Elevation Oncology (ELEV) 10-K 6 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Transition Report	false
Entity File Number	001-40523
Entity Registrant Name	ELEVATION ONCOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1771427
Entity Address, Address Line One	101 Federal Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Boston
Entity Address State Or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	716
Local Phone Number	371-1125
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ELEV
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 52.8
Entity Common Stock, Shares Outstanding		48,651,115
Auditor Name	CohnReznick LLP
Auditor Firm ID	596
Auditor Location	Tysons, Virginia
Entity Central Index Key	0001783032
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 49,255	$ 45,917
Marketable securities, available for sale	33,852	44,363
Prepaid expenses and other current assets	4,857	2,697
Total current assets	87,964	92,977
Property and equipment, net	59	98
Other non-current assets	1,068	1,086
Total assets	89,091	94,161
Current liabilities:
Accounts payable	507	6,362
Accrued expenses	3,638	9,330
Total current liabilities	4,145	15,692
Non-current liabilities:
Long-term debt, net of discount	30,137	29,435
Restricted stock repurchase liability	0	2
Total liabilities	34,282	45,129
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2023 and 2022, respectively; no shares issued or outstanding as of December 31, 2023 and 2022, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of December 31, 2023 and 2022, respectively; 42,470,264 and 23,345,115 shares issued as of December 31, 2023 and 2022, respectively; 42,422,531 and 23,312,529 shares outstanding as of December 31, 2023 and 2022, respectively	4	2
Additional paid-in capital	250,825	199,492
Accumulated other comprehensive income (loss)	9	(161)
Treasury stock, 47,733 and 28,641 shares as of December 31, 2023 and 2022, respectively, at cost	(59)	(35)
Accumulated deficit	(195,970)	(150,266)
Total stockholders' equity	54,809	49,032
Total liabilities and stockholders' equity	$ 89,091	$ 94,161

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	42,470,264	23,345,115
Common stock, shares outstanding	42,422,531	23,312,529
Treasury Stock, Common, Shares	47,733	28,641

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 25,434	$ 78,717
General and administrative	14,904	15,832
Restructuring charges	5,107	0
Total operating expenses	45,445	94,549
Loss from operations	(45,445)	(94,549)
Other expense, net	(229)	(506)
Loss before income taxes	(45,674)	(95,055)
Income tax expense	30	25
Net loss	$ (45,704)	$ (95,080)
Net Loss Per Share
Net loss per share, basic (in dollars per share)	$ (1.34)	$ (4.09)
Net loss per share, diluted (in dollars per share)	$ (1.34)	$ (4.09)
Weighted average common shares outstanding, basic (in shares)	34,077,675	23,267,120
Weighted average common shares outstanding, diluted (in shares)	34,077,675	23,267,120
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	$ 170	$ (161)
Total other comprehensive income (loss)	170	(161)
Total comprehensive loss	$ (45,534)	$ (95,241)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Treasury Stock, Common	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Stockholders equity, Beginning balance at Dec. 31, 2021	$ 2,000	$ 195,881,000			$ (55,186,000)	$ 140,697,000
Stockholders equity, Beginning balance (in shares) at Dec. 31, 2021	23,205,915
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock		6,000				6,000
Vesting of restricted common stock (in shares)	15,777
Issuance of common stock upon stock option exercises		19,000				19,000
Issuance of common stock upon stock option exercises (in shares)	44,105
Stock-based compensation		3,206,000				3,206,000
Vesting of restricted stock units, net of withholding			$ (35,000)			(35,000)
Vesting of restricted stock units, net of withholding (in shares)	46,732
Warrant issuance		380,000				380,000
Unrealized gain on marketable securities				$ (161,000)		(161,000)
Net Income (Loss)					(95,080,000)	(95,080,000)
Stockholders equity, Ending balance at Dec. 31, 2022	$ 2,000	199,492,000	(35,000)	(161,000)	(150,266,000)	49,032,000
Stockholders equity, Ending balance (in shares) at Dec. 31, 2022	23,312,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock		1,000				1,000
Vesting of restricted common stock (in shares)	3,945
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs of $3,560	$ 2,000	46,501,000				46,503,000
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs of $3,560 (in shares)	17,810,000
Issuance of common stock upon stock option exercises		1,496,000				$ 1,496,000
Issuance of common stock upon stock option exercises (in shares)	1,264,899					1,264,899
Stock-based compensation		3,335,000				$ 3,335,000
Vesting of restricted stock units, net of withholding	$ 31,158		(24,000)			(24,000)
Warrant issuance						0
Unrealized gain on marketable securities				170,000		170,000
Net Income (Loss)					(45,704,000)	(45,704,000)
Stockholders equity, Ending balance at Dec. 31, 2023	$ 4,000	$ 250,825,000	$ (59,000)	$ 9,000	$ (195,970,000)	$ 54,809,000
Stockholders equity, Ending balance (in shares) at Dec. 31, 2023	42,422,531

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net loss	$ (45,704)	$ (95,080)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	3,335	3,206
Non-cash interest expense	702	285
Net accretion of discounts on marketable securities	(862)	(211)
Depreciation expense	39	27
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,143)	(610)
Accounts payable	(5,855)	711
Accrued expenses	(5,692)	6,189
Net cash used in operating activities	(56,180)	(85,483)
Investing activities
Purchases of property and equipment	0	(86)
Purchase of marketable securities	(42,657)	(112,312)
Proceeds from sales and maturities of marketable securities	54,200	68,000
Net cash provided by (used in) investing activities	11,543	(44,398)
Financing activities
Proceeds from issuance of long-term debt	0	30,000
Payment of debt issuance cost	0	(470)
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs of $3,560	46,503	0
Proceeds from issuance of common stock upon stock option exercises	1,496	19
Common stock repurchase	(24)	(35)
Net cash provided by financing activities	47,975	29,514
Net increase (decrease) in cash and cash equivalents	3,338	(100,367)
Cash and cash equivalents, beginning of year	45,917	146,284
Cash and cash equivalents, end of year	49,255	45,917
Supplemental disclosure of cash flow information
Interest paid	3,164	975
Supplemental disclosure of non-cash financing activities
Fair value of warrants issued with debt	$ 0	$ 380

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. NATURE OF BUSINESS Elevation Oncology, Inc. (the “Company” or “Elevation”), which was formerly known as 14ner, Inc., was incorporated under the laws of the State of Delaware on April 29, 2019 (“Inception”). The Company is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The Company is rethinking drug development by seeking innovative, selective cancer therapies that can be matched to a patient’s unique tumor characteristics. The Company obtained exclusive worldwide rights outside Greater China (the People’s Republic of China, Hong Kong, Macau and Taiwan) to develop and commercialize EO-3021, a clinical stage antibody drug conjugate targeting Claudin 18.2, pursuant to a license agreement executed with CSPC Megalith Biopharmaceutical Co., Ltd., a subsidiary of CSPC Pharmaceutical Group Limited, during the year ended December 31, 2022 (see Note 12). During the quarter ended March 31, 2023, the Company announced that it paused further investment in the clinical development of seribantumab, an anti-HER3 monoclonal antibody for solid tumors driven by neuregulin-1, or NRG1, fusions, a type of genomic alteration and oncogenic driver in solid tumors. As a result, further enrollment in the Phase 2 CRESTONE study of seribantumab was paused. The Company intends to pursue further clinical development of seribantumab only in collaboration with a partner. Additionally, the Company intends to continue to seek opportunities to expand its pipeline with complementary drug candidates. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development of its product candidates will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. Liquidity In June 2023, the Company closed an underwritten public offering of (i) 17,810,000 shares of its common stock and pre-funded warrants to purchase up to an aggregate of 4,440,000 shares of common stock and (ii) accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant sold. The combined offering price to the public of each share of common stock and accompanying warrant was $2.2500. The combined offering price to the public of each pre-funded warrant and accompanying warrant was $2.2499. The accompanying warrants have an exercise price of $2.25 per share, are exercisable immediately, and will expire five years following the date of issuance. The Company received net proceeds of $46.5 million, after deducting underwriting discounts and commissions and other offering expenses of $3.6 million (see Note 10). In January 2024, the Company sold 5,777,527 million shares of its common stock in an at-the-market offering for net proceeds of $17.0 million, after deducting issuance costs (see Note 17). The Company has historical losses from operations and anticipates that it will continue to incur losses for the foreseeable future as it continues the research and development of its product candidates. The Company incurred net losses of $45.7 million and $95.1 million for the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $196.0 million as of December 31, 2023. Through December 31, 2023, the Company has funded its operations with proceeds from the sale of convertible preferred stock, proceeds from public offerings of common stock and warrants, and borrowings under loan agreements. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the consolidated financial statements. ​

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 Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elevation Oncology Securities Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accruals for research and development expenses, the valuation of common stock and the assumptions used in the valuation of share-based compensation awards. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available and regularly reviewed by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the discovery and development of cancer therapies for patient populations with significant unmet medical needs. All material long-lived assets of the Company reside in the United States. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, cash equivalents consisted of money market funds. The Company places its cash with high-credit-quality financial institutions domiciled in the United States. ​ Deferred Financing Costs ​ The incremental cost, including the fair value of warrants, directly associated with obtaining debt financing is capitalized as deferred financing costs upon the issuance of the debt and amortized over the term of the related debt agreement using the effective-interest method with such amortized amounts included as a component of interest expense in the consolidated statements of operations. Unamortized deferred financing costs are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt obligation. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. During the years ended December 31, 2023 and 2022, the Company had two and three vendors that accounted for approximately 66% and 78% of its research and development expense, respectively. As of December 31, 2023 and 2022, the Company had two vendors that accounted for approximately 39% and 87% of the total accounts payable, respectively. Property and Equipment Property and equipment consist of computer software that is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of assets may not be recoverable. Recoverability is measured by comparison of the asset’s book value to future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book value of the assets exceed their fair value, which is measured based on the projected discounted future net cash flows arising from the assets. No impairment losses have been recorded through December 31, 2023. Cloud Computing Arrangements The Company defers implementation costs incurred in cloud computing hosting arrangements in accordance with Accounting Standards Update (“ASU”) 2018-15 and amortizes these costs over the noncancelable term of the cloud computing arrangement, plus any optional renewal periods (1) that are reasonably certain to be exercised by the Company or (2) for which exercises of the renewal option is controlled by the cloud service provider. Costs incurred during the application development stage are capitalized within either prepaid expenses and other current assets, or in other assets, net on the Company’s consolidated balance sheets. Amortization of implementation costs is on a straight-line basis over the related hosting arrangement term and is reflected in research and development expenses in the consolidated statements of operations. Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) 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. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Non-observable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying amount of the Company’s accounts payable approximates fair value due to its short-term nature. The carrying value of the Company’s long-term debt approximates its fair value due to its variable interest rate. Marketable Securities, Available for Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company may classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income, net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for accretion of premiums and amortization of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not realized any losses on its marketable securities to date. When the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the consolidated statements of operations. Credit losses are recognized through the use of an allowance for credit losses account in the consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the consolidated statements of operations. There were no credit losses recorded during the years ended December 31, 2023 or 2022. Comprehensive Income (Loss) The Company’s only element of other comprehensive income (loss) is unrealized gains and losses on available-for-sale marketable securities. Patent Costs The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses. As of December 31, 2023 and 2022, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property-related expenses for the years ended December 31, 2023 and 2022 were $0.2 million and $0.3 million, respectively. Research and Development Costs Research and development costs consist of salaries and benefits, including associated stock-based compensation, and fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Research and development costs are expensed as incurred. The Company estimates preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the services have been performed or when the goods have been received rather than when the payment is made. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses. Stock-Based Compensation The Company measures stock-based compensation cost at the accounting measurement date based on the fair value of the award and recognizes the expense on a straight-line basis over the requisite service period of the award, which is typically the vesting period. Compensation expense is measured using the fair value of the award at the grant date and is adjusted to reflect actual forfeitures as they occur. The Company estimates the fair value of stock options using the Black-Scholes option pricing model that takes into account the exercise price, the fair value of the Company’s common stock, the expected term of the option, the expected volatility of the Company’s common stock, expected dividends on the Company’s common stock, and the risk-free interest rate over the expected life of the option. Fair value of common stock— Expected term— Expected volatility— Risk-free interest rate— Expected dividend— The Company measures compensation expense for restricted stock units based on the fair value on the date of grant using the market value of the Company’s common stock. The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs or service payments are classified. Net Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and the effect of dilutive securities. The Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities contractually entitle the holders of such shares to participate in dividends; but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company accounts for uncertainty in income taxes recognized. If the tax position is deemed more likely than not to be sustained, it would then be assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To date the Company has no uncertain tax positions and there have been no interest and penalties. Recently Issued Accounting Pronouncements ​ In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements of Fina

Fair Value Measurements of Financial Assets	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Financial Assets	3. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 45,287 ​ $ — ​ $ — ​ $ 45,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 4,571 ​ $ — ​ $ 4,571 Commercial paper ​ ​ — ​ ​ 12,442 ​ ​ — ​ ​ 12,442 U.S. Government debt securities ​ ​ — ​ ​ 16,839 ​ ​ — ​ ​ 16,839 Total ​ $ — ​ $ 33,852 ​ $ — ​ $ 33,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 41,924 ​ $ — ​ $ — ​ $ 41,924 U.S. Government debt securities ​ ​ — ​ ​ 2,993 ​ ​ — ​ ​ 2,993 Total ​ $ 41,924 ​ $ 2,993 ​ $ — ​ $ 44,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 15,460 ​ $ — ​ $ 15,460 Commercial paper ​ ​ — ​ ​ 14,999 ​ ​ — ​ ​ 14,999 U.S. Government debt securities ​ ​ — ​ ​ 13,904 ​ ​ — ​ ​ 13,904 Total ​ $ — ​ $ 44,363 ​ $ — ​ $ 44,363 ​ Corporate debt securities, commercial paper, and U.S. Government debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the years ended December 31, 2023 and 2022, the Company had no transfers into or out of Level 3.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. MARKETABLE SECURITIES The following tables summarize the Company’s marketable securities as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ Amortized Unrealized Unrealized Fair ​ ​ Cost ​ Gains ​ Losses ​ Value ​ ​ (in thousands) Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 4,569 ​ $ 3 ​ $ (1) ​ $ 4,571 Commercial paper ​ ​ 12,444 ​ ​ — ​ ​ (2) ​ ​ 12,442 U.S. Government debt securities ​ ​ 16,830 ​ ​ 9 ​ ​ — ​ ​ 16,839 Total ​ $ 33,843 ​ $ 12 ​ $ (3) ​ $ 33,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Amortized Unrealized Unrealized Fair ​ ​ Cost ​ Gains ​ Losses ​ Value ​ ​ (in thousands) Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 15,627 ​ $ — ​ $ (167) ​ $ 15,460 Commercial paper ​ ​ 14,999 ​ ​ — ​ ​ — ​ ​ 14,999 U.S. Government debt securities ​ ​ 13,898 ​ ​ 6 ​ ​ — ​ ​ 13,904 Total ​ $ 44,524 ​ $ 6 ​ $ (167) ​ $ 44,363 ​

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated December 31, ​ ​ Useful Life ​ 2023 ​ 2022 ​ ​ ​ ​ ​ (in thousands) Computer software ​ 4 years ​ $ 157 ​ $ 157 Less: Accumulated depreciation ​ ​ ​ ​ (98) ​ (59) Property and equipment, net ​ ​ ​ ​ $ 59 ​ $ 98 ​ The Company recorded less than $0.1 million of depreciation expense during the years ended December 31, 2023 and 2022. ​

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued Expenses	6. ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Accrued preclinical and clinical trial costs ​ $ 756 ​ $ 6,174 Accrued restructuring charges ​ ​ 3 ​ ​ — Accrued compensation ​ 2,393 ​ 2,498 Accrued consulting ​ 68 ​ 75 Accrued professional services ​ 17 ​ 218 Accrued other ​ 401 ​ 365 Total accrued expenses ​ $ 3,638 ​ $ 9,330 ​

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	7. RESTRUCTURING CHARGES On January 6, 2023, the Company announced a pipeline prioritization and realignment of resources to advance its EO-3021 product candidate. The Company paused further investment in the clinical development of its seribantumab product candidate and realigned its resources to focus on advancing EO-3021 and other pipeline programs. The Company intends to pursue further development of seribantumab only in collaboration with a partner. Concurrently with this announcement, the Board of Directors of the Company (the “Board”) approved a reduction of the Company’s workforce across all areas of the Company. The workforce reduction was substantially completed in January 2023 and was fully completed in April 2023. These actions reflect the Company’s determination to refocus its strategic priorities around EO-3021 and other pipeline programs. Additionally, on January 5, 2023, the Company and the former President and Chief Executive Officer (“the former CEO”) of the Company, entered into a Separation Agreement (the “Separation Agreement”) following the mutual agreement between the Board and the former CEO regarding his departure from his positions with the Company. Pursuant to the Separation Agreement, the former CEO ceased his role as the Company’s President and CEO and resigned as a director of the Board, effective January 5, 2023. The reprioritization and realignment of resources included total restructuring charges of approximately $ 5.1 million, which included $ 1.6 million of one-time termination and contractual termination benefits for severance, healthcare and related benefits. The one-time termination benefits were recorded in January 2023 under the provisions of Accounting Standards Codification (“ASC”) 420, Exit or Disposal Cost Obligation , as this is the period the termination plan was both approved and communicated to the impacted employees. The contractual termination benefits were recorded in January 2023 under the provisions of ASC 712, Compensation-Nonretirement Postemployment Benefits , which is the period in which the contractual postemployment benefits became probable of recognition. In addition, the Company recorded a one-time stock-based compensation charge of $ 0.5 million. The following table summarizes the components of the Company’s restructuring activity recorded in accounts payable and accrued expenses in the accompanying consolidated balance sheet at December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expense Incurred During the Year Ended December 31, 2023 ​ Amounts Paid During the Year Ended December 31, 2023 ​ Amounts Unpaid at December 31, 2023 ​ ​ (in thousands) Employee severance, benefits and related costs ​ $ 1,610 ​ $ (1,607) ​ $ 3 Obligations under manufacturing and development contracts ​ ​ 3,497 ​ ​ (3,497) ​ ​ — ​ ​ $ 5,107 ​ $ (5,104) ​ $ 3 ​ ​

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	8. DEBT K2 HealthVentures Loan and Security Agreement In July 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (together with its affiliates, “K2HV”, and together with any other lender from time to time party thereto, the “Lenders”), as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $50.0 million principal in term loans (the “Term Loan”) consisting of a first tranche of $30.0 million funded at closing and a subsequent second tranche of up to $20.0 million upon the Company’s request before March 1, 2025, subject to review by the Lenders of certain information from the Company and discretionary approval by the Lenders. In connection with entering into the Loan Agreement, the Company also issued to K2HV a warrant to purchase shares of common stock (see Note 9), which was an incremental cost to the Loan Agreement; thus, the allocated fair value of the warrant was recorded as part of the issuance cost . The Term Loan will mature on August 1, 2026, with interest only payments for 30 months, and thereafter interest and principal payments for the remaining 18 months. It bears a variable interest rate equal to the greater of (i) 7.95% and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate, as determined by the Lenders, if The Wall Street Journal ceases to quote such rate) and (B) 3.20%. Upon the final payment under the Loan Agreement, the Lenders are entitled to an end of term charge equal to 6.45% of the aggregate original principal amount of the term loans made pursuant to the Loan Agreement. The final payment fee is being accreted and amortized into interest expense using the effective interest rate method over the term of the loan. As of December 31, 2023, the effective interest rate is 14.14% for the first tranche. This could change given it is a variable interest rate facility. The Company may prepay, at its option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the term loans, subject to a prepayment premium as follows: 3% of the loan amounts prepaid if such prepayment occurs in the first year after funding; 2% if such prepayment occurs in the second year after funding; 1% if such prepayment occurs in the third year after funding; and 0% thereafter. The Lenders may elect at any time following the closing and prior to the full repayment of the term loans to convert any portion of the principal amount of the term loans then outstanding, up to an aggregate of $3.25 million in principal amount, into shares of the Company’s common stock, $0.0001 par value per share, at a conversion price of $2.25, (the effective price per share of common stock sold in the Company’s June 2023 offering (see Note 10)), subject to customary 19.99% Nasdaq beneficial ownership limitations. The Company also granted registration rights to the Lenders with respect to shares received upon such conversion. Further, the Lenders may elect to invest up to $5.0 million in future equity financings of the Company, provided such investment is limited to no more than 10% of the total amount raised in such equity financing. The Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, dispose of assets, make changes to the Company’s business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. The Loan Agreement also contains covenants requiring that the Company maintain cash, cash equivalents and marketable securities balance of at least $25.0 million so long as the Company’s total market capitalization is less than $250.0 million. As security for its obligations under the Loan Agreement, the Company granted the Lenders a first priority security interest on substantially all of the Company’s assets (other than intellectual property), subject to certain exceptions. The Company capitalized $0.9 million of debt issuance costs which consist of incremental costs incurred for the Lenders and third-party legal firms as well as the fair value of the warrant issued in conjunction with the origination of the Term Loan. The book value of debt approximates its fair value given the variable interest rate. Long-term debt and the unamortized discount balances are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ (in thousands) Outstanding principal amount $ 30,000 ​ $ 30,000 Add: accreted liability of final payment fee ​ 686 ​ ​ 198 Less: unamortized debt discount, long-term ​ (549) ​ ​ (763) Long-term debt, net of discount $ 30,137 ​ $ 29,435 ​ The Company's total interest expense was $4.2 million and $1.5 million for the years ended December 31, 2023 and 2022, respectively. The following ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ (in thousands) Interest paid or accrued $ 3,466 ​ $ 1,246 Non-cash amortization of debt discount (including warrants) ​ 214 ​ ​ 87 Non-cash accrued back-end fee ​ 488 ​ ​ 198 ​ $ 4,168 ​ $ 1,531 ​ Scheduled future principal payments on total outstanding debt as of December 31, 2023 are as follows: ​ ​ ​ ​ Year Ending December 31, ​ ​ (in thousands) ​ 2024 $ — 2025 ​ 17,685 2026 ​ 12,315 ​ $ 30,000 ​ ​

K2 Warrant

K2 Warrant	12 Months Ended
	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
K2 Warrant	9. K2 WARRANT In connection with the Term Loan and Loan Agreement (see Note 8), the Company issued warrants to purchase 339,725 shares of the Company’s common stock with an exercise price of $1.3246 (the “K2 Warrant”). K2HV may at any time and from time to time exercise this K2 Warrant, in whole or in part, by delivering to the Company the original of this K2 Warrant together with a duly executed Notice of Exercise. The Company also granted registration rights to the Lenders with respect to shares issuable upon exercise of the K2 Warrant. All 339,725 shares subject to the K2 Warrant are outstanding as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Initial Recognition Date ​ Exercise Price ​ Expiration Date K2 Warrant 339,725 July 27, 2022 ​ $ 1.3246 ​ July 27, 2032 ​ The K2 Warrant’s allocated fair value upon issuance was estimated to be approximately $0.4 million and was recorded as additional paid-in capital on the Company’s consolidated balance sheets. ​ ​

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	10. EQUITY Preferred stock The Company has authorized preferred stock amounting to 10,000,000 shares as of December 31, 2023 and 2022. Common stock The Company has authorized common stock amounting to 500,000,000 shares of $0.0001 par value as of December 31, 2023 and 2022. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Board, if any. No dividends have been declared or paid At-the-Market Offering In July 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), under which the Company may offer and sell, from time to time, shares of common stock having aggregate gross proceeds of up to $50.0 million (the “ATM Shares”). The Company will pay Cowen a commission of up to 3% of the gross proceeds of any sales of the ATM Shares pursuant to the Sales Agreement. As of December 31, 2023, the Company has not sold any shares under the Sales Agreement. June 2023 Public Offering On June 8, 2023, Elevation entered into an Underwriting Agreement (the “Purchase Agreement”) with SVB Securities LLC and Cowen and Company, LLC, as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 17,810,000 shares of its common stock, par value $0.0001 per share (each a “Share” and collectively the “Shares”), pre-funded warrants to purchase 4,440,000 shares of its common stock (the “Pre-Funded Warrants”) and common stock warrants (the “Common Warrants” and collectively with the Pre-Funded Warrants, the “Warrants”) to purchase 22,250,000 shares of its common stock to the Underwriters (collectively, the “Offering”). Each full Share was sold together with one Common Warrant at the public offering price of $2.25 per share, less underwriting discounts and commissions. Each full Pre-Funded Warrant was sold together with one Common Warrant at a public offering price of $2.2499 per Pre-Funded Warrant, which represents the per Share and Common Warrant public offering price less a $0.0001 per share exercise price for each such Pre-Funded Warrant. The Common Warrants are exercisable at any time after the date of issuance and have an exercise price of $2.25 per share, subject to adjustment. The Common Warrants expire five years from the date of issuance. The Pre-Funded Warrants are exercisable at any time after the date of issuance and do not expire. The aggregate exercise price of the Pre-Funded Warrants, except for a nominal exercise price of $0.0001 per share of common stock, was pre-funded to the Company and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per share of common stock) is required for the exercise of the Pre-Funded Warrants. The Offering closed on June 13, 2023, and the Company received gross proceeds of $50.1 million before deducting underwriting discounts, commissions and offering expenses. As of the close of the Offering, the Company issued 17,810,000 shares of common stock and Common Warrants to purchase 17,810,000 shares of common stock for a total consideration of $40.1 million and 4,440,000 shares of common stock and Pre-Funded Warrants to purchase 4,440,000 shares of common stock for a total consideration of $10.0 million. The terms and conditions of the Warrants are as noted and governed by the agreements entered into with the holders on June 13, 2023. Underwriting discount and commissions and other offering expenses of approximately $3.6 million incurred directly related to the offering were reflected as a reduction in additional paid-in capital. All of the Warrants are outstanding as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Initial Recognition Date ​ Exercise Price ​ Expiration Date Common Warrants ​ 22,250,000 ​ June 13, 2023 ​ $ 2.2500 ​ June 13, 2028 Pre-Funded Warrants ​ 4,440,000 ​ June 13, 2023 ​ $ 0.0001 ​ Upon full exercise of the Pre-Funded Warrants ​ The fair value of the Warrants issued to the Investors in the offering was approximately $35.6 million. The fair value of the Common Warrants was measured using a Monte Carlo simulation model with the following assumptions: ​ ​ ​ Stock price $1.65 Strike price $2.25 Volatility (annual) 110.00% Risk-free rate 3.93% Estimated time to expiration (years) 5 Dividend yield —% ​ Total proceeds were allocated between the Shares and Warrants on a relative fair value basis given both securities are equity classified. ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. STOCK-BASED COMPENSATION Stock-based compensation expense as reflected in the Company’s consolidated statements of operations and comprehensive loss was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ ​ (in thousands) Research and development ​ $ 610 ​ $ 669 General and administrative ​ 2,725 ​ 2,537 Stock-based compensation expense included in operating expenses ​ $ 3,335 ​ $ 3,206 ​ 2021 Equity Incentive Plan The Company has two equity incentive plans: the 2019 Equity Incentive Plan (“2019 Plan”) and the 2021 Equity Incentive Plan (“2021 Plan”). New awards can only be granted under the 2021 Plan, under which the Company is able to issue equity awards to employees, Board members, consultants, and advisors. The 2021 Plan became effective on June 24, 2021, the date the prospectus related to the Company's IPO was deemed effective by the SEC. The 2021 Plan authorizes the award of stock options, restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), cash awards, performance awards and stock bonus awards. The Company initially reserved 1,483,445 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2021 Plan, for issuance pursuant to awards granted under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan will increase automatically on January 1, 2022 through 2031 by the number of shares equal to the lesser of 5% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31, or a number as may be determined by the Board in any particular year. As such, 2,121,127 shares were added to the Plan in January 2024. As of December 31, 2023, 1,300,387 shares remained available for future issuance under the 2021 Plan. 2021 Employee Stock Purchase Plan The Company has adopted the Employee Stock Purchase Plan (“ESPP”) which became effective June 24, 2021, the date the prospectus related to the Company's IPO was deemed effective by the SEC, to enable eligible employees to purchase shares of its common stock with accumulated payroll deductions at a discount beginning on a date to be determined by the Board or compensation committee. The ESPP is intended to qualify under Section 423 of the Code. The Company initially reserved 228,222 shares of its common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP will increase automatically on January 1, 2022 through 2031 by the number of shares equal to the lesser of 1% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31 (rounded to the nearest whole share) or a number of shares as may be determined by the Board in any particular year. As such, 424,225 shares were added to the Plan in January 2024. As of December 31, 2023, no offering periods have commenced, and 693,406 shares remained available for future issuance under the ESPP. The aggregate number of shares issued over the term of the ESPP, subject to stock splits, recapitalizations or similar events, may not exceed 4,564,440 shares of the Company’s common stock. Stock Options The following is a summary of the Company’s stock option activity for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining Contractual ​ Aggregate ​ Options Exercise Price Term Intrinsic Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding at December 31, 2022 4,408,274 ​ $ 3.44 8.52 ​ $ 350 Granted 2,384,939 ​ ​ 1.10 ​ Exercised (1,264,899) ​ ​ 1.18 ​ Cancelled ​ (1,350,120) ​ $ 2.85 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 4,178,194 ​ $ 2.98 8.22 ​ $ 11 Vested at December 31, 2023 2,741,791 ​ $ 3.20 5.41 ​ $ 10 Vested and expected to vest at December 31, 2023 4,178,194 ​ $ 2.98 8.22 ​ $ 11 ​ The aggregate intrinsic value of stock 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 Company’s common stock. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was $1.6 million and $0.1 million, respectively. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2023 and 2022 was $0.59 and $1.96 per share, respectively. The fair value of each stock option was estimated using a Black-Scholes option-pricing model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rate 3.67 - 4.54 % 1.62 - 4.37 % Volatility 72 - 77 % 72-80 % Dividend yield — % — % Expected term (years) 2-7 6 ​ ​ The fair value of options that vested during the years ended December 31, 2023 and 2022 was $5.1 million and $2.8 million, respectively. The Company recorded stock-based compensation expense associated with stock option awards of $2.5 million and $2.4 million during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there was Restricted Common Stock The terms of the 2019 Plan permitted certain option holders to exercise options before their options were vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement and are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the lesser of the price paid by the purchaser or the fair value of the shares at the time of repurchase. Such shares are not deemed to be issued for accounting purposes until they vest and are therefore excluded from shares outstanding until the repurchase right lapses and the shares are no longer subject to the repurchase feature. The liability is reclassified as common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the exercise proceeds of $0 and less than $0.1 million as a liability from the early exercise in the accompanying consolidated balance sheets as of December 31, 2023 and 2022, respectively. The aggregate fair value of restricted common stock that vested during each of the years ended December 31, 2023 and 2022 was less than $0.1 million. The Company recorded stock-based compensation expense associated with restricted common stock of less than $0.1 million during each of the years ended December 31, 2023 and 2022. As of December 31, 2023, there were no unvested shares of restricted common stock. Restricted Stock Units The Company issues restricted stock units (“RSUs”) to employees that generally vest over a four-year period with 25% of awards vesting after one year and then quarterly thereafter. Any unvested shares will be forfeited upon termination of services. The fair value of an RSU is equal to the fair market value price of the Company’s common stock on the date of grant. RSU expense is amortized straight-line over the vesting period. The following table summarizes activity related to RSUs for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Number of shares ​ Fair Value Unvested at December 31, 2022 125,622 ​ $ 16.00 Granted 100,825 ​ $ 0.98 Vested ​ (50,250) ​ $ 16.00 Cancelled ​ (20,400) ​ $ 0.98 Unvested at December 31, 2023 155,797 ​ $ 8.25 ​ The aggregate fair value of RSUs that vested during the years ended December 31, 2023 and 2022 was $0.1 million and $0.2 million, respectively. The Company recorded stock-based compensation expense of $0.8 million for each of the years ended December 31, 2023 and 2022 related to RSUs. As of December 31, 2023, the total unrecognized expense related to all RSUs was $1.4 million, which the Company expects to recognize over a weighted-average period of 1.7 years. In connection with the vesting of RSUs, the Company adopted a net settlement method whereby shares of common stock are withheld to satisfy tax withholding and remittance obligations. As of December 31, 2023, the Company withheld 47,733 shares, which are held in Treasury Stock, for $0.1 million.

Asset Purchase and License Agre

Asset Purchase and License Agreements	12 Months Ended
	Dec. 31, 2023
Asset Acquisition [Abstract]
Asset Purchase and License Agreements	12. ASSET PURCHASE AND LICENSE AGREEMENTS CSPC License Agreement In July 2022, the Company entered into a license agreement (the “CSPC License Agreement”) with CSPC Megalith Biopharmaceutical Co., Ltd., a subsidiary of CSPC Pharmaceutical Group Limited (the “Licensor”), with an effective date of July 27, 2022 (the “Effective Date”), pursuant to which the Licensor granted to the Company a worldwide exclusive right and license (outside of the People’s Republic of China, Hong Kong, Taiwan and Macau) under certain patents identified in the CSPC License Agreement (the “Licensed Patents”) and know-how (collectively, the “Licensed IP”) to develop and commercialize products (“Licensed Products”) containing EO-3021 (SYSA1801) (the “Licensed Compound”) in the treatment of cancer (the “Field”). ​ Subject to certain conditions set forth in the CSPC License Agreement, the Company may grant sublicenses (including the right to grant further sublicenses) to its rights under the CSPC License Agreement to any of its affiliates or any third party. Either party to the CSPC License Agreement may assign its rights under the CSPC License Agreement (i) in connection with the sale or transfer of all or substantially all of its assets to a third party, (ii) in the event of a merger or consolidation with a third party or (iii) to an affiliate; in each case contingent upon the assignee assuming in writing all of the obligations of its assignor under the CSPC License Agreement. ​ Under the terms of CSPC License Agreement, the Company paid to the Licensor a one-time upfront license fee of $27.0 million, and is required to pay to the Licensor milestone payments of up to $148.0 million following the achievement of certain development and regulatory milestones and additional milestone payments of up to approximately $1.0 billion following the achievement of certain commercial milestones. During the Term (as defined below), the Company is also required to pay to the Licensor (i) royalties ranging from mid-single digits through low double digits on net sales of each Licensed Product and (ii) a percentage of non-royalty sublicense income received by the Company of up to an aggregate of $50.0 million. ​ Under the terms of the CSPC License Agreement, the development of the Licensed Compound and the first Licensed Product will be governed by a clinical development plan, including anticipated timeline goals in connection with the clinical trials for the first Licensed Product (the “Development Plan”). The Development Plan may be amended by a joint steering committee established by the Company and the Licensor. ​ The Company will purchase Licensed Products for any clinical or commercial supply from the Licensor under the terms of a supply agreement. Until the Company has completed the first Phase 2 clinical trial for the first Licensed Product in the United States, the Licensor shall supply the Licensed Compound to the Company for clinical purposes as the Company requests, but only to the extent necessary for the Company to conduct such clinical trial, at no cost to the Company. ​ The CSPC License Agreement will expire automatically upon the expiration of the last royalty term of the last Licensed Product (the “Term”), with each royalty term expiring on a country-by-country basis upon the later of: (i) the expiration or abandonment of the last-to-expire Licensed Patent covering a Licensed Product; (ii) 10 years after the date of first commercial sale in the applicable country; and (iii) expiration of regulatory exclusivity for the Licensed Product in the applicable country. Following the expiration of the Term, the License will become non-exclusive and fully-paid. ​ The CSPC License Agreement may be terminated by the Company for any reason upon 180 days prior written notice to the Licensor. The Licensor may terminate the CSPC License Agreement if the Company or any sublicensee commences an action challenging the Licensed Patents or following the occurrence of certain change of control transactions. Either party may terminate the CSPC License Agreement (i) for an uncured material breach of the CSPC License Agreement by the other party or (ii) if, at any time, the other party undergoes certain bankruptcy, insolvency or dissolution proceedings. Merrimack Asset Purchase Agreement In May 2019, the Company entered into an asset purchase agreement with Merrimack Pharmaceuticals, Inc. (the “previous sponsor”), pursuant to which it acquired all rights and interest to patents, know-how and inventory for assets related to seribantumab, a fully humanized immunoglobulin G2 monoclonal antibody against HER3. Pursuant to the asset purchase agreement, the Company made an upfront, non-refundable payment of $3.5 million at closing. If the Company succeeds in finding a partner to develop and commercialize seribantumab, the Company may be obligated to pay the previous sponsor up to $54.5 million in development, regulatory and sales milestone payments. Under the terms of the asset purchase agreement, the Company assumed the rights and obligations of the following collaboration and license agreements previously held by the previous sponsor: ● Dyax— The Company assumed all rights and obligations provided for under the amended and restated collaboration agreement executed between Dyax Corp. (“Dyax”) and the previous sponsor (the “Dyax Agreement”). Pursuant to the Dyax Agreement, Dyax utilized its proprietary phage technology to identify antibodies that would bind to targets of interest to the previous sponsor. Additionally, Dyax granted to the previous sponsor a world-wide, non-exclusive, royalty free right to use and make any and all of the antibodies identified by Dyax for certain research purposes. Seribantumab was identified as a result of the research activities performed under the Dyax Agreement. Pursuant to the terms of the Dyax Agreement, the Company may be obligated to pay Dyax milestone payments of up to approximately $9.3 million if certain development and regulatory milestones are achieved. In addition, Dyax is entitled to mid-single digit royalties based on net sales of seribantumab. The Company’s obligation to pay royalties to Dyax continues on a product-by-product and country-by-country basis until the later of a specified number of years after the first commercial sale in such country and the expiration of the patent rights covering seribantumab in such country. The Dyax Agreement will remain in effect, unless earlier terminated, for so long as the Company continues to develop or commercialize seribantumab. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement in its entirety or on a product-by-product basis at any time upon 90 days’ prior written notice. ● Ligand Pharmaceuticals— The Company assumed all rights and obligations provided for under the amended commercial license agreement executed between Selexis SA (“Selexis”) and the previous sponsor (the “Selexis Agreement”). Pursuant to the Selexis Agreement, the Company received non-exclusive rights to technology for use in the manufacture of seribantumab and may be required to make milestone payments of up to approximately €0.9 million, per licensed product, if certain development and regulatory milestones are achieved. Additionally, Selexis may have the right to obtain a royalty of the greater of €0.2 million annually and less than one percent on net sales of seribantumab. The obligation to pay royalties with respect to each product sold in a country continues until the expiration of the patent rights covering the product in such country. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement at any time upon 60 days ’ prior written notice. In November 2021, the Selexis agreement was assigned to Ligand Pharmaceuticals Incorporated. ● National Institute of Health —The Company assumed all rights and obligations provided for under the amended commercial license agreement executed between the U.S. Public Health Service, a division of the U.S. Department of Health and Human Services (the “NIH”) and the previous sponsor (the “NIH Agreement”). Pursuant to the NIH Agreement, the Company received non-exclusive rights in the United States to patents related to certain antibodies associated with seribantumab. If certain development and regulatory milestones are achieved, the Company may be obligated to pay NIH additional milestone payments of up to approximately $0.4 million per licensed product. The Company evaluated the asset purchase agreement with the previous sponsor under ASC Topic 805 , Business Combinations, ​ ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES The Company, from time to time, may be involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business. The Company was not a defendant in any lawsuits as of December 31, 2023.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	14. INCOME TAXES The Company recorded a current provision for income taxes of less than $0.1 million for each of the years ended December 31, 2023 and 2022. The Company has incurred net pre-tax losses in the United States only for all periods presented. The Company has not reflected any benefit of such net operating loss (“NOL”) carryforwards in the accompanying consolidated financial statements. The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ Profit before tax at federal statutory rate 21.0 % 21.0 % State tax benefit, net of federal benefit 0.6 % 0.6 % Research and development credit carryovers 2.7 % 2.9 % Stock-based compensation ​ (1.5) % (0.4) % Permanent differences (0.0) % (0.7) % Return to provision true ups ​ 0.6 % 0.1 % Change in valuation allowance (23.5) % (23.5) % Effective income tax rate (0.1) % — % ​ In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the NOL carryforwards. The Company has recorded a valuation allowance against its deferred tax assets on December 31, 2023 and 2022 because the Company’s management believes that it is more likely than not that these assets will not be fully realized in the near future. The increase in the valuation allowance of approximately $10.7 million in the year ended December 31, 2023 primarily relates to the generation of net operating losses and research and development credits, and the capitalization of research and development costs that will be amortized in the future. The Tax Cuts and Jobs Act (TCJA) requires taxpayers to capitalize and amortize research and development costs under Section 174 effective for tax years beginning on or after January 1, 2022. As a result, the Company capitalized $24.1 million and $53.4 million of research and development costs for the years ended December 31, 2023 and 2022, respectively, that will be amortized for tax purposes over five years if performed in the U.S. and over 15 years if performed outside of the U.S. As of December 31, 2023, the Company had federal NOL carryforwards of approximately $94.4 million, all of which can be carried forward indefinitely, and state NOL carryforwards of $7.7 million, which begin to expire in 2035. The Company also has federal tax credits of $5.2 million and state tax credits of $0.8 million which may be used to offset future tax liabilities and will begin to expire in 2035. NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. ​ Net deferred tax asset (liability) in the accompanying consolidated balance sheets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Deferred tax assets and (liabilities) ​ ​ Net operating losses ​ $ 20,243 ​ $ 12,427 Research and development expenses ​ ​ 13,431 ​ ​ 10,945 Research and development credit ​ 5,869 ​ 4,645 Accrued expenses ​ ​ 564 ​ ​ 711 Stock-based compensation ​ ​ 168 ​ ​ 411 Other ​ ​ 148 ​ ​ 135 Intangible assets ​ 5,511 ​ 5,944 Gross deferred tax asset ​ 45,934 ​ 35,218 Valuation allowance ​ (45,931) ​ (35,210) Net deferred tax asset ​ 3 ​ 8 Fixed assets ​ (3) ​ (8) Deferred tax liabilities ​ (3) ​ (8) Net deferred tax asset (liability) ​ $ — ​ $ — ​ Subsequent ownership changes may further affect the limitation in future years. The Company has not conducted a study to assess whether a change of ownership has occurred or whether there have been multiple changes of ownership since Inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of ownership, as defined by Section 382 and 383 of the Internal Revenue Code, at any time since inception, utilization of the NOL carryforwards or research and development tax credit carryforwards would be subject to the annual limitations under Section 382 and 383 of the Internal Revenue Code. The Company will recognize both accrued interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s consolidated statements of operations. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. As of December 31, 2023, all tax returns remain open.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	15. NET LOSS PER SHARE The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 Net loss ​ $ (45,704) ​ $ (95,080) Weighted average common stock outstanding, basic and diluted ​ 34,077,675 ​ 23,267,120 Net loss per share, basic and diluted ​ $ (1.34) ​ $ (4.09) ​ The Company’s potentially dilutive securities 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 is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Outstanding stock options 4,178,194 4,408,274 Unvested restricted stock ​ — ​ 3,945 Unvested RSUs 155,797 125,622 K2 Warrant ​ 339,725 ​ 339,725 Common Warrants ​ 22,250,000 ​ — Pre-funded Warrants ​ 4,440,000 ​ — Convertible debt (as-converted to common stock) ​ 1,444,444 ​ 1,226,739 ​ 32,808,160 6,104,305

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	16. DEFINED CONTRIBUTION PLAN The Company has a defined contribution plan under Section 401(k) of the Internal Revenue Code (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 pre-tax basis. As currently established, the Company is not required to make contributions to the 401(k) Plan. The Company made matching contributions of $0.3 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS At-the-Market Offering The Company sold 5,777,527 ATM Shares pursuant to the Sales Agreement with Cowen during the period from January 1, 2024 through March 6, 2024. Net proceeds were approximately $17.0 million after deducting issuance costs. Amendment to Loan and Security Agreement On March 1, 2024, the Company entered into an amendment to that certain Loan and Security Agreement dated July 27, 2022 (such amendment, the “Loan Agreement Amendment,” and such original agreement, the “Original Loan Agreement”) with K2 HealthVentures LLC (“K2HV”, together with any other lender from time to time party thereto, the “Lenders”), as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. Pursuant to the Loan Agreement Amendment: (i) the amortization date of the term loans provided under the Original Loan Agreement was amended from March 1, 2025 to June 1, 2026; (ii) the Company issued the Amendment Warrant (as defined below); (iii) upon the Lenders’ election to convert any portion of the principal amount of the term loans then outstanding, up to $3.25 million in principal amount, into shares of the Company’s common stock (“Common Stock”) as permitted by the Original Loan Agreement, designated holders will also receive a warrant to purchase an equal number of shares of Common Stock, subject to customary beneficial ownership limitations; and (iv) the Company paid an amendment fee of $150,000. All other representations and warranties, events of default, covenants and security interests in the Original Loan Agreement remain intact. In connection with entering into the Original Loan Agreement, the Company previously issued to K2 HealthVentures Equity Trust LLC (the “K2HV Holder”) a warrant to purchase 339,725 shares of Common Stock, with an exercise price per warrant of $1.3246, expiring July 27, 2032. In connection with the Loan Agreement Amendment, the Company issued to the K2HV Holder an additional warrant to purchase 55,249 shares of Common Stock, with an exercise price per warrant of $2.7150, expiring March 1, 2034 (the “Amendment Warrant”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Elevation Oncology Securities Corporation. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accruals for research and development expenses, the valuation of common stock and the assumptions used in the valuation of share-based compensation awards. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available and regularly reviewed by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the discovery and development of cancer therapies for patient populations with significant unmet medical needs. All material long-lived assets of the Company reside in the United States.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, cash equivalents consisted of money market funds. The Company places its cash with high-credit-quality financial institutions domiciled in the United States.
Deferred Financing Costs	Deferred Financing Costs ​ The incremental cost, including the fair value of warrants, directly associated with obtaining debt financing is capitalized as deferred financing costs upon the issuance of the debt and amortized over the term of the related debt agreement using the effective-interest method with such amortized amounts included as a component of interest expense in the consolidated statements of operations. Unamortized deferred financing costs are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt obligation.
Concentrations of Credit Risk and Significant Suppliers	Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. During the years ended December 31, 2023 and 2022, the Company had two and three vendors that accounted for approximately 66% and 78% of its research and development expense, respectively. As of December 31, 2023 and 2022, the Company had two vendors that accounted for approximately 39% and 87% of the total accounts payable, respectively.
Property and Equipment	Property and Equipment Property and equipment consist of computer software that is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of assets may not be recoverable. Recoverability is measured by comparison of the asset’s book value to future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book value of the assets exceed their fair value, which is measured based on the projected discounted future net cash flows arising from the assets. No impairment losses have been recorded through December 31, 2023.
Cloud Computing Arrangements	Cloud Computing Arrangements The Company defers implementation costs incurred in cloud computing hosting arrangements in accordance with Accounting Standards Update (“ASU”) 2018-15 and amortizes these costs over the noncancelable term of the cloud computing arrangement, plus any optional renewal periods (1) that are reasonably certain to be exercised by the Company or (2) for which exercises of the renewal option is controlled by the cloud service provider. Costs incurred during the application development stage are capitalized within either prepaid expenses and other current assets, or in other assets, net on the Company’s consolidated balance sheets. Amortization of implementation costs is on a straight-line basis over the related hosting arrangement term and is reflected in research and development expenses in the consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) 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. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Non-observable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying amount of the Company’s accounts payable approximates fair value due to its short-term nature. The carrying value of the Company’s long-term debt approximates its fair value due to its variable interest rate.
Marketable Securities, Available for Sale	Marketable Securities, Available for Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company may classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income, net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for accretion of premiums and amortization of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not realized any losses on its marketable securities to date. When the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the consolidated statements of operations. Credit losses are recognized through the use of an allowance for credit losses account in the consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the consolidated statements of operations. There were no credit losses recorded during the years ended December 31, 2023 or 2022.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company’s only element of other comprehensive income (loss) is unrealized gains and losses on available-for-sale marketable securities.
Patent Costs	Patent Costs The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses. As of December 31, 2023 and 2022, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property-related expenses for the years ended December 31, 2023 and 2022 were $0.2 million and $0.3 million, respectively.
Research and Development Costs	Research and Development Costs Research and development costs consist of salaries and benefits, including associated stock-based compensation, and fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Research and development costs are expensed as incurred. The Company estimates preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the services have been performed or when the goods have been received rather than when the payment is made. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures stock-based compensation cost at the accounting measurement date based on the fair value of the award and recognizes the expense on a straight-line basis over the requisite service period of the award, which is typically the vesting period. Compensation expense is measured using the fair value of the award at the grant date and is adjusted to reflect actual forfeitures as they occur. The Company estimates the fair value of stock options using the Black-Scholes option pricing model that takes into account the exercise price, the fair value of the Company’s common stock, the expected term of the option, the expected volatility of the Company’s common stock, expected dividends on the Company’s common stock, and the risk-free interest rate over the expected life of the option. Fair value of common stock— Expected term— Expected volatility— Risk-free interest rate— Expected dividend— The Company measures compensation expense for restricted stock units based on the fair value on the date of grant using the market value of the Company’s common stock. The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs or service payments are classified.
Net Loss per Common Share	Net Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and the effect of dilutive securities. The Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities contractually entitle the holders of such shares to participate in dividends; but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company accounts for uncertainty in income taxes recognized. If the tax position is deemed more likely than not to be sustained, it would then be assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To date the Company has no uncertain tax positions and there have been no interest and penalties.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ​ In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value measurements of financial assets	The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 45,287 ​ $ — ​ $ — ​ $ 45,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 4,571 ​ $ — ​ $ 4,571 Commercial paper ​ ​ — ​ ​ 12,442 ​ ​ — ​ ​ 12,442 U.S. Government debt securities ​ ​ — ​ ​ 16,839 ​ ​ — ​ ​ 16,839 Total ​ $ — ​ $ 33,852 ​ $ — ​ $ 33,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 41,924 ​ $ — ​ $ — ​ $ 41,924 U.S. Government debt securities ​ ​ — ​ ​ 2,993 ​ ​ — ​ ​ 2,993 Total ​ $ 41,924 ​ $ 2,993 ​ $ — ​ $ 44,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 15,460 ​ $ — ​ $ 15,460 Commercial paper ​ ​ — ​ ​ 14,999 ​ ​ — ​ ​ 14,999 U.S. Government debt securities ​ ​ — ​ ​ 13,904 ​ ​ — ​ ​ 13,904 Total ​ $ — ​ $ 44,363 ​ $ — ​ $ 44,363

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable securities	The following tables summarize the Company’s marketable securities as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ Amortized Unrealized Unrealized Fair ​ ​ Cost ​ Gains ​ Losses ​ Value ​ ​ (in thousands) Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 4,569 ​ $ 3 ​ $ (1) ​ $ 4,571 Commercial paper ​ ​ 12,444 ​ ​ — ​ ​ (2) ​ ​ 12,442 U.S. Government debt securities ​ ​ 16,830 ​ ​ 9 ​ ​ — ​ ​ 16,839 Total ​ $ 33,843 ​ $ 12 ​ $ (3) ​ $ 33,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Amortized Unrealized Unrealized Fair ​ ​ Cost ​ Gains ​ Losses ​ Value ​ ​ (in thousands) Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 15,627 ​ $ — ​ $ (167) ​ $ 15,460 Commercial paper ​ ​ 14,999 ​ ​ — ​ ​ — ​ ​ 14,999 U.S. Government debt securities ​ ​ 13,898 ​ ​ 6 ​ ​ — ​ ​ 13,904 Total ​ $ 44,524 ​ $ 6 ​ $ (167) ​ $ 44,363 ​

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	Property and equipment, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated December 31, ​ ​ Useful Life ​ 2023 ​ 2022 ​ ​ ​ ​ ​ (in thousands) Computer software ​ 4 years ​ $ 157 ​ $ 157 Less: Accumulated depreciation ​ ​ ​ ​ (98) ​ (59) Property and equipment, net ​ ​ ​ ​ $ 59 ​ $ 98

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Schedule of accrued expenses	Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Accrued preclinical and clinical trial costs ​ $ 756 ​ $ 6,174 Accrued restructuring charges ​ ​ 3 ​ ​ — Accrued compensation ​ 2,393 ​ 2,498 Accrued consulting ​ 68 ​ 75 Accrued professional services ​ 17 ​ 218 Accrued other ​ 401 ​ 365 Total accrued expenses ​ $ 3,638 ​ $ 9,330 ​

Restructuring Costs (Tables)

Restructuring Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Activity	The following table summarizes the components of the Company’s restructuring activity recorded in accounts payable and accrued expenses in the accompanying consolidated balance sheet at December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expense Incurred During the Year Ended December 31, 2023 ​ Amounts Paid During the Year Ended December 31, 2023 ​ Amounts Unpaid at December 31, 2023 ​ ​ (in thousands) Employee severance, benefits and related costs ​ $ 1,610 ​ $ (1,607) ​ $ 3 Obligations under manufacturing and development contracts ​ ​ 3,497 ​ ​ (3,497) ​ ​ — ​ ​ $ 5,107 ​ $ (5,104) ​ $ 3 ​ ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of long term debt and unamortized discount balances	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ (in thousands) Outstanding principal amount $ 30,000 ​ $ 30,000 Add: accreted liability of final payment fee ​ 686 ​ ​ 198 Less: unamortized debt discount, long-term ​ (549) ​ ​ (763) Long-term debt, net of discount $ 30,137 ​ $ 29,435
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ (in thousands) Interest paid or accrued $ 3,466 ​ $ 1,246 Non-cash amortization of debt discount (including warrants) ​ 214 ​ ​ 87 Non-cash accrued back-end fee ​ 488 ​ ​ 198 ​ $ 4,168 ​ $ 1,531
Schedule of future principal payments	​ ​ ​ ​ Year Ending December 31, ​ ​ (in thousands) ​ 2024 $ — 2025 ​ 17,685 2026 ​ 12,315 ​ $ 30,000

K2 Warrant (Tables)

K2 Warrant (Tables)	12 Months Ended
	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Schedule of warrant outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Initial Recognition Date ​ Exercise Price ​ Expiration Date K2 Warrant 339,725 July 27, 2022 ​ $ 1.3246 ​ July 27, 2032

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Schedule of warrant outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Initial Recognition Date ​ Exercise Price ​ Expiration Date K2 Warrant 339,725 July 27, 2022 ​ $ 1.3246 ​ July 27, 2032
Common Warrants and Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Schedule of warrant outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Initial Recognition Date ​ Exercise Price ​ Expiration Date Common Warrants ​ 22,250,000 ​ June 13, 2023 ​ $ 2.2500 ​ June 13, 2028 Pre-Funded Warrants ​ 4,440,000 ​ June 13, 2023 ​ $ 0.0001 ​ Upon full exercise of the Pre-Funded Warrants
Schedule of fair value assumptions	​ ​ ​ Stock price $1.65 Strike price $2.25 Volatility (annual) 110.00% Risk-free rate 3.93% Estimated time to expiration (years) 5 Dividend yield —%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense as reflected in the Company’s consolidated statements of operations and comprehensive loss was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ ​ (in thousands) Research and development ​ $ 610 ​ $ 669 General and administrative ​ 2,725 ​ 2,537 Stock-based compensation expense included in operating expenses ​ $ 3,335 ​ $ 3,206
Summary of stock option activity	The following is a summary of the Company’s stock option activity for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining Contractual ​ Aggregate ​ Options Exercise Price Term Intrinsic Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding at December 31, 2022 4,408,274 ​ $ 3.44 8.52 ​ $ 350 Granted 2,384,939 ​ ​ 1.10 ​ Exercised (1,264,899) ​ ​ 1.18 ​ Cancelled ​ (1,350,120) ​ $ 2.85 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 4,178,194 ​ $ 2.98 8.22 ​ $ 11 Vested at December 31, 2023 2,741,791 ​ $ 3.20 5.41 ​ $ 10 Vested and expected to vest at December 31, 2023 4,178,194 ​ $ 2.98 8.22 ​ $ 11
Schedule of assumptions used in estimation of fair value	​ ​ ​ Stock price $1.65 Strike price $2.25 Volatility (annual) 110.00% Risk-free rate 3.93% Estimated time to expiration (years) 5 Dividend yield —%
Summary of restricted stock units activity	The following table summarizes activity related to RSUs for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Number of shares ​ Fair Value Unvested at December 31, 2022 125,622 ​ $ 16.00 Granted 100,825 ​ $ 0.98 Vested ​ (50,250) ​ $ 16.00 Cancelled ​ (20,400) ​ $ 0.98 Unvested at December 31, 2023 155,797 ​ $ 8.25

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ Profit before tax at federal statutory rate 21.0 % 21.0 % State tax benefit, net of federal benefit 0.6 % 0.6 % Research and development credit carryovers 2.7 % 2.9 % Stock-based compensation ​ (1.5) % (0.4) % Permanent differences (0.0) % (0.7) % Return to provision true ups ​ 0.6 % 0.1 % Change in valuation allowance (23.5) % (23.5) % Effective income tax rate (0.1) % — %
Schedule of net deferred tax asset (liability)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Deferred tax assets and (liabilities) ​ ​ Net operating losses ​ $ 20,243 ​ $ 12,427 Research and development expenses ​ ​ 13,431 ​ ​ 10,945 Research and development credit ​ 5,869 ​ 4,645 Accrued expenses ​ ​ 564 ​ ​ 711 Stock-based compensation ​ ​ 168 ​ ​ 411 Other ​ ​ 148 ​ ​ 135 Intangible assets ​ 5,511 ​ 5,944 Gross deferred tax asset ​ 45,934 ​ 35,218 Valuation allowance ​ (45,931) ​ (35,210) Net deferred tax asset ​ 3 ​ 8 Fixed assets ​ (3) ​ (8) Deferred tax liabilities ​ (3) ​ (8) Net deferred tax asset (liability) ​ $ — ​ $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of antidilutive securities excluded from computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Outstanding stock options 4,178,194 4,408,274 Unvested restricted stock ​ — ​ 3,945 Unvested RSUs 155,797 125,622 K2 Warrant ​ 339,725 ​ 339,725 Common Warrants ​ 22,250,000 ​ — Pre-funded Warrants ​ 4,440,000 ​ — Convertible debt (as-converted to common stock) ​ 1,444,444 ​ 1,226,739 ​ 32,808,160 6,104,305

Nature of Business (Details)

Nature of Business (Details)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of Incorporation	Apr. 29, 2019

Nature of Business - Liquidity

Nature of Business - Liquidity (Details) - USD ($)		1 Months Ended	2 Months Ended	12 Months Ended
	Jun. 13, 2023	Jul. 31, 2022	Mar. 06, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 08, 2023
Product Information [Line Items]
Warrants expiration term						5 years
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs net of underwriting discounts, commissions, and offering costs				$ 46,503,000	$ 0
Common stock, shares issued				42,470,264	23,345,115
Net loss				$ 45,704,000	$ 95,080,000
Accumulated deficit				$ 195,970,000	$ 150,266,000
Common Warrants and Pre-Funded Warrants
Product Information [Line Items]
Public offering price						$ 2.25
Common Warrant
Product Information [Line Items]
Public offering price				$ 2.2500
Warrants expiration term						5 years
Pre-funded Warrant
Product Information [Line Items]
Public offering price				$ 0.0001
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC
Product Information [Line Items]
Aggregate Number Of Shares to Issue and Sell						17,810,000
Public offering price						$ 2.25
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs net of underwriting discounts, commissions, and offering costs				$ 46,500,000
Underwriting Discount and Commissions and Other Offering Expenses	$ 3,600,000			$ 3,600,000
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC | Common Warrant
Product Information [Line Items]
Number of securities called by warrants or rights	17,810,000					22,250,000
Public offering price						$ 2.2500
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC | Pre-funded Warrant
Product Information [Line Items]
Number of securities called by warrants or rights	4,440,000					4,440,000
Number of common warrant per prefunded warrant						1
Public offering price						$ 2.2499
At-The-Market offering | Subsequent Events
Product Information [Line Items]
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs net of underwriting discounts, commissions, and offering costs			$ 5,777,527
Gross proceeds			$ 17,000,000
At-The-Market offering | Cowen and Company, LLC
Product Information [Line Items]
Gross proceeds		$ 50,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 USD ($) item
Product Information [Line Items]
Number of operating segments | segment	1
Impairment losses	$ 0
Legal and professional costs	200	$ 300
Allowance for credit loss, period increase (decrease)	0	$ 0
Uncertain tax positions	0
Interest and penalties	$ 0
Accounts payable | Major suppliers | Supplier Concentration Risk
Product Information [Line Items]
Number of vendors | item	2	2
Concentration risk	39%	87%
Research and development | Major suppliers | Supplier Concentration Risk
Product Information [Line Items]
Number of vendors | item	2	3
Concentration risk	66%	78%

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers into (out of) Level 3, Assets	$ 0	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		44,917
Marketable Securities	33,852	44,363
Recurring | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	4,571	15,460
Recurring | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	12,442	14,999
Recurring | U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		2,993
Marketable Securities	16,839	13,904
Recurring | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	45,287	41,924
Level 1 | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		41,924
Marketable Securities	0	0
Level 1 | Recurring | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Level 1 | Recurring | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Level 1 | Recurring | U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		0
Marketable Securities	0	0
Level 1 | Recurring | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	45,287	41,924
Level 2 | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		2,993
Marketable Securities	33,852	44,363
Level 2 | Recurring | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	4,571	15,460
Level 2 | Recurring | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	12,442	14,999
Level 2 | Recurring | U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		2,993
Marketable Securities	16,839	13,904
Level 2 | Recurring | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0	0
Level 3 | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		0
Marketable Securities	0	0
Level 3 | Recurring | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Level 3 | Recurring | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Level 3 | Recurring | U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents		0
Marketable Securities	0	0
Level 3 | Recurring | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 0	$ 0

Marketable Securities - Fair Va

Marketable Securities - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 33,843	$ 44,524
Unrealized gains	12	6
Unrealized losses	(3)	(167)
Fair value	33,852	44,363
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	4,569	15,627
Unrealized gains	3	0
Unrealized losses	(1)	(167)
Fair value	4,571	15,460
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	12,444	14,999
Unrealized gains	0	0
Unrealized losses	(2)	0
Fair value	12,442	14,999
U.S. Government debt securities
Marketable Securities [Line Items]
Amortized Cost	16,830	13,898
Unrealized gains	9	6
Unrealized losses	0	0
Fair value	$ 16,839	$ 13,904

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (98)	$ (59)
Property and equipment, net	59	98
Depreciation expense	39	27
Maximum
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 100	100
Computer software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	4 years
Property, Plant and Equipment, Gross	$ 157	$ 157

Accrued Expenses - Schedule (De

Accrued Expenses - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued preclinical and clinical trial costs	$ 756	$ 6,174
Accrued restructuring charges	3	0
Accrued compensation	2,393	2,498
Accrued consulting	68	75
Accrued professional services	17	218
Accrued other	401	365
Total accrued expenses	$ 3,638	$ 9,330

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,107	$ 0
Stock-based compensation	3,335	$ 3,206
One-Time Stock-Based Compensation Charge
Restructuring Cost and Reserve [Line Items]
Stock-based compensation	500
Employee severance, benefits and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,610

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Expense Incurred During the Period	$ 5,107	$ 0
Restructuring Amounts Paid During the Period	(5,104)
Restructuring Amounts Unpaid at Period End	3
Employee severance, benefits and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring Expense Incurred During the Period	1,610
Restructuring Amounts Paid During the Period	(1,607)
Restructuring Amounts Unpaid at Period End	3
Obligations under manufacturing and development contracts
Restructuring Cost and Reserve [Line Items]
Restructuring Expense Incurred During the Period	3,497
Restructuring Amounts Paid During the Period	(3,497)
Restructuring Amounts Unpaid at Period End	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
Interest expense		$ 4,168	$ 1,531
K2 HealthVentures LLC | Maximum
Debt Instrument [Line Items]
Investment from lenders in future equity financings	$ 5,000
Percent of equity investment from lenders	10%
Term loan | K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount	$ 50,000
Interest rate (as a percent)	7.95%
Interest only payments term	30 months
Period of interest and principal payments	18 months
Threshold interest rate	3.20%
End of term charge (as a percent)	6.45%
Effective interest rate	14.14%
Principal amount for debt conversion	$ 3,250
Common stock, par value	$ 0.0001
Conversion price	$ 2.25
Nasdaq beneficial ownership limitations, percentage	19.99%
Debt issuance costs	$ 900
Term loan | K2 HealthVentures LLC | Repayment in first year after funding
Debt Instrument [Line Items]
Percent of prepayment premium	3%
Term loan | K2 HealthVentures LLC | Repayment in second year after funding
Debt Instrument [Line Items]
Percent of prepayment premium	2%
Term loan | K2 HealthVentures LLC | Repayment in third year after funding
Debt Instrument [Line Items]
Percent of prepayment premium	1%
Term loan | K2 HealthVentures LLC | Repayment after third year of funding
Debt Instrument [Line Items]
Percent of prepayment premium	0%
Term loan | K2 HealthVentures LLC | Minimum
Debt Instrument [Line Items]
Cash, cash equivalents and marketable securities balances to be maintained	$ 25,000
Term loan | K2 HealthVentures LLC | Maximum
Debt Instrument [Line Items]
Principal amount for debt conversion	3,250
Total market capitalization	250,000
Term loan tranche one | K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount	30,000
Term loan tranche two | K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount	$ 20,000

Debt- Long term debt and unamor

Debt- Long term debt and unamortized discount balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, net of discount	$ 30,137	$ 29,435
Term loan | K2 HealthVentures LLC
Debt Instrument [Line Items]
Outstanding principal amount	30,000	30,000
Add: accreted liability of final payment fee	686	198
Less: unamortized debt discount, long term	(549)	(763)
Long-term debt, net of discount	$ 30,137	$ 29,435

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Components of interest expense
Interest paid or accrued	$ 3,466	$ 1,246
Non-cash amortization of debt discount (including warrants)	214	87
Non-cash accrued back-end fee	488	198
Interest expense	$ 4,168	$ 1,531

Debt - Future principal payment

Debt - Future principal payments schedule (Details) - Term loan - K2 HealthVentures LLC $ in Thousands	Dec. 31, 2023 USD ($)
Future principal payments schedule
2024	$ 0
2025	17,685
2026	12,315
Total	$ 30,000

K2 Warrant - Narrative (Details

K2 Warrant - Narrative (Details) - K2 HealthVentures LLC - $ / shares	Dec. 31, 2023	Jul. 31, 2022
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants	339,725	339,725
Warrants exercise price	$ 1.3246	$ 1.3246
Warrant outstanding		339,725

K2 Warrant - Fair value assumpt

K2 Warrant - Fair value assumptions (Details) $ in Millions	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of warrants issued with debt	$ 0.4

Equity - Narrative (Details)

Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized | shares	10,000,000	10,000,000
Common stock, shares authorized | shares	500,000,000	500,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Number of votes per common stock | Vote	1
Dividends declared	$ 0
Dividends paid	$ 0

Equity - At-the-Market Offering

Equity - At-the-Market Offering (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Jun. 13, 2023	Jul. 31, 2022	Dec. 31, 2023	Jun. 08, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, par value			$ 0.0001		$ 0.0001
Warrants expiration term				5 years
Common Warrants and Pre-Funded Warrants
Class of Stock [Line Items]
Public offering price				$ 2.25
Common Warrant
Class of Stock [Line Items]
Public offering price			2.2500
Warrants expiration term				5 years
Pre-funded Warrant
Class of Stock [Line Items]
Public offering price			$ 0.0001
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC
Class of Stock [Line Items]
Aggregate number of shares to issue and sell				17,810,000
Common stock, par value				$ 0.0001
Number of common warrants per share				1
Public offering price				$ 2.25
Gross proceeds from warrants issuance	$ 50.1
Underwriting discount and commissions and other offering expenses	$ 3.6		$ 3.6
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC | Common Warrant
Class of Stock [Line Items]
Number of securities called by warrants or rights	17,810,000			22,250,000
Public offering price				$ 2.2500
Gross proceeds from warrants issuance	$ 40.1
Issuance of common stock and warrants for purchase of common stock	17,810,000
June 2023 Public Offering | SVB Securities LLC and Cowen and Company, LLC | Pre-funded Warrant
Class of Stock [Line Items]
Number of securities called by warrants or rights	4,440,000			4,440,000
Public offering price				$ 2.2499
Number of common warrant per prefunded warrant				1
Nominal amount of warrant exercise price				$ 0.0001
Gross proceeds from warrants issuance	$ 10
Issuance of common stock and warrants for purchase of common stock	4,440,000
At-The-Market offering | Cowen and Company, LLC
Class of Stock [Line Items]
Gross proceeds		$ 50
Commission fee percentage		3%

Equity - Warrants outstanding (

Equity - Warrants outstanding (Details) - $ / shares	Dec. 31, 2023	Jun. 08, 2023
Common Warrants and Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants exercise price		$ 2.25
Common Warrant
Class of Warrant or Right [Line Items]
Warrant outstanding	22,250,000
Warrants exercise price	$ 2.2500
Pre-funded Warrant
Class of Warrant or Right [Line Items]
Warrant outstanding	4,440,000
Warrants exercise price	$ 0.0001

Equity - Fair value assumptions

Equity - Fair value assumptions (Details) - Common Warrants and Pre-Funded Warrants	Dec. 31, 2023 USD ($) $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of Common Warrants and Pre-Funded Warrants | $	$ 35,600,000
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input | $ / shares	1.65
Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input | $ / shares	2.25
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	110
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	3.93
Estimated time to expiration (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input | $	5
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 3,335	$ 3,206
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	610	669
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 2,725	$ 2,537

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock incentive plan (Details) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Jun. 24, 2021
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			1,483,445
Shares available for issuance		1,300,387
Additional number of shares authorized (as a percent)		5%
2021 Equity Incentive Plan | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized	2,121,127
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			228,222
Shares available for issuance		693,406
2021 Employee Stock Purchase Plan | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized	424,225
2021 Employee Stock Purchase Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		4,564,440
Additional number of shares authorized (as a percent)		1%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding at beginning of period (in shares)	4,408,274
Granted (in shares)	2,384,939
Exercised (in shares)	(1,264,899)
Cancelled (in shares)	(1,350,120)
Outstanding at end of period (in shares)	4,178,194	4,408,274
Vested at end of period (in shares)	2,741,791
Vested and expected to vest at end of period (in shares)	4,178,194
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 3.44
Granted (in dollars per share)	1.10
Exercised (in dollars per share)	1.18
Cancelled (in dollars per share)	2.85
Outstanding at end of period (in dollars per share)	2.98	$ 3.44
Vested at end of period (in dollars per share)	3.20
Vested and expected to vest at end of period (in dollars per share)	$ 2.98
Weighted-average remaining contractual term and Aggregate intrinsic value
Outstanding at end of period (in years)	8 years 2 months 19 days	8 years 6 months 7 days
Vested at end of period (in years)	5 years 4 months 28 days
Vested and expected to vest at end of period (in years)	8 years 2 months 19 days
Outstanding at beginning of period (in dollars)	$ 350
Outstanding at end of period (in dollars)	11	$ 350
Vested at end of period (in dollars)	10
Vested and expected to vest at end of period (in dollars)	11
Intrinsic value of stock options	$ 1,600	$ 100
Weighted average grant-date fair value of stock options granted	$ 0.59	$ 1.96

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value assumptions
Fair value of options vested	$ 5,100	$ 2,800
Stock-based compensation expense	3,335	$ 3,206
Unrecognized compensation cost	$ 3,400
Expected remaining weighted-average period for recognition	1 year 10 months 24 days
Employee Stock Option [Member]
Fair value assumptions
Risk-free interest rate, Minimum	3.67%	1.62%
Risk-free interest rate, Maximum	4.54%	4.37%
Volatility, Minimum	72%	72%
Volatility, Maximum	77%	80%
Dividend yield	0%	0%
Expected term (years)		6 years
Stock-based compensation expense	$ 2,500	$ 2,400
Employee Stock Option [Member] | Minimum
Fair value assumptions
Expected term (years)	2 years
Employee Stock Option [Member] | Maximum
Fair value assumptions
Expected term (years)	7 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Common Stock (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability from the early exercise	$ 0	$ 2
Stock-based compensation expense	3,335	3,206
Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability from the early exercise	$ 0	100
Unvested shares	0
Unvested restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of restricted common stock	$ 100	100
Stock-based compensation expense	$ 100	$ 100

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted-average grant date fair value
Stock-based compensation expense	$ 3,335	$ 3,206
Expected remaining weighted-average period for recognition	1 year 10 months 24 days
Treasury stock, common (in shares)	47,733	28,641
Treasury stock, common, value	$ 59	$ 35
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Vesting percentage	25%
Number of shares
Unvested at beginning of period (in shares)	125,622
Granted (in shares)	100,825
Vested (in shares)	(50,250)
Cancelled (in shares)	(20,400)
Unvested at end of period (in shares)	155,797	125,622
Weighted-average grant date fair value
Unvested at beginning of period (in dollars per share)	$ 16
Granted (in dollars per share)	0.98
Vested (in dollars per share)	16
Cancelled (in dollars per share)	0.98
Unvested at end of period (in dollars per share)	$ 8.25	$ 16
Aggregate fair value of RSU	$ 100	$ 200
Stock-based compensation expense		$ 800
Unrecognized compensation cost	$ 1,400
Expected remaining weighted-average period for recognition	1 year 8 months 12 days

Asset Purchase and License Ag_2

Asset Purchase and License Agreements - CSPC License Agreement (Details) - License Agreement - CSPC Megalith Biopharmaceutical Co., Ltd $ in Millions	1 Months Ended
	Jul. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee	$ 27
Term of agreement (in years)	10 years
Number of days written prior notice to terminate agreement	180 days
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and regulatory milestone payments	$ 148
Commercial milestone payments	1,000
Payments as percentage of non-royalty sublicense income	$ 50

Asset Purchase and License Ag_3

Asset Purchase and License Agreements - (Details) $ in Thousands, € in Millions	1 Months Ended		12 Months Ended
	May 31, 2019 USD ($)	May 31, 2019 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Research and development			$ 25,434	$ 78,717
Dyax
Asset Acquisition [Line Items]
Number of days written prior notice to terminate agreement	90 days	90 days
Selexis
Asset Acquisition [Line Items]
Number of days written prior notice to terminate agreement	60 days	60 days
Royalty payments payable | €		€ 0.2
Percentage of royalty on net sales of licensed products	1%	1%
Asset Purchase Agreement relating to Seribantumab
Asset Acquisition [Line Items]
Upfront payment	$ 3,500
Research and development	3,500
Milestone payments paid			$ 0	$ 0
Maximum | Dyax
Asset Acquisition [Line Items]
Milestone payments payable	9,300
Maximum | Selexis
Asset Acquisition [Line Items]
Milestone payments payable, per licensed product | €		€ 0.9
Maximum | National Institute of Health
Asset Acquisition [Line Items]
Milestone payments payable	400
Maximum | Asset Purchase Agreement relating to Seribantumab
Asset Acquisition [Line Items]
Milestone payments payable	$ 54,500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Maximum
Schedule Of Income Taxes [Line Items]
Provision for income taxes	$ 0.1	$ 0.1

Income Taxes - Schedule of effe

Income Taxes - Schedule of effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Profit before tax at federal statutory rate	21%	21%
State tax benefit, net of federal benefit	0.60%	0.60%
Research and development credit carryovers	2.70%	2.90%
Stock-based compensation	(1.50%)	(0.40%)
Permanent differences	0%	(0.70%)
Return to Provision True Ups	0.60%	0.10%
Change in valuation allowance	(23.50%)	(23.50%)
Effective income tax rate	(0.10%)	0%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Income Taxes [Line Items]
Increase in valuation allowance	$ 10.7
Capitalized research and development costs	$ 24.1	$ 53.4
Minimum | US
Schedule Of Income Taxes [Line Items]
Capitalized research and development costs amortization period	5 years
Maximum | Non-US
Schedule Of Income Taxes [Line Items]
Capitalized research and development costs amortization period	15 years
Federal
Schedule Of Income Taxes [Line Items]
Net operating loss carry forwards	$ 94.4
Tax credits	5.2
State
Schedule Of Income Taxes [Line Items]
Net operating loss carry forwards	7.7
Tax credits	$ 0.8

Income Taxes - Schedule of net

Income Taxes - Schedule of net deferred tax asset (liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets and (liabilities)
Net operating losses	$ 20,243	$ 12,427
Research and development expenses	13,431	10,945
Research and development credit	5,869	4,645
Accrued Expenses	564	711
Stock-based compensation	168	411
Other	148	135
Intangible assets	5,511	5,944
Gross deferred tax asset	45,934	35,218
Valuation allowance	(45,931)	(35,210)
Net deferred tax asset	3	8
Fixed assets	(3)	(8)
Deferred tax liabilities	(3)	(8)
Net deferred tax asset (liability)	0	$ 0
Accrued interest and penalties	0
Unrecognized tax benefits, income tax penalties and interest expense	$ 0

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ (45,704)	$ (95,080)
Weighted average common stock outstanding, basic (in shares)	34,077,675	23,267,120
Weighted average common stock outstanding, diluted (in shares)	34,077,675	23,267,120
Net loss per share, basic (in dollars per share)	$ (1.34)	$ (4.09)
Net loss per share, diluted (in dollars per share)	$ (1.34)	$ (4.09)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	32,808,160	6,104,305
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	4,178,194	4,408,274
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	3,945
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	155,797	125,622
K2 warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	339,725	339,725
Common Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	22,250,000	0
Pre-funded Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	4,440,000	0
Convertible debt (as-converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,444,444	1,226,739

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Matching contributions	$ 0.3	$ 0.2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		1 Months Ended	2 Months Ended
	Mar. 01, 2024	Jul. 31, 2022	Mar. 06, 2024	Dec. 31, 2023
K2 HealthVentures LLC
Subsequent Event [Line Items]
Number of shares purchased by warrants		339,725		339,725
Warrants exercise price		$ 1.3246		$ 1.3246
K2 HealthVentures LLC | Term loan
Subsequent Event [Line Items]
Principal amount for debt conversion		$ 3,250,000
K2 HealthVentures LLC | Maximum | Term loan
Subsequent Event [Line Items]
Principal amount for debt conversion		$ 3,250,000
Subsequent Events | K2 HealthVentures LLC
Subsequent Event [Line Items]
Payment of amendment fee	$ 150,000
Number of shares purchased by warrants	55,249
Warrants exercise price	$ 2.7150
Subsequent Events | At-The-Market offering | Cowen and Company, LLC
Subsequent Event [Line Items]
Issuance of initial public offering common stock, net (in shares)			5,777,527
Principal amount			$ 17,000,000

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)	$ (45,704)	$ (95,080)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false