Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 25, 2024 | Jun. 30, 2023 | |
Document Document And Entity Information [Abstract] | |||
Entity Registrant Name | ATEA PHARMACEUTICALS, INC. | ||
Trading Symbol | AVIR | ||
Entity Central Index Key | 0001593899 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 84,164,545 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Tax Identification Number | 46-0574869 | ||
Entity File Number | 001-39661 | ||
Entity Address, Address Line One | 225 Franklin Street | ||
Entity Address, Address Line Two | Suite 2100 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02110 | ||
City Area Code | 857 | ||
Local Phone Number | 284-8891 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 283.7 | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 143,823 | $ 188,460 |
Marketable securities | 434,283 | 458,249 |
Prepaid expenses and other current assets | 12,349 | 14,213 |
Total current assets | 590,455 | 660,922 |
Property and equipment, net | 1,289 | 1,705 |
Restricted cash | 198 | |
Other assets | 1,396 | 1,494 |
Operating lease right-of-use assets, net | 1,828 | 2,389 |
Total assets | 594,968 | 666,708 |
Current liabilities | ||
Accounts payable | 4,252 | 2,551 |
Accrued expenses and other current liabilities | 27,364 | 15,206 |
Current portion of operating lease liabilities | 760 | 721 |
Total current liabilities | 32,376 | 18,478 |
Operating lease liabilities | 1,642 | 2,403 |
Income taxes payable | 5,758 | 5,255 |
Total liabilities | 39,776 | 26,136 |
Commitments and contingencies (see Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and 2022 | ||
Common stock, $0.001 par value; 300,000,000 shares authorized; 83,435,513 and 83,287,639 shares issued and outstanding as of December 31, 2023 and 2022 | 83 | 83 |
Additional paid-in capital | 750,737 | 701,052 |
Accumulated other comprehensive gain (loss) | 207 | (684) |
Accumulated deficit | (195,835) | (59,879) |
Total stockholders’ equity | 555,192 | 640,572 |
Total liabilities and stockholders’ equity | $ 594,968 | $ 666,708 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 83,435,513 | 83,287,639 |
Common stock, shares outstanding | 83,435,513 | 83,287,639 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 114,243 | $ 81,936 |
General and administrative | 49,919 | 48,714 |
Total operating expenses | 164,162 | 130,650 |
Loss from operations | (164,162) | (130,650) |
Interest income and other, net | 29,224 | 11,151 |
Loss before income taxes | (134,938) | (119,499) |
Income tax benefit (expense) | (1,018) | 3,590 |
Net loss | (135,956) | (115,909) |
Other comprehensive loss: | ||
Unrealized gain (loss) on available-for-sale investments | 891 | (684) |
Comprehensive loss | $ (135,065) | $ (116,593) |
Net loss per share attributable to common stockholders | ||
Basic | $ (1.63) | $ (1.39) |
Diluted | $ (1.63) | $ (1.39) |
Weighted-average number of common shares - basic and diluted | ||
Basic | 83,389,750 | 83,245,385 |
Diluted | 83,389,750 | 83,245,385 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accummulated Other Comprehensive Gain (Loss) | Retained Earnings (Accumulated |
Balance at Dec. 31, 2021 | $ 710,077 | $ 83 | $ 653,964 | $ 56,030 | |
Balance, shares at Dec. 31, 2021 | 83,102,730 | ||||
Issuance of common stock for exercise of stock options | 230 | 230 | |||
Issuance of common stock for exercise of stock options , shares | 155,873 | ||||
Issuance of common stock under ESPP | 140 | 140 | |||
Issuance of common stock under ESPP, shares | 29,036 | ||||
Stock-based compensation expense | 46,718 | 46,718 | |||
Other comprehensive loss | (684) | $ (684) | |||
Net loss | (115,909) | (115,909) | |||
Balance at Dec. 31, 2022 | 640,572 | $ 83 | 701,052 | (684) | (59,879) |
Balance, shares at Dec. 31, 2022 | 83,287,639 | ||||
Issuance of common stock upon release of restricted stock units (in shares) | 53,935 | ||||
Issuance of common stock under ESPP | 257 | 257 | |||
Issuance of common stock under ESPP, shares | 93,939 | ||||
Stock-based compensation expense | 49,428 | 49,428 | |||
Other comprehensive loss | 891 | 891 | |||
Net loss | (135,956) | (135,956) | |||
Balance at Dec. 31, 2023 | $ 555,192 | $ 83 | $ 750,737 | $ 207 | $ (195,835) |
Balance, shares at Dec. 31, 2023 | 83,435,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ (135,956) | $ (115,909) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 49,428 | 46,718 |
Depreciation and amortization expense | 416 | 260 |
Accretion of premium and discounts on marketable securities | (15,446) | (5,465) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 1,864 | (6,251) |
Other assets | 98 | (1,494) |
Accounts payable | 1,701 | (1,983) |
Accrued expenses and other liabilities | 12,661 | (37,623) |
Operating lease liabilities | (161) | 765 |
Net cash used in operating activities | (85,395) | (120,982) |
Cash flows from investing activities | ||
Additions to property and equipment | (1,943) | |
Purchases of marketable securities | (562,362) | (545,352) |
Sales and maturities of marketable securities | 602,665 | 91,885 |
Net cash provided by (used in) investing activities | 40,303 | (455,410) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock for exercise of stock options | 230 | |
Proceeds from issuance of common stock under ESPP | 257 | 140 |
Net cash provided by financing activities | 257 | 370 |
Net decrease in cash, cash equivalents and restricted cash | (44,835) | (576,022) |
Cash, cash equivalents and restricted cash at the beginning of period | 188,658 | 764,680 |
Cash, cash equivalents and restricted cash at the end of period | 143,823 | 188,658 |
Cash, cash equivalents and restricted cash at the end of period: | ||
Cash and cash equivalents | 143,823 | 188,460 |
Restricted cash | 198 | |
Total cash, cash equivalents and restricted cash | $ 143,823 | 188,658 |
Supplemental disclosure of non-cash financing activities: | ||
Right of use assets obtained in exchange for operating lease liabilities | $ 2,938 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Business Overview Atea Pharmaceuticals, Inc., ("Atea" or the "Company") is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from severe viral infections. Currently, Atea is conducting a Phase 3 clinical trial evaluating bemnifosbuvir for the treatment of Coronavirus disease 2019 ("COVID-19"). Atea is also currently conducting a Phase 2 clinical trial evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus ("HCV"). Liquidity and Capital Resources As of December 31, 2023, the Company had $ 578.1 million in cash, cash equivalents and marketable securities, which the Company believes will be sufficient to fund its operations for a period through at least twelve months from the issuance date of these consolidated financial statements. In November 2021, the Company entered into an open market sales agreement (“Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $ 200.0 million, through or to Jefferies, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (“SEC”) on November 24, 2021, as amended. The Company has agreed to pay Jefferies a commission of 3.0 % of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Jefferies with customary indemnification and contribution rights. As of December 31, 2023, no shares have been issued under the Sales Agreement. Risks and Uncertainties The Company is subject to risks and uncertainties common to clinical-stage biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical and clinical studies, uncertainties associated with research and development activities generally, competition from technical innovations of others, dependence upon key personnel, compliance with governmental regulations, the need to obtain marketing approval for any product candidate that the Company may develop, the need to gain broad acceptance among patients, payers and health care providers to successfully commercialize any product for which marketing approval is obtained and the need to secure and maintain adequate intellectual property protection for the Company’s proprietary technology and products. Further, the Company is currently dependent on third-party service providers for much of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development will require significant amounts of additional capital, and additional research and development efforts, including further additional clinical testing and regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations. The Company may seek additional capital through one or more of a combination of financing through the sale of additional equity securities, debt financing, or funding in connection with any new collaborative relationships it may enter into or other arrangements. There can be no assurance that the Company will be able to obtain such additional funding, on terms acceptable to the Company, on a timely basis or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders. The Company is also subject to risks associated with the continued evolution of COVID-19 and its consequences, including actual and potential delays associated with certain of its ongoing and anticipated trials, and potential negative impacts on the Company’s business operations and its ability to raise additional capital to finance its operations. Geopolitical events, including civil or political unrest and terrorism, have resulted in a significant disruption of global business and financial markets. In addition, recent or future market volatility, increased inflation and higher interest rates, if sustained, may increase our cost of financing and may restrict our access to potential sources of future liquidity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of marketable securities, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known. Principles of Consolidation The consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly- owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity, or a remaining maturity at the time of purchase, of three months or less to be cash equivalents. The Company’s cash equivalents include money market funds and commercial paper, which are highly liquid and have strong credit ratings. These investments are subject to minimal credit and market risks. Cash and cash equivalents are stated at cost, which approximates market value. Marketable Securities The Company’s investment strategy is principally focused on capital preservation. The Company invests in financial instruments that among other things meet the credit quality standards outlined in the Company’s investment policy. Marketable securities consist of investments with maturities greater than three months. Investments not classified as cash equivalents with maturities of less than twelve months are classified as current assets on the consolidated balance sheet. Investments with maturities greater than twelve months for which the Company has the intent and ability to hold the investment for greater than twelve months are classified as non-current on the consolidated balance sheet. Marketable securities include US treasury obligations, US agency obligations, corporate debt, commercial paper and asset-backed securities. The Company classifies all of its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are recorded as a component of accumulated other comprehensive gain (loss) within stockholders’ equity. Interest, dividends and amortization and accretion of discounts and premiums are recorded as interest income and other, net. The Company periodically reviews its marketable securities for impairment and adjusts these investments to their fair value when a decline in market value is deemed to be other than temporary. Declines in fair value judged to be other than temporary on marketable securities, if any, are included in interest income and other, net. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the US government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company is dependent on third-party manufacturers for the supply of products for its research and development activities including its development programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs for preclinical and clinical development activities. The Company also currently anticipates to rely on this small number of manufacturers for commercial supply if any of the current product candidates are approved for sale. The Company's research and development programs, including any potential commercialization efforts, could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC 820, Fair Value Measurement, establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the assets and liabilities. The carrying amounts of prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to short-term nature of these assets and liabilities. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the asset. The Company estimates the useful life of its assets as follows: Asset Estimated useful life Laboratory equipment Five years Office furniture and fixtures Five years Computer hardware Two years Leasehold improvements Shorter of useful life or remaining lease term Maintenance and repairs that do not improve or extend the life of the respective asset are expensed to operations as incurred. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. Other Assets Other assets consist of vendor deposits related to research and development activities and a security deposit related to our facility lease. Impairment of Long-lived Assets The Company reviews long-lived assets, including property and equipment and right-of-use assets ("ROU") when events or changes in circumstances indicate the carrying value of the assets may not be fully recoverable. Recoverability is measured by comparing the book value of the assets to the estimated undiscounted future net cash flows that the asset is expected to generate. If the estimated undiscounted future net cash flows are less than the book value, the asset is impaired, and the impairment loss to be recognized in income is measured as the amount by which the book value of the asset exceeds its fair value, which is measured based on the estimated discounted future net cash flows that the asset is expected to generate. No impairment losses were recorded during the years ended December 31, 2023 and 2022. Leases The Company accounts for leases in accordance with ASC Topic 842, Lease Accounting . At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. Leases with a term greater than one year are recognized on the consolidated balance sheet as a ROU asset and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist principally of costs associated with outsourced research and development activities, including drug discovery, preclinical and clinical development, manufacturing and research conducted by contract research organizations and academic institutions, employee compensation, including stock-based compensation and consulting expenses together with related expenses, professional fees and facility and overhead costs. Facility and overhead costs primarily include the allocation of rent, utility and office-related expenses attributable to research and development personnel. In circumstances where amounts have been paid in advance or in excess of costs incurred, the Company records a prepaid expense, which is expensed as services are performed or goods are delivered. The Company has entered into various research and development contracts with third parties. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase of completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Patent Costs Costs to secure and maintain the Company’s patents are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations. Stock-based Compensation Stock-based compensation expense is classified in the consolidated statement of operations and comprehensive loss in the same manner as the award recipient’s payroll costs or service payments are classified. Stock-based awards granted to employees and non-employees are measured based on the estimated fair value of the awards using the Black-Scholes option pricing model (“Black-Scholes”). Stock-based compensation expense with respect to awards with service conditions is recognized using the straight-line method over the service period. Stock-based compensation with respect to awards with performance conditions is recognized when satisfaction of the performance conditions is probable. Stock-based compensation is based on awards ultimately expected to vest and, as such, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Fair value of common stock —The fair value of its common stock is based on the daily closing quoted market price of its common stock. Risk-free interest rate —The risk-free interest rate is based on the US Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of a stock-based award. Expected term —The expected term represents the period that stock-based awards are expected to be outstanding. Given the Company’s lack of specific history, the expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. Expected volatility —Since the Company was privately held through October 29, 2020 and did not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock-based awards. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. During the fiscal year ended December 31, 2022 the Company began to incorporate the historical volatility of its own stock price in its calculation of its expected volatility. Expected dividend yield —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company uses an expected dividend yield of zero . The Company also accounts for any modifications to share based payments in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718). The purchase price of the Company's common stock under the Company’s 2020 Employee Stock Purchase Plan ("ESPP") is equal to 85 % of the lesser of (i) the fair market value per share of its common stock on the first business day of an offering period and (ii) the fair market value per share of its common stock on the purchase date. The fair value of the discounted purchases made under ESPP is calculated using the Black-Scholes valuation model. The fair value of the look-back provision plus the 15 % discount is recognized as compensation expense over the 180-day purchase period. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income. Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with equity holders. For the years ended December 31, 2023 and 2022, the only components of comprehensive loss other than net loss were unrealized gains and losses on available for sale investments. Net Loss Per Share Basic net income loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive shares assuming the dilutive effect of outstanding common stock equivalents except where such securities would be antidilutive. In-process Research and Development Assets In-process research and development assets that are acquired in a transaction that does not qualify as a business combination under GAAP and that do not have an alternative future use are expensed in the period in which the assets are acquired. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer, who manages and allocates resources to the operations on a total company basis. Accordingly, there is a single operating segment and one reportable segment. Recently Issued Accounting Pronouncements Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the year ended December 31, 2023. |
Collaboration Revenue
Collaboration Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Revenue | 3. Collaboration Agreement In October 2020, the Company entered into a License Agreement (“Roche License Agreement”) with F. Hoffmann-LaRoche Ltd. and Genentech, Inc. (together, “Roche”) under which the Company granted an exclusive license for certain development and commercialization rights related to bemnifosbuvir outside of the United States (other than for certain HCV uses) to Roche. In November 2021, Roche provided the Company with a notice of termination of the Roche License Agreement which became effective in February 2022. Upon termination, the rights and licenses granted by the Company to Roche under the Roche License Agreement were returned to the Company, resulting in the Company having all rights to continue the clinical development and future commercialization of bemnifosbuvir worldwide. Global development plan activities and related cost sharing between the parties continued through the effective date of the termination. The activities to complete the global development plan were accounted for under ASC 808. Expenses incurred and reimbursements made or received from Roche were accounted for pursuant to ASC 730, Research and Development . As such, the Company was expensing costs as incurred, including any reimbursements made to Roche, and recognizing reimbursement received from Roche as a reduction of research and development expense through the effective date of the termination. For the year ended December 31, 2022, the Company recorded a net credit of $ 6,898 from Roche. The credit recorded during the year ended December 31, 2022 represents a change in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. Included in prepaid expenses and other current assets as of December 31, 2022 is a net balance due from Roche of $ 1,060 . For the year ended December 31, 2023, the Company recorded a net credit of $ 18,576 from Roche. The credit recorded during the year ended December 31, 2023 represents a change in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. Included in prepaid expenses and other current assets as of December 31, 2023 is a net balance due from Roche of $ 5,904 . Payment for this amount due was received in February 2024. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 143,740 $ — $ — $ 143,740 Marketable Securities US Treasury obligations — 155,938 — 155,938 US Government agency securities — 178,160 — 178,160 Commercial paper — 39,448 — 39,448 Corporate bonds — 60,737 — 60,737 Total $ 143,740 $ 434,283 $ — $ 578,023 As of December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 167,584 $ — $ — $ 167,584 Marketable Securities US Treasury obligations — 59,118 — 59,118 US Government agency securities — 14,941 — 14,941 Commercial paper — 310,433 — 310,433 Corporate bonds — 61,249 — 61,249 Asset-backed securities — 12,508 — 12,508 Total $ 167,584 $ 458,249 $ — $ 625,833 The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market accounts which invest in money market funds that are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of December 31, 2023 and 2022. There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2023 and 2022. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Abstract] | |
Marketable Securities | 5. Marketable Securities As of December 31, 2023 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 155,816 $ 145 $ ( 23 ) $ 155,938 US Government agency securities 178,115 96 ( 51 ) 178,160 Commercial paper 39,461 14 ( 27 ) 39,448 Corporate bonds 60,684 65 ( 12 ) 60,737 Total $ 434,076 $ 320 $ ( 113 ) $ 434,283 As of December 31, 2022 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 59,422 $ — $ ( 304 ) $ 59,118 US Government agency securities 15,000 — ( 59 ) 14,941 Commercial paper 310,433 — — 310,433 Corporate bonds 61,504 — ( 255 ) 61,249 Asset-backed securities 12,574 — ( 66 ) 12,508 Total $ 458,933 $ — $ ( 684 ) $ 458,249 As of December 31, 2023 and 2022, respectively the Company held 26 and 15 s ecurities, respectively that were in an unrealized loss position of $ 113 and $ 684 with an aggregate fair value of $ 178,003 and $ 143,221 . The Company has the intent and ability to hold such securities until recovery. As a result, the Company did no t record any charges for credit-related impairments for its marketable debt securities for the year ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, none of the securities had remaining maturities longer than one year. The Company received proceeds of $ 602,665 and $ 91,885 from sales and maturities of marketable securities during the year ended December 31, 2023 and 2022. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment, net, consist of the following: December 31, 2023 2022 Laboratory equipment $ 5 $ 5 Office furniture and fixtures 396 396 Computer hardware 102 102 Leasehold improvements 1,475 1,475 Total property and equipment, at cost 1,978 1,978 Less: accumulated depreciation and amortization ( 689 ) ( 273 ) Property and equipment, net $ 1,289 $ 1,705 Depreciation and amortization expense was $ 416 and $ 260 for the years ended December 31, 2023 and 2022, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: December 31, 2023 2022 Research and development, including manufacturing and clinical expenditures $ 20,999 $ 7,667 Income taxes — 99 Payroll and payroll related 5,696 6,459 Professional fees and other 669 981 Total accrued expenses and other current liabilities $ 27,364 $ 15,206 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Lease Agreements In July 2021, the Company entered into a non-cancelable operating lease agreement pursuant to which the Company leased its principal office facility in Boston, Massachusetts at 225 Franklin Street ("225 Lease"). The 225 Lease commencement date was January 1, 2022 and runs through December 31, 2026 . The 225 Lease does no t contain any options for renewal or extension. In connection with the 225 Lease commencement, the Company recorded a ROU asset and operating lease liability of $ 2,938 and $ 2,873 as of January 1, 2022. The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of December 31, 2023 and 2022. As of December 31, 2023 2022 Right-of-use asset $ 1,828 $ 2,389 Current operating lease liability 760 721 Non-current operating lease liability 1,642 2,403 The components of the lease expense which are allocated between the general and administrative expenses and the research and development expenses on the consolidated statement of operations for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Operating lease costs $ 646 $ 811 Variable lease costs 40 78 Total lease costs $ 686 $ 889 The variable lease costs for the years ended December 31, 2023 and 2022 include common area maintenance and other operating charges associated with the 225 Lease. As the 225 Lease does not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. As of December 31, 2023 2022 Remaining lease term (in years) 3.0 4.0 Discount rate 3.1 % 3.1 % Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of December 31, 2023 were as follows: 2024 $ 821 2025 838 2026 855 Total lease payments 2,514 Less amount representing implied interest 112 Total lease liability $ 2,402 Current portion of operating lease liabilities 760 Noncurrent portion of operating lease liabilities $ 1,642 Rent expense recognized was $ 646 and $ 811 for the years ended December 31, 2023 and 2022, respectively. The Company maintains a deposit of $ 198 with the landlord, which is included in other assets in the consolidated balance sheet as of December 31, 2023. License Agreement In December 2021, the Company entered into a license agreement (“Merck License Agreement”) with MSD International GmbH, an affiliate of Merck & Co, Inc. (“Merck”) for the development, manufacture and commercialization of ruzasvir. Ruzasvir is the NS5A inhibitor the Company is developing in combination with bemnifosbuvir for the treatment of HCV. Pursuant to the terms of the Merck License Agreement, the Company obtained from Merck a worldwide exclusive (subject to certain reserved rights to conduct internal research) and, sublicensable license under certain Merck patents and know-how to research, develop, manufacture, have manufactured, use, import, export, sell, offer for sale, and otherwise commercialize ruzasvir or products containing ruzasvir (each a “Product”) for all therapeutic or prophylactic uses in humans. In addition to a non-refundable upfront payment that the Company made in February 2022, the Company will be required to pay Merck milestone payments upon its achievement of certain development, regulatory and sales-based milestones. Additionally, the Company will pay Merck tiered royalties based on annual net sales of Products ranging from high single digits to mid-teens percentages. The Company’s royalty payment obligations will continue until the later of (i) the expiration of the last to expire valid claim of a licensed Merck patent claiming such Product and (ii) a period of years after the first commercial sale of such Product in such country. The Company may terminate the Merck License Agreement for convenience upon prior written notice. The first potential milestone in the amount of $ 5.0 million would be payable upon the commencement of a Phase 3 clinical trial. Contingent Consulting Fee The Company has an agreement with a consultant that requires payment of a success fee calculated as a percentage of certain product sales, subject to a cumulative maximum payout of $ 5.0 million. This success payment is contingent upon the occurrence of future events and the timing and likelihood of such payment is neither probable nor estimable. Indemnification The Company enters into certain types of contracts that contingently requires the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with the Company, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship with the Company, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount payable under these contracts since the Company has no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred Stock | 9. Preferred Stock As of December 31, 2023 the Company has 10,000,000 shares of preferred stock authorized. None of these shares of preferred stock have been issued. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock | 10. Common Stock As of December 31, 2023, the authorized capital of the Company included 300,000,000 shares of common stock, of which 83,435,513 shares of common stock were issued and outstanding. On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share. The holders of common stock are entitled to receive dividends, when declared by the board, and to share ratably in the Company’s assets legally available for distribution to the holders of the Company’s stock in the event of liquidation. The holders of common stock have no preemptive, redemption or conversion rights. As of December 31, 2023, the Company had the following reserved shares of common stock: Outstanding options 17,017,319 Outstanding restricted stock units 2,337,517 Outstanding performance-based restricted stock units 724,970 Shares reserved for future grant under 2020 Incentive Award Plan 6,510,704 Shares reserved under Employee Stock Purchase Plan 1,896,901 28,487,411 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 11. Stock-based Compensation In October 2020, the Company’s shareholders approved the Company’s 2020 Incentive Award Plan (“2020 Plan”). The 2020 Plan initially provided for the issuance of up to 7,924,000 shares of common stock and for the grant of incentive stock options or other incentive awards to employees, officers, directors and consultants of the Company. The number of shares of common stock that may be issued under the 2020 Plan is also subject to increase on the first day of each calendar year equal to the lesser of i) 5 % of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or ii) such smaller number of shares as is determined by the board of directors. Through December 31, 2023, the shares available under the plan were increased by 12,450,364 shares. As of December 31, 2023, 6,510,704 shares of common stock were available for future issuance under the 2020 Plan. In January 2024, the shares of the Company's common stock available under the 2020 Plan were increased by 4,171,775 shares. The 2020 Plan replaced and is the successor of the Company’s 2013 Equity Incentive Plan, as amended (“2013 Plan”). In the event of any cancellation of an outstanding option award under the 2013 Plan, the shares underlying the cancelled option award will be made available for grant under the 2020 Plan. Restricted Stock Units During the year ended December 31, 2023 and 2022, respectively, the Company granted 2,264,700 and 182,350 restricted stock units to employees with an aggregate grant date fair market value of $ 10,384 and $ 1,302 . The restricted stock unit awards vest in three annual installments. In January 2023, the Company issued 53,935 shares of common stock upon the vesting and settlement of restricted stock units. During the year ended December 31, 2023 and 2022, 34,998 and 20,600 restricted stock units were cancelled due to employee terminations. Number of Weighted Average Outstanding at January 1, 2023 161,750 $ 7.14 Granted 2,264,700 $ 4.59 Released ( 53,935 ) $ 7.14 Cancelled ( 34,998 ) $ 5.42 Unvested shares at December 31, 2023 2,337,517 $ 4.69 Performance-based Restricted Stock Units No performance-based restricted stock units were granted during the year ended December 31, 2023. During the year ended December 31, 2022, the Company granted 742,070 performance-based restricted stock units to employees with an aggregate grant date fair value of $ 5,298 . No performance-based restricted stock units were granted during the year ended December 31, 2023. The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of each award eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0 % to 200 %. The Company has not recognized any compensation expense through December 31, 2023, as the minimum performance criteria had not been deemed probable. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026. During the year ended December 31, 2023, there were no cancellations of performance-based restricted stock units. During the year ended December 31, 2022, 17,100 performance-based restricted stock units were cancelled due to employee terminations. Number of Weighted Average Outstanding at January 1, 2023 724,970 $ 7.14 Granted — $ — Release — $ — Cancelled — $ — Unvested shares at December 31, 2023 724,970 $ 7.14 Stock Options The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 13,632,278 $ 18.48 7.7 $ 10,937 Granted 3,777,550 $ 4.48 Exercised — $ — Cancelled ( 392,509 ) $ 21.46 Outstanding at December 31, 2023 17,017,319 $ 15.30 7.1 $ 5,080 Vested and expected to vest at December 31, 2023 17,017,319 $ 15.30 7.1 $ 5,080 Vested and exercisable at December 31, 2023 11,084,169 $ 16.46 6.4 $ 5,078 The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. Option grants generally vest over a service period of three or four years and have a contractual term of ten years . As of December 31, 2023, total unrecognized compensation expense related to stock option awards was $ 55,157 , which amount is being recognized over a remaining weighted average period of 2.2 years. The weighted average grant date fair value per option granted during the years ended December 31, 2023 and 2022 was $ 3.27 and $ 5.09 , respectively. The fair value of each award was estimated using Black-Scholes based on the following assumptions: For the Year Ended 2023 2022 Risk-free interest rate 3.65 % 2.10 % Expected term 5.97 years 5.96 years Expected volatility 85.0 % 85.0 % Expected dividend yield 0 % 0 % Employee Stock Purchase Plan In October 2020, the Company’s shareholders approved the ESPP, which became effective upon the closing of the Company’s IPO in November 2020. The Company initially reserved a total of 1,187,000 shares of its common stock for issuance under the ESPP. The ESPP provides that the number of shares reserved and available for issuance under the ESPP will be increased on January 1 of each calendar year by 1 % of the number of shares of the Company's common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the board of directors. Through December 31, 2022, there was no increase in the number of shares reserved for issuance under the ESPP. In January 2024 and 2023, the number of shares of the Company's common stock available for issuance under the ESPP was increased by 834,355 and 832,876 shares, respectively. The Company issued 93,939 and 29,036 shares for proceeds of $ 257 and $ 140 during the years ended December 31, 2023 and 2022, respectively. Stock-based Compensation Expense Stock-based compensation expense is classified as follows: For the Year Ended 2023 2022 Research and development expense $ 22,666 $ 21,870 General and administrative 26,762 24,848 Total stock-based compensation expense $ 49,428 $ 46,718 The components of stock-based compensation expense were: For the Year Ended 2023 2022 Restricted stock units $ 3,679 $ 352 Performance-based restricted stock units — — Stock options 45,626 46,220 ESPP 123 146 Total stock-based compensation expense $ 49,428 $ 46,718 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes For the year ended December 31, 2023, the Company recorded income tax expense of $ 1,018 . The Company recorded a net benefit for income taxes of $ 3,590 for the year ended December 31, 2022. The benefit for income taxes was primarily the result of changes in estimates between the Company’s initial provision for 2021 income taxes and the actual amounts reflected in the income tax returns as filed. The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: For the Year Ended 2023 2022 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes 4.2 5.6 Return to provision adjustments — 3.4 Research and development credits 3.3 2.1 Stock-based compensation ( 4.3 ) ( 3.8 ) Uncertain tax positions ( 0.4 ) ( 0.2 ) Other ( 0.1 ) 0.3 Change in valuation allowance ( 24.5 ) ( 25.3 ) Total ( 0.8 ) % 3.1 % Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets consisted of the following: December 31, 2023 2022 Deferred tax assets (liabilities) Capitalized research and development $ 33,692 $ 14,305 Net operating loss carryforwards 9,385 5,590 License agreement 5,609 6,043 Stock-based compensation 17,884 12,215 Research and development credits 8,155 3,826 Other 143 70 Prepaid expenses ( 695 ) ( 893 ) Deferred tax assets (liabilities) 74,173 41,156 Less: valuation allowance ( 74,173 ) ( 41,156 ) Net deferred tax assets (liabilities) $ — $ — As required by the 2017 Tax Cut and Jobs Act, effective January 1, 2022, taxpayers can no longer immediately expense qualified research and development expenditures. Taxpayers are now required to capitalize and amortize these costs over five years for research conducted in the US or 15 years for research conducted abroad. As of December 31, 2023, the Company had federal net operating losses of $ 31,378 and state net operating loss carryforwards of $ 55,305 , which may be used to offset future tax liabilities. The Company has federal and state credit carryforwards of $ 6,944 and $ 1,210 , respectively. The federal net operating losses and research and development tax credits begin to expire in 2034 . Management has evaluated the positive and negative evidence bearing upon the realizability of the Company’s deferred tax assets. Based on the Company’s projected net operating losses, for 2024 and beyond, the Company determined that it is more likely than not that it will not recognize the benefits of the deferred tax assets. As a result, the Company has recorded a full valuation allowance of approximately $ 74,173 at December 31, 2023. Under the provisions of Sections 382 and 383 of the Internal Revenue Code (“IRC”), net operating loss and credit carryforwards and other tax attributes may be subject to limitation if there has been a significant change in ownership of the Company, as defined by the IRC. The Company performed an analysis through December 31, 2023 pursuant to Section 382 of the IRC to determine whether any limitations might exist on the utilization of net operating losses and other tax attributes. Based on this analysis, the Company has determined that there was no impact on the Company's ability to utilize net operating losses or credit carryforwards in 2023. To the extent that the Company raises additional equity financing or other changes in the ownership interest of significant stockholders occurs, additional tax attributes may become subject to an annual limitation. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The Company files federal and various state income tax returns. The statute of limitations for assessment by the Internal Revenue Service (“IRS”), and state tax authorities remains open for all tax years ended since the inception of the Company. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the IRS or state tax authorities to the extent utilized in a future period. No federal or state tax audits are currently in process. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2023: Balance beginning of year $ 5,255 Decrease related to current year provision to return adjustment — Increase related to accrued interest 503 Balance at end of period $ 5,758 |
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 Basic and diluted earnings per share are calculated as follows: For the Year Ended 2023 2022 Net loss $ ( 135,956 ) $ ( 115,909 ) Weighted average common shares outstanding, basic and diluted 83,389,750 83,245,385 Net loss per share - basic and diluted $ ( 1.63 ) $ ( 1.39 ) Stock options for the purchase of 17,017,319 shares, 2,337,517 restricted stock units, 724,970 performance-based restricted stock units and 30,254 ESPP shares w ere excluded from the computation of the net loss per share for the year ended December 31, 2023, due to the net loss during the periods as their effect is antidilutive. Stock options for the purchase of 13,632,278 shares, 161,750 restricted stock units, 724,970 performance-based restricted stock units and 24,743 ESPP shares were excluded from the computation of the net loss per share for the year ended December 31, 2022, due to the net loss during the periods as their effect is antidilutive. |
Benefit Plan
Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plan | 14. Benefit Plan During the year ended December 31, 2021, the Company implemented a defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements. Under the terms of the 401(k) Plan, the Company records matching contributions up to 4 % of the participant’s eligible compensation. During the years ended December 31, 2023 and 2022, the Company recognized expense of $ 708 and $ 541 , respectively, relating to matching contributions to the 401(k) Plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions During the year ended December 31, 2021, the Company entered into a consulting agreement with an entity controlled by one of its directors. The agreement provides for an annual retainer of $ 110 . The Company recognized expense in the amount of $ 110 in each of the years ended December 31, 2023 and 2022. In May 2022, the Company entered into a consulting agreement with one of its directors. The Company recognized expense of $ 1 in connection with this consulting agreement for the year ended December 31, 2022. No expense related to this agreement was recognized during the year ended December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of marketable securities, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly- owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity, or a remaining maturity at the time of purchase, of three months or less to be cash equivalents. The Company’s cash equivalents include money market funds and commercial paper, which are highly liquid and have strong credit ratings. These investments are subject to minimal credit and market risks. Cash and cash equivalents are stated at cost, which approximates market value. |
Marketable Securities | Marketable Securities The Company’s investment strategy is principally focused on capital preservation. The Company invests in financial instruments that among other things meet the credit quality standards outlined in the Company’s investment policy. Marketable securities consist of investments with maturities greater than three months. Investments not classified as cash equivalents with maturities of less than twelve months are classified as current assets on the consolidated balance sheet. Investments with maturities greater than twelve months for which the Company has the intent and ability to hold the investment for greater than twelve months are classified as non-current on the consolidated balance sheet. Marketable securities include US treasury obligations, US agency obligations, corporate debt, commercial paper and asset-backed securities. The Company classifies all of its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are recorded as a component of accumulated other comprehensive gain (loss) within stockholders’ equity. Interest, dividends and amortization and accretion of discounts and premiums are recorded as interest income and other, net. The Company periodically reviews its marketable securities for impairment and adjusts these investments to their fair value when a decline in market value is deemed to be other than temporary. Declines in fair value judged to be other than temporary on marketable securities, if any, are included in interest income and other, net. |
Concentrations of Credit Risk and Significant Suppliers | Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the US government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company is dependent on third-party manufacturers for the supply of products for its research and development activities including its development programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs for preclinical and clinical development activities. The Company also currently anticipates to rely on this small number of manufacturers for commercial supply if any of the current product candidates are approved for sale. The Company's research and development programs, including any potential commercialization efforts, could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC 820, Fair Value Measurement, establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the assets and liabilities. The carrying amounts of prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to short-term nature of these assets and liabilities. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the asset. The Company estimates the useful life of its assets as follows: Asset Estimated useful life Laboratory equipment Five years Office furniture and fixtures Five years Computer hardware Two years Leasehold improvements Shorter of useful life or remaining lease term Maintenance and repairs that do not improve or extend the life of the respective asset are expensed to operations as incurred. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. |
Other Assets | Other Assets Other assets consist of vendor deposits related to research and development activities and a security deposit related to our facility lease. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews long-lived assets, including property and equipment and right-of-use assets ("ROU") when events or changes in circumstances indicate the carrying value of the assets may not be fully recoverable. Recoverability is measured by comparing the book value of the assets to the estimated undiscounted future net cash flows that the asset is expected to generate. If the estimated undiscounted future net cash flows are less than the book value, the asset is impaired, and the impairment loss to be recognized in income is measured as the amount by which the book value of the asset exceeds its fair value, which is measured based on the estimated discounted future net cash flows that the asset is expected to generate. No impairment losses were recorded during the years ended December 31, 2023 and 2022. |
Leases | Leases The Company accounts for leases in accordance with ASC Topic 842, Lease Accounting . At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. Leases with a term greater than one year are recognized on the consolidated balance sheet as a ROU asset and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist principally of costs associated with outsourced research and development activities, including drug discovery, preclinical and clinical development, manufacturing and research conducted by contract research organizations and academic institutions, employee compensation, including stock-based compensation and consulting expenses together with related expenses, professional fees and facility and overhead costs. Facility and overhead costs primarily include the allocation of rent, utility and office-related expenses attributable to research and development personnel. In circumstances where amounts have been paid in advance or in excess of costs incurred, the Company records a prepaid expense, which is expensed as services are performed or goods are delivered. The Company has entered into various research and development contracts with third parties. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase of completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. |
Patent Costs | Patent Costs Costs to secure and maintain the Company’s patents are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation expense is classified in the consolidated statement of operations and comprehensive loss in the same manner as the award recipient’s payroll costs or service payments are classified. Stock-based awards granted to employees and non-employees are measured based on the estimated fair value of the awards using the Black-Scholes option pricing model (“Black-Scholes”). Stock-based compensation expense with respect to awards with service conditions is recognized using the straight-line method over the service period. Stock-based compensation with respect to awards with performance conditions is recognized when satisfaction of the performance conditions is probable. Stock-based compensation is based on awards ultimately expected to vest and, as such, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Fair value of common stock —The fair value of its common stock is based on the daily closing quoted market price of its common stock. Risk-free interest rate —The risk-free interest rate is based on the US Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of a stock-based award. Expected term —The expected term represents the period that stock-based awards are expected to be outstanding. Given the Company’s lack of specific history, the expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. Expected volatility —Since the Company was privately held through October 29, 2020 and did not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock-based awards. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. During the fiscal year ended December 31, 2022 the Company began to incorporate the historical volatility of its own stock price in its calculation of its expected volatility. Expected dividend yield —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company uses an expected dividend yield of zero . The Company also accounts for any modifications to share based payments in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718). The purchase price of the Company's common stock under the Company’s 2020 Employee Stock Purchase Plan ("ESPP") is equal to 85 % of the lesser of (i) the fair market value per share of its common stock on the first business day of an offering period and (ii) the fair market value per share of its common stock on the purchase date. The fair value of the discounted purchases made under ESPP is calculated using the Black-Scholes valuation model. The fair value of the look-back provision plus the 15 % discount is recognized as compensation expense over the 180-day purchase period. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income. Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with equity holders. For the years ended December 31, 2023 and 2022, the only components of comprehensive loss other than net loss were unrealized gains and losses on available for sale investments. |
Net Loss Per Share | Net Loss Per Share Basic net income loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive shares assuming the dilutive effect of outstanding common stock equivalents except where such securities would be antidilutive. |
In-process Research and Development Assets | In-process Research and Development Assets In-process research and development assets that are acquired in a transaction that does not qualify as a business combination under GAAP and that do not have an alternative future use are expensed in the period in which the assets are acquired. |
Segments | Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer, who manages and allocates resources to the operations on a total company basis. Accordingly, there is a single operating segment and one reportable segment. |
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the year ended December 31, 2023. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life | The Company estimates the useful life of its assets as follows: Asset Estimated useful life Laboratory equipment Five years Office furniture and fixtures Five years Computer hardware Two years Leasehold improvements Shorter of useful life or remaining lease term |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 143,740 $ — $ — $ 143,740 Marketable Securities US Treasury obligations — 155,938 — 155,938 US Government agency securities — 178,160 — 178,160 Commercial paper — 39,448 — 39,448 Corporate bonds — 60,737 — 60,737 Total $ 143,740 $ 434,283 $ — $ 578,023 As of December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 167,584 $ — $ — $ 167,584 Marketable Securities US Treasury obligations — 59,118 — 59,118 US Government agency securities — 14,941 — 14,941 Commercial paper — 310,433 — 310,433 Corporate bonds — 61,249 — 61,249 Asset-backed securities — 12,508 — 12,508 Total $ 167,584 $ 458,249 $ — $ 625,833 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Abstract] | |
Schedule of Marketable Securities | As of December 31, 2023 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 155,816 $ 145 $ ( 23 ) $ 155,938 US Government agency securities 178,115 96 ( 51 ) 178,160 Commercial paper 39,461 14 ( 27 ) 39,448 Corporate bonds 60,684 65 ( 12 ) 60,737 Total $ 434,076 $ 320 $ ( 113 ) $ 434,283 As of December 31, 2022 Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 59,422 $ — $ ( 304 ) $ 59,118 US Government agency securities 15,000 — ( 59 ) 14,941 Commercial paper 310,433 — — 310,433 Corporate bonds 61,504 — ( 255 ) 61,249 Asset-backed securities 12,574 — ( 66 ) 12,508 Total $ 458,933 $ — $ ( 684 ) $ 458,249 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net, consist of the following: December 31, 2023 2022 Laboratory equipment $ 5 $ 5 Office furniture and fixtures 396 396 Computer hardware 102 102 Leasehold improvements 1,475 1,475 Total property and equipment, at cost 1,978 1,978 Less: accumulated depreciation and amortization ( 689 ) ( 273 ) Property and equipment, net $ 1,289 $ 1,705 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: December 31, 2023 2022 Research and development, including manufacturing and clinical expenditures $ 20,999 $ 7,667 Income taxes — 99 Payroll and payroll related 5,696 6,459 Professional fees and other 669 981 Total accrued expenses and other current liabilities $ 27,364 $ 15,206 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet | The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of December 31, 2023 and 2022. As of December 31, 2023 2022 Right-of-use asset $ 1,828 $ 2,389 Current operating lease liability 760 721 Non-current operating lease liability 1,642 2,403 |
Components of Lease Costs | The components of the lease expense which are allocated between the general and administrative expenses and the research and development expenses on the consolidated statement of operations for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Operating lease costs $ 646 $ 811 Variable lease costs 40 78 Total lease costs $ 686 $ 889 |
Summary of Remaining Lease Term and Discount Rate | The variable lease costs for the years ended December 31, 2023 and 2022 include common area maintenance and other operating charges associated with the 225 Lease. As the 225 Lease does not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. As of December 31, 2023 2022 Remaining lease term (in years) 3.0 4.0 Discount rate 3.1 % 3.1 % |
Summary of Future Minimum Payments under Operating Leases | Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of December 31, 2023 were as follows: 2024 $ 821 2025 838 2026 855 Total lease payments 2,514 Less amount representing implied interest 112 Total lease liability $ 2,402 Current portion of operating lease liabilities 760 Noncurrent portion of operating lease liabilities $ 1,642 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Reserved Shares of Common Stock | As of December 31, 2023, the Company had the following reserved shares of common stock: Outstanding options 17,017,319 Outstanding restricted stock units 2,337,517 Outstanding performance-based restricted stock units 724,970 Shares reserved for future grant under 2020 Incentive Award Plan 6,510,704 Shares reserved under Employee Stock Purchase Plan 1,896,901 28,487,411 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Options Activity | The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 13,632,278 $ 18.48 7.7 $ 10,937 Granted 3,777,550 $ 4.48 Exercised — $ — Cancelled ( 392,509 ) $ 21.46 Outstanding at December 31, 2023 17,017,319 $ 15.30 7.1 $ 5,080 Vested and expected to vest at December 31, 2023 17,017,319 $ 15.30 7.1 $ 5,080 Vested and exercisable at December 31, 2023 11,084,169 $ 16.46 6.4 $ 5,078 |
Summary of Assumptions Used to Estimate Fair Value of Award | The fair value of each award was estimated using Black-Scholes based on the following assumptions: For the Year Ended 2023 2022 Risk-free interest rate 3.65 % 2.10 % Expected term 5.97 years 5.96 years Expected volatility 85.0 % 85.0 % Expected dividend yield 0 % 0 % |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense is classified as follows: For the Year Ended 2023 2022 Research and development expense $ 22,666 $ 21,870 General and administrative 26,762 24,848 Total stock-based compensation expense $ 49,428 $ 46,718 |
Summary of Components of Stock-based Compensation Expense | The components of stock-based compensation expense were: For the Year Ended 2023 2022 Restricted stock units $ 3,679 $ 352 Performance-based restricted stock units — — Stock options 45,626 46,220 ESPP 123 146 Total stock-based compensation expense $ 49,428 $ 46,718 |
Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | Number of Weighted Average Outstanding at January 1, 2023 161,750 $ 7.14 Granted 2,264,700 $ 4.59 Released ( 53,935 ) $ 7.14 Cancelled ( 34,998 ) $ 5.42 Unvested shares at December 31, 2023 2,337,517 $ 4.69 |
Performance-based Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | Number of Weighted Average Outstanding at January 1, 2023 724,970 $ 7.14 Granted — $ — Release — $ — Cancelled — $ — Unvested shares at December 31, 2023 724,970 $ 7.14 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate | The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: For the Year Ended 2023 2022 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes 4.2 5.6 Return to provision adjustments — 3.4 Research and development credits 3.3 2.1 Stock-based compensation ( 4.3 ) ( 3.8 ) Uncertain tax positions ( 0.4 ) ( 0.2 ) Other ( 0.1 ) 0.3 Change in valuation allowance ( 24.5 ) ( 25.3 ) Total ( 0.8 ) % 3.1 % |
Summary of Principal Components of Deferred Tax Assets | The principal components of the Company’s deferred tax assets consisted of the following: December 31, 2023 2022 Deferred tax assets (liabilities) Capitalized research and development $ 33,692 $ 14,305 Net operating loss carryforwards 9,385 5,590 License agreement 5,609 6,043 Stock-based compensation 17,884 12,215 Research and development credits 8,155 3,826 Other 143 70 Prepaid expenses ( 695 ) ( 893 ) Deferred tax assets (liabilities) 74,173 41,156 Less: valuation allowance ( 74,173 ) ( 41,156 ) Net deferred tax assets (liabilities) $ — $ — |
Summary of Reconciliation of Unrecognized Tax Benefits | The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2023: Balance beginning of year $ 5,255 Decrease related to current year provision to return adjustment — Increase related to accrued interest 503 Balance at end of period $ 5,758 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share are calculated as follows: For the Year Ended 2023 2022 Net loss $ ( 135,956 ) $ ( 115,909 ) Weighted average common shares outstanding, basic and diluted 83,389,750 83,245,385 Net loss per share - basic and diluted $ ( 1.63 ) $ ( 1.39 ) |
Nature of Business - Additional
Nature of Business - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Nature of Business [Line Items] | |||
Cash and cash equivalents | $ 143,823 | $ 188,460 | |
Cash and cash equivalents and marketable securities | $ 578,100 | ||
Number of shares issued | 83,435,513 | 83,287,639 | |
Jeffries | Sales Agreement | |||
Nature of Business [Line Items] | |||
Commission percentage of aggregate gross proceeds from each sale of shares | 3% | ||
Number of shares issued | 0 | ||
Jeffries | Maximum | Sales Agreement | |||
Nature of Business [Line Items] | |||
Aggregate offering price | $ 200,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Accounting Policies [Line Items] | ||
Incremental cost included in general and administration costs | $ | $ 49,919,000 | $ 48,714,000 |
Impairment losses | $ | $ 0 | $ 0 |
Expected dividend yield | 0% | 0% |
Number of operating segments | Segment | 1 | |
Number of reportable segments | Segment | 1 | |
2020 Employee Stock Purchase Plan | ||
Accounting Policies [Line Items] | ||
Percentage of common stock purchase price, lesser of market value per share on offering or purchase date | 85% | |
Percentage of discount on common stock purchase price | 15% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Details) | Dec. 31, 2023 |
Laboratory Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Computer Hardware | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 2 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Collaboration Agreement - Addit
Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Research and development | $ 114,243 | $ 81,936 |
Accrued expenses and other current liabilities | 27,364 | 15,206 |
Prepaid expenses and other current assets | 12,349 | 14,213 |
Roche License Agreement | ||
Disaggregation Of Revenue [Line Items] | ||
Research and development net credit adjustment | 18,576 | 6,898 |
Prepaid expenses and other current assets | $ 5,904 | $ 1,060 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash equivalents | ||
Marketable securities | $ 434,283 | $ 458,249 |
Total | 578,023 | 625,833 |
Level 1 | ||
Cash equivalents | ||
Total | 143,740 | 167,584 |
Level 2 | ||
Cash equivalents | ||
Total | 434,283 | 458,249 |
U.S. Treasury obligations | ||
Cash equivalents | ||
Marketable securities | 155,938 | 59,118 |
U.S. Treasury obligations | Level 2 | ||
Cash equivalents | ||
Marketable securities | 155,938 | 59,118 |
U.S. Government agency securities | ||
Cash equivalents | ||
Marketable securities | 178,160 | 14,941 |
U.S. Government agency securities | Level 2 | ||
Cash equivalents | ||
Marketable securities | 178,160 | 14,941 |
Commercial paper | ||
Cash equivalents | ||
Marketable securities | 39,448 | 310,433 |
Commercial paper | Level 2 | ||
Cash equivalents | ||
Marketable securities | 39,448 | 310,433 |
Corporate bonds | ||
Cash equivalents | ||
Marketable securities | 60,737 | 61,249 |
Corporate bonds | Level 2 | ||
Cash equivalents | ||
Marketable securities | 60,737 | 61,249 |
Asset-backed securities | ||
Cash equivalents | ||
Marketable securities | 12,508 | |
Asset-backed securities | Level 2 | ||
Cash equivalents | ||
Marketable securities | 12,508 | |
Money Market Funds | ||
Cash equivalents | ||
Cash equivalents | 143,740 | 167,584 |
Money Market Funds | Level 1 | ||
Cash equivalents | ||
Cash equivalents | $ 143,740 | $ 167,584 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 434,076 | $ 458,933 |
Unrealized Gain | 320 | |
Unrealized Losses | (113) | (684) |
Fair Value | 434,283 | 458,249 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 155,816 | 59,422 |
Unrealized Gain | 145 | |
Unrealized Losses | (23) | (304) |
Fair Value | 155,938 | 59,118 |
U.S. Government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 178,115 | 15,000 |
Unrealized Gain | 96 | |
Unrealized Losses | (51) | (59) |
Fair Value | 178,160 | 14,941 |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 39,461 | 310,433 |
Unrealized Gain | 14 | |
Unrealized Losses | (27) | |
Fair Value | 39,448 | 310,433 |
Corporate bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 60,684 | 61,504 |
Unrealized Gain | 65 | |
Unrealized Losses | (12) | (255) |
Fair Value | $ 60,737 | 61,249 |
Asset-backed securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 12,574 | |
Unrealized Losses | (66) | |
Fair Value | $ 12,508 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security | |
Debt Securities, Available-for-Sale [Abstract] | ||
Number of held securities | Security | 26 | 15 |
Debt securities in unrealized loss position | $ 113,000 | $ 684,000 |
Aggregate fair value | 178,003,000 | 143,221,000 |
Marketable securities | 434,283,000 | 458,249,000 |
Marketable debt securities, charges for credit-related impairments | 0 | 0 |
Securities maturing longer than one year | 0 | 0 |
Proceeds from sales and maturities of marketable securities | $ 602,665,000 | $ 91,885,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary 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, at cost | $ 1,978 | $ 1,978 |
Less: accumulated depreciation and amortization | (689) | (273) |
Property and equipment, net | 1,289 | 1,705 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 5 | 5 |
Office Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 396 | 396 |
Computer Hardware | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 102 | 102 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 1,475 | $ 1,475 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 416 | $ 260 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Research and development, including manufacturing and clinical expenditures | $ 20,999 | $ 7,667 |
Income taxes | 99 | |
Payroll and payroll related | 5,696 | 6,459 |
Professional fees and other | 669 | 981 |
Total accrued expenses and other current liabilities | $ 27,364 | $ 15,206 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-use asset | $ 1,828 | $ 2,389 |
Current operating lease liability | 760 | 721 |
Non-current operating lease liability | $ 1,642 | $ 2,403 |
Commitments and Contingencies_2
Commitments and Contingencies - Components of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease costs | $ 646 | $ 811 |
Variable lease costs | 40 | 78 |
Total lease costs | $ 686 | $ 889 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining lease term (in years) | 3 years | 4 years |
Discount rate | 3.10% | 3.10% |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Loss Contingencies [Line Items] | ||||
Operating lease right-of-use assets, net | $ 1,828,000 | $ 2,389,000 | ||
Operating lease liability | 2,402,000 | |||
Rent expense | 646,000 | 811,000 | ||
Research and development | $ 114,243,000 | $ 81,936,000 | ||
Office Facility | ||||
Loss Contingencies [Line Items] | ||||
Location of office space | Boston, Massachusetts at 225 Franklin Street | |||
Lease commencement date | Jan. 01, 2022 | |||
Operating lease right-of-use assets, net | $ 2,938,000 | |||
Operating lease liability | $ 2,873,000 | |||
Lease expiration date | Dec. 31, 2026 | |||
Lessor, Operating Lease, Existence of Option to Extend [true false] | false | |||
Maximum | Business Development Consulting Agreements | ||||
Loss Contingencies [Line Items] | ||||
Success fee | $ 5,000,000 | |||
Merck License Agreement | ||||
Loss Contingencies [Line Items] | ||||
Milestone payments | 5,000,000 | |||
Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Bank deposits, restricted cash | $ 198,000 |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 821 | |
2025 | 838 | |
2026 | 855 | |
Total lease payments | 2,514 | |
Less amount representing implied interest | 112 | |
Total lease liability | 2,402 | |
Current portion of operating lease liabilities | 760 | $ 721 |
Noncurrent portion of operating lease liabilities | $ 1,642 | $ 2,403 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 83,435,513 | 83,287,639 |
Common stock, shares outstanding | 83,435,513 | 83,287,639 |
Common stock voting rights per share | On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share. |
Common Stock - Summary of Reser
Common Stock - Summary of Reserved Shares of Common Stock (Details) | Dec. 31, 2023 shares |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 28,487,411 |
Outstanding options | |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 17,017,319 |
Outstanding restricted stock units | |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 2,337,517 |
Outstanding performance-based restricted stock units | |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 724,970 |
Shares reserved for future grant under 2020 Incentive Award Plan | |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 6,510,704 |
Shares reserved under Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Common stock, capital shares reserved for future issuance | 1,896,901 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||
Jan. 31, 2024 shares | Jan. 31, 2023 shares | Oct. 31, 2020 shares | Dec. 31, 2023 USD ($) Installment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 28,487,411 | 28,487,411 | ||||
Gross proceeds from issuance of common stock | $ | $ 257 | $ 140 | ||||
Weighted average grant date fair value per option granted | $ / shares | $ 3.27 | $ 5.09 | ||||
Fair value assumptions, method used | Black-Scholes | |||||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of shares of common stock Outstanding | 1% | |||||
Common stock, capital shares reserved for future issuance | 1,187,000 | |||||
Issuance of common stock under ESPP, shares | 93,939 | 29,036 | ||||
Gross proceeds from issuance of common stock | $ | $ 257 | $ 140 | ||||
Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of units granted | 2,264,700 | 182,350 | ||||
Aggregate grant date fair market value of restricted stock units granted | $ | $ 10,384 | $ 1,302 | ||||
Number of installments | Installment | 3 | |||||
Number of units cancelled due to terminations | 34,998 | 20,600 | ||||
Unvested shares | 2,337,517 | 161,750 | 2,337,517 | |||
Performance-based Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of units granted | 0 | 742,070 | ||||
Aggregate grant date fair market value of restricted stock units granted | $ | $ 5,298 | |||||
Number of units cancelled due to terminations | 0 | 17,100 | ||||
Performance based restricted stock units terms of award | The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of each award eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through December 31, 2023, as the minimum performance criteria had not been deemed probable. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026. | |||||
Unvested shares | 724,970 | 724,970 | 724,970 | |||
Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting contractual term | 10 years | |||||
Unrecognized compensation expense | $ | $ 55,157 | $ 55,157 | ||||
Remaining weighted average period for recognize compensation expense | 2 years 2 months 12 days | |||||
2020 Incentive Award Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of shares of common stock Outstanding | 5% | |||||
Increased number of shares available under plan | 12,450,364 | |||||
Common stock, capital shares reserved for future issuance | 6,510,704 | 6,510,704 | ||||
Subsequent Event | 2020 Incentive Award Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Increased number of shares available under plan | 4,171,775 | |||||
Maximum | Performance-based Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award vesting percentage | 200% | |||||
Maximum | Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting service period | 4 years | |||||
Maximum | 2020 Incentive Award Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for grant | 7,924,000 | |||||
Minimum | Performance-based Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award vesting percentage | 0% | |||||
Minimum | Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting service period | 3 years | |||||
Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of common stock upon vesting of restricted stock units | 53,935 | |||||
Issuance of common stock under ESPP, shares | 93,939 | 29,036 | ||||
Common Stock | Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Increased number of shares available under plan | 832,876 | |||||
Common Stock | Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of common stock upon vesting of restricted stock units | 53,935 | |||||
Common Stock | Subsequent Event | Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Increased number of shares available under plan | 834,355 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares, Outstanding | 161,750 | |
Number of shares, Granted | 2,264,700 | 182,350 |
Number of shares, Released | (53,935) | |
Number of shares, Cancelled | (34,998) | (20,600) |
Number of shares, Unvested | 2,337,517 | 161,750 |
Weighted Average Grant Date Fair Value, Outstanding | $ 7.14 | |
Weighted Average Grant Date Fair Value, Granted | 4.59 | |
Weighted Average Grant Date Fair Value, Released | 7.14 | |
Weighted Average Grant Date Fair Value, Cancelled | 5.42 | |
Weighted Average Grant Date Fair Value, Unvested | $ 4.69 | $ 7.14 |
Performance-based Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares, Outstanding | 724,970 | |
Number of shares, Granted | 0 | 742,070 |
Number of shares, Cancelled | 0 | (17,100) |
Number of shares, Unvested | 724,970 | 724,970 |
Weighted Average Grant Date Fair Value, Outstanding | $ 7.14 | |
Weighted Average Grant Date Fair Value, Unvested | $ 7.14 | $ 7.14 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Number of Shares, Outstanding | 13,632,278 | |
Number of Shares, Granted | 3,777,550 | |
Number of Shares, Cancelled | (392,509) | |
Number of Shares, Outstanding | 17,017,319 | 13,632,278 |
Number of Shares, Vested and expected to vest | 17,017,319 | |
Number of Shares, Vested and exercisable | 11,084,169 | |
Weighted Average Exercise Price Per Share | ||
Weighted Average Exercise Price Per Share, Outstanding | $ 18.48 | |
Weighted Average Exercise Price Per Share, Granted | 4.48 | |
Weighted Average Exercise Price Per Share, Cancelled | 21.46 | |
Weighted Average Exercise Price Per Share, Outstanding | 15.30 | $ 18.48 |
Weighted Average Exercise Price Per Share, Vested and expected to vest | 15.30 | |
Weighted Average Exercise Price Per Share, Vested and exercisable | $ 16.46 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Weighted Average Remaining Contractual Term (years), Outstanding | 7 years 1 month 6 days | 7 years 8 months 12 days |
Weighted Average Remaining Contractual Term (years), Vested and expected to vest | 7 years 1 month 6 days | |
Weighted Average Remaining Contractual Term (years), Vested and exercisable | 6 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 5,080 | $ 10,937 |
Aggregate Intrinsic Value, Vested and expected to vest | 5,080 | |
Aggregate Intrinsic Value, Vested and exercisable | $ 5,078 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Assumptions Used to Estimate Fair Value of Award (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 3.65% | 2.10% |
Expected term | 5 years 11 months 19 days | 5 years 11 months 15 days |
Expected volatility | 85% | 85% |
Expected dividend yield | 0% | 0% |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 49,428 | $ 46,718 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 22,666 | 21,870 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 26,762 | $ 24,848 |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 49,428 | $ 46,718 |
Restricted Stock Units | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 3,679 | 352 |
Stock Options | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 45,626 | 46,220 |
ESPP | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 123 | $ 146 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 1,018 | $ (3,590) |
Valuation allowance | $ 74,173 | 41,156 |
Income tax examination description | The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. | |
Unrecognized tax benefit | $ 5,758 | $ 5,255 |
Federal | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses | 31,378 | |
Tax credit carryforwards | $ 6,944 | |
Net operating losses carryforwards expiration year | 2034 | |
Research and development costs amortization period | 5 years | |
Foreign | ||
Income Tax Disclosure [Line Items] | ||
Research and development costs amortization period | 15 years | |
State | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses | $ 55,305 | |
Tax credit carryforwards | $ 1,210 | |
Research and Development Tax Credits | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforwards expiration year | 2034 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Expected income tax benefit at the federal statutory rate | 21% | 21% |
State and local taxes | 4.20% | 5.60% |
Return to provision adjustments | 3.40% | |
Research and development credits | 3.30% | 2.10% |
Stock-based compensation | (4.30%) | (3.80%) |
Uncertain tax positions | (0.40%) | (0.20%) |
Other | (0.10%) | 0.30% |
Change in valuation allowance | (24.50%) | (25.30%) |
Total | (0.80%) | 3.10% |
Income Taxes - Summary of Princ
Income Taxes - Summary of Principal Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets (liabilities) | ||
Capitalized research and development | $ 33,692,000 | $ 14,305,000 |
Net operating loss carryforwards | 9,385,000 | 5,590,000 |
License agreement | 5,609,000 | 6,043,000 |
Stock-based compensation | 17,884,000 | 12,215,000 |
Research and development credits | 8,155,000 | 3,826,000 |
Other | 143,000 | 70,000 |
Prepaid expenses | (695,000) | (893,000) |
Deferred tax assets (liabilities) | 74,173,000 | 41,156,000 |
Less: valuation allowance | (74,173,000) | (41,156,000) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Balance beginning of year | $ 5,255 |
Increase related to accrued interest | 503 |
Balance at end of period | $ 5,758 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (135,956) | $ (115,909) |
Weighted average common shares outstanding, basic | 83,389,750 | 83,245,385 |
Weighted average common shares outstanding, diluted | 83,389,750 | 83,245,385 |
Net loss per share, basic | $ (1.63) | $ (1.39) |
Net loss per share, diluted | $ (1.63) | $ (1.39) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares excluded from computation of diluted net income per share | 17,017,319 | 13,632,278 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares excluded from computation of diluted net income per share | 2,337,517 | 161,750 |
Performance-based Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares excluded from computation of diluted net income per share | 724,970 | 724,970 |
Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares excluded from computation of diluted net income per share | 30,254 | 24,743 |
Benefit Plan - Additional Infor
Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan recognized expense related to matching contributions | $ 708 | $ 541 |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan, employer matching contribution, percentage | 4% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Consulting Agreement - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Director | Related Party | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 0 | $ 1,000 | |
Entity Controlled by Director | |||
Related Party Transaction [Line Items] | |||
Annual retainer | $ 110,000 | ||
Entity Controlled by Director | Related Party | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 110,000 | $ 110,000 |