LENZ Therapeutics (LENZ) S-111 Sep 24IPO registrationFinancial data

Company Profile

Cover Page

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024
Document Information [Line Items]
Document Type	S-1
Entity Registrant Name	LENZ THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Primary SIC Number	2834
Entity Tax Identification Number	84-4867570
Entity Address, Address Line One	201 Lomas Santa Fe Dr
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Solana Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92075
City Area Code	858
Local Phone Number	925-7000
Contact Personnel Name	Evert Schimmelpennink
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false
Entity Central Index Key	0001815776
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	201 Lomas Santa Fe Dr., Suite 300
Entity Address, City or Town	Solana Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92075
City Area Code	858
Local Phone Number	925-7000

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023		Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 35,140		$ 44,441
Marketable securities		30,654		0
Prepaid expenses and other current assets		1,450		2,200
Total current assets		67,244		46,641
Property and equipment, net		54		39
Operating lease right-of-use asset		318		240
Deferred offering costs		2,739		0
Security deposit		21		31
Total assets		70,376		46,951
Current liabilities:
Accounts payable		5,711		4,755
Total accrued liabilities		12,803		4,744
Total current liabilities		18,514		9,499
Operating lease liability, net		192		147
Other noncurrent liabilities		121		66
Preferred stock warrants liability		871		994
Total liabilities		19,698		10,706
Commitments and contingencies (Note 6)
Convertible preferred and common stock:
Total convertible preferred and common stock		143,390		60,414
Stockholders' deficit(1):
Common stock, par value of $0.00001 per share; 16,017,929 Class A shares authorized, and 2,004,783 shares issued at both December 31, 2022 and 2023, and 1,946,988 and 1,969,360 shares outstanding at December 31, 2022 and 2023, respectively	[1]	10	[2]	10
Additional paid-in capital		2,517	[2]	1,098
Accumulated deficit		(95,245)	[2]	(25,277)
Accumulated other comprehensive income		6	[2]	0
Total stockholders’ deficit	[3]	(92,712)	[2]	(24,169)
Total liabilities, convertible preferred and common stock and stockholders’ deficit		70,376		46,951
Series A Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock	[3]	44,621	[4]	44,621
Series A-1 Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock	[3]	9,893	[4]	9,893
Series B Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock		82,976		0
Class B convertible common stock
Convertible preferred and common stock:
Total convertible preferred and common stock	[3]	$ 5,900	[4]	$ 5,900

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical)	Dec. 31, 2023 $ / shares shares
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001
Temporary equity, shares authorized (in shares)	53,761,506
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001
Common stock, authorized (in shares)	16,017,929
Common stock, issued (in shares)	2,004,783
Common stock, outstanding (in shares)	1,969,360
Previously Reported
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001
Common stock, authorized (in shares)	16,017,929
Common stock, issued (in shares)	2,004,783
Common stock, outstanding (in shares)	1,969,360
Series A Convertible Preferred Stock
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001
Temporary equity, shares authorized (in shares)	22,791,777
Temporary equity, shares outstanding (in shares)	21,977,282	[1],[2]
Temporary equity, shares issued (in shares)	21,977,282
Series A-1 Convertible Preferred Stock
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001
Temporary equity, shares authorized (in shares)	2,950,548
Temporary equity, shares outstanding (in shares)	2,950,548	[1],[2]
Temporary equity, shares issued (in shares)	2,950,548
Series B Convertible Preferred Stock
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001
Temporary equity, shares authorized (in shares)	28,019,181
Temporary equity, shares outstanding (in shares)	28,019,181
Temporary equity, shares issued (in shares)	28,019,181
Class B convertible common stock
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001
Temporary equity, shares authorized (in shares)	2,744,184
Temporary equity, shares outstanding (in shares)	2,744,184	[1],[2]
Temporary equity, shares issued (in shares)	2,744,184
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, authorized (in shares)	2,744,184
Common stock, issued (in shares)	2,744,184
Common stock, outstanding (in shares)	2,744,184

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022
Revenue:
Revenue		$ 0		$ 15,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		License revenue		License revenue
Operating expenses:
Research and development		$ 59,504		$ 21,125
Selling, general and administrative		12,925		4,358
Total operating expenses		72,429		25,483
Loss from operations		(72,429)		(10,483)
Other income:
Other		93		15
Interest income		2,189		4
Total other income, net		2,282		19
Net loss before income taxes		(70,147)		(10,464)
Income tax expense (benefit)		(179)		347
Net loss	[1]	(69,968)		(10,811)
Other comprehensive income:
Unrealized gain on marketable securities		6	[1]	0
Comprehensive loss		$ (69,962)		$ (10,811)
Net loss per share attributable to common stockholders-basic		$ (35.71)		$ (5.65)
Net loss per share attributable to common stockholders-diluted		$ (35.71)		$ (5.65)
Weighted-average Class A common shares outstanding, basic (in shares)	[2]	1,959,091,000		1,911,850,000
Weighted-average Class A common shares outstanding, diluted (in shares)	[2]	1,959,091,000		1,911,850,000

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 1.

STATEMENTS OF CONVERTIBLE PREFE

STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS’ DEFICIT - USD ($) $ in Thousands		Total		Previously Reported	Series A Convertible Preferred Stock		Series A-1 Convertible Preferred Stock		Class B Convertible Preferred Stock		Class B convertible common stock		Class A Common Stock		Class A Common Stock Previously Reported	[1]	Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income
Beginning balance, temporary equity (in shares) at Dec. 31, 2021	[1]				12,077,942		0		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2021	[1]				$ 24,381		$ 0		$ 0		$ 5,900
Convertible Preferred and Common Stock
Issuance of convertible preferred stock, net of issuance costs (in shares)	[1]				9,899,340		2,950,548
Issuance of convertible preferred stock, net of issuance costs	[1]				$ 20,240		$ 9,893
Ending balance, temporary equity (in shares) at Dec. 31, 2022	[1]				21,977,282		2,950,548		0		2,744,184
Ending balance, temporary equity at Dec. 31, 2022		$ 60,414			$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Beginning balance at Dec. 31, 2021	[1]	(14,214)											$ 1				$ 251		$ (14,466)		$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2021	[1]												1,891,985
Stockholders' Deficit
Exercise of stock options (in shares)	[1]												55,003
Exercise of stock options	[1]	135											$ 9				126
Share-based compensation	[1]	721															721
Unrealized gain on marketable securities		0
Net loss	[1]	$ (10,811)																	(10,811)
Ending balance, common stock (in shares) at Dec. 31, 2022		1,946,988											1,946,988		1,946,988
Ending balance at Dec. 31, 2022	[1]	$ (24,169)											$ 10				1,098		(25,277)		0
Convertible Preferred and Common Stock
Issuance of convertible preferred stock, net of issuance costs (in shares)									28,019,181
Issuance of convertible preferred stock, net of issuance costs									$ 82,976
Ending balance, temporary equity (in shares) at Mar. 31, 2023					21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Mar. 31, 2023					$ 44,621		$ 9,893		$ 82,976		$ 5,900
Stockholders' Deficit
Share-based compensation		142															142
Net loss		(12,670)																	(12,670)
Ending balance, common stock (in shares) at Mar. 31, 2023													1,952,581
Ending balance at Mar. 31, 2023		(36,678)											$ 10				1,259		(37,947)		0
Beginning balance, temporary equity (in shares) at Dec. 31, 2022	[1]				21,977,282		2,950,548		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2022		60,414			$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Ending balance, temporary equity (in shares) at Jun. 30, 2023					21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Jun. 30, 2023					$ 44,621		$ 9,893		$ 82,976		$ 5,900
Beginning balance at Dec. 31, 2022	[1]	$ (24,169)											$ 10				1,098		(25,277)		0
Beginning balance, common stock (in shares) at Dec. 31, 2022		1,946,988											1,946,988		1,946,988
Stockholders' Deficit
Unrealized gain on marketable securities		$ (14)
Net loss		(27,396)
Ending balance, common stock (in shares) at Jun. 30, 2023													1,958,174
Ending balance at Jun. 30, 2023		(51,210)											$ 10				1,467		(52,673)		(14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022	[1]				21,977,282		2,950,548		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2022		60,414			$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Convertible Preferred and Common Stock
Issuance of convertible preferred stock, net of issuance costs (in shares)	[1]								28,019,181
Issuance of convertible preferred stock, net of issuance costs	[1]								$ 82,976
Ending balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]				21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Dec. 31, 2023		143,390			$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Beginning balance at Dec. 31, 2022	[1]	$ (24,169)											$ 10				1,098		(25,277)		0
Beginning balance, common stock (in shares) at Dec. 31, 2022		1,946,988											1,946,988		1,946,988
Stockholders' Deficit
Exercise of stock options (in shares)	[1]												22,372
Exercise of stock options	[1]	$ 76															76
Share-based compensation	[1]	1,343															1,343
Unrealized gain on marketable securities	[1]	6																			6
Net loss	[1]	$ (69,968)																	(69,968)
Ending balance, common stock (in shares) at Dec. 31, 2023		1,969,360		1,969,360							2,744,184		1,969,360	[2]	1,969,360
Ending balance at Dec. 31, 2023	[1]	$ (92,712)	[3]										$ 10	[2]			2,517	[2]	(95,245)	[2]	6	[2]
Beginning balance, temporary equity (in shares) at Mar. 31, 2023					21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Mar. 31, 2023					$ 44,621		$ 9,893		$ 82,976		$ 5,900
Ending balance, temporary equity (in shares) at Jun. 30, 2023					21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Jun. 30, 2023					$ 44,621		$ 9,893		$ 82,976		$ 5,900
Beginning balance at Mar. 31, 2023		(36,678)											$ 10				1,259		(37,947)		0
Beginning balance, common stock (in shares) at Mar. 31, 2023													1,952,581
Stockholders' Deficit
Share-based compensation		189															189
Unrealized gain on marketable securities		(14)																			(14)
Net loss		(14,726)																	(14,726)
Ending balance, common stock (in shares) at Jun. 30, 2023													1,958,174
Ending balance at Jun. 30, 2023		(51,210)											$ 10				1,467		(52,673)		(14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]				21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Dec. 31, 2023		143,390			$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Ending balance, temporary equity (in shares) at Mar. 31, 2024					0		0		0		0
Ending balance, temporary equity at Mar. 31, 2024					$ 0		$ 0		$ 0		$ 0
Beginning balance at Dec. 31, 2023	[1]	$ (92,712)	[3]										$ 10	[2]			2,517	[2]	(95,245)	[2]	6	[2]
Beginning balance, common stock (in shares) at Dec. 31, 2023		1,969,360		1,969,360							2,744,184		1,969,360	[2]	1,969,360
Stockholders' Deficit
Share-based compensation		$ 947															947
Unrealized gain on marketable securities		(7)																			(7)
Net loss		(16,648)																	(16,648)
Ending balance, common stock (in shares) at Mar. 31, 2024													25,500,130
Ending balance at Mar. 31, 2024		198,167											$ 0				310,061		(111,893)		(1)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]				21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Dec. 31, 2023		143,390			$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Ending balance, temporary equity (in shares) at Jun. 30, 2024					0		0		0		0
Ending balance, temporary equity at Jun. 30, 2024		0			$ 0		$ 0		$ 0		$ 0
Beginning balance at Dec. 31, 2023	[1]	$ (92,712)	[3]										$ 10	[2]			2,517	[2]	(95,245)	[2]	6	[2]
Beginning balance, common stock (in shares) at Dec. 31, 2023		1,969,360		1,969,360							2,744,184		1,969,360	[2]	1,969,360
Stockholders' Deficit
Unrealized gain on marketable securities		$ (68)
Net loss		$ (26,902)
Ending balance, common stock (in shares) at Jun. 30, 2024		25,845,671									0		25,845,671
Ending balance at Jun. 30, 2024		$ 192,921	[3]										$ 0				315,130		(122,147)		(62)
Beginning balance, temporary equity (in shares) at Mar. 31, 2024					0		0		0		0
Beginning balance, temporary equity at Mar. 31, 2024					$ 0		$ 0		$ 0		$ 0
Ending balance, temporary equity (in shares) at Jun. 30, 2024					0		0		0		0
Ending balance, temporary equity at Jun. 30, 2024		0			$ 0		$ 0		$ 0		$ 0
Beginning balance at Mar. 31, 2024		198,167											$ 0				310,061		(111,893)		(1)
Beginning balance, common stock (in shares) at Mar. 31, 2024													25,500,130
Stockholders' Deficit
Exercise of stock options (in shares)													338,260
Exercise of stock options		3,413															3,413
Share-based compensation		1,597															1,597
Unrealized gain on marketable securities		(61)																			(61)
Net loss		$ (10,254)																	(10,254)
Ending balance, common stock (in shares) at Jun. 30, 2024		25,845,671									0		25,845,671
Ending balance at Jun. 30, 2024		$ 192,921	[3]										$ 0				$ 315,130		$ (122,147)		$ (62)

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 3.

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	[1]	$ (69,968)	$ (10,811)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		15	8
Amortization of premiums and discounts on marketable securities		(1,057)	0
Change in fair value of preferred stock warrants		(123)	(21)
Share-based compensation expense		1,343	721
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		761	(2,112)
Accounts payable		856	4,295
Accrued liabilities		7,783	3,858
Security deposit		10	(29)
Net cash used in operating activities		(60,380)	(4,091)
Cash flows from investing activities
Purchases of marketable securities		(52,091)	0
Proceeds from maturities of marketable securities		22,500	0
Purchases of property and equipment		(30)	(37)
Net cash used in investing activities		(29,621)	(37)
Cash flows from financing activities
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs		82,976	30,133
Deferred offering costs		(2,479)	0
Proceeds from exercises of stock options		203	129
Net cash provided by financing activities		80,700	30,262
Net increase (decrease) in cash		(9,301)	26,134
Cash and cash equivalents, beginning of the year		44,441	18,307
Cash and cash equivalents, end of the period		35,140	44,441
Supplemental disclosure of non-cash investing and financing information
Right-of-use assets obtained in exchange for operating lease liabilities		190	311
Deferred offering costs included in accounts payable and accrued expenses		$ 260	$ 0

[1] Retroactively recast for the reverse recapitalization as described in Note 1.

10-Q CONDENSED CONSOLIDATED BAL

10-Q CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023		Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 84,035		$ 35,140		$ 44,441
Marketable securities	112,077		30,654		0
Prepaid expenses and other current assets	3,124		1,450		2,200
Restricted cash	114		0
Total current assets	199,350		67,244		46,641
Property and equipment, net	164		54		39
Operating lease right-of-use asset	1,727		318		240
Deferred offering costs	0		2,739		0
Other assets	1,398		21
Total assets	202,639		70,376		46,951
Current liabilities:
Accounts payable	4,406		5,711		4,755
Total accrued liabilities	4,177		12,803		4,744
Total current liabilities	8,583		18,514		9,499
Operating lease liability, net	1,052		192		147
Other noncurrent liabilities	83		121		66
Preferred stock warrants liability	0		871		994
Total liabilities	9,718		19,698		10,706
Commitments and contingencies (Note 6)
Convertible preferred and common stock:
Total convertible preferred and common stock	0		143,390		60,414
Stockholders' deficit(1):
Common stock, par value of $0.00001 per share; 16,017,929 Class A shares authorized, and 2,004,783 shares issued at both December 31, 2022 and 2023, and 1,946,988 and 1,969,360 shares outstanding at December 31, 2022 and 2023, respectively	0	[1]	10	[1],[2]	10	[2]
Additional paid-in capital	315,130	[1]	2,517	[1]	1,098
Accumulated deficit	(122,147)	[1]	(95,245)	[1]	(25,277)
Accumulated other comprehensive income	(62)	[1]	6	[1]	0
Total stockholders’ deficit	192,921	[1]	(92,712)	[1],[3]	(24,169)	[3]
Total liabilities, convertible preferred and common stock and stockholders’ deficit	202,639		70,376		46,951
Series A Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock	0		44,621	[3],[4]	44,621	[3]
Series A-1 Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock	0		9,893	[3],[4]	9,893	[3]
Series B Convertible Preferred Stock
Convertible preferred and common stock:
Total convertible preferred and common stock	0		82,976		0
Class B convertible common stock
Convertible preferred and common stock:
Total convertible preferred and common stock	$ 0		$ 5,900	[3],[4]	$ 5,900	[3]

[1] Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

10-Q CONDENSED CONSOLIDATED B_2

10-Q CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Temporary equity, par value (in dollars per share)		$ 0.001
Temporary equity, shares authorized (in shares)		53,761,506
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	300,000,000	16,017,929
Common stock, issued (in shares)	25,872,718	2,004,783
Common stock, outstanding (in shares)	25,845,671	1,969,360
Series A Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	22,791,777
Temporary equity, shares issued (in shares)	0	21,977,282
Temporary equity, shares outstanding (in shares)	0	21,977,282	[1],[2]
Series A-1 Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	2,950,548
Temporary equity, shares issued (in shares)	0	2,950,548
Temporary equity, shares outstanding (in shares)	0	2,950,548	[1],[2]
Series B Convertible Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	0	28,019,181
Temporary equity, shares issued (in shares)	0	28,019,181
Temporary equity, shares outstanding (in shares)	0	28,019,181
Class B convertible common stock
Temporary equity, par value (in dollars per share)		$ 0.001
Temporary equity, shares authorized (in shares)		2,744,184
Temporary equity, shares issued (in shares)		2,744,184
Temporary equity, shares outstanding (in shares)	0	2,744,184	[1],[2]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	0	2,744,184
Common stock, issued (in shares)	0	2,744,184
Common stock, outstanding (in shares)	0	2,744,184

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

10-Q CONDENSED CONSOLIDATED STA

10-Q CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023		Dec. 31, 2022
Operating expenses:
Research and development					$ 17,482		$ 22,964		$ 59,504		$ 21,125
Selling, general and administrative					12,958		4,611		12,925		4,358
Total operating expenses					30,440		27,575		72,429		25,483
Loss from operations					(30,440)		(27,575)		(72,429)		(10,483)
Other income (expense), net:
Other					287		(73)		93		15
Interest income					3,251		252		2,189		4
Total other income, net					3,538		179		2,282		19
Net loss	$ (10,254)	$ (16,648)	$ (14,726)	$ (12,670)	(26,902)		(27,396)		(69,968)	[1]	(10,811)	[1]
Other comprehensive income:
Unrealized gain on marketable securities	$ (61)	$ (7)	$ (14)		(68)		(14)		6	[1]	0
Comprehensive loss					$ (26,970)		$ (27,410)		$ (69,962)		$ (10,811)
Net loss per share attributable to common stockholders-basic					$ (1.77)		$ (14.02)		$ (35.71)		$ (5.65)
Net loss per share attributable to common stockholders-diluted					$ (1.77)		$ (14.02)		$ (35.71)		$ (5.65)
Weighted-average Class A common shares outstanding, basic (in shares)					15,163,103	[2]	1,953,464	[2]	1,959,091,000	[3]	1,911,850,000	[3]
Weighted-average Class A common shares outstanding, diluted (in shares)					15,163,103	[2]	1,953,464	[2]	1,959,091,000	[3]	1,911,850,000	[3]

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3. See Note 2 for further information on weighted-average common shares outstanding. Retroactively recast for the reverse recapitalization as described in Note 1.

10-Q CONDENSED CONSOLIDATED S_2

10-Q CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands		Total		Series A Convertible Preferred Stock		Series A-1 Convertible Preferred Stock		Class B Convertible Preferred Stock		Class B convertible common stock		Class A Common Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income
Beginning balance, temporary equity (in shares) at Dec. 31, 2021	[1]			12,077,942		0		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2021	[1]			$ 24,381		$ 0		$ 0		$ 5,900
Convertible Preferred and Common Stock
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)	[1]			9,899,340		2,950,548
Issuance of convertible preferred stock, net of issuance costs	[1]			$ 20,240		$ 9,893
Ending balance, temporary equity (in shares) at Dec. 31, 2022	[1]			21,977,282		2,950,548		0		2,744,184
Ending balance, temporary equity at Dec. 31, 2022		$ 60,414		$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Beginning balance, common stock (in shares) at Dec. 31, 2021	[1]											1,891,985
Beginning balance at Dec. 31, 2021	[1]	(14,214)										$ 1		$ 251		$ (14,466)		$ 0
Stockholders' Deficit
Unrealized gain on marketable securities		0
Exercise of stock options (in shares)	[1]											55,003
Exercise of stock options	[1]	135										$ 9		126
Share-based compensation	[1]	721												721
Net loss	[1]	$ (10,811)														(10,811)
Ending balance, common stock (in shares) at Dec. 31, 2022		1,946,988										1,946,988
Ending balance at Dec. 31, 2022	[1]	$ (24,169)										$ 10		1,098		(25,277)		0
Convertible Preferred and Common Stock
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)								28,019,181
Issuance of convertible preferred stock, net of issuance costs								$ 82,976
Ending balance, temporary equity (in shares) at Mar. 31, 2023				21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Mar. 31, 2023				$ 44,621		$ 9,893		$ 82,976		$ 5,900
Stockholders' Deficit
Vesting of early exercised stock options (in shares)												5,593
Vesting of early exercised stock options		19												19
Share-based compensation		142												142
Net loss		(12,670)														(12,670)
Ending balance, common stock (in shares) at Mar. 31, 2023												1,952,581
Ending balance at Mar. 31, 2023		(36,678)										$ 10		1,259		(37,947)		0
Beginning balance, temporary equity (in shares) at Dec. 31, 2022	[1]			21,977,282		2,950,548		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2022		$ 60,414		$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Ending balance, temporary equity (in shares) at Jun. 30, 2023				21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Jun. 30, 2023				$ 44,621		$ 9,893		$ 82,976		$ 5,900
Beginning balance, common stock (in shares) at Dec. 31, 2022		1,946,988										1,946,988
Beginning balance at Dec. 31, 2022	[1]	$ (24,169)										$ 10		1,098		(25,277)		0
Stockholders' Deficit
Unrealized gain on marketable securities		(14)
Net loss		(27,396)
Ending balance, common stock (in shares) at Jun. 30, 2023												1,958,174
Ending balance at Jun. 30, 2023		(51,210)										$ 10		1,467		(52,673)		(14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022	[1]			21,977,282		2,950,548		0		2,744,184
Beginning balance, temporary equity at Dec. 31, 2022		60,414		$ 44,621	[1]	$ 9,893	[1]	$ 0	[1]	$ 5,900	[1]
Convertible Preferred and Common Stock
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)	[1]							28,019,181
Issuance of convertible preferred stock, net of issuance costs	[1]							$ 82,976
Ending balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]			21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Dec. 31, 2023		$ 143,390		$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Beginning balance, common stock (in shares) at Dec. 31, 2022		1,946,988										1,946,988
Beginning balance at Dec. 31, 2022	[1]	$ (24,169)										$ 10		1,098		(25,277)		0
Stockholders' Deficit
Unrealized gain on marketable securities	[1]	6																6
Exercise of stock options (in shares)	[1]											22,372
Exercise of stock options	[1]	76												76
Share-based compensation	[1]	1,343												1,343
Net loss	[1]	$ (69,968)														(69,968)
Ending balance, common stock (in shares) at Dec. 31, 2023		1,969,360								2,744,184		1,969,360	[2]
Ending balance at Dec. 31, 2023	[1]	$ (92,712)	[3]									$ 10	[2]	2,517	[2]	(95,245)	[2]	6	[2]
Beginning balance, temporary equity (in shares) at Mar. 31, 2023				21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Mar. 31, 2023				$ 44,621		$ 9,893		$ 82,976		$ 5,900
Ending balance, temporary equity (in shares) at Jun. 30, 2023				21,977,282		2,950,548		28,019,181		2,744,184
Ending balance, temporary equity at Jun. 30, 2023				$ 44,621		$ 9,893		$ 82,976		$ 5,900
Beginning balance, common stock (in shares) at Mar. 31, 2023												1,952,581
Beginning balance at Mar. 31, 2023		(36,678)										$ 10		1,259		(37,947)		0
Stockholders' Deficit
Unrealized gain on marketable securities		(14)																(14)
Vesting of early exercised stock options (in shares)												5,593
Vesting of early exercised stock options		19												19
Share-based compensation		189												189
Net loss		(14,726)														(14,726)
Ending balance, common stock (in shares) at Jun. 30, 2023												1,958,174
Ending balance at Jun. 30, 2023		(51,210)										$ 10		1,467		(52,673)		(14)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]			21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Dec. 31, 2023		$ 143,390		$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Convertible Preferred and Common Stock
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)				(21,977,282)		(2,950,548)		(28,019,181)		(2,744,184)
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)				$ (44,621)		$ (9,893)		$ (82,976)		$ (5,900)
Ending balance, temporary equity (in shares) at Mar. 31, 2024				0		0		0		0
Ending balance, temporary equity at Mar. 31, 2024				$ 0		$ 0		$ 0		$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2023		1,969,360								2,744,184		1,969,360	[2]
Beginning balance at Dec. 31, 2023	[1]	$ (92,712)	[3]									$ 10	[2]	2,517	[2]	(95,245)	[2]	6	[2]
Stockholders' Deficit
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001 (in shares)												11,260,672
Conversion of convertible preferred stock and Class B convertible common stock to common stock as a result of the Merger and reset to par of $0.00001		143,390										$ (10)		143,400
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)												8,320,485
Issuance of common stock to Graphite stockholders as a result of the Merger		116,145												116,145
Stock Issued During Period, Shares, New Issues												3,559,565
Issuance of common stock from private placement, net		49,840												49,840
Reclassification of warrant liability to equity		1,918												1,918
Merger transaction costs		(5,146)												(5,146)
Unrealized gain on marketable securities		(7)																(7)
Exercise of stock options and common warrants (in shares)												383,898
Exercise of stock options and common warrants		430												430
Vesting of early exercised stock options (in shares)												6,150
Vesting of early exercised stock options		10												10
Share-based compensation		947												947
Net loss		(16,648)														(16,648)
Ending balance, common stock (in shares) at Mar. 31, 2024												25,500,130
Ending balance at Mar. 31, 2024		198,167										$ 0		310,061		(111,893)		(1)
Beginning balance, temporary equity (in shares) at Dec. 31, 2023	[1],[2]			21,977,282		2,950,548		28,019,181		2,744,184
Beginning balance, temporary equity at Dec. 31, 2023		143,390		$ 44,621	[1],[2]	$ 9,893	[1],[2]	$ 82,976	[1],[2]	$ 5,900	[1],[2]
Ending balance, temporary equity (in shares) at Jun. 30, 2024				0		0		0		0
Ending balance, temporary equity at Jun. 30, 2024		$ 0		$ 0		$ 0		$ 0		$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2023		1,969,360								2,744,184		1,969,360	[2]
Beginning balance at Dec. 31, 2023	[1]	$ (92,712)	[3]									$ 10	[2]	2,517	[2]	(95,245)	[2]	6	[2]
Stockholders' Deficit
Unrealized gain on marketable securities		(68)
Net loss		$ (26,902)
Ending balance, common stock (in shares) at Jun. 30, 2024		25,845,671								0		25,845,671
Ending balance at Jun. 30, 2024		$ 192,921	[3]									$ 0		315,130		(122,147)		(62)
Beginning balance, temporary equity (in shares) at Mar. 20, 2024				21,977,282		2,950,548
Stockholders' Deficit
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)		8,320,485
Stock Issued During Period, Shares, New Issues		8,670,653
Merger transaction costs		$ (5,200)
Beginning balance, temporary equity (in shares) at Mar. 31, 2024				0		0		0		0
Beginning balance, temporary equity at Mar. 31, 2024				$ 0		$ 0		$ 0		$ 0
Ending balance, temporary equity (in shares) at Jun. 30, 2024				0		0		0		0
Ending balance, temporary equity at Jun. 30, 2024		0		$ 0		$ 0		$ 0		$ 0
Beginning balance, common stock (in shares) at Mar. 31, 2024												25,500,130
Beginning balance at Mar. 31, 2024		198,167										$ 0		310,061		(111,893)		(1)
Stockholders' Deficit
Unrealized gain on marketable securities		(61)																(61)
Vesting of early exercised stock options (in shares)												7,281
Vesting of early exercised stock options		28												28
Adjustments to reverse recapitalization accounting and issuance of common stock from private placement		31												31
Exercise of stock options (in shares)												338,260
Exercise of stock options		3,413												3,413
Share-based compensation		1,597												1,597
Net loss		$ (10,254)														(10,254)
Ending balance, common stock (in shares) at Jun. 30, 2024		25,845,671								0		25,845,671
Ending balance at Jun. 30, 2024		$ 192,921	[3]									$ 0		$ 315,130		$ (122,147)		$ (62)

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 3.

10-Q CONDENSED CONSOLIDATED S_3

10-Q CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED AND COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001

10-Q CONDENSED CONSOLIDATED S_4

10-Q CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (26,902)	$ (27,396)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23	7
Amortization of premiums and discounts on marketable securities	(1,234)	(19)
Change in fair value of preferred stock warrants	1,047	40
Share-based compensation expense	2,544	331
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(399)	75
Accounts payable	(3,955)	(2,201)
Accrued liabilities	(9,479)	2,831
Other assets	(1,377)	10
Net cash used in operating activities	(39,732)	(26,322)
Cash flows from investing activities
Purchases of marketable securities	(111,257)	(26,851)
Proceeds from maturities of marketable securities	31,000	0
Purchases of property and equipment	(133)	(30)
Net cash used in investing activities	(80,390)	(26,881)
Cash flows from financing activities
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs	0	82,976
Proceeds from issuance of common stock, net of issuance costs	49,824	0
Cash, cash equivalents, and restricted cash acquired in connection with the Merger	117,824	0
Merger transaction costs	(2,360)	0
Proceeds from exercises of stock options	3,843	203
Net cash provided by financing activities	169,131	83,179
Net increase (decrease) in cash	49,009	29,976
Cash and cash equivalents, beginning of the year	35,140	44,441
Cash and cash equivalents, end of the period	84,149	74,417
Supplemental cash flow information
Reclassification of warrant liability to equity	1,918	0
Prepaid expenses and other current assets assumed in the Merger	1,313	0
Accounts payable and accrued liabilities assumed in the Merger	2,950	0
Merger transaction costs included in accounts payable and accrued expenses	42	0
Right-of-use assets assumed in the Merger in exchange for operating lease liabilities	218	0
Right-of-use assets obtained in exchange for operating lease liabilities	1,218	190
Series A, A-1, And B Convertible Preferred Stock To Common Stock
Supplemental cash flow information
Conversion of stock to common stock	137,490	0
Class B Convertible Common Stock To Common Stock
Supplemental cash flow information
Conversion of stock to common stock	$ 5,900	$ 0

Organization and Liquidity

Organization and Liquidity	6 Months Ended
Organization and Liquidity	Jun. 30, 2024
Accounting Policies [Abstract]
Organization and Liquidity	Organization and Liquidity Description of the Business Lenz Therapeutics, Inc. (Lenz Therapeutics or the Company), previously known as Presbyopia Therapies, Inc., became a corporation in Delaware on October 28, 2020, upon the filing of a Certificate of Conversion to convert Presbyopia Therapies, LLC, a Delaware limited liability company (formed in September 2013) to a Delaware corporation. Lenz Therapeutics is headquartered in Del Mar, California. The Company is a late-stage clinical company developing innovative ophthalmic pharmaceutical products. Reverse Merger Transaction On March 21, 2024, Graphite Bio, Inc., a Delaware corporation (“Graphite”) and the Company completed a merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) dated November 14, 2023, pursuant to which, among other matters, Generate Merger Sub, Inc., a wholly-owned subsidiary of Graphite (“Merger Sub”), merged with and into the Company, with the Company surviving the merger as the surviving corporation and a wholly-owned subsidiary of Graphite (“the Merger”). Additionally, Graphite changed its name to “LENZ Therapeutics, Inc.” In connection with the Merger, Graphite concurrently entered into a subscription agreement (the “Subscription Agreement”) with certain institutional investors (the “PIPE investors”) pursuant to which, among other things, Graphite agreed to issue to the PIPE investors shares of Graphite common stock immediately following the Merger in a private placement transaction for an aggregate purchase price of $53.5 million, which amount may be increased to up to $125 million through additional subscriptions under the Subscription Agreement from additional PIPE investors (the “Graphite private placement”). Graphite assumed each outstanding and unexercised option to purchase the Company’s common stock, whether vested or not vested, and each outstanding and unexercised warrant to purchase the Company’s common stock or preferred stock, which became options and warrants to purchase shares of Graphite common stock. Subsequently, at the effective time of the Merger, each outstanding share of the Company’s common stock and preferred stock, and options and warrants to purchase the Company’s common stock was converted into the right to receive or purchase 0.2022 shares of Graphite’s common stock, which resulted in the issuance by Graphite of an aggregate of 15,409,184 shares of, and options and warrants to purchase, Graphite common stock to the stockholders, option holders, and warrant holders of the Company. Immediately following the consummation of the Merger and Graphite private placement, the Company, Graphite stockholders, and the PIPE investors collectively owned approximately 56%, 31%, and 13% of the combined company, respectively, on a fully diluted basis. Historical share and per share figures of the Company have been retroactively recast based on the Merger exchange ratio of 0.2022. Liquidity The Company has incurred net losses and negative cash flows from operations since inception and as of December 31, 2023, had an accumulated deficit of $95.2 million. The Company incurred net losses of $10.8 million and $70.0 million during the years ended December 31, 2022 and 2023, respectively. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through clinical development, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, and grows its business. The Company may need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties. As of December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $65.8 million, which is available to fund future operations. In connection with the Merger, the Company completed the Graphite private placement for gross proceeds of $53.5 million and received approximately $115.0 million from the Merger in March 2024. The Company believes that its existing cash, cash equivalents, and marketable securities as of December 31, 2023 in addition to the funds received in connection with the Merger, will be sufficient to support operations for at least the next 12 months from the date these financial statements were available to be issued. Description of the Business LENZ Therapeutics, Inc. ("LENZ" or the "Company"), formerly known as Graphite Bio, Inc. ("Graphite"), was incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc., and was reincorporated in the State of Delaware in October 2019. The Company has a wholly owned subsidiary, LENZ Therapeutics Operations, Inc. ("LENZ OpCo"), previously named Lenz Therapeutics, Inc., which became a corporation in Delaware on October 28, 2020 upon the filing of a Certificate of Conversion to convert Presbyopia Therapies, LLC, a Delaware limited liability company (formed in September 2013), to a Delaware corporation. The Company is a late-stage clinical company developing innovative ophthalmic pharmaceutical products. Reverse Merger Transaction On March 21, 2024, Graphite and LENZ OpCo completed a merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) dated November 14, 2023, pursuant to which, among other matters, Generate Merger Sub, Inc., a wholly-owned subsidiary of Graphite, merged with and into LENZ OpCo, with LENZ OpCo surviving the merger as the surviving corporation and a wholly-owned subsidiary of Graphite (the “Merger”). In connection with the Merger, Graphite changed its name to “LENZ Therapeutics, Inc.” The Merger was accounted for as a reverse recapitalization, with LENZ OpCo being treated as the acquirer for accounting purposes. See discussions of the transactions in connection with the Merger in Note 3 . Liquidity As of June 30, 2024, the Company has devoted substantially all of its efforts to product development and has not realized product revenues from its planned principal operations. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses since its inception and, as of June 30, 2024, had an accumulated deficit of $122.1 million. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidate through clinical development, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, and grows its business. The Company may need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidate, if approved. Such activities are subject to significant risks and uncertainties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). Use of Estimates The preparation of financial statements in conformity with 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. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, share-based compensation, and the valuation of deferred tax assets and liabilities. Although actual results could differ from those estimates, management does not believe that such differences would be material. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in a traditional checking and savings accounts with a financial institution and does not have restricted cash. Marketable Securities The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of December 31, 2023, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income on the statements of operations and comprehensive loss. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3 (see Note 3). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. Property and Equipment, Net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized within operating expenses based on the difference between the proceeds received and the net book value of the disposed asset. Routine expenditures for maintenance and repairs are expensed as incurred. Estimated useful lives for property and equipment are as follows: Estimated Useful Life Computer equipment 5 years Furniture and fixtures 5 years Lab equipment 5 years Impairment of Long-Lived Assets The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset group may not be recoverable. Recoverability of the long-lived asset group is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset group. If these cash flows are less than the carrying value of such asset group, the Company then determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. There were no impairment losses recognized during the years ended December 31, 2022 or 2023. Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (ROU) assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the balance sheets. Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. The Company had deferred offering costs capitalized as of December 31, 2023 of $2.7 million related to the Merger. The Company had no such capitalized costs as of December 31, 2022. In December 2023, the Company abandoned its plan for an initial public offering and expensed related costs of $2.1 million to selling, general and administrative expense. Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs) and contract manufacturing organizations (CMOs). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. Preferred Stock Warrants Liability The Company has issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of Series A Convertible Preferred can cause redemption. The warrants are revalued at each subsequent balance sheet date utilizing an option pricing method that back solves the fair value of the warrants based on recent financing transactions and also considers the enterprise value of the Company when considering potential exit events. Changes in fair value are recognized as increases or reductions to other income (expense), net in the accompanying statements of operations and comprehensive loss. The fair value of these warrants is classified as a non-current liability in the accompanying balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. Convertible Preferred and Common Stock The Company’s convertible preferred stock and Class B convertible common stock are classified outside of stockholders’ deficit because the shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of the Company. The carrying values of the convertible preferred stock and Class B convertible common stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. The Company did not accrete the value of the convertible preferred stock to its redemption value since a liquidation event was not considered probable as of December 31, 2022 and 2023. Subsequent adjustments to the carrying values of the convertible preferred stock will be made only when it becomes probable that such liquidation events will occur, causing the shares to become redeemable. Share-Based Compensation The Company maintains an equity incentive plan as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes-Merton (Black-Scholes) option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Given the lack of an active public market for the Company’s common stock, the fair value of the Company’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ (AICPA) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) the Company’s available cash, financial condition, and results of operations; (5) the most recent sales of the Company’s convertible preferred stock; and (6) the preferential rights of the outstanding convertible preferred stock and Class B convertible common stock. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for the Company’s common stock and the lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with expected term assumption. Risk-Free Interest Rate —The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of December 31, 2022 and 2023, the Company had no interest or penalties related to uncertain income tax benefits. The Company’s policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. The Company has no accruals for interest or penalties in the balance sheets as of December 31, 2022 and 2023 and has not recognized interest or penalties in the statements of operations for the years ended December 31, 2022 or 2023. Revenue Recognition The Company evaluates its revenue agreements in accordance with FASB ASC 606, Revenue from Contracts with Customers (ASC 606). ASC 606 requires a five-stage approach, including (i) identification of the contract; (ii) identification of performance obligations; (iii) determination of the transaction price; (iv) allocation of the transaction price; and (v) recognition of revenue. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributed to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, without consideration for common stock equivalents. The convertible preferred stock and Class B convertible common stock are not participating securities, because they do not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock are considered potentially dilutive to Class A common stock. The Company computes diluted net loss per share attributable to Class A common stockholders after giving consideration to all potentially dilutive Class A common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. The Company makes adjustments to diluted net loss attributed to Class A common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Other Comprehensive Income Other comprehensive income represents the change in the Company’s stockholders’ deficit from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income is the result of unrealized gains and losses on marketable securities. Segment Reporting Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2024 include Graphite’s activity from March 21, 2024 through June 30, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022. Use of Estimates The preparation of financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, and share-based compensation. Although actual results could differ from those estimates, management does not believe that such differences would be material. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts and money market funds with a financial institution. Restricted cash of $0.1 million as of June 30, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases. Marketable Securities The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of June 30, 2024, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company invests in available-for-sale securities consisting of commercial paper, U.S. Treasury securities and U.S. agency securities. Available-for-sale securities are classified as marketable securities on the Company's condensed consolidated balance sheets. Long-term Investment Long-term investments without a readily determinable fair value are accounted for using the cost method. The cost method is applied when there is no active market for the investment, thus the fair value cannot be reliably determined. The cost of long-term investments include the purchase price, and are adjusted to fair value based on any observable changes in market value or any impairment losses. The Company has one long-term equity investment which is classified as a non-current asset in the condensed consolidated balance sheet, as the Company had no intent to sell or dispose of the long-term investment within one year of the balance sheet date. Equity investments without a readily determinable fair value are remeasured from time to time based on observable price changes in orderly transactions for an identical or similar investment. Changes in fair value due to observable price changes are recorded as other income (expense) in the condensed consolidated statement of operations and comprehensive loss in the period in which they occur. See Note 4 for further discussion on the remeasurement of the Company's long-term investment during the three months ended June 30, 2024. Impairment of long-term investments is assessed periodically or whenever there are indicators of potential impairment. An impairment loss is recognized if the carrying amount of the investment exceeds its recoverable amount. The recoverable amount is determined based on the higher of the investment's fair value less costs to sell or its value in use. Any impairment losses are recognized in the condensed consolidated statement of operations and comprehensive loss as an expense in the period in which they occur. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2022: Liabilities Preferred stock warrants liability $ 994 $ — $ — $ 994 Total liabilities measured at fair value $ 994 $ — $ — $ 994 Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Preferred stock warrants liability $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Marketable securities consisted of the following (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper $ 18,742 $ 9 $ — $ 18,751 US government agencies 9,927 1 (3) 9,925 US treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 As of December 31, 2023, three of the Company’s marketable securities with a fair market value of $6.5 million were in a gross unrealized loss position of $3,000, all of which have been in a gross unrealized loss position for less than one year. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of December 31, 2023, because it does not intend to sell these securities, and it is not more-likely-than-not that it will be required to sell these securities before the recovery of their amortized cost basis. As of December 31, 2023, all marketable securities had contractual maturities of less than one year. The key unobservable inputs for the preferred stock warrants liability were: December 31 2022 2023 Estimated time to liquidity 2.5 years 2.0 years Volatility rate 70.0% 84.0% Risk-free interest rate 4.3% 4.2% The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2022 and 2023. The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2022 $ 994 Change in fair value (123) Balance at December 31, 2023 $ 871 The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. Equity investments without a readily determinable fair value are recorded at cost and adjusted to fair value based on observable price changes in orderly transactions for identical or similar investment of the same issuer. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At June 30, 2024: Cash equivalents Money market funds $ 14,317 $ 14,317 $ — $ — Total cash equivalents measured at fair value $ 14,317 $ 14,317 $ — $ — Marketable securities Commercial paper $ 61,423 $ — $ 61,423 $ — U.S. government agency securities 27,579 — 27,579 — U.S. treasury securities 18,653 18,653 — — Corporate debt securities 4,421 — 4,421 — Total marketable securities measured at fair value $ 112,076 $ 18,653 $ 93,423 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Marketable securities consisted of the following (in thousands): June 30, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 61,470 $ — $ (47) $ 61,423 U.S. treasury securities 18,658 — (5) 18,653 U.S. government agency securities 27,588 — (9) 27,579 Corporate debt securities 4,421 — — 4,421 Totals $ 112,137 $ — $ (61) $ 112,076 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 As of June 30, 2024, thirty-six of the Company's marketable securities with a fair market value of $103.2 million were in an aggregate gross unrealized loss position of $0.1 million; these thirty-six marketable securities have all been in a gross unrealized loss position for less than one year. When evaluating an investment for impairment, management reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, intent to sell or the likelihood that the Company would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on a review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of June 30, 2024, because the Company does not intend to sell these securities, and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As of June 30, 2024, all marketable securities had contractual maturities of less than one year. The Company did not transfer any assets measured at fair value on a recurring basis between levels during the six months ended June 30, 2024 and 2023. The following table presents activity for the preferred stock warrants liability during the six months ended June 30, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at June 30, 2024 $ — No fair value liabilities exist as of June 30, 2024. Upon completion of the Merger, the preferred stock warrants became exercisable into shares of common stock and will no longer continue to be remeasured at each reporting date. Refer to Note 2 for further discussion on the valuation of the preferred stock warrants liability. Equity investment without a readily determinable fair value In conjunction with the Merger, the Company obtained an investment in common stock of an unfunded privately held, pre-clinical life sciences company, which the Company carried at a $0 value as of March 31, 2024. During the three months ended June 30, 2024, the private company executed a seed funding round ("Seed Financing"), which triggered an anti-dilution provision under the License and Option Agreement (“Option Agreement”), resulting in the issuance of shares of common stock. The Company identified the Seed Financing as an observable price change under the measurement alternative, and adjusted the equity investment from zero to an estimated fair value of $1.3 million as of June 30, 2024. There were no downward adjustments to the carrying value of the Company's investment without a readily determinable fair value on both a cumulative basis or for the three and six months ended June 30, 2024.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
Property and Equipment, net	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): As of December 31, 2022 2023 Office equipment $ 46 $ 64 Leasehold improvements — $ 12 Lab equipment 5 5 Property and equipment, gross 51 81 Less: accumulated depreciation (12) (27) Property and equipment, net $ 39 $ 54 Depreciation and amortization expense was $8,000 and $15,000 for the years ended December 31, 2022 and 2023, respectively. As of December 31, 2023, all the Company’s property and equipment was located in the United States.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
Accrued Liabilities	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of December 31, 2022 2023 Accrued research and development expense $ 3,192 $ 10,289 Accrued payroll and related benefits 875 1,998 Income taxes payable 347 — Operating lease liability, current portion 103 137 Other accrued liabilities 227 379 Total accrued liabilities $ 4,744 $ 12,803 Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, Research and development accrued expense $ 937 $ 10,289 Accrued payroll and related 1,552 1,998 Operating lease liability, current portion 649 137 Other accrued liabilities 1,039 379 Total accrued liabilities $ 4,177 $ 12,803

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leased office space in Del Mar, California under a lease that expired on March 31, 2022. Commencing on April 1, 2022, the Company entered into a separate lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term. As of December 31, 2023, the remaining lease term was 2.3 years, and the discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.0%. Cash paid for operating leases approximated rent expense for the periods presented. Maturities of the operating lease liability as of December 31, 2023, are as follows (in thousands): 2024 $ 155 2025 161 2026 41 Total undiscounted lease payments 357 Less: Present value adjustment (28) Operating lease liability $ 329 Rent expense for the years ended December 31, 2022 and 2023 was $110,000 and $145,000, respectively. Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of December 31, 2022 and 2023, the Company was not involved in any material legal proceedings. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Operating Leases Commencing on April 1, 2022, LENZ OpCo entered into a lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term (the "Del Mar lease"). In April 2024, the Company entered into a lease agreement for office space in Solana Beach, California (the "Lomas lease"). As of June 30, 2024, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.7%. Cash paid for operating leases approximated rent expense for the periods presented. Maturities of the operating lease liabilities as of June 30, 2024 for the Del Mar and Lomas leases are as follows (in thousands): 2024 $ 227 2025 577 2026 511 2027 361 Total undiscounted lease payments 1,676 Less: present value adjustment (196) Operating lease liabilities $ 1,480 Legal Proceedings From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. In connection with the Merger, one complaint was filed in the United States District Court for the Northern District of California captioned Glen Chew v. Graphite Bio, Inc. et al., Case No. 3:24-cv-00613 (filed February 1, 2024) (the “Chew Complaint”) and one complaint was filed in the United States District Court for the District of Delaware captioned Kevin Turner v. Graphite Bio, Inc. et al., Case No. 1:24-cv-00241-UNA (filed February 22, 2024) (the “Turner Complaint” and collectively, the “Complaints”). The Complaints generally alleged that the definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) included in Graphite’s Registration Statement on Form S-4 (File No. 333-275919), filed with the Securities and Exchange Commission (the “SEC”), misrepresents and/or omits certain purportedly material information relating to the Company's financial projections, the analyses performed by the financial advisor to Graphite’s Board of Directors in connection with the Merger, potential conflicts of interest of the financial advisor to Graphite’s Board of Directors, potential conflicts of interest of Graphite’s officers, and Graphite’s liquidation analysis. The Complaints asserted violations of Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder against all defendants (Graphite, its Board of Directors and certain officers) and violations of Section 20(a) of the Exchange Act against Graphite’s directors and officers. The Complaints sought orders rescinding the Merger or awarding rescissory damages, as well as costs, including attorneys’ and experts’ fees. On March 22, 2024, the Chew Complaint was voluntarily dismissed and on April 17, 2024, the Turner Complaint was voluntarily dismissed. Graphite also received twelve demand letters by purported Graphite stockholders from December 14, 2023 to March 20, 2024 seeking additional disclosures in the Proxy Statement/Prospectus (the “Demands”). The Company cannot predict the outcome of any litigation or the Demands. The Company and the individual defendants intend to vigorously defend against the Demands and any subsequently filed similar actions. It is possible additional lawsuits may be filed or additional demand letters may be received arising out of the Merger. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2024 and December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock As of December 31, 2023, the Company has authorized 53,761,506 shares of preferred stock with a par value of $0.001. As of December 31, 2022, there were 21,977,282 shares of Series A Convertible Preferred Stock (Series A) and 2,950,548 shares of Series A-1 Convertible Preferred Stock (Series A-1) issued and outstanding. As of December 31, 2023, there were 21,977,282 shares of Series A, 2,950,548 shares of Series A-1, and 28,019,181 shares of Series B Convertible Preferred Stock (Series B) issued and outstanding. As of December 31, 2023, the total liquidation preference of issued and outstanding Series A, Series A-1, and Series B was $47.3 million, $10.0 million, and $83.5 million, or $2.15 per share, $3.3892 per share, and $2.9801 per share, respectively. Dividends The holders of preferred stock are entitled to receive annual noncumulative dividends at an annual rate of 8% in preference to any declaration or payment of any dividend on the common stock, on an as-converted basis when, as and if declared by the board of directors. As of December 31, 2022 and 2023, no dividends had been declared. Voting Rights Each holder of outstanding shares of Series A, Series A-1, and Series B shall be entitled to cast the number of votes equal to the number of whole shares of Class A common stock into which the shares of Series A, Series A-1, and Series B held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Conversion Rights Each share of preferred stock is convertible into shares of common stock at the ratio calculated by dividing the original issuance price by the conversion price. The conversion price is equal to the original issuance price but is subject to anti-dilution adjustments for splits, dividends and similar recapitalizations. As of December 31, 2023, the conversion ratio was one-for-one. Subject to certain exclusions, anti-dilution price protection for additional sales of securities by the Company for consideration per unit less than the applicable conversion price per unit of any series of preferred stock are to be on a broad-based weighted average basis. Liquidation Preference In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A, Series A-1, and Series B shall be entitled to be paid out of the assets of the Company available for distribution to its shareholders before any payment shall be made to the holders of the Class A and Class B convertible common stock. The Company did not adjust the carrying values of the preferred stock to the liquidation preferences of such shares because it was uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of Class B convertible common stock and preferred stock and these circumstances were not probable as of the balance sheet dates. Subsequent adjustments to the carrying values of the liquidation preferences are to be made only when it becomes probable that such a liquidation event will occur. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of shares of the Company then outstanding preferred and common stock shall be entitled to be paid as follows: • First to the holders of shares of preferred stock then outstanding, an amount per share equal to the sum of original issue price plus any dividends declared but unpaid thereon. • Second, to the holders of shares of Class B convertible common stock then outstanding, an amount per share equal to the original issue price for the Class B convertible common stock, plus any dividends declared but unpaid thereon, plus an additional per share amount calculated at a rate per annum equal to 10% of the original $2.15 issue price for the Class B convertible common stock, compounded annually, and which shall be calculated from the Class B convertible common stock original issue date until the earlier to occur of (i) as applicable, the date of the deemed liquidation event or (ii) the fifth anniversary of such Class B convertible common stock original issue date. As of December 31, 2023, the liquidation preference was $9.5 million, or $3.46 per share. • Then, among the holders of the shares of preferred stock, Class B convertible common stock, and Class A common stock, principally pro rata based on the number of shares held by each such holder as if they had been converted to Class A common stock immediately prior to such liquidation, dissolution or winding up of the Company. Registration Rights Under the Company’s investors’ rights agreement, the holders of a majority of Company’s stock outstanding have the right to demand that the Company file a registration statement or request that their shares be covered by a registration statement that the Company is otherwise filing. The obligations of the Company regarding such registration rights include, but are not limited to, commercially reasonable efforts to cause such registration statement to become effective, keep such registration statement effective for up to 120 days, prepare and file amendments and supplements to such registration statement and the prospectus used in connection with such registration statement, and furnish to the selling holders copies of the prospectus and any other documents as they may reasonably request. The terms of the registration rights provide for the payment of certain expenses related to the registration of the shares, including a capped reimbursement of legal fees of a single special counsel for the holders of the shares, but do not impose any obligations for the Company to pay additional consideration to the holders in case a registration statement is subsequently withdrawn at the request of the holders. Convertible Preferred Stock Immediately prior to the closing of the Merger and as of December 31, 2023, LENZ OpCo had authorized 53,761,506 shares of preferred stock with a par value of $0.001. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 21,977,282 shares of Series A, 2,950,548 shares of Series A-1, and 28,019,181 shares of Series B Convertible Preferred Stock (Series B) issued and outstanding. Immediately prior to the closing of the Merger and as of December 31, 2023, the total liquidation preference of issued and outstanding Series A, Series A-1, and Series B was $47.3 million, $10.0 million, and $83.5 million, or $2.15 per share, $3.3892 per share, and $2.9801 per share, respectively. At the closing of the Merger, the 52,947,011 shares of LENZ OpCo preferred stock were exchanged for 10,705,829 shares of Graphite’s common stock. Common Stock As of December 31, 2023, LENZ OpCo had authorized two series of common stock, designated Class A common stock and Class B convertible common stock. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 11,838,624 and 9,915,013 shares of Class A common stock issued, respectively, and 11,668,867 and 9,739,818 shares of Class A common stock outstanding, respectively. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 2,744,184 shares of Class B convertible common stock issued and outstanding. At the closing of the Merger, 11,838,624 and 11,668,867 issued and outstanding shares of Class A common stock, respectively, were exchanged for 2,393,729 and 2,359,408 shares of issued and outstanding shares of Graphite's common stock, respectively. Additionally, at the closing of the Merger, 2,744,184 shares of Class B convertible common stock were exchanged for 554,843 shares of Graphite's common stock. At the closing of the Merger on March 21, 2024, legacy Graphite stockholders held 8,320,485 shares of common stock. Concurrent with the closing of the Merger on March 21, 2024, the Company completed the March 2024 PIPE Financing of 3,559,565 shares for an aggregate purchase price of $53.5 million. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Other than the special dividend paid by Graphite immediately prior to the close of the Merger, no dividends have been declared or paid by the Company through June 30, 2024, and any such dividends are not cumulative. Common stock reserved for future issuance consist of the following: June 30, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,005,809 Shares available for issuance under incentive plans 1,608,065 Shares available under the 2024 Employee Stock Purchase Plan 250,995 Warrants LENZ OpCo had issued warrants to acquire Class A common stock and Series A convertible preferred stock. The warrants to purchase 470,000 shares of Class A common stock had an exercise price of $0.21 per share and were issued in December 2020 with an expiration date in February 2024. In February 2024, prior to expiration, the holder exercised 470,000 warrants, resulting in $0.1 million of proceeds. These shares were subsequently exchanged for 95,034 shares of common stock at the closing of the Merger. The Series A preferred stock warrants had an exercise price of $2.15 per share and were issued in October 2020 with an expiration date in October 2027. There were no exercises of the Series A preferred stock warrants for any of the periods presented. In connection with the Merger, the Series A preferred stock warrants were converted to 164,676 common stock warrants of the Company at an exercise price of $10.64, and were subsequently reclassified to stockholders’ equity at their fair value of $1.9 million. Share-Based Compensation Share-based compensation expense was as follows (in thousands): Six Months Ended June 30, 2024 2023 Selling, general and administrative $ 1,988 $ 235 Research and development $ 556 96 Total $ 2,544 $ 331

Common Stock

Common Stock	6 Months Ended
Common Stock	Jun. 30, 2024
Equity [Abstract]
Common Stock	Common Stock As of December 31, 2023, the Company has authorized two series of common stock, designated Class A common stock and Class B convertible common stock. As of December 31, 2022 and 2023, there were 2,004,783 of Class A common stock issued, and there were 1,946,988 and 1,969,360 of Class A common stock outstanding, respectively. As of December 31, 2022 and 2023, there were 2,744,184 shares of Class B convertible common stock issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B convertible common stockholders are entitled to receive noncumulative dividends at an annual rate of 8%, as may be declared by the board of directors, if any. Class A common stockholders have no dividend rights. Such dividends are not cumulative, and no dividends have been declared or paid by the Company through December 31, 2023. Class A common stock reserved for future issuance consist of the following: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class B convertible common stock 554,843 554,843 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A shares available for issuance under incentive plans 23,314 305,373 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 The Company has issued warrants to acquire Class A common stock and Series A convertible preferred stock. The warrant to purchase 95,034 shares of Class A common stock has an exercise price of $1.04 per share and was issued in December 2020 with an expiration date in February 2024. The Series A preferred stock warrants have an exercise price of $2.15 per share and were issued in October 2020 with an expiration date in October 2027. The Series A preferred stock warrants shall no longer be exercisable and become null and void on the date of which the Company consummates the sale of its common stock or other securities in the Company’s first underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or in the event of a deemed liquidation event, provided however that if the holder of any such Series A preferred stock warrant has not exercised the warrant prior to the closing of any such transaction, such Series A preferred stock warrant shall automatically be deemed to be exercised in full pursuant to the net exercise features of such Series A preferred stock warrants immediately prior to the closing of the applicable transaction, without any further action required on the part of the holder thereof. No warrants were exercised for any of the periods presented.

Warrants

Warrants	6 Months Ended
Warrants	Jun. 30, 2024
Equity [Abstract]
Warrants	Common Stock As of December 31, 2023, the Company has authorized two series of common stock, designated Class A common stock and Class B convertible common stock. As of December 31, 2022 and 2023, there were 2,004,783 of Class A common stock issued, and there were 1,946,988 and 1,969,360 of Class A common stock outstanding, respectively. As of December 31, 2022 and 2023, there were 2,744,184 shares of Class B convertible common stock issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B convertible common stockholders are entitled to receive noncumulative dividends at an annual rate of 8%, as may be declared by the board of directors, if any. Class A common stockholders have no dividend rights. Such dividends are not cumulative, and no dividends have been declared or paid by the Company through December 31, 2023. Class A common stock reserved for future issuance consist of the following: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class B convertible common stock 554,843 554,843 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A shares available for issuance under incentive plans 23,314 305,373 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 The Company has issued warrants to acquire Class A common stock and Series A convertible preferred stock. The warrant to purchase 95,034 shares of Class A common stock has an exercise price of $1.04 per share and was issued in December 2020 with an expiration date in February 2024. The Series A preferred stock warrants have an exercise price of $2.15 per share and were issued in October 2020 with an expiration date in October 2027. The Series A preferred stock warrants shall no longer be exercisable and become null and void on the date of which the Company consummates the sale of its common stock or other securities in the Company’s first underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or in the event of a deemed liquidation event, provided however that if the holder of any such Series A preferred stock warrant has not exercised the warrant prior to the closing of any such transaction, such Series A preferred stock warrant shall automatically be deemed to be exercised in full pursuant to the net exercise features of such Series A preferred stock warrants immediately prior to the closing of the applicable transaction, without any further action required on the part of the holder thereof. No warrants were exercised for any of the periods presented.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company’s 2020 Equity Incentive Plan (the 2020 Plan) provides for the grant of incentive stock options, non-statutory stock options, and other equity awards to the Company’s employees, officers, directors, and consultants. As of December 31, 2023, the aggregate number of shares of Class A common stock authorized under the 2020 Plan, as amended, was 2,302,129 shares. Stock Options Stock options granted under the 2020 Equity Incentive Plan generally vest over three The per share exercise price for stock options granted is set at the fair value per share of common stock as determined by the board of directors as of the date of grant. The board of directors determined the value the Company’s Class A common stock considering many factors, including third-party valuation of the Company's Class A common shares, as well as additional factors, which may have changed since the date of the most recent contemporaneous valuation through the date of grant. A summary of stock option activity for awards under the 2020 Plan is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Lives (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2022 1,065,984 $ 1.88 6.8 $ 12,585 Granted 817,954 $ 6.24 — Outstanding as of December 31, 2023 1,883,938 $ 3.76 7.4 $ 18,691 Exercisable as of December 31, 2023 1,468,367 $ 3.12 6.9 $ 15,536 Vested and expected to vest 1,919,362 $ 3.76 7.4 $ 19,054 The weighted average grant date fair value per share of stock options granted during the years ended December 31, 2022 and 2023 was $3.62 and $5.30, respectively. The Company recorded share-based compensation expense of $0.7 million and $1.3 million for the years ended December 31, 2022 and 2023, respectively. As of December 31, 2023, there was $4.3 million of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the 2020 Plan, which is expected to be recognized over a weighted average period of 2.7 years. Share-based compensation expense was as follows (in thousands): Year Ended December 31, 2022 2023 Selling, general and administrative $ 568 $ 900 Research and development 153 443 Total $ 721 $ 1,343 The assumptions used in the Black-Scholes option pricing model for stock options granted were as follows: December 31 2022 2023 Expected term 6.0 years 6.0 years Expected volatility 92.8% - 96.6% 92.0% - 92.7% Risk free interest rate 1.9% - 4.2% 3.9% - 4.6% Expected dividend yield 0.0% 0.0% Liability for Early Exercise of Stock Options Certain individuals were granted the ability to early exercise their stock options. The shares of Class A common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying balance sheets and will be transferred into Class A common stock and additional paid-in capital as the shares vest. As of December 31, 2022 and 2023, there were 57,796 and 35,424 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. At both December 31, 2022 and 2023, the Company recorded $0.1 million associated with early exercised stock options in other long-term liabilities.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Class A Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Class A Common Stockholders	Net Loss Per Share Attributable to Class A Common Stockholders The Company’s potential dilutive securities, which include convertible preferred stock, options to purchase common stock, Class A common warrants, preferred stock warrants, and Class B convertible common stock, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Class B convertible common stock 554,843 554,843 Total 6,920,906 13,404,320 The holders of convertible preferred stock and Class B convertible common stock do not contractually share in losses and therefore no additional net loss per share has been disclosed under the two-class method. The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: As of June 30, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,005,809 1,842,295 Warrants to purchase common stock 164,676 95,034 Total 3,170,485 13,362,677

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the income tax expense (benefit) were as follows (in thousands): Year Ended December 31, 2022 2023 Current Federal $ 322 $ (164) State 25 (15) Total current 347 (179) Deferred Federal — — State — — Total deferred — — Total income tax expense (benefit) $ 347 $ (179) A reconciliation of the Company’s income tax expense (benefit) to the amount computed by applying the federal statutory income tax rate is summarized as follows (in thousands): Year Ended December 31, 2022 2023 Expected tax benefit computed at federal statutory rate $ (2,192) $ (14,731) State income taxes, net of federal tax benefit (2) (1,153) Permanent differences 70 120 Research and development credit carryforwards (1,788) (5,472) Reserve for uncertain tax positions 140 1,517 Other 203 (463) Change in valuation allowance 3,916 20,003 Income tax expense (benefit) $ 347 $ (179) Significant components of the Company’s net deferred tax assets (liabilities) are summarized as follows (in thousands): Year Ended December 31, 2022 2023 Deferred tax assets Net operating loss carryforwards $ 152 $ 3,975 Research and development credit carryforwards 982 6,269 Capitalized research and development 5,044 15,282 Intangible assets 249 531 Share-based compensation 137 290 Other 220 463 Total deferred tax assets 6,784 26,810 Valuation allowance (6,727) (26,736) Net deferred tax assets 57 74 Deferred tax liabilities Other (57) (74) Total deferred tax liabilities 57 74 Net deferred tax assets $ — $ — The Tax Cuts and Jobs Act (TCJA) requires taxpayers to capitalize and amortize research and development (R&D) expenditures under section 174 for tax years beginning after December 31, 2021. This rule became effective for the Company during the year ended December 31, 2022, resulting in a gross deferred tax asset for capitalized R&D costs of approximately $66.0 million as of December 31, 2023. The Company will continue to amortize these costs for tax purposes over 5 years for R&D performed in the U.S. and over 15 years Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company evaluated the available evidence supporting the realization of its gross deferred tax assets, including the amount and timing of future taxable income, and has determined it is more likely than not that the assets will not be realized. Due to uncertainties surrounding the realizability of the deferred tax assets, the Company maintains a full valuation allowance against its deferred tax assets at December 31, 2022 and 2023. The Company had a valuation allowance of $26.7 million at December 31, 2023 to offset the net deferred tax assets as realization of such assets is uncertain. The valuation allowance increased by $20.0 million during the year ended December 31, 2023. At December 31, 2023, the Company had federal and state net operating loss (NOL) carryforwards of $18.1 million and $17.9 million, respectively. Federal NOL carryforwards of $18.1 million generated after 2017 may be carried forward indefinitely but can only be utilized to offset 80% of future taxable income. State NOL carryforwards totaling $17.2 million begin to expire in 2040, unless previously utilized, and $0.6 million that carryforward indefinitely. In addition, the Company also has federal and state R&D credit carryforwards totaling $6.5 million and $0.5 million, respectively. The federal R&D credit carryforwards will begin to expire in 2040 unless previously utilized. The state R&D credit carryforwards will begin to expire in 2042 unless previously utilized. Utilization of NOL carryforwards and other tax attributes, including those obtained through the Merger, may be subject to substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, due to ownership change limitations that have occurred previously or that could occur in the future. An ownership change occurs, generally, if the percentage of stock of the loss corporation owned by one or more 5% shareholders has increased by more than 50 percentage points relative to the lowest percentage of stock of the loss corporation owned by the same 5% shareholders at any time during the testing period (generally, the three-year period preceding a testing date). These ownership changes may limit the amount of NOL carryforwards and tax credits that can be utilized annually to offset future taxable income. State NOL carryforwards and other state tax attributes may be similarly limited. The Company completed a Section 382 analysis through December 31, 2022 and it was determined the Company underwent an ownership change as defined under Section 382 on April 21, 2021. It was determined that based on the calculations, no attribute carryovers will expire without utilization as a result of Section 382 limitations from the April 21, 2021 ownership change. The Company’s use of NOL and credit carryforwards could be limited further by the provisions of Section 382 depending on the timing and amount of additional equity securities that the Company has issued or will issue subsequent to December 31, 2022, including those obtained through the Merger to the extent the Company or Graphite experiences an ownership change through or subsequent to the Merger. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition at the effective date to be recognized. As of December 31, 2022 and 2023, the Company had no unrecognized tax benefits that, if recognized and realized, would effect the effective tax rate due to the valuation allowance against deferred tax assets. The following table summarizes the changes to the Company’s gross unrecognized tax benefits (in thousands): Year Ended December 31, 2022 2023 Balance at beginning of year $ — $ 131 Increases related to prior year tax positions 28 6 Increases related to current year tax positions 103 1,816 Balance at end of year 131 1,953 The Company's policy is to recognize interest and penalties related to income tax matters as income tax expense. The Company had no accrual for interest or penalties on the Company's balance sheets at December 31, 2022 or 2023, and has not recognized interest and/or penalties in the statement of operations and comprehensive loss for the years ended December 31, 2022 and 2023. As of December 31, 2022 and 2023, the Company had unrecognized tax benefits of $0.1 million and $1.7 million, respectively, which if recognized currently, should not impact the effective tax rate due to the Company maintaining a full valuation allowance. The Company does not expect that there will be a significant change in the unrecognized tax benefit over the next twelve months.

License Agreements

License Agreements	6 Months Ended
License Agreements	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreements	License Agreements In April 2022, the Company entered into a license and collaboration agreement providing an exclusive license (License) to certain of the Company’s intellectual property (IP) for use in the treatment of presbyopia in humans in mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (collectively, “Greater China”). The Company also agreed to negotiate a separate agreement for the purchase of clinical and commercial supply of IP for clinical and commercial requirements at cost plus a negotiated percentage and granted a right of first negotiation to obtain a regional license on other products the Company might develop outside the field of presbyopia for commercialization in Greater China. The Company received nonrefundable, non-creditable upfront payments totaling $15.0 million as initial consideration under the License, which represents the transaction price at inception. In addition, the Company is also eligible to receive up to $95.0 million of regulatory and sales milestones, as well as tiered low double-digit royalties on net sales of IP in Greater China. Additional consideration to be paid to the Company upon reaching regulatory and sales milestones is excluded from the transaction price. Future milestone payments are fully contingent as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur, if any. The Company assessed the promises made under the License and concluded the License comprises a single performance obligation providing the right to use functional intellectual property. The $15.0 million transaction price allocated to that single performance obligation was recognized on completion of the transfer of the License in the year ended December 31, 2022. No additional amounts under the License were paid during the years ended December 31, 2022 and 2023 or were due to the Company at December 31, 2022 and 2023. Contemporaneously with entering into the License agreement, a significant investor in the licensee purchased 2,950,548 shares of the Company’s Series A-1 Preferred Stock for $10.0 million. In April 2022, the Company entered into a license and collaboration agreement providing an exclusive license (the "Ji Xing License") to certain of the Company’s intellectual property ("IP") for use in the treatment of presbyopia in humans in mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (collectively, “Greater China”). The Company also agreed to negotiate a separate agreement for the purchase of clinical and commercial supply of IP for clinical and commercial requirements at cost plus a negotiated percentage and granted a right of first negotiation to obtain a regional license on other products the Company might develop outside the field of presbyopia for commercialization in Greater China. The Company received nonrefundable, non-creditable upfront payments totaling $15.0 million as initial consideration under the Ji Xing License, which represents the transaction price at inception. In addition, the Company is also eligible to receive up to $95.0 million of regulatory and sales milestones, as well as tiered mid single-digit to low double-digit royalties on net sales of IP in Greater China. Additional consideration to be paid to the Company upon reaching regulatory and sales milestones is excluded from the transaction price. Future milestone payments are fully contingent as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur, if any. The Company assessed the promises made under the Ji Xing License and concluded the Ji Xing License comprises a single performance obligation providing the right to use functional intellectual property. The $15.0 million transaction price allocated to that single performance obligation was recognized on completion of the transfer of the Ji Xing License during the year ended December 31, 2022. No contractual milestones were met under the Ji Xing License during the six months ended June 30, 2024 or 2023.

Employee Benefit Plan

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a 401(k) retirement plan to provide retirement benefits for all eligible employees. Participating employees may voluntarily contribute up to limits provided by Internal Revenue Service regulations. For the years ended December 31, 2022 and 2023, the Company made contributions to the plan of $0.1 million and $0.2 million, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In October 2022, the Company issued 9,899,340 shares of its Series A preferred stock for total cash proceeds of $21.3 million to significant shareholders that have designated members on the Company’s board of directors and are considered to be related parties. In March 2023, the Company issued 22,146,905 shares of its Series B preferred stock for total cash proceeds of $66.0 million to significant shareholders that have designated members on the Company’s board of directors and are considered to be related parties. A member of the Company’s Board of Directors currently serves as a member of the board of directors of one of the Company’s vendors, and has served in that capacity since 2023. The Company entered into a Master Services Agreement with this vendor in September 2023 to provide manufacturing services. Accordingly, the Company considers the vendor to be a related party. For the year ended December 31, 2023, fees incurred for services performed by the vendor were $0.3 million, and were charged to research and development expenses. Amounts due to the vendor within accounts payable as of December 31, 2023 totaled $0.3 million. In March 2023, LENZ OpCo issued 22,146,905 shares of its Series B preferred stock for total cash proceeds of $66.0 million to investors, including to significant shareholders that had designated members on LENZ OpCo’s board of directors. Through the Subscription Agreement and March 2024 PIPE Financing executed in conjunction with the Merger, the Company issued 3,343,330 shares to investors that had designated members on the Company's board of directors. A member of the Company’s Board of Directors currently serves as a member of the board of directors of one of the Company’s vendors, and has served in that capacity since 2023. LENZ OpCo entered into a Master Services Agreement with this vendor in September 2023 to provide manufacturing services. Accordingly, the Company considers the vendor to be a related party. For the three and six months ended June 30, 2024, fees incurred for services performed by the vendor were $0.1 million and $0.2 million, and were charged to research and development expenses. The Company had no amounts due to the vendor within accounts payable as of June 30, 2024.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through March 21, 2024, the date on which the accompanying financial statements are available to be issued. During this period, the Company has concluded that no material subsequent events have occurred other than those disclosed below. Completion of the Merger Transaction As more fully described in Note 1, on March 21, 2024, the Company completed the Merger by and among the Company, Graphite, and Merger Sub, pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub merged with and into the Company, with the Company continuing as a wholly owned subsidiary of Graphite and the surviving corporation of the merger. On a pro forma basis and based upon the number of shares of Graphite common stock issued in the Merger, the Company’s pre-Merger stockholders own approximately 65% of the combined company, pre-Merger Graphite stockholders own approximately 35% of the combined company on a fully-diluted basis (prior to giving effect to the Concurrent PIPE Investment described below and excluding any shares reserved for future grants under the 2024 Plan and the 2024 ESPP, each as defined in the Merger Agreement). Private Placement and Subscription Agreement Immediately following consummation of the merger, Graphite completed the Graphite private placement financing pursuant to the Subscription agreement by issuing 3,559,565 shares of Graphite’s common stock at $15.03 per share for an aggregate purchase price of $53.5 million (“the concurrent PIPE investment”). The concurrent PIPE investment is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act), and/or Regulation D promulgated thereunder, as a transaction by an issuer not involving a public offering. The PIPE investors have acquired the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends have been affixed to the securities issued in this transaction. Warrants In February 2024, the holder exercised warrants to purchase 95,034 shares of our Class A common stock, resulting in $0.1 million of proceeds. Private Placement On July 14, 2024, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) for a private placement with Ridgeback Capital Investments L.P. (“July 2024 PIPE Financing”). Pursuant to the Purchase Agreement, the Company agreed to sell 1,578,947 shares of the Company’s common stock, par value 0.00001 per share, at a purchase price of $19.00 per share. The gross proceeds of the July 2024 PIPE Financing were $30.0 million. The July 2024 PIPE Financing closed on July 17, 2024.

10-Q Organization and Liquidity

10-Q Organization and Liquidity	6 Months Ended
10-Q Organization and Liquidity	Jun. 30, 2024
Accounting Policies [Abstract]
Organization and Liquidity	Organization and Liquidity Description of the Business Lenz Therapeutics, Inc. (Lenz Therapeutics or the Company), previously known as Presbyopia Therapies, Inc., became a corporation in Delaware on October 28, 2020, upon the filing of a Certificate of Conversion to convert Presbyopia Therapies, LLC, a Delaware limited liability company (formed in September 2013) to a Delaware corporation. Lenz Therapeutics is headquartered in Del Mar, California. The Company is a late-stage clinical company developing innovative ophthalmic pharmaceutical products. Reverse Merger Transaction On March 21, 2024, Graphite Bio, Inc., a Delaware corporation (“Graphite”) and the Company completed a merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) dated November 14, 2023, pursuant to which, among other matters, Generate Merger Sub, Inc., a wholly-owned subsidiary of Graphite (“Merger Sub”), merged with and into the Company, with the Company surviving the merger as the surviving corporation and a wholly-owned subsidiary of Graphite (“the Merger”). Additionally, Graphite changed its name to “LENZ Therapeutics, Inc.” In connection with the Merger, Graphite concurrently entered into a subscription agreement (the “Subscription Agreement”) with certain institutional investors (the “PIPE investors”) pursuant to which, among other things, Graphite agreed to issue to the PIPE investors shares of Graphite common stock immediately following the Merger in a private placement transaction for an aggregate purchase price of $53.5 million, which amount may be increased to up to $125 million through additional subscriptions under the Subscription Agreement from additional PIPE investors (the “Graphite private placement”). Graphite assumed each outstanding and unexercised option to purchase the Company’s common stock, whether vested or not vested, and each outstanding and unexercised warrant to purchase the Company’s common stock or preferred stock, which became options and warrants to purchase shares of Graphite common stock. Subsequently, at the effective time of the Merger, each outstanding share of the Company’s common stock and preferred stock, and options and warrants to purchase the Company’s common stock was converted into the right to receive or purchase 0.2022 shares of Graphite’s common stock, which resulted in the issuance by Graphite of an aggregate of 15,409,184 shares of, and options and warrants to purchase, Graphite common stock to the stockholders, option holders, and warrant holders of the Company. Immediately following the consummation of the Merger and Graphite private placement, the Company, Graphite stockholders, and the PIPE investors collectively owned approximately 56%, 31%, and 13% of the combined company, respectively, on a fully diluted basis. Historical share and per share figures of the Company have been retroactively recast based on the Merger exchange ratio of 0.2022. Liquidity The Company has incurred net losses and negative cash flows from operations since inception and as of December 31, 2023, had an accumulated deficit of $95.2 million. The Company incurred net losses of $10.8 million and $70.0 million during the years ended December 31, 2022 and 2023, respectively. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through clinical development, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, and grows its business. The Company may need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties. As of December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $65.8 million, which is available to fund future operations. In connection with the Merger, the Company completed the Graphite private placement for gross proceeds of $53.5 million and received approximately $115.0 million from the Merger in March 2024. The Company believes that its existing cash, cash equivalents, and marketable securities as of December 31, 2023 in addition to the funds received in connection with the Merger, will be sufficient to support operations for at least the next 12 months from the date these financial statements were available to be issued. Description of the Business LENZ Therapeutics, Inc. ("LENZ" or the "Company"), formerly known as Graphite Bio, Inc. ("Graphite"), was incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc., and was reincorporated in the State of Delaware in October 2019. The Company has a wholly owned subsidiary, LENZ Therapeutics Operations, Inc. ("LENZ OpCo"), previously named Lenz Therapeutics, Inc., which became a corporation in Delaware on October 28, 2020 upon the filing of a Certificate of Conversion to convert Presbyopia Therapies, LLC, a Delaware limited liability company (formed in September 2013), to a Delaware corporation. The Company is a late-stage clinical company developing innovative ophthalmic pharmaceutical products. Reverse Merger Transaction On March 21, 2024, Graphite and LENZ OpCo completed a merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) dated November 14, 2023, pursuant to which, among other matters, Generate Merger Sub, Inc., a wholly-owned subsidiary of Graphite, merged with and into LENZ OpCo, with LENZ OpCo surviving the merger as the surviving corporation and a wholly-owned subsidiary of Graphite (the “Merger”). In connection with the Merger, Graphite changed its name to “LENZ Therapeutics, Inc.” The Merger was accounted for as a reverse recapitalization, with LENZ OpCo being treated as the acquirer for accounting purposes. See discussions of the transactions in connection with the Merger in Note 3 . Liquidity As of June 30, 2024, the Company has devoted substantially all of its efforts to product development and has not realized product revenues from its planned principal operations. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses since its inception and, as of June 30, 2024, had an accumulated deficit of $122.1 million. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidate through clinical development, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, and grows its business. The Company may need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidate, if approved. Such activities are subject to significant risks and uncertainties.

10-Q Summary of Significant Acc

10-Q Summary of Significant Accounting Policies	6 Months Ended
10-Q Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). Use of Estimates The preparation of financial statements in conformity with 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. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, share-based compensation, and the valuation of deferred tax assets and liabilities. Although actual results could differ from those estimates, management does not believe that such differences would be material. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in a traditional checking and savings accounts with a financial institution and does not have restricted cash. Marketable Securities The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of December 31, 2023, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income on the statements of operations and comprehensive loss. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3 (see Note 3). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. Property and Equipment, Net Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized within operating expenses based on the difference between the proceeds received and the net book value of the disposed asset. Routine expenditures for maintenance and repairs are expensed as incurred. Estimated useful lives for property and equipment are as follows: Estimated Useful Life Computer equipment 5 years Furniture and fixtures 5 years Lab equipment 5 years Impairment of Long-Lived Assets The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset group may not be recoverable. Recoverability of the long-lived asset group is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset group. If these cash flows are less than the carrying value of such asset group, the Company then determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. There were no impairment losses recognized during the years ended December 31, 2022 or 2023. Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (ROU) assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the balance sheets. Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. The Company had deferred offering costs capitalized as of December 31, 2023 of $2.7 million related to the Merger. The Company had no such capitalized costs as of December 31, 2022. In December 2023, the Company abandoned its plan for an initial public offering and expensed related costs of $2.1 million to selling, general and administrative expense. Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs) and contract manufacturing organizations (CMOs). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. Preferred Stock Warrants Liability The Company has issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of Series A Convertible Preferred can cause redemption. The warrants are revalued at each subsequent balance sheet date utilizing an option pricing method that back solves the fair value of the warrants based on recent financing transactions and also considers the enterprise value of the Company when considering potential exit events. Changes in fair value are recognized as increases or reductions to other income (expense), net in the accompanying statements of operations and comprehensive loss. The fair value of these warrants is classified as a non-current liability in the accompanying balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. Convertible Preferred and Common Stock The Company’s convertible preferred stock and Class B convertible common stock are classified outside of stockholders’ deficit because the shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of the Company. The carrying values of the convertible preferred stock and Class B convertible common stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. The Company did not accrete the value of the convertible preferred stock to its redemption value since a liquidation event was not considered probable as of December 31, 2022 and 2023. Subsequent adjustments to the carrying values of the convertible preferred stock will be made only when it becomes probable that such liquidation events will occur, causing the shares to become redeemable. Share-Based Compensation The Company maintains an equity incentive plan as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes-Merton (Black-Scholes) option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Given the lack of an active public market for the Company’s common stock, the fair value of the Company’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ (AICPA) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) the Company’s available cash, financial condition, and results of operations; (5) the most recent sales of the Company’s convertible preferred stock; and (6) the preferential rights of the outstanding convertible preferred stock and Class B convertible common stock. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for the Company’s common stock and the lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with expected term assumption. Risk-Free Interest Rate —The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of December 31, 2022 and 2023, the Company had no interest or penalties related to uncertain income tax benefits. The Company’s policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. The Company has no accruals for interest or penalties in the balance sheets as of December 31, 2022 and 2023 and has not recognized interest or penalties in the statements of operations for the years ended December 31, 2022 or 2023. Revenue Recognition The Company evaluates its revenue agreements in accordance with FASB ASC 606, Revenue from Contracts with Customers (ASC 606). ASC 606 requires a five-stage approach, including (i) identification of the contract; (ii) identification of performance obligations; (iii) determination of the transaction price; (iv) allocation of the transaction price; and (v) recognition of revenue. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributed to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, without consideration for common stock equivalents. The convertible preferred stock and Class B convertible common stock are not participating securities, because they do not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock are considered potentially dilutive to Class A common stock. The Company computes diluted net loss per share attributable to Class A common stockholders after giving consideration to all potentially dilutive Class A common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. The Company makes adjustments to diluted net loss attributed to Class A common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Other Comprehensive Income Other comprehensive income represents the change in the Company’s stockholders’ deficit from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income is the result of unrealized gains and losses on marketable securities. Segment Reporting Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2024 include Graphite’s activity from March 21, 2024 through June 30, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022. Use of Estimates The preparation of financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, and share-based compensation. Although actual results could differ from those estimates, management does not believe that such differences would be material. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts and money market funds with a financial institution. Restricted cash of $0.1 million as of June 30, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases. Marketable Securities The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of June 30, 2024, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company invests in available-for-sale securities consisting of commercial paper, U.S. Treasury securities and U.S. agency securities. Available-for-sale securities are classified as marketable securities on the Company's condensed consolidated balance sheets. Long-term Investment Long-term investments without a readily determinable fair value are accounted for using the cost method. The cost method is applied when there is no active market for the investment, thus the fair value cannot be reliably determined. The cost of long-term investments include the purchase price, and are adjusted to fair value based on any observable changes in market value or any impairment losses. The Company has one long-term equity investment which is classified as a non-current asset in the condensed consolidated balance sheet, as the Company had no intent to sell or dispose of the long-term investment within one year of the balance sheet date. Equity investments without a readily determinable fair value are remeasured from time to time based on observable price changes in orderly transactions for an identical or similar investment. Changes in fair value due to observable price changes are recorded as other income (expense) in the condensed consolidated statement of operations and comprehensive loss in the period in which they occur. See Note 4 for further discussion on the remeasurement of the Company's long-term investment during the three months ended June 30, 2024. Impairment of long-term investments is assessed periodically or whenever there are indicators of potential impairment. An impairment loss is recognized if the carrying amount of the investment exceeds its recoverable amount. The recoverable amount is determined based on the higher of the investment's fair value less costs to sell or its value in use. Any impairment losses are recognized in the condensed consolidated statement of operations and comprehensive loss as an expense in the period in which they occur. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the

10-Q Merger and Related Transac

10-Q Merger and Related Transactions	6 Months Ended
10-Q Merger and Related Transactions	Jun. 30, 2024
Reverse Recapitalization [Abstract]
Merger and Related Transactions	Merger and Related Transactions As described in Note 1, LENZ OpCo merged with a wholly owned subsidiary of Graphite on March 21, 2024. The Merger was accounted for as a reverse recapitalization under GAAP. LENZ OpCo was considered the accounting acquirer for financial reporting purposes. This determination is based on the facts that, immediately following the Merger: former LENZ OpCo stockholders owned a substantial majority of the voting rights of the combined company; LENZ OpCo designated a majority (five of seven) of the initial members of the board of directors of the combined company; and no members of Graphite's senior management hold key positions in senior management of the combined company. The transaction was accounted for as a reverse recapitalization of Graphite by LENZ OpCo similar to the issuance of equity for the net assets of Graphite, which were primarily cash and cash equivalents and other non-operating assets. It was concluded that any in-process research and development assets that remained as of the Merger were immaterial. Under reverse recapitalization accounting, the assets and liabilities of Graphite were recorded at their fair value, which approximated book value due to their short-term nature. The Company's condensed consolidated financial statements reflect the issuance of 8,670,653 shares and options to the former stockholders and option holders of Graphite. Graphite assumed each outstanding and unexercised option to purchase LENZ OpCo’s common stock, whether vested or not vested, and assumed each outstanding and unexercised warrant to purchase LENZ OpCo’s common stock or preferred stock, which became options and warrants to purchase shares of Graphite common stock. At the closing of the Merger, each outstanding share of LENZ OpCo’s common stock and preferred stock, and options and warrants to purchase LENZ OpCo’s common stock and preferred stock were converted into the right to receive or purchase 0.2022 shares of Graphite’s common stock, which resulted in the issuance by Graphite of an aggregate of 15,409,102 shares of, and options and warrants to purchase, Graphite common stock to the stockholders, option holders, and warrant holders of LENZ OpCo. In connection with the Merger Agreement, the Company concurrently entered into a subscription agreement (the “Subscription Agreement”) with certain institutional investors (the “PIPE investors”) pursuant to which, among other things, the Company agreed to issue to the PIPE investors shares of LENZ common stock immediately following the Merger in a private placement transaction for an aggregate purchase price of $53.5 million (the “March 2024 PIPE Financing”). Immediately following the consummation of the Merger and March 2024 PIPE Financing, LENZ OpCo, Graphite stockholders, and the PIPE investors collectively owned approximately 56%, 31%, and 13% of the Company, respectively, on a fully diluted basis. As part of the reverse recapitalization, LENZ OpCo received $112.6 million of cash and cash equivalents, net of transaction costs. LENZ OpCo also acquired assets, primarily prepaid and other current assets, of approximately $1.5 million and assumed payables and accruals of approximately $3.2 million. LENZ OpCo also incurred transaction costs of approximately $5.2 million, which was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated statements of convertible preferred and common stock and stockholders' equity. The Company also recorded a one-time charge of $0.3 million for the acceleration of the Graphite stock awards that is recorded in the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2024.

10-Q Financial Instruments

10-Q Financial Instruments	6 Months Ended
10-Q Financial Instruments	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2022: Liabilities Preferred stock warrants liability $ 994 $ — $ — $ 994 Total liabilities measured at fair value $ 994 $ — $ — $ 994 Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Preferred stock warrants liability $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Marketable securities consisted of the following (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper $ 18,742 $ 9 $ — $ 18,751 US government agencies 9,927 1 (3) 9,925 US treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 As of December 31, 2023, three of the Company’s marketable securities with a fair market value of $6.5 million were in a gross unrealized loss position of $3,000, all of which have been in a gross unrealized loss position for less than one year. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of December 31, 2023, because it does not intend to sell these securities, and it is not more-likely-than-not that it will be required to sell these securities before the recovery of their amortized cost basis. As of December 31, 2023, all marketable securities had contractual maturities of less than one year. The key unobservable inputs for the preferred stock warrants liability were: December 31 2022 2023 Estimated time to liquidity 2.5 years 2.0 years Volatility rate 70.0% 84.0% Risk-free interest rate 4.3% 4.2% The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2022 and 2023. The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2022 $ 994 Change in fair value (123) Balance at December 31, 2023 $ 871 The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. Equity investments without a readily determinable fair value are recorded at cost and adjusted to fair value based on observable price changes in orderly transactions for identical or similar investment of the same issuer. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At June 30, 2024: Cash equivalents Money market funds $ 14,317 $ 14,317 $ — $ — Total cash equivalents measured at fair value $ 14,317 $ 14,317 $ — $ — Marketable securities Commercial paper $ 61,423 $ — $ 61,423 $ — U.S. government agency securities 27,579 — 27,579 — U.S. treasury securities 18,653 18,653 — — Corporate debt securities 4,421 — 4,421 — Total marketable securities measured at fair value $ 112,076 $ 18,653 $ 93,423 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Marketable securities consisted of the following (in thousands): June 30, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 61,470 $ — $ (47) $ 61,423 U.S. treasury securities 18,658 — (5) 18,653 U.S. government agency securities 27,588 — (9) 27,579 Corporate debt securities 4,421 — — 4,421 Totals $ 112,137 $ — $ (61) $ 112,076 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 As of June 30, 2024, thirty-six of the Company's marketable securities with a fair market value of $103.2 million were in an aggregate gross unrealized loss position of $0.1 million; these thirty-six marketable securities have all been in a gross unrealized loss position for less than one year. When evaluating an investment for impairment, management reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, intent to sell or the likelihood that the Company would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on a review of these marketable securities, the Company believes none of the unrealized loss is the result of a credit loss as of June 30, 2024, because the Company does not intend to sell these securities, and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As of June 30, 2024, all marketable securities had contractual maturities of less than one year. The Company did not transfer any assets measured at fair value on a recurring basis between levels during the six months ended June 30, 2024 and 2023. The following table presents activity for the preferred stock warrants liability during the six months ended June 30, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at June 30, 2024 $ — No fair value liabilities exist as of June 30, 2024. Upon completion of the Merger, the preferred stock warrants became exercisable into shares of common stock and will no longer continue to be remeasured at each reporting date. Refer to Note 2 for further discussion on the valuation of the preferred stock warrants liability. Equity investment without a readily determinable fair value In conjunction with the Merger, the Company obtained an investment in common stock of an unfunded privately held, pre-clinical life sciences company, which the Company carried at a $0 value as of March 31, 2024. During the three months ended June 30, 2024, the private company executed a seed funding round ("Seed Financing"), which triggered an anti-dilution provision under the License and Option Agreement (“Option Agreement”), resulting in the issuance of shares of common stock. The Company identified the Seed Financing as an observable price change under the measurement alternative, and adjusted the equity investment from zero to an estimated fair value of $1.3 million as of June 30, 2024. There were no downward adjustments to the carrying value of the Company's investment without a readily determinable fair value on both a cumulative basis or for the three and six months ended June 30, 2024.

10-Q Accrued Liabilities

10-Q Accrued Liabilities	6 Months Ended
10-Q Accrued Liabilities	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of December 31, 2022 2023 Accrued research and development expense $ 3,192 $ 10,289 Accrued payroll and related benefits 875 1,998 Income taxes payable 347 — Operating lease liability, current portion 103 137 Other accrued liabilities 227 379 Total accrued liabilities $ 4,744 $ 12,803 Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, Research and development accrued expense $ 937 $ 10,289 Accrued payroll and related 1,552 1,998 Operating lease liability, current portion 649 137 Other accrued liabilities 1,039 379 Total accrued liabilities $ 4,177 $ 12,803

10-Q Commitment and Contingenci

10-Q Commitment and Contingencies	6 Months Ended
10-Q Commitment and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leased office space in Del Mar, California under a lease that expired on March 31, 2022. Commencing on April 1, 2022, the Company entered into a separate lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term. As of December 31, 2023, the remaining lease term was 2.3 years, and the discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.0%. Cash paid for operating leases approximated rent expense for the periods presented. Maturities of the operating lease liability as of December 31, 2023, are as follows (in thousands): 2024 $ 155 2025 161 2026 41 Total undiscounted lease payments 357 Less: Present value adjustment (28) Operating lease liability $ 329 Rent expense for the years ended December 31, 2022 and 2023 was $110,000 and $145,000, respectively. Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of December 31, 2022 and 2023, the Company was not involved in any material legal proceedings. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Operating Leases Commencing on April 1, 2022, LENZ OpCo entered into a lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term (the "Del Mar lease"). In April 2024, the Company entered into a lease agreement for office space in Solana Beach, California (the "Lomas lease"). As of June 30, 2024, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.7%. Cash paid for operating leases approximated rent expense for the periods presented. Maturities of the operating lease liabilities as of June 30, 2024 for the Del Mar and Lomas leases are as follows (in thousands): 2024 $ 227 2025 577 2026 511 2027 361 Total undiscounted lease payments 1,676 Less: present value adjustment (196) Operating lease liabilities $ 1,480 Legal Proceedings From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. In connection with the Merger, one complaint was filed in the United States District Court for the Northern District of California captioned Glen Chew v. Graphite Bio, Inc. et al., Case No. 3:24-cv-00613 (filed February 1, 2024) (the “Chew Complaint”) and one complaint was filed in the United States District Court for the District of Delaware captioned Kevin Turner v. Graphite Bio, Inc. et al., Case No. 1:24-cv-00241-UNA (filed February 22, 2024) (the “Turner Complaint” and collectively, the “Complaints”). The Complaints generally alleged that the definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) included in Graphite’s Registration Statement on Form S-4 (File No. 333-275919), filed with the Securities and Exchange Commission (the “SEC”), misrepresents and/or omits certain purportedly material information relating to the Company's financial projections, the analyses performed by the financial advisor to Graphite’s Board of Directors in connection with the Merger, potential conflicts of interest of the financial advisor to Graphite’s Board of Directors, potential conflicts of interest of Graphite’s officers, and Graphite’s liquidation analysis. The Complaints asserted violations of Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder against all defendants (Graphite, its Board of Directors and certain officers) and violations of Section 20(a) of the Exchange Act against Graphite’s directors and officers. The Complaints sought orders rescinding the Merger or awarding rescissory damages, as well as costs, including attorneys’ and experts’ fees. On March 22, 2024, the Chew Complaint was voluntarily dismissed and on April 17, 2024, the Turner Complaint was voluntarily dismissed. Graphite also received twelve demand letters by purported Graphite stockholders from December 14, 2023 to March 20, 2024 seeking additional disclosures in the Proxy Statement/Prospectus (the “Demands”). The Company cannot predict the outcome of any litigation or the Demands. The Company and the individual defendants intend to vigorously defend against the Demands and any subsequently filed similar actions. It is possible additional lawsuits may be filed or additional demand letters may be received arising out of the Merger. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2024 and December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

10-Q Stockholders' Equity

10-Q Stockholders' Equity	6 Months Ended
10-Q Stockholders' Equity	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Stockholders' Equity	Convertible Preferred Stock As of December 31, 2023, the Company has authorized 53,761,506 shares of preferred stock with a par value of $0.001. As of December 31, 2022, there were 21,977,282 shares of Series A Convertible Preferred Stock (Series A) and 2,950,548 shares of Series A-1 Convertible Preferred Stock (Series A-1) issued and outstanding. As of December 31, 2023, there were 21,977,282 shares of Series A, 2,950,548 shares of Series A-1, and 28,019,181 shares of Series B Convertible Preferred Stock (Series B) issued and outstanding. As of December 31, 2023, the total liquidation preference of issued and outstanding Series A, Series A-1, and Series B was $47.3 million, $10.0 million, and $83.5 million, or $2.15 per share, $3.3892 per share, and $2.9801 per share, respectively. Dividends The holders of preferred stock are entitled to receive annual noncumulative dividends at an annual rate of 8% in preference to any declaration or payment of any dividend on the common stock, on an as-converted basis when, as and if declared by the board of directors. As of December 31, 2022 and 2023, no dividends had been declared. Voting Rights Each holder of outstanding shares of Series A, Series A-1, and Series B shall be entitled to cast the number of votes equal to the number of whole shares of Class A common stock into which the shares of Series A, Series A-1, and Series B held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Conversion Rights Each share of preferred stock is convertible into shares of common stock at the ratio calculated by dividing the original issuance price by the conversion price. The conversion price is equal to the original issuance price but is subject to anti-dilution adjustments for splits, dividends and similar recapitalizations. As of December 31, 2023, the conversion ratio was one-for-one. Subject to certain exclusions, anti-dilution price protection for additional sales of securities by the Company for consideration per unit less than the applicable conversion price per unit of any series of preferred stock are to be on a broad-based weighted average basis. Liquidation Preference In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A, Series A-1, and Series B shall be entitled to be paid out of the assets of the Company available for distribution to its shareholders before any payment shall be made to the holders of the Class A and Class B convertible common stock. The Company did not adjust the carrying values of the preferred stock to the liquidation preferences of such shares because it was uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of Class B convertible common stock and preferred stock and these circumstances were not probable as of the balance sheet dates. Subsequent adjustments to the carrying values of the liquidation preferences are to be made only when it becomes probable that such a liquidation event will occur. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of shares of the Company then outstanding preferred and common stock shall be entitled to be paid as follows: • First to the holders of shares of preferred stock then outstanding, an amount per share equal to the sum of original issue price plus any dividends declared but unpaid thereon. • Second, to the holders of shares of Class B convertible common stock then outstanding, an amount per share equal to the original issue price for the Class B convertible common stock, plus any dividends declared but unpaid thereon, plus an additional per share amount calculated at a rate per annum equal to 10% of the original $2.15 issue price for the Class B convertible common stock, compounded annually, and which shall be calculated from the Class B convertible common stock original issue date until the earlier to occur of (i) as applicable, the date of the deemed liquidation event or (ii) the fifth anniversary of such Class B convertible common stock original issue date. As of December 31, 2023, the liquidation preference was $9.5 million, or $3.46 per share. • Then, among the holders of the shares of preferred stock, Class B convertible common stock, and Class A common stock, principally pro rata based on the number of shares held by each such holder as if they had been converted to Class A common stock immediately prior to such liquidation, dissolution or winding up of the Company. Registration Rights Under the Company’s investors’ rights agreement, the holders of a majority of Company’s stock outstanding have the right to demand that the Company file a registration statement or request that their shares be covered by a registration statement that the Company is otherwise filing. The obligations of the Company regarding such registration rights include, but are not limited to, commercially reasonable efforts to cause such registration statement to become effective, keep such registration statement effective for up to 120 days, prepare and file amendments and supplements to such registration statement and the prospectus used in connection with such registration statement, and furnish to the selling holders copies of the prospectus and any other documents as they may reasonably request. The terms of the registration rights provide for the payment of certain expenses related to the registration of the shares, including a capped reimbursement of legal fees of a single special counsel for the holders of the shares, but do not impose any obligations for the Company to pay additional consideration to the holders in case a registration statement is subsequently withdrawn at the request of the holders. Convertible Preferred Stock Immediately prior to the closing of the Merger and as of December 31, 2023, LENZ OpCo had authorized 53,761,506 shares of preferred stock with a par value of $0.001. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 21,977,282 shares of Series A, 2,950,548 shares of Series A-1, and 28,019,181 shares of Series B Convertible Preferred Stock (Series B) issued and outstanding. Immediately prior to the closing of the Merger and as of December 31, 2023, the total liquidation preference of issued and outstanding Series A, Series A-1, and Series B was $47.3 million, $10.0 million, and $83.5 million, or $2.15 per share, $3.3892 per share, and $2.9801 per share, respectively. At the closing of the Merger, the 52,947,011 shares of LENZ OpCo preferred stock were exchanged for 10,705,829 shares of Graphite’s common stock. Common Stock As of December 31, 2023, LENZ OpCo had authorized two series of common stock, designated Class A common stock and Class B convertible common stock. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 11,838,624 and 9,915,013 shares of Class A common stock issued, respectively, and 11,668,867 and 9,739,818 shares of Class A common stock outstanding, respectively. Immediately prior to the closing of the Merger and as of December 31, 2023, there were 2,744,184 shares of Class B convertible common stock issued and outstanding. At the closing of the Merger, 11,838,624 and 11,668,867 issued and outstanding shares of Class A common stock, respectively, were exchanged for 2,393,729 and 2,359,408 shares of issued and outstanding shares of Graphite's common stock, respectively. Additionally, at the closing of the Merger, 2,744,184 shares of Class B convertible common stock were exchanged for 554,843 shares of Graphite's common stock. At the closing of the Merger on March 21, 2024, legacy Graphite stockholders held 8,320,485 shares of common stock. Concurrent with the closing of the Merger on March 21, 2024, the Company completed the March 2024 PIPE Financing of 3,559,565 shares for an aggregate purchase price of $53.5 million. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Other than the special dividend paid by Graphite immediately prior to the close of the Merger, no dividends have been declared or paid by the Company through June 30, 2024, and any such dividends are not cumulative. Common stock reserved for future issuance consist of the following: June 30, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,005,809 Shares available for issuance under incentive plans 1,608,065 Shares available under the 2024 Employee Stock Purchase Plan 250,995 Warrants LENZ OpCo had issued warrants to acquire Class A common stock and Series A convertible preferred stock. The warrants to purchase 470,000 shares of Class A common stock had an exercise price of $0.21 per share and were issued in December 2020 with an expiration date in February 2024. In February 2024, prior to expiration, the holder exercised 470,000 warrants, resulting in $0.1 million of proceeds. These shares were subsequently exchanged for 95,034 shares of common stock at the closing of the Merger. The Series A preferred stock warrants had an exercise price of $2.15 per share and were issued in October 2020 with an expiration date in October 2027. There were no exercises of the Series A preferred stock warrants for any of the periods presented. In connection with the Merger, the Series A preferred stock warrants were converted to 164,676 common stock warrants of the Company at an exercise price of $10.64, and were subsequently reclassified to stockholders’ equity at their fair value of $1.9 million. Share-Based Compensation Share-based compensation expense was as follows (in thousands): Six Months Ended June 30, 2024 2023 Selling, general and administrative $ 1,988 $ 235 Research and development $ 556 96 Total $ 2,544 $ 331

10-Q Net Loss Per Share

10-Q Net Loss Per Share	6 Months Ended
10-Q Net Loss Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Attributable to Class A Common Stockholders The Company’s potential dilutive securities, which include convertible preferred stock, options to purchase common stock, Class A common warrants, preferred stock warrants, and Class B convertible common stock, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Class B convertible common stock 554,843 554,843 Total 6,920,906 13,404,320 The holders of convertible preferred stock and Class B convertible common stock do not contractually share in losses and therefore no additional net loss per share has been disclosed under the two-class method. The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: As of June 30, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,005,809 1,842,295 Warrants to purchase common stock 164,676 95,034 Total 3,170,485 13,362,677

10-Q License Agreements

10-Q License Agreements	6 Months Ended
10-Q License Agreements	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreements	License Agreements In April 2022, the Company entered into a license and collaboration agreement providing an exclusive license (License) to certain of the Company’s intellectual property (IP) for use in the treatment of presbyopia in humans in mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (collectively, “Greater China”). The Company also agreed to negotiate a separate agreement for the purchase of clinical and commercial supply of IP for clinical and commercial requirements at cost plus a negotiated percentage and granted a right of first negotiation to obtain a regional license on other products the Company might develop outside the field of presbyopia for commercialization in Greater China. The Company received nonrefundable, non-creditable upfront payments totaling $15.0 million as initial consideration under the License, which represents the transaction price at inception. In addition, the Company is also eligible to receive up to $95.0 million of regulatory and sales milestones, as well as tiered low double-digit royalties on net sales of IP in Greater China. Additional consideration to be paid to the Company upon reaching regulatory and sales milestones is excluded from the transaction price. Future milestone payments are fully contingent as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur, if any. The Company assessed the promises made under the License and concluded the License comprises a single performance obligation providing the right to use functional intellectual property. The $15.0 million transaction price allocated to that single performance obligation was recognized on completion of the transfer of the License in the year ended December 31, 2022. No additional amounts under the License were paid during the years ended December 31, 2022 and 2023 or were due to the Company at December 31, 2022 and 2023. Contemporaneously with entering into the License agreement, a significant investor in the licensee purchased 2,950,548 shares of the Company’s Series A-1 Preferred Stock for $10.0 million. In April 2022, the Company entered into a license and collaboration agreement providing an exclusive license (the "Ji Xing License") to certain of the Company’s intellectual property ("IP") for use in the treatment of presbyopia in humans in mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan (collectively, “Greater China”). The Company also agreed to negotiate a separate agreement for the purchase of clinical and commercial supply of IP for clinical and commercial requirements at cost plus a negotiated percentage and granted a right of first negotiation to obtain a regional license on other products the Company might develop outside the field of presbyopia for commercialization in Greater China. The Company received nonrefundable, non-creditable upfront payments totaling $15.0 million as initial consideration under the Ji Xing License, which represents the transaction price at inception. In addition, the Company is also eligible to receive up to $95.0 million of regulatory and sales milestones, as well as tiered mid single-digit to low double-digit royalties on net sales of IP in Greater China. Additional consideration to be paid to the Company upon reaching regulatory and sales milestones is excluded from the transaction price. Future milestone payments are fully contingent as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur, if any. The Company assessed the promises made under the Ji Xing License and concluded the Ji Xing License comprises a single performance obligation providing the right to use functional intellectual property. The $15.0 million transaction price allocated to that single performance obligation was recognized on completion of the transfer of the Ji Xing License during the year ended December 31, 2022. No contractual milestones were met under the Ji Xing License during the six months ended June 30, 2024 or 2023.

10-Q Related Party Transactions

10-Q Related Party Transactions	6 Months Ended
10-Q Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In October 2022, the Company issued 9,899,340 shares of its Series A preferred stock for total cash proceeds of $21.3 million to significant shareholders that have designated members on the Company’s board of directors and are considered to be related parties. In March 2023, the Company issued 22,146,905 shares of its Series B preferred stock for total cash proceeds of $66.0 million to significant shareholders that have designated members on the Company’s board of directors and are considered to be related parties. A member of the Company’s Board of Directors currently serves as a member of the board of directors of one of the Company’s vendors, and has served in that capacity since 2023. The Company entered into a Master Services Agreement with this vendor in September 2023 to provide manufacturing services. Accordingly, the Company considers the vendor to be a related party. For the year ended December 31, 2023, fees incurred for services performed by the vendor were $0.3 million, and were charged to research and development expenses. Amounts due to the vendor within accounts payable as of December 31, 2023 totaled $0.3 million. In March 2023, LENZ OpCo issued 22,146,905 shares of its Series B preferred stock for total cash proceeds of $66.0 million to investors, including to significant shareholders that had designated members on LENZ OpCo’s board of directors. Through the Subscription Agreement and March 2024 PIPE Financing executed in conjunction with the Merger, the Company issued 3,343,330 shares to investors that had designated members on the Company's board of directors. A member of the Company’s Board of Directors currently serves as a member of the board of directors of one of the Company’s vendors, and has served in that capacity since 2023. LENZ OpCo entered into a Master Services Agreement with this vendor in September 2023 to provide manufacturing services. Accordingly, the Company considers the vendor to be a related party. For the three and six months ended June 30, 2024, fees incurred for services performed by the vendor were $0.1 million and $0.2 million, and were charged to research and development expenses. The Company had no amounts due to the vendor within accounts payable as of June 30, 2024.

10-Q Subsequent Events

10-Q Subsequent Events	6 Months Ended
10-Q Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through March 21, 2024, the date on which the accompanying financial statements are available to be issued. During this period, the Company has concluded that no material subsequent events have occurred other than those disclosed below. Completion of the Merger Transaction As more fully described in Note 1, on March 21, 2024, the Company completed the Merger by and among the Company, Graphite, and Merger Sub, pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub merged with and into the Company, with the Company continuing as a wholly owned subsidiary of Graphite and the surviving corporation of the merger. On a pro forma basis and based upon the number of shares of Graphite common stock issued in the Merger, the Company’s pre-Merger stockholders own approximately 65% of the combined company, pre-Merger Graphite stockholders own approximately 35% of the combined company on a fully-diluted basis (prior to giving effect to the Concurrent PIPE Investment described below and excluding any shares reserved for future grants under the 2024 Plan and the 2024 ESPP, each as defined in the Merger Agreement). Private Placement and Subscription Agreement Immediately following consummation of the merger, Graphite completed the Graphite private placement financing pursuant to the Subscription agreement by issuing 3,559,565 shares of Graphite’s common stock at $15.03 per share for an aggregate purchase price of $53.5 million (“the concurrent PIPE investment”). The concurrent PIPE investment is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act), and/or Regulation D promulgated thereunder, as a transaction by an issuer not involving a public offering. The PIPE investors have acquired the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends have been affixed to the securities issued in this transaction. Warrants In February 2024, the holder exercised warrants to purchase 95,034 shares of our Class A common stock, resulting in $0.1 million of proceeds. Private Placement On July 14, 2024, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) for a private placement with Ridgeback Capital Investments L.P. (“July 2024 PIPE Financing”). Pursuant to the Purchase Agreement, the Company agreed to sell 1,578,947 shares of the Company’s common stock, par value 0.00001 per share, at a purchase price of $19.00 per share. The gross proceeds of the July 2024 PIPE Financing were $30.0 million. The July 2024 PIPE Financing closed on July 17, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2024 include Graphite’s activity from March 21, 2024 through June 30, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022.
Use of Estimates	The preparation of financial statements in conformity with 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. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, share-based compensation, and the valuation of deferred tax assets and liabilities. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Concentration of Credit Risk and Other Risks and Uncertainties	Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in a traditional checking and savings accounts with a financial institution and does not have restricted cash. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts and money market funds with a financial institution. Restricted cash of $0.1 million as of June 30, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases.
Marketable Securities	The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of December 31, 2023, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense.
Allowance for Credit Losses	For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income on the statements of operations and comprehensive loss. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets.
Fair Value Measurements	The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3 (see Note 3). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. Equity investments without a readily determinable fair value are recorded at cost and adjusted to fair value based on observable price changes in orderly transactions for identical or similar investment of the same issuer.
Property and Equipment, Net	Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized within operating expenses based on the difference between the proceeds received and the net book value of the disposed asset. Routine expenditures for maintenance and repairs are expensed as incurred. Estimated useful lives for property and equipment are as follows: Estimated Useful Life Computer equipment 5 years Furniture and fixtures 5 years Lab equipment 5 years
Impairment of Long-Lived Assets	The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset group may not be recoverable. Recoverability of the long-lived asset group is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset group. If these cash flows are less than the carrying value of such asset group, the Company then determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group.
Leases	The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (ROU) assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the balance sheets. The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use ("ROU") assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. Sublease income, if any, is recognized on a straight-line basis over the sublease term as a reduction to the Company's operating lease cost within general and administrative expenses in our condensed consolidated statements of operations. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the condensed consolidated balance sheets.
Deferred Offering Costs	The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss.
Research and Development Expenses	Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs) and contract manufacturing organizations (CMOs). Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations ("CROs") and contract manufacturing organizations ("CMOs"). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. Management estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Prepaid Assets and Accrued Liabilities	Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Preferred Stock Warrant Liability	The Company has issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of Series A Convertible Preferred can cause redemption. The warrants are revalued at each subsequent balance sheet date utilizing an option pricing method that back solves the fair value of the warrants based on recent financing transactions and also considers the enterprise value of the Company when considering potential exit events. Changes in fair value are recognized as increases or reductions to other income (expense), net in the accompanying statements of operations and comprehensive loss. The fair value of these warrants is classified as a non-current liability in the accompanying balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. The Company had issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Prior to the Merger, the Company revalued the warrants at each balance sheet date utilizing an option pricing method that back solved the fair value of the warrants based on recent financing transactions and also considered the enterprise value of the Company when considering potential exit events. The warrants’ estimated fair value as of the Merger date utilized the Black-Scholes model and the following input assumptions: risk free interest rate (4.3% - 4.4%), expected term (3.6 - 4.1 years), dividend yield (0%), volatility (103.0% - 104.0%) and exercise price ($10.64 per common share). Changes in fair value were recognized as increases or reductions to other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The fair value of these warrants was classified as a non-current liability in the condensed consolidated balance sheet since the underlying Series A Convertible Preferred stock was potentially redeemable. Pursuant to the Merger Agreement, the Series A Convertible preferred stock warrants became warrants to purchase shares of the Company's common stock. As a result of the Merger, the warrants no longer meet the requirements for liability accounting and, as such, the Company adjusted the value of the warrants to the estimated fair value as of the Merger date and reclassified them to stockholders' equity.
Convertible Preferred and Common Stock	The Company’s convertible preferred stock and Class B convertible common stock are classified outside of stockholders’ deficit because the shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of the Company. The carrying values of the convertible preferred stock and Class B convertible common stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. The Company did not accrete the value of the convertible preferred stock to its redemption value since a liquidation event was not considered probable as of December 31, 2022 and 2023. Subsequent adjustments to the carrying values of the convertible preferred stock will be made only when it becomes probable that such liquidation events will occur, causing the shares to become redeemable.
Share-Based Compensation	The Company maintains an equity incentive plan as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes-Merton (Black-Scholes) option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Given the lack of an active public market for the Company’s common stock, the fair value of the Company’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ (AICPA) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) the Company’s available cash, financial condition, and results of operations; (5) the most recent sales of the Company’s convertible preferred stock; and (6) the preferential rights of the outstanding convertible preferred stock and Class B convertible common stock. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for the Company’s common stock and the lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with expected term assumption. Risk-Free Interest Rate —The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company maintains equity incentive plans as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Prior to the Merger, there was no public market for LENZ OpCo’s common stock. The fair value of LENZ OpCo’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, LENZ OpCo believed that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, LENZ OpCo used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ ("AICPA") Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, LENZ OpCo considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by LENZ OpCo; (2) the significant risks associated with LENZ OpCo's stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) LENZ OpCo's available cash, financial condition, and results of operations; (5) the most recent sales of LENZ OpCo's convertible preferred stock; and (6) the preferential rights of LENZ OpCo's outstanding convertible preferred stock and Class B convertible common stock. Subsequent to the Merger, the Company uses the closing stock price on the grant date to determine the grant date fair value, adjusted for special dividends, if any. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends, other than the special dividend paid by Graphite immediately prior to the close of the Merger, and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for LENZ OpCo’s common stock and the lack of company-specific historical and implied volatility data, LENZ OpCo based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Subsequent to the Merger, the Company uses an average volatility for comparable publicly-traded biopharmaceutical companies over a period equal to the expected term of the stock award grant as the Company does not yet have sufficient historical trading history for its own stock. Risk-Free Interest Rate —The risk-free interest rate is based on a United States Treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment
Income Taxes	The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of December 31, 2022 and 2023, the Company had no interest or penalties related to uncertain income tax benefits. The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of June 30, 2024 and December 31, 2023, the Company had incurred no interest or penalties related to uncertain income tax benefits.
Revenue Recognition	The Company evaluates its revenue agreements in accordance with FASB ASC 606, Revenue from Contracts with Customers
Net Loss Per Share	Basic net loss per share is calculated by dividing net loss attributed to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, without consideration for common stock equivalents. The convertible preferred stock and Class B convertible common stock are not participating securities, because they do not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock are considered potentially dilutive to Class A common stock. The Company computes diluted net loss per share attributable to Class A common stockholders after giving consideration to all potentially dilutive Class A common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. The Company makes adjustments to diluted net loss attributed to Class A common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Basic net loss per share is calculated by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Prior to the Merger, the convertible preferred stock and Class B convertible common stock were not participating securities, because they did not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock were considered potentially dilutive common stock. The Company computes diluted net loss per share attributable to common stockholders after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Prior to the Merger, the Company made adjustments to diluted net loss attributed to common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. For the six months ended June 30, 2024, net loss per share included the weighted-average shares outstanding as a result of the Merger and shares issued in conjunction with the March 2024 PIPE Financing (as defined in Note 3).
Other Comprehensive Income	Other comprehensive income represents the change in the Company’s stockholders’ deficit from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income is the result of unrealized gains and losses on marketable securities. Other comprehensive income (loss) represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income (loss) is the result of unrealized gains and losses on marketable securities.
Segment Reporting	Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. The Company’s singular focus is on developing innovative ophthalmic pharmaceutical products, and has generated limited revenue since inception.
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign jurisdictions if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve existing disclosure requirements for segment reporting, primarily through enhanced disclosures about significant segment expenses and new disclosures requirements applicable to entities with a single reportable segment. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, on a retrospective basis. The Company expects to adopt this guidance for the annual period ending December 31, 2024 and has not yet determined the impact the adoption of this guidance will have on the Company's financial statements.

10-Q Summary of Significant A_2

10-Q Summary of Significant Accounting Policies (Policies)	6 Months Ended
10-Q Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The accompanying condensed consolidated financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the year ended December 31, 2023, which are contained in the Company’s Form 8-K, dated March 21, 2024, filed with the SEC on March 22, 2024. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. All intercompany accounts and transactions have been eliminated in consolidation. Since LENZ OpCo was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for LENZ OpCo and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2024 include Graphite’s activity from March 21, 2024 through June 30, 2024, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of LENZ OpCo have been retroactively recast based on the Merger exchange ratio of 0.2022.
Use of Estimates	The preparation of financial statements in conformity with 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. Estimates used in preparing the accompanying financial statements include, but are not limited to, estimates related to the research and development accruals, preferred stock warrants liability, share-based compensation, and the valuation of deferred tax assets and liabilities. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Concentration of Credit Risk and Other Risks and Uncertainties	Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in a traditional checking and savings accounts with a financial institution and does not have restricted cash. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in traditional checking and savings accounts and money market funds with a financial institution. Restricted cash of $0.1 million as of June 30, 2024 relates to a security deposit in the form of a letter of credit issued in connection with one of the Company's leases.
Marketable Securities	The Company classifies marketable securities as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all marketable securities with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of December 31, 2023, the Company had no intent to sell any marketable securities prior to maturity. Marketable securities classified as available-for-sale are carried at fair value with the unrealized gains and losses included in other comprehensive income as a component of stockholders’ deficit until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense.
Long-term Investment	Long-term investments without a readily determinable fair value are accounted for using the cost method. The cost method is applied when there is no active market for the investment, thus the fair value cannot be reliably determined. The cost of long-term investments include the purchase price, and are adjusted to fair value based on any observable changes in market value or any impairment losses. The Company has one long-term equity investment which is classified as a non-current asset in the condensed consolidated balance sheet, as the Company had no intent to sell or dispose of the long-term investment within one year of the balance sheet date.
Allowance for Credit Losses	For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income on the statements of operations and comprehensive loss. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on the balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the condensed consolidated balance sheets.
Leases	The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (ROU) assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the balance sheets. The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use ("ROU") assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The operating lease ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. Sublease income, if any, is recognized on a straight-line basis over the sublease term as a reduction to the Company's operating lease cost within general and administrative expenses in our condensed consolidated statements of operations. The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The Company has elected not to recognize leases with terms of one year or less on the condensed consolidated balance sheets.
Deferred Offering Costs	The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss.
Research and Development Expenses	Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs) and contract manufacturing organizations (CMOs). Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations ("CROs") and contract manufacturing organizations ("CMOs"). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. Management estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Prepaid Assets and Accrued Liabilities	Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimates may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Preferred Stock Warrant Liability	The Company has issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of Series A Convertible Preferred can cause redemption. The warrants are revalued at each subsequent balance sheet date utilizing an option pricing method that back solves the fair value of the warrants based on recent financing transactions and also considers the enterprise value of the Company when considering potential exit events. Changes in fair value are recognized as increases or reductions to other income (expense), net in the accompanying statements of operations and comprehensive loss. The fair value of these warrants is classified as a non-current liability in the accompanying balance sheet since the underlying Series A Convertible Preferred stock is potentially redeemable. The Company had issued freestanding warrants to purchase shares of its Series A convertible preferred stock (Series A Convertible Preferred). Prior to the Merger, the Company revalued the warrants at each balance sheet date utilizing an option pricing method that back solved the fair value of the warrants based on recent financing transactions and also considered the enterprise value of the Company when considering potential exit events. The warrants’ estimated fair value as of the Merger date utilized the Black-Scholes model and the following input assumptions: risk free interest rate (4.3% - 4.4%), expected term (3.6 - 4.1 years), dividend yield (0%), volatility (103.0% - 104.0%) and exercise price ($10.64 per common share). Changes in fair value were recognized as increases or reductions to other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The fair value of these warrants was classified as a non-current liability in the condensed consolidated balance sheet since the underlying Series A Convertible Preferred stock was potentially redeemable. Pursuant to the Merger Agreement, the Series A Convertible preferred stock warrants became warrants to purchase shares of the Company's common stock. As a result of the Merger, the warrants no longer meet the requirements for liability accounting and, as such, the Company adjusted the value of the warrants to the estimated fair value as of the Merger date and reclassified them to stockholders' equity.
Share-Based Compensation	The Company maintains an equity incentive plan as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes-Merton (Black-Scholes) option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Given the lack of an active public market for the Company’s common stock, the fair value of the Company’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ (AICPA) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) the Company’s available cash, financial condition, and results of operations; (5) the most recent sales of the Company’s convertible preferred stock; and (6) the preferential rights of the outstanding convertible preferred stock and Class B convertible common stock. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for the Company’s common stock and the lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with expected term assumption. Risk-Free Interest Rate —The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company maintains equity incentive plans as a long-term incentive for employees, directors, and non-employee service providers. All share-based payments to employees and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards, or restricted stock units, are recognized as expense based on their grant date fair values. T he Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company has elected to account for forfeitures as they occur. Stock Options The Company estimated the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions. A discussion of management’s methodology for developing the assumptions used in the valuation model follows: Fair Value of Common Stock —Prior to the Merger, there was no public market for LENZ OpCo’s common stock. The fair value of LENZ OpCo’s common stock was determined by the board of directors with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, LENZ OpCo believed that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, LENZ OpCo used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ ("AICPA") Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation . In addition, LENZ OpCo considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of clinical and operational milestones by LENZ OpCo; (2) the significant risks associated with LENZ OpCo's stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) LENZ OpCo's available cash, financial condition, and results of operations; (5) the most recent sales of LENZ OpCo's convertible preferred stock; and (6) the preferential rights of LENZ OpCo's outstanding convertible preferred stock and Class B convertible common stock. Subsequent to the Merger, the Company uses the closing stock price on the grant date to determine the grant date fair value, adjusted for special dividends, if any. Expected Dividend Yield —The expected dividend yield is based on the Company’s historical and expected dividend payouts. The Company has historically paid no dividends, other than the special dividend paid by Graphite immediately prior to the close of the Merger, and does not anticipate dividends to be paid in the future. Expected Equity Volatility —Due to the lack of a public market for LENZ OpCo’s common stock and the lack of company-specific historical and implied volatility data, LENZ OpCo based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Subsequent to the Merger, the Company uses an average volatility for comparable publicly-traded biopharmaceutical companies over a period equal to the expected term of the stock award grant as the Company does not yet have sufficient historical trading history for its own stock. Risk-Free Interest Rate —The risk-free interest rate is based on a United States Treasury instrument whose term is consistent with the expected term of the stock options. Expected Term —The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment
Income Taxes	The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of December 31, 2022 and 2023, the Company had no interest or penalties related to uncertain income tax benefits. The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. As of June 30, 2024 and December 31, 2023, the Company had incurred no interest or penalties related to uncertain income tax benefits.
Net Loss Per Share	Basic net loss per share is calculated by dividing net loss attributed to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, without consideration for common stock equivalents. The convertible preferred stock and Class B convertible common stock are not participating securities, because they do not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock are considered potentially dilutive to Class A common stock. The Company computes diluted net loss per share attributable to Class A common stockholders after giving consideration to all potentially dilutive Class A common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. The Company makes adjustments to diluted net loss attributed to Class A common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Basic net loss per share is calculated by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Prior to the Merger, the convertible preferred stock and Class B convertible common stock were not participating securities, because they did not participate in losses. Stock options, preferred stock warrants, Class A warrants, Class B convertible common stock, and convertible preferred stock were considered potentially dilutive common stock. The Company computes diluted net loss per share attributable to common stockholders after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Prior to the Merger, the Company made adjustments to diluted net loss attributed to common stockholders to reflect the reversal of gains on the change in the value of preferred stock warrants liability, assuming conversion of warrants to acquire convertible preferred stock at the beginning of the period or at time of issuance, if later, to the extent that those preferred stock warrants are dilutive. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. For the six months ended June 30, 2024, net loss per share included the weighted-average shares outstanding as a result of the Merger and shares issued in conjunction with the March 2024 PIPE Financing (as defined in Note 3).
Other Comprehensive Income	Other comprehensive income represents the change in the Company’s stockholders’ deficit from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income is the result of unrealized gains and losses on marketable securities. Other comprehensive income (loss) represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income (loss) is the result of unrealized gains and losses on marketable securities.
Segment Reporting	Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer acts as the CODM. The CODM views the Company’s operations and manages its business as one operating segment operating exclusively in the United States. The Company’s singular focus is on developing innovative ophthalmic pharmaceutical products, and has generated limited revenue since inception.
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign jurisdictions if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve existing disclosure requirements for segment reporting, primarily through enhanced disclosures about significant segment expenses and new disclosures requirements applicable to entities with a single reportable segment. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, on a retrospective basis. The Company expects to adopt this guidance for the annual period ending December 31, 2024 and has not yet determined the impact the adoption of this guidance will have on the Company's financial statements.
Fair Value Measurements	The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3 (see Note 3). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. The carrying amounts of the Company’s financial instruments, including cash equivalents classified within the Level 1 designation, prepaid and other current assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Cash equivalents, marketable securities, and the preferred stock warrants liability are recorded at fair value on a recurring basis. Equity investments without a readily determinable fair value are recorded at cost and adjusted to fair value based on observable price changes in orderly transactions for identical or similar investment of the same issuer.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Property, Plant, and Equipment	Estimated useful lives for property and equipment are as follows: Estimated Useful Life Computer equipment 5 years Furniture and fixtures 5 years Lab equipment 5 years Property and equipment, net consisted of the following (in thousands): As of December 31, 2022 2023 Office equipment $ 46 $ 64 Leasehold improvements — $ 12 Lab equipment 5 5 Property and equipment, gross 51 81 Less: accumulated depreciation (12) (27) Property and equipment, net $ 39 $ 54

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2022: Liabilities Preferred stock warrants liability $ 994 $ — $ — $ 994 Total liabilities measured at fair value $ 994 $ — $ — $ 994 Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Preferred stock warrants liability $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At June 30, 2024: Cash equivalents Money market funds $ 14,317 $ 14,317 $ — $ — Total cash equivalents measured at fair value $ 14,317 $ 14,317 $ — $ — Marketable securities Commercial paper $ 61,423 $ — $ 61,423 $ — U.S. government agency securities 27,579 — 27,579 — U.S. treasury securities 18,653 18,653 — — Corporate debt securities 4,421 — 4,421 — Total marketable securities measured at fair value $ 112,076 $ 18,653 $ 93,423 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871
Schedule of Marketable Securities	Marketable securities consisted of the following (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper $ 18,742 $ 9 $ — $ 18,751 US government agencies 9,927 1 (3) 9,925 US treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 Marketable securities consisted of the following (in thousands): June 30, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 61,470 $ — $ (47) $ 61,423 U.S. treasury securities 18,658 — (5) 18,653 U.S. government agency securities 27,588 — (9) 27,579 Corporate debt securities 4,421 — — 4,421 Totals $ 112,137 $ — $ (61) $ 112,076 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The key unobservable inputs for the preferred stock warrants liability were: December 31 2022 2023 Estimated time to liquidity 2.5 years 2.0 years Volatility rate 70.0% 84.0% Risk-free interest rate 4.3% 4.2%
Schedule of Preferred Stock Warrant Liability Activity	The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2022 $ 994 Change in fair value (123) Balance at December 31, 2023 $ 871 The following table presents activity for the preferred stock warrants liability during the six months ended June 30, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at June 30, 2024 $ —

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
Property and Equipment, net (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	Estimated useful lives for property and equipment are as follows: Estimated Useful Life Computer equipment 5 years Furniture and fixtures 5 years Lab equipment 5 years Property and equipment, net consisted of the following (in thousands): As of December 31, 2022 2023 Office equipment $ 46 $ 64 Leasehold improvements — $ 12 Lab equipment 5 5 Property and equipment, gross 51 81 Less: accumulated depreciation (12) (27) Property and equipment, net $ 39 $ 54

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
Accrued Liabilities (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): As of December 31, 2022 2023 Accrued research and development expense $ 3,192 $ 10,289 Accrued payroll and related benefits 875 1,998 Income taxes payable 347 — Operating lease liability, current portion 103 137 Other accrued liabilities 227 379 Total accrued liabilities $ 4,744 $ 12,803 Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, Research and development accrued expense $ 937 $ 10,289 Accrued payroll and related 1,552 1,998 Operating lease liability, current portion 649 137 Other accrued liabilities 1,039 379 Total accrued liabilities $ 4,177 $ 12,803

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
Commitment and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liability	Maturities of the operating lease liability as of December 31, 2023, are as follows (in thousands): 2024 $ 155 2025 161 2026 41 Total undiscounted lease payments 357 Less: Present value adjustment (28) Operating lease liability $ 329 Maturities of the operating lease liabilities as of June 30, 2024 for the Del Mar and Lomas leases are as follows (in thousands): 2024 $ 227 2025 577 2026 511 2027 361 Total undiscounted lease payments 1,676 Less: present value adjustment (196) Operating lease liabilities $ 1,480

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
Common Stock (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Class A Common Stock Reserved for Future Issuance	Class A common stock reserved for future issuance consist of the following: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class B convertible common stock 554,843 554,843 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A shares available for issuance under incentive plans 23,314 305,373 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Common stock reserved for future issuance consist of the following: June 30, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,005,809 Shares available for issuance under incentive plans 1,608,065 Shares available under the 2024 Employee Stock Purchase Plan 250,995

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of stock option activity for awards under the 2020 Plan is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Lives (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2022 1,065,984 $ 1.88 6.8 $ 12,585 Granted 817,954 $ 6.24 — Outstanding as of December 31, 2023 1,883,938 $ 3.76 7.4 $ 18,691 Exercisable as of December 31, 2023 1,468,367 $ 3.12 6.9 $ 15,536 Vested and expected to vest 1,919,362 $ 3.76 7.4 $ 19,054
Schedule of Share-Based Compensation Expense	Share-based compensation expense was as follows (in thousands): Year Ended December 31, 2022 2023 Selling, general and administrative $ 568 $ 900 Research and development 153 443 Total $ 721 $ 1,343 Share-based compensation expense was as follows (in thousands): Six Months Ended June 30, 2024 2023 Selling, general and administrative $ 1,988 $ 235 Research and development $ 556 96 Total $ 2,544 $ 331
Schedule of Valuation Assumptions	The assumptions used in the Black-Scholes option pricing model for stock options granted were as follows: December 31 2022 2023 Expected term 6.0 years 6.0 years Expected volatility 92.8% - 96.6% 92.0% - 92.7% Risk free interest rate 1.9% - 4.2% 3.9% - 4.6% Expected dividend yield 0.0% 0.0%

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Class A Common Stokcholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Class B convertible common stock 554,843 554,843 Total 6,920,906 13,404,320 As of June 30, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,005,809 1,842,295 Warrants to purchase common stock 164,676 95,034 Total 3,170,485 13,362,677

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Provision for Income Taxes	The components of the income tax expense (benefit) were as follows (in thousands): Year Ended December 31, 2022 2023 Current Federal $ 322 $ (164) State 25 (15) Total current 347 (179) Deferred Federal — — State — — Total deferred — — Total income tax expense (benefit) $ 347 $ (179)
Schedule of Income Tax Expense (Benefit)	A reconciliation of the Company’s income tax expense (benefit) to the amount computed by applying the federal statutory income tax rate is summarized as follows (in thousands): Year Ended December 31, 2022 2023 Expected tax benefit computed at federal statutory rate $ (2,192) $ (14,731) State income taxes, net of federal tax benefit (2) (1,153) Permanent differences 70 120 Research and development credit carryforwards (1,788) (5,472) Reserve for uncertain tax positions 140 1,517 Other 203 (463) Change in valuation allowance 3,916 20,003 Income tax expense (benefit) $ 347 $ (179)
Schedule of Deferred Tax Assets (Liabilities)	Significant components of the Company’s net deferred tax assets (liabilities) are summarized as follows (in thousands): Year Ended December 31, 2022 2023 Deferred tax assets Net operating loss carryforwards $ 152 $ 3,975 Research and development credit carryforwards 982 6,269 Capitalized research and development 5,044 15,282 Intangible assets 249 531 Share-based compensation 137 290 Other 220 463 Total deferred tax assets 6,784 26,810 Valuation allowance (6,727) (26,736) Net deferred tax assets 57 74 Deferred tax liabilities Other (57) (74) Total deferred tax liabilities 57 74 Net deferred tax assets $ — $ —
Schedule of Changes to Gross Unrecognized Tax Benefits	The following table summarizes the changes to the Company’s gross unrecognized tax benefits (in thousands): Year Ended December 31, 2022 2023 Balance at beginning of year $ — $ 131 Increases related to prior year tax positions 28 6 Increases related to current year tax positions 103 1,816 Balance at end of year 131 1,953

10-Q Financial Instruments (Tab

10-Q Financial Instruments (Tables)	6 Months Ended
10-Q Financial Instruments (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2022: Liabilities Preferred stock warrants liability $ 994 $ — $ — $ 994 Total liabilities measured at fair value $ 994 $ — $ — $ 994 Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Preferred stock warrants liability $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871 Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 At June 30, 2024: Cash equivalents Money market funds $ 14,317 $ 14,317 $ — $ — Total cash equivalents measured at fair value $ 14,317 $ 14,317 $ — $ — Marketable securities Commercial paper $ 61,423 $ — $ 61,423 $ — U.S. government agency securities 27,579 — 27,579 — U.S. treasury securities 18,653 18,653 — — Corporate debt securities 4,421 — 4,421 — Total marketable securities measured at fair value $ 112,076 $ 18,653 $ 93,423 $ — At December 31, 2023: Cash equivalents Money market funds $ 7,962 $ 7,962 $ — $ — Total cash equivalents measured at fair value $ 7,962 $ 7,962 $ — $ — Marketable securities Commercial paper $ 18,751 $ — $ 18,751 $ — U.S. government agency securities 9,925 — 9,925 — U.S. treasury securities 1,978 1,978 — — Total marketable securities measured at fair value $ 30,654 $ 1,978 $ 28,676 $ — Liabilities Convertible preferred stock warrants $ 871 $ — $ — $ 871 Total liabilities measured at fair value $ 871 $ — $ — $ 871
Schedule of Marketable Securities	Marketable securities consisted of the following (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper $ 18,742 $ 9 $ — $ 18,751 US government agencies 9,927 1 (3) 9,925 US treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654 Marketable securities consisted of the following (in thousands): June 30, 2024 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 61,470 $ — $ (47) $ 61,423 U.S. treasury securities 18,658 — (5) 18,653 U.S. government agency securities 27,588 — (9) 27,579 Corporate debt securities 4,421 — — 4,421 Totals $ 112,137 $ — $ (61) $ 112,076 December 31, 2023 Amortized Cost Gross Gross Estimated Fair Commercial paper $ 18,742 $ 9 $ — $ 18,751 U.S. government agency securities 9,927 1 (3) 9,925 U.S. treasury securities 1,977 1 — 1,978 Totals $ 30,646 $ 11 $ (3) $ 30,654
Schedule of Preferred Stock Warrant Liability Activity	The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2022 $ 994 Change in fair value (123) Balance at December 31, 2023 $ 871 The following table presents activity for the preferred stock warrants liability during the six months ended June 30, 2024 (in thousands): Preferred Stock Warrants Liability Balance at December 31, 2023 $ 871 Change in fair value 1,047 Conversion of preferred stock warrants liability to equity (1,918) Balance at June 30, 2024 $ —

10-Q Accrued Liabilities (Table

10-Q Accrued Liabilities (Tables)	6 Months Ended
10-Q Accrued Liabilities (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): As of December 31, 2022 2023 Accrued research and development expense $ 3,192 $ 10,289 Accrued payroll and related benefits 875 1,998 Income taxes payable 347 — Operating lease liability, current portion 103 137 Other accrued liabilities 227 379 Total accrued liabilities $ 4,744 $ 12,803 Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, Research and development accrued expense $ 937 $ 10,289 Accrued payroll and related 1,552 1,998 Operating lease liability, current portion 649 137 Other accrued liabilities 1,039 379 Total accrued liabilities $ 4,177 $ 12,803

10-Q Commitment and Contingen_2

10-Q Commitment and Contingencies (Tables)	6 Months Ended
10-Q Commitment and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liability	Maturities of the operating lease liability as of December 31, 2023, are as follows (in thousands): 2024 $ 155 2025 161 2026 41 Total undiscounted lease payments 357 Less: Present value adjustment (28) Operating lease liability $ 329 Maturities of the operating lease liabilities as of June 30, 2024 for the Del Mar and Lomas leases are as follows (in thousands): 2024 $ 227 2025 577 2026 511 2027 361 Total undiscounted lease payments 1,676 Less: present value adjustment (196) Operating lease liabilities $ 1,480

10-Q Stockholders' Equity (Tabl

10-Q Stockholders' Equity (Tables)	6 Months Ended
10-Q Stockholders' Equity (Tables)	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Schedule of Class A Common Stock Reserved for Future Issuance	Class A common stock reserved for future issuance consist of the following: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class B convertible common stock 554,843 554,843 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A shares available for issuance under incentive plans 23,314 305,373 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Common stock reserved for future issuance consist of the following: June 30, 2024 Common stock warrants 164,676 Common stock options granted and outstanding 3,005,809 Shares available for issuance under incentive plans 1,608,065 Shares available under the 2024 Employee Stock Purchase Plan 250,995
Schedule of Share-Based Compensation Expense	Share-based compensation expense was as follows (in thousands): Year Ended December 31, 2022 2023 Selling, general and administrative $ 568 $ 900 Research and development 153 443 Total $ 721 $ 1,343 Share-based compensation expense was as follows (in thousands): Six Months Ended June 30, 2024 2023 Selling, general and administrative $ 1,988 $ 235 Research and development $ 556 96 Total $ 2,544 $ 331

10-Q Net Loss Per Share (Tables

10-Q Net Loss Per Share (Tables)	6 Months Ended
10-Q Net Loss Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: December 31, 2022 2023 Convertible preferred stock 5,040,369 10,705,829 Class A common stock options granted and outstanding 1,065,984 1,883,938 Class A common stock warrants 95,034 95,034 Preferred stock warrants 164,676 164,676 Class B convertible common stock 554,843 554,843 Total 6,920,906 13,404,320 As of June 30, 2024 2023 Convertible preferred stock — 10,705,829 Class B convertible common stock — 554,843 Preferred stock warrants — 164,676 Common stock options granted and outstanding 3,005,809 1,842,295 Warrants to purchase common stock 164,676 95,034 Total 3,170,485 13,362,677

Organization and Liquidity (Det

Organization and Liquidity (Details)			3 Months Ended					6 Months Ended			12 Months Ended
Organization and Liquidity (Details)	Jul. 17, 2024 USD ($) shares	Mar. 21, 2024 USD ($) shares	Jun. 30, 2024 USD ($)		Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)		Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received		$ 53,500,000
Sale of stock, number of shares issued (in shares) \| shares		15,409,102
Sale of stock, percentage of ownership following transaction		56%
Accumulated deficit			$ 122,147,000	[1]				$ 122,147,000	[1]		$ 95,245,000	[1]	$ 25,277,000
Net loss			10,254,000		$ 16,648,000	$ 14,726,000	$ 12,670,000	26,902,000		$ 27,396,000	69,968,000	[2]	$ 10,811,000	[2]
Existing cash, cash equivalents, and marketable securities			$ 196,100,000					$ 196,100,000			$ 65,800,000
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received	$ 30,000,000	$ 53,500,000
Sale of future stock, additional subscriptions, allowable consideration to be received (up to)		$ 125,000,000
Reverse merger exchange ratio		0.2022
Sale of stock, number of shares issued (in shares) \| shares	1,578,947	15,409,184
Sale of stock, percentage of ownership following transaction		56%
Private placement, gross proceeds		$ 115,000,000
Graphite Bio, Inc. Stockholders \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock, percentage of ownership following transaction		31%
PIPE Investors \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock, percentage of ownership following transaction		13%

[1] Retroactively recast for the reverse recapitalization as described in Note 3. Retroactively recast for the reverse recapitalization as described in Note 1.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Property, Plant, and Equipment (Details)	Dec. 31, 2023
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, useful life	5 years
Lab equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, useful life	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment losses						$ 0	$ 0
Deferred offering costs	$ 2,739,000	$ 0		$ 0		2,739,000	0
Initial public offering costs	2,100,000
Income taxes, accruals for interest and penalties	$ 0	0		0		0	0
Income taxes, interest or penalties expense		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 14,317	$ 7,962
Total marketable securities measured at fair value	112,076	30,654
Preferred stock warrants liability	0	871	$ 994
Total liabilities measured at fair value	0	871	994
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	61,423	18,751
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	27,579	9,925
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	18,653	1,978
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Total marketable securities measured at fair value	18,653	1,978
Preferred stock warrants liability		0	0
Total liabilities measured at fair value		0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 1 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	18,653	1,978
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Total marketable securities measured at fair value	93,423	28,676
Preferred stock warrants liability		0	0
Total liabilities measured at fair value		0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	61,423	18,751
Level 2 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	27,579	9,925
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Total marketable securities measured at fair value	0	0
Preferred stock warrants liability		871	994
Total liabilities measured at fair value		871	$ 994
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 112,137	$ 30,646
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(61)	(3)
Estimated Fair Value	112,076	30,654
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	61,470	18,742
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(47)	0
Estimated Fair Value	61,423	18,751
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	27,588	9,927
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(9)	(3)
Estimated Fair Value	27,579	9,925
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	18,658	1,977
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(5)	0
Estimated Fair Value	$ 18,653	$ 1,978

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) position	Dec. 31, 2023 USD ($) position
Fair Value Disclosures [Abstract]
Number of marketable securities in a gross unrealized loss position \| position	36	3
Fair market value of marketable securities in unrealized loss position	$ 103,200	$ 6,500
Marketable securities, gross unrealized loss	$ 61	$ 3

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Inputs and Valuation Techniques (Details)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, estimated time to liquidity	2 years	2 years 6 months
Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.840	0.700
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.042	0.043

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Preferred Stock Warrants Liability (Details) - Preferred Stock Warrants Liability - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 871	$ 994
Change in fair value	1,047	(123)
Ending balance	$ 0	$ 871

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross			$ 81	$ 51
Less: accumulated depreciation			(27)	(12)
Property and equipment, net	$ 164		54	39
Depreciation and amortization	$ 23	$ 7	15	8
Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross			64	46
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross			12	0
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross			$ 5	$ 5

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expense	$ 937	$ 10,289	$ 3,192
Accrued payroll and related benefits	1,552	1,998	875
Income taxes payable		0	347
Operating lease liabilities, current	649	137	103
Other accrued liabilities	1,039	379	227
Total accrued liabilities	$ 4,177	$ 12,803	$ 4,744

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term	2 years 3 months 18 days		3 years
Operating lease liability, discount rate	7%		7.70%
Rent expense	$ 145,000	$ 110,000

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 227	$ 155
2025	577	161
2026	511	41
Total undiscounted lease payments	1,676	357
Less: Present value adjustment	(196)	(28)
Operating lease liability, net	$ 1,480	$ 329

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares		Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 shares	Mar. 20, 2024 USD ($) $ / shares shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares		Dec. 31, 2021 shares	[1]
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	53,761,506				53,761,506
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001				$ 0.001
Preferred stock, dividend rate, percentage	8%
Conversion ratio	1
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	22,791,777		0					22,791,777
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001					$ 0.001
Temporary equity, shares issued (in shares)	21,977,282		0		21,977,282			21,977,282
Temporary equity, shares outstanding (in shares)	21,977,282	[1],[2]	0	0	21,977,282	21,977,282	21,977,282	21,977,282	[1]	12,077,942
Liquidation preference \| $	$ 47.3				$ 47.3
Liquidation preference per share (in dollars per share) \| $ / shares	$ 2.15				$ 2.15
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	2,950,548		0					2,950,548
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001					$ 0.001
Temporary equity, shares issued (in shares)	2,950,548		0		2,950,548			2,950,548
Temporary equity, shares outstanding (in shares)	2,950,548	[1],[2]	0	0	2,950,548	2,950,548	2,950,548	2,950,548	[1]	0
Liquidation preference \| $	$ 10				$ 10
Liquidation preference per share (in dollars per share) \| $ / shares	$ 3.3892				$ 3.3892
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	28,019,181		0					28,019,181
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001					$ 0.001
Temporary equity, shares issued (in shares)	28,019,181		0		28,019,181			0
Temporary equity, shares outstanding (in shares)	28,019,181		0		28,019,181			0
Liquidation preference \| $	$ 83.5				$ 83.5
Liquidation preference per share (in dollars per share) \| $ / shares	$ 2.9801				$ 2.9801
Class B convertible common stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)	2,744,184							2,744,184
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.001							$ 0.001
Temporary equity, shares issued (in shares)	2,744,184							2,744,184
Temporary equity, shares outstanding (in shares)	2,744,184	[1],[2]	0	0		2,744,184	2,744,184	2,744,184	[1]	2,744,184
Liquidation preference \| $	$ 9.5
Liquidation preference per share (in dollars per share) \| $ / shares	$ 3.46
Liquidation preference, percentage of original issue price	10%
Original issue price (in dollars per share) \| $ / shares	$ 2.15

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

Common Stock - Narrative (Detai

Common Stock - Narrative (Details)	12 Months Ended
Common Stock - Narrative (Details)	Dec. 31, 2023 vote shares	Jun. 30, 2024 shares	Mar. 20, 2024 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Common stock, issued (in shares)	2,004,783	25,872,718		2,004,783
Common stock, outstanding (in shares)	1,969,360	25,845,671		1,946,988
Number of votes per common share \| vote	1
Class B convertible common stock
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)	2,744,184		2,744,184	2,744,184
Temporary equity, shares outstanding (in shares)	2,744,184		2,744,184	2,744,184
Noncumulative dividend rate	0.08
Previously Reported
Class of Stock [Line Items]
Common stock, issued (in shares)	2,004,783
Common stock, outstanding (in shares)	1,969,360

Common Stock - Class A Common S

Common Stock - Class A Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A common stock warrants
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)		95,034	95,034
Preferred stock warrants
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)		164,676	164,676
Class A common stock options granted and outstanding
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	3,005,809	1,883,938	1,065,984
Class A shares available for issuance under incentive plans
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	1,608,065	305,373	23,314
Convertible preferred stock
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)		10,705,829	5,040,369
Class B convertible common stock
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)		554,843	554,843

Warrants (Details)

Warrants (Details) - $ / shares	Mar. 21, 2024	Dec. 31, 2020	Oct. 31, 2020
December 2020 Warrants
Class of Warrant or Right [Line Items]
Warrants exchanged at closing of Merger (in shares)	95,034
December 2020 Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 1.04	$ 0.21
October 2020 Warrants \| Series A Preferred Stock
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)			$ 2.15

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 2,544	$ 331
2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, weighted average grant date fair value (in dollars per share)			$ 5.30	$ 3.62
Total			$ 1,343	$ 721
Unrecognized compensation cost			$ 4,300
2020 Plan, Early Exercise Provision
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares (in shares)			35,424	57,796
Stock Option \| 2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, granted period			10 years
Total			$ 1,300	$ 700
Unrecognized compensation cost, recognition period			2 years 8 months 12 days
Stock Option \| 2020 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock vesting period			3 years
Stock Option \| 2020 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock vesting period			4 years
Stock Option \| 2020 Plan, Early Exercise Provision
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Liability associated with early exercised stock options			$ 100	$ 100
Class A Common Stock \| 2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)			2,302,129

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - 2020 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, Beginning balance (in shares)	1,065,984
Granted (in shares)	817,954
Outstanding, Ending balance (in shares)	1,883,938	1,065,984
Exercisable (in shares)	1,468,367
Vested and expected to vest (in shares)	1,919,362
Weighted Average Exercise Price
Outstanding, Beginning balance (in dollars per share)	$ 1.88
Granted (in dollars per share)	6.24
Outstanding, Ending balance (in dollars per share)	3.76	$ 1.88
Exercisable (in dollars per share)	3.12
Vested and expected to vest (in dollars per share)	$ 3.76
Stock Options Additional Disclosures
Outstanding, Weighted Average Remaining Contractual Lives (years)	7 years 4 months 24 days	6 years 9 months 18 days
Exercisable, Weighted Average Remaining Contractual Lives (years)	6 years 10 months 24 days
Vested and expected to vest, Weighted Average Remaining Contractual Lives (years)	7 years 4 months 24 days
Outstanding, Aggregate Intrinsic Value (in thousands)	$ 18,691	$ 12,585
Exercisable, Aggregate Intrinsic Value (in thousands)	15,536
Vested and expected to vest, Aggregate Intrinsic Value (in thousands)	$ 19,054

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 2,544	$ 331
2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			$ 1,343	$ 721
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	1,988	235
Selling, general and administrative \| 2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			900	568
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 556	$ 96
Research and development \| 2020 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			$ 443	$ 153

Share-Based Compensation - Valu

Share-Based Compensation - Valuation Assumptions (Details) - Stock Option - 2020 Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	6 years	6 years
Expected volatility, minimum	92%	92.80%
Expected volatility, maximum	92.70%	96.60%
Risk free interest rate, minimum	3.90%	1.90%
Risk free interest rate, maximum	4.60%	4.20%
Expected dividend yield	0%	0%

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Class A Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,170,485	13,362,677	13,404,320	6,920,906
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	10,705,829	10,705,829	5,040,369
Class A common stock options granted and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,005,809	1,842,295	1,883,938	1,065,984
Class A common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			95,034	95,034
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	164,676	164,676	164,676
Class B convertible common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			554,843	554,843

Income Taxes - Summary of Provi

Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ (164)	$ 322
State	(15)	25
Total current	(179)	347
Deferred
Federal	0	0
State	0	0
Total deferred	0	0
Total income tax expense (benefit)	$ (179)	$ 347

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected tax benefit computed at federal statutory rate	$ (14,731)	$ (2,192)
State income taxes, net of federal tax benefit	(1,153)	(2)
Permanent differences	120	70
Research and development credit carryforwards	(5,472)	(1,788)
Reserve for uncertain tax positions	1,517	140
Other	(463)	203
Change in valuation allowance	20,003	3,916
Total income tax expense (benefit)	$ (179)	$ 347

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 3,975	$ 152
Research and development credit carryforwards	6,269	982
Capitalized research and development	15,282	5,044
Intangible assets	531	249
Share-based compensation	290	137
Other	463	220
Total deferred tax assets	26,810	6,784
Valuation allowance	(26,736)	(6,727)
Net deferred tax assets	74	57
Deferred tax liabilities
Other	(74)	(57)
Total deferred tax liabilities	74	57
Net deferred tax assets	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax asset, capitalized R&D costs, Tax Cuts and Jobs Act					$ 66,000,000
Valuation allowance					26,736,000	$ 6,727,000
Increase in valuation allowance					(20,000,000)
Net operating loss carryforward, subject to expiration					17,200,000
Net operating loss carryforward, subject to expiration					600,000
Income taxes, accruals for interest and penalties	$ 0		$ 0		0	0
Income taxes, interest or penalties expense	$ 0	$ 0	$ 0	$ 0	0	0
Unrecognized tax benefits					$ 1,700,000	100,000
Domestic Tax Authority
Income Tax Contingency [Line Items]
Amortization period					5 years
Net operating loss					$ 18,100,000
R&D credit carryforwards					6,500,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss						$ 17,900,000
R&D credit carryforwards					$ 500,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Amortization period					15 years

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes to Gross 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]
Balance at beginning of year	$ 131	$ 0
Increases related to prior year tax positions	6	28
Increases related to current year tax positions	1,816	103
Balance at end of year	$ 1,953	$ 131

License Agreements (Details)

License Agreements (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
License Agreements (Details) - USD ($) $ in Thousands	Mar. 21, 2024	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 0	$ 15,000
Sale of stock, number of shares issued (in shares)	15,409,102
Sale of stock, consideration received	$ 53,500
Ji Xing Pharmaceuticals Hong Kong Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				$ 15,000
Ji Xing Pharmaceuticals Hong Kong Limited \| License revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability		$ 15,000
Revenue, remaining performance obligation, variable consideration amount		$ 95,000
License Agreement, Significant Investor \| Series A-1 Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, number of shares issued (in shares)		2,950,548
Sale of stock, consideration received		$ 10,000

Employee Benefit Plan (Details)

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]
Contributions to 401(k) retirement plan	$ 0.2	$ 0.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
		Mar. 31, 2023	Oct. 31, 2022	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023		Dec. 31, 2022
Related Party Transaction [Line Items]
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs						$ 0	$ 82,976	$ 82,976		$ 30,133
Research and development						17,482	$ 22,964	59,504		21,125
Accounts payable				$ 4,406		4,406		5,711		$ 4,755
Related Party
Related Party Transaction [Line Items]
Research and development				100		200		300
Accounts payable				$ 0		$ 0		$ 300
Series A Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)	[1]									9,899,340
Series A Convertible Preferred Stock \| Director
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)			9,899,340
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs			$ 21,300
Class B Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)					28,019,181			28,019,181	[1]
Class B Convertible Preferred Stock \| Director
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)		22,146,905
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs		$ 66,000

[1] Retroactively recast for the reverse recapitalization as described in Note 1.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Jul. 17, 2024	Mar. 21, 2024	Feb. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Sale of stock, percentage of ownership following transaction		56%
Sale of stock, number of shares issued (in shares)		15,409,102
Sale of stock, consideration received		$ 53.5
Common stock, par value (in dollars per share)				$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)		3,559,565
Sale of stock, consideration received		$ 53.5
Graphite Bio, Inc. Stockholders
Subsequent Event [Line Items]
Sale of stock, percentage of ownership following transaction		31%
Subsequent Event
Subsequent Event [Line Items]
Pre-merger ownership percentage		65%
Sale of stock, percentage of ownership following transaction		56%
Sale of stock, number of shares issued (in shares)	1,578,947	15,409,184
Sale of stock, price per share (in dollars per share)	$ 19
Sale of stock, consideration received	$ 30	$ 53.5
Number of shares of common stock called by warrants (in shares)			95,034
Proceeds from warrant exercises			$ 0.1
Common stock, par value (in dollars per share)	$ 0.00001
Subsequent Event \| Graphite Bio, Inc. Stockholders
Subsequent Event [Line Items]
Pre-merger ownership percentage		35%
Subsequent Event \| Graphite Bio, Inc. \| Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)		3,559,565
Sale of stock, price per share (in dollars per share)		$ 15.03
Sale of stock, consideration received		$ 53.5
Subsequent Event \| Graphite Bio, Inc. Stockholders
Subsequent Event [Line Items]
Sale of stock, percentage of ownership following transaction		31%

10-Q Organization and Liquidi_2

10-Q Organization and Liquidity (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023		Dec. 31, 2022
Accounting Policies [Abstract]
Accumulated deficit	$ (122,147)	[1]	$ (95,245)	[1]	$ (25,277)
Existing cash, cash equivalents, and marketable securities	$ 196,100		$ 65,800

[1] Retroactively recast for the reverse recapitalization as described in Note 3.

10-Q Summary of Significant A_3

10-Q Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) yr	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) yr segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 21, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recapitalization exchange ratio							0.2022
Restricted cash	$ 114,000		$ 114,000		$ 0
Deferred offering costs	0		0		2,739,000	$ 0
Income taxes, accruals for interest and penalties	0		0		0	0
Income taxes, interest or penalties expense	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Number of operating segments \| segment			1
Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input					0.042	0.043
Measurement Input, Expected Dividend Rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0		0
Volatility rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input					0.840	0.700
Measurement Input, Exercise Price
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	10.64		10.64
Minimum \| Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0.044		0.044
Minimum \| Measurement Input, Expected Term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input \| yr	3.6		3.6
Minimum \| Volatility rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	1.030		1.030
Maximum \| Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	0.043		0.043
Maximum \| Measurement Input, Expected Term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input \| yr	4.1		4.1
Maximum \| Volatility rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, measurement input	1.040		1.040

10-Q Merger and Related Trans_2

10-Q Merger and Related Transactions (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Mar. 21, 2024 USD ($) member shares	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Reverse Recapitalization [Line Items]
Number of board of directors, former stockholders \| member	5
Number of board of directors, combined company \| member	7
Stock Issued During Period, Shares, New Issues \| shares	8,670,653
Recapitalization exchange ratio	0.2022
Sale of stock, number of shares issued (in shares) \| shares	15,409,102
Sale of stock, consideration received	$ 53,500
Sale of stock, percentage of ownership following transaction	56%
Cash and cash equivalents acquired	$ 112,600
Assets acquired	1,500
Payables and accruals acquired	3,200
Merger transaction costs	$ 5,200	$ 5,146
Acceleration of stock awards, expense			$ 300
Graphite Bio, Inc. Stockholders
Reverse Recapitalization [Line Items]
Sale of stock, percentage of ownership following transaction	31%
PIPE Investors
Reverse Recapitalization [Line Items]
Sale of stock, percentage of ownership following transaction	13%

10-Q Financial Instruments - Sc

10-Q Financial Instruments - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 14,317	$ 7,962
Total marketable securities measured at fair value	112,076	30,654
Preferred stock warrants liability	0	871	$ 994
Total liabilities measured at fair value	0	871	994
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	61,423	18,751
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	27,579	9,925
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	18,653	1,978
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	4,421
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Total marketable securities measured at fair value	18,653	1,978
Preferred stock warrants liability		0	0
Total liabilities measured at fair value		0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 1 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	18,653	1,978
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	14,317	7,962
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Total marketable securities measured at fair value	93,423	28,676
Preferred stock warrants liability		0	0
Total liabilities measured at fair value		0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	61,423	18,751
Level 2 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	27,579	9,925
Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	4,421
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	0	0
Total marketable securities measured at fair value	0	0
Preferred stock warrants liability		871	994
Total liabilities measured at fair value		871	$ 994
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0	0
Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities measured at fair value	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents measured at fair value	$ 0	$ 0

10-Q Financial Instruments - _2

10-Q Financial Instruments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 112,137	$ 30,646
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(61)	(3)
Estimated Fair Value	112,076	30,654
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	61,470	18,742
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(47)	0
Estimated Fair Value	61,423	18,751
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	18,658	1,977
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(5)	0
Estimated Fair Value	18,653	1,978
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	27,588	9,927
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(9)	(3)
Estimated Fair Value	27,579	$ 9,925
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	4,421
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value	$ 4,421

10-Q Financial Instruments - Na

10-Q Financial Instruments - Narrative (Details)	3 Months Ended	6 Months Ended
10-Q Financial Instruments - Narrative (Details)	Jun. 30, 2024 USD ($) position	Jun. 30, 2024 USD ($) position	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) position	Dec. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Number of marketable securities in a gross unrealized loss position \| position	36	36		3
Fair market value of marketable securities in unrealized loss position	$ 103,200,000	$ 103,200,000		$ 6,500,000
Marketable securities, gross unrealized loss	61,000	61,000		3,000
Fair value liabilities	0	0		$ 871,000	$ 994,000
Equity without a readily determinable fair value	1,300,000	1,300,000	$ 0
Downward adjustment	$ 0	$ 0

10-Q Financial Instruments - Pr

10-Q Financial Instruments - Preferred Stock Warrants Liability (Details) - Preferred Stock Warrants Liability - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 871	$ 994
Change in fair value	1,047	(123)
Conversion of preferred stock warrants liability to equity	(1,918)
Ending balance	$ 0	$ 871

10-Q Accrued Liabilities (Detai

10-Q Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expense	$ 937	$ 10,289	$ 3,192
Accrued payroll and related benefits	1,552	1,998	875
Operating lease liabilities, current	649	137	103
Other accrued liabilities	1,039	379	227
Total accrued liabilities	$ 4,177	$ 12,803	$ 4,744

10-Q Commitment and Contingen_3

10-Q Commitment and Contingencies - Narrative (Details) - demand_letter	3 Months Ended
	Mar. 20, 2024	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term		3 years	2 years 3 months 18 days
Operating lease liability, discount rate		7.70%	7%
Demand letters received	12

10-Q Commitment and Contingen_4

10-Q Commitment and Contingencies - Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 227	$ 155
2025	577	161
2026	511	41
2027	361
Total undiscounted lease payments	1,676	357
Less: Present value adjustment	(196)	(28)
Operating lease liability, net	$ 1,480	$ 329

10-Q Stockholders' Equity - Nar

10-Q Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 22, 2024 USD ($)	Mar. 21, 2024 USD ($) shares $ / shares	Feb. 29, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Jun. 30, 2024 vote $ / shares shares	Mar. 20, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares		Jun. 30, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares		Dec. 31, 2021 shares	[1]	Dec. 31, 2020 $ / shares shares	Oct. 31, 2020 $ / shares
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)						53,761,506	53,761,506
Temporary equity, par value (in dollars per share) \| $ / shares						$ 0.001	$ 0.001
Common stock, issued (in shares)					25,872,718		2,004,783				2,004,783
Common stock, outstanding (in shares)					25,845,671		1,969,360				1,946,988
Issuance of common stock to Graphite stockholders as a result of the Merger (in shares)		8,320,485
Sale of stock, number of shares issued (in shares)		15,409,102
Sale of stock, consideration received \| $		$ 53,500
Vote per share of common stock \| vote					1
Series A preferred stock warrants converted (in shares)		164,676
Reclassification of warrant liability to equity \| $	$ 1,900			$ 1,918
LENZ OpCo Preferred Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Shares issued, conversion of convertible preferred stock (in shares)		10,705,829
Class B Convertible Common Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Shares issued, conversion of convertible preferred stock (in shares)		554,843
Private Placement
Temporary Equity [Line Items]
Sale of stock, number of shares issued (in shares)		3,559,565
Sale of stock, consideration received \| $		$ 53,500
December 2020 Warrants
Temporary Equity [Line Items]
Warrants exercised, number of shares (in shares)			470,000												470,000
Proceeds from warrant exercises \| $			$ 100
Warrants exchanged at closing of Merger (in shares)		95,034
Warrants to purchase common stock
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares		$ 10.64
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)					0		22,791,777				22,791,777
Temporary equity, par value (in dollars per share) \| $ / shares					$ 0.001		$ 0.001				$ 0.001
Temporary equity, shares issued (in shares)					0	21,977,282	21,977,282				21,977,282
Temporary equity, shares outstanding (in shares)				0	0	21,977,282	21,977,282	[1],[2]	21,977,282	21,977,282	21,977,282	[1]	12,077,942
Liquidation preference \| $						$ 47,300	$ 47,300
Liquidation preference per share (in dollars per share) \| $ / shares						$ 2.15	$ 2.15
Conversion of convertible preferred stock (in shares)				21,977,282
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)					0		2,950,548				2,950,548
Temporary equity, par value (in dollars per share) \| $ / shares					$ 0.001		$ 0.001				$ 0.001
Temporary equity, shares issued (in shares)					0	2,950,548	2,950,548				2,950,548
Temporary equity, shares outstanding (in shares)				0	0	2,950,548	2,950,548	[1],[2]	2,950,548	2,950,548	2,950,548	[1]	0
Liquidation preference \| $						$ 10,000	$ 10,000
Liquidation preference per share (in dollars per share) \| $ / shares						$ 3.3892	$ 3.3892
Conversion of convertible preferred stock (in shares)				2,950,548
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares authorized (in shares)					0		28,019,181				28,019,181
Temporary equity, par value (in dollars per share) \| $ / shares					$ 0.001		$ 0.001				$ 0.001
Temporary equity, shares issued (in shares)					0	28,019,181	28,019,181				0
Temporary equity, shares outstanding (in shares)					0	28,019,181	28,019,181				0
Liquidation preference \| $						$ 83,500	$ 83,500
Liquidation preference per share (in dollars per share) \| $ / shares						$ 2.9801	$ 2.9801
Convertible preferred stock \| LENZ OpCo Preferred Stock Exchanged for Graphite Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock (in shares)		52,947,011
Class A Common Stock
Temporary Equity [Line Items]
Common stock, issued (in shares)						11,838,624	9,915,013
Common stock, outstanding (in shares)						11,668,867	9,739,818
Class A Common Stock \| December 2020 Warrants
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares		$ 1.04													$ 0.21
Class B convertible common stock
Temporary Equity [Line Items]
Temporary equity, shares issued (in shares)						2,744,184	2,744,184				2,744,184
Temporary equity, shares outstanding (in shares)						2,744,184	2,744,184				2,744,184
Class A Common Stock
Temporary Equity [Line Items]
Common stock, issued (in shares)		2,393,729
Common stock, outstanding (in shares)		2,359,408
Series A Preferred Stock \| October 2020 Warrants
Temporary Equity [Line Items]
Exercise price (in dollars per share) \| $ / shares																$ 2.15

[1] Retroactively recast for the reverse recapitalization as described in Note 1. Retroactively recast for the reverse recapitalization as described in Note 3.

10-Q Stockholders' Equity - Com

10-Q Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Warrants to purchase common stock
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	164,676
Class A common stock options granted and outstanding
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	3,005,809	1,883,938	1,065,984
Class A shares available for issuance under incentive plans
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	1,608,065	305,373	23,314
ESPP Shares Available for Future Grants
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	250,995

10-Q Stockholders' Equity - Sch

10-Q Stockholders' Equity - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Total	$ 2,544	$ 331
Selling, general and administrative
Class of Stock [Line Items]
Total	1,988	235
Research and development
Class of Stock [Line Items]
Total	$ 556	$ 96

10-Q Net Loss Per Share - Sched

10-Q Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,170,485	13,362,677	13,404,320	6,920,906
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	10,705,829	10,705,829	5,040,369
Class B convertible common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	554,843
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	164,676	164,676	164,676
Class A common stock options granted and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,005,809	1,842,295	1,883,938	1,065,984
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	164,676	95,034

10-Q License Agreements (Detail

10-Q License Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
10-Q License Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 0	$ 15,000
Ji Xing Pharmaceuticals Hong Kong Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		$ 15,000
Ji Xing Pharmaceuticals Hong Kong Limited \| License revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability			$ 15,000
Revenue, remaining performance obligation, variable consideration amount			$ 95,000

10-Q Related Party Transactio_2

10-Q Related Party Transactions (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 21, 2024	Mar. 31, 2023	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023		Dec. 31, 2022
Related Party Transaction [Line Items]
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs					$ 0	$ 82,976	$ 82,976		$ 30,133
Stock Issued During Period, Shares, New Issues	8,670,653
Research and development					17,482	$ 22,964	59,504		21,125
Accounts payable			$ 4,406		$ 4,406		5,711		$ 4,755
Investor
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues					3,343,330
Related Party
Related Party Transaction [Line Items]
Research and development			100		$ 200		300
Accounts payable			$ 0		$ 0		$ 300
Class B Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)				28,019,181			28,019,181	[1]
Class B Convertible Preferred Stock \| Director
Related Party Transaction [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)		22,146,905
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs		$ 66,000

[1] Retroactively recast for the reverse recapitalization as described in Note 1.

10-Q Subsequent Events - Narrat

10-Q Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 17, 2024	Mar. 21, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)		15,409,102
Common stock, par value (in dollars per share)			$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Sale of stock, consideration received		$ 53.5
Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	1,578,947	15,409,184
Common stock, par value (in dollars per share)	$ 0.00001
Sale of stock, consideration received	$ 30	$ 53.5
Sale of stock, price per share (in dollars per share)	$ 19