Acrivon Therapeutics, Inc. Common Stock (ACRV) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	ACRV
Entity Registrant Name	Acrivon Therapeutics, Inc.
Entity Central Index Key	0001781174
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		22,072,916
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-41551
Entity Tax Identification Number	82-5125532
Entity Address, Address Line One	480 Arsenal Way
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	207-8979
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 38,074	$ 29,519
Short-term investments	112,880	98,232
Prepaid expenses and other current assets	2,328	4,344
Total current assets	153,282	132,095
Property and equipment, net	1,975	2,092
Operating lease right-of-use assets	4,384	4,770
Long-term investments		41,881
Restricted cash	408	388
Total assets	160,049	181,226
Current liabilities:
Accounts payable	1,267	904
Accrued expenses and other current liabilities	4,997	4,886
Operating lease liabilities, current	753	726
Total current liabilities	7,017	6,516
Operating lease liabilities, long-term	3,848	4,235
Total liabilities	10,865	10,751
Commitments and contingencies (Note 12)
Stockholders’ deficit:
Common stock, par value $0.001; 500,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 22,068,660 and 21,920,402 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.	22	22
Additional paid-in capital	232,291	226,580
Accumulated other comprehensive loss	(427)	(95)
Accumulated deficit	(82,702)	(56,032)
Total stockholders' equity	149,184	170,475
Total liabilities and stockholders' equity	$ 160,049	$ 181,226

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, per share value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	22,068,660	21,920,402
Common stock, shares, outstanding	22,068,660	21,920,402

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Total operating expenses	$ 15,520	$ 5,925	$ 29,913	$ 13,137
Loss from operations	(15,520)	(5,925)	(29,913)	(13,137)
Other income (expense):
Other income, net	1,606	105	3,243	97
Total other income, net	1,606	105	3,243	97
Net loss	$ (13,914)	$ (5,820)	$ (26,670)	$ (13,040)
Net loss per share—basic	$ (0.63)	$ (3.29)	$ (1.22)	$ (7.37)
Net loss per share—diluted	$ (0.63)	$ (3.29)	$ (1.22)	$ (7.37)
Weighted-average common stock outstanding—basic	21,971,032	1,769,561	21,945,940	1,769,561
Weighted-average common stock outstanding—diluted	21,971,032	1,769,561	21,945,940	1,769,561
Comprehensive loss:
Net loss	$ (13,914)	$ (5,820)	$ (26,670)	$ (13,040)
Other comprehensive loss:
Unrealized loss on available-for-sale investments, net of tax	(436)		(332)
Comprehensive loss	(14,350)	(5,820)	(27,002)	(13,040)
Research and Development
Operating expenses:
Total operating expenses	10,521	4,077	20,279	10,145
General and Administrative
Operating expenses:
Total operating expenses	$ 4,999	$ 1,848	$ 9,634	$ 2,992

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ (23,809)		$ 2	$ 1,054		$ (24,865)
Beginning Balance of Temporary Equity, Shares at Dec. 31, 2021		27,471,911
Beginning Balance of Temporary Equity, Value at Dec. 31, 2021		$ 122,518
Beginning Balance, Shares at Dec. 31, 2021			1,769,561
Stock-based compensation expense	40			40
Net loss	(7,220)					(7,220)
Ending Balance at Mar. 31, 2022	(30,989)		$ 2	1,094		(32,085)
Ending Balance of Temporary Equity, Shares at Mar. 31, 2022		27,471,911
Ending Balance of Temporary Equity, Value at Mar. 31, 2022		$ 122,518
Ending Balance, Shares at Mar. 31, 2022			1,769,561
Beginning Balance at Dec. 31, 2021	(23,809)		$ 2	1,054		(24,865)
Beginning Balance of Temporary Equity, Shares at Dec. 31, 2021		27,471,911
Beginning Balance of Temporary Equity, Value at Dec. 31, 2021		$ 122,518
Beginning Balance, Shares at Dec. 31, 2021			1,769,561
Net loss	(13,040)
Ending Balance at Jun. 30, 2022	(36,576)		$ 2	1,327		(37,905)
Ending Balance of Temporary Equity, Shares at Jun. 30, 2022		27,471,911
Ending Balance of Temporary Equity, Value at Jun. 30, 2022		$ 122,518
Ending Balance, Shares at Jun. 30, 2022			1,769,561
Beginning Balance at Mar. 31, 2022	(30,989)		$ 2	1,094		(32,085)
Beginning Balance of Temporary Equity, Shares at Mar. 31, 2022		27,471,911
Beginning Balance of Temporary Equity, Value at Mar. 31, 2022		$ 122,518
Beginning Balance, Shares at Mar. 31, 2022			1,769,561
Stock-based compensation expense	233			233
Net loss	(5,820)					(5,820)
Ending Balance at Jun. 30, 2022	(36,576)		$ 2	1,327		(37,905)
Ending Balance of Temporary Equity, Shares at Jun. 30, 2022		27,471,911
Ending Balance of Temporary Equity, Value at Jun. 30, 2022		$ 122,518
Ending Balance, Shares at Jun. 30, 2022			1,769,561
Beginning Balance at Dec. 31, 2022	170,475		$ 22	226,580	$ (95)	(56,032)
Beginning Balance, Shares at Dec. 31, 2022			21,920,402
Exercise of common stock options, Shares			232
Stock-based compensation expense	2,646			2,646
Unrealized loss on available-for-sale investments, net of tax	104				104
Net loss	(12,756)					(12,756)
Ending Balance at Mar. 31, 2023	160,469		$ 22	229,226	9	(68,788)
Ending Balance, Shares at Mar. 31, 2023			21,920,634
Beginning Balance at Dec. 31, 2022	$ 170,475		$ 22	226,580	(95)	(56,032)
Beginning Balance, Shares at Dec. 31, 2022			21,920,402
Exercise of common stock options, Shares	148,258
Unrealized loss on available-for-sale investments, net of tax	$ (332)
Net loss	(26,670)
Ending Balance at Jun. 30, 2023	149,184		$ 22	232,291	(427)	(82,702)
Ending Balance, Shares at Jun. 30, 2023			22,068,660
Beginning Balance at Mar. 31, 2023	160,469		$ 22	229,226	9	(68,788)
Beginning Balance, Shares at Mar. 31, 2023			21,920,634
Exercise of common stock options	379			379
Exercise of common stock options, Shares			148,026
Stock-based compensation expense	2,686			2,686
Unrealized loss on available-for-sale investments, net of tax	(436)				(436)
Net loss	(13,914)					(13,914)
Ending Balance at Jun. 30, 2023	$ 149,184		$ 22	$ 232,291	$ (427)	$ (82,702)
Ending Balance, Shares at Jun. 30, 2023			22,068,660

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss			$ (26,670)	$ (13,040)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 100	$ 100	254	123
Stock-based compensation expense			5,332	273
Non-cash lease expense			386	359
Net amortization of premiums and accretion of discounts on investments			(1,901)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			2,016	(2,496)
Accounts payable			363	449
Accrued expenses and other liabilities			111	410
Operating lease liabilities			(360)	(320)
Net cash used in operating activities			(20,469)	(14,242)
Cash flows from investing activities:
Purchases of short-term and long-term investments			(16,963)
Proceeds from maturities of short-term investments			45,765
Purchases of property and equipment			(137)	(1,489)
Net cash provided by (used in) investing activities			28,665	(1,489)
Cash flows from financing activities:
Proceeds from exercise of stock options			379
Payments of deferred offering costs				(11)
Net cash provided by (used in) financing activities			379	(11)
Net increase (decrease) in cash, cash equivalents, and restricted cash			8,575	(15,742)
Cash, cash equivalents and restricted cash at beginning of period			29,907	99,991
Cash, cash equivalents and restricted cash at end of period	38,482	84,249	38,482	84,249
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses				424
Deferred offering costs in accounts payable and accrued expenses				213
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	38,074	83,861	38,074	83,861
Restricted cash	408	388	408	388
Total cash, cash equivalents, and restricted cash	$ 38,482	$ 84,249	$ 38,482	$ 84,249

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Acrivon Therapeutics, Inc., (the “Company”) is a clinical stage biopharmaceutical company developing oncology medicines that the Company matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proteomics-based patient responder identification platform. The Company’s pipeline includes the Phase 2 lead program, ACR-368, referred to as prexasertib, a precision oncology asset, as well as preclinical stage pipeline programs targeting critical nodes in the DNA Damage Response and cell cycle regulation pathways, including WEE1, a protein kinase, and PKMYT1, a closely related protein serine/threonine kinase. The Company was incorporated in March 2018 under the laws of the state of Delaware, and its principal offices are in Watertown, Massachusetts. Also in March 2018, the Company formed Acrivon AB, a wholly-owned subsidiary of the Company, established in Lund, Sweden. In December 2021, the Company formed Acrivon Securities Corporation, a wholly-owned subsidiary, established in Massachusetts. Liquidity As an emerging growth entity, the Company has devoted substantially all of its resources since inception to organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering drug candidates, research and development activities for ACR-368 and other compounds, establishing arrangements with third parties for the manufacture of its drug candidates and component materials, and providing general and administrative support for these operations. As a result, the Company has incurred significant operating losses and negative cash flows from operations since its inception and anticipates such losses and negative cash flows will continue for the foreseeable future. The Company has incurred recurring losses since its inception, including net losses of $ 26.7 million and $ 13.0 million for the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023 and December 31, 2022 the Company had an accumulated deficit of $ 82.7 million and $ 56.0 million, respectively. To date, the Company has not generated any revenues and expects to continue generating operating losses for the foreseeable future as it continues to expand its research and development efforts. Since its inception, the Company has funded its operations primarily with proceeds from the sales of shares of its convertible preferred stock and the issuance of convertible notes, and most recently, through an initial public offering (“IPO”) and concurrent private placement. Upon the closing of the Company’s IPO on November 17, 2022, only common stock remains issued and outstanding. The Company expects that its existing cash, cash equivalents and investments of $ 151.0 million as of June 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date these condensed consolidated financial statements were issued. The Company will need additional funding to support its planned operating activities. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all, considering the current interest rate environment. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. Initial Public Offering, Reverse Stock Split and Concurrent Private Placement On November 17, 2022, the Company closed its IPO, pursuant to which it issued and sold 7,550,000 shares of its common stock at a public offering price of $ 12.50 per share for gross proceeds of $ 94.4 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase 1,132,500 additional shares of common stock. On December 14, 2022, the underwriters partially exercised the option to purchase 1,035,540 additional shares. The sale pursuant to the exercise of the underwriters’ option to purchase additional shares closed on December 16, 2022, upon which the Company issued 1,035,540 shares of common stock for gross proceeds of $ 12.9 million. The Company received aggregate net proceeds from the IPO, including the exercise by the underwriters of their option to purchase additional shares, of $ 99.8 million, after deducting underwriting discounts and commissions of $ 7.5 million, but before deducting offering expenses payable by the Company of $ 3.6 million. In connection with the IPO, the Company effected a 1-for-2.466 reverse stock split of the Company’s common stock and adjusted the ratio at which the Company’s preferred stock is convertible into common stock, the number of shares available for issuance under the 2019 Stock Incentive Plan (“2019 Plan”) and the number of options and exercise prices of options granted under the 2019 Plan as a result of the 1-for-2.466 reverse stock split. Accordingly, all common shares, stock options, and per share information presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted, where applicable, to reflect the reverse stock split on a retroactive basis for all periods presented. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the reverse stock split. Upon the closing of the IPO, all of the Company's then-outstanding shares of convertible preferred stock converted into 11,140,262 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. The Company also completed a private placement which closed concurrently with the IPO, in which the Company issued and sold 400,000 shares of its common stock at $ 12.50 per share to Chione Limited, an existing investor of the Company (the “Concurrent Private Placement”). The Company received aggregate net proceeds of $ 4.7 million from the Concurrent Private Placement, after deducting the placement agent fee.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the accompanying condensed consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), on March 28, 2023. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2023, except as noted below. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the operations of Acrivon Therapeutics, Inc. and its wholly-owned subsidiaries. All intercompany accounts, transactions and balances have been eliminated in consolidation. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The condensed balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period. Investments The Company classifies all investments with an original maturity of greater than three months and less than one year upon purchase as available-for-sale. Available-for-sale securities are recorded at fair value based upon market prices at period end, with the unrealized gains and losses reported in other comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income in the consolidated statements of operations and comprehensive loss. Realized gains and losses and declines in value due to credit-related factors on available-for-sale securities are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income in the consolidated statements of operation. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the consolidated statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented. Recently Adopted Accounting Pronouncements ASU 2016-13, Financial Instruments–Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2020-02 and ASU 2020-03 (collectively, "Topic 326"). Topic 326 significantly changes the impairment model for most financial assets and certain other instruments. Topic 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The measurement is based on relevant information, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount and requires disclosure requirements related to credit risks. The Company adopted this accounting standard as of January 1, 2023 , with no material impact on its condensed consolidated financial statements and related disclosures.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	3. Investments The following table summarizes the amortized cost and estimated fair value of the Company's U.S. Treasury securities and U.S. government-sponsored enterprise securities, which are considered to be available-for-sale investments and were included in short-term investments as of June 30, 2023 and in short-term investments and long-term investments as of December 31, 2022 on the condensed consolidated balance sheets (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 9,748 $ — $ ( 61 ) $ 9,687 U.S. government-sponsored enterprise securities 103,559 1 ( 367 ) 103,193 $ 113,307 $ 1 $ ( 428 ) $ 112,880 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments: U.S. Treasury securities $ 32,174 $ 3 $ ( 34 ) $ 32,143 U.S. government-sponsored enterprise securities 66,106 68 ( 85 ) 66,089 Long-term investments: U.S. Treasury securities 7,242 — ( 4 ) 7,238 U.S. government-sponsored enterprise securities 34,686 — ( 43 ) 34,643 $ 140,208 $ 71 $ ( 166 ) $ 140,113 Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the condensed consolidated balance sheets and are not included in the tables above. As of June 30, 2023 and December 31, 2022, all short-term investments had contractual maturities within one year . As of December 31, 2022, all long-term investments had contractual maturities between one to two years . The aggregate fair value of available-for-sale securities held by the Company in an unrealized loss position for less than 12 months as of June 30, 2023 was $ 105.4 million. The unrealized losses on the Company’s investments of $ 0.4 million and $ 0.2 million as of June 30, 2023 and December 31, 2022, respectively, were caused by interest rate increases which resulted in the decrease in market value of these securities. There were no available-for-sale securities in a continuous unrealized loss position for greater than 12 months. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, there are no allowances for credit losses as of June 30, 2023.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	4. Fair Value Measurement The following tables present information about the Company’s financial assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at June 30, 2023 Using: Assets: Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 14,807 $ 14,807 $ — $ — Short-term investments: U.S. Treasury securities 9,687 9,687 — — U.S. government-sponsored enterprise securities 103,193 — 103,193 — Total assets $ 127,687 $ 24,494 $ 103,193 $ — Fair Value Measurements at December 31, 2022 Using: Assets: Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 24,082 $ 24,082 $ — $ — Short-term investments: U.S. Treasury securities 32,143 32,143 — — U.S. government-sponsored enterprise securities 66,089 — 66,089 — Long-term investments: U.S. Treasury securities 7,238 7,238 — — U.S. government-sponsored enterprise securities 34,643 — 34,643 — Total assets $ 164,195 $ 63,463 $ 100,732 $ — The Company classifies its money market funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its U.S. government-sponsored enterprise securities as Level 2 assets under the fair value hierarchy as these assets have been valued using information obtained through a third-party pricing service as of the balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources. During the six months ended June 30, 2023 and year ended December 31, 2022, there were no transfers between levels. The Company uses the carrying amounts of its restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses to approximate their fair values due to the short-term nature of these amounts.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and computer equipment $ 2,477 $ 2,340 Furniture and fixtures 172 172 Total property and equipment 2,649 2,512 Less: accumulated depreciation ( 674 ) ( 420 ) Property and equipment, net $ 1,975 $ 2,092 Depreciation expense related to property and equipment for each of the three months and six months ended June 30, 2023 was $ 0.1 million and $ 0.3 million, respectively. Depreciation expense related to property and equipment for each of the three months and six months ended June 30, 2022 was $ 0.1 million and $ 0.1 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued compensation and benefits $ 2,062 $ 2,662 Accrued research and development expenses 2,053 790 Accrued legal, accounting and other professional fees 820 648 Accrued other 62 44 Accrued offering costs — 673 Deferred sublease income — 69 Total accrued expenses and other current liabilities $ 4,997 $ 4,886

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	7. Leases In September 2020, the Company entered into an operating lease agreement, denominated in Swedish Krona, for office space located in Lund, Sweden. The term of the lease commenced in October 2020 and is scheduled to expire in September 2023 , with an option to extend the term for an additional three years . Lease payments are being made on a quarterly basis. In December 2020, the Company entered into a lease agreement for laboratory and office space located at 480 Arsenal Way, Watertown, Massachusetts (the “Arsenal Way Lease”). The term of the lease commenced in April 2021 . The lease has an initial term from the rent commencement date, which is a month after the lease commencement date, of approximately seven years , with an option to extend the term for an additional five years at then-market rental rates. In connection with the execution of the lease agreement, the Company delivered a letter of credit of $ 0.3 million to the landlord, which is included in restricted cash in the accompanying condensed consolidated balance sheets. The landlord contributed an aggregate of $ 0.7 million toward the cost of tenant improvements for the premises. Under the terms of the lease, the base rent is $ 1.0 million, subject to a 3 % annual rent increase, plus an allocation of operating expenses and taxes. In May 2021, the Company entered into an agreement to sublease 6,330 rentable square feet of its Arsenal Way Lease to a subtenant through March 2023 . Sublease income was recognized on a straight-line basis over the term of the sublease agreement. Sublease rent income, including common area maintenance charges, was $ 0.2 million for the three months ended June 30, 2022, and $ 0.2 million and $ 0.4 million for each of the six months ended June 30, 2023 and 2022, respectively, which was allocated and recorded as a reduction to general and administrative expenses and research and development expenses. The Company was not relieved of its primary obligation under the Arsenal Way Lease as a result of the sublease. The Company recognizes monthly operating lease expense on a straight-line basis over the term of the lease as research and development or general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Variable lease expense relates primarily to office lease common area maintenance, insurance, and property taxes, is expensed as incurred, and is excluded from the calculation of the lease liabilities and right-of-use-assets. The following table summarizes the presentation of the Company’s operating leases on its condensed consolidated balance sheets (in thousands): Leases Balance sheet classification June 30, December 31, Assets: Operating lease assets Operating lease right-of-use assets $ 4,384 $ 4,770 Total lease assets $ 4,384 $ 4,770 Liabilities: Current: Operating lease liabilities Operating lease liability, current $ 753 $ 726 Noncurrent: Operating lease liabilities Operating lease liability, long-term 3,848 4,235 Total lease liabilities $ 4,601 $ 4,961 The components of lease cost under ASC 842 included within research and development expenses and general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease cost 2023 2022 2023 2022 Operating lease cost $ 286 $ 286 $ 572 $ 571 Variable lease cost 152 188 248 262 Sublease income — ( 134 ) ( 134 ) ( 269 ) Total lease cost $ 438 $ 340 $ 686 $ 564 As of June 30, 2023 and December 31, 2022, the weighted-average remaining lease term for operating leases was 4.8 years and 5.3 years, respectively, and the weighted-average discount rate was 7.87 % and 7.86 %, respectively. Cash paid for amounts included in the measurement of lease liabilities was $ 0.5 million for the six months ended June 30, 2023. Future minimum annual lease commitments under the Company’s non-cancelable operating leases as of June 30, 2023 were as follows (in thousands): Year ended December 31, Amount 2023 (remaining 6 months) $ 538 2024 1,098 2025 1,131 2026 1,165 2027 1,200 Thereafter 404 Total lease payments 5,536 Less: interest ( 935 ) Present value of operating lease liabilities $ 4,601

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2023
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	8. Convertible Preferred Stock Series A-1 Preferred Stock In October 2020, the Board of Directors (the “Board”) authorized the sale and issuance of Series A-1 Preferred Stock in three closings. In October 2020, as part of the first closing of the Series A-1 Preferred Stock, the Company issued 1,315,789 shares of Series A-1 Preferred Stock with a par value of $ 0.001 and a purchase price of $ 2.28 per share, and an additional 3,106,561 shares of the Series A-1 Preferred Stock upon conversion of the Company’s convertible notes. The second and third closings of the Series A-1 Preferred Stock financing were dependent upon the Company’s successful completion of future science-driven milestone events, such as entering into in-licensing agreements, contracting with a CRO to conduct Phase 2 clinical trials, and identifying compounds for lead drug candidates. The obligations to issue additional shares of Series A-1 Preferred Stock in subsequent financings, or Preferred Stock Tranche Rights, were recorded as a liability in the consolidated balance sheet. In January 2021, upon effectiveness of the license agreement and stock issuance agreement with Eli Lilly and Company (“Lilly”) (collectively, the “Lilly Agreement”), the Company completed the second and third closings and issued an aggregate of 5,482,456 shares of Series A-1 Preferred Stock. Series A-1 Preferred Stock issued in the second and third closings had a par value of $ 0.001 and had a purchase price of $ 2.28 per share, which was equal to fair value as estimated by the Company’s management by taking into consideration the results obtained from a third-party valuation, among other factors. The Company incurred issuance costs of $ 0.2 million in connection with these transactions. Series B Preferred Stock In November 2021, the Board authorized the sale and issuance of Series B Preferred Stock. In November 2021, the Company issued 17,521,047 shares of Series B Preferred Stock, with a par value of $ 0.001 and a purchase price of $ 5.70742 per share, and an additional 46,058 shares of Series B Preferred Stock to settle the Company’s obligation to issue capital stock in a subsequent financing to Lilly in order to maintain a specified, single-digit ownership percentage of the Company upon specified conditions in connection with the Lilly Agreement. The Company incurred issuance costs of $ 0.2 million in connection with this transaction. Upon the issuance of Series A-1 Preferred Stock and Series B Preferred Stock (collectively, “Preferred Stock”), the Company assessed the embedded conversion and liquidation features of the shares and determined that such features did not require the Company to separately account for these features. Upon the closing of the Company’s IPO on November 17, 2022, all outstanding shares of Preferred Stock converted into 11,140,262 shares of common stock.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Class of Stock Disclosures [Abstract]
Stockholders' Equity	9. Stockholders' Equity Prior to the IPO, the voting, dividend and liquidation rights of the holders of the Company’s common stock were subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock as set forth above and described in the Company’s final prospectus for the IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act on November 16, 2022. In October 2022, the Board approved the amended and restated certificate of incorporation, which was filed upon the closing of the IPO and which authorized the Company to issue up to 10,000,000 shares of preferred stock, with a par value of $ 0.001 . There are no shares of preferred stock issued or outstanding as of June 30, 2023. As of June 30, 2023 and December 31, 2022, the Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue 500,000,000 shares of common stock with a par value of $ 0.001 . The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of shares of capital stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Amended and Restated Certificate of Incorporation. As of June 30, 2023 and December 31, 2022, the Company had reserved the following shares of common stock for the potential exercise of stock options, vesting of restricted stock units, as well as the remaining shares available for issuance under the 2022 Stock Option and Incentive Plan (the “2022 Plan”), the 2022 Employee Stock Purchase Plan (the “2022 ESPP”), and the 2023 Inducement Plan (the “Inducement Plan”): June 30, December 31, Options to purchase common stock 3,130,630 3,300,935 Unvested restricted stock units 1,805,055 1,787,152 Remaining shares reserved for future issuance 2,503,004 733,636 Total 7,438,689 5,821,723

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation 2022 Equity Incentive Plan In October 2022, the Board adopted, and in November 2022 its stockholders approved, the 2022 Plan, which replaced the 2019 Plan and became effective immediately prior to and contingent upon the execution of the underwriting agreement related to the Company’s IPO. No further shares were issued under the 2019 Plan as of the effective date of the 2022 Plan. The 2022 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors, and consultants. The 2022 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”) and other stock-based awards. The number of shares initially reserved for issuance under the 2022 Plan was 5,606,723 , which is the sum of: (i) 2,555,271 new shares, plus (ii) the number of shares that remained available for issuance under the 2019 Plan at the time the 2022 Plan became effective and (iii) up to 2,148,679 shares of common stock subject to awards granted under the 2019 Plan that, after the effective date of the 2022 Plan, expire or otherwise terminate without having been exercised in full or are forfeited to or repurchased. In addition, the number of shares reserved and available for issuance under the 2022 Plan shall automatically increase beginning on January 1, 2023 and each January 1 thereafter, by five percent of the aggregate number of shares of common stock of all classes issued and outstanding on the immediately preceding December 31 or such lesser number of shares of common stock as determined by the compensation committee. The shares of common stock underlying any awards under the 2022 Plan and the 2019 Plan that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire, or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2022 Plan. As of June 30, 2023, there were 1,618,800 shares reserved for future issuance under the 2022 Plan. 2022 Employee Stock Purchase Plan In October 2022, the Board adopted, and in November 2022 its stockholders approved, the 2022 ESPP, which became effective immediately prior to and contingent upon the execution of the underwriting agreement related to the Company’s IPO. A total of 215,000 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2022 ESPP shall cumulatively increase beginning on January 1, 2023 and each January 1 thereafter through January 1, 2032, by one percent of the outstanding number of shares of common stock o n the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. No shares of the Company's common stock were issued and no stock-based compensation expense was recognized during the six months ended June 30, 2023 related to the 2022 ESPP. As of June 30, 2023, there were 434,204 shares reserved for future issuance under the 2022 ESPP. 2023 Inducement Plan In June 2023, the Board adopted the Inducement Plan to facilitate the granting of equity awards as an inducement material to new employees joining the Company. The Inducement Plan is administered by the compensation committee of the Board. The Board reserved 450,000 common shares of the Company for issuance under the Inducement Plan. The only persons eligible to receive awards under the Inducement Plan are individuals who are new employees and satisfy the standards for inducement grants under Nasdaq Listing Rule 5635(c)(4) or 5635(c)(3), as applicable. The terms of the Inducement Plan are identical to the terms of the 2022 Plan, except that no incentive stock options shall be awarded under the Inducement Plan. No shares of the Company's common stock were issued and no stock-based compensation expense was recognized during the six months ended June 30, 2023 related to the Inducement Plan. Stock Options The Company has granted stock options with service-based vesting conditions. Stock options typically vest over four years and have a maximum term of ten years . The Company typically grants stock options to employees and non-employees at exercise prices deemed by the Board to be equal to the fair value of the common stock at the time of grant. The following table summarizes the Company’s stock option activity for the six months ended June 30, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding as of December 31, 2022 3,300,935 $ 6.29 9.26 $ 18,346 Granted 109,789 14.45 Exercised ( 148,258 ) 2.56 Forfeited or canceled ( 131,836 ) 5.22 Outstanding as of June 30, 2023 3,130,630 $ 6.80 8.41 $ 19,503 Vested and expected to vest as of June 30, 2023 3,130,630 $ 6.80 8.41 $ 19,503 Vested and exercisable as of June 30, 2023 914,489 $ 2.64 6.68 $ 9,439 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the reporting period. The aggregate intrinsic value of options exercised during the six months ended June 30, 2023 was $ 1.5 million. There were no options exercised during the six months ended June 30, 2022. The weighted-average grant date fair value of the Company’s stock options granted during the three months ended June 30, 2023 and 2022 was $ 8.92 and $ 2.59 per option, respectively. The weighted-average grant date fair value of the Company’s stock options granted during the six months ended June 30, 2023 and 2022 was $ 10.49 and $ 2.54 per option, respectively. As of June 30, 2023, there was $ 11.8 million of unrecognized stock-based compensation expense related to stock option grants. The Company expects to recognize this amount over a weighted-average period of 2.9 years. The total fair value of options vested during the three months ended June 30, 2023 and 2022 was $ 0.5 million $ 0.1 million, respectively. The total fair value of options vested during the six months ended June 30, 2023 and 2022 was $ 0.8 million and $ 0.2 million, respectively. RSUs The Company has granted RSUs with service vesting based conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder. They are legally issued and outstanding. These restrictions lapse according to the time-based vesting of each award. A summary of the RSU activity during the six months ended June 30, 2023 is as follows: Restricted Stock Units Weighted-Average Unvested at December 31, 2022 1,787,152 $ 12.49 Granted 25,781 15.10 Vested — — Forfeited ( 7,878 ) 12.50 Unvested at June 30, 2023 1,805,055 $ 12.53 The Company granted RSUs under the 2022 Plan, which typically vest over four years . The weighted-average grant date fair value of the Company’s RSUs granted during the three and six months ended June 30, 2023 was $ 11.97 and $ 15.10 per RSU, respectively. No RSUs were granted during the three or six months ended June 30, 2022. As of June 30, 2023, there was $ 18.2 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 2.6 years. Stock-Based Compensation Expense Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 2,075 $ 82 $ 4,095 $ 95 Research and development 611 151 1,237 178 Total stock-based compensation expense $ 2,686 $ 233 $ 5,332 $ 273

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	11. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders—basic and diluted $ ( 13,914 ) $ ( 5,820 ) $ ( 26,670 ) $ ( 13,040 ) Denominator: Weighted-average number of common shares used in net loss per 21,971,032 1,769,561 21,945,940 1,769,561 Net loss per share—basic and diluted $ ( 0.63 ) $ ( 3.29 ) $ ( 1.22 ) $ ( 7.37 ) The Company’s potentially dilutive securities, which include Preferred Stock, stock options and RSUs, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: June 30, 2023 2022 Convertible preferred stock (as converted to common stock) — 27,471,911 Options to purchase common stock 3,130,630 2,072,851 Unvested restricted stock units 1,805,055 —

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Leases The Company’s commitments under its operating leases are described in Note 7. License Agreement In January 2021, the Company entered into the Lilly Agreement, pursuant to which the Company has been granted an exclusive, royalty-bearing sublicensable license to certain patents owned or controlled by Lilly, to commercially develop, manufacture, use, distribute and sell therapeutic products containing the compound prexasertib. The license from Lilly comprises three families of patent filings all relating to ACR-368. Additionally, pursuant to the Lilly Agreement, the Company received ACR-368 drug substance and drug product to be used in future research. As initial consideration for the license, the Company made a one-time, non-creditable, non-refundable upfront payment of $ 5.0 million. As additional consideration for the license, the Company is required to pay Lilly aggregate development and commercial milestone payments of up to $ 168.0 million, of which $ 5.0 million is due prior to a new drug application. The Company is also obligated to pay a tiered percentage royalty on annual net sales ranging from single-digit up to a maximum of 10 %, subject to certain specified reductions. Royalties are payable by the Company on a licensed product-by-licensed product and country-by-country basis until the later of the expiration of the last valid claim covering the licensed product in such country, expiration of all applicable regulatory exclusivities in such country for such licensed product and the tenth anniversary of the first commercial sale of such licensed product in such country, provided, that the Company’s obligation to pay royalties for a given licensed product in a given country will expire earlier upon achievement of certain sales thresholds by generic products in such country. As of June 30, 2023, no milestone payments or royalties have been incurred related to the Lilly Agreement. Companion Diagnostic Agreement In June 2022, the Company entered into a companion diagnostic agreement (the “Akoya Agreement”) with Akoya Biosciences, Inc. (“Akoya”), pursuant to which the Company has engaged Akoya to co-develop, validate, and commercialize the Company’s proprietary ACR-368 OncoSignature test, the companion diagnostic that will be used to identify patients with cancer most likely to respond to ACR-368. Subject to the terms of the Akoya Agreement, the Company paid Akoya a one-time, non-refundable, non-creditable upfront payment in the amount of $ 0.6 million. The Company is obligated to pay Akoya up to an aggregate of $ 10.3 million upon the achievement of specified development milestones. Through June 30, 2023, the Company has made aggregate payments of $ 3.8 million to Akoya. The Company recorded no milestone expense and expense of $ 1.5 million during the three and six months ended June 30, 2023, respectively. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with each of its directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or services as directors or executive officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its financial statements as of June 30, 2023 and December 31, 2022. Legal Proceedings From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. We are not currently party to any material legal proceedings and are not aware of any pending or threatened legal proceedings against us that we believe could have an adverse effect on our business, operating results or financial condition. Other Contracts The Company enters into contracts in the normal course of business with various third parties for preclinical research studies, clinical trials, testing, manufacturing and other services. These contracts generally provide for termination upon notice and are cancelable without significant penalty or payment, and do not contain any minimum purchase commitments.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans Effective January 1, 2019, the Company adopted a 401(k) Plan for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. Since inception of the 401(k) Plan and through the six months ended June 30, 2023, the Company has not made any contributions to the 401(k) Plan.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the operations of Acrivon Therapeutics, Inc. and its wholly-owned subsidiaries. All intercompany accounts, transactions and balances have been eliminated in consolidation. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The condensed balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period.
Investments	Investments The Company classifies all investments with an original maturity of greater than three months and less than one year upon purchase as available-for-sale. Available-for-sale securities are recorded at fair value based upon market prices at period end, with the unrealized gains and losses reported in other comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income in the consolidated statements of operations and comprehensive loss. Realized gains and losses and declines in value due to credit-related factors on available-for-sale securities are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income in the consolidated statements of operation. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the consolidated statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ASU 2016-13, Financial Instruments–Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2020-02 and ASU 2020-03 (collectively, "Topic 326"). Topic 326 significantly changes the impairment model for most financial assets and certain other instruments. Topic 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The measurement is based on relevant information, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount and requires disclosure requirements related to credit risks. The Company adopted this accounting standard as of January 1, 2023 , with no material impact on its condensed consolidated financial statements and related disclosures.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost and Estimated Fair Value of Investments	The following table summarizes the amortized cost and estimated fair value of the Company's U.S. Treasury securities and U.S. government-sponsored enterprise securities, which are considered to be available-for-sale investments and were included in short-term investments as of June 30, 2023 and in short-term investments and long-term investments as of December 31, 2022 on the condensed consolidated balance sheets (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 9,748 $ — $ ( 61 ) $ 9,687 U.S. government-sponsored enterprise securities 103,559 1 ( 367 ) 103,193 $ 113,307 $ 1 $ ( 428 ) $ 112,880 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments: U.S. Treasury securities $ 32,174 $ 3 $ ( 34 ) $ 32,143 U.S. government-sponsored enterprise securities 66,106 68 ( 85 ) 66,089 Long-term investments: U.S. Treasury securities 7,242 — ( 4 ) 7,238 U.S. government-sponsored enterprise securities 34,686 — ( 43 ) 34,643 $ 140,208 $ 71 $ ( 166 ) $ 140,113

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Financial Assets and Liabilities 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 (in thousands): Fair Value Measurements at June 30, 2023 Using: Assets: Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 14,807 $ 14,807 $ — $ — Short-term investments: U.S. Treasury securities 9,687 9,687 — — U.S. government-sponsored enterprise securities 103,193 — 103,193 — Total assets $ 127,687 $ 24,494 $ 103,193 $ — Fair Value Measurements at December 31, 2022 Using: Assets: Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 24,082 $ 24,082 $ — $ — Short-term investments: U.S. Treasury securities 32,143 32,143 — — U.S. government-sponsored enterprise securities 66,089 — 66,089 — Long-term investments: U.S. Treasury securities 7,238 7,238 — — U.S. government-sponsored enterprise securities 34,643 — 34,643 — Total assets $ 164,195 $ 63,463 $ 100,732 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and computer equipment $ 2,477 $ 2,340 Furniture and fixtures 172 172 Total property and equipment 2,649 2,512 Less: accumulated depreciation ( 674 ) ( 420 ) Property and equipment, net $ 1,975 $ 2,092

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued compensation and benefits $ 2,062 $ 2,662 Accrued research and development expenses 2,053 790 Accrued legal, accounting and other professional fees 820 648 Accrued other 62 44 Accrued offering costs — 673 Deferred sublease income — 69 Total accrued expenses and other current liabilities $ 4,997 $ 4,886

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Presentation of Operating Leases on Condensed Consolidated Balance Sheet	The following table summarizes the presentation of the Company’s operating leases on its condensed consolidated balance sheets (in thousands): Leases Balance sheet classification June 30, December 31, Assets: Operating lease assets Operating lease right-of-use assets $ 4,384 $ 4,770 Total lease assets $ 4,384 $ 4,770 Liabilities: Current: Operating lease liabilities Operating lease liability, current $ 753 $ 726 Noncurrent: Operating lease liabilities Operating lease liability, long-term 3,848 4,235 Total lease liabilities $ 4,601 $ 4,961
Schedule of Components of Lease Cost	The components of lease cost under ASC 842 included within research and development expenses and general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease cost 2023 2022 2023 2022 Operating lease cost $ 286 $ 286 $ 572 $ 571 Variable lease cost 152 188 248 262 Sublease income — ( 134 ) ( 134 ) ( 269 ) Total lease cost $ 438 $ 340 $ 686 $ 564
Schedule of Future Minimum Annual Lease Commitments under Non-cancellable Operating Leases	Future minimum annual lease commitments under the Company’s non-cancelable operating leases as of June 30, 2023 were as follows (in thousands): Year ended December 31, Amount 2023 (remaining 6 months) $ 538 2024 1,098 2025 1,131 2026 1,165 2027 1,200 Thereafter 404 Total lease payments 5,536 Less: interest ( 935 ) Present value of operating lease liabilities $ 4,601

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Class of Stock Disclosures [Abstract]
Schedule of Common Stock Shares Reserved for the Potential Conversion of Outstanding Preferred Stock and Exercise of Stock Options	As of June 30, 2023 and December 31, 2022, the Company had reserved the following shares of common stock for the potential exercise of stock options, vesting of restricted stock units, as well as the remaining shares available for issuance under the 2022 Stock Option and Incentive Plan (the “2022 Plan”), the 2022 Employee Stock Purchase Plan (the “2022 ESPP”), and the 2023 Inducement Plan (the “Inducement Plan”): June 30, December 31, Options to purchase common stock 3,130,630 3,300,935 Unvested restricted stock units 1,805,055 1,787,152 Remaining shares reserved for future issuance 2,503,004 733,636 Total 7,438,689 5,821,723

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the six months ended June 30, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding as of December 31, 2022 3,300,935 $ 6.29 9.26 $ 18,346 Granted 109,789 14.45 Exercised ( 148,258 ) 2.56 Forfeited or canceled ( 131,836 ) 5.22 Outstanding as of June 30, 2023 3,130,630 $ 6.80 8.41 $ 19,503 Vested and expected to vest as of June 30, 2023 3,130,630 $ 6.80 8.41 $ 19,503 Vested and exercisable as of June 30, 2023 914,489 $ 2.64 6.68 $ 9,439
Summary of RSU activity	A summary of the RSU activity during the six months ended June 30, 2023 is as follows: Restricted Stock Units Weighted-Average Unvested at December 31, 2022 1,787,152 $ 12.49 Granted 25,781 15.10 Vested — — Forfeited ( 7,878 ) 12.50 Unvested at June 30, 2023 1,805,055 $ 12.53
Summary of Share-based Compensation Expense	Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 2,075 $ 82 $ 4,095 $ 95 Research and development 611 151 1,237 178 Total stock-based compensation expense $ 2,686 $ 233 $ 5,332 $ 273

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders—basic and diluted $ ( 13,914 ) $ ( 5,820 ) $ ( 26,670 ) $ ( 13,040 ) Denominator: Weighted-average number of common shares used in net loss per 21,971,032 1,769,561 21,945,940 1,769,561 Net loss per share—basic and diluted $ ( 0.63 ) $ ( 3.29 ) $ ( 1.22 ) $ ( 7.37 )
Summary of Potentially Dilutive Securities	The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: June 30, 2023 2022 Convertible preferred stock (as converted to common stock) — 27,471,911 Options to purchase common stock 3,130,630 2,072,851 Unvested restricted stock units 1,805,055 —

Nature of the Business - Additi

Nature of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Dec. 16, 2022 shares

Dec. 14, 2022 USD ($)

Nov. 17, 2022 USD ($) $ / shares shares

Dec. 16, 2022 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Jun. 30, 2022 USD ($) shares

Mar. 31, 2022 USD ($) shares

Jun. 30, 2023 USD ($)

Jun. 30, 2022 USD ($) shares

Dec. 31, 2022 USD ($)

Nov. 18, 2022 shares

Dec. 31, 2021 shares

Organization Consolidation Presentation Of Financial Statements [Line Items]

Reverse stock split conversion ratio

0.406

Aggregate net proceeds from concurrent private placement

$ 4,700

Net loss

$ 13,914

$ 12,756

$ 5,820

$ 7,220

$ 26,670

$ 13,040

Accumulated deficit

82,702

82,702

$ 56,032

Cash, cash equivalents and investments

$ 151,000

$ 151,000

Convertible Preferred Stock

Organization Consolidation Presentation Of Financial Statements [Line Items]

Convertible preferred stock outstanding | shares

27,471,911

27,471,911

27,471,911

0

27,471,911

Initial Public Offering

Organization Consolidation Presentation Of Financial Statements [Line Items]

Initial public offering price per share | $ / shares

$ 12.5

Description of reverse stock spilt

In connection with the IPO, the Company effected a 1-for-2.466 reverse stock split of the Company’s common stock and adjusted the ratio at which the Company’s preferred stock is convertible into common stock, the number of shares available for issuance under the 2019 Stock Incentive Plan (“2019 Plan”) and the number of options and exercise prices of options granted under the 2019 Plan as a result of the 1-for-2.466 reverse stock split.

Initial Public Offering | Common Stock

Organization Consolidation Presentation Of Financial Statements [Line Items]

Issuance of common stock | shares

7,550,000

Proceeds from Issuance Initial Public Offering

$ 94,400

Initial Public Offering | Common Stock | Convertible Preferred Stock

Organization Consolidation Presentation Of Financial Statements [Line Items]

Convertible preferred stock converted into common stock shares | shares

11,140,262

Concurrent Private Placement

Organization Consolidation Presentation Of Financial Statements [Line Items]

Initial public offering price per share | $ / shares

$ 12.5

Concurrent Private Placement | Common Stock

Organization Consolidation Presentation Of Financial Statements [Line Items]

Issuance of common stock | shares

400,000

Underwriters

Organization Consolidation Presentation Of Financial Statements [Line Items]

Issuance of common stock | shares

1,035,540

Gross proceeds from exercise of option

$ 12,900

Underwriters | Common Stock

Organization Consolidation Presentation Of Financial Statements [Line Items]

Underwriters option to purchase common stock | shares

1,132,500

IPO and Option Exercise

Organization Consolidation Presentation Of Financial Statements [Line Items]

Aggregate net proceeds received from IPO and option exercise

99,800

Payment of underwriting discounts and commissions

$ 7,500

Offering expenses payable

$ 3,600

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2023
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Estimated Fair Value of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 113,307	$ 140,208
Gross Unrealized Gains	1	71
Gross Unrealized Losses	(428)	(166)
Fair Value	112,880	140,113
US Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,748
Gross Unrealized Losses	(61)
Fair Value	9,687
Amortization Cost, Short-term investments		32,174
Gross Unrealized Gains, Short-term investments		3
Gross Unrealized Losses, Short-term investments		(34)
Fair Value, Short-term investments		32,143
Amortization Cost, Long-term investments		7,242
Gross Unrealized Losses, Long-term investments		(4)
Fair Value, Long-term investments		7,238
US Government-Sponsored Enterprises Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	103,559
Gross Unrealized Gains	1
Gross Unrealized Losses	(367)
Fair Value	$ 103,193
Amortization Cost, Short-term investments		66,106
Gross Unrealized Gains, Short-term investments		68
Gross Unrealized Losses, Short-term investments		(85)
Fair Value, Short-term investments		66,089
Amortization Cost, Long-term investments		34,686
Gross Unrealized Losses, Long-term investments		(43)
Fair Value, Long-term investments		$ 34,643

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)			6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Investments, contractual maturities short-term investments			1 year	1 year
Unrealized losses on investments	$ (400,000)	$ 200,000
Unrealized loss position greater than 12 months	0		$ 0
Unrealized loss position less than 12 months	105,400,000		105,400,000
Allowance for credit losses	$ 0		$ 0
Minimum
Debt Securities, Available-for-Sale [Line Items]
Investments, contractual maturities long-term investments			1 year	1 year
Maximum
Debt Securities, Available-for-Sale [Line Items]
Investments, contractual maturities long-term investments			2 years	2 years

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments		$ 32,143
Long-term investments		7,238
US Government-Sponsored Enterprises Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments		66,089
Long-term investments		34,643
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 127,687	164,195
Recurring | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	14,807	24,082
Recurring | US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	9,687	32,143
Long-term investments		7,238
Recurring | US Government-Sponsored Enterprises Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	103,193	66,089
Long-term investments		34,643
Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	24,494	63,463
Recurring | Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	14,807	24,082
Recurring | Level 1 | US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	9,687	32,143
Long-term investments		7,238
Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	103,193	100,732
Recurring | Level 2 | US Government-Sponsored Enterprises Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 103,193	66,089
Long-term investments		$ 34,643

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value measurement with unobservable inputs reconciliation liability transfers between levels	$ 0	$ 0
Preferred stock, shares, issued	0	0

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,649	$ 2,512
Less: accumulated depreciation	(674)	(420)
Property and equipment, net	1,975	2,092
Laboratory and Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,477	2,340
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 172	$ 172

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 100	$ 100	$ 254	$ 123

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 2,062	$ 2,662
Accrued research and development expenses	2,053	790
Accrued legal, accounting and other professional fees	820	648
Accrued other	62	44
Accrued offering costs		673
Deferred sublease income		69
Total accrued expenses and other current liabilities	$ 4,997	$ 4,886

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	May 31, 2021 ft²	Apr. 30, 2021 USD ($)	Oct. 31, 2020	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022
Lessee Lease Description [Line Items]
Sublease rent income					$ 134	$ 134	$ 269
Variable lease expense				$ 152	188	$ 248	262
Weighted-average remaining lease term				4 years 9 months 18 days		4 years 9 months 18 days		5 years 3 months 18 days
Weighted-average discount rate				7.87%		7.87%		7.86%
Cash paid for measurement of lease liabilities						$ 500
Arsenal Way Lease
Lessee Lease Description [Line Items]
Lessee, operating lease, commencement month and year		2021-04
Lessee operating lease, renewal term		5 years
Lessee, operating lease, initial term		7 years
Lessee, operating lease, option to extend						The lease has an initial term from the rent commencement date, which is a month after the lease commencement date, of approximately seven years, with an option to extend the term for an additional five years at then-market rental rates.
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Letter of credit		$ 300
Tenant improvements cost		700
Base rent		$ 1,000
Annual rent increase percentage		3%
Rentable square feet | ft²	6,330
Sublease expiration, month and year	2023-03
Sublease rent income					$ 200	$ 200	$ 400
Lund, Sweden
Lessee Lease Description [Line Items]
Lessee, operating lease, commencement month and year			2020-10
Lessee, operating lease, expiration month and year			2023-09
Lessee operating lease, renewal term			3 years
Lessee, Operating Lease, Existence of Option to Extend [true false]			true

Leases - Summary of Presentatio

Leases - Summary of Presentation of Operating Leases on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 4,384	$ 4,770
Current liabilities:
Operating lease liabilities, current	753	726
Noncurrent:
Operating lease liabilities, long-term	3,848	4,235
Total lease liabilities	$ 4,601	$ 4,961

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 286	$ 286	$ 572	$ 571
Variable lease cost	152	188	248	262
Sublease income		(134)	(134)	(269)
Total lease cost	$ 438	$ 340	$ 686	$ 564

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Annual Lease Commitments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining 6 months)	$ 538
2024	1,098
2025	1,131
2026	1,165
2027	1,200
Thereafter	404
Total lease payments	5,536
Less: interest	(935)
Present value of operating lease liabilities	$ 4,601	$ 4,961

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Nov. 30, 2021	Jan. 31, 2021	Nov. 17, 2022	Oct. 31, 2020
Initial Public Offering | Common Stock
Temporary Equity [Line Items]
Convertible preferred stock converted into shares of common stock			11,140,262
Series A-1 Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares issued				1,315,789
Temporary equity, par value				$ 0.001
Temporary equity shares issued price per share				$ 2.28
Temporary equity additional convertible preferred stock shares issued upon conversion				3,106,561
Series A-1 Preferred Stock | Lilly Agreement
Temporary Equity [Line Items]
Temporary equity, shares issued		5,482,456
Temporary equity, par value		$ 0.001
Temporary equity shares issued price per share		$ 2.28
Issuance costs		$ 0.2
Series B Preferred Stock
Temporary Equity [Line Items]
Temporary equity, shares issued	17,521,047
Temporary equity, par value	$ 0.001
Temporary equity shares issued price per share	$ 5.70742
Issuance costs	$ 0.2
Series B Preferred Stock | Lilly Agreement | Anti-dilution Right
Temporary Equity [Line Items]
Temporary equity additional shares issued to settled agreement	46,058

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Oct. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Common stock, per share value	$ 0.001	$ 0.001
Initial Public Offering
Class of Stock [Line Items]
Preferred stock, authorized			10,000,000
Preferred stock, par value			$ 0.001

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Shares Reserved for the Potential Conversion of Outstanding Preferred Stock and Exercise of Stock Options (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock Disclosures [Abstract]
Options to purchase common stock	3,130,630	3,300,935
Unvested restricted stock units	1,805,055	1,787,152
Remaining shares reserved for future issuance	2,503,004	733,636
Total	7,438,689	5,821,723

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance		2,503,004		2,503,004		733,636
Options outstanding		3,130,630		3,130,630		3,300,935
Stock-based compensation expense		$ 2,686,000	$ 233,000	$ 5,332,000	$ 273,000
Weighted-average recognition period				2 years 7 months 6 days
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average recognition period				4 years
Weighted average granted date fair value		$ 11.97		$ 15.1
Expected to be recognized as stock-based compensation expense, RSUs		$ 18,200,000		$ 18,200,000
2019 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised				$ 1,500,000	$ 0
2019 Stock Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding							2,148,679
2022 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	5,606,723	1,618,800		1,618,800
New shares issued	2,555,271
Increase in common stock reserved for issuance as percentage of outstanding shares of common stock	5%
2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	215,000	434,204		434,204
New shares issued				0
Increase in common stock reserved for issuance as percentage of outstanding shares of common stock	1%
Stock-based compensation expense				$ 0
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance		450,000		450,000
New shares issued				0
Stock-based compensation expense				$ 0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of stock option award				10 years
Weighted-average grant date fair value of the stock options granted		$ 8.92	$ 2.59	$ 10.49	$ 2.54
Unrecognized stock-based compensation expense		$ 11,800,000		$ 11,800,000
Weighted-average recognition period				2 years 10 months 24 days
Total fair value of options vested		$ 500,000	$ 100,000	$ 800,000	$ 200,000
Stock Options | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, beginning of period | shares	3,300,935
Number of Shares, Granted | shares	109,789
Number of Shares, Exercised | shares	(148,258)
Forfeited or canceled | shares	(131,836)
Number of Shares, Outstanding, Ending of period | shares	3,130,630	3,300,935
Number of Shares, Vested and expected to vest, Ending of period | shares	3,130,630
Number of Shares, Vested and exercisable, Ending of period | shares	914,489
Weighted-Average Exercise Price, Outstanding, beginning of period | $ / shares	$ 6.29
Weighted-Average Exercise Price, Granted | $ / shares	14.45
Weighted-Average Exercise Price, Exercised | $ / shares	2.56
Weighted-Average Exercise Price, Fortified or canceled | $ / shares	5.22
Weighted-Average Exercise Price, Outstanding, ending of period | $ / shares	6.8	$ 6.29
Weighted-Average Exercise Price, Vested and expected to vest, ending of period | $ / shares	6.8
Weighted-Average Exercise Price, Vested and exercisable, ending of period | $ / shares	$ 2.64
Weighted Average Remaining Contractual Term (in years), Outstanding	8 years 4 months 28 days	9 years 3 months 3 days
Weighted Average Remaining Contractual Term (in years), Vested and expected to vest, ending of period	8 years 4 months 28 days
Weighted Average Remaining Contractual Term (in years), Vested and exercisable, ending of period	6 years 8 months 4 days
Aggregate Intrinsic Value | $	$ 19,503	$ 18,346
Aggregate Intrinsic Value, Vested and expected to vest, ending of period | $	19,503
Aggregate Intrinsic Value, Vested and exercisable, ending of period | $	$ 9,439

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted Stock Units, Unvested at December 31, 2022		1,787,152
Restricted Stock Units, Unvested at June 30, 2023	1,805,055	1,805,055
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted Stock Units, Unvested at December 31, 2022		1,787,152
Restricted Stock Units, Granted		25,781
Restricted Stock Units, Forfeited		(7,878)
Restricted Stock Units, Unvested at June 30, 2023	1,805,055	1,805,055
Weighted-Average Grant Date Fair Value, Unvested at December 31, 2022		$ 12.49
Weighted average granted date fair value, Granted	$ 11.97	15.1
Weighted average granted date fair value, Forfeited		12.5
Weighted-Average Grant Date Fair Value, Unvested at June 30, 2023	$ 12.53	$ 12.53

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,686	$ 233	$ 5,332	$ 273
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	611	151	1,237	178
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,075	$ 82	$ 4,095	$ 95

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive loss:
Net loss attributable to common stockholders - basic and diluted	$ (13,914)	$ (12,756)	$ (5,820)	$ (7,220)	$ (26,670)	$ (13,040)
Denominator:
Weighted-average number of common shares used in net loss per share basic	21,971,032		1,769,561		21,945,940	1,769,561
Weighted-average number of common shares used in net loss per share diluted	21,971,032		1,769,561		21,945,940	1,769,561
Net loss per share—basic	$ (0.63)		$ (3.29)		$ (1.22)	$ (7.37)
Net loss per share—diluted	$ (0.63)		$ (3.29)		$ (1.22)	$ (7.37)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potentially Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		27,471,911
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	3,130,630	2,072,851
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	1,805,055

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jan. 31, 2021	Jun. 30, 2023	Jun. 30, 2023
Akoya Agreement
Loss Contingencies [Line Items]
Upfront payment	$ 600,000
Obligation to pay upon achievement of specified development milestones	$ 10,300,000
Milestone payments				$ 3,800,000
Milestones expenses			$ 0	1,500,000
Lilly Agreement
Loss Contingencies [Line Items]
Upfront payment		$ 5,000,000
Milestone payments		$ 5,000,000
Royalties incurred				$ 0
Lilly Agreement | Maximum
Loss Contingencies [Line Items]
Tiered percentage royalty on annual net sales		10%
Lilly Agreement | Development and Commercial Milestone
Loss Contingencies [Line Items]
Milestone payments		$ 168,000,000