Updated May 15, 2025, 7:36 PM UTC
| Income Statement - Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|
| Collaboration Revenue (USD, thousands) | - | — | — | - | — | - |
| License and Development Support Revenue (USD, thousands) | - | — | — | 0.00 | 251 | — |
| Total Revenue (USD, thousands) | - | — | — | 0.00 | 251 | - |
| Research and Development Expenses (USD, thousands) | - | 12,333 | 13,524 | 13,317.00 | 50,328 | 17,052 |
| General and Administrative Expenses (USD, thousands) | - | 3,857 | 4,811 | 4,950.00 | 17,205 | 5,119 |
| Total Operating Expenses (USD, thousands) | - | 16,190 | 18,335 | 18,267.00 | 67,533 | 22,171 |
| Income (Loss) from Operations (USD, thousands) | - | (16,190) | (18,335) | (18,267.00) | (67,282) | (22,171) |
| Interest Income (USD, thousands) | - | 676 | 1,846 | 2,177.00 | 5,349 | 1,864 |
| Change in Fair Value of SAFEs (USD, thousands) | - | (2,352) | (977) | 0.00 | (3,597) | — |
| Other Income (Expense), Net (USD, thousands) | - | 23 | (6) | (5.00) | 157 | (4) |
| Total Other Income (Expense), Net (USD, thousands) | - | (1,653) | 863 | 2,172.00 | 1,909 | 1,860 |
| Loss Before Provision for Income Taxes (USD, thousands) | - | - | - | - | (65,373) | - |
| Provision for Income Taxes (USD, thousands) | - | - | - | - | — | - |
| Net Income (Loss) (USD, thousands) | - | (17,843) | (17,472) | (16,095.00) | (65,373) | (20,311) |
| Net Income (Loss) Per Share, Basic and Diluted (USD) | - | (22.00) | (0.92) | 1.35 | (5.81) | (0.83) |
| Weighted-Average Common Shares Outstanding, Basic and Diluted (shares) | - | 811,210 | 18,896,829 | 4,375,580.00 | 11,258,851 | 24,341,978 |
| Unrealized Gain (Loss) on Investments, Net (USD, thousands) | - | (86) | 217 | (467.00) | (437) | 129 |
| Comprehensive Income (Loss) (USD, thousands) | - | (17,929) | (17,255) | (16,562.00) | (65,810) | (20,182) |
| Balance Sheet - Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Cash and cash equivalents (USD, thousands) | - | 34,248 | 55,881 | 40,235 | 40,235 | 30,401 |
| Short-term investments (USD, thousands) | - | 12,308 | 90,750 | 145,193 | 145,193 | 135,562 |
| Accounts receivable (USD, thousands) | - | 569 | 569 | 0 | 0 | 0 |
| Other receivables (USD, thousands) | - | 892 | 132 | 146 | 146 | 234 |
| Prepaid expenses and other current assets (USD, thousands) | - | 1,732 | 3,233 | 3,057 | 3,057 | 3,807 |
| Total current assets (USD, thousands) | - | 49,749 | 150,565 | 188,631 | 188,631 | 170,004 |
| Restricted cash (USD, thousands) | - | 258 | 258 | 258 | 258 | 461 |
| Property and equipment, net (USD, thousands) | - | 7,315 | 6,857 | 6,370 | 6,370 | 7,057 |
| Operating lease right-of-use assets (USD, thousands) | - | 15,129 | 14,376 | 13,794 | 13,794 | 13,482 |
| Financing lease right-of-use asset (USD, thousands) | - | 291 | 276 | 261 | 261 | 246 |
| Long-term investments (USD, thousands) | - | - | 52,966 | - | - | - |
| Deferred offering costs (USD, thousands) | - | 2,840 | - | - | - | - |
| Other long-term assets (USD, thousands) | - | 330 | 298 | 267 | 267 | 13 |
| Total assets (USD, thousands) | - | 75,912 | 225,596 | 209,581 | 209,581 | 191,263 |
| Accounts payable (USD, thousands) | - | 823 | 1,215 | 1,121 | 1,121 | 2,036 |
| Accrued expenses (USD, thousands) | - | 6,214 | 8,344 | 7,392 | 7,392 | 6,375 |
| Current portion of operating lease liabilities (USD, thousands) | - | 3,674 | 3,614 | 3,618 | 3,618 | 3,594 |
| Current portion of financing lease liability (USD, thousands) | - | 116 | 119 | 122 | 122 | 126 |
| Other current liabilities (USD, thousands) | - | - | - | - | - | 73 |
| Total current liabilities (USD, thousands) | - | 10,827 | 13,292 | 12,253 | 12,253 | 12,204 |
| Operating lease liabilities, net of current portion (USD, thousands) | - | 11,869 | 11,160 | 10,570 | 10,570 | 10,265 |
| Financing lease liability, net of current portion (USD, thousands) | - | 106 | 75 | 44 | 44 | 11 |
| Simple agreements for future equity (SAFEs) (USD, thousands) | - | 27,720 | 0 | 0 | 0 | - |
| Other non-current liabilities (USD, thousands) | - | 74 | 73 | 73 | 73 | 0 |
| Total liabilities (USD, thousands) | - | 50,596 | 24,600 | 22,940 | 22,940 | 22,480 |
| Series A convertible preferred stock (USD, thousands) | - | 96,767 | 0 | 0 | 0 | - |
| Series B convertible preferred stock (USD, thousands) | - | 119,646 | 0 | 0 | 0 | - |
| Preferred stock, $0.0001 par value (USD, thousands) | - | 0 | 0 | 0 | 0 | 0 |
| Common stock, $0.0001 par value (USD, thousands) | - | 3 | 3 | 3 | 3 | 3 |
| Additional paid-in capital (USD, thousands) | - | 21,899 | 431,244 | 433,451 | 433,451 | 435,775 |
| Accumulated other comprehensive income (loss) (USD, thousands) | - | 121 | 338 | (129) | (129) | 0 |
| Accumulated deficit (USD, thousands) | - | (213,117) | (230,589) | (246,684) | (246,684) | (266,995) |
| Total stockholders’ equity (deficit) (USD, thousands) | - | (191,097) | 200,996 | 186,641 | 186,641 | 168,783 |
| Total liabilities, convertible preferred stock and stockholders’ equity (deficit) (USD, thousands) | - | 75,912 | 225,596 | 209,581 | 209,581 | 191,263 |
| Cash Flow - Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Net loss (USD, thousands) | - | (17,843) | (17,472) | (16,095.00) | (65,373) | (20,311) |
| Depreciation and amortization (USD, thousands) | - | 603 | 627 | 614.00 | 2,431 | 628 |
| Stock-based compensation (USD, thousands) | - | 1,483 | 1,907 | 2,184.00 | 6,980 | 2,052 |
| Change in fair value of SAFEs (USD, thousands) | - | 2,352 | 977 | 0.00 | 3,597 | - |
| Accretion of discounts and amortization of premiums on investments, net (USD, thousands) | - | (273) | (659) | (1,042.00) | (2,342) | (723) |
| Accounts receivable change (USD, thousands) | - | 250 | 0 | 569.00 | 1,034 | - |
| Other receivables change (USD, thousands) | - | 12 | 760 | (14.00) | 578 | (88) |
| Prepaid expenses and other current assets change (USD, thousands) | - | 296 | (1,501) | 176.00 | (1,965) | (750) |
| Other long-term assets change (USD, thousands) | - | 31 | 32 | 31.00 | 125 | 254 |
| Accounts payable change (USD, thousands) | - | (954) | 704 | (82.00) | 519 | 41 |
| Accrued expenses change (USD, thousands) | - | 273 | 3,102 | (992.00) | (659) | (931) |
| Operating lease right-of-use asset and lease liabilities, net change (USD, thousands) | - | 85 | (88) | 1.00 | 43 | (13) |
| Net cash used in operating activities (USD, thousands) | - | (13,685) | (11,611) | (14,650.00) | (55,032) | (19,841) |
| Purchases of property and equipment (USD, thousands) | - | (464) | (96) | (64.00) | (642) | (511) |
| Purchases of investments (USD, thousands) | - | (12,187) | (142,932) | (14,852.00) | (176,171) | (18,518) |
| Maturities of investments (USD, thousands) | - | 14,000 | 12,400 | 13,950.00 | 56,350 | 29,000 |
| Net cash provided by investing activities (USD, thousands) | - | 1,349 | (130,628) | (966.00) | (120,463) | 9,971 |
| Proceeds from issuance of common stock, net of commissions (USD, thousands) | - | - | 166,507 | 0.00 | 166,507 | - |
| Proceeds from exercise of stock options (USD, thousands) | - | 22 | 6 | 23.00 | 51 | 138 |
| Proceeds from purchase of ESPP shares (USD, thousands) | - | - | - | - | - | 134 |
| Payments on finance leases (USD, thousands) | - | - | (38) | (33.00) | (149) | (33) |
| Cash paid in connection with IPO offering costs (USD, thousands) | - | - | (2,603) | (20.00) | (4,183) | - |
| Net cash provided by financing activities (USD, thousands) | - | - | 163,872 | (30.00) | 162,226 | 239 |
| Net increase (decrease) in cash, cash equivalents and restricted cash (USD, thousands) | - | (13,952) | 21,633 | (15,646.00) | (13,269) | (9,631) |
| Cash, cash equivalents and restricted cash at beginning of period (USD, thousands) | - | 48,458 | 53,762 | 53,762 | 53,762 | 40,493 |
| Cash, cash equivalents and restricted cash at end of period (USD, thousands) | - | 34,506 | 56,139 | 40,493 | 40,493 | 30,862 |
| Revenue by Segment - in Millions of USD | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Collaboration Revenue | - | 0 | 0 | - | 0 | - |
| - Merck Collaboration Agreement | - | - | 0 | - | - | - |
| License and Development Support | - | 0 | 0 | - | 0.251 | - |
| - AB-201 Agreement | - | - | 0 | - | - | - |
| Total Revenue | - | 0 | 0 | - | 0.251 | 0 |
| KPIs - Metric (Unit, Scale) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Number of partnered target programs with Merck (count) | - | 0 | 0 | - | 0 | 0 |
| AlloNK dose in company-sponsored trials (billion cells) | - | - | - | - | 1-4 | 1-4 |