Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40544 | |
Entity Registrant Name | AEROVATE THERAPEUTICS, INC. | |
Entity Central Index Key | 0001798749 | |
Entity Tax Identification Number | 83-1377888 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 930 Winter Street | |
Entity Address, Address Line Two | Suite M-500 | |
Entity Address, City or Town | Waltham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02451 | |
City Area Code | 617 | |
Local Phone Number | 443-2400 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | AVTE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,649,226 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 60,901 | $ 22,397 |
Short-term investments | 89,195 | 106,823 |
Prepaid expenses and other current assets | 2,374 | 2,276 |
Total current assets | 152,470 | 131,496 |
Property and equipment, net | 245 | 242 |
Operating lease right-of-use assets | 811 | 1,003 |
Other long-term assets | 2,229 | 2,560 |
Total assets | 155,755 | 135,301 |
Current liabilities: | ||
Accounts payable | 5,529 | 2,575 |
Accrued and other current liabilities | 7,376 | 4,822 |
Operating lease liabilities | 379 | 385 |
Total current liabilities | 13,284 | 7,782 |
Operating lease liabilities, net of current portion | 476 | 705 |
Other liabilities | 69 | 71 |
Total liabilities | 13,829 | 8,558 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | ||
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 27,601,098 and 24,722,974 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3 | 2 |
Additional paid-in capital | 265,594 | 215,110 |
Accumulated other comprehensive loss | (223) | (466) |
Accumulated deficit | (123,448) | (87,903) |
Total stockholders' equity | 141,926 | 126,743 |
Total liabilities and stockholders' equity | $ 155,755 | $ 135,301 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,601,098 | 24,722,974 |
Common stock, shares outstanding | 27,601,098 | 24,722,974 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 16,034 | $ 8,363 | $ 29,522 | $ 15,618 |
General and administrative | 4,302 | 3,852 | 8,453 | 7,615 |
Total operating expenses | 20,336 | 12,215 | 37,975 | 23,233 |
Loss from operations | (20,336) | (12,215) | (37,975) | (23,233) |
Other income (expense): | ||||
Interest income | 1,312 | 230 | 2,432 | 338 |
Other expense | (1) | (6) | (2) | (6) |
Total other income | 1,311 | 224 | 2,430 | 332 |
Net loss | (19,025) | (11,991) | (35,545) | (22,901) |
Comprehensive loss: | ||||
Net loss | (19,025) | (11,991) | (35,545) | (22,901) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on securities | (22) | (141) | 243 | (726) |
Comprehensive loss | $ (19,047) | $ (12,132) | $ (35,302) | $ (23,627) |
Net loss per share, basic | $ (0.76) | $ (0.49) | $ (1.42) | $ (0.94) |
Net loss per share, diluted | $ (0.76) | $ (0.49) | $ (1.42) | $ (0.94) |
Weighted-average shares of common stock outstanding, basic | 25,166,505 | 24,410,503 | 24,973,250 | 24,410,448 |
Weighted-average shares of common stock outstanding, diluted | 25,166,505 | 24,410,503 | 24,973,250 | 24,410,448 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Gain/(Loss) | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2021 | 24,410,393 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 2 | $ 208,867 | $ (59) | $ (36,392) | $ 172,418 |
Unrealized loss on investments | (585) | (585) | |||
Stock based compensation | 1,024 | 1,024 | |||
Net loss | (10,910) | (10,910) | |||
Ending balance, shares at Mar. 31, 2022 | 24,410,393 | ||||
Ending balance, value at Mar. 31, 2022 | $ 2 | 209,891 | (644) | (47,302) | 161,947 |
Beginning balance, shares at Dec. 31, 2021 | 24,410,393 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 2 | 208,867 | (59) | (36,392) | 172,418 |
Net loss | (22,901) | ||||
Ending balance, shares at Jun. 30, 2022 | 24,418,434 | ||||
Ending balance, value at Jun. 30, 2022 | $ 2 | 211,129 | (785) | (59,293) | 151,053 |
Beginning balance, shares at Mar. 31, 2022 | 24,410,393 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 2 | 209,891 | (644) | (47,302) | 161,947 |
Unrealized loss on investments | (141) | (141) | |||
Issuance of common stock upon exercise of stock options | 14 | 14 | |||
Issuance of common stock upon exercise of stock options (in shares) | 8,041 | ||||
Stock based compensation | 1,224 | 1,224 | |||
Net loss | (11,991) | (11,991) | |||
Ending balance, shares at Jun. 30, 2022 | 24,418,434 | ||||
Ending balance, value at Jun. 30, 2022 | $ 2 | 211,129 | (785) | (59,293) | 151,053 |
Beginning balance, shares at Dec. 31, 2022 | 24,722,974 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 2 | 215,110 | (466) | (87,903) | 126,743 |
Unrealized gain on investments | 265 | 265 | |||
Issuance of common stock upon exercise of stock options | 223 | 223 | |||
Issuance of common stock upon exercise of stock options (in shares) | 93,966 | ||||
Stock based compensation | 2,384 | 2,384 | |||
Net loss | (16,520) | (16,520) | |||
Ending balance, shares at Mar. 31, 2023 | 24,816,940 | ||||
Ending balance, value at Mar. 31, 2023 | $ 2 | 217,717 | (201) | (104,423) | 113,095 |
Beginning balance, shares at Dec. 31, 2022 | 24,722,974 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 2 | 215,110 | (466) | (87,903) | $ 126,743 |
Issuance of common stock upon exercise of stock options (in shares) | 200,722 | ||||
Net loss | $ (35,545) | ||||
Ending balance, shares at Jun. 30, 2023 | 27,601,098 | ||||
Ending balance, value at Jun. 30, 2023 | $ 3 | 265,594 | (223) | (123,448) | 141,926 |
Beginning balance, shares at Mar. 31, 2023 | 24,816,940 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 2 | 217,717 | (201) | (104,423) | 113,095 |
Unrealized loss on investments | (22) | (22) | |||
Issuance of common stock in connection with ATM, net | $ 1 | 44,282 | 44,283 | ||
Issuance of common stock in connection with ATM, net, shares | 2,662,721 | ||||
Issuance of common stock upon exercise of stock options | 333 | 333 | |||
Issuance of common stock upon exercise of stock options (in shares) | 106,756 | ||||
Issuance of common stock under ESPP | 228 | 228 | |||
Issuance of common stock under ESPP, shares | 13,866 | ||||
Vesting of restricted stock units, shares | 815 | ||||
Stock based compensation | 3,034 | 3,034 | |||
Net loss | (19,025) | (19,025) | |||
Ending balance, shares at Jun. 30, 2023 | 27,601,098 | ||||
Ending balance, value at Jun. 30, 2023 | $ 3 | $ 265,594 | $ (223) | $ (123,448) | $ 141,926 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities: | ||
Net loss | $ (35,545) | $ (22,901) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 5,418 | 2,248 |
Depreciation and amortization expense | 43 | 28 |
Accretion of discounts and amortization of premiums on investments, net | (1,310) | (32) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (98) | 5,493 |
Other long-term assets | (55) | (428) |
Accounts payable | 2,894 | 875 |
Accrued and other liabilities | 2,554 | 191 |
Operating lease assets and liabilities, net | (43) | (11) |
Other liabilities | (225) | |
Net cash used in operating activities | (26,367) | (14,537) |
Cash flow from investing activities: | ||
Purchases of short-term investments | (48,346) | (71,791) |
Maturities of short-term investments | 67,750 | 59,744 |
Purchases of property and equipment | (46) | (158) |
Net cash provided by (used in) investing activities | 19,358 | (12,205) |
Cash flow from financing activities: | ||
Proceeds from sale of common stock in connection with ATM, net | 44,888 | |
Payments for offering costs | (159) | |
Proceeds from issuance of common stock under ESPP | 228 | |
Proceeds from issuance of common stock upon exercise of stock options | 556 | 2 |
Net cash provided by financing activities | 45,513 | 2 |
Net increase (decrease) in cash and cash equivalents | 38,504 | (26,740) |
Cash and cash equivalents at the beginning of the year | 22,397 | 54,197 |
Cash and cash equivalents at the end of the period | 60,901 | 27,457 |
Supplemental disclosure of noncash investing and financing activities: | ||
Right-of-use asset obtained in exchange for operating lease liability | 765 | |
Offering costs included in accounts payable | $ 75 | $ 1 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2023 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
ORGANIZATION AND NATURE OF OPERATIONS | (1) ORGANIZATION AND NATURE OF OPERATIONS (a) Organization and Nature of Operations Aerovate Therapeutics, Inc. (“Aerovate” or the “Company”) was incorporated in the state of Delaware in July 2018, and is headquartered in Waltham, Massachusetts. The Company has a wholly owned subsidiary, Aerovate Securities Corporation. The Company is a clinical-stage biopharmaceutical company that is focused on the development of drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. The Company’s initial focus is on advancing AV-101, the Company’s dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (“PAH”). The Company initiated a global Phase 2b/Phase 3 trial of AV-101 in adults with PAH in December 2021. (b) At-the-Market Offering On April 5, 2023, the Company entered into an ATM Equity Offering SM (c) Liquidity and Management Plans Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations and has not realized revenues from its planned principal operations. The Company has incurred losses and negative cash flows from operations since inception. In addition, the Company expects to incur substantial operating losses for the next several years as it continues its research and development activities. As of June 30, 2023, the Company had cash, cash equivalents and available-for-sale securities of $150.1 million. Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed to undertake these activities. The Company intends to raise such capital through debt or equity financings or other arrangements to fund operations. Management believes that the Company’s current cash, cash equivalents and available-for-sale securities will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | (2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022. 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”). (b) Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. (c) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (19,025) $ (11,991) $ (35,545) $ (22,901) Net loss available to common stockholders $ (19,025) $ (11,991) $ (35,545) $ (22,901) Denominator: Weighted-average common stock outstanding, basic and diluted 25,166,505 24,410,503 24,973,250 24,410,448 Net loss per share, basic and diluted $ (0.76) $ (0.49) $ (1.42) $ (0.94) Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): As of June 30, 2023 2022 Options to purchase common stock 5,158,609 3,953,390 Unvested restricted stock units 31,066 1,631 5,189,675 3,955,021 (d) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (3) FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (level 3) Assets: Cash equivalents Money market funds $ 44,750 $ 44,750 $ — $ — Commercial paper 4,992 — 4,992 — Total cash equivalents 49,742 44,750 4,992 — Short-term investments Commercial paper 47,750 — 47,750 — Agency bonds 38,458 — 38,458 — U.S. Treasury bills 2,987 2,987 — — Total short-term investments 89,195 2,987 86,208 — Total fair value of assets $ 138,937 $ 47,737 $ 91,200 $ — Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (level 3) Assets: Cash equivalents Money market funds $ 18,436 $ 18,436 $ — $ — Total cash equivalents 18,436 18,436 — — Short-term investments Commercial paper 55,577 — 55,577 — U.S. Treasury bills 26,841 26,841 — — Agency Bonds 24,405 — 24,405 — Total short-term investments 106,823 26,841 79,982 — Total fair value of assets $ 125,259 $ 45,277 $ 79,982 $ — Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and commercial paper, and short-term investments consisted of U.S. Treasury bills, agency bonds and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The following tables summarize the Company’s short-term investments (in thousands): As of June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated fair Maturity cost gains losses value Commercial paper 1 year or less 47,827 2 (79) 47,750 U.S. Treasury bills 2 years or less 2,995 — (9) 2,986 Agency bonds 2 years or less 38,596 — (137) 38,459 $ 89,418 $ 2 $ (225) $ 89,195 As of December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated fair Maturity cost gains losses value Commercial paper 1 year or less $ 55,645 $ 16 $ (84) $ 55,577 U.S. Treasury bills 1 year or less 27,108 — (267) 26,841 Agency bonds 2 years or less 24,536 2 (133) 24,405 $ 107,289 $ 18 $ (484) $ 106,823 The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands): As of June 30, 2023 Less than 12 months 12 months or Greater Unrealized Unrealized Total Total Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Commercial paper $ 37,293 $ (79) $ — $ — $ 37,293 $ (79) U.S. Treasury bills 2,193 (9) — — 2,193 (9) Agency bonds 32,957 (132) 5,501 (5) 38,458 (137) $ 72,443 $ (220) $ 5,501 $ (5) $ 77,944 $ (225) As of December 31, 2022 Less than 12 months 12 months or Greater Unrealized Unrealized Total Total Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Commercial paper $ 34,928 $ (84) $ — $ — $ 34,928 $ (84) U.S. Treasury bills 1,971 (6) 24,833 (261) 26,804 (267) Agency bonds 22,964 (133) — — 22,964 (133) $ 59,863 $ (223) $ 24,833 $ (261) $ 84,696 $ (484) The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of June 30, 2023 and December 31, 2022 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. As of June 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the six months ended June 30, 2023, the Company did not recognize any impairment losses related to its short-term investments. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive gain (loss). Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. Accrued interest receivable related to short-term investments was $0.5 million as of June 30, 2023 and $0.3 million as of December 31, 2022. |
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS | 6 Months Ended |
Jun. 30, 2023 | |
BALANCE SHEET COMPONENTS | |
BALANCE SHEET COMPONENTS | (4) BALANCE SHEET COMPONENTS Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2023 2022 Prepaid expenses $ 2,185 $ 1,503 Prepaid research and development 189 478 Other current assets — 295 Total prepaid expenses and other current assets $ 2,374 $ 2,276 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development $ 5,268 $ 2,751 Accrued payroll and other employee benefits 1,525 1,691 Other 583 380 Total accrued and other current liabilities $ 7,376 $ 4,822 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | (5) COMMITMENTS AND CONTINGENCIES In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 square feet of office space in Waltham, Massachusetts for the Company’s corporate headquarters. The Waltham Lease has a term of thirty-nine months (“Lease Term”), unless extended or earlier terminated. The Company has the option to extend the Waltham Lease for one additional period of three years. The Lease Term has an initial abatement period, and the initial base rent payable will be approximately $18,000 per month following the abatement period. The initial base rent payable will increase by approximately 2% per year over the Lease Term. The Waltham Lease commencement date was September 1, 2021. In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 square feet of office space in Foster City, California. The Foster City Lease has a term of thirty-nine months, unless extended or earlier terminated. The Company has the option to extend the Foster City Lease for an additional period of one year. The base rent payable under the Lease Term will be $22,600 per month and will be subject to annual increase of 3% on each anniversary. As of June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): Total Minimum Lease Payments 2023 $ 162 2024 508 2025 242 Total operating lease payments 912 Less: Amount representing interest (57) Present value of net minimum lease payments $ 855 As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases as of June 30, 2023 and as of December 31, 2022 were as follows (in thousands except lease term and discount rate): June 30, December 31, Operating lease liabilities: 2023 2022 Current 379 385 Non-current 476 705 Total lease liabilities $ 855 $ 1,090 Weighted-average remaining lease term (in years) 2.0 2.4 Weighted-average incremental borrowing rate 6 % 6 % Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): Six months ended June 30, 2023 2022 Cash paid included in operating cash flows $ 246 $ 113 Rent expense was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating lease $ 111 $ 92 $ 221 $ 142 Short-term lease — 11 — 46 Total rent expense $ 111 $ 103 $ 221 $ 188 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | (6) STOCKHOLDERS’ EQUITY On July 2, 2021, the Company’s certificate of amendment to its certificate of incorporation became effective, which provided 150,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of undesignated preferred stock with a par value of $0.0001 per share. In August 2018, the Company issued 241,467 shares of common stock to RA Capital Healthcare Fund, L.P. at a price of $0.0012 per share. On July 2, 2021, in conjunction with the Company’s initial public offering, or IPO, the Company issued 9,984,463 shares of its common stock and all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. As of June 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: June 30, 2023 Common stock options granted and outstanding 5,158,609 Shares reserved for issuance under the 2021 Plan 776,157 Reserved for vesting of outstanding restricted stock units 31,066 Reserved for future ESPP issuances 449,494 Total 6,415,326 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2023 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | (7) STOCK-BASED COMPENSATION (a) Stock Option Plan The Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors and approved by the Company’s stockholders in June 2021 and became effective as of June 29, 2021. Upon the effectiveness of the 2021 Plan, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) was terminated and no further grants may be made thereunder. The Company’s 2021 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors. As of June 30, 2023, a total of 4,565,333 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 4% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 976,415 and 988,918 shares, effective January 1, 2022 and January 1, 2023, respectively, as determined by the Company’s board of directors. Any shares subject to awards granted under the 2021 Plan or the 2018 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2021 Plan. As of June 30, 2023, 3,741,678 options had been granted under the 2021 Plan, with 776,157 shares authorized under the 2021 Plan available for future issuance. As of June 30, 2023, a total of 1,416,931 options had been granted and were outstanding under the 2018 Plan. The options that are granted under the 2021 Plan and the 2018 Plan are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant. The vesting period generally occurs over three The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the six months ended June 30, 2023: Weighted- Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (in years) (in thousands) Vested and expected to vest at December 31, 2022 4,110,219 $ 9.23 8.46 $ 82,490 Granted 1,336,001 24.01 Exercised (200,722) 2.77 Cancelled/Forfeited (86,889) 9.62 Outstanding at June 30, 2023 5,158,609 $ 13.30 8.58 29,918 Vested and exercisable at June 30, 2023 1,542,769 9.71 8.16 12,211 Vested and expected to vest at June 30, 2023 5,158,609 13.30 8.58 29,918 The weighted-average grant date fair value of stock option grants was $16.28 per share for the six months ended June 30, 2023. All exercisable options are vested and all outstanding options are vested or expected to vest. As of June 30, 2023, there was approximately $33.8 million of total unrecognized stock-based compensation expense related to unvested stock options granted under the 2021 Plan and 2018 Plan, which is expected to be recognized over a weighted-average period of approximately 2.6 years. (b) Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board of directors and stockholders in June 2021 and became effective upon the consummation of the IPO. A total of 230,000 shares of the Company’s common stock was initially available for issuance under the ESPP. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 1% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 247,229 shares effective January 1, 2023 as determined by the Company’s board of directors. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of June 30, 2023, 27,735 shares had been issued under the ESPP, and 449,494 shares authorized under the ESPP Plan were available for issuance. (c) Restricted Stock Units As of June 30, 2023, 31,881 restricted stock units had been awarded under the 2021 Plan. A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the six months ended June 30, 2023 was as follows: Weighted- Average Grant Date Fair Value Units Per Unit Unvested restricted stock units as of December 31, 2022 28,881 $ 21.62 Granted 3,000 24.58 Vested (815) 12.26 Forfeited — — Unvested restricted stock units as of June 30, 2023 31,066 $ 22.15 Stock-based compensation of restricted stock units is based on the fair value of the Company’s common stock on the date of grant and recognized over the vesting period. The vesting period generally occurs over three As of June 30, 2023, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years. (d) Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.5 - 6.1 5.5 - 6.1 5.3 - 6.1 5.5 - 6.1 Expected volatility 73.9 - 76.3 % 73.8 - 76.5 % 73.9 - 76.7 % 73.6 - 76.5 % Risk-free interest rate 3.6 - 3.8 % 2.5 - 3.4 % 3.5 - 4.3 % 1.6 - 3.4 % Expected dividend — — — — Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 1,682 $ 445 $ 2,981 $ 701 General and administrative 1,352 779 2,437 1,547 Total $ 3,034 $ 1,224 $ 5,418 $ 2,248 Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options $ 2,940 $ 1,206 $ 5,229 $ 2,230 Restricted stock awards and units 51 — 99 — Employee stock purchase plan awards 43 18 90 18 Total $ 3,034 $ 1,224 $ 5,418 $ 2,248 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022. 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 | (b) Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. |
Net Loss Per Share | (c) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (19,025) $ (11,991) $ (35,545) $ (22,901) Net loss available to common stockholders $ (19,025) $ (11,991) $ (35,545) $ (22,901) Denominator: Weighted-average common stock outstanding, basic and diluted 25,166,505 24,410,503 24,973,250 24,410,448 Net loss per share, basic and diluted $ (0.76) $ (0.49) $ (1.42) $ (0.94) Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): As of June 30, 2023 2022 Options to purchase common stock 5,158,609 3,953,390 Unvested restricted stock units 31,066 1,631 5,189,675 3,955,021 |
Recently Issued and Recently Adopted Accounting Pronouncements | (d) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
SCHEDULE OF NET LOSS PER SHARE | The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (19,025) $ (11,991) $ (35,545) $ (22,901) Net loss available to common stockholders $ (19,025) $ (11,991) $ (35,545) $ (22,901) Denominator: Weighted-average common stock outstanding, basic and diluted 25,166,505 24,410,503 24,973,250 24,410,448 Net loss per share, basic and diluted $ (0.76) $ (0.49) $ (1.42) $ (0.94) |
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE | Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): As of June 30, 2023 2022 Options to purchase common stock 5,158,609 3,953,390 Unvested restricted stock units 31,066 1,631 5,189,675 3,955,021 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
SCHEDULE OF FAIR VALUE INSTRUMENTS | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (level 3) Assets: Cash equivalents Money market funds $ 44,750 $ 44,750 $ — $ — Commercial paper 4,992 — 4,992 — Total cash equivalents 49,742 44,750 4,992 — Short-term investments Commercial paper 47,750 — 47,750 — Agency bonds 38,458 — 38,458 — U.S. Treasury bills 2,987 2,987 — — Total short-term investments 89,195 2,987 86,208 — Total fair value of assets $ 138,937 $ 47,737 $ 91,200 $ — Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (level 3) Assets: Cash equivalents Money market funds $ 18,436 $ 18,436 $ — $ — Total cash equivalents 18,436 18,436 — — Short-term investments Commercial paper 55,577 — 55,577 — U.S. Treasury bills 26,841 26,841 — — Agency Bonds 24,405 — 24,405 — Total short-term investments 106,823 26,841 79,982 — Total fair value of assets $ 125,259 $ 45,277 $ 79,982 $ — |
SCHEDULE OF SHORT TERM INVESTMENT | The following tables summarize the Company’s short-term investments (in thousands): As of June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated fair Maturity cost gains losses value Commercial paper 1 year or less 47,827 2 (79) 47,750 U.S. Treasury bills 2 years or less 2,995 — (9) 2,986 Agency bonds 2 years or less 38,596 — (137) 38,459 $ 89,418 $ 2 $ (225) $ 89,195 As of December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated fair Maturity cost gains losses value Commercial paper 1 year or less $ 55,645 $ 16 $ (84) $ 55,577 U.S. Treasury bills 1 year or less 27,108 — (267) 26,841 Agency bonds 2 years or less 24,536 2 (133) 24,405 $ 107,289 $ 18 $ (484) $ 106,823 |
SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES | The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands): As of June 30, 2023 Less than 12 months 12 months or Greater Unrealized Unrealized Total Total Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Commercial paper $ 37,293 $ (79) $ — $ — $ 37,293 $ (79) U.S. Treasury bills 2,193 (9) — — 2,193 (9) Agency bonds 32,957 (132) 5,501 (5) 38,458 (137) $ 72,443 $ (220) $ 5,501 $ (5) $ 77,944 $ (225) As of December 31, 2022 Less than 12 months 12 months or Greater Unrealized Unrealized Total Total Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Commercial paper $ 34,928 $ (84) $ — $ — $ 34,928 $ (84) U.S. Treasury bills 1,971 (6) 24,833 (261) 26,804 (267) Agency bonds 22,964 (133) — — 22,964 (133) $ 59,863 $ (223) $ 24,833 $ (261) $ 84,696 $ (484) |
BALANCE SHEET COMPONENTS (Table
BALANCE SHEET COMPONENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
BALANCE SHEET COMPONENTS | |
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2023 2022 Prepaid expenses $ 2,185 $ 1,503 Prepaid research and development 189 478 Other current assets — 295 Total prepaid expenses and other current assets $ 2,374 $ 2,276 |
SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES | Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development $ 5,268 $ 2,751 Accrued payroll and other employee benefits 1,525 1,691 Other 583 380 Total accrued and other current liabilities $ 7,376 $ 4,822 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES | As of June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): Total Minimum Lease Payments 2023 $ 162 2024 508 2025 242 Total operating lease payments 912 Less: Amount representing interest (57) Present value of net minimum lease payments $ 855 |
SCHEDULE OF SUPPLEMENTAL CASH FLOW | As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases as of June 30, 2023 and as of December 31, 2022 were as follows (in thousands except lease term and discount rate): June 30, December 31, Operating lease liabilities: 2023 2022 Current 379 385 Non-current 476 705 Total lease liabilities $ 855 $ 1,090 Weighted-average remaining lease term (in years) 2.0 2.4 Weighted-average incremental borrowing rate 6 % 6 % Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): Six months ended June 30, 2023 2022 Cash paid included in operating cash flows $ 246 $ 113 |
SCHEDULE OF RENT EXPENSES | Rent expense was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating lease $ 111 $ 92 $ 221 $ 142 Short-term lease — 11 — 46 Total rent expense $ 111 $ 103 $ 221 $ 188 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
STOCKHOLDERS' EQUITY | |
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE | As of June 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: June 30, 2023 Common stock options granted and outstanding 5,158,609 Shares reserved for issuance under the 2021 Plan 776,157 Reserved for vesting of outstanding restricted stock units 31,066 Reserved for future ESPP issuances 449,494 Total 6,415,326 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
STOCK-BASED COMPENSATION | |
SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN | Weighted- Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (in years) (in thousands) Vested and expected to vest at December 31, 2022 4,110,219 $ 9.23 8.46 $ 82,490 Granted 1,336,001 24.01 Exercised (200,722) 2.77 Cancelled/Forfeited (86,889) 9.62 Outstanding at June 30, 2023 5,158,609 $ 13.30 8.58 29,918 Vested and exercisable at June 30, 2023 1,542,769 9.71 8.16 12,211 Vested and expected to vest at June 30, 2023 5,158,609 13.30 8.58 29,918 |
SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY | Weighted- Average Grant Date Fair Value Units Per Unit Unvested restricted stock units as of December 31, 2022 28,881 $ 21.62 Granted 3,000 24.58 Vested (815) 12.26 Forfeited — — Unvested restricted stock units as of June 30, 2023 31,066 $ 22.15 |
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.5 - 6.1 5.5 - 6.1 5.3 - 6.1 5.5 - 6.1 Expected volatility 73.9 - 76.3 % 73.8 - 76.5 % 73.9 - 76.7 % 73.6 - 76.5 % Risk-free interest rate 3.6 - 3.8 % 2.5 - 3.4 % 3.5 - 4.3 % 1.6 - 3.4 % Expected dividend — — — — |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS | Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 1,682 $ 445 $ 2,981 $ 701 General and administrative 1,352 779 2,437 1,547 Total $ 3,034 $ 1,224 $ 5,418 $ 2,248 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options $ 2,940 $ 1,206 $ 5,229 $ 2,230 Restricted stock awards and units 51 — 99 — Employee stock purchase plan awards 43 18 90 18 Total $ 3,034 $ 1,224 $ 5,418 $ 2,248 |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Apr. 05, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of common stock | $ 44,888 | ||
Deferring offering costs into additional paid in capital | 600 | ||
Cash and cash equivalents and short term investment | $ 150,100 | ||
BofA Securities, Inc. | |||
Subsidiary, Sale of Stock [Line Items] | |||
Aggregate amount of shares | $ 75,000 | ||
Shares sold | 2,662,721 | ||
Proceeds from issuance of common stock | $ 44,300 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||||||
Net loss | $ (19,025) | $ (16,520) | $ (11,991) | $ (10,910) | $ (35,545) | $ (22,901) |
Net loss available to common stockholders | $ (19,025) | $ (11,991) | $ (35,545) | $ (22,901) | ||
Weighted-average common stock outstanding, basic | 25,166,505 | 24,410,503 | 24,973,250 | 24,410,448 | ||
Weighted-average common stock outstanding, diluted | 25,166,505 | 24,410,503 | 24,973,250 | 24,410,448 | ||
Net loss per share, basic | $ (0.76) | $ (0.49) | $ (1.42) | $ (0.94) | ||
Net loss per share, diluted | $ (0.76) | $ (0.49) | $ (1.42) | $ (0.94) |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 5,189,675 | 3,955,021 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 5,158,609 | 3,953,390 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 31,066 | 1,631 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | $ 89,195 | $ 106,823 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 49,742 | 18,436 |
Total short-term investments | 89,195 | 106,823 |
Total fair value of assets | 138,937 | 125,259 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 44,750 | 18,436 |
Total short-term investments | 2,987 | 26,841 |
Total fair value of assets | 47,737 | 45,277 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 4,992 | |
Total short-term investments | 86,208 | 79,982 |
Total fair value of assets | 91,200 | 79,982 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | ||
Total short-term investments | ||
Total fair value of assets | ||
Money market funds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 44,750 | 18,436 |
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 44,750 | 18,436 |
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | ||
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | ||
Commercial paper | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 4,992 | |
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 4,992 | |
Commercial paper | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 47,750 | 55,577 |
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | ||
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 47,750 | 55,577 |
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | ||
U.S. Treasury bills | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 2,987 | 26,841 |
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 2,987 | 26,841 |
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | ||
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | ||
Agency bonds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 38,458 | 24,405 |
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | ||
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | $ 38,458 | 24,405 |
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Amortized cost | $ 89,418 | $ 107,289 |
Gross unrealized gains | 2 | 18 |
Gross unrealized loss | (225) | (484) |
Estimated fair value | 89,195 | 106,823 |
Short-Term Investments | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Accrued interest receivable | 500 | 300 |
Commercial paper | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Amortized cost | 47,827 | 55,645 |
Gross unrealized gains | 2 | 16 |
Gross unrealized loss | (79) | (84) |
Estimated fair value | 47,750 | 55,577 |
U.S. Treasury bills | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Amortized cost | 2,995 | 27,108 |
Gross unrealized gains | ||
Gross unrealized loss | (9) | (267) |
Estimated fair value | 2,986 | 26,841 |
Agency bonds | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Amortized cost | 38,596 | 24,536 |
Gross unrealized gains | 2 | |
Gross unrealized loss | (137) | (133) |
Estimated fair value | $ 38,459 | $ 24,405 |
Maximum | Commercial paper | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Maturity term | 1 year | 1 year |
Maximum | U.S. Treasury bills | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Maturity term | 2 years | 1 year |
Maximum | Agency bonds | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Maturity term | 2 years | 2 years |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Short-term investments, Less than 12 months, Fair Value | $ 72,443 | $ 59,863 |
Short-term investments, Less than 12 months, Unrealized Losses | (220) | (223) |
Short-term investments, 12 months or Greater, Fair Value | 5,501 | 24,833 |
Short-term investments, 12 months or Greater, Unrealized Losses | (5) | (261) |
Short-term investments, Total Fair Value | 77,944 | 84,696 |
Short-term investments, Total Unrealized Losses | (225) | (484) |
Commercial paper | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Short-term investments, Less than 12 months, Fair Value | 37,293 | 34,928 |
Short-term investments, Less than 12 months, Unrealized Losses | (79) | (84) |
Short-term investments, Total Fair Value | 37,293 | 34,928 |
Short-term investments, Total Unrealized Losses | (79) | (84) |
U.S. Treasury bills | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Short-term investments, Less than 12 months, Fair Value | 2,193 | 1,971 |
Short-term investments, Less than 12 months, Unrealized Losses | (9) | (6) |
Short-term investments, 12 months or Greater, Fair Value | 24,833 | |
Short-term investments, 12 months or Greater, Unrealized Losses | (261) | |
Short-term investments, Total Fair Value | 2,193 | 26,804 |
Short-term investments, Total Unrealized Losses | (9) | (267) |
Agency bonds | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Short-term investments, Less than 12 months, Fair Value | 32,957 | 22,964 |
Short-term investments, Less than 12 months, Unrealized Losses | (132) | (133) |
Short-term investments, 12 months or Greater, Fair Value | 5,501 | |
Short-term investments, 12 months or Greater, Unrealized Losses | (5) | |
Short-term investments, Total Fair Value | 38,458 | 22,964 |
Short-term investments, Total Unrealized Losses | $ (137) | $ (133) |
BALANCE SHEET COMPONENTS - SCHE
BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
BALANCE SHEET COMPONENTS | ||
Prepaid expenses | $ 2,185 | $ 1,503 |
Prepaid research and development | 189 | 478 |
Other current assets | 295 | |
Total prepaid expenses and other current assets | $ 2,374 | $ 2,276 |
BALANCE SHEET COMPONENTS - SC_2
BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
BALANCE SHEET COMPONENTS | ||
Accrued research and development | $ 5,268 | $ 2,751 |
Accrued payroll and other employee benefits | 1,525 | 1,691 |
Other | 583 | 380 |
Total accrued and other current liabilities | $ 7,376 | $ 4,822 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | |
Apr. 30, 2022 USD ($) ft² | Aug. 31, 2021 USD ($) ft² | |
Lessee, Lease, Description [Line Items] | ||
Lease, option to extend | true | |
Waltham Lease | ||
Lessee, Lease, Description [Line Items] | ||
Area of land | ft² | 5,000 | |
Operating lease term | 39 months | |
Renewal term | 3 years | |
Payment for rent | $ | $ 18,000 | |
Lease rent percentage | 2% | |
Foster City Lease | ||
Lessee, Lease, Description [Line Items] | ||
Area of land | ft² | 3,500 | |
Operating lease term | 39 months | |
Renewal term | 1 year | |
Payment for rent | $ | $ 22,600 | |
Lease rent percentage | 3% |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
COMMITMENTS AND CONTINGENCIES | ||
2023 | $ 162 | |
2024 | 508 | |
2025 | 242 | |
Total operating lease payments | 912 | |
Less: Amount representing interest | (57) | |
Present value of net minimum lease payments | 855 | $ 1,090 |
Operating lease liabilities: | ||
Current | 379 | 385 |
Non-current | $ 476 | $ 705 |
Weighted-average remaining lease term (in years) | 2 years | 2 years 4 months 24 days |
Weighted-average incremental borrowing rate | 6% | 6% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | ||
Cash paid included in operating cash flows | $ 246 | $ 113 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | ||||
Operating lease | $ 111 | $ 92 | $ 221 | $ 142 |
Short-term lease | 11 | 46 | ||
Total rent expense | $ 111 | $ 103 | $ 221 | $ 188 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) | 1 Months Ended | |||
Jul. 02, 2021 $ / shares shares | Aug. 31, 2018 $ / shares shares | Jun. 30, 2023 Vote $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Conversion of stock shares issued | 14,182,854 | |||
IPO | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of shares issued | 9,984,463 | |||
RA Capital Healthcare Fund, L.P | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Share price | $ / shares | $ 0.0012 | |||
Number of shares issued | 241,467 | |||
Number of votes for each share of common stock | Vote | 1 |
STOCKHOLDERS' EQUITY - SCHEDULE
STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details) | Jun. 30, 2023 shares |
Subsidiary, Sale of Stock [Line Items] | |
Common stock reserved for future issuance | 6,415,326 |
Common Stock | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock reserved for future issuance | 5,158,609 |
Stock options | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock reserved for future issuance | 776,157 |
Restricted stock units | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock reserved for future issuance | 31,066 |
Employee stock purchase plan awards | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock reserved for future issuance | 449,494 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Jan. 01, 2023 | Jun. 30, 2021 | Jun. 30, 2023 | Jan. 01, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock option grants per share | $ 16.28 | |||
2021 Stock Option and Incentive Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Percentage on total number of shares outstanding | 4% | |||
Number of shares authorized | 988,918 | 4,565,333 | 976,415 | |
Stock options | 2021 Stock Option and Incentive Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares authorized | 776,157 | |||
Common stock available for issuance, awards granted | 3,741,678 | |||
Stock options | 2018 Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock available for issuance, awards granted | 1,416,931 | |||
Stock options | 2021 Plan and 2018 Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Unrecognized stock based compensation | $ 33.8 | |||
Unrecognized stock-based compensation weighted-average period | 2 years 7 months 6 days | |||
Stock options | Minimum | 2021 Plan and 2018 Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vested term | 3 years | |||
Stock options | Maximum | 2021 Plan and 2018 Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vested term | 4 years | |||
Restricted stock units | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock units award | 3,000 | |||
Unrecognized stock based compensation | $ 0.5 | |||
Weighted- average remaining vesting period | 2 years 9 months 18 days | |||
Restricted stock units | 2021 Stock Option and Incentive Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock units award | 31,881 | |||
Restricted stock units | Minimum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vested term | 3 years | |||
Restricted stock units | Maximum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vested term | 4 years | |||
ESPP | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares authorized | 230,000 | 449,494 | ||
Number of additional shares authorized | 247,229 | |||
Percentage of common stock purchase price | 15% | 1% | ||
Offering period | 6 months | |||
Discount percentage on marker price | 85% | |||
Shares issued | 27,735 |
STOCK-BASED COMPENSATION - SCHE
STOCK-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
STOCK-BASED COMPENSATION | ||
Options Outstanding, beginning balance | 4,110,219 | |
Weighted-Average Exercise Price Outstanding, beginning balance | $ 9.23 | |
Weighted- Average Remaining Contractual Term, Outstanding | 8 years 6 months 29 days | 8 years 5 months 15 days |
Aggregate Intrinsic Value Outstanding, beginning balance | $ 82,490 | |
Options Granted | 1,336,001 | |
Weighted-Average Exercise Price, Granted | $ 24.01 | |
Options Exercised | (200,722) | |
Weighted-Average Exercise Price, Exercised | $ 2.77 | |
Options, Cancelled/Forfeited | (86,889) | |
Weighted-Average Exercise Price, Cancelled/Forfeited | $ 9.62 | |
Options Outstanding, ending balance | 5,158,609 | 4,110,219 |
Weighted-Average Exercise Price Outstanding, ending balance | $ 13.30 | $ 9.23 |
Aggregate Intrinsic Value Outstanding, ending balance | $ 29,918 | $ 82,490 |
Options, Vested and exercisable | 1,542,769 | |
Weighted-Average Exercise Price, Vested and exercisable | $ 9.71 | |
Weighted- Average Remaining Contractual Term, Vested and exercisable | 8 years 1 month 28 days | |
Aggregate Intrinsic Value, Vested and exercisable | $ 12,211 | |
Options, Vested and expected to vest | 5,158,609 | |
Weighted-Average Exercise Price, Vested and expected to vest | $ 13.30 | |
Weighted- Average Remaining Contractual Term, Vested and expected to vest | 8 years 6 months 29 days | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 29,918 |
STOCK-BASED COMPENSATION - SC_2
STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of units, beginning | shares | 28,881 |
Weighted Average Grant date fair value, beginning | $ / shares | $ 21.62 |
Number of units, Granted | shares | 3,000 |
Weighted Average Grant date fair value, Granted | $ / shares | $ 24.58 |
Number of units, Vested | shares | (815) |
Weighted Average Grant date fair value, Vested | $ / shares | $ 12.26 |
Number of units, forfeited | shares | |
Weighted Average Grant date fair value, Forfeited | $ / shares | |
Number of units, Ending | shares | 31,066 |
Weighted Average Grant date fair value, Ending | $ / shares | $ 22.15 |
STOCK-BASED COMPENSATION - SC_3
STOCK-BASED COMPENSATION - SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 73.90% | 73.80% | 73.90% | 73.60% |
Expected volatility, maximum | 76.30% | 76.50% | 76.70% | 76.50% |
Risk-free interest rate, minimum | 3.60% | 2.50% | 3.50% | 1.60% |
Risk-free interest rate, maximum | 3.80% | 3.40% | 4.30% | 3.40% |
Minimum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 5 years 3 months 18 days | 5 years 6 months |
Maximum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
STOCK-BASED COMPENSATION - SC_4
STOCK-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 3,034 | $ 1,224 | $ 5,418 | $ 2,248 |
General and Administrative Expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,352 | 779 | 2,437 | 1,547 |
Research and Development Expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,682 | $ 445 | $ 2,981 | $ 701 |
SHARE-BASED COMPENSATION - SCHE
SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE BY TYPE OF AWARDS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3,034 | $ 1,224 | $ 5,418 | $ 2,248 |
Stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 2,940 | 1,206 | 5,229 | 2,230 |
Employee stock purchase plan awards | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 43 | $ 18 | 90 | $ 18 |
Restricted stock awards and units | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 51 | $ 99 |