Immunome (IMNM) 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39580
Entity Registrant Name	Immunome, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0694340
Entity Address, Address Line One	18702 N. Creek Parkway
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Bothell
Entity Address State Or Province	WA
Entity Address, Postal Zip Code	98011
City Area Code	425
Local Phone Number	939-7410
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	IMNM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,054,372
Entity Central Index Key	0001472012
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 165,332	$ 98,679
Marketable securities	113,021	39,463
Prepaid expenses and other current assets	5,931	6,561
Total current assets	284,284	144,703
Property and equipment, net	6,096	2,073
Operating right-of-use assets	2,523	1,564
Restricted cash	100	100
Other long-term assets	3,212	100
Total assets acquired	296,215	148,540
Current liabilities:
Accounts payable	7,047	3,311
Accrued expenses and other current liabilities	20,264	8,025
Deferred revenue, current	12,589	10,493
Total current liabilities	39,900	21,829
Deferred revenue, non-current		5,489
Operating lease liabilities, net of current portion	2,477	1,340
Total liabilities assumed	42,377	28,658
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023
Common stock, $0.0001 par value; 300,000,000 shares authorized at June 30, 2024 and December 31, 2023; 60,013,655 and 43,251,778 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	6	4
Additional paid-in capital	642,251	342,663
Accumulated other comprehensive income	2	22
Accumulated deficit	(388,421)	(222,807)
Total stockholders' equity	253,838	119,882
Total liabilities and stockholders' equity	$ 296,215	$ 148,540

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	60,013,655	43,251,778
Common stock, shares outstanding (in shares)	60,013,655	43,251,778

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations and Comprehensive Loss
Collaboration revenue	$ 2,364	$ 4,263	$ 3,393	$ 6,627
Operating expenses:
In-process research and development	6,312		118,266
Research and development	29,083	5,716	44,452	9,629
General and administrative	6,978	4,320	12,983	7,242
Total operating expenses	42,373	10,036	175,701	16,871
Loss from operations	(40,009)	(5,773)	(172,308)	(10,244)
Interest income	3,887	216	6,694	417
Net loss	$ (36,122)	$ (5,557)	$ (165,614)	$ (9,827)
Per share information:
Net loss per share, Basic	$ (0.60)	$ (0.46)	$ (2.97)	$ (0.81)
Net loss per share, Diluted	$ (0.60)	$ (0.46)	$ (2.97)	$ (0.81)
Weighted-average shares outstanding, Basic	59,936,703	12,197,801	55,740,543	12,190,182
Weighted-average shares outstanding, Diluted	59,936,703	12,197,801	55,740,543	12,190,182
Comprehensive loss:
Net loss	$ (36,122)	$ (5,557)	$ (165,614)	$ (9,827)
Unrealized loss on marketable securities	(2)		(20)
Comprehensive loss	$ (36,124)	$ (5,557)	$ (165,634)	$ (9,827)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Ayala Purchase Agreement Common stock	Ayala Purchase Agreement Additional Paid-in Capital	Ayala Purchase Agreement	License agreement with Zentalis Pharmaceuticals, Inc Common stock	License agreement with Zentalis Pharmaceuticals, Inc Additional Paid-in Capital	License agreement with Zentalis Pharmaceuticals, Inc	ATM Common stock	ATM Additional Paid-in Capital	ATM	Public offering Common stock	Public offering Additional Paid-in Capital	Public offering	Common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance at Dec. 31, 2022													$ 1	$ 132,653		$ (116,001)	$ 16,653
Balance (shares) at Dec. 31, 2022													12,128,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense														1,200			1,200
Issuance of common stock								$ 34	$ 34					221			221
Issuance of common stock ( in shares)							5,925						55,250
Vesting of restricted stock awards														24			24
Vesting of restricted stock awards (shares)													4,166
Net Income (Loss)																(4,270)	(4,270)
Balance at Mar. 31, 2023													$ 1	134,132		(120,271)	13,862
Balance (shares) at Mar. 31, 2023													12,194,184
Balance at Dec. 31, 2022													$ 1	132,653		(116,001)	$ 16,653
Balance (shares) at Dec. 31, 2022													12,128,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (shares)																	0
Exercise of common stock warrants (in shares)																	0
Net Income (Loss)																	$ (9,827)
Balance at Jun. 30, 2023													$ 1	135,165		(125,828)	9,338
Balance (shares) at Jun. 30, 2023													12,200,433
Balance at Mar. 31, 2023													$ 1	134,132		(120,271)	13,862
Balance (shares) at Mar. 31, 2023													12,194,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense														998			998
Vesting of restricted stock awards														35			$ 35
Vesting of restricted stock awards (shares)													6,249
Exercise of common stock warrants (in shares)																	0
Net Income (Loss)																(5,557)	$ (5,557)
Balance at Jun. 30, 2023													$ 1	135,165		(125,828)	9,338
Balance (shares) at Jun. 30, 2023													12,200,433
Balance at Dec. 31, 2023													$ 4	342,663	$ 22	(222,807)	119,882
Balance (shares) at Dec. 31, 2023													43,251,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense														2,159			2,159
Issuance of common stock		$ 50,645	$ 50,645		$ 23,388	$ 23,388				$ 2	$ 215,408	$ 215,410
Issuance of common stock ( in shares)	2,175,489			2,298,586						11,500,000
Exercise of stock options														171			171
Exercise of stock options (shares)													125,704
Exercise of common stock warrants (in shares)													342,686
Unrealized loss on marketable securities															(18)		(18)
Net Income (Loss)																(129,492)	(129,492)
Balance at Mar. 31, 2024													$ 6	637,861	4	(352,299)	285,572
Balance (shares) at Mar. 31, 2024													59,694,243
Balance at Dec. 31, 2023													$ 4	342,663	22	(222,807)	$ 119,882
Balance (shares) at Dec. 31, 2023													43,251,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (shares)																	388,556
Exercise of common stock warrants (in shares)																	373,057
Net Income (Loss)																	$ (165,614)
Balance at Jun. 30, 2024													$ 6	642,251	2	(388,421)	253,838
Balance (shares) at Jun. 30, 2024													60,013,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock warrants														3,427			3,427
Balance at Mar. 31, 2024													$ 6	637,861	4	(352,299)	285,572
Balance (shares) at Mar. 31, 2024													59,694,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense														3,227			3,227
Exercise of stock options														859			$ 859
Exercise of stock options (shares)													289,041
Exercise of common stock warrants (in shares)													30,371				30,371
Unrealized loss on marketable securities															(2)		$ (2)
Net Income (Loss)																(36,122)	(36,122)
Balance at Jun. 30, 2024													$ 6	642,251	$ 2	$ (388,421)	253,838
Balance (shares) at Jun. 30, 2024													60,013,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock warrants														$ 304			$ 304

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ATM
Net of issuance costs		$ 1
Public offering
Net of issuance costs	$ 14,592

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss		$ (165,614)	$ (9,827)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		706	195
Amortization of right-of-use asset		230	110
Accretion of discounts on marketable securities		(890)
Share-based compensation expense		5,386	2,257
Charge for purchase of in-process research and development assets	$ 6,312	118,266
Changes in operating assets and liabilities:
Prepaid expenses and other assets		877	1,216
Accounts payable		2,364	1,276
Accrued expenses and other current liabilities		7,568	(33)
Deferred revenue		(3,393)	23,373
Operating lease liabilities		(67)	(62)
Net cash (used in) provided by operating activities		(34,567)	18,505
Cash flows from investing activities:
Purchases of in-process research and development assets		(41,723)
Purchases of marketable securities		(112,688)
Maturities of marketable securities		40,000
Purchases of property and equipment		(4,508)	(446)
Net cash used in investing activities		(118,919)	(446)
Cash flows from financing activities:
Proceeds from public offering		230,002
Payment of offering costs		(14,624)
Proceeds from exercise of stock options		1,030
Proceeds from exercise of common stock warrants	300	3,731
Proceeds from issuance of common stock under ATM, net			34
Net cash provided by financing activities		220,139	34
Net increase in cash and cash equivalents and restricted cash		66,653	18,093
Cash and cash equivalents and restricted cash at beginning of period		98,779	20,423
Cash and cash equivalents and restricted cash at end of period	165,432	165,432	38,516
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	165,332	165,332	38,416
Restricted cash	100	100	100
Total cash, cash equivalents, and restricted cash	$ 165,432	165,432	38,516
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock in exchange for in-process research and development assets		74,033
Net liabilities assumed from purchases of in-process research and development assets		2,041
Purchase of in-process research and development assets in accounts payable		469
Right-of-use assets obtained in exchange for operating lease liabilities		1,189
Issuance of common stock to certain board of directors in lieu of accrued compensation			221
Offering costs in accounts payable and accrued expenses and other current liabilities		204	100
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities		$ 1,236	$ 271

Nature of the business

Nature of the business	6 Months Ended
	Jun. 30, 2024
Nature of the business
Nature of the business	1. Nature of the business Organization Immunome, Inc., or the Company or Immunome, is a biotechnology company focused on the development of targeted oncology therapies. The Company believes that the pursuit of novel or underexplored targets will be central to the next generation of transformative therapies, and it is dedicated to developing targeted cancer therapies with first-in-class and best-in-class potential. The Company’s goal is to establish a broad pipeline of preclinical and clinical assets and develop these assets into approved products for commercialization. To support that goal, the Company invests heavily in both business development and internal discovery programs. Immunome is advancing a pipeline comprising one clinical and two preclinical assets. The clinical asset is AL102, an investigational gamma secretase inhibitor, or GSI, currently under evaluation in a Phase 3 trial for the treatment of desmoid tumors. AL102 was acquired from Ayala Pharmaceuticals, Inc. on March 25, 2024. The preclinical assets are IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, or ADC, and IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT. On October 2, 2023, the Company completed its merger with Morphimmune Inc., or Morphimmune, a preclinical biotechnology company focused on developing targeted oncology therapies, and Morphimmune became a wholly owned subsidiary of Immunome. Liquidity The Company has incurred significant operating losses since inception and expects to continue to incur losses from operations for the foreseeable future as it pursues development of its therapeutic candidates and other programs. As of June 30, 2024, the Company had an accumulated deficit of $388.4 million, cash and cash equivalents of $165.3 million, and marketable securities of $113.0 million. The Company has not generated any product revenue to date and does not expect to generate product revenue until it successfully completes development and obtains regulatory approval for at least one of its product candidates. Through June 30, 2024, the Company has funded its operations primarily through sales expense reimbursement from a government contract that ended in 2022 its longer-term business objectives.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2024
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The accompanying unaudited interim financial statements have been prepared in accordance with the accounting principles generally accepted in the United States, or GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and related notes included in the Company’s Form 10-K filed with the SEC on March 28, 2024, which provide a more complete discussion of the Company’s accounting policies and certain other information. The December 31, 2023 condensed consolidated balance sheet has been derived from the Company’s annual financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments that management believes to be necessary for a fair presentation of the Company’s financial information. Interim results are not necessarily indicative of results for a full year or any future interim period. Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and the accompanying notes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. The Company’s significant accounting estimates include, but are not necessarily limited to, revenue recognition, the estimated fair value of share-based awards, accrued research and development expenses and the fair value of acquired in-process research and development assets. Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available and regularly reviewed by the chief operating decision maker, its Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company has determined that it operates as one operating and reporting Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. Management also believes that the Company is not exposed to significant credit risk as it relates to marketable securities because the Company only invests in U.S government securities. Restricted cash Restricted cash represents collateral provided for a letter of credit issued as a security deposit in connection with one of the Company’s leased facilities. Cash will be released from restriction upon termination of the lease. Restricted cash was $0.1 million at both June 30, 2024 and December 31, 2023. Asset acquisitions Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions, with a cost accumulation model used to determine the cost of the acquisition. Common stock issued as consideration in an acquisition of assets is 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. Intangible assets that are acquired in an asset acquisition for use in research and development activities that have an alternative future use are capitalized as in-process research and development, or IPR&D. Acquired IPR&D that has no alternative future use is expensed immediately as a component of in-process research and development expense in the condensed consolidated statements of operations and comprehensive loss. In addition to upfront consideration, 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 accounted for as a liability at fair value are recognized when the contingency is resolved and the consideration is paid or becomes payable. Contingent consideration payments made prior to regulatory approval are expensed as incurred. Research and development expenses Research and development costs consist of costs incurred in performing research and development activities, including salaries and bonuses, share-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation and amortization, preclinical and clinical development expenses, including manufacture and testing of clinical supplies, and amounts incurred under license agreements, consulting agreements and other contracted services. Research and development costs are expensed as incurred. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed. Such payments are evaluated for current or long-term classification based on when such services are expected to be received. The Company estimates preclinical, clinical trial, and other research and development expenses based on the services performed pursuant to contracts with research institutions, contract manufacturing organizations, and third-party service providers that conduct and manage preclinical studies and clinical trials and perform research services on its behalf. The Company records these costs of research and development activities based on the estimated services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities in the consolidated balance sheets and in research and development expense in the consolidated statements of operations. The Company accrues these costs based on factors such as estimates of the work completed in accordance with agreements established with its third-party service providers, actual levels of patient enrollment and reported activities at clinical trial sites. The Company makes judgments and estimates in determining the accrued expenses balance. As actual costs become known, the Company adjusts its accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expenses in future periods. Changes in these estimates that result in material changes to the Company’s accrued expenses could materially affect the Company’s results of operations. Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, including the effect of dilutive securities. As the Company was in a net loss position for the three and six months ended June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive securities are antidilutive. The following potentially dilutive securities have been excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive (on an as-converted basis): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2024 2023 Stock options outstanding ​ 8,537,999 ​ 3,038,080 Common stock warrants ​ — ​ 500,000 Unvested restricted stock awards ​ — ​ 2,083 ​ ​ 8,537,999 ​ 3,540,163 ​ Recent accounting standards not yet adopted In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of incremental segment information on an interim and annual basis and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements.

Fair value measurement

Fair value measurement	6 Months Ended
	Jun. 30, 2024
Fair value measurement
Fair value measurement	3. Fair value measurement The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ​ 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. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ Level Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds 1 ​ $ 24,259 ​ $ — ​ $ — ​ $ 24,259 U.S. treasury securities 2 ​ ​ 139,183 ​ ​ 1 ​ ​ (1) ​ ​ 139,183 Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasury securities 2 ​ ​ 113,019 ​ ​ 3 ​ ​ (1) ​ ​ 113,021 Total financial assets ​ ​ $ 276,461 ​ $ 4 ​ $ (2) ​ $ 276,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level ​ Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds 1 ​ $ 73,988 ​ $ — ​ $ — ​ $ 73,988 U.S. treasury securities 2 ​ ​ 22,993 ​ ​ — ​ ​ — ​ ​ 22,993 Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasury securities 2 ​ ​ 39,441 ​ ​ 22 ​ ​ — ​ ​ 39,463 Total financial assets ​ ​ $ 136,422 ​ $ 22 ​ $ — ​ $ 136,444 ​ The Company’s marketable securities consist of U.S. treasury debt securities with a contractual maturity date of up to 6 months.

Collaboration agreement with Ab

Collaboration agreement with AbbVie	6 Months Ended
	Jun. 30, 2024
Collaboration agreement with AbbVie
Collaboration agreement with AbbVie	4. Collaboration agreement with AbbVie In January 2023 the Company entered into a Collaboration and Option Agreement, or the Collaboration Agreement, with AbbVie Global Enterprises Ltd., or AbbVie, pursuant to which the Company is using its discovery platform to discover and validate targets derived from patients with three specified tumor types, and antibodies that bind to such targets, which may be the subject of further development and commercialization by AbbVie. Pursuant to the terms of the Collaboration Agreement, the Company granted AbbVie an exclusive option to purchase all rights to each novel target-antibody pair, or a Validated Target Pair or VTP, that the Company generates that meets certain mutually agreed criteria, up to a maximum of 10 in total, for all human and non-human diagnostic, prophylactic and therapeutic uses throughout the world, including the development and commercialization of certain products, or Products, derived from the assigned VTP. AbbVie paid the Company a nonrefundable upfront payment of $30.0 million in January 2023 and will be required to pay certain additional platform access payments of up to $70.0 million in aggregate based on the Company’s use of its discovery platform in connection with activities under each stage of the research plan and delivery of VTPs to AbbVie. If AbbVie exercises its option to purchase a VTP, then AbbVie will be required to pay an option exercise fee in the low single-digit millions for each of up to 10 VTPs for which it exercises an option. For each Product, the Company is eligible to receive development and commercial based milestones of up to $120.0 million in the aggregate and sales milestones of up to $150.0 million in the aggregate for the achievement of specified levels of annual net sales. The Company is also eligible to receive tiered royalties at percentage rates in the low single digits on annual net sales of any Products that are commercialized by AbbVie. AbbVie’s obligation to pay royalties will terminate, on a Product-by-Product and country-by-country basis, upon the earlier of (a) the later of (i) 10 years following the first commercial sale for such Product in such country, or (ii) expiration of all valid claims of patent rights covering the Product in such country, and (b) the expiration of all applicable regulatory exclusivities for such Product in such country. AbbVie may terminate the Collaboration Agreement at any time for convenience upon a specified period of prior written notice. The Company determined that the Collaboration Agreement represents a contract with a customer and consists of one performance obligation to provide research and development services, or R&D services, to AbbVie. The Company evaluated the options to continue the R&D services and options to purchase licenses to each VTP and concluded that these options did not represent material rights. The Company determined the initial transaction price of the single performance obligation to be $30.0 million, as the variable consideration for additional R&D services, option exercise payments and development milestone payments are all subject to constraint at contract inception. At each reporting period, the Company will reevaluate the variable consideration subject to constraint and, if necessary, will adjust its estimate of the overall transaction price. For the sales-based royalties, the Company will recognize revenue when the related sales occur. Revenue from the Collaboration Agreement will be recognized over the estimated performance of the R&D services using the cost-to-cost input method which the Company believes best depicts the transfer of control to the customer. Under the cost-to-cost input method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the performance obligation. The Company recognized collaboration revenue of $2.4 million and $4.3 million for the three months ended June 30, 2024 and 2023, respectively, and $3.4 million and $6.6 million for the six months ended June 30, 2024 and 2023, respectively. The following table summarizes the change in deferred revenue (in thousands): ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 Beginning balance ​ $ 15,982 Deferral of revenue ​ ​ — Recognition of revenue ​ (3,393) Balance at the end of the period ​ $ 12,589 ​ As of June 30, 2024, the Company expects to recognize the deferred revenue associated with the non-refundable upfront fee over the estimated research and development period of approximately 1.0 year.

Balance sheet components

Balance sheet components	6 Months Ended
	Jun. 30, 2024
Balance sheet components
Balance sheet components	5. Balance sheet components Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Research and development ​ $ 14,458 ​ $ 1,794 Compensation and related benefits ​ ​ 2,353 ​ ​ 2,734 Severance accruals ​ ​ 962 ​ ​ 1,436 Professional services and consulting ​ ​ 1,415 ​ ​ 1,019 Short-term operating lease liability ​ ​ 295 ​ ​ 310 Other ​ 781 ​ 732 Total accrued expenses and other current liabilities ​ $ 20,264 ​ $ 8,025 ​

Employee benefit plan

Employee benefit plan	6 Months Ended
	Jun. 30, 2024
Employee benefit plan
Employee benefit plan	6. Employee benefit plan The Company maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code, or the 401(k) Plan. The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company assumes all administrative costs of the 401(k) Plan and makes matching contributions as defined in the 401(k) Plan document. The Company made matching contributions to the 401(k) Plan of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million for both the three and six months ended June 30, 2023.

Asset acquisitions

Asset acquisitions	6 Months Ended
	Jun. 30, 2024
Asset acquisitions
Asset acquisitions	7. Asset acquisitions Atreca On May 17, 2024, the Company and Atreca, Inc., or Atreca, completed an Asset Purchase Agreement, or the Atreca Purchase Agreement, initially entered into in December 2023, pursuant to which the Company acquired certain antibody-related assets and materials. No liabilities were assumed under the Atreca Purchase Agreement as of the acquisition date. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable IPR&D assets. The total cost of the acquisition of $5.7 million, which consisted of an upfront payment of $5.5 million and direct transaction costs of $0.2 million, was immediately expensed in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 since the acquired IPR&D had no alternative future use. Under the Atreca Purchase Agreement, the Company will be required to pay Atreca up to $7.0 million in the aggregate upon the achievement of certain clinical development milestone events. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. Ayala Pharmaceuticals On March 25, 2024, the Company and Ayala Pharmaceuticals, Inc., or Ayala, completed an Asset Purchase Agreement, or the Ayala Purchase Agreement, that was entered into in February 2024, pursuant to which the Company acquired Ayala’s AL101 and AL102 programs and assumed certain liabilities associated with the acquired assets. The upfront consideration included (i) payment of approximately $20.0 million in cash, and (ii) the issuance of 2,175,489 unregistered shares of the Company’s common stock at an aggregate fair value of $50.6 million on the acquisition date. The fair value of the shares issued to Ayala was based on the closing stock price of the Company’s common stock on March 25, 2024 of $24.00 per share less a discount of 3.0% related to unregistered share restrictions. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in two programs that were grouped as a single identifiable IPR&D asset. The assets acquired in the transaction were measured based on the estimated fair value of the consideration paid of $71.3 million, which included direct transaction costs of $0.7 million. The consideration paid and the relative fair values of the assets acquired and liabilities assumed were as follows (in thousands): ​ ​ ​ ​ ​ ​ Amount Common stock issued to Ayala ​ $ 50,645 Upfront consideration paid to Ayala ​ ​ 20,039 Transaction costs ​ ​ 657 Consideration paid ​ $ 71,341 ​ ​ ​ ​ Assets acquired: ​ ​ ​ In-process research and development ​ $ 73,382 Other long-term assets ​ ​ 2,480 Total assets acquired ​ $ 75,862 Liabilities assumed: ​ ​ ​ Accrued expenses ​ $ 4,521 Total liabilities assumed ​ $ 4,521 Net assets acquired ​ $ 71,341 ​ The cost attributable to the IPR&D was expensed in the Company’s condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2024 since the acquired IPR&D had no alternative future use. Under the Ayala Purchase Agreement, the Company will be required to pay Ayala up to $37.5 million in the aggregate upon the achievement of certain development, regulatory and commercial milestone events. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. Morphimmune On October 2, 2023, the Company completed its merger with Morphimmune, or the Merger, and acquired all of the outstanding equity interests of Morphimmune in exchange for 8,835,710 shares of the Company's common stock, based upon an exchange ratio of 0.3042 shares of the Company’s common stock for each outstanding share of Morphimmune capital stock. Under the terms of the Agreement and Plan of Merger and Reorganization dated as of June 28, 2023, the Company assumed Morphimmune’s 2020 Equity Incentive Plan and all outstanding options to purchase shares of Morphimmune capital stock were converted into 2,472,563 options to purchase shares of the Company’s common stock with a weighted average exercise price of $1.29 per share. All other terms and conditions associated with these options, including vesting and exercisability, are governed by the original terms and conditions of the Morphimmune 2020 Equity Incentive Plan. The Company accounted for the acquisition of Morphimmune as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in two programs that were grouped as

Licensing arrangements

Licensing arrangements	6 Months Ended
	Jun. 30, 2024
Licensing arrangements
Licensing arrangements	8. Licensing arrangements Bristol-Myers Squibb In connection with the closing of the Ayala Purchase Agreement in March 2024, the Company assumed a license agreement, the BMS License Agreement, with Bristol-Myers Squibb Company, or BMS, pursuant to which the Company obtained a worldwide, non-transferable, royalty-bearing, exclusive, sublicensable, license under certain patent rights and know-how of BMS to research, discover, develop, make, have made, use, sell, offer to sell, export, import and commercialize AL101 and AL102, or the BMS Licensed Compounds, and products containing AL101 or AL102, or the BMS Licensed Products, for all uses including the prevention, treatment or control of any human or animal disease, disorder or condition. Under the BMS License Agreement, the Company is obligated to use commercially reasonable efforts to develop at least one BMS Licensed Product. The Company is also required to use commercially reasonable efforts to obtain regulatory approvals in certain major market countries for at least one BMS Licensed Product, as well as to affect the first commercial sale of and commercialize each BMS Licensed Product after obtaining such regulatory approval. The Company is required to pay BMS up to approximately $142.0 million in the aggregate upon the achievement of certain clinical development or regulatory milestones for AL101 and AL102 across multiple indications. In addition, the Company is required to pay BMS up to $50.0 million in the aggregate upon the achievement of certain commercial milestones for each BMS Licensed Product. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. BMS is also eligible to receive tiered royalties ranging from a high single-digit to a low teen percentage on annual worldwide net sales of any BMS Licensed Products. Royalty payments will be expensed in the period in which the underlying revenues are earned. BMS has the right to terminate the BMS License Agreement in its entirety if the Company fails to fulfill its development and commercialization obligations within a defined period of time following written notice by BMS. The Company has the right to terminate the BMS License Agreement for convenience upon prior written notice to BMS. Upon termination of the BMS License Agreement by the Company for convenience or by BMS, the Company will grant an exclusive, non-transferable, sublicensable, worldwide license to BMS for certain patent rights that are necessary to develop, manufacture or commercialize the BMS Licensed Compounds or BMS Licensed Products. In exchange for such license, BMS will be obligated to pay the Company a low single-digit percentage royalty on net sales of the BMS Licensed Compounds and/or BMS Licensed Products by it or its affiliates, licensees or sublicensees, provided that the termination occurred after a specified developmental milestone for such BMS Licensed Compounds and/or BMS Licensed Products. Zentalis Pharmaceuticals On January 5, 2024, the Company entered into a license agreement with Zentalis Pharmaceuticals, Inc., or the Zentalis License Agreement, pursuant to which the Company received an exclusive, worldwide, royalty-bearing, sublicensable license under certain intellectual property relating to Zentalis’ proprietary antibody-drug conjugate, or ADC, platform technology, ROR1 antibodies and ADCs targeting ROR1 to exploit products covered by or incorporating the licensed intellectual property rights. Under the Zentalis License Agreement, the Company is required to use commercially reasonable efforts to develop an ADC targeting ROR1, two additional ADCs and commercialize any product that has received regulatory approval. As upfront consideration for the license, the Company paid to Zentalis $15.0 million in cash and issued 2,298,586 unregistered shares of its common stock at an aggregate fair value of $23.4 million. The fair value of the common stock issued to Zentalis was based on the closing stock price of the Company’s common stock on January 5, 2024 of $11.12 per share less a discount of 8.5% related to unregistered share restrictions. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset. The consideration paid to acquire the license and intellectual property rights, which included transaction costs of $0.2 million, was immediately recognized as IPR&D expense in the Company’s condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2024 since the acquired IPR&D had no alternative future use. Under the Zentalis License Agreement, the Company is obligated to pay Zentalis an aggregate of up to $150.0 million in development and regulatory milestones for the first product containing an ADC targeting ROR1, or a ROR1 ADC Product, to achieve such milestones and commercial milestones on ROR1 ADC Products. The Company is also obligated to pay Zentalis mid-to-high single digit royalties on ROR1 ADC Products. In addition, the Company is obligated to pay Zentalis up to $25.0 million in development and regulatory milestones for the first product from each of the first five additional development programs using the licensed platform technology to generate products and mid-single digit royalties on products from each such program. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. The Company’s royalty payment obligation will commence, on a product-by-product and country-by-country basis, on the first commercial sale of such product in such country and will expire on the latest of (a) the 10-year anniversary of such first commercial sale for such product in such country, (b) the expiration of regulatory exclusivity for such product in such country, and (c) the expiration of the last-to-expire valid claim of a licensed patent covering such product in such country. Royalty payments will be expensed in the period in which the underlying revenues are earned. The Zentalis License Agreement will continue until the expiration of all royalty payment obligations. The Zentalis License Agreement may be terminated early by (a) either party in its entirety upon (i) the other party’s uncured material breach, subject to a notice and cure period, (ii) any insolvency event of the other party or (iii) prolonged force majeure, (b) the Company, either in its entirety or in part, for convenience upon a specified period prior written notice, or (c) Zentalis (i) in its entirety if the Company challenges one of the licensed patents or (ii) fails to meet certain development activity benchmarks within specified time periods. Purdue Research Foundation Upon closing of the Merger, the Company assumed certain license agreements that Morphimmune had entered into prior to the Merger. In January 2022, Morphimmune entered into a Master License Agreement, or the Purdue License Agreement, with Purdue Research Foundation, or PRF. Under the Purdue License Agreement, PRF granted Morphimmune a royalty-bearing, transferable, worldwide, exclusive license, sublicensable through multiple tiers, under certain intellectual property owned by PRF to research, develop, manufacture and commercialize the licensed products in all fields of use with limited exceptions. Under the Purdue License Agreement, the Company is obligated to pay PRF a low single-digit royalty on gross receipts from the sale of licensed products, and beginning with the first sale of a licensed product, a tiered minimum annual royalty from the low to mid six-digit figure range less the unit royalties due for the annual period. In addition, the Company is obligated to pay PRF up to $3.8 million in the aggregate upon the achievement of specified development and commercialization milestones. The Company is also required to pay PRF an annual maintenance fee ranging from a low five-digit figure to a low six-digit figure prior to first sale of a licensed product and a low double-digit percentage of sublicense income received for sublicenses of licensed intellectual property, the percentage depending upon the timing of execution of the sublicense. The Purdue License Agreement expires on a licensed product-by-licensed product and country-by-country basis, upon expiration of the royalty term for such licensed product for the applicable country. The Company may terminate the Purdue License Agreement upon at least one month’s prior written notice to PRF. PRF may terminate the Purdue License Agreement and the licenses granted thereunder if the Company fails to cure a payment default or other material breach of the Purdue License Agreement after written notice from PRF, or if Morphimmune becomes insolvent. Other License Agreements The Company has entered into various other license agreements to further discover, develop and commercialize certain technologies and treatments. Under the terms of these agreements, the Company may need to pay certain development, regulatory, and commercial milestones payments and royalties on product sales, if any. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. Royalty payments will be expensed in the period in which the underlying revenues are earned.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases
Leases	9. Leases The Company currently leases approximately 29,000 square feet of office and laboratory space in Bothell, Washington, including 15,000 square feet of space that was added in May 2024 under an amended lease agreement, and approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania. The Bothell lease expires on January 31, 2029, and includes two five-year renewal options that are not included in the lease term as it is not reasonably certain that they will be exercised. The Exton lease expires on March 31, 2025. Supplemental balance sheet information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Operating leases: ​ ​ ​ ​ ​ Operating lease right-of-use assets $ 2,523 ​ $ 1,564 ​ ​ ​ ​ ​ ​ Operating lease liabilities, current portion $ 295 ​ $ 310 Operating lease liabilities, net of current portion ​ 2,477 ​ ​ 1,340 Total operating lease liabilities $ 2,772 ​ $ 1,650 ​ Operating lease liabilities, current portion is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. The Company recorded operating lease expense of $0.2 million and $0.3 million for the three and six months ended June 30, 2024, respectively, and $0.1 million for both the three and six months ended June 30, 2023. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the three and six months ended June 30, 2024 and 2023. Other information related to the Company’s operating leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Weighted-average remaining lease term (in years) ​ 4.34 ​ ​ 4.81 Weighted-average discount rate ​ 9.0% ​ ​ 8.3% ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Cash paid for operating lease liabilities $ 154 ​ $ 122 ​ The Company’s future minimum lease payments were as follows as of June 30, 2024 (in thousands): ​ ​ ​ ​ Years ending December 31, Amount 2024 (represents remaining six months in 2024) ​ $ 327 2025 ​ 879 2026 ​ ​ 841 2027 ​ ​ 862 2028 and thereafter ​ ​ 958 Total lease payments ​ ​ 3,867 Less: Imputed interest ​ ​ (727) Less: Tenant improvement allowance not yet received ​ ​ (368) Present value of operating lease liabilities ​ $ 2,772 ​

Common stock

Common stock	6 Months Ended
	Jun. 30, 2024
Common stock.
Common stock	​ 10. Common stock Common stock The holders of common stock are entitled to one vote for each share of common stock. The holders of common stock are entitled to receive dividends out of funds legally available if and when declared by the Company’s board of directors. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to share ratably in the remaining assets of the Company available for distribution. The Company has reserved the following shares of common stock for issuance, on an as-converted basis, as follows: ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 Stock options issued and outstanding under the Plans 8,537,999 ​ 7,978,291 Common stock warrants outstanding — ​ 500,000 Remaining shares available for issuance under the Plans 5,110,126 ​ 4,250,303 Remaining shares available for issuance under the ESPP 906,251 ​ 473,733 Total reserved common stock 14,554,376 ​ 13,202,327 ​ Follow-on public offering In February 2024, the Company completed a follow-on public offering and issued 11,500,000 shares of its common stock at $20.00 per share, for net proceeds of $215.4 million, after deducting underwriting discounts and commissions and offering expenses. 2024 ATM Agreement On May 14, 2024, the Company entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and sell from time to time shares of its common stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. No shares of common stock have been sold under the 2024 ATM Agreement as of June 30, 2024. Warrants to acquire shares of common stock The Company had 500,000 issued and outstanding common stock warrants as of December 31, 2023 with an exercise price of $10.00 per share and an expiration date of April 28, 2024. During the three and six months ended June 30, 2024, warrants to purchase 30,371 and 373,057 shares of common stock were exercised for proceeds of $0.3 million and $3.7 million, respectively. No warrants were exercised during the three and six months ended June 30, 2023. On April 28, 2024, the remaining 126,943 common stock warrants expired and no warrants were issued and outstanding as of June 30, 2024.

Share-based compensation

Share-based compensation	6 Months Ended
	Jun. 30, 2024
Share-based compensation
Share-based compensation	11. Share-based compensation 2020 Equity Incentive Plan In September 2020, the Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, which supersedes all prior equity incentive plans. No further awards will be granted under the 2018 Equity Incentive Plan, or 2018 Plan. Awards forfeited, cancelled, or repurchased from the above plans are returned to the pool of shares of common stock available for issuance under the 2020 Plan. On January 1, 2024, the shares of common stock authorized for issuance under the 2020 Plan increased by 1,730,071 shares. As of June 30, 2024, there were 4,180,424 shares available for issuance under the 2020 Plan. On October 2, 2023, the Morphimmune 2020 Equity Incentive Plan, or the Morphimmune Plan, was assumed by the Company in conjunction with the Merger (Note 7). There were 929,702 shares available for issuance under the Morphimmune Plan as of June 30, 2024. Stock Options Granted for Chief Executive Officer On June 28, 2023, Clay Siegall was granted 2,137,080 options to purchase shares of the Company’s common stock at an initial exercise price of $5.91 per share, or the Inducement Grant. The options vest over time during Dr. Siegall’s continued employment, which commenced on October 2, 2023, in connection with the closing of the Merger. 25% of the options granted vest after one year of employment with the Company, and the remaining 75% vest monthly over the 36 months immediately following the one-year anniversary. The Inducement Grant, the Morphimmune Plan and the 2020 Plan are collectively refered to as the Plans. ​ 2020 Employee Stock Purchase Plan The Company adopted the 2020 Employee Stock Purchase Plan, or ESPP, in September 2020. On January 1, 2024, the shares of common stock authorized for issuance under the ESPP increased by 432,518 shares. As of June 30, 2024, there were 906,251 shares available for issuance under the ESPP. No shares of common stock have been issued under the ESPP as of June 30, 2024. Stock options A summary of option activity under the Plans during the six months ended June 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ Aggregate ​ ​ ​ ​ average ​ remaining ​ Intrinsic ​ ​ Number of ​ exercise price ​ contractual ​ Value ​ shares per share term (years) ​ (in thousands) Outstanding at December 31, 2023 7,978,291 ​ $ 6.15 ​ 8.62 ​ $ 45,360 Granted ​ 2,061,569 ​ ​ 18.15 ​ ​ ​ ​ ​ Exercised (388,556) ​ ​ 3.25 ​ ​ ​ ​ ​ Forfeited ​ (757,146) ​ ​ 8.43 ​ ​ ​ ​ ​ Expired (356,159) ​ ​ 16.34 ​ ​ ​ ​ ​ Outstanding at June 30, 2024 8,537,999 ​ $ 8.55 ​ 8.57 ​ $ 46,218 Exercisable at June 30, 2024 2,743,701 ​ $ 4.83 ​ 7.20 ​ $ 23,098 ​ Aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the options and the Company’s fair value of its common stock as of period end. The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2024 and 2023 was $13.49 and $3.67 per share, respectively. The aggregate intrinsic value of options exercised during the six months ended June 30, 2024 was $5.9 million. No options were exercised during the six months ended June 30, 2023. The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Expected volatility ​ 86.1 % ​ 88.5 % Risk-free interest rate ​ 4.2 % ​ 3.8 % Expected term (in years) ​ 6.04 ​ 6.03 ​ Expected dividend yield ​ — % ​ — % ​ Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 2023 Research and development ​ $ 1,041 ​ $ 427 ​ $ 1,424 ​ $ 857 General and administrative ​ 2,186 ​ 606 ​ 3,962 ​ 1,400 Total share-based compensation expense ​ $ 3,227 ​ $ 1,033 ​ $ 5,386 ​ $ 2,257 ​ Unrecognized share-based compensation related to stock options was $43.7 million as of June 30, 2024 and is expected to be recognized over a weighted average period of 1.8 years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (36,122)	$ (129,492)	$ (5,557)	$ (4,270)	$ (165,614)	$ (9,827)

Insider Trading Arrangements

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

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of significant accounting policies
Basis of presentation	Basis of presentation The accompanying unaudited interim financial statements have been prepared in accordance with the accounting principles generally accepted in the United States, or GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and related notes included in the Company’s Form 10-K filed with the SEC on March 28, 2024, which provide a more complete discussion of the Company’s accounting policies and certain other information. The December 31, 2023 condensed consolidated balance sheet has been derived from the Company’s annual financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments that management believes to be necessary for a fair presentation of the Company’s financial information. Interim results are not necessarily indicative of results for a full year or any future interim period.
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and the accompanying notes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. The Company’s significant accounting estimates include, but are not necessarily limited to, revenue recognition, the estimated fair value of share-based awards, accrued research and development expenses and the fair value of acquired in-process research and development assets.
Segment and geographic information	Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available and regularly reviewed by the chief operating decision maker, its Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company has determined that it operates as one operating and reporting
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. Management also believes that the Company is not exposed to significant credit risk as it relates to marketable securities because the Company only invests in U.S government securities.
Restricted cash	Restricted cash Restricted cash represents collateral provided for a letter of credit issued as a security deposit in connection with one of the Company’s leased facilities. Cash will be released from restriction upon termination of the lease. Restricted cash was $0.1 million at both June 30, 2024 and December 31, 2023.
Asset acquisitions	Asset acquisitions Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions, with a cost accumulation model used to determine the cost of the acquisition. Common stock issued as consideration in an acquisition of assets is 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. Intangible assets that are acquired in an asset acquisition for use in research and development activities that have an alternative future use are capitalized as in-process research and development, or IPR&D. Acquired IPR&D that has no alternative future use is expensed immediately as a component of in-process research and development expense in the condensed consolidated statements of operations and comprehensive loss. In addition to upfront consideration, 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 accounted for as a liability at fair value are recognized when the contingency is resolved and the consideration is paid or becomes payable. Contingent consideration payments made prior to regulatory approval are expensed as incurred.
Research and development expenses	Research and development expenses Research and development costs consist of costs incurred in performing research and development activities, including salaries and bonuses, share-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation and amortization, preclinical and clinical development expenses, including manufacture and testing of clinical supplies, and amounts incurred under license agreements, consulting agreements and other contracted services. Research and development costs are expensed as incurred. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed. Such payments are evaluated for current or long-term classification based on when such services are expected to be received. The Company estimates preclinical, clinical trial, and other research and development expenses based on the services performed pursuant to contracts with research institutions, contract manufacturing organizations, and third-party service providers that conduct and manage preclinical studies and clinical trials and perform research services on its behalf. The Company records these costs of research and development activities based on the estimated services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities in the consolidated balance sheets and in research and development expense in the consolidated statements of operations. The Company accrues these costs based on factors such as estimates of the work completed in accordance with agreements established with its third-party service providers, actual levels of patient enrollment and reported activities at clinical trial sites. The Company makes judgments and estimates in determining the accrued expenses balance. As actual costs become known, the Company adjusts its accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expenses in future periods. Changes in these estimates that result in material changes to the Company’s accrued expenses could materially affect the Company’s results of operations.
Net loss per share	Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, including the effect of dilutive securities. As the Company was in a net loss position for the three and six months ended June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive securities are antidilutive. The following potentially dilutive securities have been excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive (on an as-converted basis): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2024 2023 Stock options outstanding ​ 8,537,999 ​ 3,038,080 Common stock warrants ​ — ​ 500,000 Unvested restricted stock awards ​ — ​ 2,083 ​ ​ 8,537,999 ​ 3,540,163
Recent accounting standards not yet adopted	Recent accounting standards not yet adopted In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of incremental segment information on an interim and annual basis and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of significant accounting policies
Schedule of dilutive securities have been excluded from the computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2024 2023 Stock options outstanding ​ 8,537,999 ​ 3,038,080 Common stock warrants ​ — ​ 500,000 Unvested restricted stock awards ​ — ​ 2,083 ​ ​ 8,537,999 ​ 3,540,163

Fair value measurement (Tables)

Fair value measurement (Tables)	6 Months Ended
	Jun. 30, 2024
Fair value measurement
Schedule of financial assets measured at fair value on a recurring basis	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ Level Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds 1 ​ $ 24,259 ​ $ — ​ $ — ​ $ 24,259 U.S. treasury securities 2 ​ ​ 139,183 ​ ​ 1 ​ ​ (1) ​ ​ 139,183 Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasury securities 2 ​ ​ 113,019 ​ ​ 3 ​ ​ (1) ​ ​ 113,021 Total financial assets ​ ​ $ 276,461 ​ $ 4 ​ $ (2) ​ $ 276,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level ​ Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds 1 ​ $ 73,988 ​ $ — ​ $ — ​ $ 73,988 U.S. treasury securities 2 ​ ​ 22,993 ​ ​ — ​ ​ — ​ ​ 22,993 Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. treasury securities 2 ​ ​ 39,441 ​ ​ 22 ​ ​ — ​ ​ 39,463 Total financial assets ​ ​ $ 136,422 ​ $ 22 ​ $ — ​ $ 136,444

Collaboration agreement with _2

Collaboration agreement with AbbVie (Tables)	6 Months Ended
	Jun. 30, 2024
Collaboration agreement with AbbVie
Summarizes the change in deferred revenue	The following table summarizes the change in deferred revenue (in thousands): ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 Beginning balance ​ $ 15,982 Deferral of revenue ​ ​ — Recognition of revenue ​ (3,393) Balance at the end of the period ​ $ 12,589

Balance sheet components (Table

Balance sheet components (Tables)	6 Months Ended
	Jun. 30, 2024
Balance sheet components
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Research and development ​ $ 14,458 ​ $ 1,794 Compensation and related benefits ​ ​ 2,353 ​ ​ 2,734 Severance accruals ​ ​ 962 ​ ​ 1,436 Professional services and consulting ​ ​ 1,415 ​ ​ 1,019 Short-term operating lease liability ​ ​ 295 ​ ​ 310 Other ​ 781 ​ 732 Total accrued expenses and other current liabilities ​ $ 20,264 ​ $ 8,025 ​

Asset acquisitions (Tables)

Asset acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Asset acquisitions
Schedule of fair values of assets acquired and liabilities	The consideration paid and the relative fair values of the assets acquired and liabilities assumed were as follows (in thousands): ​ ​ ​ ​ ​ ​ Amount Common stock issued to Ayala ​ $ 50,645 Upfront consideration paid to Ayala ​ ​ 20,039 Transaction costs ​ ​ 657 Consideration paid ​ $ 71,341 ​ ​ ​ ​ Assets acquired: ​ ​ ​ In-process research and development ​ $ 73,382 Other long-term assets ​ ​ 2,480 Total assets acquired ​ $ 75,862 Liabilities assumed: ​ ​ ​ Accrued expenses ​ $ 4,521 Total liabilities assumed ​ $ 4,521 Net assets acquired ​ $ 71,341

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases
Supplemental balance sheet information	Supplemental balance sheet information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Operating leases: ​ ​ ​ ​ ​ Operating lease right-of-use assets $ 2,523 ​ $ 1,564 ​ ​ ​ ​ ​ ​ Operating lease liabilities, current portion $ 295 ​ $ 310 Operating lease liabilities, net of current portion ​ 2,477 ​ ​ 1,340 Total operating lease liabilities $ 2,772 ​ $ 1,650
Schedule of other information related to the operating lease	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Weighted-average remaining lease term (in years) ​ 4.34 ​ ​ 4.81 Weighted-average discount rate ​ 9.0% ​ ​ 8.3%
Supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Cash paid for operating lease liabilities $ 154 ​ $ 122
Schedule of future minimum lease payments under operating lease	The Company’s future minimum lease payments were as follows as of June 30, 2024 (in thousands): ​ ​ ​ ​ Years ending December 31, Amount 2024 (represents remaining six months in 2024) ​ $ 327 2025 ​ 879 2026 ​ ​ 841 2027 ​ ​ 862 2028 and thereafter ​ ​ 958 Total lease payments ​ ​ 3,867 Less: Imputed interest ​ ​ (727) Less: Tenant improvement allowance not yet received ​ ​ (368) Present value of operating lease liabilities ​ $ 2,772 ​

Common stock (Tables)

Common stock (Tables)	6 Months Ended
	Jun. 30, 2024
Common stock.
Summary of reserved shares of common stock for issuance, on an as-converted basis	​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 Stock options issued and outstanding under the Plans 8,537,999 ​ 7,978,291 Common stock warrants outstanding — ​ 500,000 Remaining shares available for issuance under the Plans 5,110,126 ​ 4,250,303 Remaining shares available for issuance under the ESPP 906,251 ​ 473,733 Total reserved common stock 14,554,376 ​ 13,202,327

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-based compensation
Schedule of stock-based compensation expense	Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 2023 Research and development ​ $ 1,041 ​ $ 427 ​ $ 1,424 ​ $ 857 General and administrative ​ 2,186 ​ 606 ​ 3,962 ​ 1,400 Total share-based compensation expense ​ $ 3,227 ​ $ 1,033 ​ $ 5,386 ​ $ 2,257
Schedule of weighted average assumptions used in the Black-Scholes option-pricing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Expected volatility ​ 86.1 % ​ 88.5 % Risk-free interest rate ​ 4.2 % ​ 3.8 % Expected term (in years) ​ 6.04 ​ 6.03 ​ Expected dividend yield ​ — % ​ — %
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ Aggregate ​ ​ ​ ​ average ​ remaining ​ Intrinsic ​ ​ Number of ​ exercise price ​ contractual ​ Value ​ shares per share term (years) ​ (in thousands) Outstanding at December 31, 2023 7,978,291 ​ $ 6.15 ​ 8.62 ​ $ 45,360 Granted ​ 2,061,569 ​ ​ 18.15 ​ ​ ​ ​ ​ Exercised (388,556) ​ ​ 3.25 ​ ​ ​ ​ ​ Forfeited ​ (757,146) ​ ​ 8.43 ​ ​ ​ ​ ​ Expired (356,159) ​ ​ 16.34 ​ ​ ​ ​ ​ Outstanding at June 30, 2024 8,537,999 ​ $ 8.55 ​ 8.57 ​ $ 46,218 Exercisable at June 30, 2024 2,743,701 ​ $ 4.83 ​ 7.20 ​ $ 23,098

Nature of the business (Details

Nature of the business (Details) $ in Thousands	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Nature of the business
Number of clinical assets | item	1
Number of preclinical assets | item	2
Accumulated deficit	$ (388,421)	$ (222,807)
Non-restricted cash and cash equivalents	165,332	98,679	$ 38,416
Marketable securities	$ 113,021	$ 39,463

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Summary of significant accounting policies
Number of operating segments	1
Number of reportable segments	1
Restricted cash | $	$ 100	$ 100	$ 100

Summary of significant accoun_5

Summary of significant accounting policies - Anti-dilutive (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Anti-dilutive securities	8,537,999	3,540,163
Stock options outstanding
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Anti-dilutive securities	8,537,999	3,038,080
Common stock warrants
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Anti-dilutive securities		500,000
Unvested restricted stock awards
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Anti-dilutive securities		2,083

Fair value measurement - Financ

Fair value measurement - Financial assets measured at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Unrealized Loss	$ (2)	$ (20)
Maximum
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity term		6 months
Recurring
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	276,461	$ 276,461	$ 136,422
Unrealized gain		4	22
Unrealized Loss		(2)
Fair value	276,463	276,463	136,444
Recurring | Level 1 | Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	24,259	24,259	73,988
Fair value	24,259	24,259	73,988
Recurring | Level 2 | U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	139,183	139,183	22,993
Unrealized gain		1
Unrealized Loss		(1)
Fair value	139,183	139,183	22,993
Recurring | Level 2 | Marketable securities (U.S. treasury securities)
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	113,019	113,019	39,441
Unrealized gain		3	22
Unrealized Loss		(1)
Fair value	$ 113,021	$ 113,021	$ 39,463

Collaboration agreement with _3

Collaboration agreement with AbbVie - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		$ 2,364	$ 4,263	$ 3,393	$ 6,627
Collaboration agreement with AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 30,000
Anniversary of first commercial sale (in years)	10 years
Performance obligation	$ 30,000
Collaboration revenue		$ 2,400	$ 4,300	$ 3,393	$ 6,600
Estimated research and development period				1 year
Collaboration agreement with AbbVie | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional platform access payments	70,000
Development and commercial sale milestone receivable per target	120,000
Sales based milestone based on achievement	$ 150,000

Collaboration agreement with _4

Collaboration agreement with AbbVie - Change in deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferral of revenue			$ (3,393)	$ 23,373
Recognition of revenue	$ (2,364)	$ (4,263)	(3,393)	(6,627)
Collaboration agreement with AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Beginning balance			15,982
Recognition of revenue	(2,400)	$ (4,300)	(3,393)	$ (6,600)
Balance at the end of the period	$ 12,589		$ 12,589

Balance sheet components-Accrue

Balance sheet components-Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance sheet components
Research and development	$ 14,458	$ 1,794
Compensation and related benefits	2,353	2,734
Severance accruals	962	1,436
Professional services and consulting	1,415	1,019
Short-term operating lease liability	295	310
Other	781	732
Total accrued expenses and other current liabilities	$ 20,264	$ 8,025

Employee benefit plan (Details)

Employee benefit plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee benefit plan
Defined contribution	$ 0.1	$ 0.1	$ 0.2	$ 0.1

Asset acquisitions - Atreca - N

Asset acquisitions - Atreca - Narratives (Details) - USD ($)	May 17, 2024	Jun. 30, 2024	Dec. 31, 2023
Asset acquisitions
Liabilities		$ 42,377,000	$ 28,658,000
Atreca
Asset acquisitions
Liabilities	$ 0
Total cost of acquisition	5,700,000
Upfront payment	5,500,000
Transaction costs	200,000
Atreca | Maximum
Asset acquisitions
Amount required to be paid under the agreement	$ 7,000,000

Asset acquisitions - Ayala Phar

Asset acquisitions - Ayala Pharmaceuticals - Narrative (Details) - Ayala Purchase Agreement $ / shares in Units, $ in Thousands	Mar. 25, 2024 USD ($) $ / shares shares
Asset acquisitions
Upfront consideration paid to Ayala	$ 20,039
Number of shares issued | shares	2,175,489
Common stock issued to Ayala	$ 50,645
Share price per share | $ / shares	$ 24
Percentage of discount related to unregistered share restrictions to be deducted from the share price	3%
Consideration paid	$ 71,341
Transaction costs	657
Maximum
Asset acquisitions
Amount required to be paid under the agreement	$ 37,500

Asset acquisitions - Ayala Ph_2

Asset acquisitions - Ayala Pharmaceuticals - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 25, 2024	Jun. 30, 2024	Dec. 31, 2023
Assets acquired:
Other long-term assets		$ 3,212	$ 100
Total assets acquired		296,215	148,540
Liabilities assumed:
Total liabilities assumed		$ 42,377	$ 28,658
Ayala Purchase Agreement
Asset acquisitions
Common stock issued to Ayala	$ 50,645
Upfront consideration paid to Ayala	20,039
Transaction costs	657
Consideration paid	71,341
Assets acquired:
In-process research and development	73,382
Other long-term assets	2,480
Total assets acquired	75,862
Liabilities assumed:
Accrued expenses	4,521
Total liabilities assumed	4,521
Net assets acquired	$ 71,341

Asset acquisitions -Morphimmune

Asset acquisitions -Morphimmune (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Oct. 02, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares
Asset acquisitions
Exercise price | $ / shares		$ 10	$ 10
In-process research and development		$ 6,312	$ 118,266
Morphimmune Inc
Asset acquisitions
Number of shares issuable | shares	8,835,710
Exchange ratio	0.3042
Options to purchase shares of common stock | shares	2,472,563
Exercise price | $ / shares	$ 1.29
Consideration paid	$ 88,000
Transaction costs	800
Common stock issued	$ 72,500
IPO share price per share | $ / shares	$ 8.20
Contingent consideration related to the value of Morphimmune share-based awards	$ 14,700
In-process research and development	$ 80,800

Licensing arrangements - Bristo

Licensing arrangements - Bristol-Myers Squibb (Details) - Bristol Myers Squibb [Member] $ in Millions	Mar. 25, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum amount payable	$ 142
Commercial milestone payments	$ 50

Licensing arrangements - Zental

Licensing arrangements - Zentalis Pharmaceuticals (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 05, 2024	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock			$ 221
License agreement with Zentalis Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License Agreement, Upfront Payment in Cash	$ 15,000
Stock issued	2,298,586
Issuance of common stock	$ 23,400	$ 23,388
Share Price	$ 11.12
Percentage of discount related to unregistered share restrictions to be deducted from the share price	8.50%
Transaction cost	$ 200
Maximum amount payable	150,000
Additional amount payable	$ 25,000

Licensing arrangements - Purdue

Licensing arrangements - Purdue research foundation and other license agreements (Details) $ in Millions	Jun. 30, 2024 USD ($)
License Agreement with Purdue Research Foundation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum amount payable	$ 3.8

Leases (Details)

Leases (Details)	1 Months Ended
	May 31, 2024 USD ($)	Jun. 30, 2024 ft² USD ($)
Office and laboratory space
Lessee, Lease, Description [Line Items]
Area under lease | ft²		29,000
Office and Laboratory Space in Bothwell
Lessee, Lease, Description [Line Items]
Area | ft²		11,000
Increase in area of real estate property | $	15,000
Number of options available to extend the lease term. | $		2
Additional lease term		5 years

Leases - Balance Sheet related

Leases - Balance Sheet related information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 2,523	$ 1,564
Operating lease liabilities, net of current portion	2,477	1,340
Total operating lease liabilities	2,772
Office and laboratory space
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	2,523	1,564
Operating lease liabilities, current portion	295	310
Operating lease liabilities, net of current portion	2,477	1,340
Total operating lease liabilities	$ 2,772	$ 1,650

Leases - Lease expense (Details

Leases - Lease expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Operating lease cost	$ 0.2	$ 0.1	$ 0.3	$ 0.1

Leases - Additional lease relat

Leases - Additional lease related information (Details) - Office and laboratory space	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term (in years)	4 years 4 months 2 days	4 years 9 months 21 days
Weighted-average discount rate	9%	8.30%

Leases - Cash flow information

Leases - Cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Office and laboratory space
Lessee, Lease, Description [Line Items]
Cash paid for operating lease liability	$ 154	$ 122

Leases - Lease maturity (Detail

Leases - Lease maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2024 (represents remaining nine months in 2024)	$ 327
2025	879
2026	841
2027	862
2028 and thereafter	958
Total lease payments	3,867
Less imputed interest	(727)
Less: Tenant improvement allowance not yet received	(368)
Present value of operating lease liabilities	2,772
Office and laboratory space
Lessee, Lease, Description [Line Items]
Present value of operating lease liabilities	$ 2,772	$ 1,650

Common stock - Narratives (Deta

Common stock - Narratives (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	May 14, 2024 USD ($) shares	Feb. 29, 2024 USD ($) $ / shares shares	Jun. 30, 2024 Vote	Jun. 30, 2023 USD ($)
Common stock voting right | Vote			1
Proceeds from issuance of common stock				$ 34
Open Market Sale
Stock issued | shares	0
Offering price of shares	$ 200,000
Maximum Percentage Of Commission Payable	3%
IPO
Stock issued | shares		11,500,000
Share price | $ / shares		$ 20
Proceeds from issuance of common stock		$ 215,400

Common stock - Warrants (Detail

Common stock - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 28, 2024	Dec. 31, 2023
Common stock.
Warrants outstanding					0	500,000
Exercise price	$ 10		$ 10
Exercise of common stock warrants	30,371	0	373,057	0
Proceeds from warrant exercises	$ 300		$ 3,731
Number of warrants expired					126,943

Common stock - Stock for issuan

Common stock - Stock for issuance (Details) - shares	Jun. 30, 2024	Apr. 28, 2024	Dec. 31, 2023
Common stock
Stock options issued and outstanding under the Plans	8,537,999		7,978,291
Common stock warrants outstanding		0	500,000
Total reserved common stock	14,554,376		13,202,327
2020 Equity Incentive Plan
Common stock
Remaining shares available for issuance under the Plans and ESPP	5,110,126		4,250,303
ESPP
Common stock
Remaining shares available for issuance under the Plans and ESPP	906,251		473,733

Share-based compensation - Plan

Share-based compensation - Plans (Details) - $ / shares			6 Months Ended
	Jan. 01, 2024	Oct. 02, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 02, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance			14,554,376			13,202,327
Exercise price			$ 10
Weighted average grant date fair value			$ 13.49	$ 3.67
Morphimmune Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price		$ 1.29
Dr. Clay Siegall | Morphimmune Inc | One-year anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting		25%
Dr. Clay Siegall | Morphimmune Inc | Over next 36 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		36 months
Percentage of vesting		75%
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant			4,180,424
Increase in shares available for future issuance	1,730,071
MorphImmune Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					929,702
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant			906,251			473,733
Increase in shares available for future issuance	432,518		906,251
Stock issued during period			0

Share-based compensation - Opti

Share-based compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended		12 Months Ended
	Jun. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Number of shares
Options, Beginning balance		7,978,291
Options, Granted		2,061,569
Options, Exercised		(388,556)	0
Options, Forfeited		(757,146)
Options, Expired		(356,159)
Options, Ending balance		8,537,999		7,978,291
Options, Exercisable		2,743,701
Weighted Average Exercise price
Beginning price		$ 6.15
Granted		18.15
Forfeited		8.43
Expired		16.34
Exercised		3.25
Ending price		8.55		$ 6.15
Exercisable		$ 4.83
Weighted average remaining contractual term
Weighted Average Remaining Contractual Term		8 years 6 months 25 days		8 years 7 months 13 days
Weighted Average Remaining Contractual Term, Exercisable		7 years 2 months 12 days
Weighted average grant date fair value		$ 13.49	$ 3.67
Intrinsic value, outstanding		$ 46,218		$ 45,360
Intrinsic value, exercisable		23,098
Intrinsic value, exercised		$ 5,900
Dr. Clay Siegall | Morphimmune Inc
Number of shares
Options, Granted	2,137,080
Weighted Average Exercise price
Granted	$ 5.91

Share-based compensation - Assu

Share-based compensation - Assumptions (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation
Expected volatility	86.10%	88.50%
Risk-free interest rate	4.20%	3.80%
Expected term (in years)	6 years 14 days	6 years 10 days

Share-based compensation - Cost

Share-based compensation - Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,227	$ 1,033	$ 5,386	$ 2,257
Unrecognized compensation cost	43,700		$ 43,700
Recognition period			1 year 9 months 18 days
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,041	427	$ 1,424	857
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,186	$ 606	$ 3,962	$ 1,400