Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AVIR | |
Entity Registrant Name | Atea Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001593899 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 84,422,000 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-39661 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0574869 | |
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, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 243,394 | $ 143,823 |
Marketable securities | 258,820 | 434,283 |
Prepaid expenses and other current assets | 4,155 | 12,349 |
Total current assets | 506,369 | 590,455 |
Property and equipment, net | 1,081 | 1,289 |
Other assets | 1,396 | 1,396 |
Operating lease right-of-use assets, net | 1,538 | 1,828 |
Total assets | 510,384 | 594,968 |
Current liabilities | ||
Accounts payable | 5,470 | 4,252 |
Accrued expenses and other current liabilities | 20,369 | 27,364 |
Current portion of operating lease liabilities | 780 | 760 |
Total current liabilities | 26,619 | 32,376 |
Operating lease liabilities | 1,245 | 1,642 |
Income taxes payable | 6,050 | 5,758 |
Total liabilities | 33,914 | 39,776 |
Commitments and contingencies (see Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.001 par value; 300,000,000 shares authorized; 84,422,000 and 83,435,513 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 84 | 83 |
Additional paid-in capital | 776,192 | 750,737 |
Accumulated other comprehensive gain (loss) | (280) | 207 |
Accumulated deficit | (299,526) | (195,835) |
Total stockholders’ equity | 476,470 | 555,192 |
Total liabilities and stockholders’ equity | $ 510,384 | $ 594,968 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 | 84,422,000 | 83,435,513 |
Common stock, shares outstanding | 84,422,000 | 83,435,513 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses: | ||||
Research and development | $ 34,696 | $ 22,063 | $ 92,271 | $ 51,017 |
General and administrative | 12,220 | 13,172 | 24,451 | 25,787 |
Total operating expenses | 46,916 | 35,235 | 116,722 | 76,804 |
Loss from operations | (46,916) | (35,235) | (116,722) | (76,804) |
Interest income and other, net | 6,637 | 7,303 | 13,505 | 13,602 |
Loss before income taxes | (40,279) | (27,932) | (103,217) | (63,202) |
Income tax expense | (243) | (251) | (474) | (448) |
Net loss | (40,522) | (28,183) | (103,691) | (63,650) |
Other comprehensive loss | ||||
Unrealized gain (loss) on available-for-sale investments | (99) | (3) | (487) | 374 |
Comprehensive loss | $ (40,621) | $ (28,186) | $ (104,178) | $ (63,276) |
Net loss per share - basic and diluted | ||||
Net loss per share - basic | $ (0.48) | $ (0.34) | $ (1.23) | $ (0.76) |
Net loss per share - diluted | $ (0.48) | $ (0.34) | $ (1.23) | $ (0.76) |
Weighted-average number of common shares - basic and diluted | ||||
Weighted-average number of common shares - basic | 84,253,700 | 83,399,377 | 84,069,646 | 83,361,398 |
Weighted-average number of common shares - diluted | 84,253,700 | 83,399,377 | 84,069,646 | 83,361,398 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2022 | $ 640,572 | $ 83 | $ 701,052 | $ (684) | $ (59,879) |
Balance, shares at Dec. 31, 2022 | 83,287,639 | ||||
Issuance upon vesting of restricted stock units, shares | 53,935 | ||||
Issuance of common stock under employee stock purchase plan | 165 | 165 | |||
Issuance of common stock under employee stock purchase plan, shares | 57,803 | ||||
Stock-based compensation expense | 12,535 | 12,535 | |||
Other comprehensive income (loss) | 377 | 377 | |||
Net loss | (35,467) | (35,467) | |||
Balance at Mar. 31, 2023 | 618,182 | $ 83 | 713,752 | (307) | (95,346) |
Balance, shares at Mar. 31, 2023 | 83,399,377 | ||||
Balance at Dec. 31, 2022 | 640,572 | $ 83 | 701,052 | (684) | (59,879) |
Balance, shares at Dec. 31, 2022 | 83,287,639 | ||||
Net loss | (63,650) | ||||
Balance at Jun. 30, 2023 | 602,349 | $ 83 | 726,105 | (310) | (123,529) |
Balance, shares at Jun. 30, 2023 | 83,399,377 | ||||
Balance at Mar. 31, 2023 | 618,182 | $ 83 | 713,752 | (307) | (95,346) |
Balance, shares at Mar. 31, 2023 | 83,399,377 | ||||
Stock-based compensation expense | 12,353 | 12,353 | |||
Other comprehensive income (loss) | (3) | (3) | |||
Net loss | (28,183) | (28,183) | |||
Balance at Jun. 30, 2023 | 602,349 | $ 83 | 726,105 | (310) | (123,529) |
Balance, shares at Jun. 30, 2023 | 83,399,377 | ||||
Balance at Dec. 31, 2023 | 555,192 | $ 83 | 750,737 | 207 | (195,835) |
Balance, shares at Dec. 31, 2023 | 83,435,513 | ||||
Issuance upon vesting of restricted stock units | $ 1 | (1) | |||
Issuance upon vesting of restricted stock units, shares | 729,032 | ||||
Issuance of common stock under employee stock purchase plan | 150 | 150 | |||
Issuance of common stock under employee stock purchase plan, shares | 58,555 | ||||
Stock-based compensation expense | 12,586 | 12,586 | |||
Other comprehensive income (loss) | (388) | (388) | |||
Net loss | (63,169) | (63,169) | |||
Balance at Mar. 31, 2024 | 504,371 | $ 84 | 763,472 | (181) | (259,004) |
Balance, shares at Mar. 31, 2024 | 84,223,100 | ||||
Balance at Dec. 31, 2023 | 555,192 | $ 83 | 750,737 | 207 | (195,835) |
Balance, shares at Dec. 31, 2023 | 83,435,513 | ||||
Net loss | (103,691) | ||||
Balance at Jun. 30, 2024 | 476,470 | $ 84 | 776,192 | (280) | (299,526) |
Balance, shares at Jun. 30, 2024 | 84,422,000 | ||||
Balance at Mar. 31, 2024 | 504,371 | $ 84 | 763,472 | (181) | (259,004) |
Balance, shares at Mar. 31, 2024 | 84,223,100 | ||||
Issuance upon vesting of restricted stock units, shares | 198,900 | ||||
Stock-based compensation expense | 12,720 | 12,720 | |||
Other comprehensive income (loss) | (99) | (99) | |||
Net loss | (40,522) | (40,522) | |||
Balance at Jun. 30, 2024 | $ 476,470 | $ 84 | $ 776,192 | $ (280) | $ (299,526) |
Balance, shares at Jun. 30, 2024 | 84,422,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (103,691) | $ (63,650) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 25,306 | 24,888 |
Depreciation and amortization expense | 208 | 208 |
Accretion of premium and discounts on marketable securities | (6,512) | (6,784) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 8,194 | 1,449 |
Other assets | 98 | |
Accounts payable | 1,218 | 1,411 |
Accrued expenses and other liabilities | (6,703) | (3,510) |
Operating lease liabilities | (87) | (80) |
Net cash used in operating activities | (82,067) | (45,970) |
Cash flows from investing activities | ||
Purchases of marketable securities | (174,460) | (309,844) |
Sales and maturities of marketable securities | 355,948 | 380,889 |
Net cash provided by investing activities | 181,488 | 71,045 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock under ESPP | 150 | 165 |
Net cash provided by financing activities | 150 | 165 |
Net increase in cash, cash equivalents and restricted cash | 99,571 | 25,240 |
Cash, cash equivalents and restricted cash at the beginning of period | 143,823 | 188,658 |
Cash, cash equivalents and restricted cash at the end of period | 243,394 | 213,898 |
Cash, cash equivalents and restricted cash at the end of period: | ||
Cash and cash equivalents | 243,394 | 213,700 |
Restricted cash | 198 | |
Total cash, cash equivalents and restricted cash | $ 243,394 | $ 213,898 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (40,522) | $ (63,169) | $ (28,183) | $ (35,467) | $ (103,691) | $ (63,650) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Other than as disclosed below, during the three months ended June 30, 2024, no director or “officer” (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K. On June 17, 2024 , Maria Arantxa Horga, M.D., our Chief Medical Officer , adopted a Rule 10b5-1 trading arrangement, as defined in Item 408(a) of Regulation S-K. This arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to 67,198 shares of the Company’s common stock. The exact number of shares of common stock that will be sold is not determinable and will depend on the number of shares sold to cover tax withholding obligations in connection with the vesting of 41,534 restricted stock units previously granted. The 10b5-1 plan expires on June 15, 2025 . |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Maria Arantxa Horga | |
Trading Arrangements, by Individual | |
Name | Maria Arantxa Horga, M.D., |
Title | Chief Medical Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 17, 2024 |
Rule 10b5-1 Arrangement Terminated | false |
Expiration Date | June 15, 2025 |
Shares of Common Stock | Maria Arantxa Horga | |
Trading Arrangements, by Individual | |
Aggregate Available | 67,198 |
Vesting of Restricted Stock Units | Maria Arantxa Horga | |
Trading Arrangements, by Individual | |
Aggregate Available | 41,534 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Business Overview Atea Pharmaceuticals, Inc., together with its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation, is referred to herein on a consolidated basis as “Atea” or the “Company”. The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from serious viral infections. Currently, Atea is in the process of completing SUNRISE-3, a global Phase 3 clinical trial evaluating bemnifosbuvir for the treatment of Coronavirus disease 2019 (“COVID-19”). All patients in the SUNRISE-3 clinical trial, which is fully enrolled with 2,295 patients, have completed their last scheduled study visit. Atea is preparing for the analysis of the clinical trial data and subsequent reporting of the trial results. Atea is also currently conducting a global Phase 2 clinical trial evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus (“HCV”), which is fully enrolled with 275 patients. Liquidity and Capital Resources As of June 30, 2024, the Company had $ 502.2 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 condensed 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 June 30, 2024, 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, including most notably the combination of bemnifosbuvir and ruzasvir for the treatment of HCV, will require significant amounts of additional capital and additional research and development efforts, and all the Company’s product candidates will require 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. 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 the Company’s cost of financing and may restrict our access to potential sources of future liquidity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. The results for the three months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim period. 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 condensed 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, the 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 such changes become known. Principles of Consolidation The condensed 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. Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. |
Collaboration Agreement
Collaboration Agreement | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Agreement | 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 three months ended June 30, 2024 and 2023, the Company recorded net credits of $ 0 and $ 7,877 , respectively, from Roche. For the six months ended June 30, 2024 and 2023, the Company recorded net credits of $ 1,292 and $ 8,877 , respectively, from Roche. The credits recorded represent changes in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. The close out activities were completed by Roche as of March 31, 2024. As a result, the Company did not record any net credits in the three months ended June 30, 2024 and does not expect to receive any related amounts from Roche in the future. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-Sale [Abstract] | |
Marketable Securities | 4. Marketable Securities As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 148,097 $ 1 $ ( 157 ) $ 147,941 US Government agency securities 18,139 — ( 19 ) 18,120 Commercial paper 13,842 — ( 20 ) 13,822 Corporate bonds 79,022 3 ( 88 ) 78,937 Total $ 259,100 $ 4 $ ( 284 ) $ 258,820 As of December 31, 2023 Amortized Cost Unrealized Gains 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 June 30, 2024, the Company held 56 securities that were in an unrealized loss position of $ 284 with an aggregate fair value of $ 235,848 . 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 either the three or the six months ended June 30, 2024. None of the securities had remaining maturities longer than one year as of June 30, 2024. The Company received proceeds of $ 355,948 and $ 380,889 from sales and maturities of marketable securities during the six months ended June 30, 2024 and 2023, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. 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: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 235,894 $ — $ — $ 235,894 Marketable Securities US Treasury obligations — 147,941 — 147,941 US Government agency securities — 18,120 — 18,120 Commercial paper — 13,822 — 13,822 Corporate bonds — 78,937 — 78,937 Total $ 235,894 $ 258,820 $ — $ 494,714 Fair Value Measurements as of 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 The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy include treasury obligations, government agency securities, commercial paper and corporate bonds with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in active market. There were no transfers between Level 1, Level 2 or Level 3 categories during the six months ended June 30, 2024. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 30, December 31, Research and development, including manufacturing and clinical expenditures $ 15,299 $ 20,999 Payroll and payroll related 4,188 5,696 Professional fees and other 882 669 Total accrued expenses and other current liabilities $ 20,369 $ 27,364 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock At June 30, 2024, the authorized capital of the Company included 300,000,000 shares of the Company’s common stock, of which 84,422,000 shares of the Company’s common stock were issued and outstanding. On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share. The holders of the Company’s common stock have no preemptive, redemption or conversion rights. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 8. 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 the Company's 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 the Company's 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 the Company's 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 had increased by 12,450,364 shares since the inception of the 2020 Plan. In January 2024, the shares of the Company’s common stock available under the 2020 Plan increased by 4,171,775 shares. As of June 30, 2024, 5,370,429 shares of the Company’s common stock were available for future issuance under the 2020 Plan. The 2020 Plan replaced and is the successor of the Company’s 2013 Equity Incentive Plan, as amended (“2013 Plan”). Upon any cancellation of outstanding option awards to purchase shares of the Company's common stock under the 2013 Plan, such shares will be made available for grant under the 2020 Plan. Restricted Stock Units Durin g the three and six months ended June 30, 2024, the Company granted 177,600 and 1,126,100 restricted stock units to employees and directors un der the 2020 Plan with an aggregate grant date fair market value of $ 611 and $ 4,557 , respectively. The restricted stock unit awards vest in three annual installments. Below is the activity related to restricted stock units for the six months ended June 30, 2024. Number of Weighted Average Outstanding at January 1, 2024 2,337,517 $ 4.69 Granted 1,126,100 $ 4.05 Released ( 927,932 ) $ 4.65 Cancelled ( 12,633 ) $ 4.62 Unvested shares at June 30, 2024 2,523,052 $ 4.42 As of June 30, 2024, total unrecognized compensation expense related to restricted stock units was $ 9,158 , which amount is being recognized over a remaining weighted average period of 1.9 years. Performance-based Restricted Stock Units As of December 31, 2023 the Company had 724,970 performance-based restricted stock units (“2022 PSUs”) outstanding. The 2022 PSUs provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of 2022 PSUs 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 June 30, 2024, as achievement of the minimum performance criteria had not been deemed probable. The vesting of any eligible 2022 PSUs will occur in equal installments on January 31, 2025 and January 31, 2026. During the six months ended June 30, 2024, the Company granted 1,057,900 performance-based restricted stock units (“2024 PSUs”) to employees with an aggregate grant date fair value of $ 4,401 . The 2024 PSUs provide for a performance period from February 1, 2024 through January 31, 2027 to achieve up to four defined metrics. The percentage of 2024 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0 % to 200 %. As of June 30, 2024 one metric was deemed probable of achievement resulting in expense recognition of 50 % of the grant date value of the 2024 PSUs. Compensation expense is being recognized from the grant date through the final vest date of January 31, 2027. The Company recorded compensation expense of $ 183 and $ 303 for the three and six months ended June 30, 2024. The following table summarizes the activity related to performance-based restricted stock units for the six months ended June 30, 2024. Number of Weighted Average Outstanding at January 1, 2024 724,970 $ 7.14 Granted 1,057,900 $ 4.16 Released — $ — Cancelled — $ — Unvested shares at June 30, 2024 1,782,870 $ 5.37 Stock Options The following table summarizes stock option activity for the six months ended June 30, 2024. Number of Weighted Weighted Aggregate Outstanding at January 1, 2024 17,017,319 $ 15.30 7.1 $ 5,080 Granted 3,179,550 $ 4.10 Exercised — $ — Cancelled ( 38,867 ) $ 13.10 Outstanding at June 30, 2024 20,158,002 $ 13.54 7.1 $ 5,958 Vested and expected to vest at June 30, 2024 20,158,002 $ 13.54 7.1 $ 5,958 Vested and exercisable at June 30, 2024 13,094,578 $ 16.33 6.2 $ 5,937 During the three and six months ended June 30, 2024 the Company granted 247,200 and 3,179,550 stock options with an aggregate grant date fair value of $ 555 and $ 9,539 , respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. Stock options generally vest over a service period of four years after grant and have a contractual term of ten years . As of June 30, 2024, total unrecognized compensation expense related to stock option awards was $ 42,058 , which amount is being recognized over a remaining weighted average period of 2.4 years. Employee Stock Purchase Plan In October 2020, the Company’s shareholders approved the Employee Stock Purchase Plan (“ESPP”), which became effective upon the closing of the Company’s initial public offering (“IPO”) in November 2020. The Company initially reserved a total of 1,187,000 shares of the Company’s 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 2023 and January 2024, the number of shares of the Company’s common stock available for issuance under the ESPP was increased by 832,876 shares and 834,355 shares, respectively. As of June 30, 2024, 2,672,701 shares of the Company’s common stock were available for issuance under the ESPP. Under the ESPP, the Company issued 58,555 shares of the Company's common stock for proceeds of $ 150 during the six months ended June 30, 2024. Stock-based Compensation Expense Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive loss was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options $ 11,131 $ 11,417 $ 22,272 $ 23,297 Restricted stock units 1,372 903 2,662 1,503 Performance-based stock units 183 — 303 — Employee stock purchase plan 34 33 69 88 Total stock-based compensation expense $ 12,720 $ 12,353 $ 25,306 $ 24,888 Stock-based compensation expense is classified as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development expense $ 6,073 $ 5,545 $ 12,054 $ 11,473 General and administrative 6,647 6,808 13,252 13,415 Total stock-based compensation expense $ 12,720 $ 12,353 $ 25,306 $ 24,888 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended 2024 2023 Net loss $ ( 40,522 ) $ ( 28,183 ) $ ( 103,691 ) $ ( 63,650 ) Weighted average common shares outstanding, basic and diluted 84,253,700 83,399,377 84,069,646 83,361,398 Net loss per share, basic and diluted $ ( 0.48 ) $ ( 0.34 ) $ ( 1.23 ) $ ( 0.76 ) The following shares were excluded from the computation of the net loss per share for the three and six months ended June 30, 2024 and 2023, respectively, due to the net loss during the periods as their effect is antidilutive. Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options 20,158,002 16,891,027 20,158,002 16,891,027 Restricted stock units 2,523,052 2,337,517 2,523,052 2,337,517 Performance-based restricted stock units 1,782,870 724,970 1,782,870 724,970 Employee stock purchase plan 26,189 29,053 26,189 29,053 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has a non-cancelable operating lease agreement for its office space in Boston, Massachusetts at 225 Franklin Street ("225 Lease"). The 225 Lease commencement date was January 1, 2022 and the 225 Lease runs through December 31, 2026 . The 225 Lease does no t contain any options for renewal or extension. The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of June 30, 2024. As of June 30, 2024 Right-of-use asset $ 1,538 Current lease liability 780 Non-current lease liability 1,245 Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of June 30, 2024 were as follows. As of June 30, 2024 Remainder of 2024 $ 411 2025 838 2026 855 Total lease payments 2,104 Less amount representing implied interest 79 Total lease liability $ 2,025 Current portion of operating lease liabilities $ 780 Non-current portion of operating lease liabilities $ 1,245 For the three months ended June 30, 2024 and 2023, respectively, the Company recorded operating lease costs of $ 162 , relating to its operating lease agreements. For the six months ended June 30, 2024 and 2023, respectively, the Company recorded operating lease costs of $ 323 , relating to its operating lease agreements. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company recorded income tax expense of $ 243 and $ 251 for the three months ended June 30, 2024 and 2023, respectively. The Company recorded income tax expense of $ 474 and $ 448 for the six months ended June 30, 2024 and 2023, respectively. The Company maintained a full valuation allowance through June 30, 2024 due to uncertainty regarding its ability to utilize deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies 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 require 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 such third parties 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. |
Benefit Plan
Benefit Plan | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plan | 13. Benefit Plan The Company’s defined contribution plan under Section 401(k) of the Internal Revenue Code (“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 three months ended June 30, 2024 and 2023, the Company recognized expense of $ 161 and $ 143 , respectively, relating to matching contributions to the 401(k) Plan. During the six months ended June 30, 2024 and 2023, the Company recognized expense of $ 562 and $ 537 , respectively, relating to matching contributions to the 401(k) Plan. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions The Company is party to 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 $ 27 and $ 54 for each of the three and six month periods ended June 30, 2024 and 2023, respectively. In June 2022, the Company entered into a consulting agreement with one of its directors. No expense was recognized in connection with this agreement for the three and six months ended June 30, 2024 or 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. The results for the three months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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, the 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 such changes become known. |
Principles of Consolidation | Principles of Consolidation The condensed 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. |
Significant Accounting Policies | Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-Sale [Abstract] | |
Schedule of Marketable Securities | As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable Securities US Treasury obligations $ 148,097 $ 1 $ ( 157 ) $ 147,941 US Government agency securities 18,139 — ( 19 ) 18,120 Commercial paper 13,842 — ( 20 ) 13,822 Corporate bonds 79,022 3 ( 88 ) 78,937 Total $ 259,100 $ 4 $ ( 284 ) $ 258,820 As of December 31, 2023 Amortized Cost Unrealized Gains 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 235,894 $ — $ — $ 235,894 Marketable Securities US Treasury obligations — 147,941 — 147,941 US Government agency securities — 18,120 — 18,120 Commercial paper — 13,822 — 13,822 Corporate bonds — 78,937 — 78,937 Total $ 235,894 $ 258,820 $ — $ 494,714 Fair Value Measurements as of 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 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: June 30, December 31, Research and development, including manufacturing and clinical expenditures $ 15,299 $ 20,999 Payroll and payroll related 4,188 5,696 Professional fees and other 882 669 Total accrued expenses and other current liabilities $ 20,369 $ 27,364 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Options Activity | The following table summarizes stock option activity for the six months ended June 30, 2024. Number of Weighted Weighted Aggregate Outstanding at January 1, 2024 17,017,319 $ 15.30 7.1 $ 5,080 Granted 3,179,550 $ 4.10 Exercised — $ — Cancelled ( 38,867 ) $ 13.10 Outstanding at June 30, 2024 20,158,002 $ 13.54 7.1 $ 5,958 Vested and expected to vest at June 30, 2024 20,158,002 $ 13.54 7.1 $ 5,958 Vested and exercisable at June 30, 2024 13,094,578 $ 16.33 6.2 $ 5,937 |
Summary of Stock-based Compensation Expense by Award Type | Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive loss was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options $ 11,131 $ 11,417 $ 22,272 $ 23,297 Restricted stock units 1,372 903 2,662 1,503 Performance-based stock units 183 — 303 — Employee stock purchase plan 34 33 69 88 Total stock-based compensation expense $ 12,720 $ 12,353 $ 25,306 $ 24,888 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense is classified as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development expense $ 6,073 $ 5,545 $ 12,054 $ 11,473 General and administrative 6,647 6,808 13,252 13,415 Total stock-based compensation expense $ 12,720 $ 12,353 $ 25,306 $ 24,888 |
Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | Below is the activity related to restricted stock units for the six months ended June 30, 2024. Number of Weighted Average Outstanding at January 1, 2024 2,337,517 $ 4.69 Granted 1,126,100 $ 4.05 Released ( 927,932 ) $ 4.65 Cancelled ( 12,633 ) $ 4.62 Unvested shares at June 30, 2024 2,523,052 $ 4.42 |
Performance-based Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | The following table summarizes the activity related to performance-based restricted stock units for the six months ended June 30, 2024. Number of Weighted Average Outstanding at January 1, 2024 724,970 $ 7.14 Granted 1,057,900 $ 4.16 Released — $ — Cancelled — $ — Unvested shares at June 30, 2024 1,782,870 $ 5.37 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended 2024 2023 Net loss $ ( 40,522 ) $ ( 28,183 ) $ ( 103,691 ) $ ( 63,650 ) Weighted average common shares outstanding, basic and diluted 84,253,700 83,399,377 84,069,646 83,361,398 Net loss per share, basic and diluted $ ( 0.48 ) $ ( 0.34 ) $ ( 1.23 ) $ ( 0.76 ) |
Summary of Antidilutive Securities Excluded from Computation of Net Loss Per Share | The following shares were excluded from the computation of the net loss per share for the three and six months ended June 30, 2024 and 2023, respectively, due to the net loss during the periods as their effect is antidilutive. Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options 20,158,002 16,891,027 20,158,002 16,891,027 Restricted stock units 2,523,052 2,337,517 2,523,052 2,337,517 Performance-based restricted stock units 1,782,870 724,970 1,782,870 724,970 Employee stock purchase plan 26,189 29,053 26,189 29,053 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Summary of Assets and Liabilities Recorded on Balance Sheet | The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of June 30, 2024. As of June 30, 2024 Right-of-use asset $ 1,538 Current lease liability 780 Non-current lease liability 1,245 |
Summary of Future Minimum Payments under Operating Leases | Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of June 30, 2024 were as follows. As of June 30, 2024 Remainder of 2024 $ 411 2025 838 2026 855 Total lease payments 2,104 Less amount representing implied interest 79 Total lease liability $ 2,025 Current portion of operating lease liabilities $ 780 Non-current portion of operating lease liabilities $ 1,245 |
Organization - Additional Infor
Organization - Additional Information (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Patients shares | Dec. 31, 2023 shares | Nov. 30, 2021 USD ($) | |
Organization [Line Items] | |||
Number of patients | Patients | 2,295 | ||
Number of patients enrolled in the HCV clinical trial | Patients | 275 | ||
Cash and cash equivalents and marketable securities | $ | $ 502.2 | ||
Number of shares issued | shares | 84,422,000 | 83,435,513 | |
Sales Agreement | Jeffries | |||
Organization [Line Items] | |||
Commission percentage of aggregate gross proceeds from each sale of shares | 3% | ||
Number of shares issued | shares | 0 | ||
Sales Agreement | Jeffries | Maximum | |||
Organization [Line Items] | |||
Aggregate offering price | $ | $ 200 |
Collaboration Agreement - Addit
Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Roche License Agreement | ||||
Disaggregation Of Revenue [Line Items] | ||||
Research and development net credits adjustment | $ 0 | $ 7,877 | $ 1,292 | $ 8,877 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 259,100 | $ 434,076 |
Unrealized Gains | 4 | 320 |
Unrealized Losses | (284) | (113) |
Fair Value | 258,820 | 434,283 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 148,097 | 155,816 |
Unrealized Gains | 1 | 145 |
Unrealized Losses | (157) | (23) |
Fair Value | 147,941 | 155,938 |
U.S. Government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 18,139 | 178,115 |
Unrealized Gains | 96 | |
Unrealized Losses | (19) | (51) |
Fair Value | 18,120 | 178,160 |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 13,842 | 39,461 |
Unrealized Gains | 14 | |
Unrealized Losses | (20) | (27) |
Fair Value | 13,822 | 39,448 |
Corporate bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 79,022 | 60,684 |
Unrealized Gains | 3 | 65 |
Unrealized Losses | (88) | (12) |
Fair Value | $ 78,937 | $ 60,737 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) Security | Jun. 30, 2024 USD ($) Security | Jun. 30, 2023 USD ($) | |
Debt Securities, Available-for-Sale [Abstract] | |||
Number of held securities | Security | 56 | 56 | |
Debt securities in unrealized loss position | $ 284,000 | $ 284,000 | |
Aggregate fair value | 235,848,000 | 235,848,000 | |
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 | $ 355,948,000 | $ 380,889,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cash equivalents | ||
Marketable securities | $ 258,820 | $ 434,283 |
Total | 494,714 | 578,023 |
Level 1 | ||
Cash equivalents | ||
Total | 235,894 | 143,740 |
Level 2 | ||
Cash equivalents | ||
Total | 258,820 | 434,283 |
U.S. Treasury obligations | ||
Cash equivalents | ||
Marketable securities | 147,941 | 155,938 |
U.S. Treasury obligations | Level 2 | ||
Cash equivalents | ||
Marketable securities | 147,941 | 155,938 |
U.S. Government agency securities | ||
Cash equivalents | ||
Marketable securities | 18,120 | 178,160 |
U.S. Government agency securities | Level 2 | ||
Cash equivalents | ||
Marketable securities | 18,120 | 178,160 |
Commercial paper | ||
Cash equivalents | ||
Marketable securities | 13,822 | 39,448 |
Commercial paper | Level 2 | ||
Cash equivalents | ||
Marketable securities | 13,822 | 39,448 |
Corporate bonds | ||
Cash equivalents | ||
Marketable securities | 78,937 | 60,737 |
Corporate bonds | Level 2 | ||
Cash equivalents | ||
Marketable securities | 78,937 | 60,737 |
Money Market Funds | ||
Cash equivalents | ||
Cash equivalents | 235,894 | 143,740 |
Money Market Funds | Level 1 | ||
Cash equivalents | ||
Cash equivalents | $ 235,894 | $ 143,740 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Research and development, including manufacturing and clinical expenditures | $ 15,299 | $ 20,999 |
Payroll and payroll related | 4,188 | 5,696 |
Professional fees and other | 882 | 669 |
Total accrued expenses and other current liabilities | $ 20,369 | $ 27,364 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Equity [Abstract] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 84,422,000 | 83,435,513 |
Common stock, shares outstanding | 84,422,000 | 83,435,513 |
Common stock voting rights per share | On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share. |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 39 Months Ended | ||||||
Jan. 31, 2024 shares | Jan. 31, 2023 shares | Oct. 31, 2020 shares | Jun. 30, 2024 USD ($) shares | Mar. 31, 2024 shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 shares | Jun. 30, 2024 USD ($) Installment shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares granted | 3,179,550 | |||||||||
Compensation expense | $ | $ 12,720 | $ 12,353 | $ 25,306 | $ 24,888 | ||||||
Gross proceeds from issuance of common stock | $ | $ 150 | 165 | ||||||||
Common Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of common stock under ESPP, shares | 58,555 | 57,803 | ||||||||
Restricted Stock Units | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of units granted | 177,600 | 1,126,100 | ||||||||
Number of units cancelled due to terminations | 12,633 | |||||||||
Aggregate grant date fair market value of restricted stock units granted | $ | $ 611 | $ 4,557 | ||||||||
Number of installments | Installment | 3 | |||||||||
Unrecognized compensation expense | $ | $ 9,158 | $ 9,158 | ||||||||
Remaining weighted average period for recognize compensation expense | 1 year 10 months 24 days | |||||||||
Stock units outstanding | 2,523,052 | 2,523,052 | 2,337,517 | |||||||
Compensation expense | $ | $ 1,372 | 903 | $ 2,662 | 1,503 | ||||||
Performance-based Restricted Stock Units | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of units granted | 1,057,900 | |||||||||
Stock units outstanding | 1,782,870 | 1,782,870 | 724,970 | |||||||
Compensation expense | $ | $ 183 | $ 303 | ||||||||
2022 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Performance based restricted stock units terms of award | The 2022 PSUs provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of 2022 PSUs 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 June 30, 2024, as achievement of the minimum performance criteria had not been deemed probable. The vesting of any eligible 2022 PSUs will occur in equal installments on January 31, 2025 and January 31, 2026. | |||||||||
Stock units outstanding | 724,970 | |||||||||
2024 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of units granted | 1,057,900 | |||||||||
Aggregate grant date fair market value of restricted stock units granted | $ | $ 4,401 | |||||||||
Triggering expense recognition | 50% | 50% | ||||||||
Performance based restricted stock units terms of award | The 2024 PSUs provide for a performance period from February 1, 2024 through January 31, 2027 to achieve up to four defined metrics. The percentage of 2024 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. As of June 30, 2024 one metric was deemed probable of achievement resulting in expense recognition of 50% of the grant date value of the 2024 PSUs. Compensation expense is being recognized from the grant date through the final vest date of January 31, 2027. | |||||||||
Employee Stock Option | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares granted | 247,200 | 3,179,550 | ||||||||
Aggregate grant date fair market value | $ | $ 555 | $ 9,539 | ||||||||
Vesting service period | 4 years | |||||||||
Award contractual term | 10 years | |||||||||
Unrecognized compensation expense | $ | 42,058 | $ 42,058 | ||||||||
Remaining weighted average period for recognize compensation expense | 2 years 4 months 24 days | |||||||||
Compensation expense | $ | $ 11,131 | 11,417 | $ 22,272 | 23,297 | ||||||
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 available for issuance | 2,672,701 | 2,672,701 | ||||||||
Compensation expense | $ | $ 34 | $ 33 | $ 69 | $ 88 | ||||||
Common stock, capital shares reserved for future issuance | 1,187,000 | |||||||||
Issuance of common stock under ESPP, shares | 58,555 | |||||||||
Gross proceeds from issuance of common stock | $ | $ 150 | |||||||||
Employee Stock Purchase Plan | Common Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Increased number of shares available under plan | 834,355 | 832,876 | ||||||||
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 | 12,450,364 | ||||||||
Percentage of shares of common stock Outstanding | 5% | |||||||||
Common stock available for issuance | 5,370,429 | 5,370,429 | ||||||||
Minimum | 2022 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 0% | |||||||||
Minimum | 2024 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 0% | |||||||||
Maximum | 2022 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 200% | |||||||||
Maximum | 2024 Performance-based Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 200% | |||||||||
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 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Restricted Stock Units (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares, Outstanding | 2,337,517 | |
Number of shares, Granted | 177,600 | 1,126,100 |
Number of shares, Released | (927,932) | |
Number of shares, Cancelled | (12,633) | |
Number of shares, Unvested | 2,523,052 | 2,523,052 |
Weighted Average Grant Date Fair Value, Outstanding | $ 4.69 | |
Weighted Average Grant Date Fair Value, Granted | 4.05 | |
Weighted Average Grant Date Fair Value, Released | 4.65 | |
Weighted Average Grant Date Fair Value, Cancelled | 4.62 | |
Weighted Average Grant Date Fair Value, Unvested | $ 4.42 | $ 4.42 |
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 | 1,057,900 | |
Number of shares, Unvested | 1,782,870 | 1,782,870 |
Weighted Average Grant Date Fair Value, Outstanding | $ 7.14 | |
Weighted Average Grant Date Fair Value, Granted | 4.16 | |
Weighted Average Grant Date Fair Value, Unvested | $ 5.37 | $ 5.37 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Options Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding | shares | 17,017,319 | |
Number of Shares, Granted | shares | 3,179,550 | |
Number of Shares, Cancelled | shares | (38,867) | |
Number of Shares, Outstanding | shares | 20,158,002 | 17,017,319 |
Number of Shares, Vested and expected to vest | shares | 20,158,002 | |
Number of Shares, Vested and exercisable | shares | 13,094,578 | |
Weighted Average Exercise Price Per Share | ||
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | $ 15.3 | |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 4.1 | |
Weighted Average Exercise Price Per Share, Cancelled | $ / shares | 13.1 | |
Weighted Average Exercise Price Per Share, Outstanding | $ / shares | 13.54 | $ 15.3 |
Weighted Average Exercise Price Per Share, Vested and expected to vest | $ / shares | 13.54 | |
Weighted Average Exercise Price Per Share, Vested and exercisable | $ / shares | $ 16.33 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Weighted Average Remaining Contractual Term (years), Outstanding | 7 years 1 month 6 days | 7 years 1 month 6 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 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 5,958 | $ 5,080 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 5,958 | |
Aggregate Intrinsic Value, Vested and exercisable | $ | $ 5,937 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 12,720 | $ 12,353 | $ 25,306 | $ 24,888 |
Stock Options | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 11,131 | 11,417 | 22,272 | 23,297 |
Restricted Stock Units | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,372 | 903 | 2,662 | 1,503 |
Performance-based Stock Units | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 183 | 303 | ||
Employee Stock Purchase Plan | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 34 | $ 33 | $ 69 | $ 88 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 12,720 | $ 12,353 | $ 25,306 | $ 24,888 |
Research and Development Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 6,073 | 5,545 | 12,054 | 11,473 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 6,647 | $ 6,808 | $ 13,252 | $ 13,415 |
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 | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (40,522) | $ (63,169) | $ (28,183) | $ (35,467) | $ (103,691) | $ (63,650) |
Weighted average common shares outstanding, basic | 84,253,700 | 83,399,377 | 84,069,646 | 83,361,398 | ||
Weighted-average number of common shares - diluted | 84,253,700 | 83,399,377 | 84,069,646 | 83,361,398 | ||
Net loss per share, basic | $ (0.48) | $ (0.34) | $ (1.23) | $ (0.76) | ||
Net loss per share, diluted | $ (0.48) | $ (0.34) | $ (1.23) | $ (0.76) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | 20,158,002 | 16,891,027 | 20,158,002 | 16,891,027 |
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 | 2,523,052 | 2,337,517 | 2,523,052 | 2,337,517 |
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 | 1,782,870 | 724,970 | 1,782,870 | 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 | 26,189 | 29,053 | 26,189 | 29,053 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lessor, Lease, Description [Line Items] | |||||
Operating lease right-of-use assets, net | $ 1,538 | $ 1,538 | $ 1,828 | ||
Operating lease liability | 2,025 | 2,025 | |||
Operating lease costs | $ 162 | $ 162 | $ 323 | $ 323 | |
Office Space | |||||
Lessor, Lease, Description [Line Items] | |||||
Location of office space | Boston, Massachusetts at 225 Franklin Street | ||||
Lease commencement date | Jan. 01, 2022 | ||||
Lease expiration date | Dec. 31, 2026 | ||||
Lessor, Operating Lease, Existence of Option to Extend [true false] | false |
Leases - Summary of Assets and
Leases - Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Right-of-use asset | $ 1,538 | $ 1,828 |
Current lease liability | 780 | 760 |
Non-current lease liability | $ 1,245 | $ 1,642 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remainder of 2024 | $ 411 | |
2025 | 838 | |
2026 | 855 | |
Total lease payments | 2,104 | |
Less amount representing implied interest | 79 | |
Total lease liability | 2,025 | |
Current portion of operating lease liabilities | 780 | $ 760 |
Non-current portion of operating lease liabilities | $ 1,245 | $ 1,642 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 243 | $ 251 | $ 474 | $ 448 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Business Development Consulting Agreements | Maximum | |
Loss Contingencies [Line Items] | |
Success fee | $ 5,000,000 |
Merck License Agreement | |
Loss Contingencies [Line Items] | |
Milestone payments | $ 5,000,000 |
Benefit Plan - Additional Infor
Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan recognized expense related to matching contributions | $ 161 | $ 143 | $ 562 | $ 537 |
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 ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Entity Controlled by Director | ||||
Related Party Transaction [Line Items] | ||||
Annual retainer | $ 110,000 | $ 110,000 | ||
Related Party | Director | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 0 | $ 0 | 0 | $ 0 |
Related Party | Entity Controlled by Director | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | $ 27,000 | $ 27,000 | $ 54,000 | $ 54,000 |