Absci (ABSI) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40646
Entity Registrant Name	ABSCI CORP
Entity Incorporation, State	DE
Entity Tax Identification Number	85-3383487
Entity Address, Street	18105 SE Mill Plain Blvd
Entity Address, City	Vancouver
Entity Address, State	WA
Entity Address, Postal Zip Code	98683
City Area Code	360
Local Phone Number	949-1041
Title of each class	Common Stock. $0.0001 par value
Trading Symbol(s)	ABSI
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,083,669
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001672688

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 58,831	$ 72,362
Restricted cash	16,350	16,193
Short-term investments	102,712	25,297
Receivables under development arrangements, net	42	2,189
Prepaid expenses and other current assets	3,863	4,537
Total current assets	181,798	120,578
Operating lease right-of-use assets	4,275	4,490
Property and equipment, net	38,755	41,328
Intangibles, net	47,411	48,253
Restricted cash, long-term	1,126	1,112
Other long-term assets	1,533	1,537
TOTAL ASSETS	274,898	217,298
Current liabilities:
Accounts payable	1,653	1,503
Accrued expenses	15,398	19,303
Long-term debt	3,301	3,258
Operating lease obligations	1,586	1,679
Financing lease obligations	287	641
Deferred revenue	3,063	3,174
Total current liabilities	25,288	29,558
Long-term debt, net of current portion	3,745	4,660
Operating lease obligations, net of current portion	5,296	5,643
Finance lease obligations, net of current portion	29	76
Deferred tax liability, net	175	186
Deferred revenue, long-term	180	966
Other long-term liabilities	78	33
TOTAL LIABILITIES	34,791	41,122
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 112,998,922 and 93,087,675 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	11	9
Additional paid-in capital	668,698	582,699
Accumulated deficit	(428,470)	(406,495)
Accumulated other comprehensive loss	(132)	(37)
TOTAL STOCKHOLDERS' EQUITY	240,107	176,176
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 274,898	$ 217,298

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	112,998,922	93,087,675
Common stock, shares, outstanding (in shares)	112,998,922	93,087,675

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Technology development revenue	$ 898	$ 1,269
Total revenues	898	1,269
Operating expenses
Research and development	12,236	12,657
Selling, general and administrative	8,744	9,593
Depreciation and amortization	3,416	3,504
Total operating expenses	24,396	25,754
Operating loss	(23,498)	(24,485)
Other income (expense)
Interest expense	(176)	(321)
Other income, net	1,711	1,458
Total other income, net	1,535	1,137
Loss before income taxes	(21,963)	(23,348)
Income tax expense	(12)	(7)
Net loss	$ (21,975)	$ (23,355)
Net loss per share: basic (in usd per share)	$ (0.22)	$ (0.26)
Net loss per share: diluted (in usd per share)	$ (0.22)	$ (0.26)
Weighted-average common shares outstanding: basic (in shares)	99,393,333	91,479,452
Weighted-average common shares outstanding: diluted (in shares)	99,393,333	91,479,452
Comprehensive loss:
Net loss	$ (21,975)	$ (23,355)
Foreign currency translation adjustments	(47)	(14)
Unrealized (loss) gain on investments	(48)	39
Comprehensive loss	$ (22,070)	$ (23,330)
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	License and Service [Member]	License and Service [Member]

UNAUDITED STATEMENTS OF CHANGES

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	$ 570,454	$ (295,929)	$ (120)
Beginning balance (in shares) at Dec. 31, 2022		92,411,103
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	229		229
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		171,899
Stock-based compensation	2,652		2,652
Forfeiture of common stock (in shares)		(101,030)
Foreign currency translation adjustments	(14)				(14)
Unrealized gain on investments	39				39
Net loss	(23,355)			(23,355)
Ending balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Ending balance (in shares) at Mar. 31, 2023		92,481,972
Beginning balance at Dec. 31, 2023	$ 176,176	$ 9	582,699	(406,495)	(37)
Beginning balance (in shares) at Dec. 31, 2023	93,087,675	93,087,675
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, net of issuance costs of $411	$ 80,827	$ 2	80,825
Issuance of common shares, net of issuance costs (in shares)		19,205,000
Issuance of shares under stock plans, net of shares withheld for tax payments	1,630		1,630
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		706,247
Stock-based compensation	3,544		3,544
Foreign currency translation adjustments	(47)				(47)
Unrealized gain on investments	(48)				(48)
Net loss	(21,975)			(21,975)
Ending balance at Mar. 31, 2024	$ 240,107	$ 11	$ 668,698	$ (428,470)	$ (132)
Ending balance (in shares) at Mar. 31, 2024	112,998,922	112,998,922

UNAUDITED STATEMENTS OF CHANG_2

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 411

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net loss	$ (21,975)	$ (23,355)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,416	3,504
Deferred income taxes	(11)	(14)
Stock-based compensation	3,590	2,652
Accretion of discount on short-term investments	(631)	(832)
Other	(45)	(338)
Changes in operating assets and liabilities:
Receivables under development arrangements	2,147	247
Prepaid expenses and other current assets	520	1,153
Operating lease right-of-use assets and liabilities	(225)	(201)
Other long-term assets	4	60
Accounts payable	150	(482)
Accrued expenses and other liabilities	(3,905)	(2,427)
Deferred revenue	(898)	(86)
Net cash used in operating activities	(17,863)	(20,119)
Cash Flows From Investing Activities
Purchases of property and equipment	0	(280)
Investment in short-term investments	(97,330)	(69,073)
Proceeds from maturities of short-term investments	20,500	42,000
Proceeds from sales of property and equipment	149	52
Net cash used in investing activities	(76,681)	(27,301)
Cash Flows From Financing Activities
Principal payments on long-term debt	(872)	(662)
Principal payments on finance lease obligations	(401)	(671)
Proceeds from issuance of common stock, net of issuance costs	82,457	229
Net cash provided by (used in) financing activities	81,184	(1,104)
Net decrease in cash, cash equivalents, and restricted cash	(13,360)	(48,524)
Cash, cash equivalents and restricted cash - Beginning of year	89,667	76,842
Cash, cash equivalents, and restricted cash - End of period	76,307	28,318
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Property and equipment purchases included in accounts payable	$ 0	$ 126

Organization and nature of oper

Organization and nature of operations	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Absci Corporation (the “Company”) is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Absci leverages its integrated drug creation platform (the “Integrated Drug Creation Platform”) to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics important to development and therapeutic benefit. The Company was organized in the State of Oregon in August 2011 as a limited liability company and converted to a limited liability company (“LLC”) in Delaware in April 2016. In October 2020, the Company converted from a Delaware LLC to a Delaware corporation. The Company’s headquarters are located in Vancouver, Washington. Unaudited interim financial information The Company prepared its interim condensed consolidated financial statements that accompany these notes in conformity with accounting principles generally accepted in the United States (US GAAP), consistent in all material respects with those applied in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from its estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in the Company’s opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 where the Company includes additional information about its critical accounting estimates.

Revenue recognition

Revenue recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Contract balances Contract liabilities are recorded in deferred revenue when cash payments are received or due in advance of the satisfaction of performance obligations. As of March 31, 2024 and December 31, 2023, contract liabilities were $3.2 million and $4.1 million, respectively. During the three months ended March 31, 2024 and 2023 , the Company recognized $0.9 million and $0.1 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period. Concentration Risk During the three months ended March 31, 2024, two partners represented approximately 99% of total revenue under technology development arrangements. During the three months ended March 31, 2023, one partner represented approximately 93% of total revenue under technology development arrangements.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Investments	Investments Cash equivalents, marketable securities and deposits are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The amortized cost and fair value of investments are as follows (in thousands): March 31, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 1,513 $ — $ — $ 1,513 U.S. treasuries 114,679 — (46) 114,633 Total $ 116,192 $ — $ (46) $ 116,146 Classified as: Cash equivalents $ 13,434 Short-term investments 102,712 Total $ 116,146 December 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 1,158 $ — $ — $ 1,158 U.S. treasuries 39,332 2 — 39,334 Total $ 40,490 $ 2 $ — $ 40,492 Classified as: Cash equivalents $ 15,195 Short-term investments 25,297 Total $ 40,492 Investments held as of March 31, 2024 have a remaining maturity of less than one year. Proceeds from maturities of available for sale securities were $34.6 million and $42.0 million for the three months ended March 31, 2024 and 2023 , respectively. Unrealized gains and losses on securities were primarily due to changes in interest rates. The Company holds a non-marketable equity investment with a carrying value of $1.2 million which is classified as other long-term assets on the condensed consolidated balance sheets.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation The Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) and the 2023 Inducement Plan (the “2023 Inducement Plan”). On January 1, 2024, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 4,654,384 shares pursuant to an automatic annual increase. As of March 31, 2024, 3,667,088 shares were available for future grant under the 2021 Plan. As of March 31, 2024, 2,500,000 shares were available for future grant under the 2023 Inducement Plan. Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Research and development $ 1,654 $ 1,193 Selling, general and administrative 1,943 1,473 Total stock-based compensation expense $ 3,597 $ 2,666 Stock options Stock options generally vest either 25% after one year from the date of the grant with the remainder vesting monthly over the following three-year period or ratably over three years in three equal installments. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for stock options is shown below: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands $) Outstanding at December 31, 2023 17,104,505 $ 3.03 8.3 $ 30,661 Granted 3,970,309 4.38 Exercised (542,741) 2.68 1,233 Canceled/Forfeited (225,111) 2.59 Expired (40,087) 5.11 Outstanding at March 31, 2024 20,266,875 3.31 8.5 $ 55,369 Exercisable at March 31, 2024 5,926,599 $ 3.66 7.1 $ 16,497 The aggregate intrinsic value of outstanding stock options as of March 31, 2024 was calculated based on the Company’s closing stock price of $5.68 per share as reported on the Nasdaq Global Select Market on such date. The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2024 and 2023 was $3.15 and $1.46, respectively, per share. As of March 31, 2024, total unrecognized stock-based compensation related to stock options was $29.6 million, which the Company expects to recognize over a remaining weighted average period of 2.6 years. Determination of fair value The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: For the Three Months Ended March 31, 2024 2023 Expected term (in years) 5.5-6.1 5.3-6.1 Volatility 81%-82% 79%-80% Risk-free interest rate 3.8%-4.1% 3.4%-4.2% Dividend Yield —% —% Restricted stock In connection with certain business combinations and as compensation for other service relationships, the Company has issued shares of restricted stock that vest over time subject to continued service by the stockholder. Shares of restricted stock that have not yet vested are subject to the Company’s right of repurchase or forfeiture by the stockholder. Activity for restricted shares is shown below: Number of shares Unvested as of December 31, 2023 374,208 Vested (105,336) Unvested as of March 31, 2024 268,872 As of March 31, 2024, there was $0.6 million of unrecognized compensation expense related to the outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 0.9 years. Restricted stock units subject to time-based vesting generally vest ratably over a term of 1-4 years. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for restricted stock units is shown below: Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 2,198,334 $ 1.42 Granted 2,426,855 3.62 Vested (14,326) 2.21 Forfeitures (61,908) 1.56 Unvested as of March 31, 2024 4,548,955 $ 2.59 The weighted-average grant date fair value of restricted stock units granted during the three months ended March 31, 2024 was $3.62. The aggregate grant date fair value of restricted stock units vested during the three months ended March 31, 2024 and 2023 was $0.0 million. As of March 31, 2024, there was $11.7 million of unrecognized compensation expense related to the outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 2.0 years. Fair value of restricted stock units subject to time-based vesting is calculated based on the Company’s closing stock price per share as reported on the Nasdaq Global Select Market on the date of grant. Restricted Stock Unit Award with Market Conditions In March 2024, the Company granted 1,500,000 performance restricted stock units to its Founder and Chief Executive Officer that contained market conditions (the “2024 Market Award”). Subject to the holder’s continued service, the 2024 Market Award provided for vesting in tranches once the Company’s closing stock price meets or exceeds certain thresholds established by the Company’s Compensation Committee of the Board of Directors. The original grant-date fair value of the 2024 Market Award of $5.5 million was determined using a Monte Carlo simulation model using an expected volatility of 97% and risk-free rate of 4.5%. The stock based compensation expense will be recognized over the derived service period for each tranche over periods up to 1.3 years. As of March 31, 2024, none of the stock price thresholds for the 2024 Market Award had been met resulting in no shares vesting. Any unvested tranches of the 2024 Market Award will expire in March 2027 if the vesting conditions are not met. Stock appreciation rights In January 2021, the Company issued SARs that are contingent upon a qualifying liquidity event that continues to not be probable of occurrence; accordingly, no compensation expense has been recognized for these awards. The aggregate intrinsic value of the 394,736 SARs outstanding as of March 31, 2024 is $2.2 million based on the Company’s closing stock price of $5.68 per share as reported on the Nasdaq Global Select Market on such date.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Debt Securities: Money market funds $ 1,513 $ — $ — $ 1,513 U.S. treasuries 7,715 106,918 — 114,633 Total assets $ 9,228 $ 106,918 $ — $ 116,146 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Debt Securities: Money market funds $ 1,158 $ — $ — $ 1,158 U.S. treasuries 15,929 23,405 — 39,334 Total assets $ 17,087 $ 23,405 $ — $ 40,492 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 The Company reviews trading activity and pricing for its available-for-sale securities as of the measurement date. There was no change to the value of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2024. The contingent consideration liability is related to the acquisition of Totient, Inc. and is included in accrued expenses on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. The fair value estimate is based on a probability-weighted approach. The contingent consideration of $15.0 million held in escrow shall be paid upon the achievement of the milestone of either entering into agreements meeting certain financial criteria with third parties using, or relating to, Totient technology or the first commercial sale of a Totient product. The contingent consideration held in escrow is included in restricted cash on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. The carrying amount of long-term debt approximates fair value. There are significant judgments, assumptions and estimates inherent in the determination of the fair value of each of the instruments described above. In the future, depending on the valuation approaches used and the expected timing and weighting of each, the inputs described above, or other inputs, may have a greater or lesser impact on the Company’s estimates of fair value.

Net loss per share

Net loss per share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss per share	Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): For the Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (21,975) $ (23,355) Denominator: Weighted-average common shares outstanding 99,393,333 91,479,452 Net loss per share, basic and diluted $ (0.22) $ (0.26) The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive. Diluted net loss per share, therefore, does not differ from basic net loss per share for the periods presented. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares calculated on a weighted-average basis for the period outstanding): For the Three Months Ended March 31, 2024 2023 Stock options 19,326,573 13,770,552 Restricted stock units 2,975,663 34,546 Unvested restricted stock 311,133 876,859 Employee stock purchase plan 102,381 104,576

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (21,975)	$ (23,355)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Amortized and Fair Value of our Investments	The amortized cost and fair value of investments are as follows (in thousands): March 31, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 1,513 $ — $ — $ 1,513 U.S. treasuries 114,679 — (46) 114,633 Total $ 116,192 $ — $ (46) $ 116,146 Classified as: Cash equivalents $ 13,434 Short-term investments 102,712 Total $ 116,146 December 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair market value Assets Money market funds $ 1,158 $ — $ — $ 1,158 U.S. treasuries 39,332 2 — 39,334 Total $ 40,490 $ 2 $ — $ 40,492 Classified as: Cash equivalents $ 15,195 Short-term investments 25,297 Total $ 40,492

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Allocation of Share-based Compensation	Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Research and development $ 1,654 $ 1,193 Selling, general and administrative 1,943 1,473 Total stock-based compensation expense $ 3,597 $ 2,666
Schedule of Stock Option Activity	Activity for stock options is shown below: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands $) Outstanding at December 31, 2023 17,104,505 $ 3.03 8.3 $ 30,661 Granted 3,970,309 4.38 Exercised (542,741) 2.68 1,233 Canceled/Forfeited (225,111) 2.59 Expired (40,087) 5.11 Outstanding at March 31, 2024 20,266,875 3.31 8.5 $ 55,369 Exercisable at March 31, 2024 5,926,599 $ 3.66 7.1 $ 16,497
Schedule of Determination of Fair Value	The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: For the Three Months Ended March 31, 2024 2023 Expected term (in years) 5.5-6.1 5.3-6.1 Volatility 81%-82% 79%-80% Risk-free interest rate 3.8%-4.1% 3.4%-4.2% Dividend Yield —% —%
Schedule of Non-vested Share Activity	Activity for restricted shares is shown below: Number of shares Unvested as of December 31, 2023 374,208 Vested (105,336) Unvested as of March 31, 2024 268,872 Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 2,198,334 $ 1.42 Granted 2,426,855 3.62 Vested (14,326) 2.21 Forfeitures (61,908) 1.56 Unvested as of March 31, 2024 4,548,955 $ 2.59

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Debt Securities: Money market funds $ 1,513 $ — $ — $ 1,513 U.S. treasuries 7,715 106,918 — 114,633 Total assets $ 9,228 $ 106,918 $ — $ 116,146 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Debt Securities: Money market funds $ 1,158 $ — $ — $ 1,158 U.S. treasuries 15,929 23,405 — 39,334 Total assets $ 17,087 $ 23,405 $ — $ 40,492 Liabilities: Contingent consideration $ — $ — $ 12,750 $ 12,750 Total liabilities $ — $ — $ 12,750 $ 12,750

Net loss per share (Tables)

Net loss per share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Company’s Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): For the Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (21,975) $ (23,355) Denominator: Weighted-average common shares outstanding 99,393,333 91,479,452 Net loss per share, basic and diluted $ (0.22) $ (0.26)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares calculated on a weighted-average basis for the period outstanding): For the Three Months Ended March 31, 2024 2023 Stock options 19,326,573 13,770,552 Restricted stock units 2,975,663 34,546 Unvested restricted stock 311,133 876,859 Employee stock purchase plan 102,381 104,576

Revenue recognition (Details)

Revenue recognition (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) partner	Mar. 31, 2023 USD ($) partner	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Contract liabilities	$ 3.2		$ 4.1
Revenue recognized from customer contract liability	$ 0.9	$ 0.1
Technology development revenue | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Collaborative Arrangement and Arrangement Other than Collaborative
Number of partners (partner) | partner	2	1
Concentration risk (as a percent)	99%	93%

Investments - Amortized and Fai

Investments - Amortized and Fair Value of our Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Amortized cost	$ 116,192	$ 40,490
Gross unrealized gains	0	2
Gross unrealized losses	(46)	0
Fair market value	116,146	40,492
Cash equivalents
Assets
Fair market value	13,434	15,195
Short-term investments
Assets
Fair market value	102,712	25,297
Money market funds
Assets
Amortized cost	1,513	1,158
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	1,513	1,158
U.S. treasuries
Assets
Amortized cost	114,679	39,332
Gross unrealized gains	0	2
Gross unrealized losses	(46)	0
Fair market value	$ 114,633	$ 39,334

Investments - Narratives (Detai

Investments - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Proceeds from maturities of debt securities	$ 34.6	$ 42
Non-marketable equity investment	$ 1.2

Stock-based compensation - Narr

Stock-based compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Issuance price (in usd per share)		$ 5.68	$ 5.68
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)		20,266,875	20,266,875		17,104,505
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)		$ 3.31	$ 3.31		$ 3.03
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized for issuance (in shares)	4,654,384
Shares available for grant (in shares)		3,667,088	3,667,088
2023 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for employee (in shares)		2,500,000	2,500,000
Stock options | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of shares granted (in usd per share)			$ 3.15	$ 1.46
Share based compensation expense not yet recognized, options		$ 29.6	$ 29.6
Share based compensation expense not yet recognized, recognition period (in years)			2 years 7 months 6 days
Stock options | 2020 Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)			25%
Stock options | 2020 Plan | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)			25%
Stock options | 2020 Plan | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)			25%
Stock options | 2020 Plan | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)			25%
Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)		268,872	268,872		374,208
Unvested restricted stock | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized, recognition period (in years)			10 months 24 days
Share based compensation expense not yet recognized other than options		$ 0.6	$ 0.6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of shares granted (in usd per share)			$ 3.62
Share based compensation expense not yet recognized, recognition period (in years)			2 years
Share based compensation expense not yet recognized other than options		$ 11.7	$ 11.7
Fair value of vested options			$ 0
Granted (in shares)			2,426,855
Shares outstanding (in shares)		4,548,955	4,548,955		2,198,334
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			4 years
Restricted Stock Award with Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized, recognition period (in years)			1 year 3 months 18 days
Granted (in shares)		1,500,000
Grant-date fair value			$ 5.5
Volatility rate		97%
Risk-free interest rate		4.50%
SARs | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)		394,736	394,736
Intrinsic value, shares outstanding		$ 2.2	$ 2.2
SARs | 2020 And 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)		197,150	197,150
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)		$ 4.65	$ 4.65
Deferred compensation expense		$ 0.1	$ 0.1

Stock-based compensation - Allo

Stock-based compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 3,597	$ 2,666
Research and development
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	1,654	1,193
Selling, general and administrative
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 1,943	$ 1,473

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	17,104,505
Granted (in shares)	3,970,309
Exercised (in shares)	(542,741)
Canceled/Forfeited (in shares)	(225,111)
Expired (in shares)	(40,087)
Ending balance (in shares)	20,266,875	17,104,505
Exercisable (in shares)	5,926,599
Weighted Average Exercise Price per Share
Beginning balance (in usd per share)	$ 3.03
Granted (in usd per share)	4.38
Exercised (in usd per share)	2.68
Canceled/Forfeited (in usd per share)	2.59
Expired (in usd per share)	5.11
Ending balance (in usd per share)	3.31	$ 3.03
Exercisable, weighted average price (in usd per share)	$ 3.66
Weighted Average Remaining Contractual Term (in years)	8 years 6 months	8 years 3 months 18 days
Exercisable, weighted average remaining contractual term (in years)	7 years 1 month 6 days
Intrinsic value, shares outstanding	$ 55,369	$ 30,661
Intrinsic value, exercised	1,233
Exercisable, aggregate intrinsic value	$ 16,497

Stock-based compensation - Dete

Stock-based compensation - Determination of Fair Value (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Assumptions and Methodology
Risk-free interest rate, minimum (as a percent)	3.80%	3.40%
Risk-free interest rate, maximum (as a percent)	4.10%	4.20%
Dividend Yield (as a percent)	0%	0%
Minimum
Fair Value Assumptions and Methodology
Expected term (in years)	5 years 6 months	5 years 3 months 18 days
Volatility (as a percent)	81%	79%
Maximum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Volatility (as a percent)	82%	80%

Stock-based compensation - Unve

Stock-based compensation - Unvested Rollforward (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock
Nonvested, Number of Shares
Beginning balance, unvested (in shares)	374,208
Vested (in shares)	(105,336)
Ending balance, unvested (in shares)	268,872
Restricted stock units
Nonvested, Number of Shares
Beginning balance, unvested (in shares)	2,198,334
Granted (in shares)	2,426,855
Vested (in shares)	(14,326)
Forfeitures (in shares)	(61,908)
Ending balance, unvested (in shares)	4,548,955
Weighted Average Grant Date Fair Value
Beginning balance unvested (in usd per share) | $ / shares	$ 1.42
Granted (in usd per share) | $ / shares	3.62
Vested (in usd per share) | $ / shares	2.21
Forfeitures (in usd per share) | $ / shares	1.56
Ending balance unvested (in usd per share) | $ / shares	$ 2.59

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Debt Securities:	$ 116,146	$ 40,492
Money market funds
Assets:
Debt Securities:	1,513	1,158
U.S. treasuries
Assets:
Debt Securities:	114,633	39,334
Fair Value, Recurring
Assets:
Total assets	116,146	40,492
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	1,513	1,158
Fair Value, Recurring | U.S. treasuries
Assets:
Debt Securities:	114,633	39,334
Level 1 | Fair Value, Recurring
Assets:
Total assets	9,228	17,087
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 1 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	1,513	1,158
Level 1 | Fair Value, Recurring | U.S. treasuries
Assets:
Debt Securities:	7,715	15,929
Level 2 | Fair Value, Recurring
Assets:
Total assets	106,918	23,405
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	0	0
Level 2 | Fair Value, Recurring | U.S. treasuries
Assets:
Debt Securities:	106,918	23,405
Level 3 | Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Level 3 | Fair Value, Recurring | Money market funds
Assets:
Debt Securities:	0	0
Level 3 | Fair Value, Recurring | U.S. treasuries
Assets:
Debt Securities:	$ 0	$ 0

Fair value measurements - Narra

Fair value measurements - Narratives (Details) $ in Millions	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Escrow deposit	$ 15

Net loss per share - Company_s

Net loss per share - Company’s Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss, basic	$ (21,975)	$ (23,355)
Net loss, diluted	$ (21,975)	$ (23,355)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	99,393,333	91,479,452
Weighted-average common shares outstanding, diluted (in shares)	99,393,333	91,479,452
Net loss per share, basic (in usd per share)	$ (0.22)	$ (0.26)
Net loss per share, diluted (in usd per share)	$ (0.22)	$ (0.26)

Net loss per share - Anti-dilut

Net loss per share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	19,326,573	13,770,552
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,975,663	34,546
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	311,133	876,859
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	102,381	104,576