Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SLDB | |
Entity Registrant Name | Solid Biosciences Inc. | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001707502 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 38,595,237 | |
Entity File Number | 001-38360 | |
Entity Tax Identification Number | 90-0943402 | |
Entity Address, Address Line One | 500 Rutherford Avenue | |
Entity Address, City or Town | Third FloorCharlestown | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02129 | |
City Area Code | 617 | |
Local Phone Number | 337-4680 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 95,854 | $ 74,015 |
Available-for-sale securities | 94,412 | 49,625 |
Prepaid expenses and other current assets | 7,344 | 6,094 |
Total current assets | 197,610 | 129,734 |
Non-current assets: | ||
Operating lease, right-of-use assets | 25,508 | 26,539 |
Property and equipment, net | 5,438 | 6,624 |
Other non-current assets | 515 | 209 |
Restricted cash | 1,910 | 1,833 |
Total non-current assets | 33,371 | 35,205 |
Total assets | 230,981 | 164,939 |
Current liabilities: | ||
Accounts payable | 2,521 | 2,032 |
Accrued expenses and other current liabilities | 9,918 | 10,161 |
Operating lease liabilities | 1,724 | 1,855 |
Finance lease liabilities | 525 | 469 |
Total current liabilities | 14,688 | 14,517 |
Non-current liabilities: | ||
Operating lease liabilities, excluding current portion | 22,095 | 22,707 |
Finance lease liabilities, excluding current portion | 953 | 1,234 |
Total non-current liabilities | 23,048 | 23,941 |
Total liabilities | 37,736 | 38,458 |
Commitments and contingencies (Note 10) | ||
Preferred stock, $0.001 par value - 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2024 and December 31, 2023 | ||
Common stock, $0.001 par value - 120,000,000 and 60,000,000 shares authorized; at June 30, 2024 and December 31, 2023, respectively; 38,551,059 and 20,386,606 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 39 | 20 |
Additional paid-in capital | 901,349 | 785,199 |
Accumulated other comprehensive (loss) income | (15) | 15 |
Accumulated deficit | (708,128) | (658,753) |
Total stockholders’ equity | 193,245 | 126,481 |
Total liabilities and stockholders’ equity | $ 230,981 | $ 164,939 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 60,000,000 |
Common stock, shares issued | 38,551,059 | 20,386,606 |
Common stock, shares outstanding | 38,551,059 | 20,386,606 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses: | ||||
Research and development | $ 19,461 | $ 19,777 | $ 38,334 | $ 44,408 |
General and administrative | 8,327 | 7,129 | 16,316 | 14,528 |
Restructuring charges | (63) | (63) | ||
Total operating expenses | 27,788 | 26,843 | 54,650 | 58,873 |
Loss from operations | (27,788) | (26,843) | (54,650) | (58,873) |
Other income, net: | ||||
Interest income | 2,565 | 2,060 | 5,216 | 3,860 |
Interest expense | (88) | (111) | (183) | (233) |
Other income, net | 239 | 265 | 242 | 547 |
Total other income, net | 2,716 | 2,214 | 5,275 | 4,174 |
Net loss | $ (25,072) | $ (24,629) | $ (49,375) | $ (54,699) |
Net loss per share, basic | $ (0.61) | $ (1.25) | $ (1.25) | $ (2.79) |
Net loss per share, diluted | $ (0.61) | $ (1.25) | $ (1.25) | $ (2.79) |
Weighted average shares of common stock outstanding, basic | 40,934,361 | 19,663,672 | 39,544,867 | 19,618,517 |
Weighted average shares of common stock outstanding, diluted | 40,934,361 | 19,663,672 | 39,544,867 | 19,618,517 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (25,072) | $ (24,629) | $ (49,375) | $ (54,699) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on available-for-sale securities | (11) | 9 | (30) | 82 |
Comprehensive loss | $ (25,083) | $ (24,620) | $ (49,405) | $ (54,617) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Private Placement [Member] | Common Stock [Member] | Common Stock [Member] Private Placement [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member] Private Placement [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2022 | $ 211,666 | $ 20 | $ 774,452 | $ (68) | $ (562,738) | |||
Beginning balance, units at Dec. 31, 2022 | 19,556,732 | |||||||
Equity-based compensation | 2,118 | 2,118 | ||||||
Vesting of restricted stock, units | 16,400 | |||||||
Unrealized gain (loss) on available-for-sale securities | 73 | 73 | ||||||
Net loss | (30,070) | (30,070) | ||||||
Ending balance at Mar. 31, 2023 | 183,787 | $ 20 | 776,570 | 5 | (592,808) | |||
Ending balance, units at Mar. 31, 2023 | 19,573,132 | |||||||
Beginning balance at Dec. 31, 2022 | 211,666 | $ 20 | 774,452 | (68) | (562,738) | |||
Beginning balance, units at Dec. 31, 2022 | 19,556,732 | |||||||
Unrealized gain (loss) on available-for-sale securities | 82 | |||||||
Net loss | (54,699) | |||||||
Ending balance at Jun. 30, 2023 | 163,728 | $ 20 | 781,131 | 14 | (617,437) | |||
Ending balance, units at Jun. 30, 2023 | 20,044,389 | |||||||
Beginning balance at Mar. 31, 2023 | 183,787 | $ 20 | 776,570 | 5 | (592,808) | |||
Beginning balance, units at Mar. 31, 2023 | 19,573,132 | |||||||
Equity-based compensation | 1,944 | 1,944 | ||||||
Issuance of common stock, net of issuance costs | 2,539 | 2,539 | ||||||
Issuance of common stock, net of issuance costs, units | 420,000 | |||||||
Vesting of restricted stock, units | 36,321 | |||||||
Issuance of common stock under employee stock purchase plan | 78 | 78 | ||||||
Issuance of common stock under employee stock purchase plan, units | 14,936 | |||||||
Unrealized gain (loss) on available-for-sale securities | 9 | 9 | ||||||
Net loss | (24,629) | (24,629) | ||||||
Ending balance at Jun. 30, 2023 | 163,728 | $ 20 | 781,131 | 14 | (617,437) | |||
Ending balance, units at Jun. 30, 2023 | 20,044,389 | |||||||
Beginning balance at Dec. 31, 2023 | 126,481 | $ 20 | 785,199 | 15 | (658,753) | |||
Beginning balance, units at Dec. 31, 2023 | 20,386,606 | |||||||
Equity-based compensation | 1,611 | 1,611 | ||||||
Issuance of common stock, net of issuance costs | 3,056 | $ 89,454 | $ 1 | $ 17 | 3,055 | $ 89,437 | ||
Issuance of common stock, net of issuance costs, units | 350,664 | 16,973,103 | ||||||
Issuance of pre-funded warrants in private placement | 14,293 | 14,293 | ||||||
Vesting of restricted stock, units | 98,677 | |||||||
Exercises of common stock options | 151 | 151 | ||||||
Exercises of common stock options, units | 24,639 | |||||||
Unrealized gain (loss) on available-for-sale securities | (19) | (19) | ||||||
Net loss | (24,303) | (24,303) | ||||||
Ending balance at Mar. 31, 2024 | 210,724 | $ 38 | 893,746 | (4) | (683,056) | |||
Ending balance, units at Mar. 31, 2024 | 37,833,689 | |||||||
Beginning balance at Dec. 31, 2023 | $ 126,481 | $ 20 | 785,199 | 15 | (658,753) | |||
Beginning balance, units at Dec. 31, 2023 | 20,386,606 | |||||||
Exercises of common stock options, units | 26,342 | |||||||
Unrealized gain (loss) on available-for-sale securities | $ (30) | |||||||
Net loss | (49,375) | |||||||
Ending balance at Jun. 30, 2024 | 193,245 | $ 39 | 901,349 | (15) | (708,128) | |||
Ending balance, units at Jun. 30, 2024 | 38,551,059 | |||||||
Beginning balance at Mar. 31, 2024 | 210,724 | $ 38 | 893,746 | (4) | (683,056) | |||
Beginning balance, units at Mar. 31, 2024 | 37,833,689 | |||||||
Equity-based compensation | 2,092 | 2,092 | ||||||
Issuance of common stock, net of issuance costs | 5,357 | $ 1 | 5,356 | |||||
Issuance of common stock, net of issuance costs, units | 526,953 | |||||||
Vesting of restricted stock, units | 131,859 | |||||||
Exercises of common stock options | 10 | 10 | ||||||
Exercises of common stock options, units | 1,703 | |||||||
Issuance of common stock under employee stock purchase plan | 145 | 145 | ||||||
Issuance of common stock under employee stock purchase plan, units | 56,855 | |||||||
Unrealized gain (loss) on available-for-sale securities | (11) | (11) | ||||||
Net loss | (25,072) | (25,072) | ||||||
Ending balance at Jun. 30, 2024 | $ 193,245 | $ 39 | $ 901,349 | $ (15) | $ (708,128) | |||
Ending balance, units at Jun. 30, 2024 | 38,551,059 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance costs | $ 4,407 | ||
Pre-funded warrants issuance costs | 704 | ||
Sales commissions | $ 138 | $ 78 | $ 65 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (49,375) | $ (54,699) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of discount on available-for-sale securities | (1,581) | (273) |
Equity-based compensation expense | 3,703 | 4,062 |
Depreciation, impairment, and amortization expense | 1,562 | 1,780 |
Non-cash lease expense | 1,241 | 1,247 |
Other | (94) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (1,556) | (563) |
Accounts payable | 472 | 31 |
Operating lease liabilities | (864) | (817) |
Accrued expenses and other liabilities | (167) | (6,228) |
Net cash used in operating activities | (46,659) | (55,460) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (435) | (1,042) |
Proceeds from maturities of available-for-sale securities | 60,300 | 58,632 |
Purchases of available-for-sale securities | (103,536) | (68,562) |
Other | 5 | 0 |
Net cash used in investing activities | (43,666) | (10,972) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock and pre-funded warrants in private placement | 108,858 | 0 |
Payments of common stock and pre-funded warrants issuance costs in private placement | (5,111) | 0 |
Proceeds from issuance of common stock in public offering, net of sales commissions | 8,414 | 2,539 |
Proceeds from exercises of common stock options | 160 | 0 |
Employee stock purchase plan purchases | 145 | 78 |
Payments of principal portion of finance lease obligations | (225) | 0 |
Net cash provided by financing activities | 112,241 | 2,617 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 21,916 | (63,815) |
Cash, cash equivalents, and restricted cash at beginning of period | 75,848 | 157,217 |
Cash, cash equivalents, and restricted cash at end of period | 97,764 | 93,402 |
Supplemental disclosure of cash flow information: | ||
Cash paid for Interest | (183) | 0 |
Supplemental disclosure of non-cash investing and operating activities: | ||
Right-of-use assets acquired through operating leases | 407 | 139 |
Decrease in right-of-use assets due to lease termination | (197) | (252) |
Decrease in property plant and equipment due to asset exchange | 0 | (950) |
Property and equipment purchases included in accounts payable and accrued expenses | $ 20 | $ 141 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 95,854 | $ 74,015 | $ 91,569 | |
Restricted cash, non-current | 1,910 | 1,833 | 1,833 | |
Total cash and cash equivalents, and restricted cash, as reported in the condensed consolidated statements of cash flows | $ 97,764 | $ 75,848 | $ 93,402 | $ 157,217 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Nature of business Solid Biosciences Inc. was organized in March 2013 under the name SOLID Ventures Management, LLC and operated as a Delaware limited liability company until immediately prior to the effectiveness of its registration statement on Form S-1 on January 25, 2018, at which time it completed a statutory corporate conversion into a Delaware corporation and changed its name to Solid Biosciences Inc. (the “Company”). On December 2, 2022, the Company completed its acquisition of AavantiBio, Inc. (“AavantiBio”), a privately held gene therapy company focused on transforming the lives of patients with Friedreich’s ataxia (“FA”) and rare cardiomyopathies (the “Acquisition”). Upon the consummation of the Acquisition, the Company acquired AavantiBio’s gene therapy programs, AVB‑202‑TT for FA and AVB‑401 for BAG3 mediated dilated cardiomyopathy, as well as additional assets for the treatment of other cardiac diseases, platform technologies and know-how related thereto. AavantiBio is a wholly owned subsidiary of the Company. The Company is a life sciences company focused on advancing a portfolio of current and future gene therapy candidates (collectively, “Candidates”), including SGT-003 for the treatment of Duchenne muscular dystrophy (“Duchenne”), SGT-501 for the treatment of catecholaminergic polymorphic ventricular tachycardia, and additional assets for the treatment of cardiac and other diseases, at different stages of development with varying levels of investment. The Company is advancing its diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management and care. Patient-focused and founded by those directly impacted by Duchenne, the Company’s mission is to improve the daily lives of patients living with these devastating diseases. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on licenses, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies and clinical trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting capabilities. The Company’s Candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from, among others, other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, partners, and consultants. Liquidity The accompanying condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Through June 30, 2024, the Company has funded its operations primarily with the proceeds from the sale of redeemable preferred units and member units as well as the sale of common stock and pre-funded warrants to purchase shares of its common stock in private placements and the sale of common stock in its initial public offering, follow-on public offering in March 2021 and under its at-the-market sales agreement. On January 11, 2024, the Company issued and sold in a private placement 16,973,103 shares of the Company’s common stock at a price per share of $ 5.53 and, to one investor in lieu of shares of common stock, pre-funded warrants to purchase 2,712,478 shares of common stock at a price of $ 5.529 per pre-funded warrant (the “January 2024 Private Placement”). The Company received $ 103.7 million of net proceeds from the January 2024 Private Placement after deducting offering costs. No warrants were exercised during the six months ended June 30, 2024. During the three and six months ended June 30, 2024 , the Company issued and sold 526,953 and 877,617 shares of its common stock, respectively, pursuant to the Company's “at-the-market-offering” sales agreement (the “ATM Sales Agreement”), between the Company and Jefferies LLC. During the three and six months ended June 30, 2024 , the Company received net proceeds of $ 5.4 million and $ 8.4 million, respectively, from sales pursuant to the ATM Sales Agreement. The Company has evaluated whether there are conditions and events that, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. As of June 30, 2024 , the Company had an accumulated deficit of $ 708.1 million. During the three and six months ended June 30, 2024, the Company incurred a net loss of $ 25.1 million and $ 49.4 million, respectively, and used $ 46.7 million of cash in operations for the six months ended June 30, 2024. The Company expects to continue to generate operating losses for the foreseeable future. Based upon its current operating plan, the Company expects that its cash, cash equivalents and available-for-sale securities of $ 190.3 million excluding restricted cash of $ 1.9 million, as of June 30, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these condensed consolidated financial statements. However, the Company has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it. As a result, the Company could deplete its capital resources sooner than it currently expects. The Company expects to finance its future cash needs through a combination of equity offerings, debt financings, collaborations, strategic partnerships and alliances, or licensing arrangements. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate some or all of its research and development programs, preclinical and clinical testing, or commercialization efforts, which could adversely affect its business prospects. Basis of presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) along with the rules and regulations of the Securities and Exchange Commission for interim financial information and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP to constitute a complete set of financial statements. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the Company’s financial position at June 30, 2024 and its results of operations, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2024 and 2023. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024, for any other interim period, or for any other future year. Reclassifications Certain amounts reported within cash flows from operating activities in the condensed consolidated statement of cash flows for the prior period have been reclassified to conform to current period presentation. These reclassifications are not material and had no effect on the previously reported net cash used in operations. Significant judgments and estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, estimates related to the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from the Company’s estimates. Summary of significant accounting policies Except as otherwise noted below, there have been no changes to the significant accounting policies disclosed in the Company's most recent Annual Report on Form 10-K. Equity-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, and non-employees based on the fair value on the date of the grant and recognizes compensation expense of those awards, over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are accounted for as they occur. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions and options granted to non-employees, the expected term of the Company's stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The fair values of restricted stock units and performance-based restricted stock units are measured at the grant date based on the closing price of the Company’s common stock on the date of grant. For restricted stock units, the fair value of the award is recognized on a straight-line basis over the requisite service periods. For performance-based restricted stock unit awards, which are subject to the achievement of performance milestones, the fair value is recognized as expense over the requisite service periods when the achievement of such performance milestones determined to be probable. If a performance milestone is not determined to be probable or is not met, no equity-based compensation expense is recognized, and any previously recognized expense is reversed. Forfeitures are recognized as a reduction of equity-based compensation expense as they occur. The Company classifies stock-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company does not currently hold any treasury shares. Upon the exercise of stock options and the vesting of restricted stock units and performance stock units, the Company issues new shares of common stock and delivers them to the participant. Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. The new segment disclosure requirements apply for entities with a single reportable segment. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU amendment will require adoption on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023‑07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024 and is applicable to the Company’s fiscal year beginning January 1, 2025, with early application permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
License and Research Agreements
License and Research Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License and Research Agreements | 2. License and Research Agreements On June 29, 2023, the Company entered into a license agreement (the “Agreement”) with ICS Maugeri S.p.A. SB (“Maugeri”) to focus on the development and commercialization of cardiac-related products by the Company based on Maugeri's inventions. Pursuant to the Agreement, Maugeri granted the Company an exclusive worldwide sublicensable license for certain Maugeri patent rights, including existing patent rights, and those in any improvements or know-how made in performance of the Agreement, and a non-exclusive worldwide sublicensable license in certain Maugeri know-how, including existing know-how, and on any improvement thereto, in each case, subject to certain conditions, that is necessary or reasonably useful to develop the licensed products under the terms of the Agreement. The Company will conduct certain activities agreed to by the parties with respect to the research and development of licensed products. A condition precedent to the effectiveness of the Agreement was regulatory review in Italy, which was completed in the third quarter of 2023 and, upon the completion of the condition precedent, the Agreement became effective. The Company paid to Maugeri an upfront license fee of € 1.5 million which was recorded as research and development expense during the second quarter of 2023. Additionally, the Company agreed to cumulative developmental, regulatory, and commercial milestone payments of up to € 15.0 million, cumulative sales milestone payments of up to € 15.0 million, upon achievement of specified milestone events, and tiered royalties on worldwide net sales in the low-to-mid-single-digits. The Agreement continues until the latest expiry of (i) the last valid claim (as defined in the Agreement), (ii) regulatory exclusivity, and (iii) all payment obligations. Either party may terminate the Agreement for the other party’s uncured material breach. The Company may also terminate the Agreement in its sole discretion upon 60 days ’ prior written notice to Maugeri and payment of a fee. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is an exit price, representing the amount that would be received from the sale of 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. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. As a basis for considering such assumptions, the accounting literature establishes a three-tier value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 61,120 $ — $ 61,120 Certificates of deposit — 263 — 263 Total cash equivalents — 61,383 — 61,383 Available-for-sale securities: Treasury bills — 63,264 — 63,264 Government bonds — 31,148 — 31,148 Total available-for-sale securities — 94,412 — 94,412 $ — $ 155,795 $ — $ 155,795 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 62,141 $ — $ 62,141 Certificates of deposit — 257 — 257 Total cash equivalents — 62,398 — 62,398 Available-for-sale securities: Treasury bills — 49,625 — 49,625 Total available-for-sale securities — 49,625 — 49,625 $ — $ 112,023 $ — $ 112,023 As of June 30, 2024 and December 31, 2023, the fair values of the Company’s cash equivalents and available-for-sale securities were determined using Level 2 inputs. During the six months ended June 30, 2024 and the year ended December 31, 2023 , there were no transfers between Level 1, Level 2 and Level 3. At June 30, 2024 and December 31, 2023 , the Company’s accounts payable, accrued expenses, and other current liabilities approximated their estimated fair values due to the short term nature of these financial instruments. |
Available-for-Sale Securities
Available-for-Sale Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Securities A summary of the Company's available-for-sale securities is presented below: June 30, 2024 Description Amortized Gross Gross Fair Treasury bills maturing in one year or less $ 63,271 $ — $ ( 7 ) $ 63,264 Government bonds maturing in one year or less 31,156 — ( 8 ) $ 31,148 Total available-for-sale securities $ 94,427 $ — $ ( 15 ) $ 94,412 December 31, 2023 Description Amortized Gross Gross Fair Treasury bills maturing in one year or less $ 49,610 $ 15 $ — $ 49,625 Total available-for sale securities $ 49,610 $ 15 $ — $ 49,625 The weighted average contractual maturity of the Company’s available-for-sale securities was approximately 0.4 years as of June 30, 2024 and December 31, 2023. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, December 31, Prepaid research and development expenses $ 5,221 $ 3,980 Prepaid other and other current assets 2,123 2,114 Total $ 7,344 $ 6,094 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 30, December 31, Accrued research and development expense $ 4,529 $ 2,614 Accrued compensation 3,271 5,948 Accrued other and other current liabilities 2,118 1,599 Total $ 9,918 $ 10,161 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 7. Equity-Based Compensation Equity-based compensation expense The Company has classified equity-based compensation in its condensed consolidated statements of operations as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 832 $ 710 $ 1,380 $ 1,608 General and administrative 1,260 1,234 2,323 2,454 Total $ 2,092 $ 1,944 $ 3,703 $ 4,062 Equity incentive plans As of June 30, 2024, the Company’s approved equity incentive plans include: the 2018 Omnibus Incentive Plan (the “2018 Plan”); Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”); the 2021 Employee Stock Purchase Plan; and the 2024 Inducement Stock Incentive Plan (the "2024 Inducement Plan"). These plans are administered by the Board of Directors and permit the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other stock-based or cash-based awards. Upon the adoption of the 2020 Plan, the Company no longer grants new equity awards under its 2018 Plan. Amended and Restated 2020 Equity Incentive Plan On June 11, 2024, the Company's stockholders approved an amendment to the 2020 Plan to increase the number of shares of common stock reserved for issuance under the plan by 2,000,000 shares. As of June 30, 2024, there were 2,098,909 stock options outstanding, 1,026,316 restricted stock units outstanding, 2,165,325 performance stock units outstanding, and 152,629 shares remained available for future issuance under the 2020 Plan. 2024 Inducement Stock Incentive Plan In March 2024, the Board of Directors approved the 2024 Inducement Plan, which provides for the reservation of 1,000,000 shares of common stock for equity granted as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of June 30, 2024,there were no stock options outstanding, 86,547 restricted stock units outstanding, and 913,453 shares remained available for future issuance under the 2024 Inducement Plan. Stock options The table below summarizes the activity with respect to stock options granted under the Company’s equity incentive plans for the six months ended June 30, 2024: Number of Weighted Remaining Contractual Life (in years) Outstanding at January 1, 2024 2,259,672 $ 21.93 Granted 1,119,522 $ 7.74 Exercised ( 26,342 ) $ 6.07 Expired ( 41,659 ) $ 24.77 Forfeitures ( 421,148 ) $ 8.98 Outstanding at June 30, 2024 2,890,045 $ 18.43 8.32 Vested and expected to vest as of June 30, 2024 2,890,045 $ 18.43 8.32 Exercisable at June 30, 2024 998,150 $ 39.18 6.75 The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock price $ 7.51 $ 4.70 -$ 6.37 $ 5.76 -$ 7.85 $ 4.70 -$ 7.33 Expected volatility 122.9 % 122.0 % - 128.7 % 122.9 % - 128.7 % 121.8 % - 129.6 % Expected dividends 0.0 % 0.0 % 0.0 % 0.0 % Expected term (in years) 5.50 5.50 - 6.25 5.31 - 6.25 5.31 - 6.25 Risk-free rate 4.4 % 3.5 % - 3.9 % 3.8 % - 4.4 % 3.5 % - 4.2 % The weighted average grant date fair values of stock options granted during the three months ended June 30, 2024 and 2023 were $ 6.52 and $ 5.06 , and the weighted average grant date fair values of stock options granted during the six months ended June 30, 2024 and 2023 were $ 6.91 and $ 5.08 , resp ectively. The Company recognize d $ 1.1 million and $ 1.4 million of equity-based compensation expense in connection with stock options during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized equity-based compensation expense in connection with stock opt ions of $ 2.0 million an d $ 3.1 million, respectively. As of June 30, 2024, there was $ 11.3 million of total unrecognized equity-based compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted average period of 2.73 years. Restricted stock units The following table summarizes activity with respect to RSUs during the six months ended June 30, 2024: Units Weighted- Nonvested restricted stock units - January 1, 2024 877,181 $ 6.37 Granted 983,434 $ 7.98 Vested ( 230,536 ) $ 6.73 Forfeitures ( 233,016 ) $ 6.86 Nonvested restricted stock units - June 30, 2024 1,397,063 $ 7.36 The Company recognized $ 0.8 million and $ 0.5 million of equity-based compensation expense in connection with RSUs during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized equity-based compensation expense in connection with RSUs of $ 1.4 million and $ 0.9 million, respectively. As of June 30, 2024, there was $ 9.1 million of total unrecognized equity-based compensation cost related to nonvested RSUs. This cost is expected to be recognized over a weighted average period of 3.25 years. Performance stock units In June 2024, the Board of Directors (the “Board”) approved a grant of performance-based restricted stock unit awards (“PSUs" or “Performance Awards”) to the Company’s executive team. Each PSU represents the contingent right to receive one share of the Company’s common stock. These Performance Awards provide for the vesting of 25 % of the target number of underlying RSUs granted upon the achievement of each of four independent performance milestones predetermined by the Board (“Performance Milestones”), subject to the grantee’s continued service with the Company (the “Approval Conditions”). The Performance Milestones are tied to the achievement of certain business objectives and are non-market and non-financial in nature. The Board will determine that all Approval Conditions have been satisfied and the number of units that will ultimately vest on the 2026 Evaluation Date, which will occur in the first quarter of 2026, and the 2027 Evaluation Date, which will occur during in the first quarter of 2027. A maximum of 25 % of the target number of RSUs may vest at the 2026 Evaluation Date and the percentage of the target number of RSUs allocable to any Performance Milestone that has not been achieved on or prior to the 2027 Evaluation Date shall be cancelled. The Company granted 2,165,325 PSUs during the three and six month periods ended June 30, 2024 with a weighted average grant date fair value of $ 7.51 per unit. During the three and six months ended June 30, 2024, the Company recognized $ 0.1 million in expense for these grants. As of June 30, 2024, there was $ 16.2 million of unrecognized equity-based compensation cost related to nonvested PSUs based on the achievement of all Performance Milestones. The Company expects to recognize this cost over a weighted average period of 2.4 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes During the three and six months ended June 30, 2024 and 2023 , the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits and orphan drug credits generated in each year due to its uncertainty of realizing a benefit from those items. The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at June 30, 2024 and December 31, 2023, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized. As of June 30, 2024 and December 31, 2023 , the Company had no t recorded any amounts for unrecognized tax benefits. The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s C-Corporation tax years beginning with the year ended December 31, 2019 are open under statute. Any tax credit or net operating loss carryforward can be adjusted in future periods after the respective year of generation’s statute of limitation has closed. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 9. Leases On December 22, 2022, the Company entered into a sub-lease agreement (the "Sub-Lease") with Arkea Bio Corp ("Arkea"). The Sub-Lease permits use by Arkea of a portion of the space leased by the Company at 500 Rutherford Avenue in Charlestown, Massachusetts. The Company subleased approximately 12,461 square feet of the 49,869 square foot building interior space. The Sub-Lease term originally ended on February 28, 2025. The Sub-Lease was subsequently amended by the Sub-Lease Amendment, by and between Arkea and the Company, dated May 10, 2024, to increase the subleased area to approximately 13,714 square feet and extend the term to February 29, 2028. During the three and six months ended June 30, 2024, the Company recorded sublease income of $ 0.3 million and $ 0.5 million, respectively, within other income, net. During the three and six months ended June 30, 2023, the Company recorded sublease income of $ 0.3 million and $ 0.5 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Letter of credit The Company had an outstanding letter of credit in the amount of $ 1.9 million and $ 1.8 million at June 30, 2024 and December 31, 2023, respectively, which was required as a condition of the Company’s office and laboratory lease. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its executive officers and members of its Board of Directors that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as executive officers or directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnification arrangements. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2024 and December 31, 2023. Legal proceedings The Company may periodically become subject to legal proceedings and claims arising in connection with ongoing business activities, including claims or disputes related to patents that have been issued or that are pending in the field of research on which the Company is focused. The Company is not aware of any material legal proceedings or claims as of June 30, 2024 . |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share The following table sets forth the computation of the Company's basic and diluted net loss per share: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss $ ( 25,072 ) $ ( 24,629 ) $ ( 49,375 ) $ ( 54,699 ) Denominator: Shares used to compute net loss per share, basic and Weighted average shares of common stock 38,221,883 19,663,672 36,981,426 19,618,517 Weighted average shares of pre-funded warrants to 2,712,478 — 2,563,441 — Weighted average shares of common stock 40,934,361 19,663,672 39,544,867 19,618,517 Net loss per share, basic and diluted $ ( 0.61 ) $ ( 1.25 ) $ ( 1.25 ) $ ( 2.79 ) Included within weighted average shares of common stock outstanding for the three and six months ended June 30, 2024 are 2,712,478 shares of common stock issuable upon the exercise of the pre-funded warrants as the pre-funded warrants are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share. There were no pre-funded warrants issued and outstanding during the three and six months ended June 30, 2023. The outstanding securities presented below were excluded from the calculation of net loss per share because the inclusion of such securities would have been anti-dilutive due to the Company’s net loss per share during the periods presented. Three and Six Months Ended 2024 2023 Options to purchase common stock 2,890,045 2,229,684 Nonvested restricted stock units 1,397,063 963,724 Nonvested performance stock units 2,165,325 — Shares subject to employee stock purchase plan 250,188 — Warrants 9,230 — Total 6,711,851 3,193,408 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Equity-based compensation | Equity-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, and non-employees based on the fair value on the date of the grant and recognizes compensation expense of those awards, over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are accounted for as they occur. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions and options granted to non-employees, the expected term of the Company's stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The fair values of restricted stock units and performance-based restricted stock units are measured at the grant date based on the closing price of the Company’s common stock on the date of grant. For restricted stock units, the fair value of the award is recognized on a straight-line basis over the requisite service periods. For performance-based restricted stock unit awards, which are subject to the achievement of performance milestones, the fair value is recognized as expense over the requisite service periods when the achievement of such performance milestones determined to be probable. If a performance milestone is not determined to be probable or is not met, no equity-based compensation expense is recognized, and any previously recognized expense is reversed. Forfeitures are recognized as a reduction of equity-based compensation expense as they occur. The Company classifies stock-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company does not currently hold any treasury shares. Upon the exercise of stock options and the vesting of restricted stock units and performance stock units, the Company issues new shares of common stock and delivers them to the participant. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. The new segment disclosure requirements apply for entities with a single reportable segment. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU amendment will require adoption on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023‑07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024 and is applicable to the Company’s fiscal year beginning January 1, 2025, with early application permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 61,120 $ — $ 61,120 Certificates of deposit — 263 — 263 Total cash equivalents — 61,383 — 61,383 Available-for-sale securities: Treasury bills — 63,264 — 63,264 Government bonds — 31,148 — 31,148 Total available-for-sale securities — 94,412 — 94,412 $ — $ 155,795 $ — $ 155,795 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ — $ 62,141 $ — $ 62,141 Certificates of deposit — 257 — 257 Total cash equivalents — 62,398 — 62,398 Available-for-sale securities: Treasury bills — 49,625 — 49,625 Total available-for-sale securities — 49,625 — 49,625 $ — $ 112,023 $ — $ 112,023 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | A summary of the Company's available-for-sale securities is presented below: June 30, 2024 Description Amortized Gross Gross Fair Treasury bills maturing in one year or less $ 63,271 $ — $ ( 7 ) $ 63,264 Government bonds maturing in one year or less 31,156 — ( 8 ) $ 31,148 Total available-for-sale securities $ 94,427 $ — $ ( 15 ) $ 94,412 December 31, 2023 Description Amortized Gross Gross Fair Treasury bills maturing in one year or less $ 49,610 $ 15 $ — $ 49,625 Total available-for sale securities $ 49,610 $ 15 $ — $ 49,625 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: June 30, December 31, Prepaid research and development expenses $ 5,221 $ 3,980 Prepaid other and other current assets 2,123 2,114 Total $ 7,344 $ 6,094 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: June 30, December 31, Accrued research and development expense $ 4,529 $ 2,614 Accrued compensation 3,271 5,948 Accrued other and other current liabilities 2,118 1,599 Total $ 9,918 $ 10,161 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The table below summarizes the activity with respect to stock options granted under the Company’s equity incentive plans for the six months ended June 30, 2024: Number of Weighted Remaining Contractual Life (in years) Outstanding at January 1, 2024 2,259,672 $ 21.93 Granted 1,119,522 $ 7.74 Exercised ( 26,342 ) $ 6.07 Expired ( 41,659 ) $ 24.77 Forfeitures ( 421,148 ) $ 8.98 Outstanding at June 30, 2024 2,890,045 $ 18.43 8.32 Vested and expected to vest as of June 30, 2024 2,890,045 $ 18.43 8.32 Exercisable at June 30, 2024 998,150 $ 39.18 6.75 |
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted | The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock price $ 7.51 $ 4.70 -$ 6.37 $ 5.76 -$ 7.85 $ 4.70 -$ 7.33 Expected volatility 122.9 % 122.0 % - 128.7 % 122.9 % - 128.7 % 121.8 % - 129.6 % Expected dividends 0.0 % 0.0 % 0.0 % 0.0 % Expected term (in years) 5.50 5.50 - 6.25 5.31 - 6.25 5.31 - 6.25 Risk-free rate 4.4 % 3.5 % - 3.9 % 3.8 % - 4.4 % 3.5 % - 4.2 % |
Schedule of Equity-based Compensation Expense | The Company has classified equity-based compensation in its condensed consolidated statements of operations as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 832 $ 710 $ 1,380 $ 1,608 General and administrative 1,260 1,234 2,323 2,454 Total $ 2,092 $ 1,944 $ 3,703 $ 4,062 |
Summary of Restricted Stock Unit Activity | The following table summarizes activity with respect to RSUs during the six months ended June 30, 2024: Units Weighted- Nonvested restricted stock units - January 1, 2024 877,181 $ 6.37 Granted 983,434 $ 7.98 Vested ( 230,536 ) $ 6.73 Forfeitures ( 233,016 ) $ 6.86 Nonvested restricted stock units - June 30, 2024 1,397,063 $ 7.36 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the Company's basic and diluted net loss per share: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss $ ( 25,072 ) $ ( 24,629 ) $ ( 49,375 ) $ ( 54,699 ) Denominator: Shares used to compute net loss per share, basic and Weighted average shares of common stock 38,221,883 19,663,672 36,981,426 19,618,517 Weighted average shares of pre-funded warrants to 2,712,478 — 2,563,441 — Weighted average shares of common stock 40,934,361 19,663,672 39,544,867 19,618,517 Net loss per share, basic and diluted $ ( 0.61 ) $ ( 1.25 ) $ ( 1.25 ) $ ( 2.79 ) Included within weighted average shares of common stock outstanding for the three and six months ended June 30, 2024 are 2,712,478 shares of common stock issuable upon the exercise of the pre-funded warrants as the pre-funded warrants are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share. There were no pre-funded warrants issued and outstanding during the three and six months ended June 30, 2023. |
Schedule of Antidilutive Securities Excluded from Calculation of Net Loss per Share | The outstanding securities presented below were excluded from the calculation of net loss per share because the inclusion of such securities would have been anti-dilutive due to the Company’s net loss per share during the periods presented. Three and Six Months Ended 2024 2023 Options to purchase common stock 2,890,045 2,229,684 Nonvested restricted stock units 1,397,063 963,724 Nonvested performance stock units 2,165,325 — Shares subject to employee stock purchase plan 250,188 — Warrants 9,230 — Total 6,711,851 3,193,408 |
Nature of the Business and Ba_3
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jan. 11, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Net loss | $ 25,072 | $ 24,303 | $ 24,629 | $ 30,070 | $ 49,375 | $ 54,699 | ||
Accumulated deficit | 708,128 | 708,128 | $ 658,753 | |||||
Net cash used in operating activities | 46,659 | $ 55,460 | ||||||
Cash, cash equivalents and available-for-sale securities | $ 190,300 | $ 190,300 | ||||||
Common stock, shares authorized | 120,000,000 | 120,000,000 | 60,000,000 | |||||
Restricted cash | $ 1,900 | $ 1,900 | ||||||
Warrants exercised | 0 | |||||||
At-the-Market Offering Sales Agreement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Common stock shares issued | 526,953 | 877,617 | ||||||
Proceeds from issuance of common stock | $ 5,400 | $ 8,400 | ||||||
Private Placement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Net proceeds from private placement | $ 103,700 | |||||||
Common Stock [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Common stock shares issued | 526,953 | 350,664 | 420,000 | |||||
Common Stock [Member] | Private Placement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Common stock shares issued | 16,973,103 | 16,973,103 | ||||||
Common stock issued price per share | $ 5.53 | |||||||
Pre Funded Warrants [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants outstanding | 0 | 0 | ||||||
Pre Funded Warrants [Member] | Private Placement [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants outstanding | 2,712,478 | |||||||
Common stock warrants exercise price per share | $ 5.529 |
License and Research Agreemen_2
License and Research Agreements - Additional Information (Detail) - Maugeri License Agreement [Member] | Jun. 29, 2023 EUR (€) |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Agreement termination notice period | 60 days |
Upfront license fee | € 1,500,000 |
Maximum [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Cumulative developmental, regulatory, and commercial milestone payments | 15,000,000 |
Cumulative sales milestone payments | € 15,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Total cash equivalents | $ 61,383 | $ 62,398 |
Total available-for-sale securities | 94,412 | 49,625 |
Assets Fair Value Disclosure | 155,795 | 112,023 |
Treasury Bills [Member] | ||
Assets: | ||
Total available-for-sale securities | 63,264 | 49,625 |
Government Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 31,148 | |
Money Market Funds [Member] | ||
Assets: | ||
Total cash equivalents | 61,120 | 62,141 |
Certificates of Deposit [Member] | ||
Assets: | ||
Total cash equivalents | 263 | 257 |
Level 2 [Member] | ||
Assets: | ||
Total cash equivalents | 61,383 | 62,398 |
Total available-for-sale securities | 94,412 | 49,625 |
Assets Fair Value Disclosure | 155,795 | 112,023 |
Level 2 [Member] | Treasury Bills [Member] | ||
Assets: | ||
Total available-for-sale securities | 63,264 | 49,625 |
Level 2 [Member] | Government Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 31,148 | |
Level 2 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total cash equivalents | 61,120 | 62,141 |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Total cash equivalents | $ 263 | $ 257 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Fair value, assets, transfers into level 3, amount | $ 0 | $ 0 |
Fair value, assets, transfers out of level 3, amount | 0 | 0 |
Fair value, assets, transfers into level 2, amount | 0 | 0 |
Fair value, assets, transfers out of level 2, amount | 0 | 0 |
Fair value, assets, transfers into level 1, amount | 0 | 0 |
Fair value, assets, transfers out of level 1, amount | $ 0 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Schedule of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 94,427 | $ 49,610 |
Gross Unrealized Gain | 15 | |
Gross Unrealized Loss | (15) | |
Fair Value | 94,412 | 49,625 |
Treasury Bills Maturing in One Year or Less [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 63,271 | 49,610 |
Gross Unrealized Gain | 15 | |
Gross Unrealized Loss | (7) | |
Fair Value | 63,264 | $ 49,625 |
Government Bonds Maturing in One Year or Less [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 31,156 | |
Gross Unrealized Loss | (8) | |
Fair Value | $ 31,148 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities average maturity period | 4 months 24 days | 4 months 24 days |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid research and development expenses | $ 5,221 | $ 3,980 |
Prepaid other and other current assets | 2,123 | 2,114 |
Prepaid expenses and other current assets | $ 7,344 | $ 6,094 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | $ 9,918 | $ 10,161 |
Accrued Research and Development Expense [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | 4,529 | 2,614 |
Accrued Compensation [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | 3,271 | 5,948 |
Accrued Other and Other Current Liabilities [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued expenses and other current liabilities | $ 2,118 | $ 1,599 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Equity-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 2,092 | $ 1,944 | $ 3,703 | $ 4,062 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 832 | 710 | 1,380 | 1,608 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 1,260 | $ 1,234 | $ 2,323 | $ 2,454 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 11, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options outstanding | 2,890,045 | 2,890,045 | 2,259,672 | ||||
Common stock purchased | 1,119,522 | ||||||
Weighted average grant date fair value of stock options granted | $ 6.52 | $ 5.06 | $ 6.91 | $ 5.08 | |||
Stock-based compensation expense | $ 2,092 | $ 1,944 | $ 3,703 | $ 4,062 | |||
Equity-based compensation expense | $ 3,703 | 4,062 | |||||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted | 983,434 | ||||||
Weighted average grant date fair value | $ 7.98 | ||||||
Unrecognized equity-based compensation | 9,100 | $ 9,100 | |||||
Unrecognized equity-based compensation cost, weighted average period | 3 years 3 months | ||||||
Equity-based compensation expense | $ 800 | 500 | $ 1,400 | 900 | |||
Performance Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted | 2,165,325 | 2,165,325 | |||||
Weighted average grant date fair value | $ 7.51 | $ 7.51 | |||||
Unrecognized equity-based compensation | $ 16,200 | $ 16,200 | |||||
Unrecognized equity-based compensation cost, weighted average period | 2 years 4 months 24 days | ||||||
Percentage of vesting | 25% | ||||||
Stock-based compensation expense | 100 | $ 100 | |||||
Description of vesting rights | Each PSU represents the contingent right to receive one share of the Company’s common stock. | ||||||
Unvested Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized equity-based compensation | 11,300 | $ 11,300 | |||||
Unrecognized equity-based compensation cost, weighted average period | 2 years 8 months 23 days | ||||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation expense | $ 1,100 | $ 1,400 | $ 2,000 | $ 3,100 | |||
2020 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options outstanding | 2,098,909 | 2,098,909 | |||||
Number of shares available for future issuance | 152,629 | 152,629 | |||||
2020 Equity Incentive Plan [Member] | Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock units outstanding | 1,026,316 | 1,026,316 | |||||
2020 Equity Incentive Plan [Member] | Performance Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock units outstanding | 2,165,325 | 2,165,325 | |||||
Amended and Restated 2020 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of common stock reserved for issuance | 2,000,000 | ||||||
2024 Inducement Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for common stock for equity awards | 1,000,000 | ||||||
Stock options outstanding | 0 | 0 | |||||
Stock units outstanding | 86,547 | 86,547 | |||||
Number of shares available for future issuance | 913,453 | 913,453 |
Equity Based Compensation - Sum
Equity Based Compensation - Summary Of Stock Option Activity (Detail) - $ / shares | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at January 1, 2024 | 2,259,672 |
Granted | 1,119,522 |
Exercised | (26,342) |
Expired | (41,659) |
Forfeitures | (421,148) |
Outstanding at June 30, 2024 | 2,890,045 |
Vested and expected to vest as of June 30, 2024 | 2,890,045 |
Exercisable at June 30, 2024 | 998,150 |
Weighted Average Exercise Price | |
Outstanding at January 1, 2024 | $ 21.93 |
Granted | 7.74 |
Exercised | 6.07 |
Expired | 24.77 |
Forfeitures | 8.98 |
Outstanding at June 30, 2024 | 18.43 |
Vested and expected to vest as of December 31, 2023 | 18.43 |
Exercisable at December 31, 2023 | $ 39.18 |
Remaining Contractual Life (in years) | |
Outstanding | 8 years 3 months 25 days |
Vested and expected to vest as of June 30, 2024 | 8 years 3 months 25 days |
Exercisable at June 30, 2024 | 6 years 9 months |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock price | $ 7.51 | |||
Expected volatility | 122.90% | |||
Expected volatility, Minimum | 122% | 122.90% | 121.80% | |
Expected volatility, Maximum | 128.70% | 128.70% | 129.60% | |
Expected dividends | 0% | 0% | 0% | 0% |
Expected term (in years) | 5 years 6 months | |||
Risk-free rate | 4.40% | |||
Risk-free rate, Minimum | 3.50% | 3.80% | 3.50% | |
Risk-free rate, Maximum | 3.90% | 4.40% | 4.20% | |
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock price | $ 4.7 | $ 5.76 | $ 4.7 | |
Expected term (in years) | 5 years 6 months | 5 years 3 months 21 days | 5 years 3 months 21 days | |
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock price | $ 6.37 | $ 7.85 | $ 7.33 | |
Expected term (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested restricted stock units - January 1, 2024 | shares | 877,181 |
Granted | shares | 983,434 |
Vested | shares | (230,536) |
Forfeitures | shares | (233,016) |
Nonvested restricted stock units - June 30, 2024 | shares | 1,397,063 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested restricted stock units - January 1, 2024 | $ / shares | $ 6.37 |
Granted | $ / shares | 7.98 |
Vested | $ / shares | 6.73 |
Forfeitures | $ / shares | 6.86 |
Nonvested restricted stock units - June 30, 2024 | $ / shares | $ 7.36 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | May 10, 2024 ft² | Dec. 22, 2022 ft² | |
Commitment And Contingencies [Line Items] | ||||||
Sublease income | $ | $ 0.3 | $ 0.3 | $ 0.5 | $ 0.5 | ||
Arkea Bio Corp [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Area of subleased agreement | 13,714 | 12,461 | ||||
Subleased description | The Sub-Lease term originally ended on February 28, 2025. The Sub-Lease was subsequently amended by the Sub-Lease Amendment, by and between Arkea and the Company, dated May 10, 2024, to increase the subleased area to approximately 13,714 square feet and extend the term to February 29, 2028. | |||||
Arkea Bio Corp [Member] | Building Interior [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Area of subleased agreement | 49,869 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Office and Laboratory Lease [Member] | ||
Commitment And Contingencies [Line Items] | ||
Letter of credit outstanding amount | $ 1.9 | $ 1.8 |
Net Loss per Share - Schedule C
Net Loss per Share - Schedule Computation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share Basic [Line Items] | ||||||
Net loss | $ (25,072) | $ (24,303) | $ (24,629) | $ (30,070) | $ (49,375) | $ (54,699) |
Weighted average shares of common stock outstanding, basic | 40,934,361 | 19,663,672 | 39,544,867 | 19,618,517 | ||
Weighted average shares of common stock outstanding, diluted | 40,934,361 | 19,663,672 | 39,544,867 | 19,618,517 | ||
Net loss per share, basic | $ (0.61) | $ (1.25) | $ (1.25) | $ (2.79) | ||
Net loss per share, diluted | $ (0.61) | $ (1.25) | $ (1.25) | $ (2.79) | ||
Common Stock [Member] | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Weighted average shares of common stock outstanding, basic | 38,221,883 | 19,663,672 | 36,981,426 | 19,618,517 | ||
Weighted average shares of common stock outstanding, diluted | 38,221,883 | 19,663,672 | 36,981,426 | 19,618,517 | ||
Pre-Funded Warrants [Member] | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Weighted average shares of common stock outstanding, basic | 2,712,478 | 2,563,441 | ||||
Weighted average shares of common stock outstanding, diluted | 2,712,478 | 2,563,441 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock issuable upon exercise of pre-funded warrants | 2,712,478 | 2,712,478 | |
Pre-Funded Warrants [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Warrants issued | 0 | ||
Warrants outstanding | 0 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Loss per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 6,711,851 | 3,193,408 | 6,711,851 | 3,193,408 |
Options to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 2,890,045 | 2,229,684 | 2,890,045 | 2,229,684 |
Nonvested Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 1,397,063 | 963,724 | 1,397,063 | 963,724 |
Nonvested Performance Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 2,165,325 | 2,165,325 | ||
Shares Subject to Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 250,188 | 250,188 | ||
Warrants [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net loss per share | 9,230 | 9,230 |
Restructuring - Schedule of Acc
Restructuring - Schedule of Accrued Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrual recorded as a result of restructuring charges | $ (63) | $ (63) |