PMV Pharmaceuticals (PMVP) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	One Research Way
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,443,488
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001699382
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 47,654	$ 37,706
Restricted cash	822	822
Marketable securities, current	150,285	165,351
Prepaid expenses and other current assets	3,699	3,530
Total current assets	202,460	207,409
Property and equipment, net	10,903	10,666
Marketable securities, noncurrent	15,120	25,505
Right-of-use assets	8,211	8,382
Other assets	182	190
Total assets	236,876	252,152
Current liabilities:
Accounts payable	859	3,237
Accrued expenses	10,319	9,940
Operating lease liabilities, current	880	852
Total current liabilities	12,058	14,029
Operating lease liabilities, noncurrent	12,142	12,434
Total liabilities	24,200	26,463
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at March 31, 2024 and December 31, 2023. No shares issued or outstanding at March 31, 2024 and December 31, 2023.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 51,445,862 and 51,445,862 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively.
Additional paid-in capital	538,078	535,468
Accumulated deficit	(325,273)	(310,003)
Accumulated other comprehensive (loss) income	(129)	224
Total stockholders’ equity	212,676	225,689
Total liabilities and stockholders’ equity	$ 236,876	$ 252,152

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	51,445,862	51,445,862
Common stock, shares outstanding	51,445,862	51,445,862

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 13,186	$ 15,073
General and administrative	5,035	6,407
Total operating expenses	18,221	21,480
Loss from operations	(18,221)	(21,480)
Other income (expense):
Interest income, net	2,952	2,325
Other income (expense), net	(1)	27
Total other income (expense)	2,951	2,352
Loss before provision for income taxes	(15,270)	(19,128)
Net loss	(15,270)	(19,128)
Unrealized (loss) gain on available for sale investments, net of tax	(319)	329
Foreign currency translation loss	(34)
Total other comprehensive (loss) income	(353)	329
Total comprehensive loss	$ (15,623)	$ (18,799)
Net loss per share - basic	$ (0.3)	$ (0.42)
Net loss per share - diluted	$ (0.3)	$ (0.42)
Weighted-average common shares outstanding - basic	51,445,862	45,773,357
Weighted-average common shares outstanding - diluted	51,445,862	45,773,357

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance at Dec. 31, 2022	$ 246,028		$ 487,516	$ (445)	$ (241,043)
Balance, Shares at Dec. 31, 2022		45,771,332
Exercise of stock options	12		12
Exercise of stock options, Shares		3,429
Stock-based compensation expense	2,932		2,932
Net loss	(19,128)				(19,128)
Unrealized gain (loss) on available for sale investments	329			329
Balance at Mar. 31, 2023	230,173		490,460	(116)	(260,171)
Balance, Shares at Mar. 31, 2023		45,774,761
Balance at Dec. 31, 2023	225,689		535,468	224	(310,003)
Balance, Shares at Dec. 31, 2023		51,445,862
Stock-based compensation expense	2,610		2,610
Net loss	(15,270)				(15,270)
Unrealized gain (loss) on available for sale investments	(319)			(319)
Foreign currency translation loss	(34)			(34)
Balance at Mar. 31, 2024	$ 212,676		$ 538,078	$ (129)	$ (325,273)
Balance, Shares at Mar. 31, 2024		51,445,862

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (15,270)	$ (19,128)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,610	2,932
Depreciation	362	171
Accretion of discounts on marketable securities	(1,628)	(712)
Non-cash lease income	(92)	(89)
Other, net	8	(1)
Change in operating assets and liabilities:
Prepaid expenses and other assets	(169)	2,108
Accounts payable	(2,384)	(1,520)
Accrued expenses	379	1,227
Net cash used in operating activities	(16,184)	(15,012)
Cash flows from investing activities:
Purchases of property and equipment	(594)	(156)
Purchases of marketable securities	(30,489)	(23,502)
Maturities of marketable securities	57,249	73,303
Net cash provided by investing activities	26,166	49,645
Cash flows from financing activities:
Proceeds from the exercise of stock options and common stock issued under the 2020 EIP		12
Net cash provided by financing activities		12
Impact of exchange rates on cash, cash equivalents, and restricted cash	(34)
Net increase in cash and cash equivalents	9,948	34,645
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	38,528	109,119
Cash, cash equivalents, and restricted cash - end of period	48,476	143,764
Supplemental disclosures of noncash investing activities
Accrued purchases of property and equipment	$ 6	$ 298

Formation and Business of the C

Formation and Business of the Company	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business of the Company	1. Formation and Busi ness of the Company Organization and Liquidity PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at One Research Way, Princeton, New Jersey. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company has incurred net losses and negative cash flows from operations since its inception. During the three months ended March 31, 2024, the Company incurred a net loss of $ 15,270 . For the three months ended March 31, 2024, the Company used $ 16,184 of cash for operations. At March 31, 2024, the Company had an accumulated deficit of $ 325,273 . Cash, cash equivalents, and marketable securities were $ 213,059 as of March 31, 2024 . Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for the next 12 months from the date of issuance of these condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited condensed consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 29, 2024. Since the date of those condensed consolidated financial statements, there have been no changes to its significant accounting policies. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and comprehensive loss, stockholders’ equity, and statements of cash flows for the three months ended March 31, 2024 and 2023, are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2024, or for any other subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited condensed consolidated financial statements. The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses. Actual results could differ materially from those estimates. Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended March 31, 2024 and 2023, the Company recorded $ 1,628 and $ 712 of accretion, respectively. Restricted cash as of March 31, 2024 and December 31, 2023 included a $ 822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets. Comprehensive Loss and Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable securities. Cash and cash equivalents were held at two financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	3. Fair Value Measurements The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2024, and December 31, 2023: As of March 31, 2024 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 39,666 $ — $ — $ 39,666 $ 39,666 $ — $ — Corporate securities 52,020 8 ( 16 ) 52,012 5,572 46,440 — Government securities 121,494 — ( 120 ) 121,374 95,418 25,956 — Total financial assets $ 213,180 $ 8 $ ( 136 ) $ 213,052 $ 140,656 $ 72,396 $ — As of December 31, 2023 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 37,694 $ — $ — $ 37,694 $ 37,694 $ — $ — Corporate securities 69,995 48 — 70,043 5,577 64,466 — Government securities 120,670 143 — 120,813 92,297 28,516 — Total financial assets $ 228,359 $ 191 $ — $ 228,550 $ 135,568 $ 92,982 $ — Cash Equivalents — As of March 31, 2024, the Company had aggregate cash and cash equivalents of $ 47,654 , including cash equivalents of $ 47,647 , consisting of money market funds and corporate securities. As of December 31, 2023, the Company had aggregate cash and cash equivalents of $ 37,706 , including cash equivalents of $ 37,694 , consisting of money market funds. Money market funds and certificates of deposit are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Marketable Securities — Marketable securities of $ 165,405 as of March 31, 2024 , consisted of corporate debt securities of $ 44,031 and government debt securities of $ 121,374 . There were $ 150,285 current marketable securities and $ 15,120 noncurrent marketable securities as of March 31, 2024. Marketable securities of $ 190,856 as of December 31, 2023, consisted of corporate debt securities of $ 70,043 and government debt securities of $ 120,813 . There were $ 165,351 current marketable securities and $ 25,505 noncurrent marketable securities as of December 31, 2023. As of March 31, 2024, and December 31, 2023 , aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, Net March 31, December 31, Machinery & equipment 3,089 $ 3,089 Computers 13 13 Furniture & fixtures 69 69 Leasehold improvements 11,364 10,765 Total property and equipment 14,535 13,936 Less: Accumulated depreciation ( 3,632 ) ( 3,270 ) Property and equipment, net $ 10,903 $ 10,666 Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 362 and $ 171 , respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following: March 31, December 31, Accrued compensation $ 2,220 $ 4,498 Accrued legal and professional services 248 172 Accrued research and development costs 7,851 5,270 Total $ 10,319 $ 9,940

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Operating Leases In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey. This location operated as the Company's headquarters until March 2023. In June 2017, the Company obtained an additional noncancelable operating lease for approximately 6,000 square feet of laboratory space in the same corporate center. Both leases were set to expire in June 2022 . In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension . The lease was terminated as of June 2023 . In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The lease was set to expire in July 2022 . In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The lease was terminated as of June 2023 . The second lease is for office space in Lexington, Massachusetts, that expired in August 2023 . In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032 , has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. Payment under this lease will total $ 19,889 through May 2032 . The Company received a lease incentive of $ 4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022 and 2023. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. Since the inception date of the lease, $ 3,806 reimbursements were received. For the three months ended March 31, 2024 , no reimbursements were received. The components of lease cost for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Operating lease cost $ 355 $ 597 Variable lease cost 133 319 Total lease cost $ 488 $ 916 Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2024, and December 31, 2023, are as follows: Operating Leases (in thousands, except lease term and discount rate data): March 31, December 31, Right-of-use assets, operating leases $ 8,211 $ 8,382 Operating lease liabilities, current $ 880 $ 852 Operating lease liabilities, non-current 12,142 12,434 Total operating lease liabilities $ 13,022 $ 13,286 Weighted-average remaining lease term (years) 8.17 8.42 Weighted-average discount rate 5.75 % 5.75 % Other information related to leases for the three months ended March 31, 2024 and 2023, respectively, as follows: Three Months Ended March 31, (in thousands) 2024 2023 Net cash paid for amounts included in the measurement of lease liabilities $ 447 $ 686 Future minimum lease payments, net of reimbursements, remaining as of March 31, 2024, under operating leases by fiscal year were as follows: Fiscal year (in thousands) 2024 $ 1,127 2025 1,869 2026 1,925 2027 1,983 2028 2,042 Thereafter 7,453 Total minimum lease payments $ 16,399 Less: Amounts representing imputed interest ( 3,377 ) Present value of lease liabilities $ 13,022 Rent expense recorded during the three months ended March 31, 2024 and 2023 was $ 355 and $ 597 , respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $ 0.00001 per share and 5,000,000 shares of preferred stock with a par value of $ 0.00001 per share. At March 31, 2024 and December 31, 2023, there were 51,445,862 and 51,445,862 shares of common stock issued and outstanding, respectively. Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of March 31, 2024 , no dividends on common stock had been declared by the Company. ATM Program On October 4, 2021, the Company entered into an at-the-market offering program (the “ATM Program”) pursuant to which, the Company may offer and sell shares of its common stock having aggregate gross sales proceeds of up to $ 150.0 million from time to time. During the three months ended March 31, 2024, the Company did no t sell any shares of its common stock under the ATM Program. As of March 31, 2024, the Company has approximately $ 113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program.

Stock Plan

Stock Plan	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Plan	8. Stock Plan 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the Company's board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan was 4,406,374 , which shall be increased, upon approval by the Company's board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent ( 5 %) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2024, the compensation committee of the Company's board of directors, as the 2020 Plan administrator, exercised its discretion under clause (ii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by 2,572,174 shares, effective as of January 1, 2024. As of March 31, 2024, there were 4,954,570 shares available for issuance under the 2020 Plan. On September 9, 2022, the Company granted 374,899 Restricted Stock Units (“RSUs”) to employees pursuant to an employee retention program approved by the compensation committee of the Company's board of directors. The RSUs have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan. On January 18, 2024, the Company granted 952,665 RSUs to employees VP-level or higher, pursuant to an employee retention program approved by the compensation committee of the Company's board of directors. The RSUs are scheduled to vest on June 30, 2025, based on approximately one and a half years of continuous service, as per the 2020 Plan. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the Company's board of directors on September 24, 2020. A total of 400,752 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the Company's board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1 % of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (i ii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2024, the 2020 ESPP reserved shares were increased under clause (ii) by 514,434 shares, effective as of January 1, 2024. As of March 31, 2024 , 202,345 shares are issued or outstanding, and there were 1,571,266 shares available for issuance, under the 2020 ESPP. Stock Options The following table summarizes option activity for the three-month period ended March 31, 2024: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances at December 31, 2023 4,474,411 6,973,464 $ 9.44 7.01 $ 990 Shares reserved for issuance 2,572,174 — — Options granted ( 2,776,030 ) 2,776,030 $ 1.79 Options forfeited / cancelled 684,015 ( 684,015 ) $ 9.41 Options exercised — — — Balances at March 31, 2024 (unaudited) 4,954,570 9,065,479 $ 7.10 6.91 $ 273 At March 31, 2024 Vested and expected to vest 9,065,479 $ 7.10 6.91 $ 273 Exercisable 4,506,573 $ 8.87 4.54 $ 259 At March 31, 2024, the total compensation cost related to nonvested awards not yet recognized was $ 16,250 . The weighted-average period over which the nonvested awards is expected to be recognized was 2.8 years. The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions: Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Risk-free interest rate 3.82 % - 4.26 % 3.58 % Expected life (in years) 6.02 - 6.25 6.25 Dividend yield 0 % 0 % Expected volatility 86.76 % 79.90 % The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows: Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Risk-free interest rate 5.43 % 4.65 % Expected life (in years) 0.49 0.49 Dividend yield 0 % 0 % Expected volatility 76.22 % 76.33 % Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option. Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options. Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. Volatility: Volatility is based on the historical volatility of the Company's publicly traded shares for the expected term. Restricted Stock Units The following table presents RSU activity under the 2020 Plan as of March 31, 2024: Number of Weighted-Average Unvested shares at December 31, 2023 236,296 $ 13.60 Granted 952,665 1.80 Forfeited ( 52,550 ) 3.50 Unvested shares at March 31, 2024 1,136,411 $ 4.18 As of March 31, 2024, there was $ 2,196 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 1.1 years. Stock-based compensation expense recorded under ASC 718 related to stock options and RSUs granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows: For the Three Months Ended March 31, March 31, 2024 2023 Research and development $ 975 $ 1,263 General and administrative 1,635 1,669 Total stock-based compensation $ 2,610 $ 2,932 Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows : For the Three Months Ended March 31, March 31, 2024 2023 Stock options $ 2,214 $ 2,281 Restricted stock units 342 597 Employee stock purchase plan 54 54 Total stock-based compensation $ 2,610 $ 2,932

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three months ended March 31, 2024 and 2023 , the Company recorded a full valuation allowance on federal and state net deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	10. Net Loss per Share The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share: As of March 31, 2024 2023 Options to purchase common stock 9,065,479 5,310,011 Unvested RSUs 1,136,411 374,899 Expected shares to be purchased under 2020 ESPP 11,405 47,974 Total 10,213,295 5,732,884

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	11. Related Parties The Company has consulting agreements with three members of its board of directors; one of which waived his consulting fees starting as of September 2021. Total consulting fees paid during the three months ended March 31, 2024 and 2023 were $ 37 and $ 8 , respectively. There were no amounts owed under the consulting agreements as of March 31, 2024 .

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	12. Restructuring On January 18, 2024, the Company announced a restructuring plan involving the reduction of its workforce by approximately 30 % of the Company's employees. Substantially all of the costs under the restructuring plan were incurred during the three months ended March 31, 2024. The remaining expected costs are not expected to be material and will be complete by September 30, 2024. The Company is taking these steps in order to streamline operations, reduce costs and preserve capital as it advances into late-stage development for its lead product candidate, PC14586. As a result of the reduction in force, the Company incurred an aggregate non-recurring charge of $ 675 , consisting primarily of employee severance and benefit costs associated with the restructuring. The Company has recorded these charges in research and development expenses in the accompanying condensed consolidated statement of operations based on responsibilities of the impacted employees. The restructuring expenditure of $ 675 was recognized in March 2024. The following sets forth information regarding the balances and activity associated with the Company's accrued employee severance and benefits costs (in thousands): Balance as of Expenses, net Cash Balance as of Employee severance and benefit costs — 675 ( 392 ) 283

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	13. Subsequent Event The State of New Jersey’s Technology Business Tax Certificate Program allows certain high technology and biotechnology companies to sell unused net operating loss (“NOL”) carryforwards and R&D tax credits to other New Jersey-based corporate taxpayers. We have applied for and received preliminary confirmation for our sale of NOLs and R&D tax credits related to the tax years ended December 31, 2015 to 2020 in the amount of approximately $ 16,176 , which we expect to recognize in the second quarter of 2024, upon receipt of the certificates for the refund. Subsequent to March 31, 2024, the Company received the entire $ 16,176 of expected cash for the NOL and R&D tax credit sales.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and comprehensive loss, stockholders’ equity, and statements of cash flows for the three months ended March 31, 2024 and 2023, are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2024, or for any other subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited condensed consolidated financial statements. The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses. Actual results could differ materially from those estimates.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended March 31, 2024 and 2023, the Company recorded $ 1,628 and $ 712 of accretion, respectively. Restricted cash as of March 31, 2024 and December 31, 2023 included a $ 822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)	Comprehensive Loss and Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable securities. Cash and cash equivalents were held at two financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values	The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2024, and December 31, 2023: As of March 31, 2024 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 39,666 $ — $ — $ 39,666 $ 39,666 $ — $ — Corporate securities 52,020 8 ( 16 ) 52,012 5,572 46,440 — Government securities 121,494 — ( 120 ) 121,374 95,418 25,956 — Total financial assets $ 213,180 $ 8 $ ( 136 ) $ 213,052 $ 140,656 $ 72,396 $ — As of December 31, 2023 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 37,694 $ — $ — $ 37,694 $ 37,694 $ — $ — Corporate securities 69,995 48 — 70,043 5,577 64,466 — Government securities 120,670 143 — 120,813 92,297 28,516 — Total financial assets $ 228,359 $ 191 $ — $ 228,550 $ 135,568 $ 92,982 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	March 31, December 31, Machinery & equipment 3,089 $ 3,089 Computers 13 13 Furniture & fixtures 69 69 Leasehold improvements 11,364 10,765 Total property and equipment 14,535 13,936 Less: Accumulated depreciation ( 3,632 ) ( 3,270 ) Property and equipment, net $ 10,903 $ 10,666

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, Accrued compensation $ 2,220 $ 4,498 Accrued legal and professional services 248 172 Accrued research and development costs 7,851 5,270 Total $ 10,319 $ 9,940

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Components of Lease Cost	The components of lease cost for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Operating lease cost $ 355 $ 597 Variable lease cost 133 319 Total lease cost $ 488 $ 916
Schedule of Amounts Reported in Consolidated Balance Sheets for Leases	Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2024, and December 31, 2023, are as follows: Operating Leases (in thousands, except lease term and discount rate data): March 31, December 31, Right-of-use assets, operating leases $ 8,211 $ 8,382 Operating lease liabilities, current $ 880 $ 852 Operating lease liabilities, non-current 12,142 12,434 Total operating lease liabilities $ 13,022 $ 13,286 Weighted-average remaining lease term (years) 8.17 8.42 Weighted-average discount rate 5.75 % 5.75 %
Summary of Other Information Related to Leases	Other information related to leases for the three months ended March 31, 2024 and 2023, respectively, as follows: Three Months Ended March 31, (in thousands) 2024 2023 Net cash paid for amounts included in the measurement of lease liabilities $ 447 $ 686
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases	Future minimum lease payments, net of reimbursements, remaining as of March 31, 2024, under operating leases by fiscal year were as follows: Fiscal year (in thousands) 2024 $ 1,127 2025 1,869 2026 1,925 2027 1,983 2028 2,042 Thereafter 7,453 Total minimum lease payments $ 16,399 Less: Amounts representing imputed interest ( 3,377 ) Present value of lease liabilities $ 13,022

Stock Plan (Tables)

Stock Plan (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock Options Activity	The following table summarizes option activity for the three-month period ended March 31, 2024: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances at December 31, 2023 4,474,411 6,973,464 $ 9.44 7.01 $ 990 Shares reserved for issuance 2,572,174 — — Options granted ( 2,776,030 ) 2,776,030 $ 1.79 Options forfeited / cancelled 684,015 ( 684,015 ) $ 9.41 Options exercised — — — Balances at March 31, 2024 (unaudited) 4,954,570 9,065,479 $ 7.10 6.91 $ 273 At March 31, 2024 Vested and expected to vest 9,065,479 $ 7.10 6.91 $ 273 Exercisable 4,506,573 $ 8.87 4.54 $ 259
Schedule of Estimated Fair Value of Stock Options	The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions: Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Risk-free interest rate 3.82 % - 4.26 % 3.58 % Expected life (in years) 6.02 - 6.25 6.25 Dividend yield 0 % 0 % Expected volatility 86.76 % 79.90 %
Schedule of RSU Activity Under the 2020 Plan	The following table presents RSU activity under the 2020 Plan as of March 31, 2024: Number of Weighted-Average Unvested shares at December 31, 2023 236,296 $ 13.60 Granted 952,665 1.80 Forfeited ( 52,550 ) 3.50 Unvested shares at March 31, 2024 1,136,411 $ 4.18
Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated	Stock-based compensation expense recorded under ASC 718 related to stock options and RSUs granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows: For the Three Months Ended March 31, March 31, 2024 2023 Research and development $ 975 $ 1,263 General and administrative 1,635 1,669 Total stock-based compensation $ 2,610 $ 2,932
Schedule of Stock-based Compensation Expense by Award Type	Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows : For the Three Months Ended March 31, March 31, 2024 2023 Stock options $ 2,214 $ 2,281 Restricted stock units 342 597 Employee stock purchase plan 54 54 Total stock-based compensation $ 2,610 $ 2,932
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Estimated Fair Value of Stock Options	The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows: Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Risk-free interest rate 5.43 % 4.65 % Expected life (in years) 0.49 0.49 Dividend yield 0 % 0 % Expected volatility 76.22 % 76.33 %

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share	The following common stock equivalents were excluded from the calculation of diluted net loss per share: As of March 31, 2024 2023 Options to purchase common stock 9,065,479 5,310,011 Unvested RSUs 1,136,411 374,899 Expected shares to be purchased under 2020 ESPP 11,405 47,974 Total 10,213,295 5,732,884

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Summary of Activity Associated with Accrued Employee Severance and Benefits Costs	The following sets forth information regarding the balances and activity associated with the Company's accrued employee severance and benefits costs (in thousands): Balance as of Expenses, net Cash Balance as of Employee severance and benefit costs — 675 ( 392 ) 283

Formation and Business of the_2

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 15,270	$ 19,128
Cash used in operating activities	16,184	$ 15,012
Accumulated deficit	325,273		$ 310,003
Cash, cash equivalents, and marketable securities	$ 213,059

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Accretion (amortization) of available-for-sale debt securities	$ 1,628	$ 712
Restricted cash	$ 822		$ 822

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 213,180	$ 228,359
Gross Unrealized Gains	8	191
Gross Unrealized Losses	(136)
Fair Value	213,052	228,550
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	140,656	135,568
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	72,396	92,982
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	39,666	37,694
Fair Value	39,666	37,694
Money Market Funds | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	39,666	37,694
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	52,020	69,995
Gross Unrealized Gains	8	48
Gross Unrealized Losses	(16)
Fair Value	52,012	70,043
Corporate Securities | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	5,572	5,577
Corporate Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	46,440	64,466
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	121,494	120,670
Gross Unrealized Gains		143
Gross Unrealized Losses	(120)
Fair Value	121,374	120,813
Government Securities | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	95,418	92,297
Government Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 25,956	$ 28,516

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate cash and cash equivalents	$ 47,654,000	$ 37,706,000
Cash equivalents	47,654,000	37,694,000
Marketable Securities	165,405,000	190,856,000
Marketable securities, noncurrent	15,120,000	25,505,000
Marketable securities, current	150,285,000	165,351,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	44,031,000	70,043,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	121,374,000	$ 120,813,000
Money Market Funds and Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 47,647,000

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 14,535	$ 13,936
Less: Accumulated depreciation	(3,632)	(3,270)
Property and equipment, net	10,903	10,666
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,089	3,089
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	13
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	69
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 11,364	$ 10,765

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 362	$ 171

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 2,220	$ 4,498
Accrued legal and professional services	248	172
Accrued research and development costs	7,851	5,270
Total	$ 10,319	$ 9,940

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended			3 Months Ended		39 Months Ended
	Jan. 31, 2022	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2017 ft²	Jun. 30, 2015 ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases | Lease			2
Rent expense				$ 355,000	$ 597,000
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²							6,000	13,000
Operating lease expiration period	2023-06			2022-06
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension
Cranbury, New Jersey | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
South Brunswick, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²			6,000
Operating lease expiration period			2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
South Brunswick, New Jersey | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Operating lease expiration period			2023-08
Terminated period				2023-06
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description				That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023.
Lease area of square feet | ft²		50,581
Operating Leases, extended year		2032
Operating leases, extension period		5 years
Operating lease, payments		$ 19,889,000
Operating leases extended month and year		2032-05
Tenant improvement allowance		$ 4,046,000
Reimbursements received				$ 0		$ 3,806,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 355	$ 597
Variable lease cost	133	319
Total lease cost	$ 488	$ 916

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases:
Right-of-use assets, operating leases	$ 8,211	$ 8,382
Operating lease liabilities, current	880	852
Operating lease liabilities, non-current	12,142	12,434
Total operating lease liabilities	$ 13,022	$ 13,286
Weighted-average remaining lease term (years)	8 years 2 months 1 day	8 years 5 months 1 day
Weighted-average discount rate	5.75%	5.75%

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Net cash paid for amounts included in the measurement of lease liabilities	$ 447	$ 686

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,127
2025	1,869
2026	1,925
2027	1,983
2028	2,042
Thereafter	7,453
Total lease payments	16,399
Less: Present Value Adjustment	(3,377)
Present value of lease payments	$ 13,022	$ 13,286

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended
	Oct. 04, 2021	Mar. 31, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		1,000,000,000	1,000,000,000
Common stock, par value		$ 0.00001	$ 0.00001
Common stock, shares issued		51,445,862	51,445,862
Common stock, shares outstanding		51,445,862	51,445,862
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, par value		$ 0.00001	$ 0.00001
Dividends, common stock declared		$ 0
ATM Program
Subsidiary, Sale of Stock [Line Items]
Aggregate gross sales proceeds	$ 150,000,000
Common stock shares sold		0
Gross proceeds available for future issuances of common stock		$ 113,800,000

Stock Plan - Additional Informa

Stock Plan - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Jan. 18, 2024	Sep. 09, 2022	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance					514,434
Restricted stock units granted to employees			952,665
Total compensation cost related to nonvested awards not yet recognized			$ 16,250
Unrecognized compensation cost, weighted average period of recognition			2 years 9 months 18 days
Dividend yield			0%	0%
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees	952,665	374,899
Unrecognized compensation cost, weighted average period of recognition			1 year 1 month 6 days
Unrecognized compensation cost			$ 2,196
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance						4,406,374
Number of additional shares reserved for issuance, minimum						4,406,374
Percentage of number of shares of common stock outstanding increase						5%
Number of additional shares reserved for issuance, maximum					2,572,174
Shares issued			4,954,570
2020 Plan | Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis	1 year 6 months	2 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			1,571,266			400,752
Percentage of number of shares of common stock outstanding increase						1%
Number of additional shares reserved for issuance, maximum						801,504
Shares issued			202,345
Shares outstanding			202,345

Stock Plan - Schedule of Stock

Stock Plan - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares Available For Grant
Shares Available for Grant, Balance	4,474,411
Shares Available for Grant, Shares reserved for issuance	2,572,174
Shares Available for Grant, Options granted	(2,776,030)
Shares Available for Grant, Options forfeited / cancelled	684,015
Shares Available for Grant, Balance	4,954,570	4,474,411
Number of Options
Options Outstanding, Number of Options	6,973,464
Options granted, Number of Options	2,776,030
Options forfeited / cancelled, Number of Options	(684,015)
Options Outstanding, Number of Options	9,065,479	6,973,464
Vested and expected to vest, Number of Options	9,065,479
Exercisable, Number of Options	4,506,573
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 9.44
Options granted, Weighted Average Exercise Price	1.79
Options forfeited / cancelled, Weighted Average Exercise Price	9.41
Options Outstanding, Weighted Average Exercise Price	7.10	$ 9.44
Vested and expected to vest, Weighted Average Exercise Price	7.1
Exercisable, Weighted Average Exercise Price	$ 8.87
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 10 months 28 days	7 years 3 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	6 years 10 months 28 days
Exercisable, Weighted-Average Remaining Contractual Life	4 years 6 months 14 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 273	$ 990
Vested and expected to vest, Aggregate Intrinsic Value	273
Exercisable, Aggregate Intrinsic Value	$ 259

Stock Plan - Schedule of Estima

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		3.58%
Risk-free interest rate, minimum	3.82%
Risk-free interest rate, maximum	4.26%
Expected life (in years)		6 years 3 months
Dividend yield	0%	0%
Expected volatility	86.76%	79.90%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 3 months

Stock Plan - Summary of Weighte

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair value of Stock Purchase Rights Under ESPP (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		3.58%
Expected life (in years)		6 years 3 months
Dividend yield	0%	0%
Expected volatility	86.76%	79.90%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.43%	4.65%
Expected life (in years)	5 months 26 days	5 months 26 days
Dividend yield	0%	0%
Expected volatility	76.22%	76.33%

Stock Plan - Schedule of RSU Ac

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Beginning balance | shares	236,296
Number of Stock Units, Granted | shares	952,665
Number of Stock Units, Forfeited | shares	(52,550)
Number of Stock Units, Ending balance | shares	1,136,411
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Granted | $ / shares	1.8
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	3.5
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares	$ 4.18

Stock Plan - Stock-based Compen

Stock Plan - Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,610	$ 2,932
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	975	1,263
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,635	$ 1,669

Stock Plan - Schedule of Stock-

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,610	$ 2,932
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,214	2,281
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	342	597
Employee stock purchase plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 54	$ 54

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	10,213,295	5,732,884
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	9,065,479	5,310,011
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,136,411	374,899
Expected shares to be purchased under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	11,405	47,974

Related Parties - Additional In

Related Parties - Additional Information (Details) - Board of Directors	3 Months Ended
	Mar. 31, 2024 USD ($) Member	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of consulting agreement members | Member	3
Consulting fees	$ 37,000	$ 8,000
Amount owed to related party	$ 0

Restructuring - Additional Info

Restructuring - Additional Information (Details) - Employee Severance and Benefit Costs - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Jan. 18, 2024	Mar. 31, 2024	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	30%
Restructuring charges			$ 675
Restructuring expenditure recognized		$ 675

Restructuring - Summary of Acti

Restructuring - Summary of Activity Associated with Accrued Employee Severance and Benefits Costs (Details) - Employee severance and benefit costs $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 0
Expenses, net	675
Cash	(392)
Ending Balance	$ 283

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 09, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Applied for and received preliminary confirmation for the sale of unused NOLs and R&D tax credits, amount		$ 16,176
Subsequent Event
Subsequent Event [Line Items]
Expected cash received from sale of unsued NOL carryforwards and R&D tax credits	$ 16,176