Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001885522 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Registrant Name | NEUMORA THERAPEUTICS, INC. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Securities Act File Number | 001-41802 | ||
Entity Tax Identification Number | 84-4367680 | ||
Entity Address, Address Line One | 490 Arsenal Way | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Watertown | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02472 | ||
City Area Code | 857 | ||
Local Phone Number | 760-0900 | ||
Title of 12(b) Security | Common stock, par value $0.0001 per share | ||
Trading Symbol | NMRA | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Ex Transition Period | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 0 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates certain information by reference from the registrant’s proxy statement for the 2024 Annual Meeting of Shareholders. Such proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2023. | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young | ||
Auditor Location | San Jose | ||
Entity Common Stock, Shares Outstanding | 158,886,101 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 374,038 | $ 240,943 |
Short-term marketable securities | 79,944 | 130,941 |
Restricted cash | 50 | |
Prepaid expenses and other current assets | 24,297 | 16,021 |
Total current assets | 478,279 | 387,955 |
Long-term marketable securities | 9,845 | 23,511 |
Property and equipment, net | 1,790 | 2,411 |
Operating lease right-of-use assets | 5,068 | 8,231 |
Restricted cash | 1,213 | 1,213 |
Other assets | 2,913 | |
Total assets | 496,195 | 426,234 |
Current liabilities: | ||
Accounts payable | 337 | 7,147 |
Accrued liabilities | 21,257 | 11,536 |
Early exercise liability, current portion | 139 | 1,644 |
Operating lease liabilities, current portion | 3,378 | 3,370 |
Total current liabilities | 25,111 | 23,697 |
Operating lease liabilities, net of current portion | 1,853 | 5,072 |
Early exercise liability, net of current portion | 155 | 628 |
Total liabilities | 27,119 | 29,397 |
Commitments and contingencies | ||
Convertible preferred stock, $0.0001 par value; 50,000 and 820,349 shares authorized as of December 31, 2023 and December 31, 2022, respectively; no and 104,417 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 843,687 | |
Stockholders' equity (deficit): | ||
Common stock, $0.0001 par value; 700,000 and 1,210,000 shares authorized as of December 31, 2023 and December 31, 2022 respectively; 158,832 and 32,612 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 16 | 3 |
Additional paid-in capital | 1,172,570 | 21,430 |
Accumulated other comprehensive loss | (76) | (774) |
Accumulated deficit | (703,434) | (467,509) |
Total stockholders' equity (deficit) | 469,076 | (446,850) |
Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ 496,195 | $ 426,234 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 50,000,000 | 820,349,000 |
Convertible preferred stock, shares issued | 0 | 104,417,000 |
Convertible preferred stock, shares outstanding | 0 | 104,417,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 700,000,000 | 1,210,000,000 |
Common stock, shares issued | 158,832,000 | 32,612,000 |
Common stock, shares outstanding | 158,832,000 | 32,612,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 142,719 | $ 91,749 |
Acquired in-process research and development | 63,904 | 13,000 |
General and administrative | 45,475 | 31,121 |
Total operating expenses | 252,098 | 135,870 |
Loss from operations | (252,098) | (135,870) |
Other income (expense): | ||
Interest income | 16,611 | 4,561 |
Other income (expense), net | (170) | 405 |
Total other income | 16,441 | 4,966 |
Net loss before income taxes | (235,657) | (130,904) |
Provision for income taxes | 268 | |
Net loss | (235,925) | (130,904) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities | 698 | (774) |
Comprehensive loss | $ (235,227) | $ (131,678) |
Net loss per share, basic | $ (3.63) | $ (4.81) |
Net loss per share, diluted | $ (3.63) | $ (4.81) |
Weighted-average shares outstanding, basic | 65,021 | 27,207 |
Weighted-average shares outstanding, diluted | 65,021 | 27,207 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Beginning at Dec. 31, 2021 | $ (325,221) | $ 3 | $ 11,381 | $ (336,605) | ||
Balance at Beginning at Dec. 31, 2021 | $ 729,858 | |||||
Balance at Beginning (in Shares) at Dec. 31, 2021 | 31,985,000 | |||||
Balance at Beginning (in Shares) at Dec. 31, 2021 | 94,710,000 | |||||
Issuance of Series A-1 convertible preferred stock upon exercise of warrants | $ 1,613 | |||||
Issuance of Series A-1 convertible preferred stock upon exercise of warrants (in shares) | 157,000 | |||||
Issuance of Series B convertible preferred stock, net of issuance costs | $ 112,216 | |||||
Issuance of Series B convertible preferred stock, net of issuance costs (in shares) | 9,550,000 | |||||
Issuance of common stock upon exercise of stock options | 612 | 612 | ||||
Issuance of common stock upon exercise of stock options, shares | 228,000 | |||||
Issuance of common stock as noncash consideration related to an acquisition of assets | 24 | 24 | ||||
Issuance of common stock as noncash consideration related to an acquisition of assets, shares | 5,000 | |||||
Issuance of common stock upon early exercise of stock options | 442,000 | |||||
Forfeiture of restricted stock subject to repurchase | (48,000) | |||||
Vesting of restricted common stock | 1,115 | 1,115 | ||||
Unrealized gain (loss) on marketable securities | (774) | $ (774) | ||||
Stock-based compensation | 8,298 | 8,298 | ||||
Net loss | (130,904) | (130,904) | ||||
Balance at Ending at Dec. 31, 2022 | (446,850) | $ 3 | 21,430 | (774) | (467,509) | |
Balance at Ending at Dec. 31, 2022 | $ 843,687 | $ 843,687 | ||||
Balance at Ending (in Shares) at Dec. 31, 2022 | 32,612,000 | |||||
Balance at Ending (in Shares) at Dec. 31, 2022 | 104,417,000 | 104,417,000 | ||||
Conversion of convertible preferred stock into common stock upon initial public offering | $ 843,687 | $ (843,687) | $ 10 | 843,677 | ||
Conversion of convertible preferred stock into common stock upon initial public offering, Shares | (104,417,000) | 104,417,000 | ||||
Issuance of common stock upon initial public offering, net of offering costs | 226,524 | $ 1 | 226,523 | |||
Issuance of common stock upon initial public offering, net of offering costs, shares | 14,710,000 | |||||
Issuance of common stock upon achievement of milestone related to acquisition of assets | 58,539 | $ 1 | 58,538 | |||
Issuance of common stock upon achievement of milestone related to acquisition of assets, shares | 6,072,000 | |||||
Issuance of common stock upon exercise of stock options | 2,856 | $ 1 | 2,855 | |||
Issuance of common stock upon exercise of stock options, shares | 972,000 | |||||
Sale and issuance of common stock | 810 | 810 | ||||
Sale and issuance of common stock, Shares | 127,000 | |||||
Issuance of restricted common stock subject to repurchase | 382,000 | |||||
Repurchase of unvested early exercised stock options | (123,000) | |||||
Forfeiture of restricted stock subject to repurchase | (337,000) | |||||
Vesting of restricted common stock | 1,497 | 1,497 | ||||
Unrealized gain (loss) on marketable securities | 698 | 698 | ||||
Stock-based compensation | 17,240 | 17,240 | ||||
Net loss | (235,925) | (235,925) | ||||
Balance at Ending at Dec. 31, 2023 | $ 469,076 | $ 16 | $ 1,172,570 | $ (76) | $ (703,434) | |
Balance at Ending (in Shares) at Dec. 31, 2023 | 158,832,000 | |||||
Balance at Ending (in Shares) at Dec. 31, 2023 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Issuance / Offering costs | $ 3,804 | $ 744 |
Common Stock | ||
Issuance / Offering costs | $ 23,546 | $ 179 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities: | ||
Net loss | $ (235,925) | $ (130,904) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development | 63,904 | 13,000 |
Stock-based compensation | 17,240 | 8,298 |
Noncash operating lease expense | 3,355 | 2,103 |
Depreciation and amortization | 668 | 594 |
Net accretion of investments in marketable securities | (3,741) | (708) |
Realized loss on investments | (18) | |
Change in fair value of convertible preferred stock warrants | (559) | |
Other noncash expenses | 120 | 246 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (11,401) | (3,628) |
Other assets | 1,373 | |
Accounts payable | (581) | (1,246) |
Accrued liabilities | 6,486 | (1,621) |
Operating lease liabilities | (3,403) | (1,826) |
Net cash used in operating activities | (163,278) | (114,896) |
Investing activities: | ||
Purchases of marketable securities | (109,072) | (226,369) |
Cash paid for acquisition of assets, including upon achievement of milestones | (4,590) | (13,000) |
Proceeds from sales and maturities of marketable securities | 178,166 | 71,867 |
Purchases of property and equipment | (117) | (511) |
Net cash provided by (used in) investing activities | 64,387 | (168,013) |
Financing activities: | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 232,565 | |
Proceeds from issuance of convertible preferred stock, net of issuance costs | 112,216 | |
Proceeds from Issuance of Common Stock | 810 | |
Proceeds from exercise of stock options | 2,856 | 2,658 |
Proceeds from exercise of warrants | 1,613 | |
Repurchase of unvested early exercised shares | (491) | |
Payments for deferred offering costs | (3,804) | (744) |
Net cash provided by financing activities | 231,936 | 115,743 |
Net change in cash and cash equivalents and restricted cash | 133,045 | (167,166) |
Cash and cash equivalents and restricted cash at beginning of year | 242,206 | 409,372 |
Cash and cash equivalents and restricted cash at end of year | 375,251 | 242,206 |
Components of cash and restricted cash: | ||
Cash and cash equivalents | 374,038 | 240,943 |
Restricted Cash | 1,213 | 1,263 |
Total cash and cash equivalents and restricted cash | 375,251 | 242,206 |
Supplemental disclosure of noncash investing and financing activities: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 192 | 8,865 |
Offering costs related to initial public offering included in accounts payable and accrued liabilities | 340 | |
Acquisition of assets included in accounts payable and accrued liabilities | 775 | |
Conversion of preferred stock into common stock upon completion of initial public offering | 843,687 | |
Purchases of property and equipment included in accounts payable | 44 | $ 505 |
Issuance of common stock upon achievement of milestone related to acquisition of assets | $ 58,539 |
Organization and Liquidity
Organization and Liquidity | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Liquidity | 1. Organization and Liquidity Description of Business Neumora Therapeutics, Inc. (the Company), was originally incorporated in the State of Delaware in November 2019, and is headquartered in Watertown, Massachusetts. The Company is a clinical-stage biopharmaceutical company founded to confront the global brain disease crisis by taking a fundamentally different approach to the way treatments for brain diseases are developed. The Company’s therapeutic pipeline currently consists of seven clinical and preclinical neuroscience programs that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases. As of December 31, 2023, the Company has devoted a significant portion of its financial resources and efforts to building its organization, acquiring technologies and companies, executing clinical and preclinical studies, conducting research and development, identifying and developing potential product candidates, building its precision neuroscience tools, organizing and staffing the Company, business planning, establishing, maintaining and protecting its intellectual property portfolio, raising capital and providing general and administrative support for these operations. The Company has not generated revenue from the sale of products. The Company’s most advanced product candidate, navacaprant (NMRA-140), is a novel once-daily oral kappa opioid receptor (KOR) antagonist that is being developed for the treatment of major depressive disorder (MDD). In 2023, The Company initiated a Phase 3 program called the KOASTAL program evaluating navacaprant monotherapy in patients with moderate to severe MDD. The Company anticipates releasing topline results from the KOASTAL-1 study in the second half of 2024 and topline results from the KOASTAL-2 and KOASTAL-3 studies in the first half of 2025. We also expect to initiate a Phase 2 study for navacaprant in bipolar depression in the first half of 2024 and anticipate releasing results from that study in 2025. In addition to navacaprant, NMRA-266 is a positive allosteric modulator program of the M4 muscarinic receptor (M4R) for the treatment of schizophrenia. In 2023 the Company initiated a Phase 1 single ascending dose / multiple ascending dose (SAD/MAD) study in healthy adult participants, and the Company expects data from that study to be available in mid-2024. Reverse Stock Split On September 8, 2023, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and convertible preferred stock on a 7.8463 -for-1 basis (the “Reverse Stock Split”). The par value and authorized shares of the common stock and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All share data and per share data amounts for all periods presented in the consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Reverse Stock Split. Initial Public Offering On September 19, 2023, the Company completed its initial public offering (IPO), pursuant to which it issued and sold an aggregate of 14,710,000 shares of its common stock at a price to the public of $ 17.00 per share, resulting in net proceeds of $ 226.5 million, after deducting underwriting discounts and commissions of $ 17.5 million and other offering expenses of $ 6.0 million. Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 104,417,415 shares of common stock (see Note 9). In connection with the completion of its IPO, on September 19, 2023, the Company’s certificate of incorporation was amended and restated to authorize 700,000,000 shares of common stock, par value $ 0.0001 per share and 50,000,000 shares of preferred stock, par value of $ 0.0001 per share. 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 $ 703.4 million. As of December 31, 2023, the Company had cash, cash equivalents and marketable securities of $ 463.8 million, which are available to fund future operations. The Company believes that its existing cash, cash equivalents and marketable securities as of December 31, 2023 will be sufficient to support operations for at least the next 12 months from the date these consolidated financial statements were available to be issued. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its precision neuroscience approach and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, as well as hires additional personnel, protects its intellectual property and grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including to complete the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties, including clinical failure which can impact the Company’s ability to secure additional funding. The Company expects to finance its cash needs through a combination of public or private equity offerings or debt financings or other capital sources, which may include strategic collaborations or other arrangements with third parties, or other sources of financing. However, there is no guarantee that any of these financing or opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | 2. Summary of Significant Accounting Policies and Basis of Presentation Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, the fair value of the Company’s convertible preferred stock, the fair value of the Company’s common stock, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM. The Company views its operations and manages its business in one operating segment. Risks and Uncertainties The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: successfully develop, manufacture, and market any approved products; obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing. Although the World Health Organization has declared that COVID-19 no longer represents a global health emergency, the actual and perceived impact of COVID-19 and any effect on the Company’s business cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant and may further delay the Company’s initiation of preclinical studies and clinical trials, interrupt its supply chain, disrupt regulatory activities, or have other adverse effects on its business and operations. The Company’s focus remains on promoting measures intended to help minimize its risk of exposure to the virus for its employees, including policies that allow its employees to work remotely. Cash and Cash Equivalents All highly liquid investments, including money market funds, with original maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposits and other accounts. Restricted Cash Restricted cash primarily consists of credit card accounts and facility lease agreements collateralized by money market accounts or a letter of credit pursuant to certain banking and lease agreements. Restricted cash, which is unavailable for a period longer than one year from the consolidated balance sheet date, is classified as a noncurrent asset. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents deposited in accounts at several financial institutions that may exceed the Federal Deposit Insurance Corporation’s insurance limit. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents to the extent recorded in the consolidated balance sheets. The Company believes it is not exposed to significant credit risk due to the financial position of the financial institutions in which those deposits are held. Marketable Securities The Company invests its excess cash in marketable debt securities with high credit ratings including but not limited to money market funds, securities issued by the U.S. government and its agencies, commercial paper and corporate debt securities that are accounted for as available-for-sale and carried at fair value. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income in the consolidated statements of operations and comprehensive loss. Realized gains and losses on marketable securities, if any, are included in other income (expense), net. The cost of securities sold is determined based on the trade date using the specific identification method. The Company periodically assesses its available-for-sale debt securities for impairment. For debt securities in an unrealized loss position, this assessment first considers the Company’s intent to sell, or whether 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 these criteria are met, the debt security’s amortized cost basis is written down to fair value within other income (expense), net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security is considered, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss). Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the un-collectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in other income (expense), net. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 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. 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, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which is three to seven years . Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the remaining term of the lease. Construction in progress is stated at cost and not depreciated until the asset is placed into service. Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is recognized in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are expensed as incurred. Impairment of Long-Lived Assets The Company reviews the carrying amount of its long-lived assets, including property and equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss is recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment charge is determined based upon the excess of the carrying value of the asset over its estimated fair value, with estimated fair value determined based upon an estimate of discounted future cash flows or other appropriate measures of estimated fair value. Estimating discounted cash flows requires the Company to make significant judgments and assumptions. Actual results may vary from the Company’s estimates as of the date of impairment testing and adjustments may occur in future periods. The Company believes that no impairment of long-lived assets is required as of and for the years ended December 31, 2023, and 2022. 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. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected to not 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 on the consolidated balance sheets leases with terms of one year or less. Acquisitions The Company evaluates mergers, acquisitions, and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or an acquisition of assets. The Company first identifies who is the acquiring entity by determining if the target is a legal entity or a group of assets or liabilities. If control over a legal entity is being evaluated, the Company also evaluates if the target is a variable interest or voting interest entity. For acquisitions of voting interest entities, the Company applies a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an acquisition of assets. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. For an acquisition of assets, a cost accumulation model is used to determine the cost of the acquisition. Common stock and convertible preferred stock issued as consideration in an acquisition of assets are generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. The Company also evaluates which elements of a transaction should be accounted for as a part of an acquisition of assets and which should be accounted for separately. The cost of an acquisition of assets, including transaction costs, are allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an acquisition of assets. Any difference between the cost of an acquisition of assets and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an acquisition of assets that are considered to be in-process research and development intangible assets (IPR&D) are immediately expensed and recorded as a component of acquired in-process research and development expense in the consolidated statements of operations and comprehensive loss unless there is an alternative future use in other research and development projects. In addition to upfront consideration, the Company’s acquisitions of assets may also include contingent consideration payments to be made for future milestone events or royalties on net sales of future products. The Company assesses whether such contingent consideration is subject to liability classification and fair value measurement or meets the definition of a derivative. Contingent consideration payments in an acquisition of assets not required to be classified as a liability at fair value, or are accounted for as derivatives that qualify for a scope exception from derivative accounting, are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be classified as a liability, or are accounted for as derivatives and do not qualify for a scope exception from derivative accounting, are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date. Contingent consideration payments made prior to regulatory approval are expensed as incurred. Any future payments that are contingent upon continued services to the Company are treated as compensation and recognized when it is probable such amounts will become payable. If the target legal entity is determined to be a variable interest entity (VIE) and not a business, all tangible and intangible assets acquired, including any IPR&D assets but excluding goodwill, and liabilities assumed, including contingent consideration, are recorded at their fair values. If the acquisition is determined to be a business combination, all tangible and intangible assets acquired, including any IPR&D assets, and liabilities assumed, including contingent consideration, are recorded at their fair values. Goodwill is recognized for any difference between the consideration transferred and fair value determination. In addition, direct transaction costs in connection with business combinations are expensed as incurred, rather than capitalized. The tax basis of assets acquired in either a business combination or acquisition of assets are compared to the book basis of such assets resulting in the recognition of deferred tax assets and liabilities. Deferred Offering Costs Deferred offering costs, consisting of direct incremental legal, consulting, banking, and accounting fees incurred related to the Company’s IPO have been capitalized and were offset against proceeds in stockholders' equity upon the consummation of the IPO in September 2023. As of December 31, 2023 and 2022, there were no and $ 2.9 million deferred offering costs, respectively, capitalized and included in other assets in the consolidated balance sheets. Convertible Preferred Stock Warrant Liability Warrants to purchase shares of the Company’s convertible preferred stock, or the preferred stock warrants, were classified as a liability in the Company’s consolidated balance sheets prior to exercise or expiration as the underlying securities were contingently redeemable upon the occurrence of events that were outside of the control of the Company. The preferred stock warrants were subject to remeasurement at the end of each reporting period, with changes in estimated fair value recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss until settlement. There were no outstanding preferred stock warrants as of December 31, 2023 and 2022. Convertible Preferred Stock The Company's convertible preferred stock was classified outside of stockholders’ equity (deficit) in the consolidated balance sheets as events triggering liquidation were not solely within the Company’s control. No accretion was recognized as the contingent events that could give rise to redemption were not deemed probable. Upon completion of the IPO in September 2023, all preferred stock was converted to common stock and as such no amounts were issued or outstanding as of December 31, 2023. 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 other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs), preclinical testing organizations and contract manufacturing organizations (CMOs). Costs to develop the Company’s platform information technologies are recorded as research and development expense unless the criteria to be capitalized as internal-use software costs is met. 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 consolidated 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 preclinical studies, 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 consolidated 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 estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. Stock-Based Compensation The Company maintains equity incentive plans (the Plans) as a long-term incentive for employees, directors, and service providers. The Company accounts for all stock-based awards based on their fair value on the date of the grant. For stock-based awards with service only vesting conditions, the Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For awards with performance vesting conditions, the Company evaluates the probability of achieving the performance vesting condition at each reporting date. The Company begins to recognize expense for awards with performance-based vesting conditions using an accelerated attribution method when it is deemed probable that the performance condition will be met. For awards with both market and service vesting conditions, the Company recognizes expense using the accelerated attribution method over the derived requisite service period. Stock-based compensation is classified in the consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The fair value of stock option awards with only service conditions and/or performance-based vesting conditions are estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the expected dividend yield. The fair value of stock options awards with market-based vesting conditions is estimated on the grant date using the Monte Carlo simulation model, which utilizes subjective assumptions, including volatility and the derived service periods, that determine the probability of satisfying the market condition stipulated in the award to estimate the fair value of the award. The fair value of restricted stock is based on the estimated fair value of the Company’s common stock on the grant date. Prior the Company's IPO, the fair value of the Company’s common stock was determined by the Company’s board of directors with the assistance of management. The fair value of common stock was determined using valuation methodologies which utilize certain assumptions, including probability weighting of events, volatility, time to an exit event, a risk-free interest rate and an assumption for a discount for lack of marketability. In determining the fair value of common stock, the methodologies used to estimate the enterprise value of the Company were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . For awards granted subsequent to the Company's IPO, the grant date fair value of common stock was determined by using the public closing price per share of common stock. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely-than-not that these assets may not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. The Company recognizes and measures uncertain tax positions using a two-step approach. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely-than-not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. Judgment is required to evaluate uncertain tax positions. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The Company’s policy is to include penalties and interest expense related to income taxes as a component of its provision for income taxes. The Company has not reported any interest or penalties associated with income tax for any period presented. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. 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. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss, such as unrealized losses on the Company’s available-for-sale marketable securities. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the impact of this ASU on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the impact of this ASU on its consolidated financial statements. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Cash Equivalents and Marketable Securities [Abstract] | |
Cash Equivalents and Marketable Securities | 3. Cash Equivalents and Marketable Securities The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated: December 31, 2023 Amortized Gross Gross Estimated (in thousands) Cash equivalents: Money market funds $ 306,801 $ — $ — $ 306,801 U.S. government and agency securities 12,998 — ( 6 ) 12,992 Commercial paper 42,455 6 — 42,461 Total cash equivalents $ 362,254 $ 6 $ ( 6 ) $ 362,254 Marketable securities: U.S. government and agency securities $ 37,515 $ — $ ( 91 ) $ 37,424 Commercial paper 47,534 17 ( 4 ) 47,547 Corporate debt securities 4,816 3 ( 1 ) 4,818 Total marketable securities 89,865 20 ( 96 ) 89,789 Total cash equivalents and marketable securities $ 452,119 $ 26 $ ( 102 ) $ 452,043 December 31, 2022 Amortized Gross Gross Estimated (in thousands) Cash equivalents: Money market funds $ 183,353 $ — $ — $ 183,353 Total cash equivalents $ 183,353 $ — $ — $ 183,353 Marketable securities: U.S. government and agency debt securities $ 57,534 $ — $ ( 272 ) $ 57,262 Commercial paper 55,425 — ( 237 ) 55,188 Corporate debt securities 42,267 1 ( 266 ) 42,002 Total marketable securities 155,226 1 ( 775 ) 154,452 Total cash equivalents and marketable securities $ 338,579 $ 1 $ ( 775 ) $ 337,805 The Company’s marketable securities by contractual maturity were (in thousands): December 31, 2023 Within one year $ 79,944 After one year through two years 9,845 Total marketable securities $ 89,789 As of December 31, 2023, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of December 31, 2023, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at December 31, 2023 (see Note 4). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable, accrued liabilities and the current portion of operating lease liabilities approximate fair value due to the short-term nature of those instruments. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy: December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 306,801 $ — $ — $ 306,801 Marketable securities: U.S. government and agency debt securities 19,473 30,943 — 50,416 Commercial paper — 90,008 — 90,008 Corporate debt securities — 4,818 — 4,818 Total assets measured at fair value $ 326,274 $ 125,769 $ — $ 452,043 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 183,353 $ — $ — $ 183,353 Marketable securities: U.S. government and agency debt securities 44,777 12,485 — 57,262 Commercial paper — 55,188 — 55,188 Corporate debt securities — 42,002 — 42,002 Total assets measured at fair value $ 228,130 $ 109,675 $ — $ 337,805 Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $ 1.00 net asset value representing its estimated fair value. The Company estimates the fair value of its U.S. government and agency debt securities, commercial paper and corporate debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, 2023 2022 (in thousands) Prepaid research and development costs ($ 6.3 million and $ 11.9 $ 19,085 $ 13,484 Prepaid other 4,273 1,618 Other receivables 939 919 Total prepaid expenses and other current assets $ 24,297 $ 16,021 Property and equipment, net Property and equipment, net, consisted of the following: December 31, 2023 2022 (in thousands) Laboratory equipment $ 2,800 $ 2,384 Computer and software 287 420 Furniture and fixtures 97 136 Leasehold improvements — 17 Total property and equipment 3,184 2,957 Less: accumulated depreciation and amortization ( 1,435 ) ( 1,060 ) Construction in progress 41 514 Total property and equipment $ 1,790 $ 2,411 Depreciation and amortization expense was $ 0.7 million and $ 0.6 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, all of the Company’s property and equipment was located in the United States. Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2023 2022 (in thousands) Compensation and benefits $ 10,011 $ 8,400 Accrued research and development services ($ 3.1 million and nil due 5,004 889 Professional services 787 1,187 Accrued clinical trial and preclinical costs 4,705 652 Other 750 408 Total accrued liabilities $ 21,257 $ 11,536 |
Acquisitions of Assets
Acquisitions of Assets | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions of Assets | 6. Acquisitions of Assets BlackThorn Therapeutics, Inc. In June 2020, the Company entered into an agreement and plan of merger (BlackThorn Merger Agreement) to acquire all of the equity interests of BlackThorn Therapeutics, Inc. (BlackThorn), which became effective in September 2020. The Company acquired BlackThorn for its in-process research and development programs, including an antagonist of the Kappa Opioid Receptor (navacaprant (NMRA-140)) for the treatment of major depressive disorders and an antagonist of the Vasopressin 1a Receptor (NMRA-511) for the treatment of agitation in Alzheimer's disease. The Company also gained access to a cloud-based computational psychiatry and data platform that was being developed to support drug target identification, patient stratification and objective clinical trial endpoints. Both navacaprant and NMRA-511 were exclusively licensed to BlackThorn by The Scripps Research Institute (TSRI). The acquisition was accounted for as an acquisition of assets. The BlackThorn Merger Agreement requires the Company to pay the former stockholders of BlackThorn contingent consideration (i) with respect to navacaprant, in the form of development and regulatory approval milestones of up to an aggregate amount of $ 365.0 million, which includes a milestone payment that became due in October 2023 upon dosing the first patient in the Phase 3 clinical trial for navacaprant, and sales-based milestones of up to an aggregate amount of $ 450.0 million and (ii) with respect to NMRA-511, in the form of development and regulatory approval milestones of up to an aggregate amount of $ 100.0 million, and sales-based milestones of up to an aggregate amount of $ 100.0 million (BlackThorn Milestones). At the Company’s sole discretion, the BlackThorn Milestone payments may be settled in cash or shares of the Company, or a combination of both, subject to the provisions of the BlackThorn Merger Agreement, other than one development milestone in the amount of $ 10.0 million, which must be settled in cash. None of the BlackThorn Milestones were subject to liability classification and/or derivative accounting and any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. The Company settled the Phase 3 navacaprant dosing milestone in December 2023 by issuing 6,072,445 shares of its common stock based on the volume weighted average price per share prior to the date the milestone was met and paying cash of $ 2.3 million to the former stockholders of BlackThorn and participants in the carveout plan (discussed below). As a result, the Company recognized $ 60.8 million in acquired in-process research and developed expenses for the year ended December 31, 2023 related to the BlackThorn Milestones. No ne of the other Blackthorn Milestones have been achieved and no such amounts were deemed due or payable as of December 31, 2023. BlackThorn Carveout Plan The BlackThorn Merger Agreement required that the Company establish a carveout plan (the BlackThorn Carveout Plan), pursuant to which each BlackThorn stock option holder as of immediately prior to the closing date was allocated a certain number of units (the BlackThorn Carveout Units) based on the number of shares underlying the outstanding options held by each participant at that time. Each BlackThorn Carveout Unit represents a right to receive a portion of the BlackThorn Milestone payment (the BlackThorn Carveout Payments) upon the later of (i) the achievement of a BlackThorn Milestone and (ii) the vesting of the BlackThorn Carveout Unit. The BlackThorn Carveout Units vest based on time-based schedules that mirror the vesting schedules for the original option awards held by each participant. As of the closing date in September 2020, a portion of the BlackThorn Carveout Units corresponding to the pre-acquisition service periods were fully vested (Vested Carveout Units). The remainder of the BlackThorn Carveout Units vest subject to the continued service of the participants. The Vested Carveout Units represent contingent consideration for the acquisition as they are attributable to pre-acquisition services rendered by the participants and continuing service is not required for the participants to receive future payments upon a BlackThorn Milestone being achieved. The Company recognizes the contingent consideration obligation for the Vested Carveout Units when the contingency is resolved, and the consideration becomes payable. The BlackThorn Carveout Units that were unvested as of the closing date are dependent on the continued service of participants and were deemed to be a compensation arrangement. The Company recognizes compensation starting from the time payment becomes probable over each participant’s service period. The Company settled the Phase 3 navacaprant dosing milestone in December 2023. T he Company recognized contingent consideration related to Vested Carveout Units, which is included in acquired in-process research and developed expenses for the year ended December 31, 2023 related to the BlackThorn Milestones above. In addition, the Company recognized and paid $ 1.8 million in compensation related to the BlackThorn Carveout Units that were a compensatory arrangement for the year ended December 31, 2023. No ne of the other BlackThorn Milestones had been achieved and no such amounts were deemed due or payable as of December 31, 2023. Syllable Life Sciences, Inc. In September 2020, the Company entered into an agreement and plan of merger (Syllable Merger Agreement) to acquire all of the outstanding equity of Syllable Life Sciences, Inc. (Syllable). The Company acquired Syllable to gain access the rights granted to Syllable under an exclusive license agreement (as amended, the Harvard License Agreement) with President and Fellows of Harvard College (Harvard) and an associated behavior analysis machine learning and computer vision software tool which Syllable was developing to identify and quantify behavior as an indicator of neurological conditions. The transaction was accounted for as an acquisition of assets. The former stockholders of Syllable are entitled to contingent consideration in the form of development milestones of up to an aggregate of $ 5.0 million (Syllable Milestones). At the Company’s sole discretion, the Syllable Milestone payments may be settled, in cash or shares equity of the Company, or a combination of both, subject to the provisions of the Syllable Merger Agreement and were not subject to liability classification and/or derivative accounting. Any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. As of December 31, 2023, no ne of the Syllable Milestones had been achieved and no such amounts were deemed due or payable. Alairion, Inc. In November 2020, the Company entered into an agreement and plan of merger (Alairion Merger Agreement) to acquire all of the outstanding equity of Alairion, Inc. (Alairion). The acquisition of Alairion allowed the Company to expand its program pipeline by gaining rights to two preclinical stage research and development programs focused on the treatment of sleep disorders, an H1 receptor antagonist program (the H1 Program) and a GABA receptor positive allosteric modulator program (the GABA Program). The acquisition also provided the Company with access to a license for software that records sleep and related drug discovery and optimization technology platform. The transaction was accounted for as an acquisition of assets. The holders of Alairion common stock outstanding as of immediately prior to the closing date received non-transferable rights to future milestone payments of up to $ 33.5 million upon the achievement of specified development events and $ 135.0 million upon the achievement of specified commercialization events related to the H1 Program and the GABA Program (the Alairion Milestones). The Alairion Milestone payments may be settled, at the Company’s sole discretion, in cash or shares of the Company, or a combination of both, subject to the provisions of the Alairion Merger Agreement. None of the Alairion Milestones were subject to liability classification and/or derivative accounting and any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. As of December 31, 2023, no ne of the Alairion Milestones have been recognized. In March 2022, the Company paused the active program acquired from Alairion while it assesses pre-IND feedback received from the FDA and considers alternative options for that program. Alairion Carveout Plan The Alairion Merger Agreement also required the Company to establish a carveout plan (the Alairion Carveout Plan) pursuant to which a portion of the payments under the Alairion Milestones, up to $ 3.0 million (the Alairion Carveout Payments), are reserved for participants under the Alairion Carveout Plan. Participants in the Alairion Carveout Plan are comprised of former Alairion employees, several of whom were retained as employees or consultants of the Company post-acquisition. Under the Alairion Carveout Plan, the Company granted the participants retention units, each representing a right to receive future payments upon the completion of Phase 2 clinical studies with respect to either the H1 Program or the GABA Program and achievement of the related Alairion Milestone, subject to the continued service of the participant until such time and were deemed to be a compensation arrangement. The retention units are forfeited if a participant’s service is terminated prior to the receipt of results from the Phase 2 clinical studies associated with the H1 Program and GABA Program. The Company will recognize such compensation starting from the time payment becomes probable over each participant’s service period. As of December 31, 2023, it was not probable that Phase 2 clinical studies would be achieved, and no compensation related to the Alairion Carveout Plan had been recorded. Amgen Inc. Licenses In September 2021, the Company entered into two license agreements with Amgen Inc. (Amgen) pursuant to which it obtained exclusive, worldwide licenses to develop, manufacture, use, commercialize and distribute products containing compounds that are directed to, in one case, CK1δ, and in the other case, glucocerebrosidase (GCase), both for the treatment of neurodegenerative diseases (the Amgen License Agreements) and related know-how and clinical material (collectively, the Amgen IPR&D Assets). Concurrently, the Company also executed a research collaboration agreement as well as a stock purchase agreement with Amgen. Both agreements were deemed to be separate transactions and not accounted for as part of the acquisition of assets. The Company accounted for these transactions as acquisitions of assets. The total upfront consideration transferred to Amgen of 20.0 million shares of the Company's Series A-2 convertible preferred stock, with an acquisition date fair value of $ 157.0 million was allocated to the Amgen IPR&D Assets and expensed in 2021. Under these two license agreements, Amgen is eligible to receive contingent consideration up to an aggregate of $ 360.0 million in commercial milestone payments per product payable in cash with a compound directed to CK1δ and up to an aggregate of $ 360.0 million in commercial milestone payments per product payable in cash with a compound directed to GCase, in each case, upon the achievement of certain sales thresholds and single digit royalties on potential future net sales, related to CK1δ or GCase (the Amgen Milestones). Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable. As of December 31, 2023, no ne of the Amgen Milestones had been achieved and no such amounts were deemed due or payable. In addition, until a specified period of time following the achievement of the first successful Phase 2 clinical trial for any licensed product, if the Company chooses to sell, transfer, sublicense or divest rights to a licensed product in certain major markets, Amgen has a period of time to enter into an agreement with the Company for such rights. The Company determined that these rights of first negotiation were not freestanding instruments from the Amgen License Agreements and did not meet the definition of a derivative. Vanderbilt License In February 2022, the Company and Vanderbilt University (Vanderbilt) entered into a license agreement (Vanderbilt License Agreement). Pursuant to the Vanderbilt License Agreement, as amended, the Company obtained an exclusive, worldwide royalty-bearing, sublicensable (subject to certain restrictions) license under certain patent rights and a non-exclusive, worldwide, royalty-bearing, sublicensable (subject to certain restrictions) license under certain know-how covering small molecule positive allosteric modulators (PAMs) predominantly of the muscarinic acetylcholine receptor subtype 4 (M4) to develop, manufacture, and commercialize products, processes and services covered by such patent rights or that incorporate or use such know-how, for any and uses (the Vanderbilt IPR&D Assets). Concurrently, the Company also executed a sponsored research agreement (see Note 8) with Vanderbilt. The sponsored research agreement was deemed to be separate transactions and not accounted for as part of the acquisition of assets. The acquisition of Vanderbilt IPR&D Assets became effective in February 2022. The licensed patent rights are subject to Vanderbilt’s right to use the patent rights for research, internal non-commercial use, and educational purposes. The Company intends to develop the PAMs for the treatment of schizophrenia and other neuropsychiatric disorders. The Company has agreed to use commercially reasonable efforts to develop and commercialize licensed products, and to achieve certain development milestones. The Company paid Vanderbilt a non-refundable, non-creditable upfront cash payment of $ 13.0 million for the Vanderbilt IPR&D Assets, which was immediately recognized as acquired in-process research and development expense in the consolidated statement of operations and comprehensive loss as it was determined to have no alternative future use as of the acquisition date. Under the Vanderbilt License Agreement, Vanderbilt is eligible to receive contingent consideration payable in cash up to an aggregate of $ 42.4 million upon the achievement of specified development milestones and up to an aggregate of $ 380.0 million upon the achievement of commercial milestone events as well as tiered royalties at mid-single digit percentages on potential future net sales, subject to specified reductions for the lack of patent coverage, generic entry and payment obligations for third-party licenses (the Vanderbilt Milestones). In addition, the Company is obligated to pay Vanderbilt low-double-digit percentage of sublicense income it receives for sublicenses entered into before the achievement of a specified event. Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable. In October 2023, a $ 2.0 million Vanderbilt Milestone was achieved and settled in cash in November 2023 and recognized in acquired in-process research and developed expenses for the year ended December 31, 2023. No ne of the other Vanderbilt Milestones had been achieved and no such amounts were deemed due or payable as of December 31, 2023. In addition, the Company also had an exclusive option, exercisable for a specified period of time, to negotiate an exclusive license to certain patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research pursuant to a sponsored research agreement the between the Company and Vanderbilt, which was entered into at the same time as the Vanderbilt License Agreement. The Company determined that the right to negotiate was not a freestanding instrument from the Vanderbilt License Agreement and did not meet the definition of a derivative. The Company exercised its exclusive option and the parties executed an agreement in December 2023 pursuant to which the Company licensed certain patent rights in return for a payment of $ 0.8 million that was recognized in acquired in-process research and developed expenses for the year ended December 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases Lease Agreement In March 2021, the Company entered into a lease agreement for a 14,688 square feet office facility in South San Francisco, California (SSF Lease). The SSF Lease commenced in April 2021 and expired in December 2023. In May 2022, the Company executed a sublease agreement for a 30,067 square feet office and laboratory facility in Watertown, Massachusetts. The term of the sublease commenced in June 2022 with respect to the office space and commenced in August 2022 with respect to the laboratory space. The term of the sublease expires in June 2025. A letter of credit was executed in connection with this sublease agreement that is included in restricted cash on the consolidated balance sheets. In August 2023, the sublease was amended to include 972 square feet of additional space, which also expires in June 2025. Under the lease agreements, the Company is generally required to pay certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities and insurance. Such additional charges are considered variable lease costs and are recognized in the period in which they are incurred. Rent expense for the year ended December 31, 2023 was $ 4.3 million, including $ 0.3 million related to short term lease expense, and variable costs were immaterial. Rent expense for the year ended December 31, 2022 was $ 3.5 million, including $ 1.1 million related to short term lease expense, and variable costs were $ 0.1 million. The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature. The maturity of the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands): Undiscounted lease payments 2024 $ 3,719 2025 1,892 Total undiscounted lease payments 5,611 Less: Imputed interest ( 380 ) Operating lease liabilities 5,231 Less: Operating lease liabilities, current portion 3,378 Operating lease liabilities, net of current portion $ 1,853 Supplemental information on the Company's operating leases was as follows: Year Ended December 31, 2023 2022 Cash paid for operating lease agreements (in thousands) $ 4,071 $ 2,486 Weighted average remaining lease term (in years) 1.5 2.4 Weighted-average discount rate 10.0 % 10.0 % In August 2022, the Company and a lessor mutually terminated a lease agreement for office and laboratory space in Watertown, Massachusetts. As a result, the Company derecognized an operating lease liability and right-of-use asset of $ 0.7 million and $ 0.6 million, respectively, and recognized an immaterial gain on termination of the lease. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance. Other Commitments The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any non-cancelable and non-refundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination. |
Strategic License and Research
Strategic License and Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Strategic License and Research and Collaboration Agreements | 8. Strategic License and Research and Collaboration Agreements 2015 TSRI License Agreement In connection with the acquisition of BlackThorn (see Note 6), the Company gained certain exclusive rights to intellectual property related to Kappa Opioid Receptor and V1aR Receptor Antagonist programs as well as an oxytocin receptors positive allosteric modulator program (collectively, the TSRI Programs) under a license agreement between BlackThorn and TSRI originally entered into in November 2015 (as amended, the 2015 TSRI License Agreement). The technology licensed under the 2015 TSRI License Agreement is used in the Company’s navacaprant and NMRA-511 research and development programs. Pursuant to the 2015 TSRI License Agreement, the Company is obligated, among other things, to pay TSRI (i) a nominal annual license fee due and payable on the first day of each calendar year and after the fourth anniversary creditable against any royalties due for such calendar year, (ii) development and regulatory milestone payments of up to $ 1.5 million in aggregate for the first product from each TSRI Program, which are contingent upon achieving specific development and regulatory milestone events, (iii) commercial milestone payments of up to $ 3.5 million in aggregate for each occurrence, which are contingent upon achieving specified commercialization milestone events, (iv) tiered low-single digit royalties on future net sales of each royalty-bearing product and (v) a percentage ranging from the mid-single digits to sub teen double digits of any sublicensing revenues the Company receives. In October 2023, the Phase 3 navacaprant dosing milestone was met and the Company paid $ 0.3 million to TSRI, which was recognized in acquired in-process research and developed expenses for the year ended December 31, 2023. No ne of the other milestones have been achieved and no royalties were due under the 2015 TSRI License Agreement as of December 31, 2023. Harvard License Agreement In connection with the acquisition of Syllable (see Note 6), the Company gained exclusive rights covering certain behavior imagining and behavioral tracking software under a license agreement between Syllable and Harvard originally entered into in June 2020. The Company uses the technology licensed under the Harvard License Agreement to advance its precision neuroscience approach. Under the Harvard License Agreement, as amended, the Company was obligated, among other things, to pay Harvard (i) nominal annual license maintenance fees, (ii) mid-single digit royalties on future net sales of each royalty-bearing product that utilized the licensed technology, and (iii) a portion of any sub licensing revenues the Company received ranging from the high teens to low-double digits. Effective as of March 31, 2023, Harvard and the Company agreed to terminate the agreement. Prior to termination, the Company had not met any of the development or sales-based milestones. Research and Collaboration Agreement with Amgen In September 2021, and concurrently with the Amgen License Agreements (see Note 6), the Company entered into a research collaboration agreement with Amgen (Amgen Collaboration Agreement) to collectively discover drug targets, biomarkers, and other insights associated with central nervous system (CNS) diseases utilizing Amgen’s deCODE genetics and human data research capabilities. The Company received exclusive rights under intellectual property generated in the collaboration to exploit therapeutic compounds and diagnostics for use with therapeutics in the CNS field and Amgen received exclusive rights to exploit therapeutic compounds and diagnostics for use with therapeutics outside of the CNS field. The agreement is governed by the Joint Research Committee (JRC), which is made up of equal representatives from each of the Company and Amgen to manage the progress and direction of research and development activities. All decisions made by the JRC shall be by consensus with each party having one vote, and if the JRC cannot reach a consensus, the dispute shall be referred to each company’s executive officers. If the executive officers fail to reach a consensus, the Company will have final decision-making authority provided that the matter does not relate to the approval of, or any material change to, a project, decisions to acquire rights from a third party, decisions or activities that are in conflict with Amgen’s database usage or data access rights, or the approval of external costs and expenses relating to certain new data generation activities or certain new dataset acquisitions, as such matters require mutual agreement. In return for Amgen performing research and development activities under the agreement, the Company is committed to making non-refundable, non-creditable quarterly payments over the first two years totaling $ 50.0 million and for the third year $ 12.5 million. Additionally, the Company will reimburse Amgen for certain direct, out-of-pocket external costs and expenses that are incurred in the performance of the activities under the Amgen Collaboration Agreement. The term of the agreement is up to five years , although it will terminate after three years if the Company and Amgen do not mutually agree upon a compensation structure for years four and five. If the parties do not reach an agreement at least 30 days prior to the end of year three, the Amgen Collaboration Agreement will automatically terminate upon its third anniversary. Further, either party can terminate the Amgen Collaboration Agreement upon material uncured breach or bankruptcy by the other party, in which case all amounts that have become due through the date of termination are non-refundable. Amgen also has an exclusive option to negotiate, and the right of first negotiation, to obtain exclusive, worldwide licenses to research, develop, commercialize, and otherwise exploit up to two therapeutic compounds or any pharmaceutical product containing such therapeutic compound arising from the collaboration. That right exists with respect to each compound for a certain period of time following positive Phase 2 results for that compound. The Company determined that these rights were not freestanding instruments from the Amgen Collaboration Agreement and did not meet the definition of a derivative. Upon execution of the Amgen Collaboration Agreement in September 2021, the Company was obligated to start paying Amgen non-refundable quarterly payments. As of December 31, 2023 and December 31, 2022, the related prepaid research and development costs included in the consolidated balance sheets were $ 6.3 million and $ 11.9 million, respectively, within prepaid expenses and other current assets. The Company recorded $ 24.4 million and $ 25.1 million of related research and development expenses during the year ended December 31, 2023 and 2022, respectively. Sponsored Research Agreement with Vanderbilt In February 2022, concurrently with the Vanderbilt License Agreement (see Note 6), the Company entered into a sponsored research agreement with Vanderbilt (Vanderbilt Research Agreement), pursuant to which Vanderbilt agreed to provide the Company research services to develop a M4 PAM back-up program. In return for Vanderbilt performing research and development activities under the agreement, the Company agreed to make quarterly payments for research up to a total of $ 1.7 million on an annual basis. The term of the agreement ended in September 2023 . In addition, the Company also had an exclusive option to negotiate an exclusive license to certain patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research (see Note 6). |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Convertible Preferred Stock and Stockholders' Equity (Deficit) | 9. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Convertible Preferred Stock Upon closing of the IPO, all of the outstanding convertible preferred stock automatically converted into 104,417,415 shares of common stock. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. As of December 31, 2022, the Company’s convertible preferred stock consisted of the following: Shares Shares Carrying Liquidation (in thousands) Series A-1 47,471 5,915 $ 38,208 $ 46,413 Series A-2 697,948 88,952 693,263 697,948 Series B 74,930 9,550 112,216 112,395 Total convertible preferred stock 820,349 104,417 $ 843,687 $ 856,756 Amgen Future Financing Subject to certain conditions, Amgen was obligated to provide the Company with additional financing of up to $ 100.0 million in equity securities. This obligation terminated upon the completion of the IPO in September 2023. This future financing was a freestanding financial instrument and was not subject to liability classification and/or derivative accounting. The value of this future financing was determined to be de minimis at issuance, as of December 31, 2022 and prior to termination, as it would be settled based on the same terms and conditions other third parties would receive. Common Stock Common stock outstanding in the consolidated balance sheet and consolidated statement of convertible preferred stock and stockholders’ equity (deficit) as of December 31, 2023 includes 646,061 shares of restricted stock that vest based on service conditions and are subject to the Company’s right of repurchase upon termination of services and 637,240 shares of restricted stock that vest based on performance conditions (see Note 11). Common stock reserved for future issuance consisted of the following: December 31, 2023 (in thousands) Shares reserved for options and restricted stock units issued under the Plans 14,582 Shares reserved for future issuance under the Plans 14,588 Total 29,170 In addition, the Company may be required to issue additional shares of its capital stock if certain milestone conditions are met pursuant to the contingent consideration associated with the Company’s acquisitions of assets (see Note 6). In December 2023, 6,072,445 shares of common stock were issued related to BlackThorn Merger Agreement upon achievement of the Phase 3 navacaprant dosing milestone that was met in October 2023. As of December 31, 2023, no shares have been reserved for potential future issuances. |
Preferred Stock Warrants
Preferred Stock Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred Stock Warrants | 10. Preferred Stock Warrants In connection with the BlackThorn acquisition in September 2020, the Company issued preferred stock warrants to purchase up to 292,193 shares of Series A-1 convertible preferred stock with an exercise price of $ 10.60 per share. In December 2022, 210,481 preferred stock warrants were exercised and the remaining 81,712 preferred stock warrants expired as of December 31, 2022. As a result, the Company issued 157,371 shares of Series A-1 convertible preferred stock, including 104,563 to a related party, upon the exercise and net exercise of preferred stock warrants. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation 2023 Equity Incentive Plan In September 2023, the Company adopted the 2023 Equity Incentive Plan (the 2023 Plan) that became effective in connection with the Company’s IPO. The 2023 Plan provides for the grant of stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company. Awards granted under the 2023 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100 % of the estimated fair value on the date of grant and typically vest over a four-year period although may be granted with different vesting terms. The 2023 Plan initially reserved 16,373,061 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance under the 2023 Plan. 2023 Employee Share Purchase Plan In September 2023, the Company adopted the 2023 Employee Share Purchase Plan (the 2023 ESPP) that became effective in connection with the Company’s IPO. The 2023 ESPP initially reserved 1,526,984 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance under the 2023 ESPP. 2020 Equity Incentive Plan In January 2020, the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan) that provides for the grant of stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2020 Plan was suspended in connection with the Company’s IPO and no further grants will be made under the 2020 Plan. The 2020 Plan continues to govern the terms and conditions of outstanding awards granted under the 2020 Plan. 2015 Equity Incentive Plan Upon the closing of the BlackThorn acquisition in September 2020, the Company assumed BlackThorn’s 2015 Equity Incentive Plan (the 2015 Plan, and collectively with the 2020 Plan and 2023 Plan, the Plans), pursuant to which outstanding stock options previously granted under the 2015 Plan converted into stock options to purchase common stock of the Company, which remain subject to the terms and conditions of the 2015 Plan. The 2015 Plan was suspended in connection with the closing of the acquisition of BlackThorn in September 2020. Stock Option Activity Outstanding Weighted- Weighted- Aggregate (in thousands, except per share amounts and years) Outstanding as of December 31, 2022 8,570 $ 3.79 8.2 $ 24,085 Granted 8,053 8.08 Exercised ( 972 ) 2.94 Canceled and forfeited ( 1,650 ) 3.61 Expired ( 218 ) 3.20 Outstanding as of December 31, 2023 13,783 $ 6.39 8.7 $ 146,966 Vested as of December 31, 2023 3,430 $ 4.01 7.5 $ 44,713 Exercisable as of December 31, 2023 3,621 $ 3.93 7.5 $ 47,493 The weighted-average grant-date fair value per share of stock options granted during the years ended December 31, 2023 and 2022 was $ 7.77 and $ 3.77 per share, respectively. The aggregate grant-date fair value of stock options vested during the years ended December 31, 2023 and 2022 was approximately $ 9.1 million and $ 5.2 million, respectively. The stock option activity table above excludes options granted to purchase 446,068 shares of common stock that were originally granted with market conditions to one of the Company’s executives. Fair Value of Stock Options The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions: Year Ended December 31, 2023 2022 (in thousands) Expected volatility 89.6 % - 96.5 % 87.2 % - 91.1 % Expected term (years) 4.0 - 6.1 4.5 - 6.5 Risk-free interest rate 3.4 % - 4.9 % 1.7 % - 4.2 % Expected dividend yield — — Expected volatility— As there is limited trading history for the Company’s common stock, the Company has determined expected volatility based on the average historical stock price volatility of comparable publicly-traded companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The comparable companies are chosen based on their similar size, stage in the life cycle or area of therapeutic focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Expected term— The expected term of the Company’s stock options has been estimated using the simplified method for awards that qualify as plain-vanilla stock options. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the stock options. Risk-free interest rate —The risk-free interest rate assumption was based on the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield —The expected dividend yield assumption is zero as the Company has never paid and has no plans to pay dividends on its common stock in the foreseeable future. Early Exercise of Employee Stock Options The Company’s Plans allow for certain employees to exercise their stock options prior to vesting into shares of restricted common stock. The proceeds from early exercised stock options are recorded as liabilities in the consolidated balance sheets at the time of exercise and reclassified to common stock and additional paid-in capital as the underlying stock options vest and the Company’s repurchase right lapses. As of December 31, 2023, the Company had issued 1,004,607 shares of restricted common stock upon the early exercise of unvested stock options, of which 818,107 shares had vested and 122,987 unvested shares had been repurchased, such that 63,513 shares or restricted stock remained outstanding and unvested. Restricted Stock Activity The Company’s Plans allow for the grant of restricted common stock and restricted stock units to certain employees, executives, non-employee scientific advisors, and third-party service providers. The restrictions lapse over time primarily according to service-based vesting conditions of each award. In the event of a voluntary or involuntary termination of the holder’s continuous provision of services to the Company, any unvested portion of the restricted stock award is automatically forfeited. The following table summarizes the Company’s restricted stock activity: Shares of Weighted- Shares of Weighted- (in thousands, except per share amounts) Outstanding and unvested as of December 31, 2022 2,902 $ 0.90 — $ — Granted 509 8.93 353 17.00 Vested ( 2,488 ) 0.78 — — Canceled ( 83 ) 0.88 — — Outstanding and unvested as of December 31, 2023 840 $ 6.11 353 $ 17.00 The restricted stock activity table above excludes 254,896 shares of restricted common stock issued to certain of the Company’s scientific advisors which vest based on the achievement of certain performance conditions to be separately defined and approved by the Company’s board of directors. As the performance conditions had not been determined as of December 31, 2023, the criteria for establishing a grant date, and accordingly a measurement date, were not met as of that date. Award with Market and Performance Conditions In June 2021, the Company granted stock options to purchase 446,068 shares of its common stock to one of its executive officers with an exercise price of $ 2.52 per share that contained both market and service conditions (the Market Award). Subject to the holder’s continued service, the Market Award provided for vesting in four equal tranches once the Company’s stock price exceeded certain thresholds. The original grant-date fair value of the Market Award of $ 0.9 million was determined using a Monte Carlo simulation model using an expected volatility of 100.0 % and risk-free rate of 1.6 %. In January 2022, the Company amended the terms of the Market Award such that the award would vest in three modified tranches. One tranche of 223,034 stock options was based on a performance condition and two tranches of 111,517 stock options each were based on revised Company stock price thresholds and/or vesting schedules, subject to the holder’s continued service. The modification resulting in a performance-based tranche was determined to be a probable-to-improbable modification and the modification resulting in two revised market-based tranches were determined to be probable-to-probable modifications. The modification resulted in $ 0.3 million in total incremental expense. In June 2023, the Company amended the terms such that vesting schedule for the two tranches of 111,517 stock options each that were based on the Company stock price thresholds would instead vest monthly over 3 years , subject to the holder’s continued service. The modification of the two market-based tranches were deemed to be probable-to-probable modifications. The modification resulted in $ 0.1 million in total incremental expense. The unrecognized original grant-date fair value, together with incremental expense, is recognized as compensation for each tranche over the requisite service period. For the year ended December 31, 2023 stock-based compensation related to the tranches was $ 0.3 million, and includes expense recognized for the performance-based tranche as the performance condition was met upon the completion of the Company’s IPO. For the year ended December 31, 2022, stock-based compensation related to the market-based tranches was $ 0.4 million and no expense was recognized for the performance-based tranche as the performance condition was not probable of being met. Awards with Performance Conditions In 2020, the Company approved 700,965 stock options and 892,136 restricted common stock to certain of the Company’s scientific advisors, which vest based on the achievement of performance conditions to be determined and continued service to the Company. In December 2022 and January 2023, the Company’s board of directors established performance conditions for 337,738 stock options and 63,724 stock options, respectively, such that the criteria for establishing a grant date, and accordingly a measurement date, were met for these performance stock options and the remaining 299,503 stock options with performance conditions to be established were cancelled in July 2023 because certain of the Company’s scientific advisors were terminated. Further, as of December 31, 2023, the performance conditions for 382,344 restricted common stock were established, 254,896 restricted common stock with performance conditions to be established were cancelled in July 2023 because certain of the Company’s scientific advisors were terminated and the performance conditions for the remaining 254,896 restricted common stock have yet to be established. As of December 31, 2023, it was probable that certain of the development related milestones would be met for the performance stock options and performance restricted stock that were granted and for which expense was recognized using the accelerated attribution method. For the years ended December 31, 2023 and 2022, the Company recognized expense related to these awards with performance conditions that were probable of being met of $ 1.0 million and $ 0.8 million, respectively. Award Modification In August 2023, the Company accelerated unvested stock options and extended the post-termination exercise period for such awards in connection with the resignation of a member of its board of directors in connection with the IPO. The modification resulted in the recognition of $ 0.9 million in stock-based compensation. Stock-Based Compensation The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2023 2022 (in thousands) Research and development $ 8,067 $ 4,252 General and administrative 9,173 4,046 Total stock-based compensation $ 17,240 $ 8,298 As of December 31, 2023, there was $ 63.6 million and $ 10.2 million of unrecognized stock-based compensation related to stock options and restricted stock outstanding, respectively, including stock options and restricted common stock for which achievement of milestones was not probable, which were expected to be recognized over a weighted-average remaining service period of 2.5 years and 2.8 years, respectively. Services Agreement In May 2020, the Company entered into a services agreement with a vendor for assistance in evaluating assets and technologies in the field of neurodegeneration. In return for services provided, the Company agreed to issue the vendor shares of its common stock representing a value of $ 1.0 million upon the achievement of certain milestones tied to the successful in-license or acquisition of assets (the Milestone Shares). The Company concluded the Milestone Shares are stock settled debt that are required to be classified as a liability and recognized at such time the milestones are probable of being met. As of December 31, 2023, the milestones were not probable of being met. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes A reconciliation of the Company's federal income tax rate and effective income tax rate is summarized as follows: Year Ended December 31, 2023 2022 (in thousands) Federal income taxes 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 3.7 Milestone payments ( 5.3 ) — Permanent differences ( 0.9 ) ( 0.5 ) Research and development tax credits 2.1 2.1 Tax law change 3.6 — State rate adjustment 0.5 2.2 Uncertain tax positions ( 0.2 ) ( 0.3 ) Valuation allowance ( 23.7 ) ( 28.2 ) Effective income tax rate ( 0.1 ) % — % Deferred tax assets and liabilities reflect t he net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for tax purposes. Significant components of the Company’s deferred tax assets and liabilities are summarized as follows: Year Ended December 31, 2023 2022 (in thousands) Deferred tax assets: Net operating losses $ 79,117 $ 63,937 Capitalized license agreements 41,032 39,113 Capitalized research and development expense 57,872 26,132 Research and development credits 12,981 8,425 Compensation related 5,942 3,496 Operating lease liabilities 1,429 2,080 Other 407 467 Total deferred tax assets 198,780 143,650 Less: valuation allowance ( 197,280 ) ( 141,557 ) Total deferred tax assets less valuation allowance 1,500 2,093 Deferred tax liabilities: Operating lease right-of-use assets ( 1,385 ) ( 2,028 ) Fixed assets ( 115 ) ( 65 ) Total deferred tax liabilities ( 1,500 ) ( 2,093 ) Net deferred tax assets $ — $ — The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing, and amount of which are uncertain. Due to the Company’s recent history of operating losses, the Company believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance on its deferred tax assets. The valuation allowance increased by $ 55.7 million and $ 37.1 million for the years ended December 31, 2023 and 2022, respectively, primarily due to the increase in the Company’s net operating losses (NOL) during the periods and deferred tax assets related to capitalized research and development expenses. NOLs and tax credit carryforwards as of December 31, 2023, were as follows (in thousands): Amount Expiration Years NOLs, federal (post-December 31, 2017) $ 273,262 Indefinite (1) NOLs, federal (pre-January 1, 2018) 40,370 2034 through 2036 NOLs, state 251,417 2034 thru 2043 Research and development tax credits, federal 12,202 2034 thru 2043 Research and development tax credits, California 4,408 Indefinite Research and development tax credits, Massachusetts 1,002 2034 thru 2038 (1) NOL carryforward generated after 2017 which can be carried forward indefinitely and can generally be used to offset up to 80 % of future taxable income Utilization of the NOL carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended (Section 382) due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred, including changes of control associated with the acquisitions of assets. Any limitation may result in expiration of a portion of the NOL carryforwards or research and development tax credit carryforwards before utilization; however, such limitation, if any, would not have an impact on the Company’s financial statement due to the full valuation. Uncertain Tax Positions A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits is as follows: December 31, 2023 2022 (in thousands) Beginning balance of unrecognized tax benefits $ 8,176 $ 7,821 Gross increases based on tax positions related to current year 391 355 Gross increases based on tax positions related to prior years 97 — Ending balance of unrecognized tax benefits $ 8,664 $ 8,176 The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate assuming the Company continues to maintain a full valuation allowance position. As of December 31, 2023, no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months. The Company files income tax returns in the United States, and the states of California and Massachusetts. Due to net operating loss carryforwards, all years effectively remain open for income tax examination by tax authorities in the United States and states in which the Company files tax returns. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 13. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share: Year Ended December 31, 2023 2022 (in thousands, except per share amounts) Numerator: Net loss $ ( 235,925 ) $ ( 130,904 ) Denominator: Weighted-average common shares outstanding, basic and diluted 65,021 27,207 Net loss per share, basic and diluted $ ( 3.63 ) $ ( 4.81 ) The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2023 2022 (in thousands) Convertible preferred stock — 104,417 Common stock options and restricted stock units 14,582 8,570 Performance stock options (with performance conditions to be established) — 363 Early exercised stock options subject to future vesting 64 532 Unvested restricted stock awards 840 2,902 Performance restricted stock (with performance conditions to be established) 255 510 Total 15,741 117,294 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions In September 2022, the Company issued 2,973,800 shares of its Series B convertible preferred stock for total cash proceeds of $ 35.0 million to two significant stockholders that have designated members on the Company’s board of directors and each of whom is considered to be a related party. In December 2022, 104,563 preferred stock warrants held by a related party were exercised at $ 10.60 per share (see Note 10). As of December 31, 2023 and 2022, the Company was obligated to pay Amgen $ 3.1 million and $ 6.3 million, respectively, under the Amgen Collaboration Agreement, which was recorded within current liabilities on the consolidated balance sheets. As of December 31, 2023 and 2022, $ 6.3 million and $ 11.9 million, related to amounts prepayable to Amgen were recorded as prepaid expenses and other current assets on the consolidated balance sheets. During the years ended December 31, 2023 and 2022, the Company recorded $ 24.4 million and $ 25.1 million, respectively, of research and development expenses with Amgen. Subject to certain conditions, Amgen was also obligated to provide the Company with additional financing of up to $ 100.0 million. This obligation terminated upon the completion of the Company’s IPO (see Note 9). |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2023 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 15. Defined Contribution Plan The Company sponsors a 401(k) Plan whereby eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations, on a pretax basis. Effective from January 1, 2022, the Company commenced matching employee contributions at a rate of 50 %, with a maximum matching employer contribution of up to 3 % of employee contributions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, the fair value of the Company’s convertible preferred stock, the fair value of the Company’s common stock, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates. |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM. The Company views its operations and manages its business in one operating segment. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: successfully develop, manufacture, and market any approved products; obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing. Although the World Health Organization has declared that COVID-19 no longer represents a global health emergency, the actual and perceived impact of COVID-19 and any effect on the Company’s business cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant and may further delay the Company’s initiation of preclinical studies and clinical trials, interrupt its supply chain, disrupt regulatory activities, or have other adverse effects on its business and operations. The Company’s focus remains on promoting measures intended to help minimize its risk of exposure to the virus for its employees, including policies that allow its employees to work remotely. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments, including money market funds, with original maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposits and other accounts. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of credit card accounts and facility lease agreements collateralized by money market accounts or a letter of credit pursuant to certain banking and lease agreements. Restricted cash, which is unavailable for a period longer than one year from the consolidated balance sheet date, is classified as a noncurrent asset. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents deposited in accounts at several financial institutions that may exceed the Federal Deposit Insurance Corporation’s insurance limit. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents to the extent recorded in the consolidated balance sheets. The Company believes it is not exposed to significant credit risk due to the financial position of the financial institutions in which those deposits are held. |
Marketable Securities | Marketable Securities The Company invests its excess cash in marketable debt securities with high credit ratings including but not limited to money market funds, securities issued by the U.S. government and its agencies, commercial paper and corporate debt securities that are accounted for as available-for-sale and carried at fair value. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income in the consolidated statements of operations and comprehensive loss. Realized gains and losses on marketable securities, if any, are included in other income (expense), net. The cost of securities sold is determined based on the trade date using the specific identification method. The Company periodically assesses its available-for-sale debt securities for impairment. For debt securities in an unrealized loss position, this assessment first considers the Company’s intent to sell, or whether 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 these criteria are met, the debt security’s amortized cost basis is written down to fair value within other income (expense), net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security is considered, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss). Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the un-collectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in other income (expense), net. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 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. 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, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which is three to seven years . Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the remaining term of the lease. Construction in progress is stated at cost and not depreciated until the asset is placed into service. Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is recognized in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying amount of its long-lived assets, including property and equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss is recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment charge is determined based upon the excess of the carrying value of the asset over its estimated fair value, with estimated fair value determined based upon an estimate of discounted future cash flows or other appropriate measures of estimated fair value. Estimating discounted cash flows requires the Company to make significant judgments and assumptions. Actual results may vary from the Company’s estimates as of the date of impairment testing and adjustments may occur in future periods. The Company believes that no impairment of long-lived assets is required as of and for the years ended December 31, 2023, and 2022. |
Leases | 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. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option. Operating lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected to not 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 on the consolidated balance sheets leases with terms of one year or less. |
Acquisitions | Acquisitions The Company evaluates mergers, acquisitions, and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or an acquisition of assets. The Company first identifies who is the acquiring entity by determining if the target is a legal entity or a group of assets or liabilities. If control over a legal entity is being evaluated, the Company also evaluates if the target is a variable interest or voting interest entity. For acquisitions of voting interest entities, the Company applies a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an acquisition of assets. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. For an acquisition of assets, a cost accumulation model is used to determine the cost of the acquisition. Common stock and convertible preferred stock issued as consideration in an acquisition of assets are generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. The Company also evaluates which elements of a transaction should be accounted for as a part of an acquisition of assets and which should be accounted for separately. The cost of an acquisition of assets, including transaction costs, are allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an acquisition of assets. Any difference between the cost of an acquisition of assets and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an acquisition of assets that are considered to be in-process research and development intangible assets (IPR&D) are immediately expensed and recorded as a component of acquired in-process research and development expense in the consolidated statements of operations and comprehensive loss unless there is an alternative future use in other research and development projects. In addition to upfront consideration, the Company’s acquisitions of assets may also include contingent consideration payments to be made for future milestone events or royalties on net sales of future products. The Company assesses whether such contingent consideration is subject to liability classification and fair value measurement or meets the definition of a derivative. Contingent consideration payments in an acquisition of assets not required to be classified as a liability at fair value, or are accounted for as derivatives that qualify for a scope exception from derivative accounting, are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be classified as a liability, or are accounted for as derivatives and do not qualify for a scope exception from derivative accounting, are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date. Contingent consideration payments made prior to regulatory approval are expensed as incurred. Any future payments that are contingent upon continued services to the Company are treated as compensation and recognized when it is probable such amounts will become payable. If the target legal entity is determined to be a variable interest entity (VIE) and not a business, all tangible and intangible assets acquired, including any IPR&D assets but excluding goodwill, and liabilities assumed, including contingent consideration, are recorded at their fair values. If the acquisition is determined to be a business combination, all tangible and intangible assets acquired, including any IPR&D assets, and liabilities assumed, including contingent consideration, are recorded at their fair values. Goodwill is recognized for any difference between the consideration transferred and fair value determination. In addition, direct transaction costs in connection with business combinations are expensed as incurred, rather than capitalized. The tax basis of assets acquired in either a business combination or acquisition of assets are compared to the book basis of such assets resulting in the recognition of deferred tax assets and liabilities. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of direct incremental legal, consulting, banking, and accounting fees incurred related to the Company’s IPO have been capitalized and were offset against proceeds in stockholders' equity upon the consummation of the IPO in September 2023. As of December 31, 2023 and 2022, there were no and $ 2.9 million deferred offering costs, respectively, capitalized and included in other assets in the consolidated balance sheets. |
Convertible Preferred Stock Warrant Liability | Convertible Preferred Stock Warrant Liability Warrants to purchase shares of the Company’s convertible preferred stock, or the preferred stock warrants, were classified as a liability in the Company’s consolidated balance sheets prior to exercise or expiration as the underlying securities were contingently redeemable upon the occurrence of events that were outside of the control of the Company. The preferred stock warrants were subject to remeasurement at the end of each reporting period, with changes in estimated fair value recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss until settlement. There were no outstanding preferred stock warrants as of December 31, 2023 and 2022. |
Convertible Preferred Stock | Convertible Preferred Stock The Company's convertible preferred stock was classified outside of stockholders’ equity (deficit) in the consolidated balance sheets as events triggering liquidation were not solely within the Company’s control. No accretion was recognized as the contingent events that could give rise to redemption were not deemed probable. Upon completion of the IPO in September 2023, all preferred stock was converted to common stock and as such no amounts were issued or outstanding as of December 31, 2023. |
Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities | 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 other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs), preclinical testing organizations and contract manufacturing organizations (CMOs). Costs to develop the Company’s platform information technologies are recorded as research and development expense unless the criteria to be capitalized as internal-use software costs is met. 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 consolidated 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 preclinical studies, 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 consolidated 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 estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company maintains equity incentive plans (the Plans) as a long-term incentive for employees, directors, and service providers. The Company accounts for all stock-based awards based on their fair value on the date of the grant. For stock-based awards with service only vesting conditions, the Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For awards with performance vesting conditions, the Company evaluates the probability of achieving the performance vesting condition at each reporting date. The Company begins to recognize expense for awards with performance-based vesting conditions using an accelerated attribution method when it is deemed probable that the performance condition will be met. For awards with both market and service vesting conditions, the Company recognizes expense using the accelerated attribution method over the derived requisite service period. Stock-based compensation is classified in the consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The fair value of stock option awards with only service conditions and/or performance-based vesting conditions are estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the expected dividend yield. The fair value of stock options awards with market-based vesting conditions is estimated on the grant date using the Monte Carlo simulation model, which utilizes subjective assumptions, including volatility and the derived service periods, that determine the probability of satisfying the market condition stipulated in the award to estimate the fair value of the award. The fair value of restricted stock is based on the estimated fair value of the Company’s common stock on the grant date. Prior the Company's IPO, the fair value of the Company’s common stock was determined by the Company’s board of directors with the assistance of management. The fair value of common stock was determined using valuation methodologies which utilize certain assumptions, including probability weighting of events, volatility, time to an exit event, a risk-free interest rate and an assumption for a discount for lack of marketability. In determining the fair value of common stock, the methodologies used to estimate the enterprise value of the Company were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . For awards granted subsequent to the Company's IPO, the grant date fair value of common stock was determined by using the public closing price per share of common stock. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely-than-not that these assets may not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. The Company recognizes and measures uncertain tax positions using a two-step approach. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely-than-not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. Judgment is required to evaluate uncertain tax positions. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The Company’s policy is to include penalties and interest expense related to income taxes as a component of its provision for income taxes. The Company has not reported any interest or penalties associated with income tax for any period presented. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. 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. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss, such as unrealized losses on the Company’s available-for-sale marketable securities. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the impact of this ASU on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the impact of this ASU on its consolidated financial statements. |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash Equivalents and Marketable Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category | The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated: December 31, 2023 Amortized Gross Gross Estimated (in thousands) Cash equivalents: Money market funds $ 306,801 $ — $ — $ 306,801 U.S. government and agency securities 12,998 — ( 6 ) 12,992 Commercial paper 42,455 6 — 42,461 Total cash equivalents $ 362,254 $ 6 $ ( 6 ) $ 362,254 Marketable securities: U.S. government and agency securities $ 37,515 $ — $ ( 91 ) $ 37,424 Commercial paper 47,534 17 ( 4 ) 47,547 Corporate debt securities 4,816 3 ( 1 ) 4,818 Total marketable securities 89,865 20 ( 96 ) 89,789 Total cash equivalents and marketable securities $ 452,119 $ 26 $ ( 102 ) $ 452,043 December 31, 2022 Amortized Gross Gross Estimated (in thousands) Cash equivalents: Money market funds $ 183,353 $ — $ — $ 183,353 Total cash equivalents $ 183,353 $ — $ — $ 183,353 Marketable securities: U.S. government and agency debt securities $ 57,534 $ — $ ( 272 ) $ 57,262 Commercial paper 55,425 — ( 237 ) 55,188 Corporate debt securities 42,267 1 ( 266 ) 42,002 Total marketable securities 155,226 1 ( 775 ) 154,452 Total cash equivalents and marketable securities $ 338,579 $ 1 $ ( 775 ) $ 337,805 |
Summary of Marketable Securities by Contractual Maturity | The Company’s marketable securities by contractual maturity were (in thousands): December 31, 2023 Within one year $ 79,944 After one year through two years 9,845 Total marketable securities $ 89,789 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy: December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 306,801 $ — $ — $ 306,801 Marketable securities: U.S. government and agency debt securities 19,473 30,943 — 50,416 Commercial paper — 90,008 — 90,008 Corporate debt securities — 4,818 — 4,818 Total assets measured at fair value $ 326,274 $ 125,769 $ — $ 452,043 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 183,353 $ — $ — $ 183,353 Marketable securities: U.S. government and agency debt securities 44,777 12,485 — 57,262 Commercial paper — 55,188 — 55,188 Corporate debt securities — 42,002 — 42,002 Total assets measured at fair value $ 228,130 $ 109,675 $ — $ 337,805 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, 2023 2022 (in thousands) Prepaid research and development costs ($ 6.3 million and $ 11.9 $ 19,085 $ 13,484 Prepaid other 4,273 1,618 Other receivables 939 919 Total prepaid expenses and other current assets $ 24,297 $ 16,021 |
Schedule of Property and Equipment, Net | Property and equipment, net, consisted of the following: December 31, 2023 2022 (in thousands) Laboratory equipment $ 2,800 $ 2,384 Computer and software 287 420 Furniture and fixtures 97 136 Leasehold improvements — 17 Total property and equipment 3,184 2,957 Less: accumulated depreciation and amortization ( 1,435 ) ( 1,060 ) Construction in progress 41 514 Total property and equipment $ 1,790 $ 2,411 |
Schedule of Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2023 2022 (in thousands) Compensation and benefits $ 10,011 $ 8,400 Accrued research and development services ($ 3.1 million and nil due 5,004 889 Professional services 787 1,187 Accrued clinical trial and preclinical costs 4,705 652 Other 750 408 Total accrued liabilities $ 21,257 $ 11,536 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Maturity of the Company's Operating Lease Liabilities | The maturity of the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands): Undiscounted lease payments 2024 $ 3,719 2025 1,892 Total undiscounted lease payments 5,611 Less: Imputed interest ( 380 ) Operating lease liabilities 5,231 Less: Operating lease liabilities, current portion 3,378 Operating lease liabilities, net of current portion $ 1,853 |
Supplemental Information on the Company's Operating Leases | Supplemental information on the Company's operating leases was as follows: Year Ended December 31, 2023 2022 Cash paid for operating lease agreements (in thousands) $ 4,071 $ 2,486 Weighted average remaining lease term (in years) 1.5 2.4 Weighted-average discount rate 10.0 % 10.0 % |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Convertible Preferred Stock | As of December 31, 2022, the Company’s convertible preferred stock consisted of the following: Shares Shares Carrying Liquidation (in thousands) Series A-1 47,471 5,915 $ 38,208 $ 46,413 Series A-2 697,948 88,952 693,263 697,948 Series B 74,930 9,550 112,216 112,395 Total convertible preferred stock 820,349 104,417 $ 843,687 $ 856,756 |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: December 31, 2023 (in thousands) Shares reserved for options and restricted stock units issued under the Plans 14,582 Shares reserved for future issuance under the Plans 14,588 Total 29,170 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | Stock Option Activity Outstanding Weighted- Weighted- Aggregate (in thousands, except per share amounts and years) Outstanding as of December 31, 2022 8,570 $ 3.79 8.2 $ 24,085 Granted 8,053 8.08 Exercised ( 972 ) 2.94 Canceled and forfeited ( 1,650 ) 3.61 Expired ( 218 ) 3.20 Outstanding as of December 31, 2023 13,783 $ 6.39 8.7 $ 146,966 Vested as of December 31, 2023 3,430 $ 4.01 7.5 $ 44,713 Exercisable as of December 31, 2023 3,621 $ 3.93 7.5 $ 47,493 |
Summary of Fair Value of Stock Options | The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions: Year Ended December 31, 2023 2022 (in thousands) Expected volatility 89.6 % - 96.5 % 87.2 % - 91.1 % Expected term (years) 4.0 - 6.1 4.5 - 6.5 Risk-free interest rate 3.4 % - 4.9 % 1.7 % - 4.2 % Expected dividend yield — — |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock activity: Shares of Weighted- Shares of Weighted- (in thousands, except per share amounts) Outstanding and unvested as of December 31, 2022 2,902 $ 0.90 — $ — Granted 509 8.93 353 17.00 Vested ( 2,488 ) 0.78 — — Canceled ( 83 ) 0.88 — — Outstanding and unvested as of December 31, 2023 840 $ 6.11 353 $ 17.00 |
Summary of Stock-Based Compensation Expense Recognized | The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2023 2022 (in thousands) Research and development $ 8,067 $ 4,252 General and administrative 9,173 4,046 Total stock-based compensation $ 17,240 $ 8,298 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Federal Income Tax Rate and Effective Income Tax Rate | A reconciliation of the Company's federal income tax rate and effective income tax rate is summarized as follows: Year Ended December 31, 2023 2022 (in thousands) Federal income taxes 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 3.7 Milestone payments ( 5.3 ) — Permanent differences ( 0.9 ) ( 0.5 ) Research and development tax credits 2.1 2.1 Tax law change 3.6 — State rate adjustment 0.5 2.2 Uncertain tax positions ( 0.2 ) ( 0.3 ) Valuation allowance ( 23.7 ) ( 28.2 ) Effective income tax rate ( 0.1 ) % — % |
Summary of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are summarized as follows: Year Ended December 31, 2023 2022 (in thousands) Deferred tax assets: Net operating losses $ 79,117 $ 63,937 Capitalized license agreements 41,032 39,113 Capitalized research and development expense 57,872 26,132 Research and development credits 12,981 8,425 Compensation related 5,942 3,496 Operating lease liabilities 1,429 2,080 Other 407 467 Total deferred tax assets 198,780 143,650 Less: valuation allowance ( 197,280 ) ( 141,557 ) Total deferred tax assets less valuation allowance 1,500 2,093 Deferred tax liabilities: Operating lease right-of-use assets ( 1,385 ) ( 2,028 ) Fixed assets ( 115 ) ( 65 ) Total deferred tax liabilities ( 1,500 ) ( 2,093 ) Net deferred tax assets $ — $ — |
Summary of NOL and Tax Credit Carryforwards | NOLs and tax credit carryforwards as of December 31, 2023, were as follows (in thousands): Amount Expiration Years NOLs, federal (post-December 31, 2017) $ 273,262 Indefinite (1) NOLs, federal (pre-January 1, 2018) 40,370 2034 through 2036 NOLs, state 251,417 2034 thru 2043 Research and development tax credits, federal 12,202 2034 thru 2043 Research and development tax credits, California 4,408 Indefinite Research and development tax credits, Massachusetts 1,002 2034 thru 2038 (1) NOL carryforward generated after 2017 which can be carried forward indefinitely and can generally be used to offset up to 80 % of future taxable income |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits is as follows: December 31, 2023 2022 (in thousands) Beginning balance of unrecognized tax benefits $ 8,176 $ 7,821 Gross increases based on tax positions related to current year 391 355 Gross increases based on tax positions related to prior years 97 — Ending balance of unrecognized tax benefits $ 8,664 $ 8,176 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table summarizes the computation of basic and diluted net loss per share: Year Ended December 31, 2023 2022 (in thousands, except per share amounts) Numerator: Net loss $ ( 235,925 ) $ ( 130,904 ) Denominator: Weighted-average common shares outstanding, basic and diluted 65,021 27,207 Net loss per share, basic and diluted $ ( 3.63 ) $ ( 4.81 ) |
Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2023 2022 (in thousands) Convertible preferred stock — 104,417 Common stock options and restricted stock units 14,582 8,570 Performance stock options (with performance conditions to be established) — 363 Early exercised stock options subject to future vesting 64 532 Unvested restricted stock awards 840 2,902 Performance restricted stock (with performance conditions to be established) 255 510 Total 15,741 117,294 |
Organization and Liquidity - Ad
Organization and Liquidity - Additional information (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 19, 2023 USD ($) $ / shares shares | Sep. 30, 2023 | Dec. 31, 2023 USD ($) Program $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Organization and Liquidity [Line items] | ||||
Number of clinical and preclinical neuroscience programs | Program | 7 | |||
Reverse stock split | 7.8463-for-1 | |||
Reverse stock split conversion ratio | 0.1274 | |||
Proceeds from initial public offering | $ 232,565 | |||
Common stock shares authorized | shares | 700,000,000 | 1,210,000,000 | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Accumulated deficit | $ (703,434) | $ (467,509) | ||
Cash and cash equivalents | 374,038 | 240,943 | ||
Marketable securities | 79,944 | $ 130,941 | ||
Initial Public Offering | ||||
Organization and Liquidity [Line items] | ||||
Common stock sold in initial public offering | shares | 14,710,000 | |||
Price to public, per share | $ / shares | $ 17 | |||
Proceeds from initial public offering | $ 226,500 | |||
Underwriting discounts and commissions | 17,500 | |||
Offering expenses | $ 6,000 | |||
Common stock shares authorized | shares | 700,000,000 | |||
Common stock, par value | $ / shares | $ 0.0001 | |||
Preferred stock, shares authorized | shares | 50,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | |||
Number of convertible preferred stock automatically converted into shares of common stock | shares | 104,417,415 | |||
Liquidity | ||||
Organization and Liquidity [Line items] | ||||
Accumulated deficit | 703,400 | |||
Cash, cash equivalents, and marketable securities | $ 463,800 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Basis of Presentation - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred offering costs | $ 0 | $ 2,900,000 |
Impairment of long-lived assets | 0 | $ 0 |
Preferred stock, amount issued | 0 | |
Preferred stock, amount outstanding | $ 0 | |
Uncertain tax positions description | The Company recognizes and measures uncertain tax positions using a two-step approach. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely-than-not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. | |
Maximum | ||
Estimated useful lives of assets | 7 years | |
Minimum | ||
Estimated useful lives of assets | 3 years | |
Preferred Stock Warrants | ||
Warrants outstanding | 0 | 0 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 452,119 | $ 338,579 |
Gross Unrealized Gain | 26 | 1 |
Gross Unrealized Loss | (102) | (775) |
Estimated Fair Value | 452,043 | 337,805 |
Cash Equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 362,254 | 183,353 |
Gross Unrealized Gain | 6 | 0 |
Gross Unrealized Loss | (6) | 0 |
Estimated Fair Value | 362,254 | 183,353 |
Cash Equivalents | Money Market Funds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 306,801 | 183,353 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 306,801 | 183,353 |
Cash Equivalents | U.S Government and Agency Debt Securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 12,998 | |
Gross Unrealized Gain | 0 | |
Gross Unrealized Loss | (6) | |
Estimated Fair Value | 12,992 | |
Cash Equivalents | Commercial Paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 42,455 | |
Gross Unrealized Gain | 6 | |
Gross Unrealized Loss | 0 | |
Estimated Fair Value | 42,461 | |
Marketable Securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 89,865 | 155,226 |
Gross Unrealized Gain | 20 | 1 |
Gross Unrealized Loss | (96) | (775) |
Estimated Fair Value | 89,789 | 154,452 |
Marketable Securities | U.S Government and Agency Debt Securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 37,515 | 57,534 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (91) | (272) |
Estimated Fair Value | 37,424 | 57,262 |
Marketable Securities | Corporate Debt Securities | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 4,816 | 42,267 |
Gross Unrealized Gain | 3 | 1 |
Gross Unrealized Loss | (1) | (266) |
Estimated Fair Value | 4,818 | 42,002 |
Marketable Securities | Commercial Paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 47,534 | 55,425 |
Gross Unrealized Gain | 17 | |
Gross Unrealized Loss | (4) | (237) |
Estimated Fair Value | $ 47,547 | $ 55,188 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Summary of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Available-for-Sale Securities, Debt Maturities [Abstract] | |
Within one year | $ 79,944 |
After one year through two years | 9,845 |
Total marketable securities | $ 89,789 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 452,043 | $ 337,805 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 326,274 | 228,130 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 125,769 | 109,675 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 306,801 | 183,353 |
Money Market Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 306,801 | 183,353 |
Money Market Funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money Market Funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
U.S Government and Agency Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 50,416 | 57,262 |
U.S Government and Agency Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 19,473 | 44,777 |
U.S Government and Agency Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 30,943 | 12,485 |
U.S Government and Agency Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 4,818 | 42,002 |
Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 4,818 | 42,002 |
Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 90,008 | 55,188 |
Commercial Paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Commercial Paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 90,008 | 55,188 |
Commercial Paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Dec. 31, 2023 $ / shares |
Fair Value Disclosures [Abstract] | |
Net asset value per share | $ 1 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid research and development costs ($6.3 million and $11.9 million from related party in 2023 and 2022, respectively) | $ 19,085 | $ 13,484 |
Prepaid other | 4,273 | 1,618 |
Other receivables | 939 | 919 |
Total prepaid expenses and other current assets | $ 24,297 | $ 16,021 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Prepaid research and development costs from related party | $ 19,085 | $ 13,484 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Prepaid research and development costs from related party | $ 6,300 | $ 11,900 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 3,184 | $ 2,957 |
Less: accumulated depreciation and amortization | (1,435) | (1,060) |
Total property and equipment | 1,790 | 2,411 |
Laboratory Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,800 | 2,384 |
Computer and Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 287 | 420 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 97 | 136 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 17 | |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 41 | $ 514 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and benefits | $ 10,011 | $ 8,400 |
Accrued research and development services | 5,004 | 889 |
Professional services | 787 | 1,187 |
Accrued clinical trial and preclinical costs | 4,705 | 652 |
Other | 750 | 408 |
Total accrued liabilities | $ 21,257 | $ 11,536 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued research and development services due to related party | $ 3,100 | $ 0 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation and amortization expense | $ 668 | $ 594 |
Acquisitions of Assets - Additi
Acquisitions of Assets - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) shares | Nov. 30, 2023 USD ($) | Feb. 28, 2022 USD ($) | Sep. 30, 2021 USD ($) Agreements shares | Nov. 30, 2020 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) Milestones | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Acquired in-process research and development | $ 63,904,000 | $ 13,000,000 | |||||||
Amgen Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of license agreements | Agreements | 2 | ||||||||
Vanderbilt IPR&D Assets | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration deemed due or payable | $ 0 | $ 0 | |||||||
BlackThorn Merger Agreement | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, milestone payment settled in cash | $ 10,000,000 | ||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
BlackThorn Merger Agreement | BlackThorn Therapeutics, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration deemed due or payable | 0 | $ 0 | |||||||
Contingent consideration payable in cash | $ 2,300,000 | ||||||||
Acquired in-process research and developed expense | $ 60,800,000 | ||||||||
BlackThorn Merger Agreement | BlackThorn Therapeutics, Inc. | Common Stock | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued based on volume weighted average price per share prior to date milestone was met | shares | 6,072,445 | ||||||||
BlackThorn Merger Agreement | navacaprant | |||||||||
Business Acquisition [Line Items] | |||||||||
Milestone payment due description | milestone payment that became due in October 2023 upon dosing the first patient in the Phase 3 clinical trial for navacaprant, | ||||||||
BlackThorn Merger Agreement | navacaprant | Maximum | Development and Regulatory Approval Milestones | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | 365,000,000 | ||||||||
BlackThorn Merger Agreement | navacaprant | Maximum | Sales-based Milestones | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | 450,000,000 | ||||||||
BlackThorn Merger Agreement | NMRA-511 | Maximum | Development and Regulatory Approval Milestones | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | 100,000,000 | ||||||||
BlackThorn Merger Agreement | NMRA-511 | Maximum | Sales-based Milestones | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | $ 100,000,000 | ||||||||
BlackThorn Carveout Plan | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
Contingent consideration deemed due or payable | $ 0 | $ 0 | |||||||
Asset acquisition compensation recognized and paid | $ 1,800,000 | ||||||||
Syllable Merger Agreement | Syllable Life Sciences, Inc | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
Contingent consideration deemed due or payable | 0 | $ 0 | |||||||
Syllable Merger Agreement | Syllable Life Sciences, Inc | Maximum | Development Milestones | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | $ 5,000,000 | ||||||||
Alairion Merger Agreement | Alairion, Inc | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
Alairion Merger Agreement | Alairion, Inc | Achievement of Specified Commercialization Events | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, milestone payment | $ 135,000,000 | ||||||||
Alairion Merger Agreement | Alairion, Inc | Maximum | Achievement of Specified Development Events | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, milestone payment | 33,500,000 | ||||||||
Alairion Carveout Plan | |||||||||
Business Acquisition [Line Items] | |||||||||
Asset acquisition compensation recognized and paid | $ 0 | ||||||||
Alairion Carveout Plan | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Milestone payments | $ 3,000,000 | ||||||||
Amgen Inc. Licenses | Amgen Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
Contingent consideration deemed due or payable | $ 0 | $ 0 | |||||||
Amgen Inc. Licenses | Amgen Inc. | Series A-2 | |||||||||
Business Acquisition [Line Items] | |||||||||
Upfront consideration transferred shares | shares | 20,000,000 | ||||||||
Acquisition date fair value of shares transferred | $ 157,000,000 | ||||||||
Amgen Inc. Licenses | Amgen Inc. | Maximum | Case One | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable in cash | 360,000,000 | ||||||||
Amgen Inc. Licenses | Amgen Inc. | Maximum | Commercial Milestone Payment | Case Two | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable in cash | $ 360,000,000 | ||||||||
Vanderbilt License | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, milestone payment settled in cash | $ 2,000,000 | ||||||||
Number of milestone achieved | Milestones | 0 | ||||||||
Acquired in-process research and development | $ 800,000 | ||||||||
Vanderbilt License | Maximum | Achievement of Specified Development Events | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable in cash | $ 42,400,000 | ||||||||
Vanderbilt License | Maximum | Achievement of Specified Commercialization Events | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable in cash | 380,000,000 | ||||||||
Vanderbilt License | Vanderbilt IPR&D Assets | |||||||||
Business Acquisition [Line Items] | |||||||||
Upfront cash payment | $ 13,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 31, 2023 ft² | Aug. 31, 2022 USD ($) | May 31, 2022 ft² | Mar. 31, 2021 ft² | |
Loss Contingencies [Line Items] | ||||||
Additional space added to area of office and laboratory as per amendment | ft² | 972 | |||||
Rent expense | $ 4.3 | $ 3.5 | ||||
Short term lease expense | $ 0.3 | 1.1 | ||||
Variable costs | $ 0.1 | |||||
Operating lease liability derecognized | $ 0.7 | |||||
Right-of-use asset derecognized | $ 0.6 | |||||
California | ||||||
Loss Contingencies [Line Items] | ||||||
Area of office facility | ft² | 14,688 | |||||
Massachusetts | ||||||
Loss Contingencies [Line Items] | ||||||
Area of office and laboratory facility | ft² | 30,067 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Maturity of the Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2024 | $ 3,719 | |
2025 | 1,892 | |
Total undiscounted lease payments | 5,611 | |
Less: Imputed interest | (380) | |
Operating lease liabilities | 5,231 | |
Operating lease liabilities, current portion | 3,378 | $ 3,370 |
Operating lease liabilities, net of current portion | $ 1,853 | $ 5,072 |
Commitments and Contingencies_3
Commitments and Contingencies - Supplemental Information on the Company's Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for operating lease agreements (in thousands) | $ 4,071 | $ 2,486 |
Weighted average remaining lease term (in years) | 1 year 6 months | 2 years 4 months 24 days |
Weighted-average discount rate | 10% | 10% |
Strategic License and Researc_2
Strategic License and Research and Collaboration Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Feb. 28, 2022 | Nov. 30, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Prepaid research and development costs | $ 24,297,000 | $ 16,021,000 | |||
Research and development expenses | 142,719,000 | 91,749,000 | |||
2015 TSRI License Agreement | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones achieved | 0 | ||||
Milestone Payments | $ 300,000 | ||||
Accrued Royalties | $ 0 | ||||
2015 TSRI License Agreement | Maximum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Development and regulatory milestone payments | $ 1,500,000 | ||||
Commercial milestone payments | $ 3,500,000 | ||||
Amgen Research and Collaboration Agreement | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Collaboration agreement termination description | The term of the agreement is up to five years, although it will terminate after three years if the Company and Amgen do not mutually agree upon a compensation structure for years four and five. If the parties do not reach an agreement at least 30 days prior to the end of year three, the Amgen Collaboration Agreement will automatically terminate upon its third anniversary. Further, either party can terminate the Amgen Collaboration Agreement upon material uncured breach or bankruptcy by the other party, in which case all amounts that have become due through the date of termination are non-refundable. | ||||
Research and collaboration agreement quarterly payments for first two year | $ 50,000,000 | ||||
Prepaid research and development costs | 6,300,000 | 11,900,000 | |||
Research and development expenses | 24,400,000 | $ 25,100,000 | |||
Amgen Research and Collaboration Agreement | Minimum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Research and collaboration agreement quarterly payments for third year | $ 12,500,000 | ||||
Amgen Research and Collaboration Agreement | Maximum | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Term of the agreement | 5 years | ||||
Vanderbilt Research Agreement | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Research and collaboration agreement quarterly payments | $ 1,700,000 | ||||
Research agreement expiry date | 2023-09 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 20, 2023 | Sep. 19, 2023 | |
Class of Stock [Line Items] | |||||
Convertible preferred stock, shares outstanding | 0 | 0 | 104,417,000 | 0 | |
Shares reserved for potential future issuances | 29,170,000 | 29,170,000 | |||
Amgen Research and Collaboration Agreement | |||||
Class of Stock [Line Items] | |||||
Maximum additional financing in equity securities | $ 100,000,000 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of convertible preferred stock automatically converted into shares of common stock | 104,417,415 | ||||
Vesting of restricted stock | (337,000) | (48,000) | |||
Common Stock | BlackThorn Merger Agreement | |||||
Class of Stock [Line Items] | |||||
Shares issued upon achievement of milestone | 6,072,445 | ||||
Common Stock | Service Conditions | |||||
Class of Stock [Line Items] | |||||
Vesting of restricted stock | 646,061 | ||||
Common Stock | Performance Conditions | |||||
Class of Stock [Line Items] | |||||
Vesting of restricted stock | 637,240 | ||||
Additional Shares of Capital Stock | |||||
Class of Stock [Line Items] | |||||
Shares reserved for potential future issuances | 0 | 0 |
Convertible Preferred Stock a_4
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 20, 2023 | Dec. 31, 2022 |
Temporary Equity [Line Items] | |||
Convertible preferred stock, Shares Authorized | 50,000,000 | 820,349,000 | |
Convertible preferred stock, Shares Issued | 0 | 104,417,000 | |
Convertible preferred stock, Shares Outstanding | 0 | 0 | 104,417,000 |
Convertible preferred stock, Carrying Value | $ 843,687 | ||
Convertible preferred stock, Liquidation Preference | $ 856,756 | ||
Series A-1 | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, Shares Authorized | 47,471,000 | ||
Convertible preferred stock, Shares Issued | 5,915,000 | ||
Convertible preferred stock, Shares Outstanding | 5,915,000 | ||
Convertible preferred stock, Carrying Value | $ 38,208 | ||
Convertible preferred stock, Liquidation Preference | $ 46,413 | ||
Series A-2 | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, Shares Authorized | 697,948,000 | ||
Convertible preferred stock, Shares Issued | 88,952,000 | ||
Convertible preferred stock, Shares Outstanding | 88,952,000 | ||
Convertible preferred stock, Carrying Value | $ 693,263 | ||
Convertible preferred stock, Liquidation Preference | $ 697,948 | ||
Series B | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, Shares Authorized | 74,930,000 | ||
Convertible preferred stock, Shares Issued | 9,550,000 | ||
Convertible preferred stock, Shares Outstanding | 9,550,000 | ||
Convertible preferred stock, Carrying Value | $ 112,216 | ||
Convertible preferred stock, Liquidation Preference | $ 112,395 |
Convertible Preferred Stock a_5
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands | Dec. 31, 2023 shares |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 29,170 |
Shares Reserved for Options and Restricted Stock Units Issued Under the Plans | |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 14,582 |
Shares Reserved for Future Issuance Under the Plans | |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 14,588 |
Preferred Stock Warrants - Addi
Preferred Stock Warrants - Additional Information (Detail) - $ / shares | Dec. 31, 2022 | Sep. 30, 2020 |
Series A-1 | ||
Class of Stock [Line Items] | ||
Preferred stock warrants, exercise price | $ 10.6 | |
Preferred stock warrants held by related party | 104,563 | |
Black Thorn | ||
Class of Stock [Line Items] | ||
Preferred stock warrants, exercised | 210,481 | |
Preferred stock warrants, expired | 81,712 | |
Black Thorn | Series A-1 | ||
Class of Stock [Line Items] | ||
Preferred stock warrants, issued | 157,371 | |
Preferred stock warrants, exercise price | $ 10.6 | |
Preferred stock warrants held by related party | 104,563 | |
Black Thorn | Series A-1 | Maximum | ||
Class of Stock [Line Items] | ||
Preferred stock warrants, issued | 292,193 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2022 | Jun. 30, 2021 | May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Common stock reserved for future issuance | 29,170,000 | ||||||||||
Expected dividend yield | 0% | 0% | |||||||||
Share based compensation recognized | $ 17,240 | $ 8,298 | |||||||||
Tranche One | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation recognized | $ 300 | ||||||||||
Market Based Tranches | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation recognized | 400 | ||||||||||
Executives | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock options granted to purchase | 446,068 | ||||||||||
Advisors | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation forfeited | 254,896 | ||||||||||
Early Exercise of Employee Stock Options | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 1,004,607 | ||||||||||
Vested, outstanding stock options | 818,107 | ||||||||||
Share based compensation forfeited | 122,987 | ||||||||||
Shares or restricted stock remained outstanding and unvested | 63,513 | ||||||||||
Market Award | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation granted under plan vested period | 3 years | ||||||||||
Grant date fair value | $ 900 | ||||||||||
Expected volatility | 100% | ||||||||||
Risk-free rate | 1.60% | ||||||||||
Total incremental expense resulted in modification | $ 100 | $ 300 | |||||||||
Market Award | Tranche One | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Number of options vested | 111,517 | 223,034 | |||||||||
Market Award | Tranche Two | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Number of options vested | 111,517 | 111,517 | |||||||||
Market Award | Tranche Three | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Number of options vested | 111,517 | ||||||||||
Market Award | Executives | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock options granted, exercise price | $ 2.52 | ||||||||||
Market Award | Executives | Common Stock | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 446,068 | ||||||||||
Awards with Performance Conditions | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 63,724 | 337,738 | |||||||||
Stock options, cancelled | 299,503 | ||||||||||
Awards with Performance Conditions | Common Stock | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 700,965 | ||||||||||
Awards with Performance Conditions | Restricted Common Stock | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 382,344 | 892,136 | |||||||||
Stock options, cancelled | 254,896 | 254,896 | |||||||||
Award Modification | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation recognized | $ 900 | ||||||||||
Services Agreement | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based payment, milestones achieved | $ 1,000 | ||||||||||
Performance Stock Options | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation recognized | $ 1,000 | 800 | |||||||||
Performance Restricted Stock | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation recognized | 1,000 | $ 800 | |||||||||
Stock Option | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Unrecognized stock-based compensation | $ 63,600 | ||||||||||
Weighted-average remaining service period | 2 years 6 months | ||||||||||
Weighted-average grant date fair value | $ 7.77 | $ 3.77 | |||||||||
Aggregate grant-date fair value of options | $ 9,100 | $ 5,200 | |||||||||
Restricted Stock | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation forfeited | 83,000 | ||||||||||
Unvested shares repurchased | 509,000 | ||||||||||
Shares or restricted stock remained outstanding and unvested | 2,902,000 | 840,000 | 2,902,000 | ||||||||
Unrecognized stock-based compensation | $ 10,200 | ||||||||||
Weighted-average remaining service period | 2 years 9 months 18 days | ||||||||||
2023 Equity Incentive Plan | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation, term of plan | 10 years | ||||||||||
Share based compensation granted under plan vested period | 4 years | ||||||||||
Common stock reserved for future issuance | 16,373,061 | ||||||||||
2023 Equity Incentive Plan | Maximum | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Grants vest percentage | 100% | ||||||||||
2020 Equity Incentive Plan | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted, outstanding stock options | 0 | ||||||||||
2023 Employee Share Purchase Plan | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Common stock reserved for future issuance | 1,526,984 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Value of Stock Options Granted (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected volatility, Maximum | 96.50% | 91.10% |
Expected volatility, Minimum | 89.60% | 87.20% |
Risk-free interest rate, Maximum | 4.90% | 4.20% |
Risk-free interest rate, Minimum | 3.40% | 1.70% |
Expected dividend yield | 0% | 0% |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (years) | 6 years 1 month 6 days | 6 years 6 months |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (years) | 4 years | 4 years 6 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Option $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Beginning balance, Outstanding Stock Options | shares | 8,570 | |
Granted, outstanding stock options | shares | 8,053 | |
Exercised, Outstanding Stock Options | shares | (972) | |
Canceled and forfeited, Outstanding Stock Options | shares | (1,650) | |
Expired, Outstanding Stock Options | shares | (218) | |
Ending balance, Outstanding Stock Options | shares | 13,783 | 8,570 |
Vested, outstanding stock options | shares | 3,430 | |
Exercisable, Outstanding Stock Options | shares | 3,621 | |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of period | $ / shares | $ 3.79 | |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 8.08 | |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 2.94 | |
Weighted-Average Exercise Price Per Share, Canceled and forfeited | $ / shares | 3.61 | |
Weighted-Average Exercise Price Per Share, Expired | $ / shares | 3.2 | |
Weighted-Average Exercise Price Per Share, Outstanding, end of period | $ / shares | 6.39 | $ 3.79 |
Weighted-Average Exercise Price Per Share, Vested | $ / shares | 4.01 | |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 3.93 | |
Weighted-Average Remaining Contractual Term, Outstanding (Years) | 8 years 8 months 12 days | 8 years 2 months 12 days |
Weighted-Average Remaining Contractual Term, Vested | 7 years 6 months | |
Weighted-Average Remaining Contractual Term, Exercisable | 7 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ | $ 146,966 | $ 24,085 |
Aggregate Intrinsic Value, Vested | $ | 44,713 | |
Aggregate Intrinsic Value, Exercisable | $ | $ 47,493 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted Common Stock | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding and unvested, Shares at beginning balance | shares | 2,902 |
Granted, Shares | shares | 509 |
Vested, Shares | shares | (2,488) |
Canceled, Shares | shares | (83) |
Outstanding and unvested, Shares at ending balance | shares | 840 |
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance | $ / shares | $ 0.9 |
Granted, Weighted Average Grant Date Fair Value Per Share | $ / shares | 8.93 |
Vested, Weighted Average Grant Date Fair Value Per Share | $ / shares | 0.78 |
Canceled, Weighted Average Grant Date Fair Value Per Share | $ / shares | 0.88 |
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance | $ / shares | $ 6.11 |
Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Granted, Shares | shares | 353 |
Outstanding and unvested, Shares at ending balance | shares | 353 |
Granted, Weighted Average Grant Date Fair Value Per Share | $ / shares | $ 17 |
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance | $ / shares | $ 17 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 17,240 | $ 8,298 |
Research and Development | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | 8,067 | 4,252 |
General and Administrative | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 9,173 | $ 4,046 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Increase in valuation allowance | $ 55.7 | $ 37.1 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal income taxes | 21% | 21% |
State income taxes, net of federal benefit | 2.80% | 3.70% |
Milestone payments | (5.30%) | |
Permanent differences | (0.90%) | (0.50%) |
Research and development tax credits | 2.10% | 2.10% |
Tax law change | 3.60% | |
State rate adjustment | 0.50% | 2.20% |
Uncertain tax positions | (0.02%) | (0.30%) |
Valuation allowance | (23.70%) | (28.20%) |
Effective income tax rate | (0.10%) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating losses | $ 79,117 | $ 63,937 |
Capitalized license agreements | 41,032 | 39,113 |
Capitalized research and development expense | 57,872 | 26,132 |
Research and development credits | 12,981 | 8,425 |
Compensation related | 5,942 | 3,496 |
Operating lease liabilities | 1,429 | 2,080 |
Other | 407 | 467 |
Total deferred tax assets | 198,780 | 143,650 |
Less: valuation allowance | (197,280) | (141,557) |
Total deferred tax assets less valuation allowance | 1,500 | 2,093 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (1,385) | (2,028) |
Fixed assets | (115) | (65) |
Total deferred tax liabilities | (1,500) | (2,093) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Summary of NOL a
Income Taxes - Summary of NOL and Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Research and Development | California | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
Tax credits, Carryforwards | $ 4,408 |
Tax credits, Expiration Years | Indefinite |
Research and Development | Massachusetts | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
Tax credits, Carryforwards | $ 1,002 |
Tax credits, Expiration Years | 2034 thru 2038 |
Federal (Post-December 31, 2017) [Member] | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
NOLs, Carryforwards | $ 273,262 |
NOLs, Expiration Years | Indefinite |
Federal (Pre-January 1, 2018) [Member] | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
NOLs, Carryforwards | $ 40,370 |
NOLs, Expiration Years | 2034 through 2036 |
State | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
NOLs, Carryforwards | $ 251,417 |
NOLs, Expiration Years | 2034 thru 2043 |
Federal | Research and Development | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
Tax credits, Carryforwards | $ 12,202 |
Tax credits, Expiration Years | 2034 thru 2043 |
Income Taxes - Summary of NOL_2
Income Taxes - Summary of NOL and Tax Credit Carryforwards (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Maximum | |
Deferred Tax Assets Tax Credit Carryforwards [Line Items] | |
Percentage of future taxable income offsetting by NOL carryforward | 80% |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance of unrecognized tax benefits | $ 8,176 | $ 7,821 |
Gross increases based on tax positions related to current year | 391 | 355 |
Gross increases based on tax positions related to prior years | 97 | 0 |
Ending balance of unrecognized tax benefits | $ 8,664 | $ 8,176 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||
Net loss | $ (235,925) | $ (130,904) |
Denominator: | ||
Weighted-average common shares outstanding, basic | 65,021 | 27,207 |
Weighted-average common shares outstanding, diluted | 65,021 | 27,207 |
Net loss per share, basic | $ (3.63) | $ (4.81) |
Net loss per share, diluted | $ (3.63) | $ (4.81) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
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 amount | 15,741 | 117,294 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 104,417 | |
Common Stock Options and Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 14,582 | 8,570 |
Performance Stock Options (With Performance Conditions to Be Established) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 363 | |
Early Exercised Stock Options Subject to Future Vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 64 | 532 |
Unvested Restricted Stock Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 840 | 2,902 |
Performance Restricted Stock (With Performance Conditions to Be Established) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 255 | 510 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Proceeds from issuance of convertible preferred stock | $ 112,216,000 | ||
Prepaid research and development costs | $ 24,297,000 | 16,021,000 | |
Research and development expenses | 142,719,000 | 91,749,000 | |
Amgen Research and Collaboration Agreement | |||
Related Party Transaction [Line Items] | |||
Related party transaction obligation with related party | 3,100,000 | 6,300,000 | |
Prepaid research and development costs | 6,300,000 | 11,900,000 | |
Research and development expenses | 24,400,000 | $ 25,100,000 | |
Maximum additional financing in equity securities | $ 100,000,000 | ||
Series B Convertible Preferred Stock | |||
Related Party Transaction [Line Items] | |||
Preferred stock, issued | 2,973,800 | ||
Proceeds from issuance of convertible preferred stock | $ 35,000,000 | ||
Series A-1 | |||
Related Party Transaction [Line Items] | |||
Preferred stock warrants held by related party | 104,563 | ||
Preferred stock warrants, exercise price | $ 10.6 |
Defined Contribution Plan (Addi
Defined Contribution Plan (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Contribution Plan [Abstract] | |
Matching employee contribution | 50% |
Matching employer contribution | 3% |