0001628280-24-049615 | S-1 | XBRL Viewer

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the following expense categories in its accompanying consolidated statements of operations (in thousands):


	Year Ended December 31,
	2023		2022
Research and development	$	897	$	732
General and administrative	521		520
Total expense	$	1,418	$	1,252

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,272	$	242	$	3,212	$	657
General and administrative	1,202		144		2,621		406
Total expense	$	2,474	$	386	$	5,833	$	1,063

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the option activity under the stock option plans:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2022	468,632	$	13.23	7.37
Assumption of options in connection with the reverse merger	215,207	$	77.20	2.50
Granted	183,391	$	18.91
Exercised	(20,348)	$	8.24
Expired/Forfeited	(23,049)	$	20.34
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Exercisable at December 31, 2023	527,053	$	38.42	4.73

The following table summarizes the option activity:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Granted	849,012	$	35.31
Exercised *	(83,795)	$	17.63
Expired/Forfeited	(204,868)	$	74.86
Outstanding at September 30, 2024	1,384,182	$	28.22	8.09
Exercisable at September 30, 2024	461,339	$	18.34	6.02

__________________

*14,582 options were exercised on September 30, 2024 and the cash for the option exercise was received on October 1, 2024. Accordingly, a receivable of approximately $0.3 million was recorded as a reduction in additional paid-in-capital as of September 30, 2024 in the condensed consolidated balance sheet.

Share-Based Payment Arrangement, Option, Exercise Price Range

The following table summarizes information about the outstanding and exercisable options at December 31, 2023 (in thousands, except share and per share amounts):


	Options Outstanding						Options Exercisable
Exercise Price Range	Number Outstanding	Weighted Average Remaining Contractual	Weighted Average Exercise Price		Intrinsic Value		Number Exercisable	Weighted Average Remaining Contractual	Weighted average Exercise Price		Intrinsic Value
$5.19 - $9.99	108,600	5.12	$	5.86	$	1,469	108,315	5.12	$	5.86	$	1,465
$10.00 - $19.99	365,112	6.95	$	15.06	$	1,596	184,871	5.37	$	13.42	$	1,120
$20.00 - $29.99	196,723	7.14	$	22.43	$	—	80,817	7.41	$	22.88	$	—
$30.00 - $274.80	153,398	2.27	$	100.05	$	—	153,050	2.26	$	99.86	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:


	Year Ended December 31,
	2023		2022
Expected volatility	82.96%-83.70%		71.71%-74.01%
Risk-free interest rate	3.45%-4.46%		1.47%-4.22%
Expected life (in years)	3.58-6.08		5.87-6.09
Expected dividend yield	—		—
Fair value of common stock	$	18.39	$	20.24

The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	90.85%-92.31%	—%-—%	86.39%-92.31%	82.96%-83.70%
Risk-free interest rate	3.43%-4.40%	—%-—%	3.43%-4.60%	3.45% - 4.46%
Expected life (in years)	5.95-6.12	0.00-0.00	5.50-6.15	3.58 - 6.08
Expected dividend yield	—	—	—	—
Fair value of common stock (1)				$	18.39

__________________

(1)Prior to the reverse merger, the Company periodically estimated the fair value of the Company’s common stock considering, among other things, valuations of its common stock prepared by management with the assistance of a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Following the reverse merger, the fair value of the Company’s common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Market.

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted Class A common stock activity:


	Number of shares	Weighted- average grant date fair value
Unvested balance at December 31, 2022	6,691	$	5.82
Vested	(6,691)	$	5.82
Unvested balance at December 31, 2023	—	$	—

A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Restricted stock units granted	482,384	$	36.06
Restricted stock units forfeited	(4,771)	$	36.06
Unvested at September 30, 2024	477,613	$	36.06

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income (loss) before provision for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	(36,317)	$	(55,189)
Loss before provision for income taxes	$	(36,317)	$	(55,189)

No provision for federal or state income taxes was recorded during the years ended December 31, 2023 and 2022, as the Company incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The reported amount of income tax benefit for the years ended December 31, 2023 and 2022 differs from the amount that would result from applying domestic federal statutory rates to pretax losses primarily because of changes in the valuation allowance, state taxes, and the generation of research and development credits.

The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows:


	Year Ended December 31,
	2023		2022
Federal statutory income tax	21.0	%	21.0	%
State income taxes, net of federal tax benefit	(0.8)	%	(0.1	%)
Other permanent items	(0.5)	%	(0.4)	%
Research and development credit	5.8	%	3.0	%
Bargain purchase gain	9.5	%	—	%
Valuation allowance	(35.0)	%	(23.5)	%
Effective income tax rate	—		—

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


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	60,287	$	25,253
Research and development credits	9,765		3,681
Accruals & reserves	802		727
Stock compensation	2,952		107
Amortization	778		298
Lease liability	3,157		995
Capitalized research and development expenses	22,134		8,271
Total deferred tax assets	99,875		39,332
Valuation allowance	(98,926)		(38,168)
Net deferred tax assets	949		1,164

Deferred tax liabilities:
Depreciation	(152)		(224)
Right of use asset	(797)		(940)
Total deferred tax liabilities	(949)		(1,164)
Net deferred taxes	$	—	$	—

As of December 31, 2023 and 2022, the Company had a federal net operating loss carryforward of $277.9 million and $110.5 million, respectively, which may be available to offset future income tax liabilities. Of this amount, approximately $2.3 million will begin to expire in 2038 and approximately $275.6 million are carried forward indefinitely. As of December 31, 2023 and 2022, the Company has state NOL carryforwards of $35.1 million and $36.0 million, respectively. Of this amount, approximately $33.4 million will begin to expire in 2038 and approximately $1.7 million are carried forward indefinitely.

As of December 31, 2023 and 2022, the Company has federal research and development tax credit carryforwards of $7.5 million and $2.9 million, respectively, which begin to expire in 2039. As of December 31, 2023, the Company has federal orphan drug tax credit carryforwards of $2.2 million, which begin to expire in 2042. As of December 31, 2023, the Company has state research and development tax credit carryforwards of $0.1 million which begin to expire in 2036.

Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2023 and 2022, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2023 and 2022.

The Tax Cuts and Jobs Act (TCJA) resulted in significant changes to the treatment of research and developmental (R&D) expenditures under Section 174 of the IRC. For tax years beginning after December 31, 2021, taxpayers are required to capitalize and amortize all R&D expenditures that are paid or incurred in connection with their trade or business. Specifically, costs for U.S.-based R&D activities must be amortized over five years and costs for foreign R&D activities must be amortized over 15 years—both using a midyear convention. As of December 31, 2023, the Company capitalized a substantial amount of R&D expenditures primarily related to research and development activities performed in the US.

The Company’s valuation allowance increased by $60.7 million and $13.0 million for the years ended December 31, 2023 and 2022, respectively, due primarily to the generation of NOLs. The Company’s valuation allowance for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year Ended December 31,
	2023		2022
Valuation allowance beginning of year	$	38,168	$	25,195
Increases recorded to income tax provision	12,701		12,973
Increase recorded to equity	48,057		—
Valuation allowance at end of year	$	98,926	$	38,168

Utilization of the net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company has not completed a study to assess whether a change of ownership has occurred, or whether there have been multiple ownership changes since its formation, due to the significant cost and complexity associated with a study. There could also be additional ownership changes in the future which may result in additional limitations on the utilization of net operating loss carryforwards and tax credits.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax returns are open under statute from 2018 to the present.

As of December 31, 2023 and 2022, the Company had liabilities for uncertain tax positions of $2.6 million and $1.1 million, respectively, which, if recognized, would impact the Company’s effective income tax rate. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. As of December 31, 2023 and 2022, the Company had not accrued interest or penalties related to uncertain tax positions.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance	$	1,108	$	632
Additions based on tax positions related to current year	574		476
Additions for tax positions of prior years	929		—
Ending Balance	$	2,611	$	1,108

The entire disclosure for income tax.

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Organization and Description of Business (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 18, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 shares	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock, shares converted (in shares)	10,472,635
Reverse merger, conversion ratio (in shares)	0.0756			0.0756
Convertible preferred stock, shares issued upon conversion	7,231,747
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,825,635
Asset acquisition, percentage of net proceeds before closing		100.00%
Asset acquisition, percentage of net proceeds post closing		80.00%
Lease contingent value rights liability, current \| $		$ 281	$ 768		$ 0
Lease contingent value rights liability, non-current \| $		$ 1,006	$ 646		$ 0
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25
Neoleukin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock, shares converted (in shares)	3,240,888
Asset Acquisition, Percentage of Shares Acquired		84.00%
Pre-closing Financing
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,811,739
Sale of stock, number of shares issued in transaction (in shares)	2,792,206
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 20.63
Sale of stock, consideration received on transaction \| $	$ 95,000
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 20.63

Summary of Significant Accounting Policies - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Restrictions on Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Restructuring and Related Costs

A summary of the accrued liabilities activity recorded in connection with the wind-down of Neoleukin’s Phase 1 trial of NL-201 for the nine months ended September 30, 2024 is as follows (in thousands):


	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at September 30, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(201)	$	(999)	$	762

Schedule of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Pre-Merger (1)				Post-Merger (2)		Pre-Merger (1)
	Class A		Class B		Common stock		Class A		Class B
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Net income (loss) per share, basic	$	(117.28)	$	—	$	27.76	$	(139.88)	$	—

Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Weighted-average effect of dilutive securities:
Warrants to purchase common stock	—		—		4,063,361		—		—
Options to purchase common stock	—		—		101,719		—		—
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	426,097		—		4,656,947		394,533		—
Net income (loss) per share, diluted	$	(117.28)	$	—	$	2.93	$	(139.88)	$	—
__________________
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023 and for the year ended December 31, 2022.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

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


	Nine Months Ended September 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(55,630)	$	(38,700)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,932,976		441,498		—
Net loss per share, basic and diluted	$	(3.29)	$	(87.66)	$	—

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Year Ended December 31, 2023			Year Ended December 31, 2022
	Pre-Merger (1)		Post-Merger (2)	Pre-Merger (1)
	Class A	Class B	Common stock	Class A	Class B
Options to purchase common stock	614,729	—	541,180	468,632	—
Restricted stock awards	—	—	—	6,691	—
Series A-1 convertible preferred stock (3)	—	—	—	18,604,653	—
Series A-2 convertible preferred stock (3)	—	—	—	13,291,208	—
Series B convertible preferred stock (3)	—	—	—	74,405,719	—
Total awards excluded	614,729	—	541,180	106,776,903	—

__________________

(3)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Nine Months Ended September 30,
	2024	2023
Series A-1 convertible preferred stock (1)	—	18,604,653
Series A-2 convertible preferred stock (1)	—	13,291,208
Series B convertible preferred stock (1)	—	74,405,719
Stock options	1,384,182	609,656
Total	1,384,182	106,911,236

__________________

The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Licenses - 10Q (Details) - USD ($) $ in Thousands		1 Months Ended			9 Months Ended		12 Months Ended
Licenses - 10Q (Details) - USD ($) $ in Thousands	Aug. 06, 2024	Aug. 09, 2024	Nov. 30, 2023	Dec. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2020	Dec. 31, 2019	May 31, 2019
University of North Carolina \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product								$ 30			$ 15		$ 1,700	$ 1,700
Annual license maintenance fee					$ 4	$ 4	$ 4	4
University of North Carolina and University of Pennsylvania
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee					1,100	900
University of North Carolina and University of Pennsylvania \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product								500
Annual license maintenance fee							0	20
Collaborative Arrangement, Rights and Obligations, Additional Term			33 months
University of Edinburgh
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative Arrangement, Rights and Obligations, Expense							300
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative Arrangement, Rights and Obligations, Term				40 months
Research Collaboration and License Agreement, Option to Terminate				90 days
Collaborative Arrangement, Rights and Obligations, Expense							1,600	1,100
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Regulatory-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product										$ 5,250
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Sales-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product										$ 25,000
Collaborative Arrangement, Rights and Obligations, Expense						300
Virovek, Inc License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee							50	$ 50
Collaborative Arrangement, Rights and Obligations, Expense						100	100
Virovek, Inc License Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product												$ 200
Sigma-Aldrich Co
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee					$ 60	$ 60	60
Sigma-Aldrich Co \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product									$ 2,500
Stanford License Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee	$ 500						$ 50
Term of agreement		10 years

Commitment and Contingencies - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost

Supplemental lease expense related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Years Ended December 31,
	2023		2022
Operating lease cost	$	1,037	$	1,037
Finance lease cost
Amortization of finance leases	35		4
Interest on finance lease liabilities	12		2
Variable lease cost	178		196
Short-term lease cost	80		74
Total lease cost	$	1,342	$	1,313

Supplemental lease expense related to leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	508	$	259	$	1,553	$	777
Finance lease cost
Amortization of finance leases	12		10		39		24
Interest on finance lease liabilities	3		3		9		9
Variable lease cost	364		19		978		129
Short-term lease cost	18		21		53		63
Total lease cost	$	905	$	312	$	2,632	$	1,002

Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s consolidated balance sheet as of December 31, 2023 (in thousands):


Maturity of operating lease liabilities
2024	$	3,862
2025	3,964
2026	3,672
2027	3,235
2028	3,294
2029	616
Total lease payments	$	18,643
Less: interest	(3,782)
Total operating lease liabilities	$	14,861

The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands):


Maturity of operating lease liabilities
2024 (remaining)	$	982
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	613
Total lease payments	$	15,810
Less: interest	(2,784)
Total operating lease liabilities	$	13,026

Finance Lease, Liability, to be Paid, Maturity


Maturity of finance lease liabilities
2024	$	51
2025	50
2026	15
2027	6
2028	1
Total lease payments	$	123
Less: interest	(16)
Total finance lease liabilities	$	107


Maturity of finance lease liabilities
2024 (remaining)	$	15
2025	60
2026	21
2027	6
Total lease payments	$	102
Less: interest	(9)
Total finance lease liabilities	$	93

Assets And Liabilities, Lessee

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


Leases	December 31,
	2023		2022
Operating right-of-use assets	$	3,681	$	4,344

Operating current lease liabilities	2,559		678
Operating noncurrent lease liabilities	12,302		3,921
Total operating lease liabilities	$	14,861	$	4,599

Finance right-of-use assets	$	98	$	87

Finance current lease liabilities	42		24
Finance noncurrent lease liabilities	65		66
Total finance lease liabilities	$	107	$	90


Other information	December 31,
	2023			2022
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	1,051		$	1039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	42		$	3
Weighted-average remaining lease term - operating leases (in years)	4.88			5.72
Weighted-average remaining lease term - finance lease (in years)	2.53			3.47
Weighted-average discount rate - operating leases	9.72		%	8.86		%
Weighted-average discount rate - finance lease	11.49		%	11.45		%

Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands):


Leases
Operating right-of-use assets	$	3,193

Operating lease liabilities, current	2,856
Operating lease liabilities, non-current	10,170
Total operating lease liabilities	$	13,026

Finance right-of-use assets	$	84

Finance lease liabilities, current	54
Finance lease liabilities, non-current	39
Total finance lease liabilities	$	93


Other information
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	2,899
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	45
Weighted-average remaining lease term - operating leases (in years)	4.18
Weighted-average remaining lease term - finance lease (in years)	1.87
Weighted-average discount rate - operating leases	9.73		%
Weighted-average discount rate - finance lease	11.05		%

Asset Acquisition, Contingent Consideration

The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Current		Non-Current		Current		Non-Current
Lease CVR	$	436	$	717	$	281	$	1,006
Intellectual Property CVR, net	—		(71)		—		—
Sales Tax CVR	332		—		—		—
Total CVR liability	$	768	$	646	$	281	$	1,006

Stock-Based Compensation - Summary of Operating Expenses - 10Q (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 2,474	$ 386	$ 5,833	$ 1,063	$ 1,418	$ 1,252
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	1,272	242	3,212	657	897	732
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 1,202	$ 144	$ 2,621	$ 406	$ 521	$ 520

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Employee Benefit Plan	9 Months Ended
Employee Benefit Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a 401(k) Plan. Employees become eligible for participation upon the start of employment. Participants may elect to have a portion of their salary deferred and contributed to the 401(k) Plan up to the limit allowed under the Internal Revenue Code. The Company makes a matching contribution to the plan for each participant who has elected to make tax-deferred contributions for the plan year. The Company made matching contributions which amounted to approximately $0.5 million and $0.5 million for each of the years ended December 31, 2023 and 2022, respectively. These amounts were charged to the consolidated statement of operations. The employer contributions vest over a five-year period.

Reverse Merger - Fair Value of Neoleukin Net Assets Acquired at closing and Fair Value Allocation (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Dec. 18, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Fair value allocated to contingent consideration liability		$ 1,200	$ 1,300
Fair value allocated to bargain purchase gain			16,355	$ 0
Neoleukin
Business Acquisition [Line Items]
Monetary assets acquired	$ 76,906
Liabilities assumed	(21,052)
Fair value of net assets acquired	55,854
Less: total consideration transferred	(38,212)
Total fair value allocated	17,642
Fair value allocated to contingent consideration liability	1,287
Fair value allocated to bargain purchase gain	$ 16,355		$ 16,400

Reverse Merger (Tables)

9 Months Ended

Sep. 30, 2024

Asset Acquisition

The following table summarizes the final purchase price paid in the reverse merger along with the fair value allocation (in thousands, except share and per share amounts):


Calculation of total purchase price:
Number of common shares and pre-funded warrants of the combined company owned by Neoleukin stockholders (1)	2,777,017
Multiplied by the fair value per share of Neoleukin common stock (2)	$	13.76
Fair value of Neoleukin common stock issued (2)	$	38,212
Transaction costs (6)	4,140
Contingent consideration liability (3)	1,287
Total purchase price	$	43,639

Fair value of Neoleukin net assets acquired at Closing and fair value allocation:
Monetary assets acquired (4)	$	76,906
Liabilities assumed (5)	(21,052)
Fair value of net assets acquired	$	55,854
Less: total consideration transferred	(38,212)
Excess of fair value of monetary assets acquired over total consideration transferred	$	17,642
Fair value allocated to contingent consideration liability (3)	1,287
Fair value allocated to bargain purchase gain	16,355
Total fair value allocated	$	17,642

Reconciliation of allocation to purchase price:
Fair value of monetary assets acquired (4)	$	76,906
Transaction costs (6)	4,140
Neoleukin liabilities assumed (5)	(21,052)
Fair value allocated to bargain purchase gain	(16,355)
Total purchase price	$	43,639

__________________

(1)The number of shares is based on a total 2,351,030 shares of Neoleukin common stock and 425,987 pre-funded warrants outstanding as of December 18, 2023.

(2)The fair value of Neoleukin common stock (also referred to in discussions herein as “total consideration transferred”) was determined using the closing price of Neoleukin’s common stock on December 15, 2023, after giving effect to the Reverse Stock Split. As discussed in Note 3, Summary of Significant Accounting Policies, Neoleukin’s stock price is measured using Level 1 fair value measurements.

(3)Refer to Note 10, Commitments and Contingencies, for further discussion on the contingent consideration liability.

(4)In accordance with the guidance in ASC 805, Business Combinations, the fair value of the net assets acquired was allocated to any non-monetary assets on a pro rata basis. As such, the assets acquired only include cash, cash equivalents and restricted cash of $22.2 million, short-term investments of $53.9 million, and other immaterial monetary assets of $0.8 million.

(5)Included in Neoleukin liabilities assumed is (i) $10.9 million in lease liabilities, (ii) $3.8 million in accrued payroll and $6.3 million in other accrued costs and accounts payable. For the lease liabilities, the Company utilized judgment in estimating the IBR used in determining the fair value of the leases upon Closing.

(6)As indicated in ASC 805 regarding asset purchases, the accounting acquirer’s transaction costs incurred directly related to the asset purchase should be included in the consideration to acquire the assets. These costs were initially recorded as deferred financing costs and then reclassified to offset to equity upon Closing.

Risks and Uncertainties - 10Q	9 Months Ended
Risks and Uncertainties - 10Q	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $36.3 million and $55.2 million for the years ended December 31, 2023 and 2022, respectively. In addition, the Company used cash in operations of $51.4 million and $52.8 million for the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $187.2 million as of December 31, 2023. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of December 31, 2023, the Company had cash and cash equivalents of approximately $148.2 million. On December 18, 2023, the Company closed on the merger with Neoleukin Therapeutics, Inc. (see Note 4, Reverse Merger) and a Pre-Closing Financing (see Note 1, Organization and Description of Business). The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. In March 2024, the Company terminated the ATM. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing and reimbursement, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $55.6 million and $38.7 million for the nine months ended September 30, 2024 and 2023, respectively. In addition, the Company used cash in operations of $53.1 million and $34.5 million for the nine months ended September 30, 2024 and 2023, respectively, and had an accumulated deficit of $242.8 million as of September 30, 2024. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of September 30, 2024, the Company had cash, cash equivalents and investments of approximately $139.0 million. On December 18, 2023, the Company closed the reverse merger and the Pre-Closing Financing. The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company was able to offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The Registration Statement on Form S-3 that was prepared for the ATM expired on December 21, 2023, and in March 2024, the Company formally terminated the ATM. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Preferred Stock (Details) - USD ($)			12 Months Ended
Preferred Stock (Details) - USD ($)	Dec. 18, 2023	Mar. 02, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000		0
Preferred stock, par or stated value per share (in dollars per share)			$ 0.000001	$ 0.000001		$ 0.000001
Preferred Stock, shares, outstanding (in shares)			0	0		0
Stock issued during period, shares, new issues (in shares)	13,505,271
Reverse merger, conversion ratio (in shares)	0.0756				0.0756
Common stock, shares, issued (in shares)	7,231,747		12,823,665	13,010,867		0
Class of warrant or right, issued (in shares)	1,825,635
Convertible preferred stock, non-cumulative dividends, per-dollar-amount (in dollars per share)			$ 0.18
Convertible preferred dividends, net of tax			$ 0
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		27,274,586
Sale of stock, price per share (in dollars per share)		$ 2.44
Proceeds from issuance of redeemable convertible preferred stock		$ 66,500,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares, issued (in shares)	12,823,665		0			428,334
Preferred stock, convertible, conversion price (in dollars per share)		$ 2.15
Class A Common Stock \| IPO
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)			$ 4.30
Sale of stock, consideration received on transaction			$ 75,000,000.0
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares, issued (in shares)			0			0
Preferred stock, convertible, conversion price (in dollars per share)		$ 2.44
Class B Common Stock \| IPO
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)			$ 3.66
Sale of stock, consideration received on transaction			$ 50,000,000.0
Series A-1 Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, liquidation preference per share (in dollars per share)			$ 5.38

Prepaid expenses and other current assets

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other current assets

Prepaid expenses and other assets consist of the following (in thousands):


	December 31,
	2023		2022
Refunds and other receivables	$	600	$	990
Prepaid expenses	1,496		1,078
Other current assets	1,095		630
Total prepaid and other current assets	$	3,191	$	2,698

Prepaid expenses and other current assets

Prepaid expenses and other assets consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Refunds and other receivables	$	672	$	600
Prepaid expenses	2,382		1,496
Other current assets	1,600		1,095
Total prepaid and other current assets	$	4,654	$	3,191

Subsequent Events - 10Q	9 Months Ended
Subsequent Events - 10Q	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From January 1, 2024 until the financial statements were issued, the Company granted 740,752 options and 482,384 RSUs to employees and consultants, and 29,320 options were exercised. Subsequent Events From October 1, 2024 until the financial statements were issued, the Company granted 34,695 options to employees and 8,858 options were exercised. 2024 private placement On November 5, 2024, the Company closed a private investment in public equity financing in which the Company sold 1,835,000 shares of common stock at a purchase price of $50.00 per share and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 2,165,042 shares of common stock, at a purchase price of $49.999 per pre-funded warrant, to certain institutional accredited investors. The pre-funded warrants are immediately exercisable until exercised in full at a price of $0.001 per share of common stock. The aggregate gross proceeds to the Company are approximately $200.0 million. Net proceeds, after deducting commissions and other offering expenses, are expected to total approximately $189.5 million.

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	$ 135,480	$ 193,305
Gross unrealized holding gains	172	16
Gross unrealized holding losses	0	0
Estimated fair value	$ 135,652	193,321
U.S. treasury notes
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted		48,947	$ 0
Gross unrealized holding gains		16	0
Gross unrealized holding losses		0	0
Estimated fair value		$ 48,963	$ 0

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

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-Topic 320
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Summary of Significant Accounting Policies - Earnings per Share - 10Q (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dec. 18, 2023

Dec. 31, 2022

$ 13,654

$ (20,217)

$ (18,492)

$ (16,921)

$ (14,577)

$ (11,860)

$ (12,263)

$ (55,630)

$ (38,700)

$ (36,317)

$ (55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

491,867

^[1]

16,953,443

^[2]

446,255

^[2]

16,932,976

^[2]

441,498

^[2]

Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)

4,656,947

^[1]

16,953,443

^[2]

446,255

^[2]

16,932,976

^[2]

441,498

^[2]

Net loss per share, basic (in dollars per share)

$ 27.76

^[1]

$ (1.19)

^[2]

$ (32.67)

^[2]

$ (3.29)

^[2]

$ (87.66)

^[2]

Net loss per share, Diluted (in dollars per share)

$ 2.93

^[1]

$ (1.19)

^[2]

$ (32.67)

^[2]

$ (3.29)

^[2]

$ (87.66)

^[2]

Class A Common Stock

$ (38,700)

$ (49,971)

$ (55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

441,498

426,097

^[1]

394,533

^[1]

Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)

441,498

426,097

^[1]

394,533

^[1]

Net loss per share, basic (in dollars per share)

$ (87.66)

$ (117.28)

^[1]

$ (139.88)

^[1]

Net loss per share, Diluted (in dollars per share)

$ (87.66)

$ (117.28)

^[1]

$ (139.88)

^[1]

Class B Common Stock

$ 0

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

Weighted-average shares outstanding in computing net loss per share, Diluted (in shares)

^[1]

Net loss per share, basic (in dollars per share)

$ 0

^[1]

$ 0

^[1]

Net loss per share, Diluted (in dollars per share)

$ 0

^[1]

$ 0

^[1]

[1]

On December 18, 2023, the Company completed its reverse merger, which among other things, resulted in Neurogene OpCo merging with and into a wholly owned subsidiary of Neoleukin Therapeutics, Inc. As the earnings per share information for the pre-merger period is not comparable to the earnings per share information for the post-merger period, the earnings per share information is being presented separately for these periods. See Note 3, Net Income (Loss) Per share, for additional information.

(a)Presents information for the pre-merger period for Class A common stock. The pre-merger period is January 1, 2023 through December 17, 2023 for the year ended December 31, 2023 and the full fiscal year ended December 31, 2022.

(b)Presents information for the pre-merger period for Class B common stock. The pre-merger period is January 1, 2023 through December 17, 2023 for the year ended December 31, 2023 and the full fiscal year ended December 31, 2022.

(c)Presents information for the post-merger period for common stock. The post-merger period is December 18, 2023 through December 31, 2023.

[2]

For the three and nine months ended September 30, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three and nine months ended September 30, 2024, net loss per share information is presented for the Company’s common stock. See Note 1, Reverse Merger and Pre-Closing Financing and Note 3, Net Loss Per Share Attributable to Common Stockholders, for additional information.

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

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

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

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Stock-Based Compensation - Summary of Restricted Stock Awards (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of shares
Ending balance (in shares)	0
Restricted stock awards \| Class A Common Stock
Number of shares
Beginning balance (in shares)	6,691
Vested (in shares)	(6,691)
Ending balance (in shares)	0
Weighted- average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 5.82
Vested (in dollars per share) \| $ / shares	5.82
Ending balance (in dollars per share) \| $ / shares	$ 0

Summary of Significant Accounting Policies - Potentially Antidilutive Securities - 10Q (Details) - shares		9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 18, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	541,180	1,384,182	106,911,236
Reverse merger, conversion ratio (in shares)			0.0756	0.0756
Series A-1 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	18,604,653
Series A-2 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	13,291,208
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	74,405,719
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	541,180	1,384,182	609,656

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2023		2022
Compensation and related benefits	$	3,496	$	3,357
Research and development	4,895		1,800
Accrued severance, bonus, and retention (1)	2,476		—
Accrued offering costs in connection with pre-closing financing	3,334		—
Accrued transaction costs related to reverse merger	2,557		—
Other	737		167
Total accrued expenses and other current liabilities	$	17,495	$	5,324

__________________

(1)Includes accrued severance, bonus, and retention payments for current and former Neoleukin employees. Refer to Note 10, Commitments and Contingencies, for further detail.

Accrued Expenses and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Compensation, bonuses and related benefits	$	3,432	$	3,496
Research and development	6,483		4,895
Accrued severance, bonus, and retention (1)	—		2,476
Accrued offering costs in connection with pre-closing financing	—		3,334
Accrued transaction costs related to reverse merger	—		2,557
Other	523		737
Total accrued expenses and other current liabilities	$	10,438	$	17,495

__________________

(1)Includes accrued severance, bonus, and retention payments for former Neoleukin employees.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001		$ 0.000001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000		0
Preferred Stock, shares, issued (in shares)	0	0		0
Preferred Stock, shares, outstanding (in shares)	0	0		0
Common stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001		$ 0.000001
Common stock, shares authorized (in shares)	450,000,000	450,000,000		0
Common stock, shares, issued (in shares)	13,010,867	12,823,665	7,231,747	0
Common stock, shares, outstanding (in shares)	13,010,867	12,823,665		0

Organization and Description of Business - 10Q (Details) $ / shares in Units, $ in Millions	Dec. 18, 2023 USD ($) $ / shares shares	Sep. 30, 2023 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25
Conversion of stock, shares converted (in shares)	10,472,635
Reverse merger, conversion ratio (in shares)	0.0756	0.0756
Convertible preferred stock, shares issued upon conversion	7,231,747
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,825,635
Pre-closing Financing
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,811,739
Sale of stock, number of shares issued in transaction (in shares)	2,792,206
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 20.63
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 20.63
Sale of stock, consideration received on transaction \| $	$ 95.0
Neoleukin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock, shares converted (in shares)	3,240,888

Stock-Based Compensation - Information About Outstanding and Exercisable Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Options Outstanding
Intrinsic Value	$ 2,600	$ 20,000
Options Exercisable
Intrinsic Value	$ 2,300	$ 11,800
Exercise Price Range One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 5.19
Exercise price range, upper range limit (in dollars per share)	$ 9.99
Options Outstanding
Number Outstanding (in shares)	108,600
Weighted Average Remaining Contractual (in years)	5 years 1 month 13 days
Weighted Average Exercise Price (in dollars per share)	$ 5.86
Intrinsic Value	$ 1,469
Options Exercisable
Number Exercisable (in shares)	108,315
Weighted Average Remaining Contractual (in years)	5 years 1 month 13 days
Weighted average Exercise Price (in dollars per share)	$ 5.86
Intrinsic Value	$ 1,465
Exercise Price Range Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 10.00
Exercise price range, upper range limit (in dollars per share)	$ 19.99
Options Outstanding
Number Outstanding (in shares)	365,112
Weighted Average Remaining Contractual (in years)	6 years 11 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 15.06
Intrinsic Value	$ 1,596
Options Exercisable
Number Exercisable (in shares)	184,871
Weighted Average Remaining Contractual (in years)	5 years 4 months 13 days
Weighted average Exercise Price (in dollars per share)	$ 13.42
Intrinsic Value	$ 1,120
Exercise Price Range Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 20.00
Exercise price range, upper range limit (in dollars per share)	$ 29.99
Options Outstanding
Number Outstanding (in shares)	196,723
Weighted Average Remaining Contractual (in years)	7 years 1 month 20 days
Weighted Average Exercise Price (in dollars per share)	$ 22.43
Intrinsic Value	$ 0
Options Exercisable
Number Exercisable (in shares)	80,817
Weighted Average Remaining Contractual (in years)	7 years 4 months 28 days
Weighted average Exercise Price (in dollars per share)	$ 22.88
Intrinsic Value	$ 0
Exercise Price Range Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 30.00
Exercise price range, upper range limit (in dollars per share)	$ 274.80
Options Outstanding
Number Outstanding (in shares)	153,398
Weighted Average Remaining Contractual (in years)	2 years 3 months 7 days
Weighted Average Exercise Price (in dollars per share)	$ 100.05
Intrinsic Value	$ 0
Options Exercisable
Number Exercisable (in shares)	153,050
Weighted Average Remaining Contractual (in years)	2 years 3 months 3 days
Weighted average Exercise Price (in dollars per share)	$ 99.86
Intrinsic Value	$ 0

Reverse Merger - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 18, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Asset Acquisition, Bargain Purchase, Gain Recognized, Amount		$ 16,355	$ 0
Neoleukin
Business Acquisition [Line Items]
Contingent consideration liability		1,300
Asset Acquisition, Bargain Purchase, Gain Recognized, Amount	$ 16,355	$ 16,400

Investments - 10Q

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

The following table summarizes the Company’s investment securities as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
U.S. treasury notes	$	48,947	$	16	$	—	$	48,963

December 31, 2022

Amortized cost, as adjusted

Gross
unrealized
holding gains

Gross
unrealized
holding losses

Estimated fair
value

Short-term investments:

U.S. treasury notes

—

All of the Company’s investments mature within the next 12 months.

Investments

The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	63,120	$	—	$	—	$	63,120
Short-term investments:
U.S. treasury notes	72,360		172		—		72,532
Total	$	135,480	$	172	$	—	$	135,652


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	144,358	$	—	$	—	$	144,358
Short-term investments:
U.S. treasury notes	48,947		16		—		48,963
Total	$	193,305	$	16	$	—	$	193,321

All of the Company’s investments mature within the next 12 months.

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Class A Common Stock	Class B Common Stock	Preferred Stock	Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid- In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		18,604,653	13,291,208	47,131,133
Beginning balance at Dec. 31, 2021		$ 34,414	$ 28,675	$ 114,818
Ending balance at Dec. 31, 2022	$ 244,366	$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Dec. 31, 2022		18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Dec. 31, 2021							0
Beginning balance (in shares) at Dec. 31, 2021								0	419,783	0
Beginning balance at Dec. 31, 2021	(91,875)						$ 0	$ 0	$ 0	$ 0	$ 3,773	$ (95,648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,252
Class A common stock issued upon exercise of stock options (in shares)									8,551
Class A common stock issued upon exercise of stock options	73
Net loss	(55,189)				$ (55,189)	$ 0
Ending balance at Dec. 31, 2022	$ (145,739)						$ 0	$ 0	$ 0	$ 0	5,098	(150,837)
Ending balance (in shares) at Dec. 31, 2022	0				428,334	0		0	428,334	0
Ending balance (in shares) at Dec. 31, 2022	0						0
Ending balance at Mar. 31, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Mar. 31, 2023		18,604,653	13,291,208	74,405,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 293										293
Class A common stock issued upon exercise of stock options (in shares)									13,532
Class A common stock issued upon exercise of stock options	112										112
Net loss	(12,263)											(12,263)
Ending balance at Mar. 31, 2023	(157,597)						$ 0	$ 0	$ 0	$ 0	5,503	(163,100)
Ending balance (in shares) at Mar. 31, 2023								0	441,866	0
Ending balance (in shares) at Mar. 31, 2023							0
Beginning balance (in shares) at Dec. 31, 2022		18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	$ 244,366	$ 34,414	$ 28,675	$ 181,277
Ending balance at Sep. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 2023		18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Dec. 31, 2022	0						0
Beginning balance (in shares) at Dec. 31, 2022	0				428,334	0		0	428,334	0
Beginning balance at Dec. 31, 2022	$ (145,739)						$ 0	$ 0	$ 0	$ 0	5,098	(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,700)				$ (38,700)	$ 0
Ending balance at Sep. 30, 2023	(183,209)						$ 0	$ 0	$ 0	$ 0	6,328	(189,537)
Ending balance (in shares) at Sep. 30, 2023								0	448,644	0
Ending balance (in shares) at Sep. 30, 2023							0
Beginning balance (in shares) at Dec. 31, 2022		18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	244,366	$ 34,414	$ 28,675	$ 181,277
Ending balance at Dec. 31, 2023	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2023		0	0	0
Beginning balance (in shares) at Dec. 31, 2022	0						0
Beginning balance (in shares) at Dec. 31, 2022	0				428,334	0		0	428,334	0
Beginning balance at Dec. 31, 2022	$ (145,739)						$ 0	$ 0	$ 0	$ 0	5,098	(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,418										1,418
Class A common stock issued upon exercise of stock options (in shares)	20,348								20,348
Class A common stock issued upon exercise of stock options	$ 168										168
Net loss	(36,317)											(36,317)
Ending balance at Dec. 31, 2023	$ 186,024						$ 0	$ 0	$ 0	$ 0	373,178	(187,154)
Ending balance (in shares) at Dec. 31, 2023	12,823,665				0	0		12,823,665	0	0
Ending balance (in shares) at Dec. 31, 2023	0						0
Beginning balance (in shares) at Dec. 31, 2022		18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	$ 244,366	$ 34,414	$ 28,675	$ 181,277
Beginning balance (in shares) at Dec. 31, 2022	0						0
Beginning balance (in shares) at Dec. 31, 2022	0				428,334	0		0	428,334	0
Beginning balance at Dec. 31, 2022	$ (145,739)						$ 0	$ 0	$ 0	$ 0	5,098	(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					$ (49,971)	$ 0
Ending balance (in shares) at Dec. 18, 2023					12,823,665
Beginning balance (in shares) at Mar. 31, 2023		18,604,653	13,291,208	74,405,719
Beginning balance at Mar. 31, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance at Jun. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Jun. 30, 2023		18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Mar. 31, 2023							0
Beginning balance (in shares) at Mar. 31, 2023								0	441,866	0
Beginning balance at Mar. 31, 2023	(157,597)						$ 0	$ 0	$ 0	$ 0	5,503	(163,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	384										384
Class A common stock issued upon exercise of stock options (in shares)									2,751
Class A common stock issued upon exercise of stock options	20										20
Net loss	(11,860)											(11,860)
Ending balance at Jun. 30, 2023	(169,053)						$ 0	$ 0	$ 0	$ 0	5,907	(174,960)
Ending balance (in shares) at Jun. 30, 2023								0	444,617	0
Ending balance (in shares) at Jun. 30, 2023							0
Ending balance at Sep. 30, 2023		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 2023		18,604,653	13,291,208	74,405,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	386										386
Class A common stock issued upon exercise of stock options (in shares)									4,027
Class A common stock issued upon exercise of stock options	35										35
Net loss	(14,577)											(14,577)
Ending balance at Sep. 30, 2023	(183,209)						$ 0	$ 0	$ 0	$ 0	6,328	(189,537)
Ending balance (in shares) at Sep. 30, 2023								0	448,644	0
Ending balance (in shares) at Sep. 30, 2023							0
Ending balance at Dec. 31, 2023	0	$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2023		0	0	0
Beginning balance (in shares) at Dec. 18, 2023					12,823,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	13,654
Ending balance at Dec. 31, 2023	$ 186,024						$ 0	$ 0	$ 0	$ 0	373,178	(187,154)
Ending balance (in shares) at Dec. 31, 2023	12,823,665				0	0		12,823,665	0	0
Ending balance (in shares) at Dec. 31, 2023	0						0
Ending balance at Mar. 31, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2024		0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,045										1,045
Class A common stock issued upon exercise of stock options (in shares)								37,330
Class A common stock issued upon exercise of stock options	629										629
Net loss	(16,921)											(16,921)
Ending balance at Mar. 31, 2024	170,777						$ 0	$ 0	$ 0	$ 0	374,852	(204,075)
Ending balance (in shares) at Mar. 31, 2024								12,860,995	0	0
Ending balance (in shares) at Mar. 31, 2024							0
Beginning balance (in shares) at Dec. 31, 2023		0	0	0
Beginning balance at Dec. 31, 2023	$ 0	$ 0	$ 0	$ 0
Ending balance at Sep. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2024		0	0	0
Beginning balance (in shares) at Dec. 31, 2023	0						0
Beginning balance (in shares) at Dec. 31, 2023	12,823,665				0	0		12,823,665	0	0
Beginning balance at Dec. 31, 2023	$ 186,024						$ 0	$ 0	$ 0	$ 0	373,178	(187,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A common stock issued upon exercise of stock options (in shares)	83,795
Net loss	$ (55,630)
Ending balance at Sep. 30, 2024	$ 137,414						$ 0	$ 0	$ 0	$ 0	380,198	(242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867							13,010,867	0	0
Ending balance (in shares) at Sep. 30, 2024	0						0
Beginning balance (in shares) at Mar. 31, 2024		0	0	0
Beginning balance at Mar. 31, 2024		$ 0	$ 0	$ 0
Ending balance at Jun. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Jun. 30, 2024		0	0	0
Beginning balance (in shares) at Mar. 31, 2024							0
Beginning balance (in shares) at Mar. 31, 2024								12,860,995	0	0
Beginning balance at Mar. 31, 2024	$ 170,777						$ 0	$ 0	$ 0	$ 0	374,852	(204,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,314										2,314
Shares issued upon the exercise of pre-funded warrants (in shares)								103,407
Class A common stock issued upon exercise of stock options (in shares)								24,806
Class A common stock issued upon exercise of stock options	415										415
Net loss	(18,492)											(18,492)
Ending balance at Jun. 30, 2024	155,014						$ 0	$ 0	$ 0	$ 0	377,581	(222,567)
Ending balance (in shares) at Jun. 30, 2024								12,989,208	0	0
Ending balance (in shares) at Jun. 30, 2024							0
Ending balance at Sep. 30, 2024		$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2024		0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,474										2,474
Class A common stock issued upon exercise of stock options (in shares)								21,659
Class A common stock issued upon exercise of stock options	143										143
Net loss	(20,217)											(20,217)
Ending balance at Sep. 30, 2024	$ 137,414						$ 0	$ 0	$ 0	$ 0	$ 380,198	$ (242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867							13,010,867	0	0
Ending balance (in shares) at Sep. 30, 2024	0						0

Fair Value of Financial Instruments - 10Q

9 Months Ended

Sep. 30, 2024

Fair Value of Financial Instruments

As of December 31, 2023 and December 31, 2022, financial assets measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	78,749	$	—	$	—

Money market funds are cash equivalents and are included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2023 and 2022.

Fair Value of Financial Instruments

As of September 30, 2024 and December 31, 2023, financial assets measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	63,120	$	—	$	—
U.S. treasury notes	72,532		—		—
Total	$	135,652	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—

Money market funds are cash equivalents and are included in cash and cash equivalents in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Stockholders’ Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Common Stock Reserved for Future Issuance

Neurogene OpCo had reserved shares of common stock for future issuance as follows:


	December 31,
	2023	2022
Conversion of Series A-1 (1)	—	18,604,653
Conversion of Series A-2 (1)	—	13,291,208
Conversion of Series B (1)	—	74,405,719
Total conversion of preferred stock	—	106,301,580
Options outstanding	823,833	468,632
Shares available for future grant under the 2018 Equity Incentive Plan	—	315,548
Shares available for future grant under the 2023 Equity Incentive Plan	2,237,722	—
Total common stock reserved	3,061,555	107,085,760

__________________

(1)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

The Company had reserved shares of common stock for future issuance as follows:


	September 30, 2024	December 31, 2023
Unvested restricted stock units	477,613	–
Options outstanding	1,384,182	823,833
Shares available for future grant under the 2023 Equity Incentive Plan	1,468,403	2,237,722
Total common stock reserved	3,330,198	3,061,555

Property and Equipment, Net - 10Q

9 Months Ended

Sep. 30, 2024

Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Depreciation and amortization expense for the years ended December 31, 2023 and December 31, 2022 was approximately $3.3 million and $3.2 million, respectively.

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

The Company recorded depreciation and amortization expense of $0.8 million for each of the three months ended September 30, 2024 and 2023. The Company recorded depreciation and amortization expense of $2.4 million for each of the nine months ended September 30, 2024 and 2023.

Management has reviewed its property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. During the nine months ended September 30, 2024, the Company recorded impairment losses on idle equipment of $0.1 million, which was charged to research and development expenses in the condensed consolidated statement of operations. Fair value for the idle assets was determined by a quoted purchase price for the assets.

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Refunds and other receivables	$ 672	$ 600	$ 990
Prepaid expenses	2,382	1,496	1,078
Other current assets	1,600	1,095	630
Total prepaid and other current assets	$ 4,654	$ 3,191	$ 2,698

Commitment and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 508	$ 259	$ 1,553	$ 777	$ 1,037	$ 1,037
Finance lease cost
Amortization of finance leases	12	10	39	24	35	4
Interest on finance lease liabilities	3	3	9	9	12	2
Variable lease cost	364	19	978	129	178	196
Short-term lease cost	18	21	53	63	80	74
Total lease cost	$ 905	$ 312	$ 2,632	$ 1,002	$ 1,342	$ 1,313

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost

Supplemental lease expense related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Years Ended December 31,
	2023		2022
Operating lease cost	$	1,037	$	1,037
Finance lease cost
Amortization of finance leases	35		4
Interest on finance lease liabilities	12		2
Variable lease cost	178		196
Short-term lease cost	80		74
Total lease cost	$	1,342	$	1,313

Supplemental lease expense related to leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	508	$	259	$	1,553	$	777
Finance lease cost
Amortization of finance leases	12		10		39		24
Interest on finance lease liabilities	3		3		9		9
Variable lease cost	364		19		978		129
Short-term lease cost	18		21		53		63
Total lease cost	$	905	$	312	$	2,632	$	1,002

Lessee, Operating Lease, Liability, to be Paid, Maturity


Maturity of operating lease liabilities
2024	$	3,862
2025	3,964
2026	3,672
2027	3,235
2028	3,294
2029	616
Total lease payments	$	18,643
Less: interest	(3,782)
Total operating lease liabilities	$	14,861

The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands):


Maturity of operating lease liabilities
2024 (remaining)	$	982
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	613
Total lease payments	$	15,810
Less: interest	(2,784)
Total operating lease liabilities	$	13,026

Finance Lease, Liability, to be Paid, Maturity


Maturity of finance lease liabilities
2024	$	51
2025	50
2026	15
2027	6
2028	1
Total lease payments	$	123
Less: interest	(16)
Total finance lease liabilities	$	107


Maturity of finance lease liabilities
2024 (remaining)	$	15
2025	60
2026	21
2027	6
Total lease payments	$	102
Less: interest	(9)
Total finance lease liabilities	$	93

Assets And Liabilities, Lessee

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


Leases	December 31,
	2023		2022
Operating right-of-use assets	$	3,681	$	4,344

Operating current lease liabilities	2,559		678
Operating noncurrent lease liabilities	12,302		3,921
Total operating lease liabilities	$	14,861	$	4,599

Finance right-of-use assets	$	98	$	87

Finance current lease liabilities	42		24
Finance noncurrent lease liabilities	65		66
Total finance lease liabilities	$	107	$	90


Other information	December 31,
	2023			2022
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	1,051		$	1039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	42		$	3
Weighted-average remaining lease term - operating leases (in years)	4.88			5.72
Weighted-average remaining lease term - finance lease (in years)	2.53			3.47
Weighted-average discount rate - operating leases	9.72		%	8.86		%
Weighted-average discount rate - finance lease	11.49		%	11.45		%

Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands):


Leases
Operating right-of-use assets	$	3,193

Operating lease liabilities, current	2,856
Operating lease liabilities, non-current	10,170
Total operating lease liabilities	$	13,026

Finance right-of-use assets	$	84

Finance lease liabilities, current	54
Finance lease liabilities, non-current	39
Total finance lease liabilities	$	93


Other information
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	2,899
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	45
Weighted-average remaining lease term - operating leases (in years)	4.18
Weighted-average remaining lease term - finance lease (in years)	1.87
Weighted-average discount rate - operating leases	9.73		%
Weighted-average discount rate - finance lease	11.05		%

Contractual Obligation, Fiscal Year Maturity

The following table summarizes the maturity of the Company’s lease CVR as of December 31, 2023 (in thousands):


Maturity of Lease CVR
2024	$	281
2025	598
2026	408
Total lease CVR payments	$	1,287

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

Income Statement [Abstract]

Revenue under licensing agreements

$ 0

$ 925

$ 0

Operating expenses:

Research and development

16,285

11,606

45,570

32,210

General and administrative

5,895

3,613

16,448

8,640

Total operating expenses

22,180

15,219

62,018

40,850

Interest income

1,842

650

6,197

2,170

Interest expense

(3)

(4)

(10)

(9)

Other income

143

430

Other expense

(19)

(4)

(1,154)

(11)

Net income (loss) per share, basic (in dollars per share)

$ (20,217)

$ (14,577)

$ (55,630)

$ (38,700)

Earnings Per Share [Abstract]

^[1]

$ (1.19)

$ (32.67)

$ (3.29)

$ (87.66)

Net income (loss) per share, diluted (in dollars per share)

^[1]

$ (1.19)

$ (32.67)

$ (3.29)

$ (87.66)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

16,953,443

446,255

16,932,976

441,498

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

^[1]

16,953,443

446,255

16,932,976

441,498

[1]

Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Finance Leases

During the years ended December 31, 2023 and 2022, the Company leased information technology (“IT”) equipment and copiers for periods ranging from 36 months to 63 months. The IT equipment were classified as finance leases due to the existence of bargain purchase options in the lease agreements, and the copiers were classified as finance leases as the lease periods represented a major portion of the economic life of those assets. In connections with these leases, the Company recorded finance lease right-of-use assets and finance lease liabilities of approximately $0.1 million.

Operating Leases

New York Headquarters Lease

In September 2019, the Company commenced a sub-lease of approximately 6,000 square feet of office space for the corporate headquarters in New York, New York with a term expiring in June 2023. In connection with the lease, the Company established an irrevocable letter of credit for approximately $0.4 million. Monthly lease payments were approximately $0.04 million.

In July 2021, the sublessor was released from the original lease by the landlord, and the Company attorned to the landlord the executory terms and provisions of the sub-lease. In February 2022, the Company entered into an extension of the New York office lease (retroactive to December 2021) through June 2026, with new monthly lease payments ranging from approximately $0.03 million to $0.04 million. The Company accounted for the amendment as a contract modification, and accordingly, recorded an additional operating right-of-use asset of approximately $1.0 million and an additional operating lease liability of approximately $1.0 million.

Houston Lease

In August 2019, the Company entered into an agreement to lease approximately 26,905 square feet in Houston, Texas to build a manufacturing facility and office with a term expiring in August 2029. The Company has the option to renew the lease term for two additional five-year terms. The renewal periods were not included in the lease term for purposes of determining the lease liability or right-of-use asset. Monthly rent payments were approximately $0.03 million. In connection with the lease, the Company paid a security deposit of approximately $0.04 million and prepaid rent of approximately $0.04 million.

In September 2020, the Company amended the lease agreement to further increase the rentable space to 42,342 square feet. The commencement date of the expansion space lease was January 1, 2021 and the monthly rent payments increased to a range of approximately $0.05 million to $0.06 million.

Blaine Lease in Seattle

As a result of the reverse merger, the Company assumed an operating lease for approximately 33,300 square feet of office space in Seattle, Washington for offices, a laboratory for research and development, and related uses. The lease expires on February 1, 2029, with the option to extend the lease for two five-year terms. The renewal periods were not included in the lease term for purposes of determining the lease liability or right-of-use asset.

Eastlake Lease in Seattle

As a result of the reverse merger, the Company assumed an operating lease for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses (the “Eastlake Lease”). The Company also assumed the existing agreement to sublease the Eastlake Lease to an unrelated third party (“Eastlake Sublease”). Pursuant to the terms of the EastLake Sublease, Neurogene is entitled to receive approximately $1.6 million in lease payments. The term of the sublease is through September 30, 2026.

Supplemental lease expense related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Years Ended December 31,
	2023		2022
Operating lease cost	$	1,037	$	1,037
Finance lease cost
Amortization of finance leases	35		4
Interest on finance lease liabilities	12		2
Variable lease cost	178		196
Short-term lease cost	80		74
Total lease cost	$	1,342	$	1,313

The calculation of the present value of the lease payments for operating leases did not include any options to extend the leases as the Company is not reasonably certain to exercise such options.


Maturity of operating lease liabilities
2024	$	3,862
2025	3,964
2026	3,672
2027	3,235
2028	3,294
2029	616
Total lease payments	$	18,643
Less: interest	(3,782)
Total operating lease liabilities	$	14,861


Maturity of finance lease liabilities
2024	$	51
2025	50
2026	15
2027	6
2028	1
Total lease payments	$	123
Less: interest	(16)
Total finance lease liabilities	$	107

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


Leases	December 31,
	2023		2022
Operating right-of-use assets	$	3,681	$	4,344

Operating current lease liabilities	2,559		678
Operating noncurrent lease liabilities	12,302		3,921
Total operating lease liabilities	$	14,861	$	4,599

Finance right-of-use assets	$	98	$	87

Finance current lease liabilities	42		24
Finance noncurrent lease liabilities	65		66
Total finance lease liabilities	$	107	$	90


Other information	December 31,
	2023			2022
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	1,051		$	1039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	42		$	3
Weighted-average remaining lease term - operating leases (in years)	4.88			5.72
Weighted-average remaining lease term - finance lease (in years)	2.53			3.47
Weighted-average discount rate - operating leases	9.72		%	8.86		%
Weighted-average discount rate - finance lease	11.49		%	11.45		%

Lease CVR

In accordance with the terms of the Lease CVR within the CVR Agreement, the Company accrued for approximately $1.3 million as a contingent consideration liability on its consolidated balance sheet. As of the Closing, the expected range for the Lease CVR was approximately $1.3 million to $19.5 million based on the potential rights to CVR holders as described in the terms of the CVR Agreement.

As of December 31, 2023, $1.3 million was recorded on the Company’s consolidated balance sheet as a lease contingent value rights liability consisting of lease commitments that were probable and estimable as the Closing. The commitments relate to Neoleukin’s sublease agreement, effective October 31, 2023, for one of its properties with an unrelated third party for the remainder of the lease term. All other payments under the CVR Agreement were not considered probable and estimable as of December 31, 2023 and therefore no additional contingent consideration liability has been recorded.

The Company will evaluate the probable and estimable range of outcomes under the CVR Agreement at each reporting period until the end of the CVR term and adjust the amounts accrued for as necessary.

The following table summarizes the maturity of the Company’s lease CVR as of December 31, 2023 (in thousands):


Maturity of Lease CVR
2024	$	281
2025	598
2026	408
Total lease CVR payments	$	1,287

Intellectual Property CVR

Prior to the Closing, Neoleukin entered into a licensing agreement on December 13, 2023 with Accipiter Biosciences (“Accipiter”) to develop and commercialize Neoleukin’s de novo protein technology (the “Accipiter Licensing Agreement”). As discussed and defined within the Reverse Merger and Pre-Closing Financing section of Note 1, Organization and Description of Business, the terms of the CVR Agreement include that CVR holders are eligible to receive the Intellectual Property CVR. In addition, as discussed in Note 3, Summary of Significant Accounting Policies, contingent consideration liabilities related to the CVR Agreement will only be recorded if they are probable and estimable as of the balance sheet date.

Under the Accipiter Licensing Agreement, Accipiter will make a non-refundable up-front payment of approximately $0.2 million upon the earlier of six months after the effective date or within 30 days after Accipiter closes on a seed financing of at least $5.0 million. If Accipiter does not make the upfront payment within six months after the effective date, this agreement will terminate and neither party shall have any obligation to the other party. In addition, the Accipiter Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $13.4 million, as well as royalty payments.

Since the upfront payment, milestones and royalties were not considered probable as of December 31, 2023, the Company did not record a contingent consideration liability related to the Intellectual Property CVR.

Employment Agreements

Neoleukin entered into employment agreements with key personnel providing for severance payments, benefits, and other employee related costs in certain circumstances, as defined in the respective employment agreements. As of December 31, 2023, $2.5 million of accrued severance, bonus, and retention costs were recorded to accrued expenses and other current liabilities on the Company’s consolidated balance sheet as noted in Note 9, Accrued Expenses and Other Current Liabilities.

Other Research and Development Arrangements

The Company enters into agreements with contract research organizations (“CROs”) to assist in the performance of research and development activities. Expenditures to CROs will represent a significant cost in clinical development for the Company.

Litigation and Legal Proceedings

The Company is subject to litigation and other claims that arise in the ordinary course of business. While the ultimate result of outstanding legal matters cannot presently be determined, the Company does not expect that the ultimate disposition will have a material effect on its results of financial condition, results of operations or cash flows. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond the Company’s control. As such, there can be no assurance that the final outcome of any particular legal matter will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Commitments and Contingencies

Operating and Finance Leases

Supplemental lease expense related to leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	508	$	259	$	1,553	$	777
Finance lease cost
Amortization of finance leases	12		10		39		24
Interest on finance lease liabilities	3		3		9		9
Variable lease cost	364		19		978		129
Short-term lease cost	18		21		53		63
Total lease cost	$	905	$	312	$	2,632	$	1,002

The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands):


Maturity of operating lease liabilities
2024 (remaining)	$	982
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	613
Total lease payments	$	15,810
Less: interest	(2,784)
Total operating lease liabilities	$	13,026


Maturity of finance lease liabilities
2024 (remaining)	$	15
2025	60
2026	21
2027	6
Total lease payments	$	102
Less: interest	(9)
Total finance lease liabilities	$	93

Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands):


Leases
Operating right-of-use assets	$	3,193

Operating lease liabilities, current	2,856
Operating lease liabilities, non-current	10,170
Total operating lease liabilities	$	13,026

Finance right-of-use assets	$	84

Finance lease liabilities, current	54
Finance lease liabilities, non-current	39
Total finance lease liabilities	$	93


Other information
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	2,899
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	45
Weighted-average remaining lease term - operating leases (in years)	4.18
Weighted-average remaining lease term - finance lease (in years)	1.87
Weighted-average discount rate - operating leases	9.73		%
Weighted-average discount rate - finance lease	11.05		%

Lease CVR

As of September 30, 2024, approximately $1.2 million was recorded as a component of the contingent value rights liability on the Company’s condensed consolidated balance sheet consisting of lease commitments that were probable and estimable at the Closing. The commitments relate to Neoleukin’s sublease agreement, effective October 31, 2023, for one of its properties with an unrelated third party for the remainder of the lease term.

Intellectual Property CVR

Under the CVR Agreement, each CVR holder is eligible to receive 100% of the net proceeds, if any, derived from any consideration paid as a result of the disposition of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into before the Closing, and 80% of net proceeds, if any, derived from any consideration paid as a result of the disposition of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into within one year after the Closing (the “Intellectual Property CVR”). Contingent consideration liabilities related to the CVR Agreement will only be recorded if the liabilities are probable and estimable as of the balance sheet date. Refer to the December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement subsections below for further detail on the current agreements related to our Intellectual Property CVR.

December 2023 CVR Licensing Agreement

Prior to the Closing, Neoleukin entered into a licensing agreement on December 13, 2023 with an unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “December 2023 CVR Licensing Agreement”). In June 2024, an upfront payment of $0.2 million was received by the Company. Since the December 2023 CVR Licensing Agreement was entered into before the Closing, the CVR holders are eligible to receive 100% of the net proceeds derived from the December 2023 CVR Licensing Agreement. Accordingly, an upfront payment of $0.2 million was recorded as licensing revenue within the condensed consolidated statements of operations. The December 2023 CVR Licensing Agreement contains development, regulatory and commercialization milestones

totaling up to approximately $13.4 million, as well as royalty payments. However, as of September 30, 2024, no other development and sales milestones were achieved nor deemed probable of achievement under the December 2023 CVR Licensing Agreement.

April 2024 CVR Licensing Agreement

In April 2024, the Company entered into a licensing and intellectual property assignment agreement with another unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “April 2024 CVR Licensing Agreement”). In April 2024, the Company received a one-time upfront payment of approximately $0.8 million and reimbursement of $10,000 for patent expenses under the April 2024 CVR Licensing Agreement. Since the April 2024 CVR Licensing Agreement was entered into within one year after the Closing, the CVR holders are eligible to receive 80% of the net proceeds derived from the April 2024 CVR Licensing Agreement. Accordingly, the Company has recorded $0.8 million as licensing revenue within the condensed consolidated statements of operations. The April 2024 CVR Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $11.0 million, as well as royalty payments. However, as of September 30, 2024, no other development and sales milestones were achieved nor deemed probable of achievement under the April 2024 CVR Licensing Agreement.

The December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement collectively account for the total Intellectual Property CVR. The total amount of $0.9 million due under the Intellectual Property CVR was offset by approximately $0.4 million due to deductions permitted under the Merger Agreement and $0.5 million from the first CVR payment discussed below. As of September 30, 2024, $0.1 million is recorded within contingent value rights liability as an offset arising from the Intellectual Property CVR on the Company's condensed consolidated balance sheet, which can only be applied against licensing revenues from the December 2023 Licensing Agreement or the April 2024 CVR Licensing Agreement.

Sales Tax CVR

Prior to the Closing, Neoleukin entered into an agreement with an unrelated third party for refund analysis services of Washington state sales tax. As discussed and defined within the Contingent Value Rights section of Note 3, Summary of Significant Accounting Policies, the terms of the CVR Agreement include that CVR holders are eligible to receive net proceeds derived from an anticipated sales tax refund from Washington state relating to tax returns filed by Neoleukin prior to Closing. As of September 30, 2024, it was deemed probable that the Company will receive proceeds from Washington state for the sales tax refund and will remit the proceeds to the CVR holders. As of September 30, 2024, $0.3 million is accrued as a component of the contingent value rights liability arising from the Sales Tax CVR in the condensed consolidated balance sheet.

CVR Payment

In August 2024, the Company made the first CVR payment to CVR holders, net of expenses, for $0.6 million. $0.5 million was applied to the Intellectual Property CVR and $0.1 million was applied to the Lease CVR, reducing the respective liabilities.

The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Current		Non-Current		Current		Non-Current
Lease CVR	$	436	$	717	$	281	$	1,006
Intellectual Property CVR, net	—		(71)		—		—
Sales Tax CVR	332		—		—		—
Total CVR liability	$	768	$	646	$	281	$	1,006

As per the CVR Agreement, the total amount owed to CVR holders, after deductions permitted under the Merger Agreement, must be at least $0.5 million to trigger a CVR payment prior to the end of the CVR term.

All other payments under the CVR Agreement were not considered probable and estimable as of September 30, 2024 and therefore no additional contingent consideration liability has been recorded. The Company will evaluate the probable and estimable range of outcomes under the CVR Agreement at each reporting period until the end of the CVR term and adjust the amounts accrued for as necessary.

Employment Agreements

The Company has employment and consulting agreements with key personnel providing for compensation and severance in certain circumstances, as defined in the respective employment agreements.

Other Research and Development Arrangements

As of September 30, 2024, the Company had standing agreements with consultants, contractors or service providers that generally can be terminated by the Company with 30 to 60 days written notice, unless otherwise indicated.

Litigation and Legal Proceedings

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 800	$ 800	$ 2,410	$ 2,445	$ 3,262	$ 3,196

License Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
License Agreements (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Dec. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2020	Dec. 31, 2019	May 31, 2019
University of North Carolina \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						$ 30			$ 15		$ 1,700	$ 1,700
Annual license maintenance fee			$ 4	$ 4	$ 4	4
University of Edinburgh
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative Arrangement, Rights and Obligations, Expense					300
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative Arrangement, Rights and Obligations, Term		40 months
Research Collaboration and License Agreement, Option to Terminate		90 days
Collaborative Arrangement, Rights and Obligations, Expense					1,600	1,100
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Regulatory-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product								$ 5,250
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Sales-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product								$ 25,000
Collaborative Arrangement, Rights and Obligations, Expense				300
Virovek, Inc License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee					50	50
Collaborative Arrangement, Rights and Obligations, Expense				100	100
Virovek, Inc License Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product										$ 200
Sigma-Aldrich Co
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			60	60	60
Sigma-Aldrich Co \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product							$ 2,500
University of North Carolina and University of Pennsylvania
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			$ 1,100	$ 900
University of North Carolina and University of Pennsylvania \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						500
Annual license maintenance fee					$ 0	$ 20
Collaborative Arrangement, Rights and Obligations, Additional Term	33 months

Stock-Based Compensation - Summary of Restricted Stock Awards - 10Q (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Beginning balance (in shares)	0
Grants in period (in shares)	482,384
Forfeited (in shares)	(4,771)
Weighted- average grant date fair value
Forfeited (in dollars per share) \| $ / shares	$ 36.06
Restricted stock awards \| Class A Common Stock
Number of shares
Beginning balance (in shares)	0
Ending balance (in shares)	477,613
Weighted- average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	36.06
Ending balance (in dollars per share) \| $ / shares	$ 36.06

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value, Assets Measured on Recurring Basis


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	78,749	$	—	$	—


	September 30, 2024
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	63,120	$	—	$	—
U.S. treasury notes	72,532		—		—
Total	$	135,652	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Operating expenses:

Research and development

$ 44,394

$ 47,505

General and administrative

11,189

9,012

Total operating expenses

55,583

56,517

Loss from operations

(55,583)

(56,517)

Fair value allocated to bargain purchase gain

Interest income

2,951

1,337

Interest expense

(12)

(2)

16,355

Other expense

(28)

(7)

$ (36,317)

(55,189)

Class A Common Stock

Net income (loss) per share, basic (in dollars per share)

$ (55,189)

Earnings Per Share [Abstract]

^[1]

$ (139.88)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

394,533

Net income (loss) per share, diluted (in dollars per share)

^[1]

$ (139.88)

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

^[1]

394,533

Class B Common Stock

Net income (loss) per share, basic (in dollars per share)

$ 0

Earnings Per Share [Abstract]

^[1]

$ 0

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

Net income (loss) per share, diluted (in dollars per share)

^[1]

$ 0

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

^[1]

[1]

(c)Presents information for the post-merger period for common stock. The post-merger period is December 18, 2023 through December 31, 2023.

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 66,633			$ 148,210				$ 82,021
Short-term investments	72,360			48,947				0
Total prepaid and other current assets	4,654			3,191				2,698
Total current assets	143,647			200,348				84,719
Property and equipment, net	16,068			17,174				20,115
Operating lease right-of-use assets	3,193			3,681				4,344
Finance lease right-of-use assets	84			98				87
Restricted cash	339			508				0
Other non-current assets	789			764				0
Total assets	164,120			222,573				109,265
Current liabilities:
Accounts payable	1,684			2,596				625
Total accrued expenses and other current liabilities	10,438			17,495				5,324
Operating lease liabilities, current	2,856			2,559				678
Finance lease liabilities, current	54			42				24
Lease contingent value rights liability, current	768			281				0
Total current liabilities	15,800			22,973				6,651
Operating lease liabilities, non-current	10,170			12,302				3,921
Finance lease liabilities, non-current	39			65				66
Lease contingent value rights liability, non-current	646			1,006				0
Other liabilities	51			203				0
Total liabilities	26,706			36,549				10,638
Stockholders' equity (deficit)
Preferred stock, $0.000001 par value; $50,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0			0				0
Common stock, $0.000001 par value; $450,000,000 shares authorized as of September 30, 2024 and December 31, 2023; $13,010,867 and $12,823,665 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0			0				0
Additional paid-in capital	380,198			373,178				5,098
Accumulated deficit	(242,784)			(187,154)				(150,837)
Total stockholders' equity (deficit)	137,414	$ 155,014	$ 170,777	186,024	$ (183,209)	$ (169,053)	$ (157,597)	(145,739)	$ (91,875)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 164,120			$ 222,573				$ 109,265

Cover	12 Months Ended
Cover	Dec. 31, 2023
Cover [Abstract]
Registrant Name	Neurogene Inc.
Document Type	S-1
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0542593
Entity Address, Address Line One	535 W 24th St.
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	855
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Local Phone Number	508-3568
Entity Central Index Key	0001404644
Amendment Flag	false

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2023
Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

Reverse Merger

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Reverse Merger

As discussed within the Reverse Merger and Pre-Closing Financing section in Note 1, Organization and Description of Business, on December 18, 2023 the reverse merger between Neoleukin, Merger Sub, and Neurogene OpCo was consummated. Pursuant to the Merger Agreement, upon Closing, Merger Sub merged with and into Neurogene OpCo, with Neurogene OpCo surviving as a wholly owned subsidiary and surviving corporation of the

merger. In connection with the completion of the reverse merger, the Company changed its name from “Neoleukin Therapeutics, Inc.” to “Neurogene Inc.,” and the business conducted by the Company became primarily the business conducted by Neurogene OpCo. The reverse merger was contemplated and consummated, along with the Pre-Closing Financing, to generate capital resources to support the advancement of the Company’s pipeline and future operations.

As further discussed in Note 1, Organization and Description of Business, the reverse merger was accounted for as a reverse asset acquisition pursuant to ASC 805, Business Combinations as Neoleukin did not meet the definition of a business under ASC 805 but it did represent a group of assets. Therefore, the transaction was treated as the equivalent of Neurogene issuing stock to acquire the net assets of Neoleukin. In accordance with the relative fair value allocation guidance in ASC 805, to account for the reverse merger, the Company allocated the difference between the total consideration transferred and the fair value of the net assets acquired to Neoleukin’s non-monetary assets on a pro rata basis. As the fair value of Neoleukin’s net assets acquired at Closing exceeded the total consideration transferred after the fair value allocation, (i) $1.3 million of the difference was recorded as a contingent consideration liability on the Company’s consolidated balance sheet for payments that are probable and estimable under the CVR Agreement and (ii) the remaining $16.4 million was recognized as a bargain purchase gain in the Company’s consolidated statement of operations.

The following table summarizes the final purchase price paid in the reverse merger along with the fair value allocation (in thousands, except share and per share amounts):


Calculation of total purchase price:
Number of common shares and pre-funded warrants of the combined company owned by Neoleukin stockholders (1)	2,777,017
Multiplied by the fair value per share of Neoleukin common stock (2)	$	13.76
Fair value of Neoleukin common stock issued (2)	$	38,212
Transaction costs (6)	4,140
Contingent consideration liability (3)	1,287
Total purchase price	$	43,639

Fair value of Neoleukin net assets acquired at Closing and fair value allocation:
Monetary assets acquired (4)	$	76,906
Liabilities assumed (5)	(21,052)
Fair value of net assets acquired	$	55,854
Less: total consideration transferred	(38,212)
Excess of fair value of monetary assets acquired over total consideration transferred	$	17,642
Fair value allocated to contingent consideration liability (3)	1,287
Fair value allocated to bargain purchase gain	16,355
Total fair value allocated	$	17,642

Reconciliation of allocation to purchase price:
Fair value of monetary assets acquired (4)	$	76,906
Transaction costs (6)	4,140
Neoleukin liabilities assumed (5)	(21,052)
Fair value allocated to bargain purchase gain	(16,355)
Total purchase price	$	43,639

__________________

(1)The number of shares is based on a total 2,351,030 shares of Neoleukin common stock and 425,987 pre-funded warrants outstanding as of December 18, 2023.

(3)Refer to Note 10, Commitments and Contingencies, for further discussion on the contingent consideration liability.

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 66,633	$ 148,210		$ 82,021
Restricted cash	339	508		0
Total cash, cash equivalents and restricted cash	$ 66,972	$ 148,718	$ 45,563	$ 82,021	$ 70,544

Prepaid expenses and other current assets - 10Q (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Refunds and other receivables	$ 672	$ 600	$ 990
Prepaid expenses	2,382	1,496	1,078
Other current assets	1,600	1,095	630
Prepaid expenses and other current assets	$ 4,654	$ 3,191	$ 2,698

Stock-Based Compensation - Summary of Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 2,474	$ 386	$ 5,833	$ 1,063	$ 1,418	$ 1,252
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	1,272	242	3,212	657	897	732
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 1,202	$ 144	$ 2,621	$ 406	$ 521	$ 520

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.

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Deficit (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Offering costs	$ 6,946	$ 91

Risks and Uncertainties (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended		12 Months Ended
Risks and Uncertainties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net income (loss)	$ 13,654	$ (20,217)	$ (18,492)	$ (16,921)	$ (14,577)	$ (11,860)	$ (12,263)	$ (55,630)	$ (38,700)	$ (36,317)	$ (55,189)
Cash used in operations								53,107	$ 34,450	51,422	52,824
Accumulated deficit	187,154	242,784						242,784		187,154	150,837
Cash and cash equivalents	148,210	66,633						66,633		148,210	$ 82,021
Sales Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, maximum aggregate offering price	$ 40,000	$ 40,000						$ 40,000		$ 40,000

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

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2023		2022
Compensation and related benefits	$	3,496	$	3,357
Research and development	4,895		1,800
Accrued severance, bonus, and retention (1)	2,476		—
Accrued offering costs in connection with pre-closing financing	3,334		—
Accrued transaction costs related to reverse merger	2,557		—
Other	737		167
Total accrued expenses and other current liabilities	$	17,495	$	5,324

__________________

(1)Includes accrued severance, bonus, and retention payments for current and former Neoleukin employees. Refer to Note 10, Commitments and Contingencies, for further detail.

Accrued Expenses and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Compensation, bonuses and related benefits	$	3,432	$	3,496
Research and development	6,483		4,895
Accrued severance, bonus, and retention (1)	—		2,476
Accrued offering costs in connection with pre-closing financing	—		3,334
Accrued transaction costs related to reverse merger	—		2,557
Other	523		737
Total accrued expenses and other current liabilities	$	10,438	$	17,495

__________________

(1)Includes accrued severance, bonus, and retention payments for former Neoleukin employees.

Commitment and Contingencies - Maturity of Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 15
2024	60	$ 51
2025	21	50
2026	6	15
Total lease payments	102	123
Less: interest	(9)	(16)
Total finance lease liabilities	$ 93	$ 107	$ 90

Employee Retention Credit	9 Months Ended
Employee Retention Credit	Sep. 30, 2024
Postemployment Benefits [Abstract]
Employee Retention Credit	Employee Retention Credit Pursuant to the Coronavirus Aid, Relief, and Economic Security Act, the Company is eligible for an employee retention credit subject to certain criteria. Since there are no generally accepted accounting principles for for-profit business entities that receive government assistance that is not in the form of a loan, an income tax credit or revenue from a contract with a customer, the Company determined the appropriate accounting treatment by analogy to other guidance. The Company accounted for the employee retention credit by recognizing the employee retention credit on a systematic basis over the periods in which the entity recognizes the payroll expenses for which the grant (i.e., tax credit) is intended to compensate when there is reasonable assurance (i.e., it is probable) that the entity will comply with any conditions attached to the grant and the grant (i.e., tax credit) will be received. The Company accounted for and received approximately $0.9 million of employee retention credits during the years ended December 31, 2023, which was recorded as a reduction of research and development expenses and general and administrative expenses on the consolidated statement of operations.

Commitment and Contingencies - Other Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$ 2,899	$ 1,051	$ 1,039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$ 45	$ 42	$ 3
Weighted-average remaining lease term - operating leases (in years)	4 years 2 months 4 days	4 years 10 months 17 days	5 years 8 months 19 days
Weighted-average remaining lease term - finance lease (in years)	1 year 10 months 13 days	2 years 6 months 10 days	3 years 5 months 19 days
Weighted-average discount rate - operating leases	9.73%	9.72%	8.86%
Weighted-average discount rate - finance lease	11.05%	11.49%	11.45%

Stockholders’ Equity (Deficit) - Narrative (Details)		9 Months Ended	12 Months Ended
Stockholders’ Equity (Deficit) - Narrative (Details)	Dec. 18, 2023 shares	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 vote $ / shares shares	Sep. 30, 2023 shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		450,000,000	450,000,000		0
Common stock, par or stated value per share (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001		$ 0.000001
Conversion of stock, shares converted (in shares)	10,472,635
Reverse merger, conversion ratio (in shares)	0.0756			0.0756
Common stock, shares, issued (in shares)	7,231,747	13,010,867	12,823,665		0
Common stock, shares, outstanding (in shares)		13,010,867	12,823,665		0
Stock issued during period, shares, new issues (in shares)	13,505,271
Percentage of outstanding stock per stockholder, maximum		0.0999	0.0999
Percentage of outstanding stock per stockholder, upon notice, maximum		0.1999	0.1999
Class of warrant or right, notice period		61 days	61 days
Common stock, maximum holding percentage			0.0499
Pre Funded Warrants
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)		103,407
Class of warrant or right, outstanding (in shares)		3,959,954	4,063,361
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			0		126,000,000
Common stock, par or stated value per share (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Common stock, shares, issued (in shares)	12,823,665		0		428,334
Common stock, shares, outstanding (in shares)	12,823,665		0		428,334
Common stock, number of votes per share \| vote			1
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			0		120,010,600
Common stock, par or stated value per share (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Common stock, shares, issued (in shares)			0		0
Common stock, shares, outstanding (in shares)			0		0
Common stock, number of votes per share \| vote			1

Stock-Based Compensation - Summary of Option Activity (Details) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Beginning balance (in shares)	468,632	823,833	468,632
Assumption of options in connection with the reverse merger (in shares)			215,207
Granted (in shares)		849,012	183,391
Exercised (in shares)		(83,795)	(20,348)
Expired/Forfeited (in shares)		(204,868)	(23,049)
Ending balance (in shares)		1,384,182	823,833	468,632
Exercisable at end of period (in shares)		461,339	527,053
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 13.23	$ 31.43	$ 13.23
Assumption of options in connection with the reverse merger (in dollars per share)			77.20
Granted (in dollars per share)		35.31	18.91
Exercised (in dollars per share)		17.63	8.24
Expired/Forfeited (in dollars per share)		74.86	20.34
Ending balance (in dollars per share)		28.22	31.43	$ 13.23
Exercisable at end of period (in dollars per share)		$ 18.34	$ 38.42
Weighted average remaining contractual term (years)
Outstanding (years)	5 years 10 months 20 days	8 years 1 month 2 days	5 years 10 months 20 days	7 years 4 months 13 days
Assumption of options in connection with the reverse merger (in dollars per share)			$ 2,500
Exercisable (years)		6 years 7 days	4 years 8 months 23 days

Commitment and Contingencies - Maturity of Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 60	$ 51
2025	21	50
2026	6	15
2027		6
2028		1
Total lease payments	102	123
Less: interest	(9)	(16)
Total finance lease liabilities	$ 93	$ 107	$ 90

Commitment and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended				9 Months Ended	12 Months Ended
	Dec. 18, 2023 USD ($) ft² option	Feb. 28, 2022 USD ($)	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($) ft²	Aug. 31, 2019 USD ($) ft² option	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Finance lease right-of-use assets						$ 84	$ 98	$ 87
Total finance lease liabilities						93	107	90
Operating lease right-of-use assets						3,193	3,681	4,344
Total operating lease liabilities						13,026	14,861	4,599
Asset acquisition, contingent consideration arrangements, range of outcomes, value, low							1,300
Asset acquisition, contingent consideration arrangements, range of outcomes, value, high							19,500
Contingent consideration liability						1,200	$ 1,300
Effective term, scenario one							6 months
Effective term, scenario two							30 days
Accrued severance, bonus, and retention						$ 0	$ 2,476	$ 0
New York Headquarters Lease
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²				6,000
Letters of credit outstanding, amount				$ 400
Operating lease, monthly payments				$ 40
Operating lease right-of-use assets		$ 1,000
Total operating lease liabilities		1,000
Houston Lease
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²			42,342		26,905
Operating lease, monthly payments					$ 30
Number of options to extend \| option					2
Security deposit					$ 40
Prepaid rent					$ 40
Renewal term					5 years
Blaine Lease in Seattle
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²	33,300
Number of options to extend \| option	2
Eastlake Lease in Seattle
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²	6,272
Lessor, operating lease, payment to be received	$ 1,600
License \| Accipiter \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Lessee, Lease, Description [Line Items]
Contract with customer, liability							200
Collaborative arrangement, rights and obligations, seed financing, minimum							5,000
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product							13,400
Technology Equipment
Lessee, Lease, Description [Line Items]
Finance lease right-of-use assets							100
Total finance lease liabilities							$ 100
Minimum \| New York Headquarters Lease
Lessee, Lease, Description [Line Items]
Operating lease, monthly payments		30
Minimum \| Houston Lease
Lessee, Lease, Description [Line Items]
Operating lease, monthly payments			$ 50
Minimum \| Technology Equipment
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract							36 months
Maximum \| New York Headquarters Lease
Lessee, Lease, Description [Line Items]
Operating lease, monthly payments		$ 40
Maximum \| Houston Lease
Lessee, Lease, Description [Line Items]
Operating lease, monthly payments			$ 60
Maximum \| Technology Equipment
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract							63 months

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows used in operating activities:
Net income (loss)	$ (36,317)	$ (55,189)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,418	1,252
Fair value allocated to bargain purchase gain	(16,355)	0
Depreciation and amortization of property and equipment	3,262	3,196
Non-cash operating lease expense	663	608
Amortization of finance lease right-of-use assets	35	4
Amortization and accretion of premiums/discounts on held-to-maturity investments	(105)	0
Changes in assets and liabilities:
Prepaid expenses and other current assets	326	716
Other assets	(764)	0
Accounts payable	667	(3,607)
Accrued expenses and other current liabilities	(3,574)	806
Operating lease liabilities	(678)	(610)
Net cash used in operating activities	(51,422)	(52,824)
Cash flows used in investing activities:
Purchases of property and equipment	(321)	(2,230)
Cash and restricted cash acquired from reverse merger transaction	22,243	0
Reverse merger transaction costs paid	(1,285)	0
Proceeds from maturities of held-to-maturity investments	5,000	0
Net cash used in investing activities	25,637	(2,230)
Cash flows provided by financing activities:
Proceeds from pre-closing financing, net of offering costs paid	92,343	0
Proceeds from issuance of Series B convertible preferred stock, net of offering costs paid	0	66,459
Proceeds from the issuance of common stock upon exercise of options	168	73
Principal payments on finance leases	(29)	(1)
Net cash provided by financing activities	92,482	66,531
Net increase in cash, cash equivalents and restricted cash	66,697	11,477
Cash, cash equivalents and restricted cash at beginning of year	82,021	70,544
Cash, cash equivalents and restricted cash at end of year	148,718	82,021
Supplemental disclosure of non-cash investing and financing activities:
Additions to finance lease right of use assets from new finance lease liabilities	46	91
Operating lease liabilities assumed in connection with the reverse merger	10,940	0
Contingent consideration liability assumed in the reverse merger	1,287	0
Other liabilities assumed in the reverse merger	10,110	0
Assets acquired in the reverse merger including $53.9 million in short-term investments and $0.8 million in other monetary assets	54,661	0
Issuance of common stock and pre-funded warrants to former stockholders of Neoleukin Therapeutics, Inc. in connection with the reverse merger	38,212	0
Offering costs in connection with pre-closing financing included in accounts payable and accrued expenses	4,287	0
Transaction costs related to reverse merger included in accounts payable and accrued expenses	2,855	0
Conversion of preferred stock into common stock in connection with reverse merger	244,366	0
Supplemental cash flow information:
Cash paid for interest	$ 12	$ 2

Property and Equipment, Net - Narrative - 10Q (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 800,000	$ 800,000	$ 2,410,000	$ 2,445,000	$ 3,262,000	$ 3,196,000
Tangible asset impairment charges			$ 100,000		$ 0	$ 0

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 26,455	$ 25,183	$ 24,882
Less accumulated depreciation and amortization	(10,387)	(8,009)	(4,767)
Property and equipment, net	16,068	17,174	20,115
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	3,244	3,144	3,088
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	6,326	6,142	5,955
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	15,396	15,376	15,298
Office Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	19	19	0
Software
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	268	268	289
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 1,202	$ 234	$ 252

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Depreciation and amortization expense for the years ended December 31, 2023 and December 31, 2022 was approximately $3.3 million and $3.2 million, respectively.

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

Stock-Based Compensation - Summary of Weighted Average Assumptions (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	90.85%	0.00%	86.39%	82.96%
Expected volatility rate, maximum	92.31%	0.00%	92.31%	83.70%
Risk-free interest rate, minimum	3.43%	0.00%	3.43%	3.45%
Risk-free interest rate, maximum	4.40%	0.00%	4.60%	4.46%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 11 months 12 days	0 years	5 years 6 months	3 years 6 months 29 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 1 month 13 days	0 years	6 years 1 month 24 days	6 years 29 days
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum					82.96%	71.71%
Expected volatility rate, maximum					83.70%	74.01%
Risk-free interest rate, minimum					3.45%	1.47%
Risk-free interest rate, maximum					4.46%	4.22%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Fair value of common stock (in dollars per share)		$ 18.39		$ 18.39	$ 18.39	$ 20.24
Options to purchase common stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)					3 years 6 months 29 days	5 years 10 months 13 days
Options to purchase common stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)					6 years 29 days	6 years 1 month 2 days

Risks and Uncertainties	9 Months Ended
Risks and Uncertainties	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $36.3 million and $55.2 million for the years ended December 31, 2023 and 2022, respectively. In addition, the Company used cash in operations of $51.4 million and $52.8 million for the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $187.2 million as of December 31, 2023. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of December 31, 2023, the Company had cash and cash equivalents of approximately $148.2 million. On December 18, 2023, the Company closed on the merger with Neoleukin Therapeutics, Inc. (see Note 4, Reverse Merger) and a Pre-Closing Financing (see Note 1, Organization and Description of Business). The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. In March 2024, the Company terminated the ATM. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing and reimbursement, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $55.6 million and $38.7 million for the nine months ended September 30, 2024 and 2023, respectively. In addition, the Company used cash in operations of $53.1 million and $34.5 million for the nine months ended September 30, 2024 and 2023, respectively, and had an accumulated deficit of $242.8 million as of September 30, 2024. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of September 30, 2024, the Company had cash, cash equivalents and investments of approximately $139.0 million. On December 18, 2023, the Company closed the reverse merger and the Pre-Closing Financing. The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company was able to offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The Registration Statement on Form S-3 that was prepared for the ATM expired on December 21, 2023, and in March 2024, the Company formally terminated the ATM. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Commitment and Contingencies - Contingent Value Rights Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Lease contingent value rights liability, current	$ 768	$ 281	$ 0
Lease contingent value rights liability, non-current	646	1,006	$ 0
Lease CVR
Other Commitments [Line Items]
Lease contingent value rights liability, current	436	281
Lease contingent value rights liability, non-current	717	1,006
Intellectual Property CVR, net
Other Commitments [Line Items]
Lease contingent value rights liability, current	0	0
Lease contingent value rights liability, non-current	(71)	0
Sales Tax CVR
Other Commitments [Line Items]
Lease contingent value rights liability, current	332	0
Lease contingent value rights liability, non-current	$ 0	$ 0

Income Taxes - Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (36,317)	$ (55,189)
Net income (loss)	$ (36,317)	$ (55,189)

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Investments, Debt and Equity Securities [Abstract]

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From January 1, 2024 until the financial statements were issued, the Company granted 740,752 options and 482,384 RSUs to employees and consultants, and 29,320 options were exercised. Subsequent Events From October 1, 2024 until the financial statements were issued, the Company granted 34,695 options to employees and 8,858 options were exercised. 2024 private placement On November 5, 2024, the Company closed a private investment in public equity financing in which the Company sold 1,835,000 shares of common stock at a purchase price of $50.00 per share and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 2,165,042 shares of common stock, at a purchase price of $49.999 per pre-funded warrant, to certain institutional accredited investors. The pre-funded warrants are immediately exercisable until exercised in full at a price of $0.001 per share of common stock. The aggregate gross proceeds to the Company are approximately $200.0 million. Net proceeds, after deducting commissions and other offering expenses, are expected to total approximately $189.5 million.

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Debt Securities, Held-to-Maturity

The following table summarizes the Company’s investment securities as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
U.S. treasury notes	$	48,947	$	16	$	—	$	48,963

December 31, 2022

Amortized cost, as adjusted

Gross
unrealized
holding gains

Gross
unrealized
holding losses

Estimated fair
value

Short-term investments:

U.S. treasury notes

—

The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	63,120	$	—	$	—	$	63,120
Short-term investments:
U.S. treasury notes	72,360		172		—		72,532
Total	$	135,480	$	172	$	—	$	135,652


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	144,358	$	—	$	—	$	144,358
Short-term investments:
U.S. treasury notes	48,947		16		—		48,963
Total	$	193,305	$	16	$	—	$	193,321

All of the Company’s investments mature within the next 12 months.

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Investments, Debt and Equity Securities [Abstract]

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	50,000,000	0
Preferred Stock, shares, issued (in shares)	0	0
Preferred Stock, shares, outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	450,000,000	0
Common stock, shares, issued (in shares)	12,823,665	0
Common stock, shares, outstanding (in shares)	12,823,665	0
Series A-1 Convertible Preferred Stock
Temporary equity, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	0	18,604,653
Temporary equity, shares issued (in shares)	0	18,604,653
Temporary equity, shares outstanding (in shares)	0	18,604,653
Temporary equity, liquidation preference		$ 40,000
Series A-2 Convertible Preferred Stock
Temporary equity, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	0	13,291,208
Temporary equity, shares issued (in shares)	0	13,291,208
Temporary equity, shares outstanding (in shares)	0	13,291,208
Temporary equity, liquidation preference		$ 28,675
Series B Convertible Preferred Stock
Temporary equity, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	0	88,114,739
Temporary equity, shares issued (in shares)	0	74,405,719
Temporary equity, shares outstanding (in shares)	0	74,405,719
Temporary equity, liquidation preference		$ 181,550
Class A Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	0	126,000,000
Common stock, shares, issued (in shares)	0	428,334
Common stock, shares, outstanding (in shares)	0	428,334
Class B Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	0	120,010,600
Common stock, shares, issued (in shares)	0	0
Common stock, shares, outstanding (in shares)	0	0

Reverse Merger - Calculation of Total Purchase Price (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Dec. 18, 2023	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent consideration liability		$ 1,200	$ 1,300
Neoleukin
Business Acquisition [Line Items]
Number of common shares and pre-funded warrants of the combined company to be owned by Neoleukin stockholders (in shares)	2,777,017
Multiplied by the fair value per share of Neoleukin common stock (in dollars per share)	$ 13.76
Fair value of Neoleukin common stock issued	$ 38,212
Transaction costs	4,140
Contingent consideration liability	1,287
Total purchase price	$ 43,639

Income Taxes - Significant Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 60,287	$ 25,253
Research and development credits	9,765	3,681
Accruals & reserves	802	727
Stock compensation	2,952	107
Amortization	778	298
Lease liability	3,157	995
Capitalized research and development expenses	22,134	8,271
Total deferred tax assets	99,875	39,332
Valuation allowance	(98,926)	(38,168)	$ (25,195)
Net deferred tax assets	949	1,164
Deferred tax liabilities:
Depreciation	(152)	(224)
Right of use asset	(797)	(940)
Total deferred tax liabilities	(949)	(1,164)
Net deferred taxes	$ 0	$ 0

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 18, 2023 USD ($)
Cash and Cash Equivalents [Line Items]
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Restricted cash	$ 339,000	$ 508,000	$ 0
Cash and cash equivalents, at or above FDIC insurance limits	66,500,000	147,700,000
Debt securities, held-to-maturity, allowance for credit loss		0
Capitalized computer software, net		300,000	400,000
Capitalized computer software, amortization		200,000	200,000
Capitalized computer software, impairments		0	0
Tangible asset impairment charges	100,000	0	0
Lease contingent value rights liability, current	768,000	281,000	0
Lease contingent value rights liability, non-current	$ 646,000	1,006,000	$ 0
Restructuring reserve				$ 900,000
Expected dividend yield		0
Accrued Liabilities And Other Liabilities, Current
Cash and Cash Equivalents [Line Items]
Restructuring reserve		$ 800,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 148,210	$ 82,021
Short-term investments	48,947	0
Prepaid expenses and other current assets	3,191	2,698
Total current assets	200,348	84,719
Property and equipment, net	17,174	20,115
Operating lease right-of-use assets	3,681	4,344
Finance lease right-of-use assets	98	87
Restricted cash	508	0
Other non-current assets	764	0
Total assets	222,573	109,265
Current liabilities:
Accounts payable	2,596	625
Accrued expenses and other current liabilities	17,495	5,324
Operating lease liabilities, current	2,559	678
Finance lease liabilities, current	42	24
Lease contingent value rights liability, current	281	0
Total current liabilities	22,973	6,651
Operating lease liabilities, non-current	12,302	3,921
Finance lease liabilities, non-current	65	66
Lease contingent value rights liability, non-current	1,006	0
Other liabilities	203	0
Total liabilities	36,549	10,638
Commitments and contingencies (Note 10)
Convertible preferred stock:
Total convertible preferred stock	0	244,366
Stockholders' equity (deficit)
Preferred stock, $0.000001 par value; 50,000,000 and 0 shares authorized as of December 31, 2023 and 2022, respectively; 0 shares issued and outstanding as of December 31, 2023 and 2022, respectively	0	0
Common stock, value, issued	0	0
Additional paid-in capital	373,178	5,098
Accumulated deficit	(187,154)	(150,837)
Total stockholders' equity (deficit)	186,024	(145,739)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	222,573	109,265
Series A-1 Convertible Preferred Stock
Convertible preferred stock:
Total convertible preferred stock	0	34,414
Series A-2 Convertible Preferred Stock
Convertible preferred stock:
Total convertible preferred stock	0	28,675
Series B Convertible Preferred Stock
Convertible preferred stock:
Total convertible preferred stock	0	181,277
Class A Common Stock
Stockholders' equity (deficit)
Common stock, value, issued	0	0
Class B Common Stock
Stockholders' equity (deficit)
Common stock, value, issued	$ 0	$ 0

Stock-Based Compensation - Narrative - 10Q (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) tranche shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) tranche $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class A common stock issued upon exercise of stock options (in shares) \| shares							83,795		20,348
Class A common stock issued upon exercise of stock options	$ 143	$ 415	$ 629	$ 35	$ 20	$ 112			$ 168	$ 73
Intrinsic Value	20,000						$ 20,000		2,600
Intrinsic Value	11,800						11,800		2,300
Share-based compensation arrangement by share-based payment award, options, exercised, intrinsic value	1,400						$ 1,400		$ 300
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares							$ 26.52	$ 12.99	$ 12.99	$ 15.37
Share-based payment arrangement, expense	$ 2,474			386			$ 5,833	$ 1,063	$ 1,418	$ 1,252
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount									3,200
Grants in period (in shares) \| shares							482,384
Number of shares common stock holder to receive when restricted stock unit vests (in shares) \| shares	1						1
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class A common stock issued upon exercise of stock options (in shares) \| shares							14,582
Class A common stock issued upon exercise of stock options							$ 300
Share-based payment arrangement, expense	$ 1,800			$ 400			4,300	$ 1,000	$ 1,400	1,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 19,900						$ 19,900
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition							3 years 29 days		2 years 7 months 2 days
Performance Based RSUs \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares) \| shares							252,124
Share-based payment arrangement, number of tranches \| tranche	2						2
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 700						$ 1,500		$ 20	$ 200
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 6,600						$ 6,600
Award vesting period							2 years 5 months 8 days

Reverse Merger - Other Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, shares, outstanding (in shares)	13,010,867	12,823,665		0
Neoleukin
Business Acquisition [Line Items]
Common stock, shares, outstanding (in shares)			2,351,030
Short term investments			$ 53.9
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, cash and equivalents			22.2
Other assets			0.8
Lease obligation			10.9
Accrued payroll			3.8
Other accrued costs and accounts payable			$ 6.3
Neoleukin \| Pre-Funded Warrant
Business Acquisition [Line Items]
Class of warrant or right, outstanding (in shares)			425,987

Investments

9 Months Ended

Sep. 30, 2024

Investments

The following table summarizes the Company’s investment securities as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
U.S. treasury notes	$	48,947	$	16	$	—	$	48,963

December 31, 2022

Amortized cost, as adjusted

Gross
unrealized
holding gains

Gross
unrealized
holding losses

Estimated fair
value

Short-term investments:

U.S. treasury notes

—

All of the Company’s investments mature within the next 12 months.

Investments

The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	63,120	$	—	$	—	$	63,120
Short-term investments:
U.S. treasury notes	72,360		172		—		72,532
Total	$	135,480	$	172	$	—	$	135,652


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	144,358	$	—	$	—	$	144,358
Short-term investments:
U.S. treasury notes	48,947		16		—		48,963
Total	$	193,305	$	16	$	—	$	193,321

All of the Company’s investments mature within the next 12 months.

Summary of Significant Accounting Policies - Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dec. 18, 2023

Dec. 31, 2022

$ 13,654

$ (20,217)

$ (18,492)

$ (16,921)

$ (14,577)

$ (11,860)

$ (12,263)

$ (55,630)

$ (38,700)

$ (36,317)

$ (55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

491,867

^[1]

16,953,443

^[2]

446,255

^[2]

16,932,976

^[2]

441,498

^[2]

Net income (loss) per share, basic (in dollars per share)

$ 27.76

^[1]

$ (1.19)

^[2]

$ (32.67)

^[2]

$ (3.29)

^[2]

$ (87.66)

^[2]

$ 13,654

$ (20,217)

$ (18,492)

$ (16,921)

$ (14,577)

$ (11,860)

$ (12,263)

$ (55,630)

$ (38,700)

$ (36,317)

(55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

491,867

^[1]

16,953,443

^[2]

446,255

^[2]

16,932,976

^[2]

441,498

^[2]

Weighted-average effect of dilutive securities:

Warrants to purchase common stock (in shares)

4,063,361

Options to purchase common stock (in shares)

101,719

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

4,656,947

^[1]

16,953,443

^[2]

446,255

^[2]

16,932,976

^[2]

441,498

^[2]

Net income (loss) per share, diluted (in dollars per share)

$ 2.93

^[1]

$ (1.19)

^[2]

$ (32.67)

^[2]

$ (3.29)

^[2]

$ (87.66)

^[2]

Class A Common Stock

$ (38,700)

$ (49,971)

$ (55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

441,498

426,097

^[1]

394,533

^[1]

Net income (loss) per share, basic (in dollars per share)

$ (87.66)

$ (117.28)

^[1]

$ (139.88)

^[1]

$ (38,700)

$ (49,971)

$ (55,189)

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

441,498

426,097

^[1]

394,533

^[1]

Weighted-average effect of dilutive securities:

Warrants to purchase common stock (in shares)

Options to purchase common stock (in shares)

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

441,498

426,097

^[1]

394,533

^[1]

Net income (loss) per share, diluted (in dollars per share)

$ (87.66)

$ (117.28)

^[1]

$ (139.88)

^[1]

Class B Common Stock

$ 0

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

Net income (loss) per share, basic (in dollars per share)

$ 0

^[1]

$ 0

^[1]

$ 0

Weighted-average shares outstanding used in computing net income (loss) per share, basic (in shares)

^[1]

Weighted-average effect of dilutive securities:

Warrants to purchase common stock (in shares)

Options to purchase common stock (in shares)

Weighted-average shares outstanding used in computing net income (loss) per share, diluted (in shares)

^[1]

Net income (loss) per share, diluted (in dollars per share)

$ 0

^[1]

$ 0

^[1]

[1]

(c)Presents information for the post-merger period for common stock. The post-merger period is December 18, 2023 through December 31, 2023.

[2]

Investments - 10Q (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	$ 135,480	$ 193,305
Gross unrealized holding gains	172	16
Gross unrealized holding losses	0	0
Estimated fair value	135,652	193,321
Money Market Funds \| Cash equivalents:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	63,120	144,358
Gross unrealized holding gains	0	0
Gross unrealized holding losses	0	0
Estimated fair value	63,120	144,358
U.S. treasury notes
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted		48,947	$ 0
Gross unrealized holding gains		16	0
Gross unrealized holding losses		0	0
Estimated fair value		48,963	$ 0
U.S. treasury notes \| Short-term investments:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	72,360	48,947
Gross unrealized holding gains	172	16
Gross unrealized holding losses	0	0
Estimated fair value	$ 72,532	$ 48,963

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.

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment

The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Property and equipment consist of the following (in thousands):


	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Property and equipment, net consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

Commitment and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 508	$ 259	$ 1,553	$ 777	$ 1,037	$ 1,037
Finance lease cost
Amortization of finance leases	12	10	39	24	35	4
Interest on finance lease liabilities	3	3	9	9	12	2
Variable lease cost	364	19	978	129	178	196
Short-term lease cost	18	21	53	63	80	74
Total lease cost	$ 905	$ 312	$ 2,632	$ 1,002	$ 1,342	$ 1,313

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

In connection with the reverse merger, the Company stockholders approved the 2023 Equity Incentive Plan (the “2023 EIP”) on December 13, 2023 and Board of Directors ratified the 2023 EIP on December 18, 2023. The 2023 EIP provides for the grant of stock options, restricted stock, restricted stock units (“RSUs”) and other stock-based awards, any of which may be performance-based, and for incentive bonuses, which may be paid in cash, Company common stock or a combination thereof.

The number of shares reserved for issuance under the 2023 EIP is equal to 2,237,722 shares of the Company’s common stock. The 2023 EIP provides that the number of shares reserved and available for issuance under the 2023 EIP will automatically increase on January 1 of each year beginning in 2024 and ending with a final increase on January 1, 2033 in an amount equal to 4% of the total number of shares of common stock outstanding on such date or to a lesser amount determined by the Compensation Committee of the Board of Directors.

As of December 31, 2023, no shares of the Company’s common stock were issued under the 2023 EIP.

In connection with the reverse merger, the Company assumed all of the options outstanding under the Neurogene OpCo 2018 Equity Incentive Plan. All of the stock options outstanding under the 2018 Stock Incentive Plan at the time of the Closing of the reverse merger were adjusted to the number of shares and exercise price to reflect the Exchange Ratio. As of December 31, 2023, 609,124 shares of the Company’s common stock were outstanding under the Neurogene OpCo 2018 Equity Incentive Plan and no further grants will be made under the Neurogene OpCo 2018 Equity Incentive Plan.

In connection with the reverse merger, the Company assumed all of the options outstanding under the Neoleukin 2014 Equity Incentive Plan. As of December 31, 2023, 214,709 shares of the Company’s common stock were outstanding under the Neoleukin 2014 Equity Incentive Plan and no further grants will be made under the Neoleukin 2014 Equity Incentive Plan.

The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying consolidated statements of operations (in thousands):


	Year Ended December 31,
	2023		2022
Research and development	$	897	$	732
General and administrative	521		520
Total expense	$	1,418	$	1,252

The following table summarizes the option activity under the stock option plans:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2022	468,632	$	13.23	7.37
Assumption of options in connection with the reverse merger	215,207	$	77.20	2.50
Granted	183,391	$	18.91
Exercised	(20,348)	$	8.24
Expired/Forfeited	(23,049)	$	20.34
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Exercisable at December 31, 2023	527,053	$	38.42	4.73

At December 31, 2023, the aggregate intrinsic value of outstanding options and exercisable options was approximately $2.6 million and $2.3 million, respectively. The aggregate intrinsic value of options exercised was approximately $0.3 million for the year ended December 31, 2023.

The weighted-average grant date fair value of options granted was $12.99 and $15.37 per share for the years ended December 31, 2023 and 2022, respectively. The Company recorded stock-based compensation related to stock options of approximately $1.4 million and $1.0 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the total unrecognized compensation expense related to unvested stock option awards was approximately $3.2 million, which the Company expects to recognize over a weighted-average period of 2.59 years.

The following table summarizes information about the outstanding and exercisable options at December 31, 2023 (in thousands, except share and per share amounts):


	Options Outstanding						Options Exercisable
Exercise Price Range	Number Outstanding	Weighted Average Remaining Contractual	Weighted Average Exercise Price		Intrinsic Value		Number Exercisable	Weighted Average Remaining Contractual	Weighted average Exercise Price		Intrinsic Value
$5.19 - $9.99	108,600	5.12	$	5.86	$	1,469	108,315	5.12	$	5.86	$	1,465
$10.00 - $19.99	365,112	6.95	$	15.06	$	1,596	184,871	5.37	$	13.42	$	1,120
$20.00 - $29.99	196,723	7.14	$	22.43	$	—	80,817	7.41	$	22.88	$	—
$30.00 - $274.80	153,398	2.27	$	100.05	$	—	153,050	2.26	$	99.86	$	—

The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:


	Year Ended December 31,
	2023		2022
Expected volatility	82.96%-83.70%		71.71%-74.01%
Risk-free interest rate	3.45%-4.46%		1.47%-4.22%
Expected life (in years)	3.58-6.08		5.87-6.09
Expected dividend yield	—		—
Fair value of common stock	$	18.39	$	20.24

Restricted Stock Awards

The Company granted shares of its restricted Class A common stock to certain of its employees in accordance with the terms of their restricted stock award agreements (“RSA”).

The following table summarizes restricted Class A common stock activity:


	Number of shares	Weighted- average grant date fair value
Unvested balance at December 31, 2022	6,691	$	5.82
Vested	(6,691)	$	5.82
Unvested balance at December 31, 2023	—	$	—

The Company recorded stock-based compensation expense related to RSAs of approximately $0.02 million and $0.2 million for the years ended December 31, 2023, and 2022, respectively.

Employee Stock Purchase Plan

In connection with the reverse merger, the Company stockholders approved the 2023 Employee Stock Purchase Plan (the “2023 ESPP”) on December 13, 2018 and Board of Directors ratified the 2023 ESPP on December 18, 2018. A total of 173,223 shares of common stock have been reserved for issuance under the 2023 ESPP.

Subject to share and dollar limits as described in the plan, the 2023 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their earnings for the purchase of the Company’s shares of common stock at the lower of 85% of the closing price of the Company’s common stock on the first trading day of the offering period or 85% of the closing price of the Company’s common stock on the last trading day of the offering period. As of December 31, 2023, no shares have been issued under the 2023 ESPP.

Stock-Based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,272	$	242	$	3,212	$	657
General and administrative	1,202		144		2,621		406
Total expense	$	2,474	$	386	$	5,833	$	1,063

The following table summarizes the option activity:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Granted	849,012	$	35.31
Exercised *	(83,795)	$	17.63
Expired/Forfeited	(204,868)	$	74.86
Outstanding at September 30, 2024	1,384,182	$	28.22	8.09
Exercisable at September 30, 2024	461,339	$	18.34	6.02

__________________

As of September 30, 2024, the aggregate intrinsic value of outstanding options and exercisable options was approximately $20.0 million and $11.8 million, respectively. The aggregate intrinsic value of options exercised was approximately $1.4 million for the nine months ended September 30, 2024.

The weighted-average grant date fair value of options granted was $26.52 and $12.99 per share for the nine months ended September 30, 2024 and 2023, respectively. The Company recorded stock-based compensation related to stock options of approximately $1.8 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $4.3 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total unrecognized compensation expense related to unvested stock option awards was approximately $19.9 million, which the Company expects to recognize over a weighted-average period of 3.08 years.

The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	90.85%-92.31%	—%-—%	86.39%-92.31%	82.96%-83.70%
Risk-free interest rate	3.43%-4.40%	—%-—%	3.43%-4.60%	3.45% - 4.46%
Expected life (in years)	5.95-6.12	0.00-0.00	5.50-6.15	3.58 - 6.08
Expected dividend yield	—	—	—	—
Fair value of common stock (1)				$	18.39

__________________

A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Restricted stock units granted	482,384	$	36.06
Restricted stock units forfeited	(4,771)	$	36.06
Unvested at September 30, 2024	477,613	$	36.06

252,124 of these RSUs were granted with vesting in two equal tranches based on certain performance conditions ("PSUs"). Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. During the nine months ended September 30, 2024, the related performance conditions were not met and are not currently considered probable to vest. As such, no expense is recognized as of September 30, 2024.

The Company recorded stock-based compensation expense related to RSUs of approximately $0.7 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, there was approximately $6.6 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.44 years.

Licenses - 10Q	9 Months Ended
Licenses - 10Q	Sep. 30, 2024
License Agreements [Abstract]
License Agreements	License Agreements License Agreement with The University of North Carolina In May 2019, Neurogene entered into an Exclusive License Agreement with the University of North Carolina at Chapel Hill (“UNC”) to obtain an exclusive, worldwide, royalty bearing license, with the right to grant sublicenses under certain patents to make, use, or sell products covered by such patents for prevention or treatment of disease or medical or genetic conditions, including CLN5 Batten disease or other diseases from dysfunction of the CLN5 gene. The Company is obligated to pay UNC up to $1.7 million in sales-related milestones for licensed products based on annual sales of the licensed product in excess of defined thresholds and low single-digit percentage royalties on net sales of licensed product for as long as there is a valid patent claim under the patent rights. Neurogene is also required to reimburse any patent expenses, as well as pay a nonrefundable annual maintenance fee which, when royalties become due and payable, will be creditable against such royalties. The annual license fee was $4,000 for each of the years ended December 31, 2023 and 2022. License Agreement with The University of Edinburgh In January 2020, Neurogene entered into an Option Agreement (the “Edinburgh Option Agreement”) with the University Court of the University of Edinburgh (“University of Edinburgh”) for an option to license certain patents covering the EXACT technology (the “Licensed Technology”). To secure the option, Neurogene was solely required to pay the costs associated with the filing, preparing, prosecution and maintenance of the patents covering the Licensed Technology during the option period. No other payments were payable under the Edinburgh Option Agreement. Neurogene subsequently exercised the option under the Edinburgh Option Agreement and then entered into the Master Collaboration Agreement (“MCA”) discussed below, and which superseded the Edinburgh Option Agreement. In December 2020, University of Edinburgh and Neurogene entered into the MCA. Under the MCA, Neurogene and University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”) and Neurogene agreed to provide funding for such Projects for a 40-month initial term, which term may be extended by mutual agreement. In exchange for such funding, University of Edinburgh granted Neurogene the option to exclusively license any intellectual property arising from such Projects. If Neurogene exercises an exclusive option for a particular Project, Neurogene will enter into a separate exclusive license agreement on its own terms with University of Edinburgh. Under the MCA, Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the 40-month period. Either party may terminate the MCA for convenience upon 90 days’ notice. If Neurogene terminates the MCA, it would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. The expense recorded for the years ended December 31, 2023 and 2022 was $1.6 million and $1.1 million, respectively. In March 2022, Neurogene exercised its option through the collaboration under the MCA, and entered into a License Agreement (the “March 2022 Edinburgh License Agreement”) with University of Edinburgh, pursuant to which Neurogene licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, Neurogene obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the latter of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then ten years from first commercial sale of such Licensed Product in such country. In connection with the license, Neurogene is also obligated to pay the University of Edinburgh up to $5.25 million in regulatory-related milestones and up to $25 million in sales-related milestones based on annual net sales of Licensed Products in excess of defined thresholds. During the year ended December 31, 2023, the Company expensed $0.3 million for a milestone related to the first patient dosing in the Phase 1/2 Rett study. In November 2023, Neurogene and University of Edinburgh amended the MCA. Under the amended MCA, Neurogene and University of Edinburgh agreed to continue collaborating on certain Projects and Neurogene agreed to provide funding for such Projects through December 2026 or an additional 33 months. Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the entire period. License Agreement with the University of North Carolina and University of Pennsylvania In July 2020, the Company entered into an exclusive license agreement with the University of North Carolina and University of Pennsylvania, or the Universities, to further develop and commercialize the licensed technology for the Optimized GALC Genes and Expression Cassettes. The Company also has the right to sublicense the technology. The Company made an upfront payment to the Universities of $0.5 million that was immediately expensed within research and development expenses as the license has no alternative future use. On an on-going basis, the Company is obligated to pay for future patent costs incurred, and such costs were immaterial for the years ended December 31, 2023 and December 31, 2022. During the year ended December 31, 2022, the Company paid the University of North Carolina a $0.5 million milestone payment after receipt of the Rare Pediatric Disease Designation of NGN-201 from the FDA for Krabbe disease. An annual license maintenance fee is also payable commencing on the first anniversary of the effective date. The amount of the license fee was approximately $0 and $0.02 million for the years ended December 31, 2023 and 2022, respectively. In October 2023, the Company terminated the license agreement. License Agreement with Virovek In September 2020, Neurogene entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which Neurogene has a license to use certain patents and know-how on a non-exclusive basis related to Neurogene’s baculovirus (“baculo”) process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculo process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. During the year ended December 31, 2023, the Company recorded a milestone expense of $0.1 million for first filing of the IND filed in connection with the Company’s Rett syndrome program. The license fee expense for each of the years ended December 31, 2023 and 2022 was $0.05 million. License Agreement with Sigma-Aldrich Co In January 2023, Neurogene entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which Neurogene has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in Neurogene’s baculo process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, Neurogene is obligated to pay up to $2.5 million in the aggregate for development-related milestones. During the year end ended December 31, 2023, the Company recorded the expense for the initial annual license fee of approximately $0.06 million. No expenses were recorded related to other in-process license agreements during the years ended December 31, 2023 and 2022, respectively. None will be due under these agreements unless and until certain development milestones are reached. Licenses License Agreement with The University of North Carolina In May 2019, Neurogene entered into an Exclusive License Agreement with the University of North Carolina at Chapel Hill (“UNC”) to obtain an exclusive, worldwide, royalty bearing license, with the right to grant sublicenses under certain patents to make, use, or sell products covered by such patents for prevention or treatment of disease or medical or genetic conditions, including CLN5 Batten disease or other diseases from dysfunction of the CLN5 gene. The Company is obligated to pay UNC up to $1.7 million in sales-related milestones for licensed products based on annual sales of the licensed product in excess of defined thresholds and low single-digit percentage royalties on net sales of licensed product for as long as there is a valid patent claim under the patent rights. Neurogene is also required to reimburse any patent expenses, as well as pay a nonrefundable annual maintenance fee which, when royalties become due and payable, will be creditable against such royalties. During the year ended December 31, 2021, the FDA granted Orphan Drug Designation for CLN5 and the Company made a milestone payment of $15,000 to UNC. During the year ended December 31, 2022, the Company dosed its first patient in a Phase 1 CLN5 study and made a milestone payment of $30,000 to UNC. The annual license fee was $4,000 for each of the nine months ended September 30, 2024 and 2023. In November 2024, the Company announced that it does not expect to move forward with the NGN-101 CLN5 Batten disease gene therapy program at this time due to the FDA’s denial for the Company’s RMAT application. The Company is currently evaluating options for the program. License Agreement with The University of Edinburgh In December 2020, the University Court of the University of Edinburgh (the “University of Edinburgh”) and Neurogene entered into the Master Collaboration Agreement (“MCA”). Under the MCA, Neurogene and the University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”) and Neurogene agreed to provide funding for such Projects for a 40-month initial term, which term was extended in November 2023 for an additional 33 months and may be further extended by mutual agreement. In exchange for such funding, the University of Edinburgh granted Neurogene the option to exclusively license any intellectual property arising from such Projects. If Neurogene exercises an exclusive option for a particular Project, Neurogene will enter into a separate exclusive license agreement on its own terms with the University of Edinburgh. Under the MCA, Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the 40-month period. Either party may terminate the MCA for convenience upon 90 days’ notice. If Neurogene terminates the MCA, it would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. In March 2022, Neurogene exercised its option through the collaboration under the MCA and entered into a License Agreement (the “March 2022 Edinburgh License Agreement”) with University of Edinburgh, pursuant to which Neurogene licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, Neurogene obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the latest of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then ten years from first commercial sale of such Licensed Product in such country. In connection with the license, Neurogene is also obligated to pay the University of Edinburgh up to $5.3 million in regulatory-related milestones and up to $25.0 million in sales-related milestones based on annual net sales of Licensed Products in excess of defined thresholds. During the nine months ended September 30, 2023, the Company expensed $0.3 million for a milestone related to the first patient dosing in the Phase 1/2 trial for Rett syndrome. For the nine months ended September 30, 2024 and 2023, the expense recorded by the Company related to the MCA was $1.1 million and $0.9 million, respectively. License Agreement with Virovek In September 2020, Neurogene entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which Neurogene has a license to use certain patents and know-how on a non-exclusive basis related to Neurogene’s baculovirus (“baculo”) process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculo process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. During the nine months ended September 30, 2023, the Company recorded a milestone expense of $0.1 million for the Rett Syndrome Investigational New Drug filing. License Agreement with Sigma-Aldrich Co In January 2023, Neurogene entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which Neurogene has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in Neurogene’s baculo process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, Neurogene is obligated to pay up to $2.5 million in the aggregate for development-related milestones. The Company recorded a license expense of $60,000 for each of the nine months ended September 30, 2024 and 2023. No expenses were recorded related to other in-process license agreements during the nine months ended September 30, 2024 and 2023. None will be due under these agreements unless and until certain development milestones are reached. License Agreement with Stanford In August 2024, the Company entered into a Nonexclusive License Agreement with the Board of Trustees of Leland Stanford Junior University (the “Stanford License Agreement”) to license, on a non-exclusive basis, certain biological materials used by the Company in the manufacturing process of Neurogene’s product candidates, including NGN-401. Over the 10-year term of the Stanford License Agreement, the Company is obligated to pay up to $0.5 million in licensing fees. The Company recorded a license expense of $50,000 for the nine months ended September 30, 2024.

Commitment and Contingencies - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 3,193	$ 3,681	$ 4,344
Operating lease liabilities, current	2,856	2,559	678
Operating lease liabilities, non-current	10,170	12,302	3,921
Total operating lease liabilities	13,026	14,861	4,599
Finance lease right-of-use assets	84	98	87
Finance lease liabilities, current	54	42	24
Finance lease liabilities, non-current	39	65	66
Total finance lease liabilities	$ 93	$ 107	$ 90

Preferred Stock	9 Months Ended
Preferred Stock	Sep. 30, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock Preferred Stock The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.000001 per share as of December 31, 2023. No shares are outstanding as of December 31, 2023. Convertible Preferred Stock On March 2, 2022, the Company entered into the Series B preferred stock purchase agreement, which provided for the purchase of 27,274,586 shares of Series B preferred stock, at $2.44 per share for net proceeds of approximately $66.5 million, of which the Company received such funds from March 2022 through June 2022. On December 18, 2023, Neurogene OpCo completed the reverse merger with Neoleukin. Neurogene OpCo’s Series A-1, Series A-2 and Series B preferred stock (collectively, “convertible preferred stock”) was subject to certain pre-existing anti-dilution provisions that were triggered upon the closing of the Pre-Closing Financing. The private placement in Neurogene OpCo closed immediately before the Closing. As a result of the pre-existing anti-dilution feature, Neurogene OpCo preferred shareholders received an additional 13,505,271 shares of preferred stock. At the effective time of the reverse merger, each issued and outstanding share of Neurogene OpCo convertible preferred stock converted automatically into 0.0756 shares of the Company’s common stock or pre-funded warrants, at the option of the preferred shareholder. At the Closing, the Company issued an aggregate of 7,231,747 shares of its common stock and 1,825,635 pre-funded warrants to Neurogene OpCo preferred shareholders. Prior to the effective time of the reverse merger, the convertible preferred stock had the followings rights and privileges: Dividends The holders of convertible preferred stock were entitled to receive non-cumulative dividends that would accrue at the rate of $0.18 per share per year, payable only when and if declared by the Board of Directors. The Company would not declare, pay or set aside any dividends on shares of any class of common stock (as defined below) unless the holders of the convertible preferred stock would first receive dividends on each outstanding share of preferred stock in the amount of the accrued dividends unpaid as of such date. No dividends were issued for the convertible preferred stock from inception through the Closing. Liquidation In the event of any liquidation, dissolution, or winding-up of the Company, which would include the sale of the Company, the convertible preferred stock was senior to common stock. The preferred shareholders would be entitled to preferential payment in the amount per share equal to the greater of (i) the original issue price and accrued dividends declared and unpaid or (ii) the amount that would be due had all convertible preferred stock been converted to common stock immediately prior to a deemed liquidation event. Upon payment of the preferred liquidation preference payments, the holders of Series A-1 and common stock participate on a pro-rata basis until the A-1 stockholders have received a liquidation preference amount of $5.38 per share of Series A-1. Any remaining distribution thereafter would be distributed to holders of common stock. Voting The preferred stockholders were entitled to the number of votes equal to the number of Class A common stock into which the shares of convertible preferred stock Series A and B held by each holder are then convertible. Conversion The preferred stockholders had the option to convert each share of convertible preferred stock into Class A or Class B common stock, as applicable, at any time, and without additional payment. The number of Class A or Class B common stock into which the convertible preferred stock converts was equal to the original issuance price (defined as $2.15 per share for the Series A and $2.44 per share for the Series B) divided by the conversion price. The conversion price would initially be $2.15 per share for the Series A and $2.44 per share for the Series B and could be adjusted for certain dilutive events such as a down-round provision, stock splits and combinations, certain dividends and distributions or any merger or reorganization. Conversion to Class A common stock would have been mandatory upon the closing of an initial public offering resulting in net proceeds of at least $75.0 million for Series A and $50.0 million for Series B and at an offering price per share greater than or equal to $4.30 per share for Series A and $3.66 per share for Series B or upon the decision of the holders of at least a majority of the outstanding preferred stock shares. Prior to the Mandatory Conversion Time (as defined in the preferred stock purchase agreement), a preferred stockholder would have had the right to elect, upon written notice to the Company, to have all or a portion of its shares of convertible preferred stock automatically convert into shares of Class B common stock at the then effective conversion rate. Redemption The convertible preferred stock was subject to redemption under certain deemed liquidation events not solely within the control of the Company, as defined, and as such was considered contingently redeemable for accounting purposes and was classified as temporary equity in the Company’s consolidated balance sheets.

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax	21.00%	21.00%
State income taxes, net of federal tax benefit	(0.80%)	(0.10%)
Other permanent items	(0.50%)	(0.40%)
Research and development credit	(5.80%)	(3.00%)
Bargain purchase gain	9.50%	0.00%
Valuation allowance	(35.00%)	(23.50%)
Effective income tax rate	0.00%	0.00%

Commitment and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Contingent consideration liability			$ 1,200	$ 1,300
Intellectual property total amount			900
Intellectual property contingent value rights liability, current, deductions			400
Intellectual property contingent value rights liability, current			(100)
Lease contingent value rights liability, current			768	281		$ 0
Asset acquisition, contingent consideration, cash payment	$ 600
Asset acquisition, contingent consideration, covenant, minimum amount owed, net of deductions			$ 500
Intellectual Property CVR, net
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment	500
Lease CVR
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment	$ 100
December 2023 CVR Licensing Agreement \| License \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability					$ 200
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product				$ 13,400
April 2024 CVR Licensing Agreement
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, maximum percentage		1
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, percentage		0.80
April 2024 CVR Licensing Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, reimbursement		$ 10
April 2024 CVR Licensing Agreement \| License \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability		800
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product		$ 11,000

Stock-Based Compensation - Summary of Weighted Average Assumptions - 10Q (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	90.85%	0.00%	86.39%	82.96%
Expected volatility rate, maximum	92.31%	0.00%	92.31%	83.70%
Risk-free interest rate, minimum	3.43%	0.00%	3.43%	3.45%
Risk-free interest rate, maximum	4.40%	0.00%	4.60%	4.46%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 11 months 12 days	0 years	5 years 6 months	3 years 6 months 29 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 1 month 13 days	0 years	6 years 1 month 24 days	6 years 29 days
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum					82.96%	71.71%
Expected volatility rate, maximum					83.70%	74.01%
Risk-free interest rate, minimum					3.45%	1.47%
Risk-free interest rate, maximum					4.46%	4.22%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Fair value of common stock (in dollars per share)		$ 18.39		$ 18.39	$ 18.39	$ 20.24
Options to purchase common stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)					3 years 6 months 29 days	5 years 10 months 13 days
Options to purchase common stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)					6 years 29 days	6 years 1 month 2 days

Stock-Based Compensation - Summary of Option Activity - 10Q (Details) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Beginning balance (in shares)	468,632	823,833	468,632
Granted (in shares)		849,012	183,391
Exercised (in shares)		(83,795)	(20,348)
Expired/Forfeited (in shares)		(204,868)	(23,049)
Ending balance (in shares)		1,384,182	823,833	468,632
Exercisable at end of period (in shares)		461,339	527,053
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 13.23	$ 31.43	$ 13.23
Granted (in dollars per share)		35.31	18.91
Exercised (in dollars per share)		17.63	8.24
Expired/Forfeited (in dollars per share)		74.86	20.34
Ending balance (in dollars per share)		28.22	31.43	$ 13.23
Exercisable at end of period (in dollars per share)		$ 18.34	$ 38.42
Weighted average remaining contractual term (years)
Outstanding (years)	5 years 10 months 20 days	8 years 1 month 2 days	5 years 10 months 20 days	7 years 4 months 13 days
Exercisable (years)		6 years 7 days	4 years 8 months 23 days

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accrued Liabilities

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


	December 31,
	2023		2022
Compensation and related benefits	$	3,496	$	3,357
Research and development	4,895		1,800
Accrued severance, bonus, and retention (1)	2,476		—
Accrued offering costs in connection with pre-closing financing	3,334		—
Accrued transaction costs related to reverse merger	2,557		—
Other	737		167
Total accrued expenses and other current liabilities	$	17,495	$	5,324

__________________

(1)Includes accrued severance, bonus, and retention payments for current and former Neoleukin employees. Refer to Note 10, Commitments and Contingencies, for further detail.

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


	September 30, 2024		December 31, 2023
Compensation, bonuses and related benefits	$	3,432	$	3,496
Research and development	6,483		4,895
Accrued severance, bonus, and retention (1)	—		2,476
Accrued offering costs in connection with pre-closing financing	—		3,334
Accrued transaction costs related to reverse merger	—		2,557
Other	523		737
Total accrued expenses and other current liabilities	$	10,438	$	17,495

__________________

(1)Includes accrued severance, bonus, and retention payments for former Neoleukin employees.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before provision for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	(36,317)	$	(55,189)
Loss before provision for income taxes	$	(36,317)	$	(55,189)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows:


	Year Ended December 31,
	2023		2022
Federal statutory income tax	21.0	%	21.0	%
State income taxes, net of federal tax benefit	(0.8)	%	(0.1	%)
Other permanent items	(0.5)	%	(0.4)	%
Research and development credit	5.8	%	3.0	%
Bargain purchase gain	9.5	%	—	%
Valuation allowance	(35.0)	%	(23.5)	%
Effective income tax rate	—		—

Schedule of Deferred Tax Assets and Liabilities

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


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	60,287	$	25,253
Research and development credits	9,765		3,681
Accruals & reserves	802		727
Stock compensation	2,952		107
Amortization	778		298
Lease liability	3,157		995
Capitalized research and development expenses	22,134		8,271
Total deferred tax assets	99,875		39,332
Valuation allowance	(98,926)		(38,168)
Net deferred tax assets	949		1,164

Deferred tax liabilities:
Depreciation	(152)		(224)
Right of use asset	(797)		(940)
Total deferred tax liabilities	(949)		(1,164)
Net deferred taxes	$	—	$	—

Summary of Valuation Allowance

The Company’s valuation allowance for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year Ended December 31,
	2023		2022
Valuation allowance beginning of year	$	38,168	$	25,195
Increases recorded to income tax provision	12,701		12,973
Increase recorded to equity	48,057		—
Valuation allowance at end of year	$	98,926	$	38,168

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance	$	1,108	$	632
Additions based on tax positions related to current year	574		476
Additions for tax positions of prior years	929		—
Ending Balance	$	2,611	$	1,108

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value of Financial Instruments


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	78,749	$	—	$	—

Money market funds are cash equivalents and are included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2023 and 2022.

Fair Value of Financial Instruments


	September 30, 2024
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	63,120	$	—	$	—
U.S. treasury notes	72,532		—		—
Total	$	135,652	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—

Money market funds are cash equivalents and are included in cash and cash equivalents in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023.

Stock-Based Compensation - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the following expense categories in its accompanying consolidated statements of operations (in thousands):


	Year Ended December 31,
	2023		2022
Research and development	$	897	$	732
General and administrative	521		520
Total expense	$	1,418	$	1,252

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,272	$	242	$	3,212	$	657
General and administrative	1,202		144		2,621		406
Total expense	$	2,474	$	386	$	5,833	$	1,063

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the option activity under the stock option plans:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2022	468,632	$	13.23	7.37
Assumption of options in connection with the reverse merger	215,207	$	77.20	2.50
Granted	183,391	$	18.91
Exercised	(20,348)	$	8.24
Expired/Forfeited	(23,049)	$	20.34
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Exercisable at December 31, 2023	527,053	$	38.42	4.73

The following table summarizes the option activity:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Granted	849,012	$	35.31
Exercised *	(83,795)	$	17.63
Expired/Forfeited	(204,868)	$	74.86
Outstanding at September 30, 2024	1,384,182	$	28.22	8.09
Exercisable at September 30, 2024	461,339	$	18.34	6.02

__________________

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:


	Year Ended December 31,
	2023		2022
Expected volatility	82.96%-83.70%		71.71%-74.01%
Risk-free interest rate	3.45%-4.46%		1.47%-4.22%
Expected life (in years)	3.58-6.08		5.87-6.09
Expected dividend yield	—		—
Fair value of common stock	$	18.39	$	20.24

The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	90.85%-92.31%	—%-—%	86.39%-92.31%	82.96%-83.70%
Risk-free interest rate	3.43%-4.40%	—%-—%	3.43%-4.60%	3.45% - 4.46%
Expected life (in years)	5.95-6.12	0.00-0.00	5.50-6.15	3.58 - 6.08
Expected dividend yield	—	—	—	—
Fair value of common stock (1)				$	18.39

__________________

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted Class A common stock activity:


	Number of shares	Weighted- average grant date fair value
Unvested balance at December 31, 2022	6,691	$	5.82
Vested	(6,691)	$	5.82
Unvested balance at December 31, 2023	—	$	—

A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Restricted stock units granted	482,384	$	36.06
Restricted stock units forfeited	(4,771)	$	36.06
Unvested at September 30, 2024	477,613	$	36.06

Summary of Significant Accounting Policies - 10Q (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024. In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2024, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2024.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the Incremental Borrowing Rate (“IBR”) for calculating lease liabilities and related right-of-use (“ROU”) assets and finance lease assets, clinical trial accruals, accrual estimates for all CVRs, the value attributed to employee stock options and other stock-based awards and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates. Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, revenue recognition, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), the value attributed to employee stock options and other stock-based awards, and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.
Segment Information	Segment Information Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States. Segment Information Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of December 31, 2023, the Company had $147.7 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality. Concentrations of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of September 30, 2024, the Company had $66.5 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when its customers obtain control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, (“ASC 606”) the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. In applying the ASC 606 framework, the Company must apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, the Company does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. Milestone and other forms of variable consideration that the Company may earn are subject to significant uncertainties of research and development related achievements, which generally are deemed not probable until such milestones are actually achieved. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Additionally, the Company develops assumptions that require judgment to determine the standalone selling price of each performance obligation identified in the contract. The Company then allocates the total transaction price to each performance obligation based on the estimated standalone selling prices of each performance obligation for which it recognizes revenue as or when the performance obligations are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the variable consideration and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Under the Company’s license agreements, the Company grants the license to a customer as it exists at the point of transfer and the nature of the license is a right to use the Company’s intellectual property as transferred. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. As of September 30, 2024, the Company has two revenue-generating agreements that are related to the legacy Neoleukin business as part of the reverse merger: the December 2023 CVR Licensing Agreement (as defined below) and the April 2024 CVR Licensing Agreement (as defined below). Refer to Note 9, Commitments and Contingencies, for further discussion on the CVR components.
Contingent Value Rights	Contingent Value Rights As discussed within the Reverse Merger and Pre-Closing Financing section in Note 1, Organization and Description of Business, the Company entered into a CVR Agreement on December 18, 2023 prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (together, the “CVRs”). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter agreements with third parties or government agencies and timing of potential payments. As of December 31, 2023, the Company recorded $0.3 million and $1.0 million to lease contingent value rights liability, current and lease contingent value rights liability, non-current, respectively, related to amounts that are probable and estimable under the Lease CVR. As no other amounts related to the CVR Agreement were probable as of December 31, 2023, no contingencies for the Intellectual Property CVR or Sales Tax CVR have been recorded. Refer to Note 1, Organization and Description of Business, and Note 10, Commitments and Contingencies, for further discussion on the CVR components. Contingent Value Rights In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies, for further discussion on the CVRs.
Exit and Disposals Costs	Exit and Disposal Costs In connection with the reverse merger and through fiscal 2024, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 NL-201 study. This study has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the study’s activities do not provide the Company any future economic benefit. Exit and Disposal Costs In connection with the reverse merger and through early fiscal 2025, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 trial of NL-201. This trial has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the trial’s activities do not provide the Company any future economic benefit. In accordance with ASC 420, Exit or Disposal Costs, the Company accrued the remaining costs to be incurred in the trial. The liability was classified as accrued expenses and other current liabilities in the condensed consolidated balance sheet.
Net Income (Loss) Per Share	Net Income (Loss) Per Share For the prior year and pre-merger periods in which the Company had multiple classes of stock participating in earnings, the Company uses the two-class method in calculating earnings per share. Basic earnings per share of Class A and Class B common stock is computed by dividing net income attributable to Neurogene OpCo by the weighted-average number of shares of Class A and Class B common stock outstanding during the period. For the post-merger period, the only period in which the Company had income, diluted earnings per share of the single class of common stock is computed by dividing net income attributable to the Company, adjusted for the assumed exchange of all potentially dilutive instruments for common stock, by the weighted-average number of shares of common stock outstanding, adjusted to give effect to potentially dilutive elements. As of December 18, 2023, the Company consummated the reverse merger, leaving only one class of common stock remaining, and as such, the two-class method is not presented for the post-merger period from December 18, 2023 to December 31, 2023. The single class of common stock remaining post-merger is referred to throughout as “common stock.” Net Loss Per Share Attributable to Common Stockholders For the prior year period in which the Company had multiple classes of stock participating in earnings, the Company used the two-class method in calculating net loss per share. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights. The Company considered its convertible preferred stock to be participating securities as holders would be entitled to participate in dividends and earnings of the Company. As the holders of the convertible preferred stock have no obligation to fund losses, the two-class method is not applicable during periods with a net loss. Basic net loss per share of Class A and Class B common stock was computed by dividing net loss attributable to the Company by the weighted-average number of shares of Class A and Class B common stock outstanding during the period. In periods of losses, diluted net loss per share was computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Following the Company’s reverse merger in December 2023, the Company only has one class of common stock remaining, referred to throughout as “common stock.” Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on our financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures but does not expect the adoption of ASU 2020-09 to be material. Recently Adopted Accounting Pronouncements The Company adopted ASU 2016-13, Financial Instruments - Credit Losses, as amended, on January 1, 2023. This ASU sets forth a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. The impact of ASU 2016-13 on the Company’s consolidated financial statements was not material. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s condensed consolidated financial statements and related disclosures.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and related benefits	$ 3,432	$ 3,496	$ 3,357
Research and development	6,483	4,895	1,800
Accrued severance, bonus, and retention	0	2,476	0
Accrued offering costs in connection with pre-closing financing	0	3,334	0
Accrued transaction costs related to reverse merger	0	2,557	0
Other	523	737	167
Accrued expenses and other current liabilities	$ 10,438	$ 17,495	$ 5,324

Investments - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Held-to-Maturity

The following table summarizes the Company’s investment securities as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
U.S. treasury notes	$	48,947	$	16	$	—	$	48,963

December 31, 2022

Amortized cost, as adjusted

Gross
unrealized
holding gains

Gross
unrealized
holding losses

Estimated fair
value

Short-term investments:

U.S. treasury notes

—

The following table summarizes the Company’s investment securities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	63,120	$	—	$	—	$	63,120
Short-term investments:
U.S. treasury notes	72,360		172		—		72,532
Total	$	135,480	$	172	$	—	$	135,652


	December 31, 2023
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	144,358	$	—	$	—	$	144,358
Short-term investments:
U.S. treasury notes	48,947		16		—		48,963
Total	$	193,305	$	16	$	—	$	193,321

All of the Company’s investments mature within the next 12 months.

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

Employee Retention Credit (Details) $ in Millions	12 Months Ended
Employee Retention Credit (Details) $ in Millions	Dec. 31, 2023 USD ($)
Postemployment Benefits [Abstract]
CARES Act, employee retention credits	$ 0.9

Subsequent Events (Details) - shares	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
Subsequent Events (Details) - shares	Nov. 13, 2024	Mar. 18, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Grants in period (in shares)			849,012	183,391
Grants in period (in shares)			482,384
Exercised (in shares)			83,795	20,348
Subsequent Event
Subsequent Event [Line Items]
Grants in period (in shares)	34,695	740,752
Exercised (in shares)	8,858	29,320
Restricted Stock Units (RSUs) \| Subsequent Event
Subsequent Event [Line Items]
Grants in period (in shares)		482,384

Income Taxes - Change in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Roll Forward]
Valuation allowance beginning of year	$ 38,168	$ 25,195
Valuation allowance, deferred tax asset, increase (decrease), amount	60,700	13,000
Valuation allowance at end of year	98,926	38,168
Increases recorded to income tax provision
Valuation Allowance [Roll Forward]
Valuation allowance, deferred tax asset, increase (decrease), amount	12,701	12,973
Increase recorded to equity
Valuation Allowance [Roll Forward]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 48,057	$ 0

Stockholders’ Equity (Deficit)

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity (Deficit)

Common stock and pre-funded warrants

The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.000001 per share as of December 31, 2023.

At the effective time of the Reverse Merger on December 18, 2023, the Company issued an aggregate number of 10,472,635 shares of Company common stock to the Neurogene OpCo stockholders based on the Exchange Ratio, including those shares of Neurogene OpCo common stock issued upon the conversion of Neurogene OpCo preferred stock and those shares of the Neurogene OpCo Class A common stock issued in the Pre-Closing Financing, resulting in 12,823,665 shares of Company common stock being issued and outstanding immediately following the effective time of the Reverse Merger.

The Company has pre-funded warrants outstanding to purchase an aggregate of 4,063,361 shares of common stock as of December 31, 2023. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote the shares underlying the pre-funded warrants on any matter except to the extent required by Delaware law. These warrants were classified as equity.

Class A and Class B Common stock

Prior to the effective time of the reverse merger, Class A and Class B common stock had the followings rights and privileges:

The holders of Neurogene OpCo Class A common stock were entitled to one vote for each share of Class A common stock held at all meetings of stockholders. Unless required by law, there was no cumulative voting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment of all preferential amounts required to be paid to the holders of shares of preferred stock, the remaining funds and assets available for distribution to the stockholders of the Company would have been distributed among the holders of shares of Class A and Class B common stock, pro rata basis based on the number of shares of Class A and Class B common stock held by each such holder.

Holders of shares of Class B common stock had rights to convert each share of Class B common stock held into one share of Class A common stock at their election, provided that, following the closing of any initial public offering (as defined above), the shares of the Class B common stock would have been converted into shares of Class A common stock unless such conversion would have resulted in a holder owning in excess of 4.99% of any class of securities.

Neurogene OpCo had reserved shares of common stock for future issuance as follows:


	December 31,
	2023	2022
Conversion of Series A-1 (1)	—	18,604,653
Conversion of Series A-2 (1)	—	13,291,208
Conversion of Series B (1)	—	74,405,719
Total conversion of preferred stock	—	106,301,580
Options outstanding	823,833	468,632
Shares available for future grant under the 2018 Equity Incentive Plan	—	315,548
Shares available for future grant under the 2023 Equity Incentive Plan	2,237,722	—
Total common stock reserved	3,061,555	107,085,760

__________________

(1)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Stockholders’ Equity (Deficit)

Common stock and pre-funded warrants

As of September 30, 2024, the Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.000001 per share.

The Company has pre-funded warrants outstanding to purchase an aggregate of 3,959,954 shares of common stock as of September 30, 2024. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by a holder if, after giving effect thereto, such holder would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote the shares underlying the pre-funded warrants on any matter except to the extent required by Delaware law. These warrants were classified as equity.

During the nine months ended September 30, 2024, 103,407 shares of common stock were issued upon the exercise of pre-funded warrants. Proceeds of the exercise to the Company were immaterial.

The Company had reserved shares of common stock for future issuance as follows:


	September 30, 2024	December 31, 2023
Unvested restricted stock units	477,613	–
Options outstanding	1,384,182	823,833
Shares available for future grant under the 2023 Equity Incentive Plan	1,468,403	2,237,722
Total common stock reserved	3,330,198	3,061,555

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other current assets - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Prepaid expenses and other assets consist of the following (in thousands):


	December 31,
	2023		2022
Refunds and other receivables	$	600	$	990
Prepaid expenses	1,496		1,078
Other current assets	1,095		630
Total prepaid and other current assets	$	3,191	$	2,698

Prepaid expenses and other assets consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Refunds and other receivables	$	672	$	600
Prepaid expenses	2,382		1,496
Other current assets	1,600		1,095
Total prepaid and other current assets	$	4,654	$	3,191

Property and Equipment, Net - 10 Q (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment

The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Property and equipment consist of the following (in thousands):


	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Property and equipment, net consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Restrictions on Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Property, Plant and Equipment

The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Property and equipment consist of the following (in thousands):


	December 31,
	2023		2022
Lab equipment	$	3,144	$	3,088
Manufacturing equipment	6,142		5,955
Leasehold improvements	15,376		15,298
Office equipment	19		—
Software	268		289
Construction in progress	234		252
Total property and equipment, cost	25,183		24,882
Less accumulated depreciation and amortization	(8,009)		(4,767)
Property and equipment, net	$	17,174	$	20,115

Property and equipment, net consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Lab equipment	$	3,244	$	3,144
Manufacturing equipment	6,326		6,142
Office Equipment	19		19
Leasehold improvements	15,396		15,376
Software	268		268
Construction in progress	1,202		234
Total property and equipment, cost	26,455		25,183
Less accumulated depreciation	(10,387)		(8,009)
Property and equipment, net	$	16,068	$	17,174

Schedule of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Pre-Merger (1)				Post-Merger (2)		Pre-Merger (1)
	Class A		Class B		Common stock		Class A		Class B
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Net income (loss) per share, basic	$	(117.28)	$	—	$	27.76	$	(139.88)	$	—

Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Weighted-average effect of dilutive securities:
Warrants to purchase common stock	—		—		4,063,361		—		—
Options to purchase common stock	—		—		101,719		—		—
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	426,097		—		4,656,947		394,533		—
Net income (loss) per share, diluted	$	(117.28)	$	—	$	2.93	$	(139.88)	$	—
__________________
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023 and for the year ended December 31, 2022.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

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


	Nine Months Ended September 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(55,630)	$	(38,700)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,932,976		441,498		—
Net loss per share, basic and diluted	$	(3.29)	$	(87.66)	$	—

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Year Ended December 31, 2023			Year Ended December 31, 2022
	Pre-Merger (1)		Post-Merger (2)	Pre-Merger (1)
	Class A	Class B	Common stock	Class A	Class B
Options to purchase common stock	614,729	—	541,180	468,632	—
Restricted stock awards	—	—	—	6,691	—
Series A-1 convertible preferred stock (3)	—	—	—	18,604,653	—
Series A-2 convertible preferred stock (3)	—	—	—	13,291,208	—
Series B convertible preferred stock (3)	—	—	—	74,405,719	—
Total awards excluded	614,729	—	541,180	106,776,903	—

__________________

(3)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Nine Months Ended September 30,
	2024	2023
Series A-1 convertible preferred stock (1)	—	18,604,653
Series A-2 convertible preferred stock (1)	—	13,291,208
Series B convertible preferred stock (1)	—	74,405,719
Stock options	1,384,182	609,656
Total	1,384,182	106,911,236

__________________

The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Summary of Significant Accounting Policies - Cash and Cash Equivalents - 10Q (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 66,633	$ 148,210		$ 82,021
Restricted cash	339	508		0
Total cash, cash equivalents and restricted cash	$ 66,972	$ 148,718	$ 45,563	$ 82,021	$ 70,544

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and related benefits	$ 3,432	$ 3,496	$ 3,357
Research and development	6,483	4,895	1,800
Accrued severance, bonus, and retention	0	2,476	0
Accrued offering costs in connection with pre-closing financing	0	3,334	0
Accrued transaction costs related to reverse merger	0	2,557	0
Other	523	737	167
Total accrued expenses and other current liabilities	$ 10,438	$ 17,495	$ 5,324

Property and Equipment, Net - Property and Equipment - 10Q (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 26,455	$ 25,183	$ 24,882
Less accumulated depreciation and amortization	(10,387)	(8,009)	(4,767)
Property and equipment, net	16,068	17,174	20,115
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	3,244	3,144	3,088
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	6,326	6,142	5,955
Office Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	19	19	0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	15,396	15,376	15,298
Software
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	268	268	289
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 1,202	$ 234	$ 252

Organization and Description of Business - 10Q	9 Months Ended
Organization and Description of Business - 10Q	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Neurogene Inc. (formerly known as Neoleukin Therapeutics, Inc.) (the “Company” or “Neurogene”) is a clinical-stage biotechnology company that is a result of the reverse merger discussed below. The operating entity of Neurogene Inc. is the wholly owned subsidiary incorporated in the state of Nevada and also named Neurogene Inc. (“Neurogene OpCo”). Neurogene OpCo was incorporated as a limited liability company in Delaware on January 26, 2018 and converted into a Delaware corporation on July 3, 2018, and then merged with a wholly owned subsidiary of the parent company and re-domiciled to Nevada on December 18, 2023 in connection with the reverse merger described below. Both Neurogene and Neurogene OpCo have a principal place of business in New York, NY. Neurogene was formed to harness the power of gene therapy, combined with its EXACTTM transgene regulation technology, to turn today’s complex devastating neurological diseases into treatable conditions. The Company’s first clinical-stage program to utilize the EXACT technology is NGN-401, which is in an ongoing Phase 1/2 clinical trial for the treatment of Rett syndrome. Since beginning operations, the Company has devoted substantially all its efforts to research and development, recruiting management and technical staff, administration, and raising capital. Reverse Merger and Pre-Closing Financing On July 18, 2023, Neoleukin Therapeutics, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with its wholly owned subsidiary (“Merger Sub”) and Neurogene OpCo. Pursuant to the terms of the Merger Agreement, upon closing on December 18, 2023 (the “Closing”), Merger Sub merged with and into Neurogene OpCo, with Neurogene OpCo continuing as a wholly owned subsidiary of the Company and the surviving corporation of the merger (referred to herein as the “reverse merger”). At the time of Closing (or immediately prior to, where indicated), the following also occurred: •The Company changed its name from “Neoleukin Therapeutics, Inc.” to “Neurogene Inc.” and is referred to herein as the “Company.” Unless the context otherwise requires, references to “Neoleukin Therapeutics, Inc.” or “Neoleukin” refer to the Company prior to Closing. •Immediately prior to Closing, Neoleukin effected a 1-for-4 reverse stock split (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split. •All of the then outstanding shares of Neurogene OpCo Class A common stock were converted into 3,240,888 shares of the Company’s common stock, based on an exchange ratio of approximately 0.0756 (the “Exchange Ratio”). •All of the then outstanding shares of Neurogene OpCo preferred stock were converted into 7,231,747 shares of the Company’s common stock and 1,825,635 pre-funded warrants, based on the Exchange Ratio. •Each then outstanding Neurogene OpCo stock option was exchanged for an equivalent stock option of the Company, adjusted to reflect the Exchange Ratio as necessary. •Each then outstanding Neurogene OpCo pre-funded warrant to purchase shares of Neurogene OpCo common stock was converted into a pre-funded warrant to purchase shares of the Company’s common stock, adjusted to reflect the Exchange Ratio as necessary. Refer to the discussion below for further detail on Neurogene OpCo pre-funded warrants. Concurrently with the execution and delivery of the Merger Agreement, and in order to provide Neurogene OpCo with additional capital for its development programs, Neurogene OpCo entered into a subscription agreement (the “Subscription Agreement”) with certain investors. Pursuant to the terms of the Subscription Agreement, immediately prior to the Closing, Neurogene OpCo issued and sold to the investors: (i) 2,792,206 shares of Neurogene OpCo common stock and (ii) 1,811,739 pre-funded warrants, exercisable for 1,811,739 shares of Neurogene OpCo common stock, at a purchase price of approximately $20.63 per share or $20.63 per warrant, for an aggregate purchase price of approximately $95.0 million (the “Pre-Closing Financing”).

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Class A Common Stock	Class B Common Stock	Preferred Stock	Common Stock	Common Stock Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger	Common Stock Conversion of Class A common stock into common stock and related change in par value	Common Stock Class A Common Stock	Common Stock Class A Common Stock Conversion of Class A common stock into common stock and related change in par value	Common Stock Class B Common Stock	Additional Paid- In Capital	Additional Paid- In Capital Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021			18,604,653	13,291,208	47,131,133
Beginning balance at Dec. 31, 2021			$ 34,414	$ 28,675	$ 114,818
Increase (Decrease) in Temporary Equity [Roll Forward]
Series B convertible preferred stock, net of offering costs (in shares)					27,274,586
Series B convertible preferred stock, net of $91 offering costs					$ 66,459
Ending balance at Dec. 31, 2022	$ 244,366		$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Dec. 31, 2022			18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Dec. 31, 2021								0
Beginning balance (in shares) at Dec. 31, 2021									0			419,783		0
Beginning balance at Dec. 31, 2021	(91,875)							$ 0	$ 0			$ 0		$ 0	$ 3,773		$ (95,648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,252
Class A common stock issued upon exercise of stock options (in shares)												8,551
Class A common stock issued upon exercise of stock options	73
Net loss	(55,189)					$ (55,189)	$ 0
Ending balance at Dec. 31, 2022	$ (145,739)							$ 0	$ 0			$ 0		$ 0	5,098		(150,837)
Ending balance (in shares) at Dec. 31, 2022	0					428,334	0		0			428,334		0
Ending balance (in shares) at Dec. 31, 2022	0							0
Ending balance at Mar. 31, 2023			$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Mar. 31, 2023			18,604,653	13,291,208	74,405,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 293														293
Class A common stock issued upon exercise of stock options (in shares)												13,532
Class A common stock issued upon exercise of stock options	112														112
Net loss	(12,263)																(12,263)
Ending balance at Mar. 31, 2023	(157,597)							$ 0	$ 0			$ 0		$ 0	5,503		(163,100)
Ending balance (in shares) at Mar. 31, 2023									0			441,866		0
Ending balance (in shares) at Mar. 31, 2023								0
Beginning balance (in shares) at Dec. 31, 2022			18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	$ 244,366		$ 34,414	$ 28,675	$ 181,277
Ending balance at Sep. 30, 2023			$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 2023			18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Dec. 31, 2022	0							0
Beginning balance (in shares) at Dec. 31, 2022	0					428,334	0		0			428,334		0
Beginning balance at Dec. 31, 2022	$ (145,739)							$ 0	$ 0			$ 0		$ 0	5,098		(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,700)					$ (38,700)	$ 0
Ending balance at Sep. 30, 2023	(183,209)							$ 0	$ 0			$ 0		$ 0	6,328		(189,537)
Ending balance (in shares) at Sep. 30, 2023									0			448,644		0
Ending balance (in shares) at Sep. 30, 2023								0
Beginning balance (in shares) at Dec. 31, 2022			18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	244,366		$ 34,414	$ 28,675	$ 181,277
Increase (Decrease) in Temporary Equity [Roll Forward]
Additional convertible preferred stock issued in conjunction with anti-dilution adjustment (in shares)			1,890,302	1,350,436	10,264,533
Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger (in shares)			(20,494,955)	(14,641,644)	(84,670,252)
Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger			$ (34,414)	$ (28,675)	$ (181,277)
Ending balance at Dec. 31, 2023	$ 0		$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2023			0	0	0
Beginning balance (in shares) at Dec. 31, 2022	0							0
Beginning balance (in shares) at Dec. 31, 2022	0					428,334	0		0			428,334		0
Beginning balance at Dec. 31, 2022	$ (145,739)							$ 0	$ 0			$ 0		$ 0	5,098		(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,418														1,418
Class A common stock issued upon exercise of stock options (in shares)	20,348											20,348
Class A common stock issued upon exercise of stock options	$ 168														168
Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger (in shares)										7,231,747	(3,240,888)		3,240,888
Conversion of convertible preferred stock into common stock and pre-funded warrants in connection with the reverse merger		$ 244,366														$ 244,366
Issuance of Class A common stock and pre-funded warrants in the pre-closing financing, net of $6,946 offering costs (in shares)												2,792,206
Issuance of Class A common stock and pre-funded warrants in the pre-closing financing, net of $6,946 offering costs	88,056														88,056
Transactions costs associated with the reverse merger	(4,140)														(4,140)
Issuance of common stock and pre-funded warrants to former stockholders of Neoleukin Therapeutics, Inc. in connection with the reverse merger (in shares)									2,351,030
Issuance of common stock and pre-funded warrants to former stockholders of Neoleukin Therapeutics, Inc. in connection with the reverse merger	38,212														38,212
Net loss	(36,317)																(36,317)
Ending balance at Dec. 31, 2023	$ 186,024							$ 0	$ 0			$ 0		$ 0	373,178		(187,154)
Ending balance (in shares) at Dec. 31, 2023	12,823,665					0	0		12,823,665			0		0
Ending balance (in shares) at Dec. 31, 2023	0							0
Beginning balance (in shares) at Dec. 31, 2022			18,604,653	13,291,208	74,405,719
Beginning balance at Dec. 31, 2022	$ 244,366		$ 34,414	$ 28,675	$ 181,277
Beginning balance (in shares) at Dec. 31, 2022	0							0
Beginning balance (in shares) at Dec. 31, 2022	0					428,334	0		0			428,334		0
Beginning balance at Dec. 31, 2022	$ (145,739)							$ 0	$ 0			$ 0		$ 0	5,098		(150,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss						$ (49,971)	$ 0
Ending balance (in shares) at Dec. 18, 2023						12,823,665
Beginning balance (in shares) at Mar. 31, 2023			18,604,653	13,291,208	74,405,719
Beginning balance at Mar. 31, 2023			$ 34,414	$ 28,675	$ 181,277
Ending balance at Jun. 30, 2023			$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Jun. 30, 2023			18,604,653	13,291,208	74,405,719
Beginning balance (in shares) at Mar. 31, 2023								0
Beginning balance (in shares) at Mar. 31, 2023									0			441,866		0
Beginning balance at Mar. 31, 2023	(157,597)							$ 0	$ 0			$ 0		$ 0	5,503		(163,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	384														384
Class A common stock issued upon exercise of stock options (in shares)												2,751
Class A common stock issued upon exercise of stock options	20														20
Net loss	(11,860)																(11,860)
Ending balance at Jun. 30, 2023	(169,053)							$ 0	$ 0			$ 0		$ 0	5,907		(174,960)
Ending balance (in shares) at Jun. 30, 2023									0			444,617		0
Ending balance (in shares) at Jun. 30, 2023								0
Ending balance at Sep. 30, 2023			$ 34,414	$ 28,675	$ 181,277
Ending balance (in shares) at Sep. 30, 2023			18,604,653	13,291,208	74,405,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	386														386
Class A common stock issued upon exercise of stock options (in shares)												4,027
Class A common stock issued upon exercise of stock options	35														35
Net loss	(14,577)																(14,577)
Ending balance at Sep. 30, 2023	(183,209)							$ 0	$ 0			$ 0		$ 0	6,328		(189,537)
Ending balance (in shares) at Sep. 30, 2023									0			448,644		0
Ending balance (in shares) at Sep. 30, 2023								0
Ending balance at Dec. 31, 2023	0		$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2023			0	0	0
Beginning balance (in shares) at Dec. 18, 2023						12,823,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	13,654
Ending balance at Dec. 31, 2023	$ 186,024							$ 0	$ 0			$ 0		$ 0	373,178		(187,154)
Ending balance (in shares) at Dec. 31, 2023	12,823,665					0	0		12,823,665			0		0
Ending balance (in shares) at Dec. 31, 2023	0							0
Ending balance at Mar. 31, 2024			$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2024			0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,045														1,045
Class A common stock issued upon exercise of stock options (in shares)									37,330
Class A common stock issued upon exercise of stock options	629														629
Net loss	(16,921)																(16,921)
Ending balance at Mar. 31, 2024	170,777							$ 0	$ 0			$ 0		$ 0	374,852		(204,075)
Ending balance (in shares) at Mar. 31, 2024									12,860,995			0		0
Ending balance (in shares) at Mar. 31, 2024								0
Beginning balance (in shares) at Dec. 31, 2023			0	0	0
Beginning balance at Dec. 31, 2023	$ 0		$ 0	$ 0	$ 0
Ending balance at Sep. 30, 2024			$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2024			0	0	0
Beginning balance (in shares) at Dec. 31, 2023	0							0
Beginning balance (in shares) at Dec. 31, 2023	12,823,665					0	0		12,823,665			0		0
Beginning balance at Dec. 31, 2023	$ 186,024							$ 0	$ 0			$ 0		$ 0	373,178		(187,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A common stock issued upon exercise of stock options (in shares)	83,795
Net loss	$ (55,630)
Ending balance at Sep. 30, 2024	$ 137,414							$ 0	$ 0			$ 0		$ 0	380,198		(242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867								13,010,867			0		0
Ending balance (in shares) at Sep. 30, 2024	0							0
Beginning balance (in shares) at Mar. 31, 2024			0	0	0
Beginning balance at Mar. 31, 2024			$ 0	$ 0	$ 0
Ending balance at Jun. 30, 2024			$ 0	$ 0	$ 0
Ending balance (in shares) at Jun. 30, 2024			0	0	0
Beginning balance (in shares) at Mar. 31, 2024								0
Beginning balance (in shares) at Mar. 31, 2024									12,860,995			0		0
Beginning balance at Mar. 31, 2024	$ 170,777							$ 0	$ 0			$ 0		$ 0	374,852		(204,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,314														2,314
Class A common stock issued upon exercise of stock options (in shares)									24,806
Class A common stock issued upon exercise of stock options	415														415
Net loss	(18,492)																(18,492)
Ending balance at Jun. 30, 2024	155,014							$ 0	$ 0			$ 0		$ 0	377,581		(222,567)
Ending balance (in shares) at Jun. 30, 2024									12,989,208			0		0
Ending balance (in shares) at Jun. 30, 2024								0
Ending balance at Sep. 30, 2024			$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2024			0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,474														2,474
Class A common stock issued upon exercise of stock options (in shares)									21,659
Class A common stock issued upon exercise of stock options	143														143
Net loss	(20,217)																(20,217)
Ending balance at Sep. 30, 2024	$ 137,414							$ 0	$ 0			$ 0		$ 0	$ 380,198		$ (242,784)
Ending balance (in shares) at Sep. 30, 2024	13,010,867								13,010,867			0		0
Ending balance (in shares) at Sep. 30, 2024	0							0

Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
U.S. treasury notes	$ 135,652	$ 193,321
Fair Value, Recurring \| Level 1
Derivative Asset [Abstract]
U.S. treasury notes	72,532	48,947
Total	135,652	193,305
Fair Value, Recurring \| Level 1 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	63,120	144,358	$ 78,749
Fair Value, Recurring \| Level 2
Derivative Asset [Abstract]
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 2 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	0	0	0
Fair Value, Recurring \| Level 3
Derivative Asset [Abstract]
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 3 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	$ 0	$ 0	$ 0

Stockholders’ Equity (Deficit) - 10Q

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity (Deficit)

Common stock and pre-funded warrants

The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.000001 per share as of December 31, 2023.

Class A and Class B Common stock

Prior to the effective time of the reverse merger, Class A and Class B common stock had the followings rights and privileges:

Neurogene OpCo had reserved shares of common stock for future issuance as follows:


	December 31,
	2023	2022
Conversion of Series A-1 (1)	—	18,604,653
Conversion of Series A-2 (1)	—	13,291,208
Conversion of Series B (1)	—	74,405,719
Total conversion of preferred stock	—	106,301,580
Options outstanding	823,833	468,632
Shares available for future grant under the 2018 Equity Incentive Plan	—	315,548
Shares available for future grant under the 2023 Equity Incentive Plan	2,237,722	—
Total common stock reserved	3,061,555	107,085,760

__________________

(1)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Stockholders’ Equity (Deficit)

Common stock and pre-funded warrants

As of September 30, 2024, the Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.000001 per share.

During the nine months ended September 30, 2024, 103,407 shares of common stock were issued upon the exercise of pre-funded warrants. Proceeds of the exercise to the Company were immaterial.

The Company had reserved shares of common stock for future issuance as follows:


	September 30, 2024	December 31, 2023
Unvested restricted stock units	477,613	–
Options outstanding	1,384,182	823,833
Shares available for future grant under the 2023 Equity Incentive Plan	1,468,403	2,237,722
Total common stock reserved	3,330,198	3,061,555

The entire disclosure for equity.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 60,700,000	$ 13,000,000.0
Unrecognized tax benefits that would impact effective tax rate	2,600,000	1,100,000
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	0	0
Operating loss carryforwards	277,900,000	110,500,000
Domestic Tax Authority \| Research Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	7,500,000	2,900,000
Domestic Tax Authority \| Federal Orphan Drug Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	2,200,000
Domestic Tax Authority \| Subject To Expiration
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	2,300,000
Domestic Tax Authority \| Carried Forward Indefinitely
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	275,600,000
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	0	0
Operating loss carryforwards	35,100,000	$ 36,000,000.0
State and Local Jurisdiction \| Research Tax Credit Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	100,000
State and Local Jurisdiction \| Subject To Expiration
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	33,400,000
State and Local Jurisdiction \| Carried Forward Indefinitely
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 1,700,000

Fair Value of Financial Instruments - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value, Assets Measured on Recurring Basis


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	78,749	$	—	$	—


	September 30, 2024
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	63,120	$	—	$	—
U.S. treasury notes	72,532		—		—
Total	$	135,652	$	—	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	144,358	$	—	$	—
U.S. treasury notes	48,947		—		—
Total	$	193,305	$	—	$	—

Commitment and Contingencies - 10Q

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Finance Leases

Operating Leases

New York Headquarters Lease

Houston Lease

Blaine Lease in Seattle

Eastlake Lease in Seattle

Supplemental lease expense related to leases for the years ended December 31, 2023 and 2022 was as follows (in thousands):


	Years Ended December 31,
	2023		2022
Operating lease cost	$	1,037	$	1,037
Finance lease cost
Amortization of finance leases	35		4
Interest on finance lease liabilities	12		2
Variable lease cost	178		196
Short-term lease cost	80		74
Total lease cost	$	1,342	$	1,313

The calculation of the present value of the lease payments for operating leases did not include any options to extend the leases as the Company is not reasonably certain to exercise such options.


Maturity of operating lease liabilities
2024	$	3,862
2025	3,964
2026	3,672
2027	3,235
2028	3,294
2029	616
Total lease payments	$	18,643
Less: interest	(3,782)
Total operating lease liabilities	$	14,861


Maturity of finance lease liabilities
2024	$	51
2025	50
2026	15
2027	6
2028	1
Total lease payments	$	123
Less: interest	(16)
Total finance lease liabilities	$	107

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows (in thousands):


Leases	December 31,
	2023		2022
Operating right-of-use assets	$	3,681	$	4,344

Operating current lease liabilities	2,559		678
Operating noncurrent lease liabilities	12,302		3,921
Total operating lease liabilities	$	14,861	$	4,599

Finance right-of-use assets	$	98	$	87

Finance current lease liabilities	42		24
Finance noncurrent lease liabilities	65		66
Total finance lease liabilities	$	107	$	90


Other information	December 31,
	2023			2022
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	1,051		$	1039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	42		$	3
Weighted-average remaining lease term - operating leases (in years)	4.88			5.72
Weighted-average remaining lease term - finance lease (in years)	2.53			3.47
Weighted-average discount rate - operating leases	9.72		%	8.86		%
Weighted-average discount rate - finance lease	11.49		%	11.45		%

Lease CVR

The Company will evaluate the probable and estimable range of outcomes under the CVR Agreement at each reporting period until the end of the CVR term and adjust the amounts accrued for as necessary.

The following table summarizes the maturity of the Company’s lease CVR as of December 31, 2023 (in thousands):


Maturity of Lease CVR
2024	$	281
2025	598
2026	408
Total lease CVR payments	$	1,287

Intellectual Property CVR

Employment Agreements

Other Research and Development Arrangements

Litigation and Legal Proceedings

Commitments and Contingencies

Operating and Finance Leases

Supplemental lease expense related to leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	508	$	259	$	1,553	$	777
Finance lease cost
Amortization of finance leases	12		10		39		24
Interest on finance lease liabilities	3		3		9		9
Variable lease cost	364		19		978		129
Short-term lease cost	18		21		53		63
Total lease cost	$	905	$	312	$	2,632	$	1,002

The following table summarizes the maturity of the Company’s operating and finance lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and finance lease liabilities recognized on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands):


Maturity of operating lease liabilities
2024 (remaining)	$	982
2025	3,987
2026	3,695
2027	3,239
2028	3,294
2029	613
Total lease payments	$	15,810
Less: interest	(2,784)
Total operating lease liabilities	$	13,026


Maturity of finance lease liabilities
2024 (remaining)	$	15
2025	60
2026	21
2027	6
Total lease payments	$	102
Less: interest	(9)
Total finance lease liabilities	$	93

Supplemental balance sheet information related to leases as of September 30, 2024 was as follows (in thousands):


Leases
Operating right-of-use assets	$	3,193

Operating lease liabilities, current	2,856
Operating lease liabilities, non-current	10,170
Total operating lease liabilities	$	13,026

Finance right-of-use assets	$	84

Finance lease liabilities, current	54
Finance lease liabilities, non-current	39
Total finance lease liabilities	$	93


Other information
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$	2,899
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$	45
Weighted-average remaining lease term - operating leases (in years)	4.18
Weighted-average remaining lease term - finance lease (in years)	1.87
Weighted-average discount rate - operating leases	9.73		%
Weighted-average discount rate - finance lease	11.05		%

Lease CVR

Intellectual Property CVR

December 2023 CVR Licensing Agreement

April 2024 CVR Licensing Agreement

Sales Tax CVR

CVR Payment

The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Current		Non-Current		Current		Non-Current
Lease CVR	$	436	$	717	$	281	$	1,006
Intellectual Property CVR, net	—		(71)		—		—
Sales Tax CVR	332		—		—		—
Total CVR liability	$	768	$	646	$	281	$	1,006

Employment Agreements

The Company has employment and consulting agreements with key personnel providing for compensation and severance in certain circumstances, as defined in the respective employment agreements.

Other Research and Development Arrangements

Litigation and Legal Proceedings

Commitment and Contingencies - Other Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities (in thousands)	$ 2,899	$ 1,051	$ 1,039
Cash paid for amounts included in measurement of finance lease liabilities (in thousands)	$ 45	$ 42	$ 3
Weighted-average remaining lease term - operating leases (in years)	4 years 2 months 4 days	4 years 10 months 17 days	5 years 8 months 19 days
Weighted-average remaining lease term - finance lease (in years)	1 year 10 months 13 days	2 years 6 months 10 days	3 years 5 months 19 days
Weighted-average discount rate - operating leases	9.73%	9.72%	8.86%
Weighted-average discount rate - finance lease	11.05%	11.49%	11.45%

Commitment and Contingencies - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 3,987	$ 3,862
2025	3,695	3,964
2026	3,239	3,672
2027	3,294	3,235
2028	613	3,294
2029		616
Total lease payments	15,810	18,643
Less: interest	(2,784)	(3,782)
Total operating lease liabilities	$ 13,026	$ 14,861	$ 4,599

Summary of Significant Accounting Policies - 10Q

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the Incremental Borrowing Rate (“IBR”) for calculating lease liabilities and related right-of-use (“ROU”) assets and finance lease assets, clinical trial accruals, accrual estimates for all CVRs, the value attributed to employee stock options and other stock-based awards and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.

Cash and Cash Equivalents

The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value.


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021

Cash equivalents consist of money market funds in which the carrying value equals the fair value (see Note 6, Fair Value of Financial Instruments). Restricted cash includes $0.5 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credits related to its lease obligations.

Concentrations of Credit Risk

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of December 31, 2023, the Company had $147.7 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.

Investments

Investment securities at December 31, 2023 consist of U.S. treasury notes. The Company classifies these securities as held-to-maturity. Held-to-maturity securities are those securities in which the Company has the ability and intent to hold the security until maturity. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective interest method. The Company reassesses the classification of held-to-maturity at each reporting period.

The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account determined in accordance with ASC 326, which is deducted from the securities' amortized cost basis at the balance sheet date as a result of management's assessment of the net amount expected to be collected. Securities that are determined to be uncollectible are written off against the allowance. The Company did not recognize an allowance for credit losses as of December 31, 2023. Interest income is recognized when earned. Additional information regarding held-to-maturity investments is included in Note 5, Investments.

Fair Value of Financial Instruments

Management believes that the carrying amounts of the Company’s financial instruments, including cash, prepaid and other current assets, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. Certain assets and liabilities are carried at fair value. 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. 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 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

•Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

◦quoted prices for similar assets and liabilities in active markets.

◦quoted prices for identical or similar assets or liabilities in markets that are not active.

◦observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals).

◦inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

Property and Equipment

Property and equipment costs are stated at cost, net of accumulated depreciation and amortization. The cost of property and equipment costs are depreciated on the straight-line method over the following estimated useful lives:


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Leasehold improvements are amortized over the shorter of the estimated useful life of the assets or the remaining lease term. Major additions and betterments are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to operating expenses as incurred. Depreciation has been calculated using the straight-line method over their estimated useful lives once the asset is placed in service. Costs of software obtained for internal use are capitalized in accordance with ASC 350 and are recognized on a straight-line basis over the useful life. Software costs that do not meet the capitalization criteria, including costs incurred in the maintenance and minor upgrade and enhancement of software without additional functionality, are expensed as incurred. No depreciation has been calculated on work in progress assets.

Capitalized Software Development Costs

Implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized and recorded in prepaid expenses and other current assets and other non-current assets on the consolidated balance sheets. Capitalized implementation costs include external professional service costs related to technical development. Post-implementation training and maintenance costs are expensed as incurred. Capitalized eligible implementation costs related to cloud computing service contracts are included in prepaid expenses and other current assets and other non-current assets were $0.3 million and $0.4 million as of December 31, 2023, and 2022, respectively. Capitalized cloud computing implementation costs are amortized on a straight-line basis over the expected term of the arrangement. Expense recognized related to the implementation costs capitalized was $0.2 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. Cloud computing arrangements are tested for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. No impairment of cloud computing arrangements occurred in 2023 or 2022.

Impairment of Long-Lived Assets

Management assesses the carrying value of property and equipment and software whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is

recognized to write down the asset to its estimated fair value. For the years ended December 31, 2023 and 2022, the Company did not recognize any impairments for its long-lived assets.

Leases

Operating and finance leases are accounted for in accordance with ASU 2016-02, Leases as amended. They are presented in the Company’s consolidated balance sheet as right-of-use assets from leases, current lease liabilities, and long-term lease liabilities. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding ROU asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. As the Company’s leases do not provide an implicit rate, the Company utilizes the appropriate IBR, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment.

Both operating and finance lease assets represent a right to use an underlying asset for the lease term, and operating and finance lease liabilities represent an obligation to make lease payments arising from the lease. Lease liabilities with a term greater than one year and their corresponding ROU assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term.

Certain of the Company’s lease agreements at the adoption date contain renewal options. The Company does not recognize right-of-use assets or lease liabilities for renewal periods upon lease inception date unless it is determined that the Company is reasonably certain of renewing the lease at inception or when a triggering event occurs. The Company also made an accounting policy election to utilize the short-term lease exemption, whereby leases with a term of 12 months or less will not follow the recognition and measurement requirements of the standard.

The Company’s leases do not contain any residual value guarantees. Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration is allocated to the combined lease component. Some of the Company’s lease agreements contain rent escalation clauses. For operating leases, the Company recognizes the minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. The Company will amortize this expense over the term of the lease beginning with the lease commencement date. Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease right-of-use assets and liabilities. These amounts include payments for maintenance and utilities. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate and are recognized as incurred.

Additional information and disclosures are included in Note 10, Commitments and Contingencies.

Contingent Value Rights

As discussed within the Reverse Merger and Pre-Closing Financing section in Note 1, Organization and Description of Business, the Company entered into a CVR Agreement on December 18, 2023 prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (together, the “CVRs”). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter agreements with third parties or government agencies and timing of potential payments. As of December 31, 2023, the Company recorded $0.3 million and $1.0 million to lease contingent value rights liability, current and lease contingent value rights liability, non-current, respectively, related to amounts that are probable and estimable under the Lease CVR. As no other amounts related to the CVR Agreement were probable as of December 31, 2023, no contingencies for the Intellectual Property CVR or Sales Tax CVR have been recorded. Refer to Note 1,

Organization and Description of Business, and Note 10, Commitments and Contingencies, for further discussion on the CVR components.

Exit and Disposal Costs

In connection with the reverse merger and through fiscal 2024, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 NL-201 study. This study has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the study’s activities do not provide the Company any future economic benefit. In accordance with ASC 420 Exit or Disposal Costs, the Company accrued the remaining costs to be incurred in the contract of approximately $0.9 million, which was included in the liabilities assumed in the reverse merger. As of December 31, 2023, no payments were made and the liability of $0.8 million was classified as accrued expenses and other current liabilities in the consolidated balance sheet.

Research and Development

Research and development costs are expensed as incurred. These costs include, but are not limited to, employee-related expenses, including salaries, benefits and travel of the Company’s research and development personnel, facilities, supplies, rent, insurance, stock-based compensation, depreciation and external expenses incurred under agreements with contract research organizations and investigative sites that conduct preclinical studies and manufacture the drug product for the preclinical activities and other costs associated with preclinical activities.

Before a compound receives regulatory approval, the Company records upfront and milestone payments to third parties under licensing arrangements as expense provided that there is no alternative future use of the rights in other research and developments projects.

Non-refundable prepayments for research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Costs for certain development activities, such as outside research programs funded by the Company, are recognized based on an evaluation of the progress to completion of specific tasks with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense as applicable. There can be judgment involved in measuring the research and development expenses to be recognized in a particular period. In some cases, expense is recorded using an underlying assumption of the progress to completion of specific activities. For example, costs may be recognized based on the passage of time for activities that span reporting periods. If the provision of services is not linear then this assumption could impact the amount of expense recognized. The level of judgment varies based on the nature of the services being performed and the underlying support obtained. For some activities, such as for certain clinical trials, expense is recorded based on information obtained from vendors as an intermediary to those performing the underlying services, such as contract research organizations. These estimates are inherently more judgmental since the quality and availability of the underlying data may vary. The Company does not need to make significant estimates where costs incurred are supported by invoices or reports of costs incurred are obtained from a vendor that is directly performing the underlying services, such as a consultant or contract manufacturing organization.

In-process research and development (“IPR&D”) that is acquired through licensing arrangements and accounted for as asset acquisitions are expensed immediately and within research and development expenses if the IPR&D has no alternative future use.

General and Administrative

General and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense, for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource functions. General and administrative expenses also include corporate facility costs not otherwise included in research and development expense, including rent, utilities,

depreciation and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

Stock-Based Compensation

The Company accounts for stock-based compensation awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments, including grants of stock options and restricted stock, to be recognized in the consolidated statements of operations based on their fair values. All of the stock-based awards are subject only to service-based vesting conditions. Management estimates the fair value of the stock option awards using the Black-Scholes option pricing model, which requires the input of assumptions, including (a) the fair value of the Company’s common stock, (b) the expected stock price volatility, (c) the calculation of expected term of the award, (d) the risk-free interest rate and (e) expected dividends. Management estimates the fair value of the restricted stock awards using the fair value of the Company’s common stock. Forfeitures are recognized as they are incurred.

Prior to the reverse merger, the Company periodically estimated the fair value of the Company’s common stock considering, among other things, valuations of its common stock prepared by management with the assistance of a third party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Following the reverse merger, the fair value of the Company’s common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Market. The expected life of the stock options in years is estimated using the “simplified method,” as prescribed in SEC’s Staff Accounting Bulletin (SAB) No. 107, as the Company has no historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option. The expected dividend yield is zero as the Company has no history of paying dividends and no plans to do so in the near term.

The Company classified stock-based compensation expense in its consolidated statement of operations in the same manner of the award recipient’s payroll costs.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes the use of the liability method whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the net deferred tax assets to a level which, more likely than not, will be realized.

The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions for which it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense.

Net Income (Loss) Per Share

For the prior year and pre-merger periods in which the Company had multiple classes of stock participating in earnings, the Company uses the two-class method in calculating earnings per share. Basic earnings per share of Class A and Class B common stock is computed by dividing net income attributable to Neurogene OpCo by the weighted-average number of shares of Class A and Class B common stock outstanding during the period.

For the post-merger period, the only period in which the Company had income, diluted earnings per share of the single class of common stock is computed by dividing net income attributable to the Company, adjusted for the assumed exchange of all potentially dilutive instruments for common stock, by the weighted-average number of shares of common stock outstanding, adjusted to give effect to potentially dilutive elements.

As of December 18, 2023, the Company consummated the reverse merger, leaving only one class of common stock remaining, and as such, the two-class method is not presented for the post-merger period from December 18, 2023 to December 31, 2023. The single class of common stock remaining post-merger is referred to throughout as “common stock.”

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


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Pre-Merger (1)				Post-Merger (2)		Pre-Merger (1)
	Class A		Class B		Common stock		Class A		Class B
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Net income (loss) per share, basic	$	(117.28)	$	—	$	27.76	$	(139.88)	$	—

Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Weighted-average effect of dilutive securities:
Warrants to purchase common stock	—		—		4,063,361		—		—
Options to purchase common stock	—		—		101,719		—		—
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	426,097		—		4,656,947		394,533		—
Net income (loss) per share, diluted	$	(117.28)	$	—	$	2.93	$	(139.88)	$	—
__________________
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023 and for the year ended December 31, 2022.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

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


	Year Ended December 31, 2023			Year Ended December 31, 2022
	Pre-Merger (1)		Post-Merger (2)	Pre-Merger (1)
	Class A	Class B	Common stock	Class A	Class B
Options to purchase common stock	614,729	—	541,180	468,632	—
Restricted stock awards	—	—	—	6,691	—
Series A-1 convertible preferred stock (3)	—	—	—	18,604,653	—
Series A-2 convertible preferred stock (3)	—	—	—	13,291,208	—
Series B convertible preferred stock (3)	—	—	—	74,405,719	—
Total awards excluded	614,729	—	541,180	106,776,903	—

__________________

(3)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on our financial statements or disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s consolidated financial statements and related disclosures but does not expect the adoption of ASU 2020-09 to be material.

Recently Adopted Accounting Pronouncements

The Company adopted ASU 2016-13, Financial Instruments - Credit Losses, as amended, on January 1, 2023. This ASU sets forth a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. The impact of ASU 2016-13 on the Company’s consolidated financial statements was not material.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated

financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024.

In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2024, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2024.

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, revenue recognition, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), the value attributed to employee stock options and other stock-based awards, and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.

Cash and Cash Equivalents


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Cash equivalents consist of money market funds in which the carrying value equals the fair value. Restricted cash includes $0.3 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credits related to its lease obligations.

Concentrations of Credit Risk

insured limits. As of September 30, 2024, the Company had $66.5 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.

Revenue Recognition

The Company recognizes revenue when its customers obtain control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, (“ASC 606”) the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied.

In applying the ASC 606 framework, the Company must apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, the Company does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. Milestone and other forms of variable consideration that the Company may earn are subject to significant uncertainties of research and development related achievements, which generally are deemed not probable until such milestones are actually achieved. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Additionally, the Company develops assumptions that require judgment to determine the standalone selling price of each performance obligation identified in the contract. The Company then allocates the total transaction price to each performance obligation based on the estimated standalone selling prices of each performance obligation for which it recognizes revenue as or when the performance obligations are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the variable consideration and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.

Under the Company’s license agreements, the Company grants the license to a customer as it exists at the point of transfer and the nature of the license is a right to use the Company’s intellectual property as transferred. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. As of September 30, 2024, the Company has two revenue-generating agreements that are related to the legacy Neoleukin business as part of the reverse merger: the December 2023 CVR Licensing Agreement (as defined below) and the April 2024 CVR Licensing Agreement (as defined below). Refer to Note 9, Commitments and Contingencies, for further discussion on the CVR components.

Contingent Value Rights

In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies, for further discussion on the CVRs.

Exit and Disposal Costs

In connection with the reverse merger and through early fiscal 2025, the Company has incurred and expects to incur costs to wind-down Neoleukin’s Phase 1 trial of NL-201. This trial has ceased further development, and the Company has no plans to continue developing Neoleukin’s de novo protein technology. As a result, the trial’s activities do not provide the Company any future economic benefit. In accordance with ASC 420, Exit or Disposal Costs, the Company accrued the remaining costs to be incurred in the trial. The liability was classified as accrued expenses and other current liabilities in the condensed consolidated balance sheet.


	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at September 30, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(201)	$	(999)	$	762

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.

Net Loss Per Share Attributable to Common Stockholders

For the prior year period in which the Company had multiple classes of stock participating in earnings, the Company used the two-class method in calculating net loss per share. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights. The Company considered its convertible preferred stock to be participating securities as holders would be entitled to participate in dividends and earnings of the Company. As the holders of the convertible preferred stock have no obligation to fund losses, the two-class method is not applicable during periods with a net loss.

Basic net loss per share of Class A and Class B common stock was computed by dividing net loss attributable to the Company by the weighted-average number of shares of Class A and Class B common stock outstanding during the period. In periods of losses, diluted net loss per share was computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.

Following the Company’s reverse merger in December 2023, the Company only has one class of common stock remaining, referred to throughout as “common stock.” Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.

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


	Nine Months Ended September 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(55,630)	$	(38,700)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,932,976		441,498		—
Net loss per share, basic and diluted	$	(3.29)	$	(87.66)	$	—

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Nine Months Ended September 30,
	2024	2023
Series A-1 convertible preferred stock (1)	—	18,604,653
Series A-2 convertible preferred stock (1)	—	13,291,208
Series B convertible preferred stock (1)	—	74,405,719
Stock options	1,384,182	609,656
Total	1,384,182	106,911,236

__________________

The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The Company is analyzing the impact of this standard on its disclosures in the condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Company’s condensed consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies - Narrative - 10Q (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Restricted cash \| $	$ 508	$ 339	$ 0
Cash and cash equivalents, at or above FDIC insurance limits \| $	$ 147,700	$ 66,500

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 1,108	$ 632
Additions based on tax positions related to current year	574	476
Additions for tax positions of prior years	929	0
Ending Balance	$ 2,611	$ 1,108

Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - 10Q (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
U.S. treasury notes	$ 135,652	$ 193,321
Fair Value, Recurring \| Level 1
Derivative Asset [Abstract]
U.S. treasury notes	72,532	48,947
Total	135,652	193,305
Fair Value, Recurring \| Level 1 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	63,120	144,358	$ 78,749
Fair Value, Recurring \| Level 2
Derivative Asset [Abstract]
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 2 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	0	0	0
Fair Value, Recurring \| Level 3
Derivative Asset [Abstract]
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 3 \| Money Market Funds
Derivative Asset [Abstract]
Money market funds	$ 0	$ 0	$ 0

Risks and Uncertainties - 10Q (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss	$ (13,654)	$ 20,217	$ 18,492	$ 16,921	$ 14,577	$ 11,860	$ 12,263	$ 55,630	$ 38,700	$ 36,317	$ 55,189
Cash used in operations								53,107	$ 34,450	51,422	52,824
Accumulated deficit	187,154	242,784						242,784		187,154	$ 150,837
Cash, cash equivalents and investments		139,000						139,000
Sales Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, maximum aggregate offering price	$ 40,000	$ 40,000						$ 40,000		$ 40,000

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

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents

Basis of Presentation

financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024.

Use of Estimates

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.

Concentrations of Credit Risk

Investments

Fair Value of Financial Instruments

•Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

◦quoted prices for similar assets and liabilities in active markets.

◦quoted prices for identical or similar assets or liabilities in markets that are not active.

◦observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals).

◦inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Property and Equipment


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Capitalized Software Development Costs

Impairment of Long-Lived Assets

recognized to write down the asset to its estimated fair value. For the years ended December 31, 2023 and 2022, the Company did not recognize any impairments for its long-lived assets.

Leases

Contingent Value Rights

Organization and Description of Business, and Note 10, Commitments and Contingencies, for further discussion on the CVR components.

Contingent Value Rights

Exit and Disposals Costs

Exit and Disposal Costs

Research and Development

General and Administrative

depreciation and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

Stock-Based Compensation

The Company classified stock-based compensation expense in its consolidated statement of operations in the same manner of the award recipient’s payroll costs.

Income Taxes

Net Income (Loss) Per Share

Net Loss Per Share Attributable to Common Stockholders

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

Prepaid expenses and other current assets (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Prepaid expenses and other assets consist of the following (in thousands):


	December 31,
	2023		2022
Refunds and other receivables	$	600	$	990
Prepaid expenses	1,496		1,078
Other current assets	1,095		630
Total prepaid and other current assets	$	3,191	$	2,698

Prepaid expenses and other assets consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Refunds and other receivables	$	672	$	600
Prepaid expenses	2,382		1,496
Other current assets	1,600		1,095
Total prepaid and other current assets	$	4,654	$	3,191

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 18, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares)	3,061,555	3,061,555	3,330,198		3,330,198		3,061,555	107,085,760
Percentage of outstanding stock maximum							4.00%
Reverse merger, conversion ratio (in shares)				0.0756		0.0756			0.0756
Options outstanding (in shares)	823,833	823,833	1,384,182		1,384,182		823,833	468,632
Outstanding options, intrinsic value	$ 2,600	$ 2,600	$ 20,000		$ 20,000		$ 2,600
Exercisable options, intrinsic value	2,300	2,300	11,800		11,800		2,300
Share-based compensation arrangement by share-based payment award, options, exercised, intrinsic value	300	300	1,400		$ 1,400		$ 300
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)					$ 26.52	$ 12.99	$ 12.99	$ 15.37
Share-based payment arrangement, expense			2,474	$ 386	$ 5,833	$ 1,063	$ 1,418	$ 1,252
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 3,200	$ 3,200					3,200
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense			700		1,500		$ 20	$ 200
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 6,600		$ 6,600
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares)	823,833	823,833	1,384,182		1,384,182		823,833	468,632
Share-based payment arrangement, expense			$ 1,800	$ 400	$ 4,300	$ 1,000	$ 1,400	$ 1,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 19,900		$ 19,900
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition					3 years 29 days		2 years 7 months 2 days
2023 EIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares)									2,237,722
Share-based compensation arrangement by share-based payment award, shares issued in period		0
2018 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares)	0	0					0	315,548
Options outstanding (in shares)	609,124	609,124					609,124
2014 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding (in shares)	214,709	214,709					214,709
2023 Employee Stock Purchase Plan \| Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares)	173,223	173,223					173,223
Share-based compensation arrangement by share-based payment award, shares issued in period	0
Share-based compensation arrangement by share-based payment award, maximum contribution amount, percent		15.00%
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent		85.00%

Stockholders’ Equity (Deficit) - Reserved Shares for Future Issuance - 10Q (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,330,198	3,061,555	107,085,760
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Total common stock reserved (in shares)	477,613	0
Options outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,384,182	823,833	468,632
2023 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,468,403	2,237,722	0

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

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows used in operating activities:
Net income (loss)	$ (55,630)	$ (38,700)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,833	1,063
Depreciation and amortization of property and equipment	2,410	2,445
Asset impairment	91	0
Non-cash operating lease expense	548	492
Amortization of finance lease right-of-use assets	39	24
Amortization and accretion of premiums/discounts on held-to-maturity investments	(1,460)	0
Contingent value rights liability	127	0
Changes in assets and liabilities:
Prepaid expenses and other current assets	(1,454)	(870)
Other assets	(25)	0
Accounts payable	339	1,509
Accrued expenses and other current liabilities	(2,030)	88
Operating lease liabilities	(1,895)	(501)
Net cash used in operating activities	(53,107)	(34,450)
Cash flows used in investing activities:
Purchases of property and equipment	(692)	(193)
Purchases of held-to-maturity investments	(80,203)	0
Proceeds from maturities of held-to-maturity investments	58,250	0
Net cash used in investing activities	(22,645)	(193)
Cash flows provided by financing activities:
Offering costs in connection with pre-closing financing	(4,287)	(1,961)
Transaction costs related to reverse merger	(2,855)	0
Proceeds from the issuance of common stock upon exercise of options	1,187	167
Principal payments on finance leases	(39)	(21)
Net cash provided by financing activities	(5,994)	(1,815)
Net increase in cash, cash equivalents and restricted cash	(81,746)	(36,458)
Cash, cash equivalents and restricted cash at beginning of year	148,718	82,021
Cash, cash equivalents and restricted cash at end of year	66,972	45,563
Supplemental disclosure of non-cash investing and financing activities:
Additions to operating lease right of use assets from new operating lease liabilities	60	0
Property and equipment included in accounts payable and accrued expenses	703	0
Additions to finance lease right of use assets from new finance lease liabilities	25	46
Deferred offering costs in accrued expenses	9	1,095
Supplemental cash flow information:
Cash paid for interest	$ 10	$ 9

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 0.5	$ 0.5
Defined contribution plan, employer contributions vesting period	5 years

Stockholders’ Equity (Deficit) - 10Q (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Common Stock Reserved for Future Issuance

Neurogene OpCo had reserved shares of common stock for future issuance as follows:


	December 31,
	2023	2022
Conversion of Series A-1 (1)	—	18,604,653
Conversion of Series A-2 (1)	—	13,291,208
Conversion of Series B (1)	—	74,405,719
Total conversion of preferred stock	—	106,301,580
Options outstanding	823,833	468,632
Shares available for future grant under the 2018 Equity Incentive Plan	—	315,548
Shares available for future grant under the 2023 Equity Incentive Plan	2,237,722	—
Total common stock reserved	3,061,555	107,085,760

__________________

(1)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

The Company had reserved shares of common stock for future issuance as follows:


	September 30, 2024	December 31, 2023
Unvested restricted stock units	477,613	–
Options outstanding	1,384,182	823,833
Shares available for future grant under the 2023 Equity Incentive Plan	1,468,403	2,237,722
Total common stock reserved	3,330,198	3,061,555

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Segment Information

Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	148,210	$	82,021
Restricted cash	508		—
Total cash, cash equivalents and restricted cash	$	148,718	$	82,021

Concentrations of Credit Risk

Investments

Fair Value of Financial Instruments

•Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

◦quoted prices for similar assets and liabilities in active markets.

◦quoted prices for identical or similar assets or liabilities in markets that are not active.

◦observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals).

◦inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Property and Equipment


Type						Estimated useful life
Lab equipment						5 years
Manufacturing equipment						10 years
Leasehold improvements						Lesser of the remaining economic life of the asset or the lease-term
Furniture and fixtures						5 years
Software						3 years

Capitalized Software Development Costs

Impairment of Long-Lived Assets

recognized to write down the asset to its estimated fair value. For the years ended December 31, 2023 and 2022, the Company did not recognize any impairments for its long-lived assets.

Leases

Additional information and disclosures are included in Note 10, Commitments and Contingencies.

Contingent Value Rights

Organization and Description of Business, and Note 10, Commitments and Contingencies, for further discussion on the CVR components.

Exit and Disposal Costs

Research and Development

General and Administrative

depreciation and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

Stock-Based Compensation

The Company classified stock-based compensation expense in its consolidated statement of operations in the same manner of the award recipient’s payroll costs.

Income Taxes

Net Income (Loss) Per Share

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


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Pre-Merger (1)				Post-Merger (2)		Pre-Merger (1)
	Class A		Class B		Common stock		Class A		Class B
Net income (loss) per share, basic:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Net income (loss) per share, basic	$	(117.28)	$	—	$	27.76	$	(139.88)	$	—

Net income (loss) per share, diluted:
Numerator:
Net income (loss)	$	(49,971)	$	—	$	13,654	$	(55,189)	$	—
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	426,097		—		491,867		394,533		—
Weighted-average effect of dilutive securities:
Warrants to purchase common stock	—		—		4,063,361		—		—
Options to purchase common stock	—		—		101,719		—		—
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	426,097		—		4,656,947		394,533		—
Net income (loss) per share, diluted	$	(117.28)	$	—	$	2.93	$	(139.88)	$	—
__________________
(1) Represents the period starting January 1, 2023 through Closing for the year ended December 31, 2023 and for the year ended December 31, 2022.
(2) Represents the period subsequent to Closing (December 18, 2023) through December 31, 2023.

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


	Year Ended December 31, 2023			Year Ended December 31, 2022
	Pre-Merger (1)		Post-Merger (2)	Pre-Merger (1)
	Class A	Class B	Common stock	Class A	Class B
Options to purchase common stock	614,729	—	541,180	468,632	—
Restricted stock awards	—	—	—	6,691	—
Series A-1 convertible preferred stock (3)	—	—	—	18,604,653	—
Series A-2 convertible preferred stock (3)	—	—	—	13,291,208	—
Series B convertible preferred stock (3)	—	—	—	74,405,719	—
Total awards excluded	614,729	—	541,180	106,776,903	—

__________________

(3)The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies

Basis of Presentation

financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024.

Use of Estimates

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM assesses performance of the segment according to clinical and pre-clinical data along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors. The Company operates as a single operating segment and has one reportable segment. The Company’s operations and its assets are held in the United States.

Cash and Cash Equivalents


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	66,633	$	148,210
Restricted cash	339		508
Total cash, cash equivalents and restricted cash	$	66,972	$	148,718

Concentrations of Credit Risk

Revenue Recognition

Contingent Value Rights

Exit and Disposal Costs


	Balance at December 31, 2023		Liability Adjustment		Amounts Paid		Balance at September 30, 2024
Trial wind-down costs:
Phase 1 NL-201 Trial	$	1,962	$	(201)	$	(999)	$	762

Significant Accounting Policies

Net Loss Per Share Attributable to Common Stockholders

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


	Nine Months Ended September 30,
	2024		2023
	Common stock		Class A		Class B
Numerator:
Net loss	$	(55,630)	$	(38,700)	$	—
Denominator:
Weighted-average shares outstanding in computing net loss per share, basic and diluted	16,932,976		441,498		—
Net loss per share, basic and diluted	$	(3.29)	$	(87.66)	$	—

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Nine Months Ended September 30,
	2024	2023
Series A-1 convertible preferred stock (1)	—	18,604,653
Series A-2 convertible preferred stock (1)	—	13,291,208
Series B convertible preferred stock (1)	—	74,405,719
Stock options	1,384,182	609,656
Total	1,384,182	106,911,236

__________________

The convertible preferred stock does not reflect the application of the 0.0756 Exchange Ratio.

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Neurogene Inc. (formerly known as Neoleukin Therapeutics, Inc.) (the “Company” or “Neurogene”) is a clinical stage biotechnology company that is a result of the reverse merger discussed below. Pre-merger Neurogene Inc. was incorporated as a limited liability company in Delaware on January 26, 2018 and converted into a corporation on July 3, 2018, and has a principal place of business in New York, NY. The Company was formed to harness the power of gene therapy, combined with its EXACT gene regulation technology, to turn today’s complex devastating neurological diseases into treatable conditions. The Company’s first clinical-stage program to utilize the EXACT technology is NGN-401, which is under development for the treatment of Rett syndrome. Since beginning operations, the Company has devoted substantially all its efforts to research and development, recruiting management and technical staff, administration, and raising capital. Reverse Merger and Pre-Closing Financing On July 18, 2023, Neoleukin Therapeutics, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with one of its wholly owned subsidiaries (“Merger Sub”) and Neurogene Inc. (“Neurogene OpCo”). Pursuant to the terms of the Merger Agreement, upon closing on December 18, 2023 (the “Closing”), Merger Sub merged with and into Neurogene OpCo, with Neurogene OpCo continuing as a wholly owned subsidiary of the Company and the surviving corporation of the merger (referred to herein as the “reverse merger”). At the time of Closing (or immediately prior to, where indicated), the following also occurred: •The Company changed its name from “Neoleukin Therapeutics, Inc.” to “Neurogene Inc.” and is referred to herein as the “Company.” Unless the context otherwise requires, references to “Neoleukin Therapeutics, Inc.” or “Neoleukin” refer to the Company prior to Closing. •Immediately prior to Closing, Neoleukin effected a 1-for-4 reverse stock split (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split. •All of the then outstanding shares of Neurogene OpCo Class A common stock were converted into 3,240,888 shares of the Company’s common stock, based on an exchange ratio of approximately 0.0756 (the “Exchange Ratio”). •All of the then outstanding shares of Neurogene OpCo preferred stock were converted into 7,231,747 shares of the Company’s common stock, based on the Exchange Ratio. Refer to Note 12, Preferred Stock, for further detail on the conversion of Neurogene OpCo preferred stock. •Each then outstanding Neurogene OpCo stock option was exchanged for an equivalent stock option of the Company, adjusted to reflect the Exchange Ratio as necessary. •Each then outstanding Neurogene OpCo pre-funded warrant to purchase shares of Neurogene OpCo common stock was converted into a pre-funded warrant to purchase shares of the Company’s common stock, adjusted to reflect the Exchange Ratio as necessary. Refer to the discussion below for further detail on Neurogene OpCo pre-funded warrants. Concurrently with the execution and delivery of the Merger Agreement, and in order to provide Neurogene OpCo with additional capital for its development programs, Neurogene OpCo entered into a subscription agreement (the “Subscription Agreement”) with certain investors. Pursuant to the terms of the Subscription Agreement, immediately prior to the Closing, Neurogene OpCo issued and sold to the investors: (i) 2,792,206 shares of Neurogene OpCo common stock and (ii) 1,811,739 pre-funded warrants, exercisable for 1,811,739 shares of Neurogene OpCo common stock, at a purchase price of approximately $20.63 per share or $20.63 per warrant, for an aggregate purchase price of approximately $95.0 million (the “Pre-Closing Financing”). On December 18, 2023, immediately prior to Closing, Neoleukin entered into a contingent value rights agreement (the “CVR Agreement”) with a rights agent and the lease representative, pursuant to which holders of Neoleukin common stock or pre-funded warrants prior to Closing received one non-transferable contingent value right (each, a “CVR”) for each outstanding share of Neoleukin common stock held by such stockholder or warrant holder immediately prior to Closing. Holders of options to purchase Neoleukin common stock outstanding immediately prior to the effective time of the reverse merger who elect to exercise those options following the reverse merger will also receive one CVR for each share of Neoleukin common stock issued upon exercise of such option, subject to certain conditions set forth in the CVR Agreement. Each CVR represents the contractual right to receive (i) certain net savings, if any, realized by the Company by June 30, 2029 in connection with Neoleukin’s legacy lease obligations (the “Lease CVR”), including those related to Neoleukin’s sublease, entered into in October 2023, (ii) 100% of net proceeds, if any, derived from any consideration paid as a result of the sale of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into before Closing, and 80% of net proceeds, if any, derived from any consideration paid as a result of the sale of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into within one year after Closing (the “Intellectual Property CVR”), and (iii) certain net proceeds, if any, derived from Neoleukin’s anticipated sales tax refund from Washington State relating to tax returns filed by Neoleukin prior to Closing (the “Sales Tax CVR”). As of December 31, 2023, the Company has recorded approximately $0.3 million and $1.0 million to lease contingent value rights liability, current and lease contingent value rights liability, non-current, respectively, related to amounts that are probable and estimable under the Lease CVR as of December 31, 2023. As no other amounts related to the CVR Agreement were probable as of December 31, 2023, no contingencies for the Intellectual Property CVR or Sales Tax CVR have been recorded. Refer to Note 10, Commitments and Contingencies, for further discussion on the CVR components. Based on the following factors, the Company determined under the Accounting Standards Codification (“ASC”) 805, Business Combinations, that the merger should be accounted for as a reverse asset acquisition: •Neurogene OpCo stockholders owned approximately 84% of the voting rights in the Company, and thus had sufficient voting rights to exert influence over the Company. •Neurogene OpCo designated a majority of the Company’s board of directors and maintained a majority of the composition of management. •At the time of Closing, Neoleukin did not meet the definition of a business but it did represent a group of assets. For further discussion on the reverse merger and the related accounting, refer to Note 4, Reverse Merger.

Prepaid expenses and other current assets - 10Q

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other current assets

Prepaid expenses and other assets consist of the following (in thousands):


	December 31,
	2023		2022
Refunds and other receivables	$	600	$	990
Prepaid expenses	1,496		1,078
Other current assets	1,095		630
Total prepaid and other current assets	$	3,191	$	2,698

Prepaid expenses and other current assets

Prepaid expenses and other assets consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Refunds and other receivables	$	672	$	600
Prepaid expenses	2,382		1,496
Other current assets	1,600		1,095
Total prepaid and other current assets	$	4,654	$	3,191

Stock-Based Compensation - 10Q

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

As of December 31, 2023, no shares of the Company’s common stock were issued under the 2023 EIP.


	Year Ended December 31,
	2023		2022
Research and development	$	897	$	732
General and administrative	521		520
Total expense	$	1,418	$	1,252

The following table summarizes the option activity under the stock option plans:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2022	468,632	$	13.23	7.37
Assumption of options in connection with the reverse merger	215,207	$	77.20	2.50
Granted	183,391	$	18.91
Exercised	(20,348)	$	8.24
Expired/Forfeited	(23,049)	$	20.34
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Exercisable at December 31, 2023	527,053	$	38.42	4.73

The following table summarizes information about the outstanding and exercisable options at December 31, 2023 (in thousands, except share and per share amounts):


	Options Outstanding						Options Exercisable
Exercise Price Range	Number Outstanding	Weighted Average Remaining Contractual	Weighted Average Exercise Price		Intrinsic Value		Number Exercisable	Weighted Average Remaining Contractual	Weighted average Exercise Price		Intrinsic Value
$5.19 - $9.99	108,600	5.12	$	5.86	$	1,469	108,315	5.12	$	5.86	$	1,465
$10.00 - $19.99	365,112	6.95	$	15.06	$	1,596	184,871	5.37	$	13.42	$	1,120
$20.00 - $29.99	196,723	7.14	$	22.43	$	—	80,817	7.41	$	22.88	$	—
$30.00 - $274.80	153,398	2.27	$	100.05	$	—	153,050	2.26	$	99.86	$	—

The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:


	Year Ended December 31,
	2023		2022
Expected volatility	82.96%-83.70%		71.71%-74.01%
Risk-free interest rate	3.45%-4.46%		1.47%-4.22%
Expected life (in years)	3.58-6.08		5.87-6.09
Expected dividend yield	—		—
Fair value of common stock	$	18.39	$	20.24

Restricted Stock Awards

The Company granted shares of its restricted Class A common stock to certain of its employees in accordance with the terms of their restricted stock award agreements (“RSA”).

The following table summarizes restricted Class A common stock activity:


	Number of shares	Weighted- average grant date fair value
Unvested balance at December 31, 2022	6,691	$	5.82
Vested	(6,691)	$	5.82
Unvested balance at December 31, 2023	—	$	—

The Company recorded stock-based compensation expense related to RSAs of approximately $0.02 million and $0.2 million for the years ended December 31, 2023, and 2022, respectively.

Employee Stock Purchase Plan

Stock-Based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,272	$	242	$	3,212	$	657
General and administrative	1,202		144		2,621		406
Total expense	$	2,474	$	386	$	5,833	$	1,063

The following table summarizes the option activity:


	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding at December 31, 2023	823,833	$	31.43	5.89
Granted	849,012	$	35.31
Exercised *	(83,795)	$	17.63
Expired/Forfeited	(204,868)	$	74.86
Outstanding at September 30, 2024	1,384,182	$	28.22	8.09
Exercisable at September 30, 2024	461,339	$	18.34	6.02

__________________

The fair value of each option was estimated on the grant date using the weighted average assumptions in the table below:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	90.85%-92.31%	—%-—%	86.39%-92.31%	82.96%-83.70%
Risk-free interest rate	3.43%-4.40%	—%-—%	3.43%-4.60%	3.45% - 4.46%
Expected life (in years)	5.95-6.12	0.00-0.00	5.50-6.15	3.58 - 6.08
Expected dividend yield	—	—	—	—
Fair value of common stock (1)				$	18.39

__________________

A summary of the Company’s RSU activity and related information for the nine months ended September 30, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Restricted stock units granted	482,384	$	36.06
Restricted stock units forfeited	(4,771)	$	36.06
Unvested at September 30, 2024	477,613	$	36.06

Subsequent Events - 10Q (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 05, 2024	Nov. 13, 2024	Mar. 18, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 18, 2023
Subsequent Event [Line Items]
Granted (in shares)				849,012	183,391
Class A common stock issued upon exercise of stock options (in shares)				83,795	20,348
Class of warrant or right, number of securities called by warrants or rights (in shares)						1,825,635
Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)		34,695	740,752
Class A common stock issued upon exercise of stock options (in shares)		8,858	29,320
Sale of stock, consideration received on transaction	$ 189,500
Subsequent Event \| Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,835,000
Sale of stock, price per share (in dollars per share)	$ 50.00
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,165,042
Class of warrant or right, purchase price of warrants or rights	$ 49.999
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.001
Sale of stock, consideration received on transaction, gross	$ 200,000

License Agreements	9 Months Ended
License Agreements	Sep. 30, 2024
License Agreements [Abstract]
License Agreements	License Agreements License Agreement with The University of North Carolina In May 2019, Neurogene entered into an Exclusive License Agreement with the University of North Carolina at Chapel Hill (“UNC”) to obtain an exclusive, worldwide, royalty bearing license, with the right to grant sublicenses under certain patents to make, use, or sell products covered by such patents for prevention or treatment of disease or medical or genetic conditions, including CLN5 Batten disease or other diseases from dysfunction of the CLN5 gene. The Company is obligated to pay UNC up to $1.7 million in sales-related milestones for licensed products based on annual sales of the licensed product in excess of defined thresholds and low single-digit percentage royalties on net sales of licensed product for as long as there is a valid patent claim under the patent rights. Neurogene is also required to reimburse any patent expenses, as well as pay a nonrefundable annual maintenance fee which, when royalties become due and payable, will be creditable against such royalties. The annual license fee was $4,000 for each of the years ended December 31, 2023 and 2022. License Agreement with The University of Edinburgh In January 2020, Neurogene entered into an Option Agreement (the “Edinburgh Option Agreement”) with the University Court of the University of Edinburgh (“University of Edinburgh”) for an option to license certain patents covering the EXACT technology (the “Licensed Technology”). To secure the option, Neurogene was solely required to pay the costs associated with the filing, preparing, prosecution and maintenance of the patents covering the Licensed Technology during the option period. No other payments were payable under the Edinburgh Option Agreement. Neurogene subsequently exercised the option under the Edinburgh Option Agreement and then entered into the Master Collaboration Agreement (“MCA”) discussed below, and which superseded the Edinburgh Option Agreement. In December 2020, University of Edinburgh and Neurogene entered into the MCA. Under the MCA, Neurogene and University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”) and Neurogene agreed to provide funding for such Projects for a 40-month initial term, which term may be extended by mutual agreement. In exchange for such funding, University of Edinburgh granted Neurogene the option to exclusively license any intellectual property arising from such Projects. If Neurogene exercises an exclusive option for a particular Project, Neurogene will enter into a separate exclusive license agreement on its own terms with University of Edinburgh. Under the MCA, Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the 40-month period. Either party may terminate the MCA for convenience upon 90 days’ notice. If Neurogene terminates the MCA, it would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. The expense recorded for the years ended December 31, 2023 and 2022 was $1.6 million and $1.1 million, respectively. In March 2022, Neurogene exercised its option through the collaboration under the MCA, and entered into a License Agreement (the “March 2022 Edinburgh License Agreement”) with University of Edinburgh, pursuant to which Neurogene licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, Neurogene obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the latter of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then ten years from first commercial sale of such Licensed Product in such country. In connection with the license, Neurogene is also obligated to pay the University of Edinburgh up to $5.25 million in regulatory-related milestones and up to $25 million in sales-related milestones based on annual net sales of Licensed Products in excess of defined thresholds. During the year ended December 31, 2023, the Company expensed $0.3 million for a milestone related to the first patient dosing in the Phase 1/2 Rett study. In November 2023, Neurogene and University of Edinburgh amended the MCA. Under the amended MCA, Neurogene and University of Edinburgh agreed to continue collaborating on certain Projects and Neurogene agreed to provide funding for such Projects through December 2026 or an additional 33 months. Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the entire period. License Agreement with the University of North Carolina and University of Pennsylvania In July 2020, the Company entered into an exclusive license agreement with the University of North Carolina and University of Pennsylvania, or the Universities, to further develop and commercialize the licensed technology for the Optimized GALC Genes and Expression Cassettes. The Company also has the right to sublicense the technology. The Company made an upfront payment to the Universities of $0.5 million that was immediately expensed within research and development expenses as the license has no alternative future use. On an on-going basis, the Company is obligated to pay for future patent costs incurred, and such costs were immaterial for the years ended December 31, 2023 and December 31, 2022. During the year ended December 31, 2022, the Company paid the University of North Carolina a $0.5 million milestone payment after receipt of the Rare Pediatric Disease Designation of NGN-201 from the FDA for Krabbe disease. An annual license maintenance fee is also payable commencing on the first anniversary of the effective date. The amount of the license fee was approximately $0 and $0.02 million for the years ended December 31, 2023 and 2022, respectively. In October 2023, the Company terminated the license agreement. License Agreement with Virovek In September 2020, Neurogene entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which Neurogene has a license to use certain patents and know-how on a non-exclusive basis related to Neurogene’s baculovirus (“baculo”) process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculo process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. During the year ended December 31, 2023, the Company recorded a milestone expense of $0.1 million for first filing of the IND filed in connection with the Company’s Rett syndrome program. The license fee expense for each of the years ended December 31, 2023 and 2022 was $0.05 million. License Agreement with Sigma-Aldrich Co In January 2023, Neurogene entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which Neurogene has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in Neurogene’s baculo process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, Neurogene is obligated to pay up to $2.5 million in the aggregate for development-related milestones. During the year end ended December 31, 2023, the Company recorded the expense for the initial annual license fee of approximately $0.06 million. No expenses were recorded related to other in-process license agreements during the years ended December 31, 2023 and 2022, respectively. None will be due under these agreements unless and until certain development milestones are reached. Licenses License Agreement with The University of North Carolina In May 2019, Neurogene entered into an Exclusive License Agreement with the University of North Carolina at Chapel Hill (“UNC”) to obtain an exclusive, worldwide, royalty bearing license, with the right to grant sublicenses under certain patents to make, use, or sell products covered by such patents for prevention or treatment of disease or medical or genetic conditions, including CLN5 Batten disease or other diseases from dysfunction of the CLN5 gene. The Company is obligated to pay UNC up to $1.7 million in sales-related milestones for licensed products based on annual sales of the licensed product in excess of defined thresholds and low single-digit percentage royalties on net sales of licensed product for as long as there is a valid patent claim under the patent rights. Neurogene is also required to reimburse any patent expenses, as well as pay a nonrefundable annual maintenance fee which, when royalties become due and payable, will be creditable against such royalties. During the year ended December 31, 2021, the FDA granted Orphan Drug Designation for CLN5 and the Company made a milestone payment of $15,000 to UNC. During the year ended December 31, 2022, the Company dosed its first patient in a Phase 1 CLN5 study and made a milestone payment of $30,000 to UNC. The annual license fee was $4,000 for each of the nine months ended September 30, 2024 and 2023. In November 2024, the Company announced that it does not expect to move forward with the NGN-101 CLN5 Batten disease gene therapy program at this time due to the FDA’s denial for the Company’s RMAT application. The Company is currently evaluating options for the program. License Agreement with The University of Edinburgh In December 2020, the University Court of the University of Edinburgh (the “University of Edinburgh”) and Neurogene entered into the Master Collaboration Agreement (“MCA”). Under the MCA, Neurogene and the University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”) and Neurogene agreed to provide funding for such Projects for a 40-month initial term, which term was extended in November 2023 for an additional 33 months and may be further extended by mutual agreement. In exchange for such funding, the University of Edinburgh granted Neurogene the option to exclusively license any intellectual property arising from such Projects. If Neurogene exercises an exclusive option for a particular Project, Neurogene will enter into a separate exclusive license agreement on its own terms with the University of Edinburgh. Under the MCA, Neurogene is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the 40-month period. Either party may terminate the MCA for convenience upon 90 days’ notice. If Neurogene terminates the MCA, it would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. In March 2022, Neurogene exercised its option through the collaboration under the MCA and entered into a License Agreement (the “March 2022 Edinburgh License Agreement”) with University of Edinburgh, pursuant to which Neurogene licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, Neurogene obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the latest of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then ten years from first commercial sale of such Licensed Product in such country. In connection with the license, Neurogene is also obligated to pay the University of Edinburgh up to $5.3 million in regulatory-related milestones and up to $25.0 million in sales-related milestones based on annual net sales of Licensed Products in excess of defined thresholds. During the nine months ended September 30, 2023, the Company expensed $0.3 million for a milestone related to the first patient dosing in the Phase 1/2 trial for Rett syndrome. For the nine months ended September 30, 2024 and 2023, the expense recorded by the Company related to the MCA was $1.1 million and $0.9 million, respectively. License Agreement with Virovek In September 2020, Neurogene entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which Neurogene has a license to use certain patents and know-how on a non-exclusive basis related to Neurogene’s baculovirus (“baculo”) process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculo process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. During the nine months ended September 30, 2023, the Company recorded a milestone expense of $0.1 million for the Rett Syndrome Investigational New Drug filing. License Agreement with Sigma-Aldrich Co In January 2023, Neurogene entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which Neurogene has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in Neurogene’s baculo process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, Neurogene is obligated to pay up to $2.5 million in the aggregate for development-related milestones. The Company recorded a license expense of $60,000 for each of the nine months ended September 30, 2024 and 2023. No expenses were recorded related to other in-process license agreements during the nine months ended September 30, 2024 and 2023. None will be due under these agreements unless and until certain development milestones are reached. License Agreement with Stanford In August 2024, the Company entered into a Nonexclusive License Agreement with the Board of Trustees of Leland Stanford Junior University (the “Stanford License Agreement”) to license, on a non-exclusive basis, certain biological materials used by the Company in the manufacturing process of Neurogene’s product candidates, including NGN-401. Over the 10-year term of the Stanford License Agreement, the Company is obligated to pay up to $0.5 million in licensing fees. The Company recorded a license expense of $50,000 for the nine months ended September 30, 2024.

Stockholders’ Equity (Deficit) - Narrative - 10Q (Details)		9 Months Ended	12 Months Ended
	Dec. 18, 2023 shares	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		450,000,000	450,000,000	0
Common stock, par or stated value per share (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001	$ 0.000001
Percentage of outstanding stock per stockholder, maximum		0.0999	0.0999
Percentage of outstanding stock per stockholder, upon notice, maximum		0.1999	0.1999
Class of warrant or right, notice period		61 days	61 days
Stock issued during period, shares, new issues (in shares)	13,505,271
Pre Funded Warrants
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares)		3,959,954	4,063,361
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001
Stock issued during period, shares, new issues (in shares)		103,407

Reverse Merger - Reconciliation of Allocation to Purchase Price (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 18, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Fair value allocated to bargain purchase gain		$ (16,355)	$ 0
Neoleukin
Business Acquisition [Line Items]
Fair value of monetary assets acquired	$ 76,906
Transaction costs	4,140
Neoleukin liabilities assumed	(21,052)
Fair value allocated to bargain purchase gain	(16,355)	$ (16,400)
Total purchase price	$ 43,639

Summary of Significant Accounting Policies - Summary of Accrued Liabilities Activity - 10Q (Details) - Phase 1 NL-201 Trial $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 1,962
Liability Adjustment	(201)
Amounts Paid	(999)
Balance at September 30, 2024	$ 762

Stockholders’ Equity (Deficit) - Reserved Shares for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,330,198	3,061,555		107,085,760
Class of warrant or right, number of securities called by each warrant or right (in shares)			0.0756
Options to purchase common stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,384,182	823,833		468,632
Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)		0		106,301,580
Series A-1 Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)		0		18,604,653
Series A-2 Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)		0		13,291,208
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)		0		74,405,719
2018 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)		0		315,548
2023 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,468,403	2,237,722		0

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024