	$	(146	)	$	141,423

	As of December 31, 2023
			Unrealized
	Amortized Cost		Gains		Losses			Fair Value
US Government agency securities	$	18,883	$	11	$	—		$	18,894
Certificate of deposit		5,232		13		—			5,245
Corporate debt securities		52,310		65		(6	)		52,369
Commercial paper		28,108		19		(1	)		28,126
Yankee debt		2,445		3		—			2,448
Asset-backed securities		2,576		7		(1	)		2,582
	$	109,554	$	118	$	(8	)	$	109,664

Note 5 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued compensation expenses	$ 1,402	$ 1,904
Accrued research and development expenses	973	1,546
Accrued professional and consulting expenses	94	834
Other accrued expenses	52	101
Total accrued expenses	$ 2,521	$ 4,385

Note 4 - Fair Value Measurements (Details Textual) Pure in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents, at Carrying Value	$ 77,230	$ 15,526
Preferred Stock Warrant [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0
Money Market Funds [Member]
Cash and Cash Equivalents, at Carrying Value	$ 11,300	$ 11,800

Note 8 - License Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended			3 Months Ended
	May 31, 2023	Apr. 30, 2023	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock Issued During Period, Value, New Issues				$ 107,867	$ 0
Preferred Stock Purchase Agreement [Member] \| JJDC [Member]
Stock Issued During Period, Shares, New Issues (in shares)		1.7
Shares Issued, Price Per Share (in dollars per share)		$ 15
Stock Issued During Period, Value, New Issues		$ 25,000
J&J License Agreement [Member]
Upfront Payment Received			$ 50,000
Contract with Customer, Asset, after Allowance for Credit Loss			$ 1,000,000
Revenue Not from Contract with Customer	$ 50,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Note 9 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities (in shares)	4,385,794	17,383,271
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	0	15,222,937
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	4,090,030	2,141,367
Common Stock Warrant [Member]
Antidilutive securities (in shares)	15,764	0
Unvested Common Stock Issued Upon Early Exercise of Stock Options [Member]
Antidilutive securities (in shares)	0	3,202
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Antidilutive securities (in shares)	280,000	0
Warrant [Member]
Antidilutive securities (in shares)	0	15,764

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Preferred Stock Shares (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 09, 2024	Dec. 31, 2023
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	0
Preferred stock, shares issued (in shares)	0		0
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	1,786,607
Preferred stock, shares issued (in shares)	1,786,604
Liquidation preference	$ 10,000
Series A-1 Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	1,429,286
Preferred stock, shares issued (in shares)	1,423,119
Liquidation preference	$ 11,179
Series B Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	3,362,377
Preferred stock, shares issued (in shares)	3,346,607
Liquidation preference	$ 32,034
Series C Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	10,362,324
Preferred stock, shares issued (in shares)	9,349,906
Liquidation preference	$ 140,249
Convertible Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	16,940,594
Preferred stock, shares issued (in shares)	15,906,236
Liquidation preference	$ 193,462

Note 9 - Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

9. Net Loss Per Share

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

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator, basic:
Net income (loss)	$	(9,009	)	$	41,564		$	(17,426	)	$	36,740
Allocation of earnings to participating preferred stockholders		—			35,695			—			31,219
Net income (loss) applicable to common stockholders	$	(9,009	)	$	5,869		$	(17,426	)	$	5,521
Denominator, basic:
Weighted average common shares issued		23,355,588			2,295,378			12,862,328			2,291,887
Less: weighted average unvested common stock issued upon early exercise of stock options		—			(3,512	)		—			(7,137	)
Weighted average shares used to compute net income (loss) per common share, basic		23,355,588			2,291,866			12,862,328			2,284,750
Numerator, diluted:
Net income (loss) attributable to common stockholders	$	(9,009	)	$	5,869		$	(17,426	)	$	5,521
Change in fair value of put option		—			(2,920	)		—			(2,920	)
Net income (loss) applicable to common stockholders	$	(9,009	)	$	2,949		$	(17,426	)	$	2,601
Denominator, diluted:
Weighted average shares used to compute net income (loss) per common share, diluted		23,355,588			2,291,866			12,862,328			2,284,750
Common stock options		—			1,036,729			—			1,042,226
Unvested common stock issued upon early exercise of stock options		—			3,512			—			7,137
Preferred stock warrant (as converted to common stock)		—			1,752			—			1,585
Preferred stock put option (common stock issued)		—			177,898			—			177,898
Weighted average shares used to compute net income (loss) per common share, diluted		23,355,588			3,511,757			12,862,328			3,513,596
Net income (loss) per share, basic	$	(0.39	)	$	2.56		$	(1.35	)	$	2.42
Net income (loss) per share, diluted	$	(0.39	)	$	0.84		$	(1.35	)	$	0.74

For the three and six months ended June 30, 2024, net loss is attributable equally to each share of Class A common stock and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding. Weighted-average common shares include shares of the Company's Class A common stock and Class B common stock. The basic and diluted net loss per share amounts are the same for Class A common stock and Class B common stock.

For the three and six months ended June 30, 2023, there were no shares of Class B common stock outstanding.

The Company’s potentially dilutive securities, which include convertible preferred stock, a common stock warrant, common stock options, common stock reserved under the 2024 ESPP, and a preferred stock warrant have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2024 as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

		*As of June 30,*		*As of June 30,*
	*2024*		*2023*
Convertible preferred stock		—		15,222,937
Common stock options		4,090,030		2,141,367
Common stock warrant		15,764		—
Unvested common stock issued upon early exercise of stock options		—		3,202
Common stock reserved under the 2024 ESPP		280,000		—
Preferred stock warrant		—		15,764
		4,385,794		17,383,271

Note 9 - Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator, basic:
Net income (loss)	$	(9,009	)	$	41,564		$	(17,426	)	$	36,740
Allocation of earnings to participating preferred stockholders		—			35,695			—			31,219
Net income (loss) applicable to common stockholders	$	(9,009	)	$	5,869		$	(17,426	)	$	5,521
Denominator, basic:
Weighted average common shares issued		23,355,588			2,295,378			12,862,328			2,291,887
Less: weighted average unvested common stock issued upon early exercise of stock options		—			(3,512	)		—			(7,137	)
Weighted average shares used to compute net income (loss) per common share, basic		23,355,588			2,291,866			12,862,328			2,284,750
Numerator, diluted:
Net income (loss) attributable to common stockholders	$	(9,009	)	$	5,869		$	(17,426	)	$	5,521
Change in fair value of put option		—			(2,920	)		—			(2,920	)
Net income (loss) applicable to common stockholders	$	(9,009	)	$	2,949		$	(17,426	)	$	2,601
Denominator, diluted:
Weighted average shares used to compute net income (loss) per common share, diluted		23,355,588			2,291,866			12,862,328			2,284,750
Common stock options		—			1,036,729			—			1,042,226
Unvested common stock issued upon early exercise of stock options		—			3,512			—			7,137
Preferred stock warrant (as converted to common stock)		—			1,752			—			1,585
Preferred stock put option (common stock issued)		—			177,898			—			177,898
Weighted average shares used to compute net income (loss) per common share, diluted		23,355,588			3,511,757			12,862,328			3,513,596
Net income (loss) per share, basic	$	(0.39	)	$	2.56		$	(1.35	)	$	2.42
Net income (loss) per share, diluted	$	(0.39	)	$	0.84		$	(1.35	)	$	0.74

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

		*As of June 30,*		*As of June 30,*
	*2024*		*2023*
Convertible preferred stock		—		15,222,937
Common stock options		4,090,030		2,141,367
Common stock warrant		15,764		—
Unvested common stock issued upon early exercise of stock options		—		3,202
Common stock reserved under the 2024 ESPP		280,000		—
Preferred stock warrant		—		15,764
		4,385,794		17,383,271

Note 1 - Organization and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands					3 Months Ended				6 Months Ended
	Apr. 19, 2024 shares	Apr. 19, 2024 USD ($)	Apr. 05, 2024 $ / shares shares	Apr. 01, 2024	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Apr. 09, 2024 shares	Dec. 31, 2023 USD ($) shares
Proceeds from Issuance of Common Stock \| $									$ 108,211	$ 0
Temporary Equity, Shares Outstanding (in shares)					0				0		15,906,236	15,906,236
Common Stock, Shares Authorized (in shares)											220,000,000
Preferred Stock, Shares Authorized (in shares)					10,000,000				10,000,000		10,000,000	0
Net Income (Loss) Attributable to Parent \| $					$ (9,009)	$ (8,417)	$ 41,564	$ (4,824)	$ (17,426)	$ 36,740
Retained Earnings (Accumulated Deficit) \| $					(92,570)				(92,570)			$ (75,144)
Cash, Cash Equivalents, and Short-Term Investments \| $					$ 218,700				$ 218,700
Common Class A [Member]
Common Stock, Shares Authorized (in shares)					200,000,000				200,000,000		200,000,000	39,630,511
Common Class B [Member]
Common Stock, Shares Authorized (in shares)					20,000,000				20,000,000		20,000,000	0
IPO [Member]
Stock Issued During Period, Shares, New Issues (in shares)			6,875,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares			$ 16
Proceeds from Issuance of Common Stock \| $		$ 107,900
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)	548,682
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio				5.5972

Note 9 - Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss) Attributable to Parent	$ (9,009)	$ (8,417)	$ 41,564	$ (4,824)	$ (17,426)	$ 36,740
Allocation of earnings to participating preferred stockholders	0		35,695		0	31,219
Net income (loss) applicable to common stockholders	$ (9,009)		$ 5,869		$ (17,426)	$ 5,521
Weighted average common shares issued (in shares)	23,355,588		2,295,378		12,862,328	2,291,887
Less: weighted average unvested common stock issued upon early exercise of stock options (in shares)	0		(3,512)		0	(7,137)
Weighted average shares used to compute net income (loss) per common share, basic (in shares)	23,355,588		2,291,866		12,862,328	2,284,750
Change in fair value of put option	$ 0		$ (2,920)		$ 0	$ (2,920)
Net income (loss) applicable to common stockholders	$ (9,009)		$ 2,949		$ (17,426)	$ 2,601
Common stock options (in shares)	0		1,036,729		0	1,042,226
Unvested common stock issued upon early exercise of stock options (in shares)	0		3,512		0	7,137
Preferred stock warrant (as converted to common stock) (in shares)	0		1,752		0	1,585
Preferred stock put option (common stock issued) (in shares)	0		177,898		0	177,898
Weighted average shares used to compute net income (loss) per common share, diluted (in shares)	23,355,588		3,511,757		12,862,328	3,513,596
Net income (loss) per share, basic (in dollars per share)	$ (0.39)		$ 2.56		$ (1.35)	$ 2.42
Net income (loss) per share, diluted (in dollars per share)	$ (0.39)		$ 0.84		$ (1.35)	$ 0.74

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

6. Convertible Preferred Stock and Stockholders’ Equity (Deficit)

Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 9,177,064 shares of Class A common stock and 6,729,172 shares of Class B common stock. Converted preferred stock outstanding as of the date of the IPO consisted of 15,906,236 shares. Each share of outstanding Series A, Series A-1, Series B, and Series C convertible preferred stock was convertible into one share of common stock at the option of the holder, subject to certain anti-dilution adjustments.

Convertible Preferred Stock

As of December 31, 2023, the Company’s Series A, Series A-1, Series B, and Series C convertible preferred stock were classified as temporary equity in the accompanying condensed balance sheet given that a majority of the Company’s board of director seats were held and/or voted upon by convertible preferred stockholders and they could cause certain events to occur requiring redemption of the preferred stock that were outside of the Company’s control. The Company did not adjust the carrying values of the convertible preferred stock to the respective liquidation preferences of such shares as the instruments were not currently redeemable and it was not probable that the instruments would become redeemable.

The authorized, issued, and outstanding shares of convertible preferred stock as of December 31, 2023 consisted of the following:

	*Shares Authorized*		*Shares Issued and Outstanding*		*Liquidation Preference (in thousands)*
Series A		1,786,607		1,786,604	$	10,000
Series A-1		1,429,286		1,423,119		11,179
Series B		3,362,377		3,346,607		32,034
Series C		10,362,324		9,349,906		140,249
		16,940,594		15,906,236	$	193,462

Common Stock

The Company has two classes of common stock: Class A common stock and Class B common stock. Class A common stock has one vote per share and Class B common stock has no votes per share. As of June 30, 2024, of the authorized 200,000,000 shares of Class A common stock, 18,994,104 shares of Class A common stock were issued and outstanding, and of the authorized 20,000,000 shares of Class B common stock, 6,729,172 shares of Class B common stock were issued and outstanding.

Voting, dividend, and liquidation rights of the holders of the common stock were subject to, and qualified by, the rights, preferences and privileges of the holders of the convertible preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

Class A common stock reserved for future issuance consisted of the following:

	*As of June 30,*		*December 31,*
	*2024*		*2023*
Convertible preferred stock		—		15,906,236
Common stock options granted and outstanding		4,090,030		2,674,405
Shares available for issuance under the 2024 Plan		2,824,492		—
Shares available for issuance under the 2012 Plan		—		502,491
Preferred stock warrant		—		15,764
Common stock warrant		15,764		—
Common stock reserved under the 2024 ESPP		280,000		—
Total common stock reserved for future issuance		7,210,286		19,098,896

There are no shares of Class B common stock reserved for future issuance.

Stock Options

In March 2024, the Company's board of directors and its stockholders adopted and approved the 2024 Equity Incentive Plan (the "2024 Plan"). The 2024 Plan is the successor of the Company's 2012 Equity Incentive Plan (the "2012 Plan"). However, awards outstanding under the 2012 Plan will continue to be governed by their existing terms. The 2024 Plan allowed for the issuance of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted stock units, and other stock awards to the Company's employees, members of its board of directors, and consultants.

The number of shares initially reserved for issuance under the 2024 Plan was 2,700,000. As of June 30, 2024, there were 2,824,492 shares of the Company’s common stock reserved and available for issuance under the 2024 Plan. The aggregate number of shares reserved for issuance under the 2024 Plan will automatically increase on the first day of each fiscal year of the Company, commencing in 2025 and ending in (and including) 2034, by a number equal to the lesser of (a) 5% of the aggregate shares of Class A common stock and Class B common stock issued and outstanding as of the last day of the prior fiscal year, or (b) a number of shares of Class A common stock determined by the Company's board of directors.

Under the 2024 Plan, the exercise price for options granted under the 2024 Plan may not be less than 100% of the fair market value of the Class A common stock on the grant date. Optionees will be permitted to pay the exercise price in cash or, with the consent of the compensation committee (i) with shares of common stock that the optionee already owns, (ii) by an immediate sale of shares through a broker approved by the Company, (iii) by instructing the Company to withhold a number of shares otherwise deliverable upon exercise having an aggregate fair market value that does not exceed the exercise price; or (iv) by other methods permitted by applicable law.

The Company's board of directors (or a committee thereof to which the Company's board of directors has delegated authority) may amend or terminate the 2024 Plan at any time. If the Company's board of directors amends the 2024 Plan, it does not need stockholder approval of the amendment unless required by applicable law, regulation or rules. The 2024 Plan will terminate automatically ten years after the date when the Company's board of directors adopted the 2024 Plan.

In March 2024, the Company's board of directors and its stockholders adopted and approved the 2024 Employee Stock Purchase Plan (the "2024 ESPP"). The 2024 ESPP became effective as of April 9, 2024. The purpose of the 2024 ESPP is to provide eligible employees with an opportunity to increase their interest in the success of the Company by purchasing shares of Class A common stock from the Company on favorable terms and to pay for such purchases through payroll deductions or other approved contributions. The new payroll deduction rate may be any whole percentage of the participant’s compensation, but not less than 1% nor more than 15%.

As of June 30, 2024, there were 280,000 shares of the Company’s common stock reserved and available for issuance under the 2024 ESPP. The number of shares reserved for issuance under the 2024 ESPP will automatically increase on the first day of each fiscal year of the Company, commencing in 2025 and ending in (and including) 2044, by a number equal to the lesser of (i) 280,000 shares, (ii) 1% of the aggregate shares of Class A common stock and Class B common stock issued and outstanding on the last day of the prior fiscal year, or (iii) a number of shares determined by the Company's board of directors. The number of shares reserved under the 2024 ESPP will automatically be adjusted in the event of a stock split, stock dividend or a reverse stock split (including an adjustment to the per-purchase period share limit).

During the six months ended June 30, 2024, there were no shares purchased under the 2024 ESPP and the recorded expense was not material.

Stock option activity under the 2024 Plan and 2012 Plan is as follows:

	*Options Outstanding*			*Weighted- Average Exercise Price*		*Weighted- Average Remaining Contractual Term*		*Aggregate Intrinsic Value (in thousands)*
Balance at December 31, 2023		2,674,457		$	5.93		7.22	$	13,453
Options granted		1,459,382			16.01		—		—
Options exercised		(43,809	)		3.09		—		—
Options cancelled and forfeited		—			—		—		—
Options expired		—			—		—		—
As of June 30, 2024		4,090,030		$	9.55		7.82	$	33,050
Options vested and expected to vest as of June 30, 2024		4,090,030		$	9.55		7.82	$	33,050
Options exercisable as of June 30, 2024		1,930,408		$	4.35		5.91	$	25,592

The aggregate intrinsic value of options exercised during the period ended June 30, 2024 was $0.1 million, determined as of the date of exercise. Options exercisable include options which are not vested, but are available to be early exercised as of June 30, 2024. As of June 30, 2024, there were 133,058 options exercisable that are available to be early exercised.

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following weighted-average assumptions:

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Assumptions:
Expected term (in years)		6.05			—		6.03			6.08
Expected volatility		110	%		—		110	%		90	%
Risk free interest rate		4.49	%		—		4.44	%		3.40	%
Dividend yield		—			—		—			—

The weighted-average grant-date fair value per share of stock options granted during the three and six months ended June 30, 2024 was $13.53 and $13.55 per share, respectively.

There were no stock options granted during the three months ended June 30, 2023.

The Company recorded $0.9 million and $0.6 million in stock-based compensation in general and administrative and research and development, respectively, for the three months ended June 30, 2024. The Company recorded $0.3 million and $0.2 million in stock-based compensation in general and administrative and research and development, respectively, for the three months ended June 30, 2023.

The Company recorded $1.3 million and $1.0 million in stock-based compensation in general and administrative and research and development, respectively, for the six months ended June 30, 2024. The Company recorded $0.5 million and $0.5 million in stock-based compensation in general and administrative and research and development, respectively, for the six months ended June 30, 2023.

As of June 30, 2024 there was approximately $24.1 million of total unrecognized stock-based compensation related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 3.2 years. As of June 30, 2023 there was approximately $2.9 million of total unrecognized stock-based compensation related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 1.0 years.

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Expense (Benefit)	$ 0	$ 729	$ 0	$ 729
Effective Income Tax Rate Reconciliation, Percent				1.94%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (9,009)	$ 42,293	$ (17,426)	$ 37,469

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

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

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+ Details

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Weighted-average Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Expected term (in years) (Year)	6 years 18 days	0 years	6 years 10 days	6 years 29 days
Expected volatility	110.00%	0.00%	110.00%	90.00%
Risk free interest rate	4.49%	0.00%	4.44%	3.40%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, authorized (in shares)	0	16,940,594
Convertible preferred stock, issued (in shares)	0	15,906,236
Convertible preferred stock, outstanding (in shares)	0	15,906,236
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	39,630,511
Common stock, issued (in shares)	18,994,104	2,349,554
Common stock, outstanding (in shares)	18,994,104	2,349,554
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	0
Common stock, issued (in shares)	6,729,172	0
Common stock, outstanding (in shares)	6,729,172	0

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Issuance costs	$ 10,912	$ 103

Note 4 - Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4. Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

				*Fair Value Measurements Using*
				*Quoted Prices in*				*Significant*
				*Active Markets*		*Significant Other*		*Unobservable*
				*for Identical*		*Observable*		*Inputs*
	*Total*			*Assets (Level 1)*		*Inputs (Level 2)*		*(Level 3)*
As of June 30, 2024:
Assets:
Cash equivalents	$	16,005		$	16,005	$	—	$	—
US Government agency securities		20,462			19,833		629		—
Certificates of deposits		11,531			—		11,531		—
Corporate debt securities		67,486			—		67,486		—
Commercial paper		29,162			—		29,162		—
Yankee debt		3,921			—		3,921		—
Asset-backed securities		8,861			—		8,861		—
Total financial assets	$	157,428		$	35,838	$	121,590	$	—

As of December 31, 2023:
Assets:
Cash equivalents	$	14,646		$	14,646	$	—	$	—
US Government agency securities		18,894			16,360		2,534		—
Certificates of deposits		5,245			—		5,245		—
Corporate debt securities		52,369			—		52,369		—
Commercial paper		28,126			—		28,126		—
Yankee debt		2,448			—		2,448		—
Asset-backed securities		2,582			—		2,582		—
Total financial assets	$	124,310		$	31,006	$	93,304	$	—
Liabilities:
Preferred stock warrant liability		(109	)		—		—		(109	)
Total financial liabilities	$	(109	)	$	—	$	—	$	(109	)

The carrying amounts of the Company’s financial instruments, including cash, cash equivalents and marketable securities, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at June 30, 2024 and December 31, 2023 are money market funds with a carrying value and fair value of $11.3 million and $11.8 million, respectively, based upon a Level 1 fair value assessment.

Warrant

Upon the closing of the IPO, the warrant to purchase shares of Series B preferred stock converted to a warrant to purchase shares of Class A common stock, and upon conversion the warrant met the equity classification requirements and was reclassified to equity. The warrant was remeasured to fair value immediately prior to the conversion to a common stock warrant and the Company recognized changes in the fair value of the warrant liability until April 9, 2024.

As of December 31, 2023, the Company had preferred stock warrant liability (included on the balance sheet under other long-term liabilities), which consisted of the fair value of a warrant to purchase Series B convertible preferred stock and was based on significant unobservable inputs, which represent a Level 3 measurement within the fair value hierarchy. The Company classified this warrant as a liability on its balance sheets and remeasured to fair value at each reporting date, and the Company recognized changes in the fair value of the warrant liability as a component of other income (expense) in its condensed statements of operations and comprehensive income (loss).

The Company’s valuation of the preferred stock warrant as of April 9, 2024 and December 31, 2023 utilized the Black-Scholes option-pricing model. The quantitative elements associated with the Company’s Level 3 inputs impacting the fair value measurement of the preferred stock warrant liability include the fair value per share of the underlying Series B convertible preferred stock, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying preferred stock. The most significant assumption in the Black-Scholes option-pricing model impacting the fair value of the preferred stock warrant is the fair value of the Company’s Series B convertible preferred stock as of each remeasurement date. The Company determines the fair value per share of the underlying preferred stock by taking into consideration its most recent sales of its convertible preferred stock as well as additional factors that the Company deems relevant. The Company historically has been a private company and lacks company-specific historical and implied volatility information of its stock. Therefore, it estimates its expected stock volatility based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the warrant.

The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrant. The Company has estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends.

Significant increases or decreases in any of these inputs in isolation would result in a significantly different fair value measurement. An increase in the risk-free interest rate, and/or an increase in the remaining contractual term or expected volatility, and/or an increase in the fair value of the convertible preferred stock would result in an increase in the fair value of the warrant.

The following table summarizes the change in fair value of the preferred stock warrant liability, a Level 3 recurring fair value measurement, for the six months ended June 30, 2024 (in thousands):

	Warrant Liability
Balance at December 31, 2023	$	109
Change in fair value of warrant liability		107
Balance at April 9, 2024	$	216
Reclassification to equity	$	(216	)
Balance at June 30, 2024	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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

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

+ Details

Note 3 - Marketable Securities (Details Textual) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale, Allowance for Credit Loss	$ 0

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023
Total common stock reserved for future issuance (in shares)	7,210,286		19,098,896
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Total common stock reserved for future issuance (in shares)	280,000		0
Preferred Stock Warrant [Member]
Total common stock reserved for future issuance (in shares)	0		15,764
Common Stock Warrant [Member]
Total common stock reserved for future issuance (in shares)	15,764		0
The 2024 Equity Incentive Plan [Member]
Total common stock reserved for future issuance (in shares)	2,824,492	2,700,000	0
The 2012 Equity Incentive Plan [Member]
Total common stock reserved for future issuance (in shares)	0		502,491
Share-Based Payment Arrangement, Option [Member]
Total common stock reserved for future issuance (in shares)	4,090,030		2,674,405
Convertible Preferred Stock [Member]
Total common stock reserved for future issuance (in shares)	0		15,906,236

Note 8 - License Agreement

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

8. License Agreement

In February 2023, the Company entered into the J&J License Agreement, pursuant to which the Company granted J&J an exclusive, worldwide license to develop, manufacture and commercialize PIPE-307 in all indications. The J&J License Agreement allows the Company to elect, at its sole discretion and cost, to conduct a Phase 2 trial of PIPE-307 for patients with multiple sclerosis. After such trial, J&J may, at its sole discretion, further develop PIPE-307 for patients with multiple sclerosis. Additionally, upon J&J deciding to conduct a first Phase 3 clinical trial for a product using PIPE-307, the J&J License Agreement allows the Company the option to co-fund a portion of all Phase 3 and subsequent development costs for PIPE-307, with such costs capped annually. If the Company opts to fund such development costs, then the royalties the Company is eligible to receive will increase. Pursuant to the terms of the J&J License Agreement, the Company received an upfront, non-refundable and non-creditable payment of $50.0 million upon transferring the license and know-how, existing inventory and manufacturing technology. The Company is also eligible to receive approximately $1.0 billion in non-refundable, non-creditable milestone payments. Additionally, the Company is eligible to receive tiered royalties in the low-double digit to high-teen percent range on net sales of products containing PIPE-307.

The Company sold approximately 1.7 million shares of series C convertible preferred stock to Johnson & Johnson Innovation - JJDC, Inc., an affiliate of J&J, at $15.00 per share, for an aggregate purchase price of approximately $25.0 million, in April 2023. The Company determined that this preferred stock purchase was at fair value as other new investors purchased shares of preferred stock at the same price.

The Company concluded that J&J represented a customer and applied relevant guidance from ASC 606 to evaluate the appropriate accounting for the J&J License Agreement. The Company evaluated the J&J License Agreement and concluded that it had promises to transfer a license of functional intellectual property, know-how, existing inventory and manufacturing technology (each of which was determined to be a distinct performance obligation). Control of the promised goods was transferred to J&J in the second quarter of 2023, and the $50.0 million upfront payment was recognized in May 2023 upon satisfaction of the performance obligations. The remaining consideration consists of future contingent milestone-based payments and sales-based royalties. As of June 30, 2024, all variable consideration under the J&J License Agreement was fully constrained.

In August 2023, the Company elected to conduct a Phase 2 trial using PIPE-307 for patients with multiple sclerosis, which was considered a contract modification under the accounting guidance that added promised goods or services that are distinct at a price that is below the standalone selling price. Therefore, the Company accounted for the modification as a termination of the existing contract and creation of a new contract. Accordingly, the amount of consideration to be allocated to the remaining performance obligations consists of future contingent milestone-based payments and sales-based royalties, all of which were constrained. The only remaining performance obligation is the promise to conduct the Phase 2 trial, as the other performance obligations had been satisfied prior to the modification date. Accordingly, the variable consideration allocated to the Phase 2 trial will be recognized as the study is completed using a cost-based measure of progress and when the amounts are no longer probable of a significant reversal. As of June 30, 2024, no amounts had been recognized related to the Phase 2 trial as no additional variable consideration as been received subsequent to the contract modification.

Note 5 - Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	*June 30,*		*December 31,*
	*2024*		*2023*
Accrued compensation expenses	$	1,402	$	1,904
Accrued research and development expenses		973		1,546
Accrued professional and consulting expenses		94		834
Other accrued expenses		52		101
Total accrued expenses	$	2,521	$	4,385

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details Textual) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 09, 2024 shares	Mar. 31, 2024	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jan. 01, 2024 shares	Dec. 31, 2023 shares
Temporary Equity, Shares Outstanding (in shares)	15,906,236		0		0			15,906,236
Common Stock, Shares Authorized (in shares)	220,000,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			7,210,286		7,210,286			19,098,896
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value \| $					$ 0.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Available for Early Exercise, Number (in shares)			133,058		133,058
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares			$ 13.53		$ 13.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0	1,459,382
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $			$ 24.1	$ 2.9	$ 24.1	$ 2.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years 2 months 12 days	1 year
2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			280,000		280,000			0
Employee Stock Ownership Plan, Increase in Reserved Shares, Maximum (in shares)	280,000
Employee Stock Ownership Plan, Increase in Reserved Shares, Percentage of Outstanding Stock	1.00%
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares)					0
Minimum [Member] \| 2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Employee Stock Ownership Plan, Percentage of Compensation	1.00%
Maximum [Member] \| 2024 Employee Stock Purchase Plan (the "2024 ESPP") [Member]
Employee Stock Ownership Plan, Percentage of Compensation	15.00%
Share-Based Payment Arrangement, Option [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			4,090,030		4,090,030			2,674,405
Share-Based Payment Arrangement, Option [Member] \| General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense \| $			$ 0.9	0.3	$ 1.3	$ 0.5
Share-Based Payment Arrangement, Option [Member] \| Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense \| $			$ 0.6	$ 0.2	$ 1.0	$ 0.5
The 2024 Equity Incentive Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			2,824,492		2,824,492		2,700,000	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			2,824,492		2,824,492
Share-Based Compensation Arrangement by Share-Based Payment Award, Yearly Increase in Authorized Shares, Percent of Shares Outstanding		5.00%
The 2024 Equity Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
The 2024 Equity Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent		100.00%
Common Class A [Member]
Common Stock, Number of Votes			1		1
Common Stock, Shares Authorized (in shares)	200,000,000		200,000,000		200,000,000			39,630,511
Common Stock, Shares, Outstanding (in shares)			18,994,104		18,994,104			2,349,554
Common Stock, Shares, Issued (in shares)			18,994,104		18,994,104			2,349,554
Common Class B [Member]
Common Stock, Number of Votes			0		0
Common Stock, Shares Authorized (in shares)	20,000,000		20,000,000		20,000,000			0
Common Stock, Shares, Outstanding (in shares)			6,729,172		6,729,172			0
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			0		0
Common Stock, Shares, Issued (in shares)			6,729,172		6,729,172			0
Conversion of Convertible Preferred Stock to Class A Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	9,177,064
Conversion of Convertible Preferred Stock to Class B Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	6,729,172

Note 4 - Fair Value Measurements - Roll-forward of Level 3 Financial Instruments (Details) - Preferred Stock Warrant Liability [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Apr. 05, 2024
Beginning balance	$ 216	$ 109
Change in fair value of warrant liability		107
Reclassification to equity	(216)
Balance at April 9, 2024	$ 0	$ 216

Note 1 - Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Organization and Basis of Presentation

Organization and Nature of Operations

Contineum Therapeutics, Inc. (the “Company”), is a clinical stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies for neuroscience, inflammation and immunology indications with high unmet need. The Company, formerly named Sirocco Therapeutics, Inc. (“Sirocco” or “legacy Sirocco”), Inception 3, Inc. (“Inception”) and Versense Pharmaceuticals, Inc. (“Versense”), was incorporated in the state of Delaware in 2009 as Versense. Versense changed its name to Inception on October 25, 2011, and commenced active operations on July 13, 2012. In May 2018, Inception changed its name to Sirocco. A separate entity named Pipeline Therapeutics, Inc. (“legacy Pipeline”) was founded and incorporated in the state of Delaware on May 9, 2017. On May 7, 2019, legacy Sirocco acquired legacy Pipeline in a merger transaction. As of December 31, 2019, legacy Pipeline was a wholly owned subsidiary of legacy Sirocco. In January 2020, legacy Pipeline was merged into legacy Sirocco and ceased to exist, and legacy Sirocco changed its name to Pipeline Therapeutics, Inc. In November 2023, Pipeline Therapeutics, Inc. changed its name to Contineum Therapeutics, Inc.

Reverse Stock Split

On April 1, 2024, the Company filed an amendment to its fourth amended and restated certificate of incorporation as amended and effected a 1-for-5.5972 reverse stock split of its capital stock. All share and per-share amounts presented in the financial statements and related notes have been retroactively adjusted to reflect the reverse stock split.

Initial Public Offering

On April 9, 2024, the Company closed its initial public offering (“IPO”), pursuant to which it issued and sold an aggregate of 6,875,000 shares of its common stock at a public offering price of $16.00 per share and on April 19, 2024, the Company issued and sold 548,682 additional shares of its common stock to the underwriters of the IPO pursuant to the partial exercise of their option to purchase additional shares, resulting in net proceeds of approximately $107.9 million, after deducting underwriting discounts, commissions and other offering expenses. Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into Class A common stock or Class B common stock, as applicable. Converted redeemable convertible preferred stock outstanding as of the date of the IPO consisted of 15,906,236 shares that were outstanding immediately prior to the closing of the IPO. Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding.

In connection with the closing of its IPO, on April 9, 2024, the Company’s certificate of incorporation was amended and restated to (i) authorize 220,000,000 shares of common stock of which 200,000,000 are designated as Class A common stock and 20,000,000 of which are designated as Class B common stock; (ii) eliminate all references to the previously existing series of preferred stock; and (iii) authorize 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors in one or more series.

Liquidity and Capital Resources

Since its inception, the Company has devoted substantially all its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital to support and expand such activities and providing general and administrative support for these operations. The Company incurred a net loss of $9.0 million and $17.4 million for the three and six months ended June 30, 2024, respectively. The Company had an accumulated deficit of $92.6 million as of June 30, 2024. From its inception through June 30, 2024, the Company has financed its operations primarily through issuance of convertible promissory notes, convertible preferred stock financings, a term loan, a global license and development agreement (the “J&J License Agreement”) the Company entered in February 2023 with Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, and net proceeds of approximately $107.9 million received in April 2024 from the Company's IPO.

As of June 30, 2024, the Company had cash, cash equivalents and marketable securities of $218.7 million. The Company believes its existing cash, cash equivalents and marketable securities will be sufficient to support operations for at least 12 months from the issuance of these unaudited condensed financial statements.

As the Company continues to pursue its business plan, it expects to finance its operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. Further, if the Company raises funds through licensing or other similar arrangements with third parties, it may be required to relinquish valuable rights to its technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to it and/or may reduce the value of its common stock.

Unaudited Interim Condensed Financial Statements

The condensed balance sheet as of June 30, 2024, condensed statements of operations and comprehensive income (loss) and condensed statements of convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2024 and 2023, and condensed statements of cash flows for the six months ended June 30, 2024 and 2023, and related notes to condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The condensed results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. These interim unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023 included in the Company’s Form S-1, as amended (File No. 333-278003) as filed with the Securities and Exchange Commission ("SEC") pursuant to Rule 424(b) of the Securities Act of 1933, as amended, on April 1, 2024 and declared effective by the SEC on April 4, 2024 (the "Registration Statement").

Note 6 - Convertible Preferred Stock and Stockholders' Equity (Deficit) - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Beginning balance, options (in shares)		2,674,457
Beginning balance, weighted average exercise price (in dollars per share)		$ 5.93
Weighted-average remaining contractual term (Year)		7 years 9 months 25 days	7 years 2 months 19 days
Aggregate intrinsic value		$ 33,050	$ 13,453
Options granted (in shares)	0	1,459,382
Options granted, weighted average exercise price (in dollars per share)		$ 16.01
Options exercised (in shares)		(43,809)
Options exercised, weighted average exercise price (in dollars per share)		$ 3.09
Options cancelled and forfeited (in shares)		0
Options cancelled and forfeited, weighted average exercise price (in dollars per share)		$ 0
Options expired (in shares)		0
Options expired, weighted average exercise price (in dollars per share)		$ 0
Ending balance, options (in shares)		4,090,030	2,674,457
Ending balance, weighted average exercise price (in dollars per share)		$ 9.55	$ 5.93
Options Vested and Expected to Vest, options (in shares)		4,090,030
Options Vested and Expected to Vest, weighted average exercise price (in dollars per share)		$ 9.55
Options Vested and Expected to Vest, Weighted-average remaining contractual term (Year)		7 years 9 months 25 days
Options Vested and Expected to Vest, Aggregate intrinsic value		$ 33,050
Options Exercisable, options (in shares)		1,930,408
Options Exercisable, weighted average exercise price (in dollars per share)		$ 4.35
Options Exercisable, Weighted-average remaining contractual term (Year)		5 years 10 months 28 days
Options Exercisable, Aggregate intrinsic value		$ 25,592

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. (c) Securities Trading Plans of Directors and Executive Officers During the quarter ended June 30, 2024, none of our officers or directors, as defined in Rule 16a-1(f), informed us of the adoption or termination of a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, each as defined in Regulation S-K Item 408.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Securities, fair value	$ 141,423	$ 109,664
US Government Agencies Debt Securities [Member]
Securities, fair value	20,462	18,894
Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member]
Cash equivalents	16,005	14,646
Total financial assets	157,428	124,310
Preferred stock warrant liability		(109)
Total financial liabilities		(109)
Fair Value, Recurring [Member] \| US Government Agencies Debt Securities [Member]
Securities, fair value	20,462	18,894
Fair Value, Recurring [Member] \| Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Fair Value, Recurring [Member] \| Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Fair Value, Recurring [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Fair Value, Recurring [Member] \| Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Fair Value, Recurring [Member] \| Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents	16,005	14,646
Total financial assets	35,838	31,006
Preferred stock warrant liability		0
Total financial liabilities		0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Securities, fair value	19,833	16,360
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Debt Security, Government, Non-US [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Asset-Backed Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Total financial assets	121,590	93,304
Preferred stock warrant liability		0
Total financial liabilities		0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Securities, fair value	629	2,534
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Securities, fair value	11,531	5,245
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Securities, fair value	67,486	52,369
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	29,162	28,126
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Debt Security, Government, Non-US [Member]
Securities, fair value	3,921	2,448
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Asset-Backed Securities [Member]
Securities, fair value	8,861	2,582
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0	0
Total financial assets	0	0
Preferred stock warrant liability		(109)
Total financial liabilities		(109)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Debt Security, Government, Non-US [Member]
Securities, fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Asset-Backed Securities [Member]
Securities, fair value	$ 0	$ 0

Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
License revenue	$ 0	$ 50,000	$ 0	$ 50,000
Operating expenses:
Research and development	7,901	9,460	15,679	13,092
General and administrative	3,043	1,603	5,195	3,086
Total operating expenses	10,944	11,063	20,874	16,178
Income (loss) from operations	(10,944)	38,937	(20,874)	33,822
Other income (expense):
Interest income	2,001	679	3,637	1,080
Interest expense	0	(116)	0	(208)
Change in fair value of warrant liability	11	2	(107)	2
Change in fair value of investor rights and obligations liability	0	2,867	0	2,867
Other expense, net	(77)	(76)	(82)	(94)
Total other income	1,935	3,356	3,448	3,647
Income (loss) before income taxes	(9,009)	42,293	(17,426)	37,469
Provision for income taxes	0	(729)	0	(729)
Net income (loss)	(9,009)	41,564	(17,426)	36,740
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	(69)	(56)	(235)	11
Comprehensive income (loss)	(9,078)	41,508	(17,661)	36,751
Net income (loss) attributable to common stockholders, basic	(9,009)	5,869	(17,426)	5,521
Net income (loss) attributable to common stockholders, diluted	$ (9,009)	$ 2,949	$ (17,426)	$ 2,601
Net income (loss) per share, basic (a) (in dollars per share)	$ (0.39)	$ 2.56	$ (1.35)	$ 2.42
Net income (loss) per share, diluted (a) (in dollars per share)	$ (0.39)	$ 0.84	$ (1.35)	$ 0.74
Weighted-average shares of common stock outstanding, basic (in shares)	23,355,588	2,291,866	12,862,328	2,284,750
Weighted-average shares of common stock outstanding, diluted (in shares)	23,355,588	3,511,757	12,862,328	3,513,596