Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CABA | ||
Entity Registrant Name | CABALETTA BIO, INC. | ||
Entity Current Reporting Status | Yes | ||
Entity Central Index Key | 0001759138 | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Common Stock, Shares Outstanding | 48,241,615 | ||
Entity Public Float | $ 494 | ||
Entity File Number | 001-39103 | ||
Entity Tax Identification Number | 82-1685768 | ||
Entity Address, Address Line One | 2929 Arch Street | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19104 | ||
City Area Code | 267 | ||
Local Phone Number | 759-3100 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.00001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for its 2024 annual meeting of shareholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2023. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 193,238,000 | $ 81,607,000 |
Short-term investments | 48,011,000 | 24,940,000 |
Prepaid expenses and other current assets | 3,241,000 | 2,287,000 |
Total current assets | 244,490,000 | 108,834,000 |
Property and equipment, net | 2,541,000 | 2,578,000 |
Operating lease right-of-use assets | 4,910,000 | 4,991,000 |
Other assets | 1,709,000 | 565,000 |
Total Assets | 253,650,000 | 116,968,000 |
Current liabilities: | ||
Accounts payable | 4,547,000 | 2,463,000 |
Accrued and other current liabilities | 7,887,000 | 4,847,000 |
Operating lease liabilities, current portion | 3,560,000 | 2,179,000 |
Total current liabilities | 15,994,000 | 9,489,000 |
Operating lease liabilities, net of current portion | 1,458,000 | 2,959,000 |
Total Liabilities | 17,452,000 | 12,448,000 |
Commitments and contingencies (see Notes 6 and 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of December 31, 2023 and 2022; no shares issued or outstanding at December 31, 2023 or 2022 | 0 | 0 |
Voting and non-voting common stock, $0.00001 par value: 150,000,000 (143,590,481 voting and 6,409,519 non-voting) shares authorized as of December 31, 2023 and December 31, 2022; 47,823,232 (46,378,937 voting and 1,444,295 non-voting) shares issued and outstanding as of December 31, 2023 and 29,445,134 (27,584,375 voting and 1,860,759 non-voting) shares issued and outstanding as of December 31, 2022 | 0 | 0 |
Additional paid-in capital | 469,396,000 | 270,129,000 |
Accumulated other comprehensive income (loss) | 39,000 | (47,000) |
Accumulated deficit | (233,237,000) | (165,562,000) |
Total stockholders’ equity | 236,198,000 | 104,520,000 |
Total liabilities and stockholders’ equity | $ 253,650,000 | $ 116,968,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, issued shares | 47,823,232 | 29,445,134 |
Common stock, outstanding shares | 47,823,232 | 29,445,134 |
Voting Common Stock [Member] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, authorized shares | 143,590,481 | 143,590,481 |
Common stock, issued shares | 46,378,937 | 27,584,375 |
Common stock, outstanding shares | 46,378,937 | 27,584,375 |
Non-voting Common Stock [Member] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, authorized shares | 6,409,519 | 6,409,519 |
Common stock, issued shares | 1,444,295 | 1,860,759 |
Common stock, outstanding shares | 1,444,295 | 1,860,759 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 55,424 | $ 39,300 |
General and administrative | 19,236 | 14,839 |
Total operating expenses | 74,660 | 54,139 |
Loss from operations | (74,660) | (54,139) |
Other income: | ||
Interest income | 6,985 | 1,164 |
Net loss | (67,675) | (52,975) |
Other comprehensive income (loss): | ||
Net unrealized income (loss) on available-for-sale investments, net of tax | 86 | (47) |
Net comprehensive loss | $ (67,589) | $ (53,022) |
Net loss per share of voting and non-voting common stock, basic | $ (1.65) | $ (1.81) |
Net loss per share of voting and non-voting common stock, diluted | $ (1.65) | $ (1.81) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 117,956 | $ 230,543 | $ (112,587) | ||
Beginning balance, Shares at Dec. 31, 2021 | 28,927,129 | ||||
Issuance of common stock and pre-funded warrants for the purchase of common stock, net of issuance costs | 32,562 | 32,562 | |||
Issuance of common stock and pre-funded warrants for the purchase of common stock, net of issuance costs, Shares | 126,815 | ||||
Issuance of common stock upon exercise of pre-funded warrants, Shares | 271,739 | ||||
Issuance of common stock in connection with exercise of stock options | 51 | 51 | |||
Issuance of common stock in connection with exercise of stock options, Shares | 50,000 | ||||
Issuance of common stock under employee stock purchase plan | 76 | 76 | |||
Issuance of common stock under employee stock purchase plan, Shares | 69,451 | ||||
Net unrealized gains (losses) on available-for-sale securities | (47) | $ (47) | |||
Stock-based compensation | 6,897 | 6,897 | |||
Net Income (Loss) | (52,975) | (52,975) | |||
Ending balance at Dec. 31, 2022 | $ 104,520 | 270,129 | (47) | (165,562) | |
Ending balance, Shares at Dec. 31, 2022 | 29,445,134 | 29,445,134 | |||
Issuance of common stock, net of issuance costs | $ 185,495 | 185,495 | |||
Issuance of common stock, net of issuance costs, shares | 13,098,399 | ||||
Issuance of common stock and pre-funded warrants for the purchase of common stock, net of issuance costs, Shares | 4,773,974 | ||||
Issuance of common stock in connection with exercise of stock options | 2,321 | 2,321 | |||
Issuance of common stock in connection with exercise of stock options, Shares | 489,672 | ||||
Issuance of common stock under employee stock purchase plan | 108 | 108 | |||
Issuance of common stock under employee stock purchase plan, Shares | 16,053 | ||||
Net unrealized gains (losses) on available-for-sale securities | 86 | 86 | |||
Stock-based compensation | 11,343 | 11,343 | |||
Net Income (Loss) | (67,675) | (67,675) | |||
Ending balance at Dec. 31, 2023 | $ 236,198 | $ 469,396 | $ 39 | $ (233,237) | |
Ending balance, Shares at Dec. 31, 2023 | 47,823,232 | 47,823,232 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Payments of Stock Issuance Costs | $ 8,647 | $ 2,438 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (67,675) | $ (52,975) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 11,343 | 6,897 |
Depreciation | 1,426 | 1,178 |
Non-cash lease expense | 2,070 | 2,506 |
Accretion of lease liabilities | 408 | 685 |
Gain on derecognition of embedded lease upon lease amendment | 0 | (149) |
Amortization of discount on investments | (1,222) | (223) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (954) | 32 |
Other assets | (1,144) | (208) |
Accounts payable | 1,675 | (28) |
Accrued and other current liabilities | 2,980 | (1,185) |
Lease liabilities | (2,456) | (2,910) |
Net cash used in operating activities | (53,549) | (46,380) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (687) | (2,453) |
Purchases of investments | (84,264) | (49,764) |
Proceeds from maturities of investments | 62,500 | 25,000 |
Net cash used in investing activities | (22,451) | (27,217) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 185,202 | 32,855 |
Proceeds from issuance of common stock in connection with the exercise of stock options | 2,321 | 51 |
Proceeds from the issuance of common stock under employee stock purchase plan | 108 | 76 |
Net cash provided by financing activities | 187,631 | 32,982 |
Net increase (decrease) in cash and cash equivalents | 111,631 | (40,615) |
Cash and cash equivalents—beginning of year | 81,607 | 122,222 |
Cash and cash equivalents—end of year | 193,238 | 81,607 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment purchases included in accounts payable | 702 | 0 |
Right-of use assets obtained in exchange for lease obligations | 2,048 | 13,740 |
Derecognition of embedded lease upon lease amendment | 0 | (6,392) |
Offering costs included in accounts payable | $ 0 | $ 293 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (67,675) | $ (52,975) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans During the fiscal quarter ended on December 31, 2023, none of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408(a) of Regulation S-K, except as described in the table below: Name and Title Action Action Date Duration of Trading Arrangements (1) Rule 10b5-1 Trading Arrangement? (Y/N)* Aggregate Number of Securities Subject to Trading Arrangement Steven Nichtberger Chief Executive Officer Terminate (2) November 9, 2023 January 23, 2024 – January 23, 2025 Y Up to 350,000 shares to be sold Steven Nichtberger Chief Executive Officer Adopt (2) November 9, 2023 July 8, 2024 - July 31, 2025 Y Up to 350,000 shares to be sold Anup Marda Chief Financial Officer Terminate (3) November 9, 2023 October 7, 2023 – October 16, 2024 Y Up to 50,000 shares to be sold Anup Marda Chief Financial Officer Adopt (3) November 9, 2023 July 15, 2024 - July 16, 2025 Y Up to 50,000 shares to be sold Arun Das Chief Business Officer Terminate (4) November 9, 2023 January 16, 2024 – December 31, 2024 Y Up to 29,168 shares to be sold Arun Das Chief Business Officer Adopt (4) November 9, 2023 July 17, 2024 - July 31, 2025 Y Up to 29,168 shares to be sold Gwendolyn Binder President of Science and Technology Terminate (5) November 9, 2023 February 20, 2024 – February 21, 2025 Y Up to 100,756 shares to be sold Gwendolyn Binder President of Science and Technology Adopt (5) November 9, 2023 July 22, 2024 - July 23, 2025 Y Up to 100,756 shares to be sold * Denotes whether the trading plan is intended, when adopted, to satisfy the affirmative defense of Rule 10b5-1(c). (1) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. (2) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written trading arrangement adopted on August 30, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (3) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written trading arrangement adopted on June 8, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (4) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written trading arrangement adopted on September 5, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (5) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written trading arrangement adopted on August 24, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Termination of 2023 At-The-Market Offering On March 16, 2023, we entered into the 2023 Sales Agreement with the Sales Agent, pursuant to which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $100.0 million through the Sales Agent, as our agent, or the 2023 ATM Offering. In connection with the 2023 ATM Offering, we filed a prospectus, dated March 16, 2023, with the 2023 Registration Statement, or the 2023 ATM Prospectus. Between March 16, 2023 and March 21, 2024, we sold an aggregate of 5,018,969 shares of common stock pursuant to the 2023 Sales Agreement for aggregate gross proceeds of approximately $99.9 million, thereby selling the total amount available under the 2023 Sales Agreement. Pursuant to the terms of the 2023 Sales Agreement, effective March 21, 2024, or the Termination Date, we terminated the 2023 Sales Agreement, and we have discontinued all offers and sales of shares of our common stock under the 2023 Sales Agreement and the 2023 ATM Prospectus. All of the continuing obligations under the 2023 Sales Agreement will be terminated as of the Termination Date, other than those provisions which expressly survive termination as provided in the 2023 Sales Agreement. We are not subject to any termination penalties related to the termination of the 2023 Sales Agreement. A copy of the 2023 Sales Agreement was filed as Exhibit 1.2 to our Registration Statement on Form S-3 (File No. 333-270599) filed with the SEC on March 16, 2023. |
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 |
Non Rule 10b5-1 Arrangement Modified | false |
Rule 10b5- 1 Arrangement Modified | false |
Steven Nichtberger [Member] | |
Trading Arrangements, by Individual | |
Name | Steven Nichtberger |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | false |
Termination Date | November 9, 2023 |
Arrangement Duration | 366 days |
Aggregate Available | 350,000 |
Steven Nichtberger One [Member] | |
Trading Arrangements, by Individual | |
Name | Steven Nichtberger |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | November 9, 2023 |
Arrangement Duration | 388 days |
Aggregate Available | 350,000 |
Anup Marda [Member] | |
Trading Arrangements, by Individual | |
Name | Anup Marda |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | false |
Termination Date | November 9, 2023 |
Arrangement Duration | 375 days |
Aggregate Available | 50,000 |
Anup Marda One [Member] | |
Trading Arrangements, by Individual | |
Name | Anup Marda |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | November 9, 2023 |
Arrangement Duration | 366 days |
Aggregate Available | 50,000 |
Arun Das [Member] | |
Trading Arrangements, by Individual | |
Name | Arun Das |
Title | Chief Business Officer |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | false |
Termination Date | November 9, 2023 |
Arrangement Duration | 350 days |
Aggregate Available | 29,168 |
Arun Das One [Member] | |
Trading Arrangements, by Individual | |
Name | Arun Das |
Title | Chief Business Officer |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | November 9, 2023 |
Arrangement Duration | 379 days |
Aggregate Available | 29,168 |
Gwendolyn Binder [Member] | |
Trading Arrangements, by Individual | |
Name | Gwendolyn Binder |
Title | President of Science and Technology |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | false |
Termination Date | November 9, 2023 |
Arrangement Duration | 367 days |
Aggregate Available | 100,756 |
Gwendolyn Binder One [Member] | |
Trading Arrangements, by Individual | |
Name | Gwendolyn Binder |
Title | President of Science and Technology |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | November 9, 2023 |
Arrangement Duration | 366 days |
Aggregate Available | 100,756 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Cabaletta Bio, Inc. (the Company or Cabaletta) was incorporated in April 2017 in the State of Delaware as Tycho Therapeutics, Inc. and, in August 2018, changed its name to Cabaletta Bio, Inc. The Company is headquartered in Philadelphia, Pennsylvania. Cabaletta is a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for autoimmune diseases. Principal operations commenced in April 2018. Risks and Uncertainties The Company does not expect to generate revenue from sales of engineered T cell therapies for autoimmune diseases or any other revenue unless and until the Company completes preclinical and clinical development and obtains regulatory approval for one or more product candidates. If the Company seeks to obtain regulatory approval for any of its product candidates, the Company expects to incur significant commercialization expenses. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. As a result, the Company is unable to predict the timing or amount of increased expenses or when or if the Company will be able to achieve or maintain profitability. Further, the Company is dependent on third parties including Penn and certain Penn-affiliated entities for certain research and development activities, including manufacturing services (Note 6 and Note 7). Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations. Liquidity The Company has sustained annual operating losses since inception and expects to continue to generate operating losses for the foreseeable future. The Company’s ultimate success depends on the outcome of its research and development activities. The Company had cash and cash equivalents and investments of $ 241,249 as of December 31, 2023. Through December 31, 2023, the Company has incurred an accumulated deficit of $ 233,237 . Management expects to incur additional losses in the future as it continues its research and development and will need to raise additional capital to fully implement its business plan and to fund its operations. The Company intends to raise such additional capital through a combination of equity offerings, debt financings, government funding arrangements, strategic alliances or other sources. However, if such financing is not available at adequate levels and on a timely basis, or such agreements are not available on favorable terms, or at all, as and when needed, the Company will need to reevaluate its operating plan and may be required to delay or discontinue the development of one or more of its product candidates or operational initiatives. The Company expects that its cash and cash equivalents and investments as of December 31, 2023 will be sufficient to fund its projected operations for at least 12 months following the date the Company files this Annual Report on Form 10-K with the Securities and Exchange Commission (SEC). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to advance payments and accruals related to the Company’s research and development expenses . The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Off-Balance Sheet Risk and Concentrations of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist of cash and cash equivalents, which are invested in U.S. treasury-based money market funds, and available-for-sale debt securities, which are invested in U.S. treasury securities. A portion of the Company’s cash is maintained at two federally insured financial institutions, and account balances may at times exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk. The Company has no off‑balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Investments Investments are available-for-sale and carried at estimated fair value. The Company’s valuations of available-for-sale debt securities are generally derived from independent pricing services based upon quoted prices in active markets for similar securities, with prices adjusted for yield and number of days to maturity, or based on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than, twelve months from the balance sheet date are classified as current. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive income. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors including the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or if more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, on available-for-sale securities are included in interest and other income, net. The cost of investments sold is based on the specific-identification method. Interest income on investments as well as amortization of discount or premium is included in interest income. Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation. Cost includes the acquisition costs and all costs necessary to bring the asset to the location and working condition necessary for its intended use. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the accompanying statements of operations. Expenditures for normal, recurring or periodic repairs and maintenance related to property and equipment are charged to expense as incurred. The cost for planned major maintenance activities, including the related acquisition or construction of assets, is capitalized if it will result in future economic benefits. Estimated useful lives for property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment Three years Furniture and fixtures Three years Computer equipment Three years Leasehold improvements Lesser of estimated useful life or remaining lease term Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Leases The Company has leases related to its facilities used for offices, laboratory space and manufacturing, which are classified as operating leases. These leases result in operating right-of-use (ROU) assets, current operating lease liabilities, and non-current operating lease liabilities in the accompanying balance sheets. The Company does not have any financing leases. Leases with terms of 12 months or less are considered short-term leases and ROU assets and lease obligations are not recognized. Payments associated with short-term leases are expensed on a straight-line basis over the lease term. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent an obligation to make lease payments arising from the lease. Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the life of the lease term. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company determines an incremental borrowing rate based on information available at the lease commencement date. The operating lease ROU assets also include any prepaid lease payments made and any other indirect costs and excludes any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease cost for operating leases is recognized on a straight-line basis over the lease term. The Company aggregates all lease and non-lease components for each class of underlying assets into a single lease componen t . Research and Development Expenses Research and development costs include costs incurred for internal and external research and development activities and are expensed as incurred in the accompanying statements of operations. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to entities that conduct certain research and development and clinical trial activities on the Company’s behalf. The Company records accrued liabilities for estimated costs of research and development activities conducted by service providers, which include preclinical studies, contract manufacturing activities and clinical trial activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes these costs in accrued and other current liabilities in the accompanying balance sheets and within research and development expense in the accompanying statements of operations. Non-refundable advance payments made for goods or services that will be used or rendered for future research and development activities are deferred and capitalized and recognized as expense as the goods are received or the related services are rendered. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with service providers. The Company makes significant judgments and estimates in determining the accrued liabilities and prepaid expenses in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities and prepaid expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. Stock-based Compensation The Company measures its stock-based awards granted to employees and non-employees based on the estimated fair values of the awards on the respective grant dates. The Company uses the Black-Scholes option-pricing model (Black-Scholes) to estimate the fair value of its stock-based awards. The Company recognizes compensation expense for time-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The Company accounts for forfeitures of stock option awards as they occur. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base, as well as for net operating loss carryforwards and research and development credits, and are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a full valuation allowance against its deferred tax assets. Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes; however, the Company currently has no interest or penalties related to uncertain income tax benefits. Net Loss Per Share The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. The Company has voting and non-voting common stock. The rights, including the liquidation and dividend rights, of the holders of the voting and non-voting common stock are identical, except with respect to voting. Each share of non-voting common stock may be converted at any time into one share of voting common stock at the option of its holder by providing written notice to the Company, subject to the limitations provided for in the amended and restated certificate of incorporation. Basic net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted average number of shares of common stock, including pre-funded warrants to purchase shares of common stock that were issued in a financing transaction in December 2022. The undistributed loss for each year is allocated to common stockholders based on the contractual participation rights of the voting and non-voting common stock as if the losses for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed losses are allocated on a proportionate basis. Diluted net loss per share attributable to common stockholders is computed under the if-converted method and assumes that all non-voting common stock has been converted to common stock. Since the Company was in a loss position for all periods presented, the effects of the other potentially dilutive securities are antidilutive. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the carrying value of stockholders’ equity as a reduction of additional paid-in capital or equity generated as a result of such offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures . This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently planning to adopt this guidance when effective and is assessing the impact of the adoption on the Company’s financial statements and accompanying footnotes. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . ASU 2023-09 enhances the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently planning to adopt this guidance when effective and is assessing the impact of the adoption on the Company’s financial statements and accompanying footnotes. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements As of December 31, 2023 and 2022, the Company’s financial instruments included cash and cash equivalents, available-for-sale debt securities, accounts payable and accrued expenses. The carrying amounts for cash and cash equivalents, accounts payable and accrued expenses reported in the Company’s financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: December 31, 2023 Total Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 180,124 $ 180,124 $ — $ — U.S. Treasury securities - original maturity less than three months 12,371 — 12,371 — Short-term investments: U.S. Treasury securities 48,011 — 48,011 — Total $ 240,506 $ 180,124 $ 60,382 $ — December 31, 2022 Total Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 81,607 $ 81,607 $ — $ — Short-term investments: U.S. Treasury securities 24,940 — 24,940 — Total $ 106,547 $ 81,607 $ 24,940 $ — Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. For debt securities classified as available-for-sale investments, the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Financial assets Cash $ 743 $ — $ — $ 743 Money market funds 180,124 — — 180,124 U.S. Treasury securities - original maturity less than three months 12,367 4 — 12,371 Included in cash and cash equivalents 193,234 4 — 193,238 U.S. Treasury securities - due in one year or less Included in short-term investments 47,976 39 ( 4 ) 48,011 Total $ 241,210 $ 43 $ ( 4 ) $ 241,249 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Financial assets Money market funds Included in cash and cash equivalents $ 81,607 $ — $ — $ 81,607 U.S. Treasury securities - due in one year or less Included in short-term investments 24,987 — ( 47 ) 24,940 Total $ 106,594 $ — $ ( 47 ) $ 106,547 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2023 2022 Laboratory equipment $ 5,893 $ 4,504 Furniture and fixtures 277 277 Leasehold improvements 113 113 Computer equipment 53 53 Total property, plant and equipment 6,336 4,947 Less: accumulated depreciation ( 3,795 ) ( 2,369 ) Property, plant and equipment, net $ 2,541 $ 2,578 Depreciation expense was $ 1,426 and $ 1,178 for the years ended December 31, 2023 and 2022, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following: December 31, 2023 2022 Research and development services $ 2,459 $ 1,194 General and administrative services 188 99 Compensation expense 5,200 3,515 Other 40 39 $ 7,887 $ 4,847 |
Collaborations, Licensing Agree
Collaborations, Licensing Agreements and other Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Collaborations Licensing Agreements And Other Agreements [Abstract] | |
Collaborations, Licensing Agreements and other Agreements | 6. Collaborations, Licensing Agreements and other Agreements Amended and Restated License Agreement with the Trustees of the University of Pennsylvania and Children’s Hospital of Philadelphia In August 2018, the Company entered into a license agreement with Penn, as amended and restated in July 2019 to include the Children’s Hospital of Philadelphia (CHOP) as a party, and as amended in May 2020 and October 2021 (the License Agreement) pursuant to which the Company obtained (a) a non-exclusive, non-sublicensable worldwide license to certain of Penn’s intellectual property to conduct research, product development, clinical trials, cell manufacturing and other activities, and (b) an exclusive, worldwide, royalty-bearing right and license, with a right to sublicense, on a target-by-target basis, under certain of Penn’s intellectual property to make, use, sell, offer for sale, import, and otherwise commercialize products for the treatment of autoimmune and alloimmune diseases. Unless earlier terminated, the License Agreement expires on the expiration or abandonment or other termination of the last valid claim in Penn’s intellectual property licensed by the Company. The Company may terminate the License Agreement at any time for convenience upon 60 days written notice. In the event of an uncured, material breach, Penn may terminate the License Agreement upon 60 days written notice. Under the terms of the License Agreement, the Company was obligated to pay $ 2,000 annually for three years beginning August 2018 for funding to the laboratories of each of Drs. Milone and Payne. This was satisfied through completed sponsored research agreements with a total cost of $ 12,560 . During the term of the License Agreement until the first commercial sale of the first product, the Company is obligated to pay Penn a non-refundable, non-creditable annual license maintenance fee of $ 10 . In May 2020, the Company paid Penn an additional, non-refundable, non-creditable license fee of $ 33 under the amended License Agreement. The Company is required to pay certain milestone payments upon the achievement of specified clinical and commercial milestones. Milestone payments are reduced by a certain percentage for the second product that achieves a milestone, by an additional percentage for the third product that achieves a milestone, and so on, for each subsequent product that achieves a milestone. In the event that the Company is able to successfully develop and launch multiple products under the License Agreement, total milestone payments could be approximately $ 21,000 . Penn is also eligible to receive tiered royalties at percentage rates in the low single-digits, subject to an annual minimum royalty, on annual worldwide net sales of any products that are commercialized by the Company or its sublicensees that contain or incorporate, or are covered by, the intellectual property licensed by the Company. To the extent the Company sublicenses its license rights under the License Agreement, Penn would be eligible to receive tiered sublicense income at percentage rates in the mid-single to low double-digits. There were no amounts due under the License Agreement as of December 31, 2023. Master Translational Research Services Agreement In October 2018 and February 2023, the Company entered into services agreements (the CAART and CARTA Services Agreements) with Penn for research, development and manufacturing services from various laboratories within Penn. The activities are detailed in separately executed Penn organization-specific addenda. In May 2020, the Company amended its Addendum with the Center for Advanced Retinal and Ocular Therapeutics (CAROT) to expand access to vector manufacturing. Research and development expense related to executed addenda under the master translational research service agreements with Penn recognized in the accompanying statements of operations for the years ended December 31, 2023 and 2022 was $ 3,786 and $ 2,623 , respectively. The Company is committed to pay up to $ 3,000 under the CARTA Services Agreement for cell processing manufacturing through December 31, 2024. The Company may incur additional expenses of approximately $ 643 through the remaining term of the CAROT Amended Addendum. Exclusive License Agreement with IASO Biotherapeutics On October 7, 2022, the Company entered into an Exclusive License Agreement (the IASO Agreement) with Nanjing IASO Biotherapeutics Co., Ltd. (IASO). Pursuant to the IASO Agreement, the Company received an exclusive, worldwide license under certain IASO intellectual property to use a novel clinical-stage anti-CD19 binder to develop, manufacture, commercialize and otherwise exploit T cell products directed to CD19 for the purpose of diagnosis, prevention or treatment of any autoimmune or alloimmune indications in humans. As partial consideration for the exclusive license, IASO received an upfront payment of $ 2,500 . IASO is also eligible to receive up to mid double digit millions in milestone payments based upon the achievement of specified pre-clinical, development and regulatory milestones, and up to an additional low triple digit millions in milestone payments based upon achievement of specified sales milestones, for a total consideration, inclusive of the upfront payment, of up to $ 162,000 , along with tiered mid-single digit royalties on future net sales for licensed products that may result from the IASO Agreement. Upon the U.S. Food and Drug Association’s clearance of the CABA-201 Investigational New Drug application for the treatment of systemic lupus erythematosus in March 2023, a milestone payment of $ 1,000 was recognized in the accompanying statements of operations. No amount was owed to IASO as of December 31, 2023. A milestone payment of $ 1,500 was paid to IASO in the first quarter of 2024 after the first patient in a CABA-201 trial was dosed. IASO has the right of first negotiation if the Company desires to grant a third party an exclusive license to develop, manufacture, commercialize or otherwise exploit the licensed products in the Greater China region. Pursuant to the IASO Agreement, each of IASO and the Company have agreed, subject to certain exceptions, to refrain from engaging in certain competitive activities with respect to certain programs. The Company also may sublicense through multiple tiers the rights granted to it by IASO under the IASO Agreement at any time, however, it must pay IASO a low double-digit percentage of any revenue obtained from sublicenses or options to third parties, subject to certain customary exclusions. The IASO Agreement will continue on a country-by-country, licensed product-by-licensed product basis until the expiration of the royalty term as identified in the IASO Agreement, unless earlier terminated. Each of the Company and IASO may terminate the Agreement for a material, uncured breach or insolvency of the other party. The Company may also terminate the Agreement at will upon advance written notice and in the event IASO rejects the Agreement due to bankruptcy-related matters. IASO may also terminate the Agreement if the Company fails to achieve certain specified diligence milestones in a timely manner and/or if the Company commences any patent challenges with respect to the patents and patent applications relating to the licensed sequence, in each case upon advance written notice. Artisan Collaboration and License Agreement In July 2020 and as amended in January 2023, the Company entered into a collaboration and license agreement with Artisan Bio, Inc. (Artisan), wherein the Company and Artisan agreed to collaborate to potentially enhance certain pipeline products of the Company at specific targets using Artisan’s gene editing and engineering technology. If the Artisan technology is applied to any of the Company’s products, the Company will be responsible for the development, manufacturing, and commercialization of any such products. Under the terms of the agreement, the Company was required to pay Artisan a nominal upfront fee, as well as costs associated with research and development activities. Artisan is eligible to receive future development and regulatory milestones, and is also eligible to receive sales milestones and tiered royalties on net sales of products that incorporate the Artisan technology. The Company can terminate the agreement at will upon advance written notice at no cost. In January 2024, the Company was notified that the agreement would be assigned in connection with Artisan's general assignment for the benefit of creditors. The agreement remains effective. Licence and Supply Agreement with Oxford Biomedica In December 2021, the Company entered into a Licence and Supply agreement (LSA) with Oxford Biomedica (UK) Limited (Oxford), wherein the LSA grants the Company a non-exclusive license to Oxford’s LentiVector® platform for its application in the Company’s DSG3-CAART program and puts in place a multi-year vector supply agreement. Under the terms of the agreement, the Company was required to pay Oxford an upfront fee, as well as costs associated with initial vector manufacturing activities for a total cost of up to approximately $ 4,000 , of which project to date expense of $ 1,100 has been recognized. Oxford is eligible to receive regulatory and sales milestones in the low tens of millions and royalties in the low single digits on net sales of products that incorporate the Oxford technology. The Company can terminate the agreement at will upon advance written notice and subject to certain manufacturing slot cancellation fees. In May 2023, the Company amended the LSA with Oxford to expand the license to include the Company's CABA-201 program for an upfront fee of $ 500 and in August 2023, the Company and Oxford entered into a vector supply agreement for CABA-201, and a related second amendment to the LSA, with a total cost under the vector supply agreement of up to approximately $ 5,000 , of which approximately $ 1,520 was recognized as expense in the accompanying statements of operations for the year ended December 31, 2023. In February 2024, the Company and Oxford entered into a third amendment of the LSA to update the patent schedule. Option and License Agreement with Autolus In January 2023, the Company entered into an Option and License Agreement (Autolus Agreement) with Autolus Holdings (UK) Limited (Autolus), wherein the Autolus Agreement granted the Company a non-exclusive license to access Autolus' RQR8 technology in its CD19-CAR T cell therapy program, and subject to additional nominal option exercise fees, up to four additional targets. Under the terms of the Autolus Agreement, the Company was required to pay Autolus an upfront license fee of $ 1,200 , recognized as expense in the first quarter of 2023 in the accompanying statements of operations, of which $ 1,100 was paid in 2023 and $ 100 was paid in January 2024. Autolus is also eligible to receive regulatory milestones of up to $ 12,000 for each licensed target, sales milestones of up to a total of $ 15,000 and royalties in the low single digits on net sales of all products that incorporate the RQR8 technology. The Autolus Agreement will continue on a country-by-country, licensed product-by-licensed product basis until the expiration of the royalty term as identified in the Autolus Agreement, unless earlier terminated. The Company can terminate the Autolus Agreement at will upon advance written notice. Each of the Company and Autolus may terminate the Agreement for a material, uncured breach or insolvency of the other party. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Manufacturing Agreement In January 2021, the Company entered into a Development and Manufacturing Services Agreement (WuXi Agreement) with WuXi Advanced Therapies, Inc. (WuXi) to serve as an additional cell processing manufacturing partner for the MuSK-CAART Phase 1 clinical trial, or MusCAARTes TM trial. The WuXi Agreement is scheduled to expire upon completion of WuXi’s services related to MuSK-CAART and CABA-201. In August 2023, the Company entered into new work orders under the WuXi Agreement for WuXi to serve as one of the Company’s cell processing manufacturing partners for the planned global clinical development of CABA-201 in multiple indications, including potential late-stage clinical trials and commercial readiness activities for CABA-201. Under the August 2023 work orders, WuXi converted the Company’s non-dedicated suite to a dedicated suite for GMP manufacturing for the Company’s CABA-201 and MuSK-CAART programs, or the Dedicated Suite, for an initial term of 18 months with two 18-month extensions at the Company’s sole option on six months' notice prior to the end of the term. In addition, the Company agreed to certain monthly minimum runs. In lieu of the original $ 1,500 termination fee under the terms of the WuXi Agreement, the Company would incur a $ 1,080 termination fee if it terminates both the CABA-201 and MuSK-CAART work orders for any reason. The Company may terminate for convenience the WuXi Agreement or any work order with six months' prior written notice, however, the Company may not terminate the Dedicated Suite without terminating both the MuSK-CAART and CABA-201 GMP run work orders. WuXi may terminate for convenience the WuXi Agreement or any work order on 18 months' prior written notice, but such notice may not be effective prior to February 2028. Other Purchase Commitments In the normal course of business, the Company enters into various purchase commitments with third-party contract manufacturers for the manufacture and processing of its product candidates and related raw materials, contracts with contract research organizations for clinical trials and agreements with vendors for other services and products for operating purposes. These agreements generally provide for termination or cancellation, other than for costs already incurred. Indemnification The Company enters into certain types of contracts that contingently requires the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, (iii) contracts under which the Company may be required to indemnify partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights, and (iv) procurement, consulting, or license agreements under which the Company may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the supplied products, technology or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts, the Company may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Litigation From time to time, the Company may become involved in litigation or legal proceedings. While the outcome of any such proceedings cannot be predicted with certainty, as of December 31, 2023, the Company is not involved in any material litigation or legal proceedings that it would expect to have a material adverse impact on its financial position, results of operations, or cash flows. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases The Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present at the inception of an arrangement. The Company leases office and laboratory space and a dedicated manufacturing suite at WuXi under operating leases that have a weighted average remaining term of 1.5 years and 2.5 years as of December 31, 2023 and 2022, respectively. As described further in Note 7, in August 2023, the Company entered into new work orders under the WuXi Agreement for WuXi to serve as one of the Company’s cell processing manufacturing partners for the global clinical development of CABA-201. WuXi converted the Company’s non-dedicated suite to a Dedicated Suite for GMP manufacturing for the Company’s CABA-201 and MuSK-CAART programs, for an initial term of 18 months. The terms of the August 2023 work orders included both fixed costs and contingent variable costs. The lease commenced October 1, 2023, and a right of use asset and lease liability of $ 953 was initially recorded for the fixed payments. Subsequent to December 31, 2023, the contingency related to the variable costs was resolved which resulted in an additional $ 4,350 in fixed undiscounted lease payments which will be made through the end of the lease. The Company may terminate for convenience with six months’ prior written notice and a $ 1,080 termination fee, the Dedicated Suite lease if both the CABA-201 and MuSK-CAART work orders are terminated. The Company also leases office space under short-term leases that provide for either party to terminate the lease without cause and with 30 days’ notice. The Company’s operating leases include rent escalations and are subject to additional variable charges, including common area maintenance, property taxes and property insurance. Given the variable nature of such costs, they are recognized as expense as incurred. Additionally, some of the Company’s leases are subject to certain fixed fees which the Company has determined to be non-lease components. The Company has elected the practical expedient to account for lease and non-lease components as a single-lease component and has included fixed payments related to non-lease components in calculating the operating lease liability. The weighted average discount rate for the Company’s operating leases is 9.5 % and 8.3 % as of December 31, 2023 and 2022, respectively, representing the Company's incremental borrowing rate at the beginning of each lease. For the year ended December 31, 2023, total lease cost was $ 3,259 , consisting of $ 2,477 operating lease costs, $ 65 of variable lease costs and $ 717 of short-term lease cost. Cash paid for amounts included in the measurement of operating lease liabilities was $ 2,456 and $ 2,910 for the years ended December 31, 2023 and 2022, respectively. For the year ended December 31, 2022, total lease cost was $ 3,849 , consisting of $ 3,042 operating lease costs, $ 36 of variable lease costs and $ 771 of short-term lease cost. Future lease payments under the non-cancelable operating leases as of December 31, 2023 are as follows : 2024 3,748 2025 1,640 Total undiscounted lease payments 5,388 Less imputed interest ( 370 ) Total lease liability $ 5,018 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock | 9. Common Stock Common Stock Pursuant to the Company’s Third Amended and Restated Certificate of Incorporation filed in October 2019, the Company is authorized to issue 143,590,481 shares of voting common stock and 6,409,519 shares of non-voting common stock. Holders of voting common stock shall have the exclusive right to vote for the election of directors of the Company and on all other matters requiring stockholder action. Each share of the Company’s non-voting common stock may be converted at any time into one share of common stock at the option of its holder by providing written notice to the Company , subject to the limitations provided for in the amended and restated certificate of incorporation. May 2023 Financing In May 2023, the Company issued 8,337,500 shares of its common stock in an underwritten public offering, including the exercise in full by the underwriters of their option to purchase an additional 1,087,500 shares, at a public offering price of $ 12.00 per share. Aggregate net proceeds were $ 93,755 after deducting underwriting discounts and commissions and offering expenses of $ 6,295 . December 2022 Financing In December 2022, the Company issued 126,815 shares of its common stock at a price of $ 5.52 per share and to certain investors in lieu of common stock, pre-funded warrants to purchase 6,213,776 shares of common stock at a price of $ 5.51999 per pre-funded warrant. The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, minus the $ 0.00001 per share exercise price of such pre-funded warrant. Aggregate net proceeds were $ 32,562 after deducting underwriting discounts and commissions and offering expenses. As of December 31, 2023, 5,045,722 pre-funded warrants had been exercised and 1,168,054 remain outstanding. The pre-funded warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The pre-funded warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. At-the-Market Offering On March 16, 2023, the Company filed a Shelf Registration Statement in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof for the purposes of selling, from time to time, the Company’s common stock, debt securities or other equity securities in one or more offerings. This S-3 was declared effective on April 26, 2023. The Company has a Sales Agreement with Cowen and Company, LLC, or Cowen, to provide for the offering, issuance and sale of up to an aggregate amount of $ 100.0 million of common stock from time to time in “at-the-market” offerings (the ATM Program) pursuant to its shelf registration statement on Form S-3 (File No. 333-270599), which was declared effective April 26, 2023, and subject to the limitations thereof. During the year ended December 31, 2023, the Company sold 4,760,899 shares pursuant to the ATM Program for net proceeds of $ 91,740 , after deducting commissions of $ 2,352 . Subsequent to December 31, 2023, the Company sold 258,070 additional shares, completing the ATM Program for net proceeds of $ 5,746 , after deducting commissions of $ 147 . On May 10, 2023, the Company delivered written notice to Cowen that it was terminating the Sales Agreement dated November 10, 2020 (the 2020 Sales Agreement), by and between the Company and Cowen. Upon waiver of the notice period by Cowen, the termination was effective as of May 10, 2023 (the Termination Date). All of the continuing obligations under the 2020 Sales Agreement were terminated as of the Termination Date, other than those provisions which expressly survive termination as provided in the 2020 Sales Agreement. The Company was not subject to any termination penalties related to the termination of the 2020 Sales Agreement. Prior to termination, 4,792,562 shares of common stock, $ 0.00001 par value per share, had been sold pursuant to the 2020 Sales Agreement. As a result of the termination of the 2020 Sales Agreement, the Company will not offer or sell any additional shares under the 2020 Sales Agreement. 2018 Stock Option and Grant Plan In September 2018, the Company adopted the 2018 stock option and grant plan (the 2018 Plan), which provided for the Company to sell or issue common stock, or other stock-based awards, to employees, members of the board of directors and consultants of the Company. The Company generally granted stock-based awards with service conditions only (service-based awards), although there was one grant with performance conditions. As of December 31, 2020, there are no unvested options with performance conditions. Stock options granted under the 2018 Plan generally vest over three to four years . There were 1,959,411 options granted under the 2018 Plan prior to the Company’s IPO in October 2019. No further grants may be made under the 2018 Plan subsequent to the IPO. 2019 Stock Option and Incentive Plan The 2019 Stock Option and Incentive Plan (2019 Plan) was approved by the Company’s board of directors on October 14, 2019, and became effective on October 23, 2019. The 2019 Plan provides for the grant of incentive stock options, nonqualified 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 initially reserved for issuance under the 2019 Plan was 2,342,288 , which will be increased each January 1 thereafter by 4 % of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation committee of the board of directors. On June 1, 2023, at the 2023 Annual Meeting of Stockholders of the Company, the stockholders of the Company approved Amendment No. 1 to the 2019 Plan, increasing the number of shares of common stock reserved for issuance under the 2019 Plan by 3,000,000 shares. On January 1, 2024, the total number of shares under the 2019 Plan was increased by 1,912,929 shares pursuant to the 2019 Plan Evergreen Provision. As of December 31, 2023, there were 2,767,184 shares remaining available for issuance. A summary of the stock option activity is presented below: Number of Weighted Weighted Aggregate Outstanding as of January 1, 2023 6,013,384 $ 6.60 7.8 $ 22,202 Granted 2,707,650 11.48 Exercised ( 489,672 ) 4.74 4,640 Forfeited/Cancelled ( 90,327 ) 11.74 Outstanding as of December 31, 2023 8,141,035 $ 8.28 7.6 $ 117,384 Options Exercisable at December 31, 2023 3,858,411 $ 7.16 6.4 $ 59,977 The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. The weighted average grant-date fair value of stock options granted during the year ended December 31, 2023 and 2022 was $ 9.51 and $ 2.15 , respectively. The fair value of each award is estimated using Black-Scholes based on the following assumptions: Year Ended December 31, 2023 2022 Risk-free interest rate 3.38 %— 4.68 % 1.47 %— 4.18 % Expected term 5.5 years— 6.1 years 5.5 years— 6.1 years Expected volatility 105 %— 107 % 79 %— 83 % Expected dividend yield 0 % 0 % Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Expected term —The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for option grants is determined using the simplified method, which is the midpoint between the vesting period and the contractual term of the option. Expected volatility —As a privately held company prior to the Company’s IPO in October 2019, the Company has limited trading history for its common stock and, as such, the expected volatility is estimated based on a weighted average volatility for the Company's stock price and comparable publicly traded biotechnology companies over a period equal to the expected term of the stock-based awards. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Risk-free interest rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of a stock-based award. Expected dividend —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Stock-based Compensation The Company has recorded stock-based compensation in the accompanying statements of operations as follows: Year Ended 2023 2022 Research and development $ 5,520 $ 3,339 General and administrative 5,823 3,558 Total $ 11,343 $ 6,897 As of December 31, 2023, there was $ 25,807 of unrecognized compensation cost related to unvested option awards, which is expected to be recognized over a weighted-average period of 2.7 years. 2019 Employee Stock Purchase Plan The 2019 Employee Stock Purchase Plan (2019 ESPP) was approved by the Company’s board of directors on October 14, 2019, and became effective on October 23, 2019. A total of 234,229 shares of common stock were initially reserved for issuance under the 2019 ESPP, and will be increased each January 1 thereafter through January 1, 2029 by the least of (i) 234,229 shares of common stock, (ii) 1 % of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares determined by the 2019 ESPP’s administrator. On January 1, 2024, there was no increase to the total number of shares under the 2019 ESPP. As of December 31, 2023, there were 372,315 shares remaining available for issuance. Employee contributions are made through payroll deductions of up to 15 % of eligible compensation over the offering period. A participant may not accrue rights to purchase more than $ 25 worth of the Company’s common stock for each calendar year in which such right is outstanding. At the end of each offering period, shares of the Company’s common stock may be purchased at 85 % of the lesser of the Company’s common stock on (i) the first trading day of the relevant offering period and (ii) the last trading day of the relevant offering period. The first offering period commenced on July 1, 2020 and ended on November 30, 2020. Thereafter, offerings will be six months in duration and will commence on each December 1 and June 1. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes, net of federal benefit 7.6 7.9 Research and development credit, net 6.4 4.5 Non-deductible items and other ( 0.5 ) ( 0.6 ) Change in state and local tax rate ( 0.7 ) ( 7.4 ) Change in valuation allowance ( 33.8 ) ( 25.4 ) Total 0.0 % 0.0 % Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets and liabilities consisted of the following: December 31, 2023 2022 Deferred tax assets: Federal, state and local net operating loss carryforwards $ 34,534 $ 28,880 Capitalized research and development costs 19,830 9,640 Research and development tax credits 10,192 5,859 Stock-based compensation deductions 6,066 3,840 License fee deductions 240 262 Operating lease liabilities 1,482 1,535 Accrued expenses 1,665 1,165 Gross deferred tax assets 74,009 51,181 Less: valuation allowance ( 72,560 ) ( 49,689 ) Total deferred tax assets 1,449 1,492 Deferred tax liabilities: Operating lease right-of-use assets ( 1,449 ) ( 1,492 ) Net deferred tax assets $ — $ — The Company increased its valuation allowance by $ 22,871 for the year ended December 31, 2023 in order to maintain a full valuation allowance against its deferred tax assets. Based on the Company’s history of losses, the Company recorded a full valuation allowance against its deferred tax assets as of December 31, 2023. The Company intends to maintain a valuation allowance until sufficient positive evidence exists to support a reversal of the allowance. As of December 31, 2023, the Company had federal, state and local net operating loss carryforwards of $ 121,570 , $ 131,901 and $ 82,957 , respectively; $ 121,320 of the federal net operating losses do not expire, and the remaining $ 250 expire in 2037 . The state net operating losses begin to expire in 2037 . The local net operating losses began to expire in 2024 . As of December 31, 2023, the Company had federal and state research and development tax credit carryforwards of $ 9,923 and $ 269 , respectively, which begin to expire in 2038 . Under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the IRC), these net operating losses, credit carryforwards and other tax attributes may be subject to limitation based on previous significant changes in ownership and upon future significant changes in ownership of the Company, as defined by the IRC. The Company files income tax returns in the U.S. federal jurisdiction as well as in Pennsylvania and Philadelphia. The tax years 2022, 2021 and 2020 remain open to examination by the jurisdictions where the Company is subject to tax. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50 % likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2023, the Company had no unrecognized income tax benefits that would affect the Company’s effective tax rate if recognized. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. For the years ended December 31, 2023 and 2022, the Company had voting and non-voting common stock outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Basic net loss per share of common stock is computed by dividing the net loss per share of common stock by the weighted average number of shares of common stock outstanding for the period. The weighted-average shares of common stock outstanding as of December 31, 2023 and 2022 included outstanding pre-funded warrants to purchase up to an aggregate of 1,168,054 and 5,942,036 shares of common stock, respectively. Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock. Year ended December 31, 2023 Voting common stock Non-voting common stock Basic net loss per share: Numerator Allocation of undistributed losses $ ( 64,776 ) $ ( 2,899 ) Denominator Weighted average number of shares used in basic per share computation 39,192,445 1,753,505 Net loss per share, basic $ ( 1.65 ) $ ( 1.65 ) Diluted net loss per share: Numerator Allocation of undistributed losses for basic computation $ ( 64,776 ) $ ( 2,899 ) Reallocation of undistributed losses as a result of conversion of ( 2,899 ) — Allocation of undistributed losses $ ( 67,675 ) $ ( 2,899 ) Denominator Weighted average number of shares used in basic per share computation 39,192,445 1,753,505 Add: conversion of non-voting to voting common shares outstanding 1,753,505 — Weighted average number of shares used in diluted per share computation 40,945,950 1,753,505 Net loss per share, diluted $ ( 1.65 ) $ ( 1.65 ) Year ended December 31, 2022 Voting common stock Non-voting common stock Basic net loss per share: Numerator Allocation of undistributed losses $ ( 46,966 ) $ ( 6,009 ) Denominator Weighted average number of shares used in basic per share computation 26,014,159 3,328,750 Net loss per share, basic $ ( 1.81 ) $ ( 1.81 ) Diluted net loss per share: Numerator Allocation of undistributed losses for basic computation $ ( 46,966 ) $ ( 6,009 ) Reallocation of undistributed losses as a result of conversion of ( 6,009 ) — Allocation of undistributed losses $ ( 52,975 ) $ ( 6,009 ) Denominator Weighted average number of shares used in basic per share computation 26,014,159 3,328,750 Add: conversion of non-voting to voting common shares outstanding 3,328,750 — Weighted average number of shares used in diluted per share computation 29,342,909 3,328,750 Net loss per share, diluted $ ( 1.81 ) $ ( 1.81 ) The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of December 31, 2023 2022 Stock options to purchase common stock 8,141,035 6,013,384 8,141,035 6,013,384 |
401(k) Savings Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
401(k) Savings Plan | 12. 401(k) Savings Plan The Company maintains a defined-contribution savings plan under Section 401(k) of the IRC, or the 401(k) Plan. The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. Effective January 1, 2020, the Plan provided for matching contributions on a portion of participant contributions pursuant to the 401(k) Savings Plan’s matching formula, up to 4 % of eligible compensation. All matching contributions and participant contributions vest immediately. Contributions totaled $ 521 and $ 351 for the years ended December 31, 2023 and 2022, respectively, and have been recorded in the statements of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to advance payments and accruals related to the Company’s research and development expenses . The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. |
Off-Balance Sheet Risk and Concentrations of Credit Risk | Off-Balance Sheet Risk and Concentrations of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist of cash and cash equivalents, which are invested in U.S. treasury-based money market funds, and available-for-sale debt securities, which are invested in U.S. treasury securities. A portion of the Company’s cash is maintained at two federally insured financial institutions, and account balances may at times exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk. The Company has no off‑balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. |
Investments | Investments Investments are available-for-sale and carried at estimated fair value. The Company’s valuations of available-for-sale debt securities are generally derived from independent pricing services based upon quoted prices in active markets for similar securities, with prices adjusted for yield and number of days to maturity, or based on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than, twelve months from the balance sheet date are classified as current. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive income. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors including the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or if more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, on available-for-sale securities are included in interest and other income, net. The cost of investments sold is based on the specific-identification method. Interest income on investments as well as amortization of discount or premium is included in interest income. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation. Cost includes the acquisition costs and all costs necessary to bring the asset to the location and working condition necessary for its intended use. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the accompanying statements of operations. Expenditures for normal, recurring or periodic repairs and maintenance related to property and equipment are charged to expense as incurred. The cost for planned major maintenance activities, including the related acquisition or construction of assets, is capitalized if it will result in future economic benefits. Estimated useful lives for property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment Three years Furniture and fixtures Three years Computer equipment Three years Leasehold improvements Lesser of estimated useful life or remaining lease term |
Fair Value Measurement | Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Leases | Leases The Company has leases related to its facilities used for offices, laboratory space and manufacturing, which are classified as operating leases. These leases result in operating right-of-use (ROU) assets, current operating lease liabilities, and non-current operating lease liabilities in the accompanying balance sheets. The Company does not have any financing leases. Leases with terms of 12 months or less are considered short-term leases and ROU assets and lease obligations are not recognized. Payments associated with short-term leases are expensed on a straight-line basis over the lease term. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent an obligation to make lease payments arising from the lease. Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the life of the lease term. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company determines an incremental borrowing rate based on information available at the lease commencement date. The operating lease ROU assets also include any prepaid lease payments made and any other indirect costs and excludes any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease cost for operating leases is recognized on a straight-line basis over the lease term. The Company aggregates all lease and non-lease components for each class of underlying assets into a single lease componen t . |
Research and Development Expenses | Research and Development Expenses Research and development costs include costs incurred for internal and external research and development activities and are expensed as incurred in the accompanying statements of operations. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to entities that conduct certain research and development and clinical trial activities on the Company’s behalf. The Company records accrued liabilities for estimated costs of research and development activities conducted by service providers, which include preclinical studies, contract manufacturing activities and clinical trial activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes these costs in accrued and other current liabilities in the accompanying balance sheets and within research and development expense in the accompanying statements of operations. Non-refundable advance payments made for goods or services that will be used or rendered for future research and development activities are deferred and capitalized and recognized as expense as the goods are received or the related services are rendered. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with service providers. The Company makes significant judgments and estimates in determining the accrued liabilities and prepaid expenses in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities and prepaid expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. |
Stock-based Compensation | Stock-based Compensation The Company measures its stock-based awards granted to employees and non-employees based on the estimated fair values of the awards on the respective grant dates. The Company uses the Black-Scholes option-pricing model (Black-Scholes) to estimate the fair value of its stock-based awards. The Company recognizes compensation expense for time-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The Company accounts for forfeitures of stock option awards as they occur. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base, as well as for net operating loss carryforwards and research and development credits, and are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a full valuation allowance against its deferred tax assets. Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes; however, the Company currently has no interest or penalties related to uncertain income tax benefits. |
Net Loss Per Share | Net Loss Per Share The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. The Company has voting and non-voting common stock. The rights, including the liquidation and dividend rights, of the holders of the voting and non-voting common stock are identical, except with respect to voting. Each share of non-voting common stock may be converted at any time into one share of voting common stock at the option of its holder by providing written notice to the Company, subject to the limitations provided for in the amended and restated certificate of incorporation. Basic net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted average number of shares of common stock, including pre-funded warrants to purchase shares of common stock that were issued in a financing transaction in December 2022. The undistributed loss for each year is allocated to common stockholders based on the contractual participation rights of the voting and non-voting common stock as if the losses for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed losses are allocated on a proportionate basis. Diluted net loss per share attributable to common stockholders is computed under the if-converted method and assumes that all non-voting common stock has been converted to common stock. Since the Company was in a loss position for all periods presented, the effects of the other potentially dilutive securities are antidilutive. |
Segments | Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the carrying value of stockholders’ equity as a reduction of additional paid-in capital or equity generated as a result of such offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures . This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently planning to adopt this guidance when effective and is assessing the impact of the adoption on the Company’s financial statements and accompanying footnotes. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . ASU 2023-09 enhances the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently planning to adopt this guidance when effective and is assessing the impact of the adoption on the Company’s financial statements and accompanying footnotes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives for Property and Equipment | Estimated useful lives for property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment Three years Furniture and fixtures Three years Computer equipment Three years Leasehold improvements Lesser of estimated useful life or remaining lease term |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: December 31, 2023 Total Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 180,124 $ 180,124 $ — $ — U.S. Treasury securities - original maturity less than three months 12,371 — 12,371 — Short-term investments: U.S. Treasury securities 48,011 — 48,011 — Total $ 240,506 $ 180,124 $ 60,382 $ — December 31, 2022 Total Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 81,607 $ 81,607 $ — $ — Short-term investments: U.S. Treasury securities 24,940 — 24,940 — Total $ 106,547 $ 81,607 $ 24,940 $ — |
Schedule of Debt Securities Classified as Available-for-Sale Investments | the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Financial assets Cash $ 743 $ — $ — $ 743 Money market funds 180,124 — — 180,124 U.S. Treasury securities - original maturity less than three months 12,367 4 — 12,371 Included in cash and cash equivalents 193,234 4 — 193,238 U.S. Treasury securities - due in one year or less Included in short-term investments 47,976 39 ( 4 ) 48,011 Total $ 241,210 $ 43 $ ( 4 ) $ 241,249 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Financial assets Money market funds Included in cash and cash equivalents $ 81,607 $ — $ — $ 81,607 U.S. Treasury securities - due in one year or less Included in short-term investments 24,987 — ( 47 ) 24,940 Total $ 106,594 $ — $ ( 47 ) $ 106,547 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant and equipment consists of the following: December 31, 2023 2022 Laboratory equipment $ 5,893 $ 4,504 Furniture and fixtures 277 277 Leasehold improvements 113 113 Computer equipment 53 53 Total property, plant and equipment 6,336 4,947 Less: accumulated depreciation ( 3,795 ) ( 2,369 ) Property, plant and equipment, net $ 2,541 $ 2,578 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following: December 31, 2023 2022 Research and development services $ 2,459 $ 1,194 General and administrative services 188 99 Compensation expense 5,200 3,515 Other 40 39 $ 7,887 $ 4,847 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | Future lease payments under the non-cancelable operating leases as of December 31, 2023 are as follows : 2024 3,748 2025 1,640 Total undiscounted lease payments 5,388 Less imputed interest ( 370 ) Total lease liability $ 5,018 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | Future lease payments under the non-cancelable operating leases as of December 31, 2023 are as follows : 2024 3,748 2025 1,640 Total undiscounted lease payments 5,388 Less imputed interest ( 370 ) Total lease liability $ 5,018 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of the stock option activity is presented below: Number of Weighted Weighted Aggregate Outstanding as of January 1, 2023 6,013,384 $ 6.60 7.8 $ 22,202 Granted 2,707,650 11.48 Exercised ( 489,672 ) 4.74 4,640 Forfeited/Cancelled ( 90,327 ) 11.74 Outstanding as of December 31, 2023 8,141,035 $ 8.28 7.6 $ 117,384 Options Exercisable at December 31, 2023 3,858,411 $ 7.16 6.4 $ 59,977 |
Summary of Assumptions Used to Estimate Fair Value of Stock Options | The fair value of each award is estimated using Black-Scholes based on the following assumptions: Year Ended December 31, 2023 2022 Risk-free interest rate 3.38 %— 4.68 % 1.47 %— 4.18 % Expected term 5.5 years— 6.1 years 5.5 years— 6.1 years Expected volatility 105 %— 107 % 79 %— 83 % Expected dividend yield 0 % 0 % |
Summary of Stock-Based Compensation | The Company has recorded stock-based compensation in the accompanying statements of operations as follows: Year Ended 2023 2022 Research and development $ 5,520 $ 3,339 General and administrative 5,823 3,558 Total $ 11,343 $ 6,897 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate | The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes, net of federal benefit 7.6 7.9 Research and development credit, net 6.4 4.5 Non-deductible items and other ( 0.5 ) ( 0.6 ) Change in state and local tax rate ( 0.7 ) ( 7.4 ) Change in valuation allowance ( 33.8 ) ( 25.4 ) Total 0.0 % 0.0 % |
Summary of Principal Components of Company's Deferred Tax Assets | The principal components of the Company’s deferred tax assets and liabilities consisted of the following: December 31, 2023 2022 Deferred tax assets: Federal, state and local net operating loss carryforwards $ 34,534 $ 28,880 Capitalized research and development costs 19,830 9,640 Research and development tax credits 10,192 5,859 Stock-based compensation deductions 6,066 3,840 License fee deductions 240 262 Operating lease liabilities 1,482 1,535 Accrued expenses 1,665 1,165 Gross deferred tax assets 74,009 51,181 Less: valuation allowance ( 72,560 ) ( 49,689 ) Total deferred tax assets 1,449 1,492 Deferred tax liabilities: Operating lease right-of-use assets ( 1,449 ) ( 1,492 ) Net deferred tax assets $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock. Year ended December 31, 2023 Voting common stock Non-voting common stock Basic net loss per share: Numerator Allocation of undistributed losses $ ( 64,776 ) $ ( 2,899 ) Denominator Weighted average number of shares used in basic per share computation 39,192,445 1,753,505 Net loss per share, basic $ ( 1.65 ) $ ( 1.65 ) Diluted net loss per share: Numerator Allocation of undistributed losses for basic computation $ ( 64,776 ) $ ( 2,899 ) Reallocation of undistributed losses as a result of conversion of ( 2,899 ) — Allocation of undistributed losses $ ( 67,675 ) $ ( 2,899 ) Denominator Weighted average number of shares used in basic per share computation 39,192,445 1,753,505 Add: conversion of non-voting to voting common shares outstanding 1,753,505 — Weighted average number of shares used in diluted per share computation 40,945,950 1,753,505 Net loss per share, diluted $ ( 1.65 ) $ ( 1.65 ) Year ended December 31, 2022 Voting common stock Non-voting common stock Basic net loss per share: Numerator Allocation of undistributed losses $ ( 46,966 ) $ ( 6,009 ) Denominator Weighted average number of shares used in basic per share computation 26,014,159 3,328,750 Net loss per share, basic $ ( 1.81 ) $ ( 1.81 ) Diluted net loss per share: Numerator Allocation of undistributed losses for basic computation $ ( 46,966 ) $ ( 6,009 ) Reallocation of undistributed losses as a result of conversion of ( 6,009 ) — Allocation of undistributed losses $ ( 52,975 ) $ ( 6,009 ) Denominator Weighted average number of shares used in basic per share computation 26,014,159 3,328,750 Add: conversion of non-voting to voting common shares outstanding 3,328,750 — Weighted average number of shares used in diluted per share computation 29,342,909 3,328,750 Net loss per share, diluted $ ( 1.81 ) $ ( 1.81 ) |
Schedule of Antidilutive Shares Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of December 31, 2023 2022 Stock options to purchase common stock 8,141,035 6,013,384 8,141,035 6,013,384 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Basis Of Presentation [Line Items] | ||
Cash and cash equivalents and investments | $ 241,249 | |
Accumulated deficit | $ (233,237) | $ (165,562) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2021 Segment | |
Accounting Policies [Abstract] | ||
Interest or penalties related to uncertain income tax benefits | $ | $ 0 | |
Number of operating segment | 1 | 1 |
Number of reportable segment | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Property and Equipment (Details) | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | |
Lesser of estimated useful life or remaining lease term | Lesser of estimated useful life or remaining lease term |
Laboratory Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investments: | ||
Short-term investments | $ 48,011 | $ 24,940 |
Fair Value, Measurements, Recurring | ||
Short-term investments: | ||
Total | 240,506 | 106,547 |
Fair Value, Measurements, Recurring | U.S. Government securities | ||
Cash and cash equivalents: | ||
Money market funds | 12,371 | |
Short-term investments: | ||
Short-term investments | 48,011 | 24,940 |
Fair Value, Measurements, Recurring | Money Market Funds | ||
Cash and cash equivalents: | ||
Money market funds | 180,124 | 81,607 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Short-term investments: | ||
Total | 180,124 | 81,607 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government securities | ||
Cash and cash equivalents: | ||
Money market funds | 0 | |
Short-term investments: | ||
Short-term investments | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Cash and cash equivalents: | ||
Money market funds | 180,124 | 81,607 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Short-term investments: | ||
Total | 60,382 | 24,940 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government securities | ||
Cash and cash equivalents: | ||
Money market funds | 12,371 | |
Short-term investments: | ||
Short-term investments | 48,011 | 24,940 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Money Market Funds | ||
Cash and cash equivalents: | ||
Money market funds | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Short-term investments: | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government securities | ||
Cash and cash equivalents: | ||
Money market funds | 0 | |
Short-term investments: | ||
Short-term investments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Money Market Funds | ||
Cash and cash equivalents: | ||
Money market funds | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Available-for-sale securities | $ 241,249 | $ 106,547 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Debt Securities Classified as Available-for-Sale Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 241,210 | $ 106,594 |
Gross Unrealized Gains | 43 | 0 |
Gross Unrealized Losses | (4) | (47) |
Fair value | 241,249 | 106,547 |
Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 180,124 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair value | 180,124 | |
Cash and Cash Equivalents [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 193,234 | 81,607 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair value | 193,238 | 81,607 |
Cash [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 743 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair value | 743 | |
U.S. Treasury securities - original maturity less than three months | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,367 | |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | 0 | |
Fair value | 12,371 | |
Government securities - due in one year or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 47,976 | 24,987 |
Gross Unrealized Gains | 39 | 0 |
Gross Unrealized Losses | (4) | (47) |
Fair value | $ 48,011 | $ 24,940 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 6,336 | $ 4,947 |
Less: accumulated depreciation | (3,795) | (2,369) |
Property, plant and equipment, net | 2,541 | 2,578 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 5,893 | 4,504 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 277 | 277 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 113 | 113 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 53 | $ 53 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,426 | $ 1,178 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Research and development services | $ 2,459 | $ 1,194 |
General and administrative services | 188 | 99 |
Compensation expense | 5,200 | 3,515 |
Other | 40 | 39 |
Accrued and other current liabilities | $ 7,887 | $ 4,847 |
Collaborations, Licensing Agr_2
Collaborations, Licensing Agreements and other Agreements - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2024 | May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2024 | Aug. 31, 2023 | Mar. 31, 2023 | Oct. 07, 2022 | Dec. 31, 2021 | |
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Research and development expense | $ 55,424 | $ 39,300 | |||||||
Upfront license fee | 1,100 | ||||||||
License Agreement | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Obligation to be paid | $ 2,000 | ||||||||
Payment term | 3 years | ||||||||
Payment commencement date | 2018-08 | ||||||||
License maintenance fee | $ 33 | $ 10 | |||||||
Total milestone payments | 21,000 | ||||||||
Amounts due to agreement | 0 | ||||||||
Sponsored Research Agreements | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Obligation to be paid | 12,560 | ||||||||
Master Translational Research Services Agreement | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Research and development expense | 3,786 | $ 2,623 | |||||||
Committed payment obligation | 3,000 | ||||||||
Remaining research and development expense to be incurred | 643 | ||||||||
Oxford Biomedica | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Obligation to be paid | 5,000 | $ 4,000 | |||||||
Research and development expense | 1,100 | ||||||||
Expenses | 1,520 | ||||||||
Upfront license fee | $ 500 | ||||||||
IASO Biotherapeutics | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Upfront license fee | 162,000 | $ 2,500 | |||||||
Milestone payment | $ 1,500 | 1,000 | |||||||
Autolus Holdings Member | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Upfront license fee | $ 1,200 | ||||||||
Autolus Holdings Member | Maximum | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Milestone payment | 15,000 | ||||||||
Autolus Holdings Member | Maximum | License and Service [Member] | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Milestone payment | $ 12,000 | ||||||||
Subsequent Event [Member] | Autolus Holdings Member | |||||||||
Collaborations, Licensing Agreements And Other Agreements [Line Items] | |||||||||
Upfront license fee | $ 100 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies [Line Items] | ||
Terms agreement description | Under the August 2023 work orders, WuXi converted the Company’s non-dedicated suite to a dedicated suite for GMP manufacturing for the Company’s CABA-201 and MuSK-CAART programs, or the Dedicated Suite, for an initial term of 18 months with two 18-month extensions at the Company’s sole option on six months' notice prior to the end of the term. | |
Research and development expense | $ 55,424 | $ 39,300 |
CABA-201 and MuSK-CAART [Member] | ||
Commitments and Contingencies [Line Items] | ||
Early termination fee | $ 1,080 | |
Wuxi Agreement | ||
Commitments and Contingencies [Line Items] | ||
Lease expiration month | 18 months | |
Early termination fee | $ 1,500 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Feb. 24, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 01, 2023 | |
Lessee, Lease, Description [Table] | ||||
Weighted average remaining lease term | 1 year 6 months | 2 years 6 months | ||
Right-of-use asset | $ 4,910,000 | $ 4,991,000 | $ 953 | |
Operating lease liability | $ 953 | |||
Weighted average discount rate | 9.50% | 8.30% | ||
Total lease cost | $ 3,259,000 | $ 3,849,000 | ||
Additional in fixed undiscounted lease payments | 370,000 | |||
Operating lease costs | 2,477,000 | 3,042,000 | ||
Variable lease costs | 65,000 | 36,000 | ||
Short-term lease cost | 717,000 | 771,000 | ||
Operating lease payments | $ 2,456,000 | $ 2,910,000 | ||
WuXi Agreement [Member] | Subsequent Event [Member] | ||||
Lessee, Lease, Description [Table] | ||||
Termination fees | $ 1,080,000 | |||
Work orders terms | The terms of the August 2023 work orders included both fixed costs and contingent variable costs. The lease commenced October 1, 2023, and a right of use asset and lease liability of $953 was initially recorded for the fixed payments. Subsequent to December 31, 2023, the contingency related to the variable costs was resolved which resulted in an additional $4,350 in fixed undiscounted lease payments which will be made through the end of the lease. The Company may terminate for convenience with six months’ prior written notice and a $1,080 termination fee, the Dedicated Suite lease if both the CABA-201 and MuSK-CAART work orders are terminated. | |||
Additional in fixed undiscounted lease payments | $ 4,350,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 3,748 |
2025 | 1,640 |
Total undiscounted lease payments | 5,388 |
Less imputed interest | (370) |
Total lease liability | $ 5,018 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2019 | Oct. 23, 2019 | May 31, 2023 | Dec. 31, 2022 | Mar. 08, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Jan. 01, 2024 | Jun. 01, 2023 | Jan. 01, 2023 | Oct. 30, 2019 | Jan. 31, 2019 | |
Class Of Stock [Line Items] | |||||||||||||
Common stock, authorized shares | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||||
Common stock issuance | $ 185,495 | ||||||||||||
Non-voting common stock, terms of conversion | Each share of the Company’s non-voting common stock may be converted at any time into one share of common stock at the option of its holder by providing written notice to the Company | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 185,202 | $ 32,855 | |||||||||||
Debt issuance commissions | $ 8,647 | $ 2,438 | |||||||||||
Shares available for issuance | 2,767,184 | ||||||||||||
Weighted average grant-date fair value of stock options granted | $ 9.51 | $ 2.15 | |||||||||||
Unrecognized compensation cost related to unvested stock-based awards | $ 25,807 | ||||||||||||
Unrecognized compensation cost, weighted average period for recognition | 2 years 8 months 12 days | ||||||||||||
At-The-Market Offering Sales Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 4,760,899 | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 91,740 | ||||||||||||
Common stock, par value | $ 0.00001 | ||||||||||||
Common stock dividends, shares | 4,792,562 | ||||||||||||
Debt issuance commissions | $ 2,352 | ||||||||||||
At-The-Market Offering Sales Agreement | Subsequent Event | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 258,070 | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 5,746 | ||||||||||||
Debt issuance commissions | $ 147 | ||||||||||||
At-The-Market Offering Sales Agreement | Maximum | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance | $ 100,000 | ||||||||||||
2018 Plan | Employee Stock Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Share-based compensation unvested number of shares | 0 | ||||||||||||
Number of options granted | 1,959,411 | ||||||||||||
2018 Plan | Maximum | Employee Stock Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Share-based compensation, vesting period | 4 years | ||||||||||||
2018 Plan | Minimum | Employee Stock Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Share-based compensation, vesting period | 3 years | ||||||||||||
2019 Plan | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares reserved for issuance | 2,342,288 | ||||||||||||
Increase in share reserved percentage | 4% | ||||||||||||
2019 Plan | Subsequent Event | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares reserved for issuance | 1,912,929 | ||||||||||||
2019 Plan | Employee Stock Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Number of options granted | 2,707,650 | ||||||||||||
2019 ESPP | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 372,315 | ||||||||||||
Shares reserved for issuance | 234,229 | 0 | |||||||||||
2019 ESPP | Minimum | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares reserved for issuance | 234,229 | ||||||||||||
Increase in share reserved percentage | 1% | ||||||||||||
Payroll deduction percentage of eligible compensation | 15% | ||||||||||||
Employee stock purchase plan maximum annual rights to purchase common stock | $ 25 | ||||||||||||
Percentage of shares to be purchased | 85% | ||||||||||||
May 2023 Financing | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 8,337,500 | ||||||||||||
May 2023 Financing | Employee Stock Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Additional options to be purchased by underwriters | 1,087,500 | ||||||||||||
December 2022 Financing | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 126,815 | ||||||||||||
Common stock price per share | $ 5.52 | $ 5.52 | |||||||||||
Voting Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock, authorized shares | 143,590,481 | 143,590,481 | 143,590,481 | 143,590,481 | |||||||||
Common stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Voting Common Stock | 2019 Plan | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares reserved for issuance | 3,000,000 | ||||||||||||
Non-voting Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock, authorized shares | 6,409,519 | 6,409,519 | 6,409,519 | 6,409,519 | |||||||||
Common stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Pre-funded Warrants | May 2023 Financing | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants exercised | 6,295 | ||||||||||||
Decrease in exercise price of Warrents | $ 12 | ||||||||||||
Net proceeds from exercise of warrants | $ 93,755 | ||||||||||||
Pre-funded Warrants | December 2022 Financing | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock issuance, shares | 6,213,776 | ||||||||||||
Warrants exercised | 5,045,722 | ||||||||||||
Warrants outstanding | 1,168,054 | ||||||||||||
Common stock price per share | $ 5.51999 | $ 5.51999 | |||||||||||
Decrease in exercise price of Warrents | $ 0.00001 | ||||||||||||
Net proceeds from exercise of warrants | $ 32,562 |
Common Stock - Summary of Stock
Common Stock - Summary of Stock Option Activity (Details) - Employee Stock Option - 2019 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Number of Shares, Beginning Balance | 6,013,384 | |
Number of Shares, Granted | 2,707,650 | |
Number of Shares, Exercised | (489,672) | |
Number of shares, Forfeited/Cancelled | (90,327) | |
Number of Shares, Ending Balance | 8,141,035 | 6,013,384 |
Number of Shares, Options Exercisable | 3,858,411 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Beginning Balance | $ 6.6 | |
Weighted Average Exercise Price, Granted | 11.48 | |
Weighted Average Exercise Price, Exercised | 4.74 | |
Weighted Average Exercise Price, Forfeited/Cancelled | 11.74 | |
Weighted Average Exercise Price, Ending Balance | 8.28 | $ 6.6 |
Weighted Average Exercise Price, Options Exercisable | $ 7.16 | |
Weighted Average Remaining Contractual Term (years) | ||
Weighted Average Remaining Contractual Term (years), Options Outstanding | 7 years 7 months 6 days | 7 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Options Exercisable | 6 years 4 months 24 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Beginning Balance | $ 22,202 | |
Aggregate Intrinsic Value, Exercised | 4,640 | |
Aggregate Intrinsic Value, Ending Balance | 117,384 | $ 22,202 |
Aggregate Intrinsic Value, Options Exercisable | $ 59,977 |
Common Stock - Schedule of Assu
Common Stock - Schedule of Assumptions Used to Estimate Fair Value of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 3.38% | 1.47% |
Risk-free interest rate, maximum | 4.68% | 4.18% |
Expected volatility, minimum | 105% | 79% |
Expected volatility, maximum | 107% | 83% |
Expected dividend yield | 0% | 0% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | 5 years 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days |
Common Stock - Summary of Sto_2
Common Stock - Summary of Stock-Based Compensation (Details) - Employee Stock Option - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-based compensation | $ 11,343 | $ 6,897 |
Research and Development | ||
Stock-based compensation | 5,520 | 3,339 |
General and Administrative | ||
Stock-based compensation | $ 5,823 | $ 3,558 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Expected income tax benefit at the federal statutory rate | 21% | 21% |
State and local taxes, net of federal benefit | 7.60% | 7.90% |
Research and development credit, net | 6.40% | 4.50% |
Non-deductible items and other | (0.50%) | (0.60%) |
Change in state and local tax rate | (0.70%) | (7.40%) |
Change in valuation allowance | (33.80%) | (25.40%) |
Total | 0% | 0% |
Income Taxes - Summary of Princ
Income Taxes - Summary of Principal Components of Company's Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Federal, state and local net operating loss carryforwards | $ 34,534 | $ 28,880 |
Capitalized research and development costs | 19,830 | 9,640 |
Research and development tax credits | 10,192 | 5,859 |
Stock-based compensation deductions | 6,066 | 3,840 |
License fee deductions | 240 | 262 |
Operating lease liabilities | 1,482 | 1,535 |
Accrued expenses | 1,665 | 1,165 |
Gross deferred tax assets | 74,009 | 51,181 |
Less: valuation allowance | (72,560) | (49,689) |
Total deferred tax assets | 1,449 | 1,492 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (1,449) | (1,492) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Increase in valuation allowance | $ 22,871 | |
Deferred tax assets operating loss carryforwards federal | 121,570 | |
Deferred tax assets operating loss carryforwards state | 131,901 | |
Deferred tax assets operating loss carryforwards local | 82,957 | |
Deferred tax assets, operating loss carryforwards, not subject to expiration | 121,320 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | $ 250 | |
Operating loss carryforwards federal commencement of expiration date | 2037 | |
Operating loss carryforwards state commencement of expiration date | 2037 | |
Operating loss carryforwards local commencement of expiration date | 2024 | |
Research and development tax credits | $ 10,192 | $ 5,859 |
Percentage of eligible tax positions for recognition | 50% | |
Unrecognized income tax benefits that would affect effective tax rate | $ 0 | |
Federal | ||
Income Tax Disclosure [Line Items] | ||
Research and development tax credits | $ 9,923 | |
Deferred tax assets tax credit carryforwards commencement of expiration date | 2038 | |
State | ||
Income Tax Disclosure [Line Items] | ||
Research and development tax credits | $ 269 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Basic net loss per share: | ||
Weighted average number of shares used in basic per share computation | 1,168,054 | 5,942,036 |
Net loss per share of voting and non-voting common stock, basic | $ (1.65) | $ (1.81) |
Diluted net loss per share: | ||
Weighted average number of shares used in basic per share computation | 1,168,054 | 5,942,036 |
Net loss per share of voting and non-voting common stock, diluted | $ (1.65) | $ (1.81) |
Voting Common Stock [Member] | ||
Basic net loss per share: | ||
Allocation of undistributed losses | $ (64,776) | $ (46,966) |
Weighted average number of shares used in basic per share computation | 39,192,445 | 26,014,159 |
Net loss per share of voting and non-voting common stock, basic | $ (1.65) | $ (1.81) |
Diluted net loss per share: | ||
Allocation of undistributed losses for basic computation | $ (64,776) | $ (46,966) |
Reallocation of undistributed losses as a result of conversion of non-voting to voting common shares | (2,899) | (6,009) |
Allocation of undistributed losses | $ (67,675) | $ (52,975) |
Weighted average number of shares used in basic per share computation | 39,192,445 | 26,014,159 |
Add: Conversion of non-voting to voting common shares outstanding | 1,753,505 | 3,328,750 |
Weighted average number of shares used in diluted per share computation | 40,945,950 | 29,342,909 |
Net loss per share of voting and non-voting common stock, diluted | $ (1.65) | $ (1.81) |
Non-voting Common Stock [Member] | ||
Basic net loss per share: | ||
Allocation of undistributed losses | $ (2,899) | $ (6,009) |
Weighted average number of shares used in basic per share computation | 1,753,505 | 3,328,750 |
Net loss per share of voting and non-voting common stock, basic | $ (1.65) | $ (1.81) |
Diluted net loss per share: | ||
Allocation of undistributed losses for basic computation | $ (2,899) | $ (6,009) |
Reallocation of undistributed losses as a result of conversion of non-voting to voting common shares | 0 | 0 |
Allocation of undistributed losses | $ (2,899) | $ (6,009) |
Weighted average number of shares used in basic per share computation | 1,753,505 | 3,328,750 |
Add: Conversion of non-voting to voting common shares outstanding | 0 | 0 |
Weighted average number of shares used in diluted per share computation | 1,753,505 | 3,328,750 |
Net loss per share of voting and non-voting common stock, diluted | $ (1.65) | $ (1.81) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares have been excluded from calculation of diluted net loss per share | 8,141,035 | 6,013,384 |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares have been excluded from calculation of diluted net loss per share | 8,141,035 | 6,013,384 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average common stock outstanding | 1,168,054 | 5,942,036 |
401 (k) Savings Plan - Addition
401 (k) Savings Plan - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Defined contribution plan, contribution amount | $ 521 | $ 351 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4% |
SubsequentEvents - Additional I
SubsequentEvents - Additional Information (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Subsequent Event [Line Items] | |||
Upfront Payment | $ 1,100 | ||
Autolus Holdings Member | |||
Subsequent Event [Line Items] | |||
Upfront Payment | $ 1,200 | ||
Subsequent Event [Member] | Autolus Holdings Member | |||
Subsequent Event [Line Items] | |||
Upfront Payment | $ 100 |