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Significant Agreements – Related Parties	9 Months Ended
Significant Agreements – Related Parties	Sep. 30, 2024
Related Party Transactions [Abstract]
Significant Agreements – Related Parties	Significant Agreements – Related Parties The Company entered into a master services agreement on December 15, 2020 (the “Master Services Agreement”) with Biocon. Pursuant to the terms of the master service agreement, Biocon provided services related to research and development, clinical trials, regulatory interactions and manufacturing. The Company did not incur any expenses under the Master Services Agreement during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, the Company owed $0.0 million and $1.6 million, respectively, which were classified in accrued expenses-related party on the balance sheets. On July 23, 2019, the Company entered into a manufacturing agreement with a wholly-owned subsidiary of Biocon, Biocon Biologics Limited (“BBL”) formerly Biocon Biologics India Limited, which is valid for 5 years unless earlier terminated by one of the parties. Additionally, the Company entered into a material transfer agreement on August 17, 2023, a quality agreement on October 12, 2023, a service agreement on October 18, 2023 and a manufacturing agreement on December 15, 2023 (the “BBL Agreements”). Pursuant to the terms of the BBL Agreements, BBL manufactures and supplies specified quantities of products to Bicara to be utilized in research and development and manufacturing as per purchase orders executed from time to time between the two parties. For the three months ended September 30, 2024 and 2023, the Company incurred $0.3 million and $0.7 million research and development expenses, respectively, under the BBL Agreements. For the nine months ended September 30, 2024 and 2023, the Company incurred $1.1 million and $0.7 million research and development expenses, respectively, under the BBL Agreements. As of September 30, 2024, and December 31, 2023, the Company owed $1.1 million and $1.7 million, respectively, which were classified in accrued expenses-related party on the balance sheets. The Company additionally entered into a manufacturing agreement with a wholly-owned subsidiary of Biocon, Syngene International Limited (“Syngene”), on July 17, 2019, as amended on May 18, 2022 and on August 1, 2022, along with a master contract services agreement on July 24, 2020 (the “Syngene Agreements”). Pursuant to the terms of the Syngene Agreements, Syngene manufactures and supplies specified quantities of products to Bicara to be used in research and development as per purchase orders executed from time to time between the two parties and performs additional contract research services under the master contract services agreement. The manufacturing agreement is valid for 6 years unless earlier terminated by one of the parties, while the master contract services agreement carried a term of 2 years. For the three months ended September 30, 2024 and 2023 the Company incurred $2.0 million and $1.6 million of research and development expenses, respectively, under the Syngene Agreements. For the nine months ended September 30, 2024 and 2023 the Company incurred $6.3 million and $5.8 million of research and development expenses, respectively, under the Syngene Agreements. As of September 30, 2024, and December 31, 2023, the Company owed $1.2 million and $2.9 million, respectively, relating to these incurred costs, of which $0.4 million and $1.0 million, respectively, were classified in accounts payable-related party and $0.8 million and $1.9 million, respectively, were classified in accrued expenses-related party on the balance sheets. On July 1, 2021, the Company entered into a master service agreement with a wholly-owned subsidiary of Biocon, Biofusion Therapeutics Limited (“Biofusion”) (the “Biofusion Agreement”), which was terminated upon acquisition of Biofusion by Syngene on August 2, 2022. Pursuant to the terms of the Biofusion Agreement, Biofusion provided research and development services. As of December 31, 2022, the Company owed $7.7 million in connection with services provided by Biofusion, which were classified in accrued expenses-related party on the balance sheet, of which $4.1 million were incurred in 2022. The Company paid the full amount on March 21, 2023. In September 2021, the Company entered into a full recourse promissory note (the “Promissory Note”) with our Chief Financial Officer (“CFO”), pursuant to which the Company loaned $274 thousand, plus interest accruing at rate of 0.86% per annum (or if higher, the applicable federal rate as of the date of the Promissory Note), due by the earliest to occur of (i) December 31, 2025, (ii) the date of certain transfers of the collateral pledged under the Promissory Note, (iii) upon the day prior to the date a change in the Company’s or the CFO’s status would cause the loan to be deemed prohibited under applicable law, (iv) upon the date prior to the Company’s filing of a registration statement for an initial public offering or a change of control, (v) upon acceleration of the Promissory Note in accordance with its terms or (vi) the date three months following the CFO’s termination of employment with the Company. As part of the Promissory Note, the CFO pledged 616,320 shares of restricted Common Stock as collateral under the terms of a security agreement. There has been immaterial interest income from the Promissory Note. The CFO repaid the full amount in June 2024. As of December 31, 2023, the Company recorded $68 thousand within prepaid expenses and other assets, and $68 thousand within other assets on the balance sheet.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023

Accrued research and development expenses	$	7,448	$	6,035
Accrued bonus and payroll related expenses	1,807		1,742
Accrued professional fees	1,087		184
Accrued other	68		92
Total	$	10,410	$	8,053

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (47,038)	$ (39,545)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of Series B preferred stock tranche rights liability	0	13,356
Stock-based compensation	4,216	1,134
Depreciation	41	5
Non-cash lease expense	199	26
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(280)	(855)
Operating lease liabilities	(211)	(7)
Net cash used in operating activities	(44,719)	(37,592)
Investing activities:
Purchase of property and equipment	(31)	(150)
Proceeds from sale of property and equipment	62	0
Net cash provided by (used in) investing activities	31	(150)
Financing activities:
Proceeds from issuance on common stock, net of issuance costs	333,479	0
Proceeds from issuance of preferred stock and preferred stock tranche rights, net	0	77,645
Proceeds from exercise of options	1,527	149
Net cash provided by financing activities	335,006	77,794
Net increase in cash and cash equivalents	290,318	40,052
Cash and cash equivalents at beginning of period	230,440	4,158
Cash and cash equivalents at end of period	520,758	44,210
Non-cash investing and financing activities:
Settlement of Series B preferred stock tranche rights, upon issuance of milestone shares	0	8,001
Right-of-use asset obtained in exchange for lease liability	0	703
Vesting of early exercise stock options	51	51
Offering costs included in accounts payable and accrued expenses	1,052	0
Fair value recognized upon the issuance of preferred stock tranche rights	0	642
Nonrelated Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	728	(410)
Related Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	$ (2,374)	$ (11,296)

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (SEC). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Consolidation	The Company’s unaudited condensed consolidated financial statements include the financial position, results of operations and cash flows of Bicara. The Company’s unaudited condensed consolidated financial statements are denominated in U.S. dollars. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned, controlled subsidiary. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates on historical experience when available and on other assumptions that management believes are reasonable under the circumstances. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include but are not limited to: the estimated costs of research and development activities, the fair value of tranche right liabilities, and the fair values of common stock and stock awards and associated stock-based compensation expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company recorded shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and therefore classified the Seed Series, Series B and Series C convertible preferred stock as mezzanine equity. The convertible preferred stock was recorded outside of stockholders’ deficit because, in the event of certain deemed liquidation events considered not solely within the Company’s control, such as a merger or consolidation and sale, lease or transfer of all or substantially all of the Company’s assets, the convertible preferred stock would have become redeemable at the option of the holders. In the event of a change of control of the Company, proceeds received from the sale of such shares would have been distributed in accordance with the corresponding liquidation preferences. The Company did not adjust the carrying values of the convertible preferred stock to the deemed liquidation values of such shares since a liquidation event was not probable at any of the reporting dates.
Series B Tranche Rights	Series B Tranche Rights Freestanding financial instruments that permit the holder to acquire shares that are either puttable by the holder, redeemable or contingently redeemable are required to be reported as liabilities in the consolidated financial statements. We present such liabilities on the balance sheets at their estimated fair values. Changes in fair value of the liability are calculated each reporting period, and any change in value are recognized in the consolidated statements of operations. The Series B Preferred Stock issuance as described in Note 6 Redeemable Convertible Preferred Stock to these condensed consolidated financial statements, included tranche rights (“Series B Tranche Rights”) to purchasers who participated in the initial Series B Preferred Stock issuance. The Series B Tranche Rights were determined to be a “freestanding financial instrument” as defined in the ASC Master Glossary as they are legally detachable and separately exercisable. Management assessed the freestanding financial instrument under ASC 480, Distinguishing Liabilities from Equity, and determined that such rights should be accounted for as a liability at fair value given they impose an obligation on the Company to issue shares that are contingently redeemable. The Series B Tranche Rights were revalued at each reporting period until settlement, with changes in the fair value recorded in the consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 – defined as observable inputs, such as quoted prices unadjusted in active markets for identical assets or liabilities; •Level 2 – defined as inputs other than quoted prices included in Level 1 that are either directly or indirectly observable; and •Level 3 – defined as significant unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions The carrying amounts of the Company’s financial assets (which include cash) and liabilities (which include accounts payable) approximate fair value because of the short maturity of these instruments and have been classified as Level 1. The Series B Tranche Rights were classified as Level 3 financial liabilities
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash and cash equivalents are held in standard checking accounts and money market funds at two financial institutions. The Company considers all highly liquid investments with a maturity date of 90 days or less at the date of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. At times, the Company’s cash deposits may be in excess of insured limits. Company has not experienced any losses on its deposits of cash and does not have off-balance sheet concentrations of credit risk.
Leases	Leases ASC 842, Leases, requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with a term of greater than 12 months regardless of classification. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term discounted using an appropriate incremental borrowing rate. The incremental borrowing rate is based on the estimated interest rate for borrowing over a term similar to that of the lease payments at commencement of the lease. The operating lease expense for the operating leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to not separate lease and non-lease components of contracts. The Company adopted this new standard on January 1, 2022 using the required modified retrospective approach and utilizing the effective date as its date of initial application. The adoption of this standard did not have an impact on the Company’s financial statements. Upon adoption, the Company elected, to apply the ‘package of practical expedients’ which permits the Company (i) not to reassess whether expired existing contracts are or contain leases, (ii) not to reassess the classification of expired or existing leases, if any, and (iii) not to reassess initial direct costs for any existing leases.
Research and Development Expense	Research and Development Expense Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development (“ASC 730”). Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes salaries and benefits, stock-based compensation expense and the cost of services provided by outside contractors. The Company capitalizes advance payments for goods or services that will be used or rendered for future research and development activities and recognizes expense as the related goods are delivered or services are performed. The Company also records expenses and accruals for estimated costs of research and development activities, including third party contract services for clinical research and contract manufacturing. The Company bases its estimates on the best information available at the time. Costs for certain research and development activities are recognized based on the pattern of performance of the individual arrangements, which may differ from the pattern of billings incurred, and are reflected in the consolidated financial statements as prepaid expenses or as accrued research and development expenses. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to the Company’s vendors. Billing terms and payments are reviewed by management to ensure estimates of outstanding obligations are appropriate as of period end. Tracking the progress of completion for clinical trial and contract manufacturing activities performed by third parties allows the Company to record the appropriate expense and accruals under the terms of the agreements.
General and Administrative Expense	General and Administrative Expense General and administrative expenses consist primarily of salaries and related benefits, including share-based compensation expense, related to the Company's executive, finance and other support functions. Other general and administrative expenses include professional fees for legal, auditing, tax, consulting services, investor relations, IT and office expenses, rent and insurance.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based employee and nonemployee compensation awards in accordance with provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires the recognition of stock-based compensation expense, using a fair-value based method, for costs related to all stock-based compensation awards. We use the Black-Scholes option-pricing model to determine the fair value of options. The Black-Scholes option-pricing model requires the use of judgment to develop input assumptions, some of which are highly subjective, including: (i) the fair value of our common stock on the date of grant; (ii) the expected term of the award; (iii) the expected volatility; (iv) the risk-free interest rate; and (v) expected dividends. In applying these assumptions, we consider the following factors: Fair Value of Common Stock: The Company’s common stock is listed on the Nasdaq Global Market and its value is determined by the market price on the Nasdaq Global Market as of the date of the grant. Prior to the Company's IPO, the grant date fair value of stock awards granted under its 2019 Stock Option and Grant Plan were determined using the fair market value of the Company’s common stock on the date of grant, as set forth in the applicable plan document. Due to the absence of an active market for the Company's common stock, the Company utilized methodologies in accordance with ASC 820, Fair Value Measurement, such as option-pricing method or OPM and probability weighted expected return method or PWERM. The OPM method allowed for the allocation of the Company's equity value among the various equity capital owners and considered a variety of factors, included the illiquid nature of the common stock, recent transactions involving the Company’s stock, the effect of the rights and preferences of the preferred shareholders, and the prospects of a liquidity event. PWERM involved the estimation of future potential outcomes for the Company, as well as values and probabilities associated with each respective potential outcome which included an IPO scenario or continued operation as a private company scenario. Among other factors were the Company's financial position and historical financial performance, the status of clinical developments, the composition and ability of the current research and management team, an evaluation or benchmark of the Company's competition, and the current business climate in the marketplace. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date. Expected Term: The expected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The expected life is applied to the stock option grant group as a whole as we do not expect substantially different exercise or post-vesting termination behavior among our employee population. Expected Volatility: We used an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends due to absence of an active market for the Company’s common stock. Risk-Free Interest Rate: We based the risk-free interest rate over the expected term of the options based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant. Expected Dividend: We have not paid and do not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero. For awards that vest based solely on achievement of a service condition, the Company recognizes expense on a straight-line basis over the period during which the award holder provides such services. The Company recognizes forfeitures as they occur and reverses any previously recognized compensation cost associated with forfeited awards. In accordance with ASU 2018-07, the Company accounts for share-based compensation for awards granted to non-employees in a similar fashion to the way it accounts for share-based compensation awards to employees.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and certain changes in stockholders’ equity that are excluded from net loss, of which we have none. Our comprehensive loss equals our net loss for all periods presented.
Net Loss Per Common Share	Net Loss Per Common Share Net loss per common share was computed using the two-class method required due to the participating securities, such securities did not participate in net losses and therefore did not impact the Company’s net loss from continuing operations per share calculations. Basic net loss per common share is determined by dividing the net loss applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding common stock options, unvested restricted stock awards and redeemable convertible preferred shares are excluded from the calculation of diluted net loss per share when their effect would be anti-dilutive.
Segments	Segments The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources.
Accounting Pronouncements Issued and Not Adopted	Accounting Pronouncements and Significant Accounting Policies The Company reviews new accounting standards as they are issued by the FASB or other standard-setting bodies. As of September 30, 2024, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements. Accounting Pronouncements Issued and Not Adopted as of September 30, 2024 Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that an entity report segment information in accordance with Topic 280, Segment Reporting. The amendment in the ASU is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated financial statements and disclosures. Accounting Standards Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09. ASU 2023-09 focuses on income tax disclosures around effective tax rates and cash income taxes paid. The standard largely follows the proposed ASU issued in 2023 with several important modifications and clarifications. ASU 2023-09 is effective for public entities for annual periods beginning after December 15, 2024 and for all other business for annual periods beginning after December 15, 2025. Early adoption is permitted, and the Company is evaluating the impact of this guidance on the unaudited condensed consolidated financial statements and related disclosures. The Company reviewed additional recent accounting pronouncements and concluded they are either not applicable or that the Company does not expect adoption to have a material effect on the unaudited condensed consolidated financial statements.
Income Tax	Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to losses incurred since inception and the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets.

Fair Value Measurements - Assumptions Used in Estimation of Fair Value (Details)	Sep. 08, 2023	Mar. 02, 2023
Preferred share price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1.23	1.01
Expected term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0.5
Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0.052
Probability of achievement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1.000	0.950

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October, 2024, the Company amended its original lease agreement to lease an additional 4,744 square feet of office space (the "Amended Lease") in order to expand the Company's headquarters. The base rent under the Amended Lease is approximately $0.3 million per year. The Amended Lease did not extend the original lease end date under the original lease term. On October 22, 2024, a complaint was filed in federal district court in the District of Massachusetts by Y-Trap, Inc. (“Y-Trap”) naming as defendants us and Biocon LTD. (“Biocon”), captioned Y-Trap, Inc. v. Biocon LTD. and Bicara Therapeutics Inc., No. 24-cv-12678 (D. Mass.). The complaint alleges a claim for correction of inventorship of a number of patents, including patents alleged to be licensed to us relating to ficerafusp alfa. The complaint also alleges claims against defendants for unfair trade practices pursuant to Chapter 93A of the Massachusetts General Laws, unjust enrichment, and civil conspiracy. The complaint seeks, among other things, damages (including compensatory, enhanced, and punitive damages), an order correcting the inventorship of the patents at issue, costs and attorney’s fees, and other equitable and injunctive relief. We intend to vigorously defend against this litigation.

Redeemable Convertible Preferred Stock - Protective Provisions (Details)	12 Months Ended
	Dec. 31, 2023 shares
Temporary Equity [Line Items]
Affirmative vote, percentage	65.00%
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Affirmative vote, percentage	60.00%
Minimum amount of shares required for protective provisions (in shares)	52,797,551
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Affirmative vote, percentage	60.00%
Minimum amount of shares required for protective provisions (in shares)	71,759,924

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDeferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to losses incurred since inception and the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Options and restricted stock awards outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,999,713	2,950,707
Seed Series Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	8,848,387
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	8,232,546

Description of Business, Organization, and Liquidity - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Sep. 14, 2024	Dec. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction (in shares)		20,125,000
Proceeds from issuance on common stock, net of issuance costs	$ 332.4	$ 332.4
Offering expenses	$ 29.8
Redeemable convertible preferred stock, authorized (in shares)			0
Redeemable convertible preferred stock, shares outstanding (in shares)			0
Common stock, shares authorized (in shares)	500,000,000	500,000,000		365,000,000
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000		10,000,000
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001
IPO
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction (in shares)	17,500,000
Public offering price (in usd per share)	$ 18.00
Over-Allotment Option
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction (in shares)	2,625,000

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets that have been measured at fair value as of September 30, 2024 and December 31, 2023 (in thousands):


Description	Level 1		Level 2		Level 3		September 30, 2024
Assets:

Money market funds included within Cash and cash equivalent	$	519,631	$	—	$	—	$	519,631
Total	$	519,631	$	—	$	—	$	519,631


Description	Level 1		Level 2		Level 3		December 31, 2023
Assets:

Money market funds included within Cash and cash equivalent	$	230,088	$	—	$	—	$	230,088
Total	$	230,088	$	—	$	—	$	230,088

The Company estimated the fair value of the Series B Tranche Rights at the time of issuance and subsequently remeasured them at each reporting period and prior to settlement. The fair value of the Series B Tranche Rights was determined using a contingent forward model, which considered as inputs the estimated fair value of the Series B Preferred Stock as of each valuation date, the risk-free interest rate, probability of achievement and estimated time to tranche closing. The most significant assumptions in the contingent forward model impacting the fair value of the Series B Tranche Rights are the fair value of the Company’s Series B Preferred Stock, probability of achievement of certain milestones, and time to the tranche closing as of each measurement date. The Company determined the fair value per share of the underlying Series B Preferred Stock by taking into consideration the most recent sales of its preferred units, results obtained from third-party valuations and additional factors the Company deemed relevant.

The following table sets forth a summary of the changes in fair value of the Level 3 Series B Tranche Rights for the nine months ended September 30, 2023 (in thousands):


	Tranche Rights Liability

Balance as of December 31, 2022	$	—
Fair value recognized upon the issuance of preferred stock tranche rights	642
Change in the fair value of preferred stock tranche rights	13,356
Settlement of preferred stock tranche rights	(8,001)
Balance as of September 30, 2023	$	5,997

As of September 30, 2023, the Company recorded $6.0 million tranche rights liability within accrued expenses and other current liabilities on the balance sheet. The tranche rights liability were settled in September and November 2023.

The following assumptions were used in the estimation of the fair value of the Series B Tranche Rights, on the closing dates of Series B financing tranches and as of September 30, 2023:


	March 2, 2023 Initial Closing		September 8, 2023 Milestone Closing

Preferred share price	$	1.01	$	1.23
Expected term (in years)	0.5		0
Risk-free rate	5.2%		—%
Probability of achievement	95.0%		100.0%

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-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

Stock-Based Compensation - RSA Award Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	47,199
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(40,252)
Repurchased/forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	6,947
Weighted- Average Grant Date Fair Value
Beginning balance (in usd per share) \| $ / shares	$ 4.07
Granted (in usd per share) \| $ / shares	0
Vested (in usd per share) \| $ / shares	4.07
Repurchased/forfeited (in usd per share) \| $ / shares	0
Ending balance (in usd per share) \| $ / shares	$ 4.07

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accrued research and development expenses	$ 7,448	$ 6,035
Accrued bonus and payroll related expenses	1,807	1,742
Accrued professional fees	1,087	184
Accrued other	68	92
Nonrelated Party
Related Party Transaction [Line Items]
Total	$ 10,410	$ 8,053

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 05, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average fair value of options granted (in usd per share)		$ 6.99	$ 2.77
Unvested stock options outstanding (in shares)		7,094,992
Unrecognized compensation costs		$ 37,000
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs		$ 100
Unrecognized share-based compensation cost, period of recognition		1 month 6 days
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation cost, period of recognition		3 years 3 months 18 days
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	507,383
Number of additional shares allowable under the plan (in shares)	1,014,766
Percent of outstanding shares	1.00%
2019 Stock Option And Grant Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance (in shares)		8,856,245
Vesting period		4 years
Expiration period		10 years
Common stock, capital shares reserved for future issuance (in shares)		5,881,181
2024 Stock Option and Grant Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance (in shares)		2,453,616
Vesting period		4 years
Expiration period		10 years
Percentage of increase in future issuance reserved share		5.00%
2024 Stock Option and Grant Plan \| Incentive Stock Options And Non-Qualified Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)		174,707

Description of Business, Organization, and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 520,758	$ 230,440
Accumulated deficit	$ 200,059	$ 153,021

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Redeemable Convertible Preferred Stock	9 Months Ended
Redeemable Convertible Preferred Stock	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock On December 23, 2020, the Company issued to Biocon 40,000,000 shares of Seed Series Preferred Stock (“Seed Series”) with a par value of $0.0001 per share and purchase price of $1.00 per share, in exchange for net proceeds of $40.0 million. On April 26, 2022, the Company authorized for issuance an additional 50,940,144 shares of Seed Series Preferred Stock with par value of $0.0001 per share and price of $1.00 per share. On March 2, 2023, the Company reduced the total number of its authorized Seed Series Preferred Stock to 81,790,144. In March 2022, as part of the first close of the Company’s Seed Series extension financing, the Company entered into several SAFEs, pursuant to which the Company received approximately $5.4 million in exchange for its agreement to issue to certain investors shares of its preferred stock upon the occurrence of the Seed Series extension financing at $1.00 per share. On April 26, 2022, the Company issued 5,350,000 shares of Seed Series Preferred Stock with par value of $0.0001 per share and a $1.00 per share price to settle the $5.4 million in SAFEs, of which 4,000,000 shares of Seed Series Preferred Stock were issued to two investors controlled by a board member, who is also a relative of the Chief Executive Officer, and 350,000 shares of Seed Series Preferred Stock held by relatives of the Chief Executive Officer. In July 2022, as part of the second close of the Company’s Seed Series extension financing, the Company sold an additional 3,000,000 shares of Seed Series Preferred Stock to the two investors controlled by a board member, who is also a relative of the Chief Executive Officer, referred to above increasing their ownership to 7,000,000 shares of Seed Series Preferred Stock. On March 2, 2023, the Company issued 37,073,162 shares of Series B Preferred Stock at a price of $1.025 per share (the “Initial Series B Closing”) for proceeds of $37.8 million. The Company was also obligated to sell up to 68,521,939 additional shares (the “Milestone Shares”) of Series B Preferred Stock to the same purchasers at the same purchase price as the Initial Series B Closing the Series B Tranche Rights. The sale of Milestone Shares (the “Milestone Closings”) was contingent upon the Company’s achievement of certain milestones. In addition, if elected by a purchaser, the Company was obligated to sell Milestone Shares prior to achievement of the milestones (the “Voluntary Closings”). The Series B Tranche Rights are considered a freestanding instrument classified as a liability under ASC 480. The initial fair value of the liability was determined to be $0.6 million. Refer to Note 3 Fair Value Measurements to these unaudited condensed consolidated financial statements for further details. Share issuances pursuant to exercise of the Series B Tranche Rights under such Milestone Closings occurred on September 8 and November 3, 2023 in the amounts of 39,024,386 and 29,497,553, respectively, for net proceeds of $69.9 million. Upon completion of the Milestone Closings, such tranche liabilities of $8.0 million and $6.0 million on September 8, 2023 and November 3, 2023, respectively, were settled to redeemable convertible preferred stock on the unaudited condensed consolidated balance sheets. The Voluntary Closings were not exercised by the purchasers in 2023, and this right has expired. On December 6, 2023, the Company issued 119,599,872 shares of Series C Preferred Stock at a price of $1.3796 per share in exchange for aggregate net proceeds of $164.6 million. The Company additionally executed various side letters where certain purchasers have the right to tender all owned shares back to the Company for an aggregate purchase price of $1.00 (the “Put Option”). The Put Option has no accounting implications as it is considered immaterial. The Seed Series Preferred Stock, Series B Preferred Stock and Series C Preferred Stock are collectively referred to as the “Preferred Stock”. As of December 31, 2023, the Preferred Stock had the following rights, preferences, and privileges: Conversion Rights The holders of the Preferred Stock had rights to convert the shares of Preferred Stock into shares of Common Stock (the “Conversion Rights”) at the applicable original issue price (“Conversion Price”) with a conversion ratio (“Conversion Ratio”) of 9.2435:1. All outstanding shares of the Preferred Stock were converted automatically into 33,210,876 shares of Common Stock immediately prior to the closing of the sale of shares of Common Stock to the public on September 13, 2024. Liquidation Preference Series B and Series C Preferred Stock - In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the shareholders of outstanding Series B Preferred Stock and Series C Preferred Stock were entitled to be paid out of the assets of the Company available for distribution to its stockholders and in case of a Deemed Liquidation Event (defined as a merger or consolidation in which the Company is a constituent party, or the sale, lease, transfer, exclusive license or other disposition by the Company of all or substantially all the assets), the holders of the Series B and Series C Preferred Stock shall be entitled to be paid out of the consideration payable to stockholders or out of the available proceeds of the Company, before the Seed Series and common stockholders, an amount per share (the “Liquidation Amount”) equal to the greater of: (a) the applicable original issue price, plus any dividends declared but unpaid, or (b) such amount per share amount as would have been payable on the conversion of all Series B Preferred Stock and Series C Preferred Stock (as applicable) into Common Stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event. If the amount to be paid as Liquidation Amount is insufficient, then all Series B and Series C preferred stockholders shall share the assets available for distribution in proportion of their shareholding. Seed Series Preferred Stock - The Seed Series preferred stockholders shall have priority over the common stockholders, with a liquidation preference equal to the greater of (a) the Seed Series original issue price, plus any dividends declared but unpaid thereon, or (b) such amount per share as would have been payable on the conversion of all shares of Seed Series Preferred Stock into Common Stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event. If upon any such liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, and after the payment of all preferential amounts required to be paid to the holders of the Series B Preferred Stock and Series C Preferred Stock, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the holders of shares of Seed Series Preferred Stock the full amount to which they shall be entitled, the holders of shares of Seed Series Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares of Seed Series Preferred Stock held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Redemption The Preferred Stock is not redeemable except in the event of a Deemed Liquidation Event. As redemption by the holders is not within the control of the Company, all the outstanding convertible preferred stock is classified as temporary equity in the balance sheets. Dividends Series B and Series C Preferred Stock - The holders of then outstanding shares of Series B Preferred Stock and Series C Preferred Stock shall be entitled to receive, only when, as and if declared by the board of directors of the Company, dividends at the rate of eight percent (8%) of the applicable original issue price for each share of Series B Preferred Stock or Series C Preferred Stock, prior and in preference to any declaration or payment of any other dividend on shares of Seed Series Preferred Stock or Common Stock (other than dividends on shares of Common Stock payable in shares of Common Stock) during the same calendar year. The Company shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Company unless the holders of the Series B Preferred Stock and Series C Preferred Stock then outstanding first receive a dividend on each outstanding share of Series B Preferred Stock or Series C Preferred Stock at the same rate and same time on an as-converted basis. No dividends have been declared or paid as of September 30, 2024. Seed Series Preferred Stock – The Company shall not declare, pay or set aside any dividends on shares of Common Stock unless the holders of the Seed Series Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock at the same rate and same time on an as-converted basis. No dividends have been declared or paid as of September 30, 2024. Voting Rights The holders of the Preferred Stock have the same voting rights as the holders of the Common Stock, on an as-converted basis. As of December 31, 2023, the board of directors of the Company was comprised of ten members. The election of directors is determined as following: i.The holders of record of the shares of Seed Series Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Company ii.The holders of record of the shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect three (3) directors of the Company iii.The holders of record of the shares of Series C Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Company iv.The holders of record of the shares of common stock, $0.0001 par value per share, of the Company, exclusively and as a separate class, shall be entitled to elect one (1) director of the Company v.The holders of record of the shares of Common Stock and the Preferred Stock, voting together as a single class on an as converted basis, shall be entitled to elect the balance of the total number of directors of the Company. vi.Any director elected as above may be removed without cause by, and only by, the affirmative vote of the holders of the class or series of capital stock entitled to elect such director or directors. Protective Provisions At any time when shares of Preferred Stock are outstanding, the Company shall not do any of the following without the written consent or affirmative vote of at least 65% of the outstanding Preferred Stock holders, including at least one holder of Series C Preferred Stock who does not hold shares of any other class or series of Preferred Stock: 1) liquidate, dissolve or wind-up the business and affairs of the Company, or effect any merger or consolidation or any other Deemed Liquidation Event; 2) amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Company in a manner that adversely affects the powers, preferences or rights of the Preferred Stock; 3) create, issue, or reclassify any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges; 4) cause or permit any of its subsidiaries to, without approval of the board of directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain-based assets; 5) purchase or redeem or pay or declare any dividend or make any distribution on, any shares of capital stock of the Company other than as expressed with the Preferred Stock agreements; 6) create, issue, or authorize the issuance of any debt security or create any lien or security interest or incur other indebtedness for borrowed money; 7) create, or hold capital stock in, any subsidiary that is not wholly owned by the Company, or permit any subsidiary to create or issue any shares, or sell, transfer or otherwise dispose of any capital stock; 8) create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan; or 9) increase or decrease the authorized number of directors constituting the board of directors. Additional protective provisions for certain classes of shares include the following: Series B Preferred Stock - For so long as at least 52,797,551 shares of Series B Preferred Stock are outstanding, the Company shall not do any of the following without the written consent or affirmative of at least 60% of the Series B holders: a) waive or otherwise forego any adjustment in the Series B Conversion Price; b) create, or authorize the creation of, or issue or obligate itself to issue shares of, or reclassify, any capital stock unless the same ranks junior to the Series B Preferred Stock with respect to its rights, preferences and privileges; or c) amend, modify, change or waive the liquidation amount applicable to the Series B Preferred Stock. Series C Preferred Stock - For so long as at least 71,759,924 shares of Series C Preferred Stock are outstanding, the Company shall not do any of the following without the written consent or affirmative of at least 60% of the Series C holders: a) waive or otherwise forego any adjustment in the Series C Conversion Price; b) effect the conversion of the Series C Preferred Stock to Common Stock in a Qualified IPO; c) create, or authorize the creation of, or issue or obligate itself to issue shares of, or reclassify, any capital stock unless the same ranks junior to the Series C Preferred Stock with respect to its rights, preferences and privileges; or d) amend, modify, change or waive the liquidation amount applicable to the Series C Preferred Stock.

Fair Value Measurements - Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 519,631	$ 230,088
Money market funds included within Cash and cash equivalent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds included within cash and cash equivalent	519,631	230,088
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	519,631	230,088
Level 1 \| Money market funds included within Cash and cash equivalent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds included within cash and cash equivalent	519,631	230,088
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 2 \| Money market funds included within Cash and cash equivalent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds included within cash and cash equivalent	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 \| Money market funds included within Cash and cash equivalent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds included within cash and cash equivalent	$ 0	$ 0

Subsequent Events (Details) - Subsequent Event $ in Millions	Oct. 31, 2024 USD ($) ft²
Subsequent Event [Line Items]
Area of property (in square feet) \| ft²	4,744
Annual base rental expense under lease \| $	$ 0.3

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the three and nine months ended September 30, 2024 and 2023, the following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive:


	September 30,
		2024	2023
Options and restricted stock awards outstanding		7,999,713	2,950,707
Seed Series redeemable convertible preferred stock		—	8,848,387
Series B redeemable convertible preferred stock		—	8,232,546

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	365,000,000
Common stock, shares issued (in shares)	54,424,994	711,895
Common stock, shares outstanding (in shares)	54,409,708	640,386
Seed Series Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	0	81,790,144
Redeemable convertible preferred stock, shares issued (in shares)	0	81,790,144
Redeemable convertible preferred stock, shares outstanding (in shares)	0	81,790,144
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 81,790
Series B Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	0	105,595,101
Redeemable convertible preferred stock, shares issued (in shares)	0	105,595,101
Redeemable convertible preferred stock, shares outstanding (in shares)	0	105,595,101
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 108,235
Series C Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	0	119,599,872
Redeemable convertible preferred stock, shares issued (in shares)	0	119,599,872
Redeemable convertible preferred stock, shares outstanding (in shares)	0	119,599,872
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 165,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Research and development	$ 15,900	$ 6,900	$ 43,700	$ 20,100
General and administrative	4,764	2,591	12,016	6,147
Total operating expenses	20,628	9,530	55,752	26,202
Loss from operations	(20,628)	(9,530)	(55,752)	(26,202)
Other (expenses) income
Interest income	3,147	13	8,715	13
Change in fair value of Series B preferred stock tranche rights liability	0	(13,328)	0	(13,356)
Total other income (expense)	3,147	(13,315)	8,715	(13,343)
Net loss before income taxes	(17,481)	(22,845)	(47,037)	(39,545)
Income tax expense	0	0	(1)	0
Net loss	$ (17,481)	$ (22,845)	$ (47,038)	$ (39,545)
Net Loss per share, basic (in usd per share)	$ (1.60)	$ (38.23)	$ (11.27)	$ (70.18)
Net Loss per share, diluted (in usd per share)	$ (1.60)	$ (38.23)	$ (11.27)	$ (70.18)
Weighted-average number common shares outstanding, basic (in shares)	10,901,138	597,586	4,174,353	563,483
Weighted-average number common shares outstanding, diluted (in shares)	10,901,138	597,586	4,174,353	563,483
Related Party
Operating expenses
Research and development	$ 2,310	$ 2,271	$ 7,400	$ 6,511
Nonrelated Party
Operating expenses
Research and development	$ 13,554	$ 4,668	$ 36,336	$ 13,544

Significant Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Significant Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Refundable deposit amount					$ 1,900
Total operating expenses	$ 20,628	$ 9,530	$ 55,752	$ 26,202
IQVIA RDS Inc \| Master Clinical Contract Services Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment amount							$ 1,800
Total operating expenses	3,500	$ 2,100	9,800	5,300
Amount paid			13,300	$ 8,800
Accounts payable	800		800		1,600
Accrued expenses and other current liabilities	$ 2,400		$ 2,400		$ 4,700
IQVIA RDS Inc \| Master Clinical Contract Services Agreement, Refundable Deposit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment amount							1,000
IQVIA RDS Inc \| Master Clinical Services Agreement, Investigator Grant Payment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment amount							$ 800
IQVIA RDS Inc \| Master Clinical Contract Services Agreement, Additional Refundable Deposit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment amount						$ 900

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Tranche Rights Liability
Balance as of December 31, 2022	$ 0
Fair value recognized upon the issuance of preferred stock tranche rights	642
Change in the fair value of preferred stock tranche rights	13,356
Settlement of preferred stock tranche rights	(8,001)
Balance as of September 30, 2023	$ 5,997

Redeemable Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands							1 Months Ended		2 Months Ended	3 Months Ended
	Dec. 06, 2023 USD ($) $ / shares shares	Nov. 03, 2023 USD ($) shares	Sep. 08, 2023 USD ($) shares	Mar. 02, 2023 USD ($) $ / shares shares	Apr. 26, 2022 investor $ / shares shares	Dec. 23, 2020 USD ($) $ / shares shares	Jul. 31, 2022 investor shares	Mar. 31, 2022 USD ($) $ / shares	Nov. 03, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2024 $ / shares shares	Sep. 14, 2024 shares	Sep. 12, 2024 shares	Jun. 30, 2024 shares	Mar. 31, 2024 shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Temporary Equity [Line Items]
Redeemable convertible preferred stock, par value (in usd per share) \| $ / shares					$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)													0
Redeemable convertible preferred stock, shares outstanding (in shares)													0
Seed Series Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued (in shares)					5,350,000
Redeemable convertible preferred stock, par value (in usd per share) \| $ / shares					$ 0.0001							$ 0.0001					$ 0.0001
Price per share (in usd per share) \| $ / shares					$ 1.00			$ 1.00
Redeemable convertible preferred stock, authorized (in shares)				81,790,144	50,940,144							0					81,790,144
Proceeds from issuance of preferred stock and preferred stock tranche rights, net \| $								$ 5,400
Number of investors \| investor					2		2
Redeemable convertible preferred stock, shares outstanding (in shares)										81,790,144	81,790,144	0		81,790,144	81,790,144	81,790,144	81,790,144	81,790,144	81,790,144
Seed Series Redeemable Convertible Preferred Stock \| Two Investors
Temporary Equity [Line Items]
Shares issued (in shares)						4,000,000	3,000,000
Redeemable convertible preferred stock, shares outstanding (in shares)												7,000,000
Seed Series Redeemable Convertible Preferred Stock \| Two Investors, Relatives Of Board Member
Temporary Equity [Line Items]
Shares issued (in shares)						350,000
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued (in shares)				37,073,162						39,024,386	37,073,162
Redeemable convertible preferred stock, par value (in usd per share) \| $ / shares												$ 0.0001					$ 0.0001
Price per share (in usd per share) \| $ / shares				$ 1.025
Net proceeds from issuance \| $		$ 6,000	$ 8,000							$ 39,817	$ 37,185
Gross proceeds from issuance \| $				$ 37,800
Redeemable convertible preferred stock, authorized (in shares)												0					105,595,101
Redeemable convertible preferred stock, shares outstanding (in shares)										76,097,548	37,073,162	0		105,595,101	105,595,101	105,595,101	105,595,101	37,073,162	0
Series B Redeemable Convertible Preferred Stock, Milestone Shares
Temporary Equity [Line Items]
Shares issued (in shares)		29,497,553	39,024,386	68,521,939
Net proceeds from issuance \| $									$ 69,900
Initial fair value of liability \| $				$ 600
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued (in shares)	119,599,872
Redeemable convertible preferred stock, par value (in usd per share) \| $ / shares												$ 0.0001					$ 0.0001
Price per share (in usd per share) \| $ / shares	$ 1.3796
Net proceeds from issuance \| $	$ 164,600
Redeemable convertible preferred stock, authorized (in shares)												0					119,599,872
Redeemable convertible preferred stock, shares outstanding (in shares)												0		119,599,872	119,599,872	119,599,872	119,599,872
Purchase price for put option (in usd per share) \| $ / shares	$ 1.00
Biocon Limited \| Seed Series Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued (in shares)						40,000,000
Redeemable convertible preferred stock, par value (in usd per share) \| $ / shares						$ 0.0001
Price per share (in usd per share) \| $ / shares						$ 1.00
Net proceeds from issuance \| $						$ 40,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42271
Entity Registrant Name	BICARA THERAPEUTICS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2903745
Entity Address, Address Line One	116 Huntington Ave
Entity Address, Address Line Two	Suite 703
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	468-4219
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	BCAX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
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		54,415,619
Central Index Key	0002023658
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Agreements	9 Months Ended
Significant Agreements	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Significant Agreements	Significant Agreements On October 15, 2019, the Company entered into a master clinical contract services agreement with IQVIA RDS Inc (“IQVIA), which was amended in December 2023 to include global clinical trials Pursuant to the terms of the agreement, as amended, IQVIA will provide the Company with certain global clinical-development related services and laboratory services under separately executed statements of work (“SOWs”). In June 2021, the Company entered into an SOW with IQVIA for lab and clinical development services, to be invoiced on a monthly basis based on work performed by IQVIA. Under this SOW, Bicara agreed to provide IQVIA with an initial upfront payment of $1.8 million, of which $1.0 million was a refundable deposit and $0.8 million for investigator grant payment in advance. In December 2022, Bicara entered into an authorized to proceed agreement (“ATP”) with IQVIA. Under the ATP, Bicara agreed to provide IQVIA with an additional refundable deposit of $0.9 million, which was paid in March 2023. Both the initial deposit and the ATP deposit will be held on account and reconciled against final invoices. As of December 31, 2023, the refundable deposit balance was $1.9 million. For the three months ended September 30, 2024 and 2023 the Company incurred $3.5 million and $2.1 million in expenses. For the nine months ended September 30, 2024 and 2023 the Company incurred $9.8 million and $5.3 million in expenses, respectively and paid $13.3 million and $8.8 million, respectively, to IQVIA. As of September 30, 2024 and December 31, 2023, the Company had $0.8 million and $1.6 million classified in accounts payable, respectively and $2.4 million and $4.7 million classified in accrued expenses and other current liabilities on the balance sheets.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables present information about the Company’s financial assets that have been measured at fair value as of September 30, 2024 and December 31, 2023 (in thousands):


Description	Level 1		Level 2		Level 3		September 30, 2024
Assets:

Money market funds included within Cash and cash equivalent	$	519,631	$	—	$	—	$	519,631
Total	$	519,631	$	—	$	—	$	519,631


Description	Level 1		Level 2		Level 3		December 31, 2023
Assets:

Money market funds included within Cash and cash equivalent	$	230,088	$	—	$	—	$	230,088
Total	$	230,088	$	—	$	—	$	230,088

Schedule of Changes in Fair Value of Level 3 Liabilities

The following table sets forth a summary of the changes in fair value of the Level 3 Series B Tranche Rights for the nine months ended September 30, 2023 (in thousands):


	Tranche Rights Liability

Balance as of December 31, 2022	$	—
Fair value recognized upon the issuance of preferred stock tranche rights	642
Change in the fair value of preferred stock tranche rights	13,356
Settlement of preferred stock tranche rights	(8,001)
Balance as of September 30, 2023	$	5,997

Schedule of Assumptions Used in Estimation of Fair Value

The following assumptions were used in the estimation of the fair value of the Series B Tranche Rights, on the closing dates of Series B financing tranches and as of September 30, 2023:


	March 2, 2023 Initial Closing		September 8, 2023 Milestone Closing

Preferred share price	$	1.01	$	1.23
Expected term (in years)	0.5		0
Risk-free rate	5.2%		—%
Probability of achievement	95.0%		100.0%

Description of Business, Organization, and Liquidity	9 Months Ended
Description of Business, Organization, and Liquidity	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Organization, and Liquidity	Description of Business, Organization, and Liquidity Bicara Therapeutics Inc. (“Bicara” or the “Company”) was incorporated in the state of Delaware in December 2018 and is a clinical-stage biopharmaceutical company based in Boston, Massachusetts. The Company is committed to bringing transformative bifunctional therapies to patients with solid tumors. Its lead program ficerafusp alfa is a bifunctional antibody that combines a clinically validated epidermal growth factor receptor directed monoclonal antibody with a domain that binds to human transforming growth factor beta. Since inception, the Company has operated in the preclinical and clinical stages and has devoted substantially all its time and efforts to performing research and development activities, raising capital, and recruiting management and technical staff to support these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, risks associated with the successful research, development and manufacturing of product candidates, competition from other companies, dependence on key personnel, protection of intellectual property, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, Bicara will realize significant revenue from product sales. Reverse Stock Split In September 2024, the Company’s board of directors approved an amendment to the fourth amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a 9.2435-to-1 basis (the “Reverse Stock Split”) which was effected on September 5, 2024. The par value and authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All share data and per share data amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Reverse Stock Split. Initial Public Offering ("IPO") On September 13, 2024, the Company closed its IPO, pursuant to which it issued and sold an aggregate of 17,500,000 shares of its common stock at a public offering price of $18.00 per share and the Company issued and sold 2,625,000 additional shares of its common stock to the underwriters of the IPO pursuant to the full exercise of their option to purchase additional shares, resulting in net proceeds of approximately $332.4 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company, totaling $29.8 million. Immediately prior to the closing of the IPO, the Company’s outstanding redeemable convertible preferred stock automatically converted into 33,210,876 shares of common stock. 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 September 13, 2024, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.0001 per share and 10,000,000 shares of preferred stock, par value of $0.0001 per share. The Company historically has funded its operations from the issuance of redeemable convertible preferred stock, common stock and through debt financing. The Company has incurred operating losses since inception and expects such losses and negative operating cash flows to continue for the foreseeable future. As of September 30, 2024, the Company had cash of $520.8 million and an accumulated deficit of $200.1 million. The Company expects that its cash and cash equivalents as of September 30, 2024 of $520.8 million will be sufficient to fund the operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these unaudited condensed consolidated financial statements.

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024
Shares
Beginning balance (in shares)	4,850,669
Granted (in shares)	3,652,807
Exercised (in shares)	(393,216)
Canceled (in shares)	(117,494)
Ending balance (in shares)	7,992,766
Weighted- Average Exercise Price
Beginning Balance (in usd per share)	$ 4.53
Granted (in usd per share)	9.13
Exercised (in usd per share)	3.97
Canceled (in usd per share)	4.01
Ending Balance (in usd per share)	$ 6.67
Stock Options Additional Disclosures
Weighted Average – Remaining Contractual Life (years), Outstanding	9 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding	$ 133,789
Share, Exercisable (in shares)	897,774
Weighted-Average Exercise Price. Exercisable (in usd per share)	$ 4.53
Weighted Average – Remaining Contractual Life (years), Exercisable	8 years 6 months
Aggregate Intrinsic Value, Exercisable	$ 16,951
Share, Exercisable and expected to vest (in shares)	7,992,766
Weighted Average – Remaining Contractual Life (years), Exercisable and expected to vest	9 years 3 months 18 days

Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended					9 Months Ended	12 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 14, 2024	Sep. 12, 2024	Mar. 31, 2024	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000					500,000,000	365,000,000
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001					$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)		54,424,994	54,424,994					54,424,994	711,895
Common stock, shares outstanding (in shares)		54,409,708	54,409,708					54,409,708	640,386
Issuance of common stock upon exercise of stock options (in shares)								393,216
Proceeds from issuance on common stock, net of issuance costs	$ 332.4	$ 332.4
Offering expenses	$ 29.8
Number of shares issued in transaction (in shares)		20,125,000
Redeemable convertible preferred stock, shares outstanding (in shares)										0
Biocon Limited
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)									115,757
2019 Stock Option And Grant Plan
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		5,881,181	5,881,181					5,881,181
Issuance of common stock upon exercise of stock options (in shares)									87,404
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		54,409,708	54,409,708	1,023,541	579,975	575,746	514,972	54,409,708	640,386			640,386	504,544
Issuance of common stock upon exercise of stock options (in shares)			43,232	349,962	4,229	6,739	10,428
Vesting of restricted common stock (in shares)			7,059	33,193		54,035
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)			33,210,876
IPO
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	17,500,000
IPO \| Common stock
Class of Stock [Line Items]
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)	33,210,876
Restricted Stock
Class of Stock [Line Items]
Vesting of restricted common stock (in shares)								40,252
Restricted Stock \| 2019 Stock Option And Grant Plan
Class of Stock [Line Items]
Vesting of restricted common stock (in shares)									437,203
Seed Series Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding (in shares)		0	0	81,790,144	81,790,144	81,790,144	81,790,144	0	81,790,144		81,790,144	81,790,144	81,790,144
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding (in shares)		0	0	105,595,101	76,097,548	37,073,162	37,073,162	0	105,595,101		105,595,101	105,595,101	0
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding (in shares)		0	0	119,599,872				0	119,599,872		119,599,872	119,599,872

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Tranche rights liability	$ 6,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 520,758	$ 230,440
Prepaid expenses and other assets	756	633
Total current assets	521,514	231,073
Property and equipment, net	130	202
Right of use asset – operating lease	414	613
Other assets	2,115	2,094
Total assets	524,173	233,982
Current liabilities:
Operating lease liability – current portion	308	285
Total current liabilities	14,481	15,085
Operating lease liability – net of current portion	137	372
Other liabilities	0	17
Total liabilities	14,618	15,474
Commitments and Contingencies
Total redeemable convertible preferred stock	0	367,277
Stockholders' equity (deficit):
Preferred stock $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 500,000,000 and 365,000,000 shares authorized; 54,424,994 and 711,895 shares issued and 54,409,708 and 640,386 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	7	2
Additional paid-in capital	709,607	4,250
Accumulated deficit	(200,059)	(153,021)
Total stockholders' equity (deficit)	509,555	(148,769)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	524,173	233,982
Seed Series Redeemable Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock	0	81,525
Series B Redeemable Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock	0	121,148
Series C Redeemable Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock	0	164,604
Nonrelated Party
Current liabilities:
Accounts payable	1,531	2,142
Accrued expenses and other current liabilities	10,410	8,053
Related Party
Current liabilities:
Accounts payable	431	1,044
Accrued expenses and other current liabilities	$ 1,801	$ 3,561

Stock-Based Compensation - Stock-Based Compensation Expense Recognized In Statements Of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,031	$ 519	$ 4,216	$ 1,134
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	1,469	398	3,172	924
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 562	$ 121	$ 1,044	$ 210

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Redeemable Convertible Preferred Stock - Conversion Rights (Details)	1 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Stock split ratio, common stock and redeemable convertible preferred stock	0.1082

Significant Agreements – Related Parties (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 24, 2020	Jul. 23, 2019	Sep. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Research and development				$ 15,900,000	$ 6,900,000	$ 43,700,000	$ 20,100,000
Current liabilities				14,481,000		14,481,000			$ 15,085,000
Prepaid expenses and other assets				756,000		756,000			633,000
Other assets				2,115,000		2,115,000			2,094,000
Related Party
Related Party Transaction [Line Items]
Research and development				2,310,000	2,271,000	7,400,000	6,511,000
Accrued expenses and other current liabilities				1,801,000		1,801,000			3,561,000
Accounts payable				431,000		431,000			1,044,000
Master Services Agreement \| Related Party
Related Party Transaction [Line Items]
Research and development				0	0	0	0
Accrued expenses and other current liabilities				0.0		0.0			1,600,000
BBL Agreements \| Related Party
Related Party Transaction [Line Items]
Research and development				700,000	300,000	1,100,000	700,000
Accrued expenses and other current liabilities				1,100,000		1,100,000			1,700,000
Related party agreement, term		5 years
Syngene Agreement, Manufacturing \| Related Party
Related Party Transaction [Line Items]
Related party agreement, term		6 years
Syngene Agreement, Master Contract Services \| Related Party
Related Party Transaction [Line Items]
Related party agreement, term	2 years
Syngene Agreements \| Related Party
Related Party Transaction [Line Items]
Research and development				2,000,000.0	$ 1,600,000	6,300,000	$ 5,800,000
Accrued expenses and other current liabilities				800,000		800,000			1,900,000
Current liabilities				1,200,000		1,200,000			2,900,000
Accounts payable				$ 400,000		$ 400,000			1,000,000.0
Biofusion Agreement \| Related Party
Related Party Transaction [Line Items]
Research and development								$ 4,100,000
Accrued expenses and other current liabilities								$ 7,700,000
Promissory Note \| Chief Financial Officer
Related Party Transaction [Line Items]
Promissory note loan amount			$ 274,000
Interest rate			0.86%
Number of shares pledged as collateral (in shares)			616,320
Prepaid expenses and other assets									68,000
Other assets									$ 68,000

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option and Grant Plans

In 2019, the board of directors adopted, and the Company’s shareholders approved, the 2019 Stock Option and Grant Plan (the “2019 Plan”) under which the Company may grant equity-based incentive awards to the Company’s employees, officers, directors, consultants and other key persons of the Company and its affiliates upon whose judgement, initiative, and efforts the Company largely depends for the successful conduct of its business.

The following are awards that are authorized to be issued:

•Stock Options including Incentive Stock Options (“ISO”) or Non-Qualified Stock Options (“NQSO”);

•Restricted Stock Awards (“RSA”);

•Unrestricted Stock Awards (“URSA”); and

•Restricted Stock Units (“RSU”)

Under the 2019 Plan, as amended, the Company is authorized to issue up to 8,856,245 shares of Common Stock. For the period ended September 30, 2024, the Company has issued RSAs, ISOs and NQSOs under the 2019 Plan. The terms of equity award agreements, including vesting requirements, were determined by the board of directors and are subject to the provisions of the 2019 Plan. Equity awards granted to employees and non-employees generally vest over a four-year period but may be granted with different vesting terms. Certain options provide for early vesting.

RSAs were issued under individual RSA agreements (the “Award Agreements”). The Award Agreements dictate vesting terms and once vested, the recipients’ restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided in the respective Award Agreement.

Stock options granted to employees and non-employees expire no more than 10 years from the date of grant and are generally service based. A limited number of awards contain performance-based vesting criteria and for such awards that are deemed probable of vesting, the Company records expense in the period in which such determination is made through any estimated remaining vested period.

In 2024, in connection with the Company's IPO, the board of directors adopted, and the Company's shareholders approved the 2024 Stock Option and Grant Plan (the "2024 Plan") under which the Company may grant equity-based incentive awards to the Company’s employees, officers, directors, consultants and other key persons of the Company and its affiliates upon whose judgement, initiative, and efforts the Company largely depends for the successful conduct of its business.

Under the 2024 Plan, the Company is authorized to issue up to 2,453,616 shares of Common Stock, plus on January 1, and on each January 1 thereafter, the number of shares of stock reserved and available for issuance under the 2024 Plan shall automatically be cumulatively increased by 5% of the outstanding shares on the immediately preceding December 31 or such lesser number of shares as approved by the Company. Through September 30, 2024, the Company has issued 174,707 ISOs and NQSOs under the 2024 Plan. The terms of equity award agreements, including vesting requirements, were determined by the board of directors and are subject to the provisions of the 2024 Plan. Equity awards granted to employees and non-employees generally vest over a four-year period but may be granted with different vesting terms. Certain options provide for early vesting.

Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense for non-employees and employees in its statements of operations as follows (in thousands):


	Three Months Ended September 30,
	2024		2023
General and administrative	$	1,469	$	398
Research and development	562		121
Total	$	2,031	$	519

	Nine Months Ended September 30,
	2024		2023
General and administrative	$	3,172	$	924
Research and development	1,044		210
Total	$	4,216	$	1,134

Restricted Stock Awards

A summary of RSA award activity for non-employees and employees of the Company is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023	47,199	$	4.07
Granted	—	—
Vested	(40,252)	4.07
Repurchased/forfeited	—	—
Balance as of September 30, 2024	6,947	$	4.07

As of September 30, 2024, total unrecognized compensation costs of $0.1 million related to unvested stock-based compensation arrangements are expected to be recognized as expense over a weighted average period of 0.1 years.

Stock Options

A summary of options award activity for non-employees and employees of the Company is as follows:


	Shares	Weighted- Average Exercise Price		Weighted Average – Remaining Contractual Life (years)	Aggregate Intrinsic Value (1) (in thousands)

Outstanding as of December 31, 2023	4,850,669	$	4.53
Granted	3,652,807	9.13
Exercised	(393,216)	3.97
Canceled	(117,494)	4.01
Outstanding as of September 30, 2024	7,992,766	6.67		9.3	$	133,789

Exercisable as of September 30, 2024	897,774	$	4.53	8.5	$	16,951
Exercisable and expected to vest as of September 30, 2024	7,992,766			9.3

(1)The aggregate intrinsic values is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock on September 30, 2024 for the options that were in the money.

The weighted-average fair value of options granted during the nine months ended September 30, 2024 and 2023, was $6.99 and $2.77, respectively.

The Company had 7,094,992 unvested stock options outstanding as of September 30, 2024. As of September 30, 2024, total unrecognized compensation costs of $37.0 million related to unvested stock options are expected to be recognized as expense over a weighted average period of 3.3 years.

On September 5, 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Employee Stock Purchase Plan (the "ESPP"), which became effective September 5, 2024. The ESPP initially reserves and authorizes the issuance of up to 507,383 shares of our common stock to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2025 and each January 1 thereafter through January 1, 2034, by the least of (i) 1,014,766 shares of common stock, (ii) 1% of the sum of (A) the number of shares of our common stock issued and outstanding on the immediately preceding December 31, and (B) the number of shares of common stock issuable pursuant to the exercise of any outstanding, pre-funded warrants to acquire such common stock for a nominal exercise price on the immediately preceding December 31, or (iii) such number of shares of common stock as determined by the administrator of the ESPP. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend, or other change in our capitalization. There has been no activity on this plan to date and no stock-based compensation expense was recognized during the three months ended September 30, 2024.

Description of Business, Organization, and Liquidity - Reverse Stock Split (Details)	1 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split ratio, common stock and redeemable convertible preferred stock	0.1082

Redeemable Convertible Preferred Stock - Dividends (Details)	Sep. 30, 2024
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Dividend rate	8.00%
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Dividend rate	8.00%

Redeemable Convertible Preferred Stock - Voting Rights (Details)	Sep. 30, 2024 $ / shares	Sep. 13, 2024 $ / shares	Dec. 31, 2023 board_member $ / shares
Temporary Equity [Line Items]
Number of members on board of directors			10
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Number of directors entitled to be elected, common stock			1
Seed Series Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Number of directors entitled to be elected, preferred stock			1
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Number of directors entitled to be elected, preferred stock			3
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Number of directors entitled to be elected, preferred stock			1

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (SEC). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The Company’s unaudited condensed consolidated financial statements include the financial position, results of operations and cash flows of Bicara. The Company’s unaudited condensed consolidated financial statements are denominated in U.S. dollars. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned, controlled subsidiary. All intercompany transactions and balances have been eliminated in consolidation.

Unaudited Interim Condensed Consolidated Financial Statements

The condensed consolidated balance sheet as of September 30, 2024, condensed consolidated statements of operations, condensed consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023 and related notes to condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated 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 consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated results of operations for the three and nine months ended September 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 consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which were previously filed in Form S-1/A on September 11, 2024.

Emerging Growth Company Status

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and we may take advantage of reduced reporting requirements that are otherwise applicable to public companies. We may take advantage of these exemptions until we are no longer an emerging growth company. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. We have elected to use the extended transition period for complying with new or revised accounting standards; and as a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of our IPO or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.235 billion in total annual gross revenue, we have more than $700.0 million in market value of our stock held by non-affiliates (and we have been a public company for at least 12 months and have filed one annual report on Form 10-K), or we issue more than $1.0 billion of non-convertible debt securities over a three-year period.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates on historical experience when available and on other assumptions that management believes are reasonable under the circumstances. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include but are not limited to: the estimated costs of research and development activities, the fair value of tranche right liabilities, and the fair values of common stock and stock awards and associated stock-based compensation expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Redeemable Convertible Preferred Stock

The Company recorded shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and therefore classified the Seed Series, Series B and Series C convertible preferred stock as mezzanine equity. The convertible preferred stock was recorded outside of stockholders’ deficit because, in the event of certain deemed liquidation events considered not solely within the Company’s control, such as a merger or consolidation and sale, lease or transfer of all or substantially all of the Company’s assets, the convertible preferred stock would have become redeemable at the option of the holders. In the event of a change of control of the Company, proceeds received from the sale of such shares would have been distributed in accordance with the corresponding liquidation preferences. The Company did not adjust the carrying values of the convertible preferred stock to the deemed liquidation values of such shares since a liquidation event was not probable at any of the reporting dates.

Series B Tranche Rights

Freestanding financial instruments that permit the holder to acquire shares that are either puttable by the holder, redeemable or contingently redeemable are required to be reported as liabilities in the consolidated financial statements. We present such liabilities on the balance sheets at their estimated fair values. Changes in fair value of the liability are calculated each reporting period, and any change in value are recognized in the consolidated statements of operations.

The Series B Preferred Stock issuance as described in Note 6 Redeemable Convertible Preferred Stock to these condensed consolidated financial statements, included tranche rights (“Series B Tranche Rights”) to purchasers who participated in the initial Series B Preferred Stock issuance. The Series B Tranche Rights were determined to be a “freestanding financial instrument” as defined in the ASC Master Glossary as they are legally detachable and separately exercisable. Management assessed the freestanding financial instrument under ASC 480, Distinguishing Liabilities from Equity, and determined that such rights should be accounted for as a liability at fair value given they impose an obligation on the Company to issue shares that are contingently redeemable. The Series B Tranche Rights were revalued at each reporting period until settlement, with changes in the fair value recorded in the consolidated statements of operations.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1 – defined as observable inputs, such as quoted prices unadjusted in active markets for identical assets or liabilities;

•Level 2 – defined as inputs other than quoted prices included in Level 1 that are either directly or indirectly observable; and

•Level 3 – defined as significant unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions

The carrying amounts of the Company’s financial assets (which include cash) and liabilities (which include accounts payable) approximate fair value because of the short maturity of these instruments and have been classified as Level 1. The Series B Tranche Rights were classified as Level 3 financial liabilities (Refer to Note 3 Fair value measurement to these unaudited condensed consolidated financial statements for more details).

Cash and Cash Equivalents

The Company’s cash and cash equivalents are held in standard checking accounts and money market funds at two financial institutions. The Company considers all highly liquid investments with a maturity date of 90 days or less at the date of purchase to be cash equivalents.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. At times, the Company’s cash deposits may be in excess of insured limits. Company has not experienced any losses on its deposits of cash and does not have off-balance sheet concentrations of credit risk.

Leases

ASC 842, Leases, requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with a term of greater than 12 months regardless of classification. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term discounted using an appropriate incremental borrowing rate. The incremental borrowing rate is based on the estimated interest rate for borrowing over a term similar to that of the lease payments at commencement of the lease. The operating lease expense for the operating leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to not separate lease and non-lease components of contracts.

The Company adopted this new standard on January 1, 2022 using the required modified retrospective approach and utilizing the effective date as its date of initial application. The adoption of this standard did not have an impact on the Company’s financial statements.

Upon adoption, the Company elected, to apply the ‘package of practical expedients’ which permits the Company (i) not to reassess whether expired existing contracts are or contain leases, (ii) not to reassess the classification of expired or existing leases, if any, and (iii) not to reassess initial direct costs for any existing leases.

Research and Development Expense

Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development (“ASC 730”). Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes salaries and benefits, stock-based compensation expense and the cost of services provided by outside contractors.

The Company capitalizes advance payments for goods or services that will be used or rendered for future research and development activities and recognizes expense as the related goods are delivered or services are performed. The Company also records expenses and accruals for estimated costs of research and development activities, including third party contract services for clinical research and contract manufacturing. The Company bases its estimates on the best information available at the time. Costs for certain research and development activities are recognized based on the pattern of performance of the individual arrangements, which may differ from the pattern of billings incurred, and are reflected in the consolidated financial statements as prepaid expenses or as accrued research and development expenses.

The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to the Company’s vendors. Billing terms and payments are reviewed by management to ensure estimates of outstanding obligations are appropriate as of period end. Tracking the progress of completion for clinical trial and contract manufacturing activities performed by third parties allows the Company to record the appropriate expense and accruals under the terms of the agreements. During the three months ended September 30, 2024 and 2023, the Company incurred $15.9 million and $6.9 million, respectively, relating to research and development expenses. During the nine months ended September 30, 2024 and 2023, the Company incurred $43.7 million and $20.1 million, respectively, relating to research and development expenses. The Company recorded accrued liabilities of $9.2 million and $9.6 million for clinical trial and contract manufacturing expenses as of September 30, 2024 and December 31, 2023, respectively.

General and Administrative Expense

General and administrative expenses consist primarily of salaries and related benefits, including share-based compensation expense, related to the Company's executive, finance and other support functions. Other general and administrative expenses include professional fees for legal, auditing, tax, consulting services, investor relations, IT and office expenses, rent and insurance.

Stock-Based Compensation

The Company accounts for stock-based employee and nonemployee compensation awards in accordance with provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires the recognition of stock-based compensation expense, using a fair-value based method, for costs related to all stock-based compensation awards. We use the Black-Scholes option-pricing model to determine the fair value of options. The Black-Scholes option-pricing model requires the use of judgment to develop input assumptions, some of which are highly subjective, including: (i) the fair value of our common stock on the date of grant; (ii) the expected term of the award; (iii) the expected volatility; (iv) the risk-free interest rate; and (v) expected dividends. In applying these assumptions, we consider the following factors:

Fair Value of Common Stock: The Company’s common stock is listed on the Nasdaq Global Market and its value is determined by the market price on the Nasdaq Global Market as of the date of the grant.

Prior to the Company's IPO, the grant date fair value of stock awards granted under its 2019 Stock Option and Grant Plan were determined using the fair market value of the Company’s common stock on the date of grant, as set forth in the applicable plan document. Due to the absence of an active market for the Company's common stock, the Company utilized methodologies in accordance with ASC 820, Fair Value Measurement, such as option-pricing method or OPM and probability weighted expected return method or PWERM. The OPM method allowed for the allocation of the Company's equity value among the various equity capital owners and considered a variety of factors, included the illiquid nature of the common stock, recent transactions involving the Company’s stock, the effect of the rights and preferences of the preferred shareholders, and the prospects of a liquidity event. PWERM involved the estimation of future potential outcomes for the Company, as well as values and probabilities associated with each respective potential outcome which included an IPO scenario or continued operation as a private company scenario. Among other factors were the Company's financial position and historical financial performance, the status of clinical developments, the composition and ability of the current research and management team, an evaluation or benchmark of the Company's competition, and the current business climate in the marketplace. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Expected Term: The expected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The expected life is applied to the stock option grant group as a whole as we do not expect substantially different exercise or post-vesting termination behavior among our employee population.

Expected Volatility: We used an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends due to absence of an active market for the Company’s common stock.

Risk-Free Interest Rate: We based the risk-free interest rate over the expected term of the options based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant.

Expected Dividend: We have not paid and do not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero.

For awards that vest based solely on achievement of a service condition, the Company recognizes expense on a straight-line basis over the period during which the award holder provides such services. The Company recognizes forfeitures as they occur and reverses any previously recognized compensation cost associated with forfeited awards. In accordance with ASU 2018-07, the Company accounts for share-based compensation for awards granted to non-employees in a similar fashion to the way it accounts for share-based compensation awards to employees.

Comprehensive Loss

Comprehensive loss consists of net loss and certain changes in stockholders’ equity that are excluded from net loss, of which we have none. Our comprehensive loss equals our net loss for all periods presented.

Net Loss Per Common Share

Net loss per common share was computed using the two-class method required due to the participating securities, such securities did not participate in net losses and therefore did not impact the Company’s net loss from continuing operations per share calculations.

Basic net loss per common share is determined by dividing the net loss applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding common stock options, unvested restricted stock awards and redeemable convertible preferred shares are excluded from the calculation of diluted net loss per share when their effect would be anti-dilutive.


	September 30,
		2024	2023
Options and restricted stock awards outstanding		7,999,713	2,950,707
Seed Series redeemable convertible preferred stock		—	8,848,387
Series B redeemable convertible preferred stock		—	8,232,546

Amounts in the table above reflect the common stock equivalents of the noted instruments.

Segments

The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources.

Accounting Pronouncements and Significant Accounting Policies

The Company reviews new accounting standards as they are issued by the FASB or other standard-setting bodies. As of September 30, 2024, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements.

Accounting Pronouncements Issued and Not Adopted as of September 30, 2024

Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that an entity report segment information in accordance with Topic 280, Segment Reporting. The amendment in the ASU is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated financial statements and disclosures.

Accounting Standards Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09. ASU 2023-09 focuses on income tax disclosures around effective tax rates and cash income taxes paid. The standard largely follows the proposed ASU issued in 2023 with several important modifications and clarifications. ASU 2023-09 is effective for public entities for annual periods beginning after December 15, 2024 and for all other business for annual periods beginning after December 15, 2025. Early adoption is permitted, and the Company is evaluating the impact of this guidance on the unaudited condensed consolidated financial statements and related disclosures.

The Company reviewed additional recent accounting pronouncements and concluded they are either not applicable or that the Company does not expect adoption to have a material effect on the unaudited condensed consolidated financial statements.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized in Statements of Operations

The Company recognized total stock-based compensation expense for non-employees and employees in its statements of operations as follows (in thousands):


	Three Months Ended September 30,
	2024		2023
General and administrative	$	1,469	$	398
Research and development	562		121
Total	$	2,031	$	519

	Nine Months Ended September 30,
	2024		2023
General and administrative	$	3,172	$	924
Research and development	1,044		210
Total	$	4,216	$	1,134

Schedule of RSA Award Activity

A summary of RSA award activity for non-employees and employees of the Company is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023	47,199	$	4.07
Granted	—	—
Vested	(40,252)	4.07
Repurchased/forfeited	—	—
Balance as of September 30, 2024	6,947	$	4.07

Schedule of Stock Option Activity

A summary of options award activity for non-employees and employees of the Company is as follows:


	Shares	Weighted- Average Exercise Price		Weighted Average – Remaining Contractual Life (years)	Aggregate Intrinsic Value (1) (in thousands)

Outstanding as of December 31, 2023	4,850,669	$	4.53
Granted	3,652,807	9.13
Exercised	(393,216)	3.97
Canceled	(117,494)	4.01
Outstanding as of September 30, 2024	7,992,766	6.67		9.3	$	133,789

Exercisable as of September 30, 2024	897,774	$	4.53	8.5	$	16,951
Exercisable and expected to vest as of September 30, 2024	7,992,766			9.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (17,481)	$ (17,049)	$ (12,508)	$ (22,845)	$ (9,288)	$ (7,412)	$ (47,038)	$ (39,545)

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) financialInstitution	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) financialInstitution segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of financial institutions where cash and cash equivalents are held \| financialInstitution	2		2
Research and development	$ 15.9	$ 6.9	$ 43.7	$ 20.1
Accrued clinical trial and contract manufacturing expense	$ 9.2		$ 9.2		$ 9.6
Number of operating segments \| segment			1

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Seed Series Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Common Equity	Additional Paid in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		81,790,144	0
Beginning balance at Dec. 31, 2022		$ 81,525	$ 0
Redeemable Convertible Preferred Stock
Issuance of Series B redeemable convertible preferred stock, net of offering cost, expenses and discount (in shares)			37,073,162
Issuance of Series B redeemable convertible preferred stock, net of offering cost, expenses and discount			$ 37,185
Ending balance (in shares) at Mar. 31, 2023		81,790,144	37,073,162
Ending balance at Mar. 31, 2023		$ 81,525	$ 37,185
Beginning balance (in shares) at Dec. 31, 2022					504,544
Beginning balance at Dec. 31, 2022	$ (98,803)				$ 2	$ 2,231	$ (101,036)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)					10,428
Issuance of common stock upon exercise of stock options	43					43
Stock-based compensation	264					264
Net loss	(7,412)						(7,412)
Ending balance (in shares) at Mar. 31, 2023					514,972
Ending balance at Mar. 31, 2023	(105,908)				$ 2	2,538	(108,448)
Beginning balance (in shares) at Dec. 31, 2022		81,790,144	0
Beginning balance at Dec. 31, 2022		$ 81,525	$ 0
Ending balance (in shares) at Sep. 30, 2023		81,790,144	76,097,548
Ending balance at Sep. 30, 2023		$ 81,525	$ 85,003
Beginning balance (in shares) at Dec. 31, 2022					504,544
Beginning balance at Dec. 31, 2022	(98,803)				$ 2	2,231	(101,036)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(39,545)
Ending balance (in shares) at Sep. 30, 2023					579,975
Ending balance at Sep. 30, 2023	(137,111)				$ 2	3,468	(140,581)
Beginning balance (in shares) at Dec. 31, 2022		81,790,144	0
Beginning balance at Dec. 31, 2022		$ 81,525	$ 0
Ending balance (in shares) at Dec. 31, 2023		81,790,144	105,595,101	119,599,872
Ending balance at Dec. 31, 2023	367,277	$ 81,525	$ 121,148	$ 164,604
Beginning balance (in shares) at Dec. 31, 2022					504,544
Beginning balance at Dec. 31, 2022	$ (98,803)				$ 2	2,231	(101,036)
Ending balance (in shares) at Dec. 31, 2023	640,386				640,386
Ending balance at Dec. 31, 2023	$ (148,769)				$ 2	4,250	(153,021)
Beginning balance (in shares) at Mar. 31, 2023		81,790,144	37,073,162
Beginning balance at Mar. 31, 2023		$ 81,525	$ 37,185
Ending balance (in shares) at Jun. 30, 2023		81,790,144	37,073,162
Ending balance at Jun. 30, 2023		$ 81,525	$ 37,185
Beginning balance (in shares) at Mar. 31, 2023					514,972
Beginning balance at Mar. 31, 2023	(105,908)				$ 2	2,538	(108,448)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)					6,739
Issuance of common stock upon exercise of stock options	27					27
Vesting of restricted common stock (in shares)					54,035
Stock-based compensation	352					352
Net loss	(9,288)						(9,288)
Ending balance (in shares) at Jun. 30, 2023					575,746
Ending balance at Jun. 30, 2023	(114,817)				$ 2	2,917	(117,736)
Redeemable Convertible Preferred Stock
Issuance of Series B redeemable convertible preferred stock, net of offering cost, expenses and discount (in shares)			39,024,386
Issuance of Series B redeemable convertible preferred stock, net of offering cost, expenses and discount			$ 39,817
Settlement of Series B preferred stock tranche rights liability, upon issuance of milestone shares			$ 8,001
Ending balance (in shares) at Sep. 30, 2023		81,790,144	76,097,548
Ending balance at Sep. 30, 2023		$ 81,525	$ 85,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)					4,229
Issuance of common stock upon exercise of stock options	32					32
Stock-based compensation	519					519
Net loss	(22,845)						(22,845)
Ending balance (in shares) at Sep. 30, 2023					579,975
Ending balance at Sep. 30, 2023	(137,111)				$ 2	3,468	(140,581)
Beginning balance (in shares) at Dec. 31, 2023		81,790,144	105,595,101	119,599,872
Beginning balance at Dec. 31, 2023	$ 367,277	$ 81,525	$ 121,148	$ 164,604
Ending balance (in shares) at Mar. 31, 2024		81,790,144	105,595,101	119,599,872
Ending balance at Mar. 31, 2024		$ 81,525	$ 121,148	$ 164,604
Beginning balance (in shares) at Dec. 31, 2023	640,386				640,386
Beginning balance at Dec. 31, 2023	$ (148,769)				$ 2	4,250	(153,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	50					50
Stock-based compensation	1,147					1,147
Net loss	(12,508)						(12,508)
Ending balance (in shares) at Mar. 31, 2024					640,386
Ending balance at Mar. 31, 2024	(160,080)				$ 2	5,447	(165,529)
Beginning balance (in shares) at Dec. 31, 2023		81,790,144	105,595,101	119,599,872
Beginning balance at Dec. 31, 2023	367,277	$ 81,525	$ 121,148	$ 164,604
Ending balance (in shares) at Sep. 30, 2024		0	0	0
Ending balance at Sep. 30, 2024	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2023	640,386				640,386
Beginning balance at Dec. 31, 2023	$ (148,769)				$ 2	4,250	(153,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	393,216
Net loss	$ (47,038)
Ending balance (in shares) at Sep. 30, 2024	54,409,708				54,409,708
Ending balance at Sep. 30, 2024	$ 509,555				$ 7	709,607	(200,059)
Beginning balance (in shares) at Mar. 31, 2024		81,790,144	105,595,101	119,599,872
Beginning balance at Mar. 31, 2024		$ 81,525	$ 121,148	$ 164,604
Ending balance (in shares) at Jun. 30, 2024		81,790,144	105,595,101	119,599,872
Ending balance at Jun. 30, 2024		$ 81,525	$ 121,148	$ 164,604
Beginning balance (in shares) at Mar. 31, 2024					640,386
Beginning balance at Mar. 31, 2024	(160,080)				$ 2	5,447	(165,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)					349,962
Issuance of common stock upon exercise of stock options	1,315					1,315
Vesting of restricted common stock (in shares)					33,193
Stock-based compensation	1,038					1,038
Net loss	(17,049)						(17,049)
Ending balance (in shares) at Jun. 30, 2024					1,023,541
Ending balance at Jun. 30, 2024	(174,776)				$ 2	7,800	(182,578)
Redeemable Convertible Preferred Stock
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)		(81,790,144)	(105,595,101)	(119,599,872)
Conversion of convertible preferred stock into common stock upon initial public offering		$ (81,525)	$ (121,148)	$ (164,604)
Ending balance (in shares) at Sep. 30, 2024		0	0	0
Ending balance at Sep. 30, 2024	0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost, expenses and discount (in shares)					20,125,000
Issuance of common stock, net of offering cost, expenses and discount	332,429				$ 2	332,427
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)					33,210,876
Conversion of convertible preferred stock into common stock upon initial public offering	367,153				$ 3	367,150
Issuance of common stock upon exercise of stock options (in shares)					43,232
Issuance of common stock upon exercise of stock options	199					199
Vesting of restricted common stock (in shares)					7,059
Stock-based compensation	2,031					2,031
Net loss	$ (17,481)						(17,481)
Ending balance (in shares) at Sep. 30, 2024	54,409,708				54,409,708
Ending balance at Sep. 30, 2024	$ 509,555				$ 7	$ 709,607	$ (200,059)

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023

Accrued research and development expenses	$	7,448	$	6,035
Accrued bonus and payroll related expenses	1,807		1,742
Accrued professional fees	1,087		184
Accrued other	68		92
Total	$	10,410	$	8,053

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company is involved in lawsuits, arbitrations, claims, investigations and proceedings, consisting of intellectual property, commercial, employment and other matters, which arise in the ordinary course of business. The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not have contingency reserves established for any litigation liabilities as of September 30, 2024, and December 31, 2023.

Common Stock	9 Months Ended
Common Stock	Sep. 30, 2024
Equity [Abstract]
Common Stock	Common Stock The Company has 500,000,000 shares of Common Stock authorized for issuance, par value $0.0001 per share, of which 54,424,994 shares issued, net of share repurchased and cancellation, and 54,409,708 shares, net were outstanding as of September 30, 2024 and 711,895 shares issued, net of share repurchased and cancellation, and 640,386 shares, net were outstanding as of December 31, 2023. The Company has reserved 5,881,181 shares of Common Stock for issuance to officers, directors, employees and consultants pursuant to the 2019 Stock Option and Grant Plan. As of December 31, 2023, of the 640,386 shares outstanding, 87,404 shares relate to the exercises of stock options, 437,203 shares relate to vesting of RSAs issued under the 2019 Stock Option and Grant Plan, 115,757 shares of Common Stock are held by Biocon Limited and its affiliates (“Biocon”) and were awarded by the Company in 2020 and the remaining balance was issued to an investor. In September 2024, the Company completed an IPO. As part of the IPO, the Company received net proceeds of $332.4 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company, totaling $29.8 million from the issuance of 20,125,000 shares. Prior to the IPO, the Company held shares of convertible redeemable preferred shares, which consisted of Series A, Series B and Series C of preferred stock. Each tranche was subject to automatic conversion to common stock per the terms of the initial agreement. Prior to the IPO, there were 81,790,144, 105,595,101 and 119,599,872 shares outstanding in Series A, Series B and Series C tranches of preferred stock, respectively. These shares were converted into 33,210,876 shares of common stock upon completion of the IPO.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details