89bio (ETNB) 10-Q5 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	89bio, Inc.
Entity Central Index Key	0001785173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		105,909,991
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ETNB
Security Exchange Name	NASDAQ
Entity File Number	001-39122
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4946844
Entity Address, Address Line One	142 Sansome Street
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	432-9270
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 212,218	$ 316,161
Marketable securities	319,166	262,709
Prepaid and other current assets	48,470	14,664
Total current assets	579,854	593,534
Operating lease right-of-use assets	1,942	2,293
Property and equipment, net	27	46
Other assets	315	396
Total assets	582,138	596,269
Current liabilities:
Accounts payable	17,461	8,585
Accrued expenses	18,663	20,530
Operating lease liabilities, current	759	496
Term loan, current	4,770	0
Total current liabilities	41,653	29,611
Operating lease liabilities, noncurrent	1,463	1,817
Term loan, noncurrent, net	20,355	24,795
Other noncurrent liabilities	3,750	3,740
Total liabilities	67,221	59,963
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.001 par value: 200,000,000 shares authorized; 104,915,176 and 93,269,377 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	105	93
Additional paid-in capital	1,072,579	993,455
Accumulated other comprehensive (loss) income	(683)	190
Accumulated deficit	(557,084)	(457,432)
Total stockholders’ equity	514,917	536,306
Total liabilities and stockholders’ equity	$ 582,138	$ 596,269

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	104,915,176	93,269,377
Common stock, shares outstanding	104,915,176	93,269,377

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 44,865	$ 34,915	$ 92,293	$ 57,221
General and administrative	8,571	7,214	18,420	13,432
Total operating expenses	53,436	42,129	110,713	70,653
Loss from operations	(53,436)	(42,129)	(110,713)	(70,653)
Interest expense	(874)	(894)	(1,737)	(2,969)
Interest income and other, net	6,473	4,630	13,029	6,393
Net loss before income tax	(47,837)	(38,393)	(99,421)	(67,229)
Income tax expense	(134)	0	(231)	0
Net loss	(47,971)	(38,393)	(99,652)	(67,229)
Other comprehensive (loss) income:
Unrealized loss on marketable securities	(169)	(355)	(883)	(241)
Foreign currency translation adjustments	5	1	10	(3)
Total other comprehensive loss	(164)	(354)	(873)	(244)
Comprehensive loss	$ (48,135)	$ (38,747)	$ (100,525)	$ (67,473)
Net loss per share, basic	$ (0.48)	$ (0.52)	$ (1.02)	$ (1.06)
Net loss per share, diluted	$ (0.48)	$ (0.52)	$ (1.02)	$ (1.06)
Weighted-average shares used to compute net loss per share, basic	99,831,111	74,126,569	97,838,926	63,706,856
Weighted-average shares used to compute net loss per share, diluted	99,831,111	74,126,569	97,838,926	63,706,856

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	ATM Facility	Common Stock	Common Stock Public Offerings	Common Stock ATM Facility	Additional Paid-in Capital	Additional Paid-in Capital Public Offerings	Additional Paid-in Capital ATM Facility	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 151,832		$ 51			$ 467,374			$ (350)	$ (315,243)
Beginning balance, shares at Dec. 31, 2022			50,560,590
Issuance of common stock	296,817	$ 13,422		$ 19	$ 1		$ 296,798	$ 13,421
Issuance of common stock, shares				19,461,538	968,000
Issuance of common stock upon exercise of common stock warrants	8,960		$ 2			8,958
Issuance of common stock upon exercise of common stock warrants, shares			1,682,500
Issuance of common stock upon exercise of stock options	185					185
Issuance of common stock upon exercise of stock options, shares			61,408
Issuance of common stock upon vesting of restricted stock units, net of withholding taxes	(693)					(693)
Issuance of common stock upon vesting of restricted stock units, net of withholding taxes, shares			133,669
Issuance of common stock warrants in connection with term loan	482					482
Stock-based compensation	3,551					3,551
Net Income (Loss)	(28,836)									(28,836)
Other comprehensive income (loss)	110								110
Ending balance at Mar. 31, 2023	445,830		$ 73			790,076			(240)	(344,079)
Ending balance, shares at Mar. 31, 2023			72,867,705
Beginning balance at Dec. 31, 2022	151,832		$ 51			467,374			(350)	(315,243)
Beginning balance, shares at Dec. 31, 2022			50,560,590
Net Income (Loss)	(67,229)
Other comprehensive income (loss)	(244)
Ending balance at Jun. 30, 2023	441,986		$ 75			824,977			(594)	(382,472)
Ending balance, shares at Jun. 30, 2023			75,466,600
Beginning balance at Mar. 31, 2023	445,830		$ 73			790,076			(240)	(344,079)
Beginning balance, shares at Mar. 31, 2023			72,867,705
Issuance of common stock		23,667			$ 1			23,666
Issuance of common stock, shares					1,200,539
Issuance of common stock upon exercise of common stock warrants	6,630		$ 1			6,629
Issuance of common stock upon exercise of common stock warrants, shares			1,245,070
Issuance of common stock upon exercise of stock options	327					327
Issuance of common stock upon exercise of stock options, shares			107,832
Issuance of common stock under employee stock purchase plan	142					142
Issuance of common stock under employee stock purchase plan, Shares			13,927
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			31,527
Stock-based compensation	4,137					4,137
Net Income (Loss)	(38,393)									(38,393)
Other comprehensive income (loss)	(354)								(354)
Ending balance at Jun. 30, 2023	441,986		$ 75			824,977			(594)	(382,472)
Ending balance, shares at Jun. 30, 2023			75,466,600
Beginning balance at Dec. 31, 2023	536,306		$ 93			993,455			190	(457,432)
Beginning balance, shares at Dec. 31, 2023			93,269,377
Issuance of common stock		$ 21,049			$ 2			$ 21,047
Issuance of common stock, shares					1,396,888
Issuance of common stock upon exercise of common stock warrants	1,798					1,798
Issuance of common stock upon exercise of common stock warrants, shares			337,713
Issuance of common stock upon exercise of stock options	7					7
Issuance of common stock upon exercise of stock options, shares			1,626
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(1,229)					(1,229)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			194,120
Stock-based compensation	4,998					4,998
Net Income (Loss)	(51,681)									(51,681)
Other comprehensive income (loss)	(709)								(709)
Ending balance at Mar. 31, 2024	510,539		$ 95			1,020,076			(519)	(509,113)
Ending balance, shares at Mar. 31, 2024			95,199,724
Beginning balance at Dec. 31, 2023	536,306		$ 93			993,455			190	(457,432)
Beginning balance, shares at Dec. 31, 2023			93,269,377
Net Income (Loss)	(99,652)
Other comprehensive income (loss)	(873)
Ending balance at Jun. 30, 2024	514,917		$ 105			1,072,579			(683)	(557,084)
Ending balance, shares at Jun. 30, 2024			104,915,176
Beginning balance at Mar. 31, 2024	510,539		$ 95			1,020,076			(519)	(509,113)
Beginning balance, shares at Mar. 31, 2024			95,199,724
Issuance of common stock upon exercise of common stock warrants	47,151		$ 9			47,142
Issuance of common stock upon exercise of common stock warrants, shares			8,854,576
Issuance of common stock upon cashless exercise of pre-funded warrants			$ 1			(1)
Issuance of common stock upon cashless exercise of pre-funded warrants, shares			799,906
Issuance of common stock upon exercise of stock options	54					54
Issuance of common stock upon exercise of stock options, shares			26,355
Issuance of common stock under employee stock purchase plan	178					178
Issuance of common stock under employee stock purchase plan, Shares			26,125
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(39)					(39)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			8,490
Stock-based compensation	5,169					5,169
Net Income (Loss)	(47,971)									(47,971)
Other comprehensive income (loss)	(164)								(164)
Ending balance at Jun. 30, 2024	$ 514,917		$ 105			$ 1,072,579			$ (683)	$ (557,084)
Ending balance, shares at Jun. 30, 2024			104,915,176

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (99,652)	$ (67,229)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	10,167	7,688
Net accretion of discounts on investments in marketable securities	(5,406)	(2,188)
Amortization of debt discount and accretion of deferred debt costs	330	456
Loss on extinguishment of debt		1,208
Noncash operating lease expense	351	83
Depreciation	21	24
Other	113
Changes in operating assets and liabilities:
Prepaid and other assets	(14,319)	(5,816)
Accounts payable	9,002	(1,787)
Accrued expenses	(1,410)	3,112
Operating lease liabilities	(91)	(83)
Other noncurrent liabilities	10
Net cash used in operating activities	(100,884)	(64,532)
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities	178,090	82,880
Purchases of marketable securities	(230,139)	(180,582)
Net cash used in investing activities	(52,049)	(97,702)
Cash flows from financing activities:
Proceeds from issuance of common stock in public offerings, net of issuance costs		296,817
Payments of deferred offering costs	(116)
Proceeds from issuance of common stock in at-the-market public offerings, net of issuance costs	21,049	37,089
Proceeds from term loan facility, net of issuance costs		24,363
Proceeds from issuance of common stock upon exercise of common stock warrants	29,543	15,590
Proceeds from issuance of common stock upon exercise of stock options	61	512
Proceeds from issuance of common stock under employee stock purchase plan	178	142
Payments for taxes related to net share settlement upon vesting of restricted stock units	(1,725)	(693)
Repayment of term loan		(21,400)
Net cash provided by financing activities	48,990	352,420
Net change in cash and cash equivalents	(103,943)	190,186
Cash and cash equivalents at beginning of period	316,161	55,255
Cash and cash equivalents at end of period	212,218	245,441
Supplemental disclosures of cash information:
Cash paid for interest	1,368	1,198
Cash paid for amounts included in the measurement of lease liabilities	$ 239	93
Supplemental disclosures of noncash information:
Issuance of common stock warrants in connection with term loan		$ 482

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (47,971)	$ (51,681)	$ (38,393)	$ (28,836)	$ (99,652)	$ (67,229)

Insider Trading Arrangements

Insider Trading Arrangements - shares		3 Months Ended
Insider Trading Arrangements - shares	Jun. 10, 2024	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans On June 10, 2024 , Rohan Palekar , Chief Executive Officer and a member of the Board of Directors of the Company, terminated a Rule 10b5-1 trading plan, which was previously adopted on July 5, 2023 and scheduled to expire on July 5, 2024 . The plan was terminated at a time when Mr. Palekar was not in possession of material, non-public information about the Company. The plan provided for the potential sale of up to 228,490 shares of common stock held by Mr. Palekar. None of the Company’s other directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case as defined in Item 408(a) of Regulation S-K) during the fiscal quarter ended June 30, 2024.
Name	Rohan Palekar
Title	Chief Executive Officer and a member of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 5, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 10, 2024
Aggregate Available	228,490
Trd Arr Expiration Date	July 5, 2024

Organization and Liquidity

Organization and Liquidity	6 Months Ended
Organization and Liquidity	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	1. Organization and Liquidity Description of Business 89bio, Inc. (“89bio” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company’s lead product candidate, pegozafermin, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21 (“FGF21”), is currently being developed for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), previously known as nonalcoholic steatohepatitis, and for the treatment of severe hypertriglyceridemia (“SHTG”). 89bio was formed as a Delaware corporation in June 2019 to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018. Liquidity The Company has incurred significant losses and negative cash flows from operations since inception and had an accumulated deficit of $ 557.1 million as of June 30, 2024. The Company has historically financed its operations primarily through the sale of equity securities, including warrants, and from borrowings under term loan facilities. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue from commercial products. The Company expects operating losses to continue and increase for the foreseeable future as the Company progresses its clinical development activities for its product candidates. The Company believes its existing cash, cash equivalents and marketable securities of $ 531.4 million as of June 30, 2024 will be sufficient to fund its planned operating expense and capital expenditure requirements for a period of at least one year from the date of the issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023 and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of that date and, due to its summary nature, does not include all the disclosures required by U.S. GAAP in audited financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on March 1, 2024. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiary in Israel, the functional currency has been determined to be the U.S. Dollar. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accruals for uncertain tax positions, accrued research and development expenses and the valuation of stock options. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Measured at Fair Value on a Recurring Basis As of June 30, 2024 and December 31, 2023, cash equivalents and marketable securities were the only financial instruments measured and recorded at fair value on a recurring basis on the Company’s condensed consolidated balance sheets. Financial Instruments Not Carried at Fair Value The Company’s financial instruments, including cash, other current assets, accounts payable and accrued expenses are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds, commercial paper and U.S. government Treasury securities and are carried at fair value. Marketable Securities The Company invests its excess cash in marketable securities with high credit ratings including money market funds, commercial paper, securities issued by the U.S. government and its agencies and corporate debt securities. The Company accounts for all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for accretion of premiums and amortization of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income and other, net. Realized gains and losses from the sale of marketable securities, if any, are determined on a specific identification basis and are also included in interest income and other, net. The Company’s marketable securities are classified as current assets, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary, even though the stated maturity date may be one year or more beyond the current balance sheet date. The Company periodically assesses its marketable securities for impairment. For marketable securities in an unrealized loss position, this assessment first takes into account the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the marketable security’s amortized cost basis is written down to fair value through interest income and other, net. For marketable securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in interest income and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in interest income and other, net. Income Taxes The Company accounts for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Interest and penalties related to unrecognized tax benefits are included within income tax expense. For the three and six months ended June 30, 2024, the Company recorded income tax expense related to its foreign operations in Israel of $ 0.1 million and $ 0.2 million , respectively. Basic and Diluted Net Loss per Share Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company’s pre-funded warrants issued in July 2022 and December 2023, are included in the calculation of basic and diluted net loss per share, even if they are antidilutive. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted-average participating securities by the sum of the total weighted-average common shares and participating securities (the “two-class method”). Shares of the Company’s common stock warrants participate in any dividends that may be declared by the Company and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted loss per share is computed after giving consideration to the dilutive effect of stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and common stock warrants, except where such non-participating securities would be anti-dilutive. As the Company incurred net losses for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. Recently Adopted Accounting Standards The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the six months ended June 30, 2024 that had a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures required by Topic 280 to be included in interim periods. All disclosure requirements under this ASU are also required for public entities with a single reportable segment. The ASU is effective for the Company’s annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company expects to adopt ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024 and in the interim periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The ASU is effective for the Company’s annual periods beginning on January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company expects to adopt ASU 2023-09 in its Annual Report on Form 10-K for the year ending December 31, 2025 and in annual periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy for the periods indicated (in thousands): June 30, 2024 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Money market funds Level 1 $ 35,433 $ — $ — $ 35,433 Commercial paper Level 2 114,406 — ( 66 ) 114,340 U.S. government bonds Level 2 192,073 29 ( 511 ) 191,591 Agency bonds Level 2 47,296 2 ( 120 ) 47,178 Corporate debt securities Level 2 6,606 — ( 29 ) 6,577 U.S. Treasury securities Level 2 40,165 — ( 3 ) 40,162 Agency discount securities Level 2 4,992 — — 4,992 Total cash equivalents and marketable securities $ 440,971 $ 31 $ ( 729 ) $ 440,273 Classified as: Cash equivalents $ 121,107 Marketable securities 319,166 Total cash equivalents and marketable securities $ 440,273 December 31, 2023 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Money market funds Level 1 $ 493 $ — $ — $ 493 Commercial paper Level 2 94,261 — ( 55 ) 94,206 U.S. government bonds Level 2 137,976 250 ( 142 ) 138,084 Agency bonds Level 2 45,481 152 ( 44 ) 45,589 Corporate debt securities Level 2 3,177 — ( 12 ) 3,165 U.S. Treasury securities Level 2 71,754 36 ( 1 ) 71,789 Agency discount securities Level 2 7,975 1 — 7,976 Total cash equivalents and marketable securities $ 361,117 $ 439 $ ( 254 ) $ 361,302 Classified as: Cash equivalents $ 98,593 Marketable securities 262,709 Total cash equivalents and marketable securities $ 361,302 The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices when available. If quoted market prices are not available, the fair value for the security is estimated under the market or income approach using pricing models with market observable inputs. The following table summarizes the estimated fair value of investments in marketable securities by effective contractual maturity dates as of June 30, 2024 (in thousands): Within one year $ 340,064 After one year through two years 100,209 Total cash equivalents and marketable securities $ 440,273 As of June 30, 2024, the Company’s marketable securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Substantially all of the fixed-rate debt securities in a loss position are investment-grade debt securities. The Company has the intent and ability to hold such securities until recovery of the unrealized losses. Based on the Company’s assessment, the unrealized losses as of June 30, 2024 were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. No allowance for credit losses was recorded as of June 30, 2024 and December 31, 2023 .

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Prepaid and other current assets consist of the following as of the periods presented (in thousands): June 30, December 31, Prepaid research and development $ 26,148 $ 11,579 Prepaid taxes 388 614 Prepaid other 2,528 2,471 Common stock warrant exercise receivable 19,406 — Total prepaid and other current assets $ 48,470 $ 14,664 Accrued expenses consist of the following as of the periods presented (in thousands): June 30, December 31, Accrued research and development expenses $ 13,145 $ 13,017 Accrued employee and related expenses 3,752 6,248 Accrued professional and legal fees 1,511 1,110 Accrued other expenses 255 155 Total accrued expenses $ 18,663 $ 20,530

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of Fatty Acid Synthase, under which the Company is not actively developing product candidates and does not have any current plans to do so. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $ 6.0 million. Under each license agreement, the Company is required to pay Teva $ 2.5 million upon the achievement of a specified clinical development milestone, and additional payments totaling up to $ 65.0 million upon achievement of certain commercial milestones. Each milestone payment shall be payable once, upon the first occurrence of the applicable milestone. The Company is also obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to their glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. In the fourth quarter of 2023, the Company made a $ 2.5 million milestone payment to Teva following the achievement of a clinical development milestone under the FGF21 program in SHTG. As of June 30, 2024, the timing and likelihood of achieving any remaining milestones are uncertain. Milestone payment obligations will be recognized when payment becomes probable and reasonably estimable, which is generally upon achievement of the applicable milestone. BiBo Collaboration Agreement On April 4, 2024 , the Company entered into a collaboration agreement (the “Collaboration Agreement”) with BiBo Biopharma Engineering Co., Ltd., a company incorporated under the laws of the People’s Republic of China (“BiBo”), pursuant to which BiBo will construct a production facility specifically designed to supply the Company with pegozafermin for commercialization, if approved (the “Production Facility”). Pursuant to the Collaboration Agreement, BiBo will build the Production Facility at BiBo’s facility in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone to manufacture the bulk active ingredient (the “Drug Substance”) required to produce pegozafermin for commercial supply. The platform is expected to provide the Company with manufacturing capacity to meet its commercial needs based on current projections. Under the Collaboration Agreement, the Company is required to pay BiBo an aggregate of $ 135.0 million toward the construction of the Production Facility (collectively, the “Payment”), of which $ 60.0 million was paid subsequent to June 30, 2024 (see Note 10— Subsequent Events ) to initiate the project. The remainder of the Payment will become payable upon achievement of certain specified milestones, of which up to an additional $ 61.5 million of the Payment could become payable within the next 12 months. If the actual costs of the Production Facility are substantially greater than the estimated budget, the parties will negotiate a means of allocating such cost overruns.

Term Loan Facility

Term Loan Facility	6 Months Ended
Term Loan Facility	Jun. 30, 2024
Debt Disclosure [Abstract]
Term Loan Facility	6. Term Loan Facility In January 2023, the Company entered into a Loan and Security Agreement (“the Loan Agreement”) with the lender parties thereto (the “Lenders”), K2 HealthVentures LLC as administrative agent and Ankura Trust Company, LLC as collateral agent. The Loan Agreement provides for up to $ 100.0 million in aggregate principal in term loans, consisting of an initial tranche of $ 25.0 million that was funded at closing, second and third tranches of $ 15.0 million and $ 10.0 million, respectively, that may be funded upon the achievement of certain time-based, clinical and regulatory milestones, and a fourth tranche of up to $ 50.0 million that may be funded upon discretionary approval by the Lenders. As of June 30, 2024, the second and third tranches expired undrawn and the fourth tranche remains available at the sole discretion of the Lenders. Borrowings under the Loan Agreement are secured by substantially all of the assets of the Company, excluding the Company’s intellectual property. The Loan Agreement contains customary representations and warranties, restricts certain activities and includes customary events of default, including payment default, breach of covenants, change of control, and material adverse effects. In addition, starting January 1, 2024, the Company is required to maintain minimum unrestricted cash and cash equivalents equal to 5.0 times the average change in cash and cash equivalents measured over the trailing three-month period. As of June 30, 2024, the Company was in compliance with all covenants under the Loan Agreement. Borrowings under the Loan Agreement mature on January 1, 2027 and provide for interest-only payments until February 1, 2025. Consecutive equal payments of principal and interest are due once the interest-only period has elapsed. Borrowings under the Loan Agreement bear interest equal to the greater of (i) 8.45 % and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 2.25 %. The stated interest rate on the term loan was 9.75 % at inception and 10.75 % as of June 30, 2024 . In addition, a final payment fee of 5.95 % of the principal amount of the term loans is due upon the earlier of prepayment or maturity of the term loans. The Company has the option to prepay the entire outstanding balance of borrowings under the Loan Agreement, subject to a prepayment fee ranging from 1.0 % to 3.0 % depending on the timing of such prepayment. A commitment fee equal to 0.6 % of the principal amount of the fourth tranche is also payable if drawn. At any time prior to full repayment of outstanding borrowings under the Loan Agreement, the Lenders may elect to convert up to an aggregate of $ 7.5 million of the principal amount of outstanding borrowings into shares of the Company's common stock at a conversion price of $ 12.6943 per share. The embedded conversion option qualifies for a scope exception from derivative accounting because it is both indexed to the Company’s own stock and met the conditions for equity classification. Total debt issuance costs related to the term loan facility of $ 0.8 million, which includes the fair value of warrants issued in connection with the facility, were recorded as debt discount. The debt discount, together with the final payment fee, are recognized as interest expense using the effective interest method over the term of the loan facility. The expected repayments of principal amount due on borrowings as of June 30, 2024 are as follows (in thousands): 2024 (remaining six months) $ — 2025 10,774 2026 13,036 2027 1,190 Total principal outstanding 25,000 Plus accumulated accretion of final payment fee 602 Less unamortized debt discount ( 477 ) Total net carrying value 25,125 Term loan, current ( 4,770 ) Term loan, noncurrent, net $ 20,355 In connection with the Loan Agreement, the Company issued the Lenders a warrant to purchase up to an aggregate of 204,815 shares of the Company’s common stock at an exercise price of $ 9.7649 per share (the “warrant shares”). The warrant shares become exercisable upon the funding of each tranche and have a 10-year term. In connection with the first tranche that was funded at closing , 51,204 of the warrant shares became exercisable. The warrant shares cannot be settled for cash and include a cashless exercise feature allowing the holder to receive shares net of shares withheld in lieu of the exercise price. The warrant shares also provide for automatic cashless exercise under certain specific conditions and settlement is permitted in unregistered shares. The 51,204 warrant shares met the requirements for equity classification. T he Company determined the fair value of the 51,204 warrant shares issued using the Black-Scholes option-pricing model with the following assumptions: risk-free interest rate of 3.9 %, no dividends, expected volatility of 93.8 % and expected term of 10.0 years. Of the remaining 153,611 warrant shares (the “contingent warrants”), 102,407 warrant shares associated with the fourth tranche remain outstanding and 51,204 warrant shares associated with the second and third tranches were forfeited as of June 30, 2024. The contingent warrants did not meet the derivative scope exception or equity classification criteria and were accounted for as a derivative liability. The initial fair value and the fair value as of June 30, 2024 of the contingent warrants was insignificant. The contingent warrants derivative liability is remeasured each reporting period until settled or extinguished with subsequent changes in fair value recorded as interest expense in the condensed consolidated statements of operations and comprehensive loss. The initial fair value of the contingent warrants derivative liability was determined using a probability weighted Black-Scholes option pricing model based on the same Black-Scholes input assumptions described above.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock Reserved for Issuance The Company had the following shares of common stock reserved for future issuance, on an as-if-converted basis, as of the periods presented: June 30, December 31, Stock options outstanding 7,044,951 4,686,577 RSUs and PSUs outstanding 1,452,123 987,550 Shares available for future grants under equity incentive plans 2,468,467 1,790,684 Shares available for future issuance under the employee stock purchase plan 1,181,482 1,207,607 Warrants to purchase common stock outstanding 1,200,034 10,412,806 Pre-funded warrants to purchase common stock outstanding 1,081,081 1,881,081 Conversion feature related to outstanding term loan 590,816 590,816 Total available for future issuance 15,018,954 21,557,121 At-the-Market (“ATM”) Offerings In March 2021, the Company entered into an ATM sales agreement (as amended, the “Sales Agreement”) with Leerink Partners LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which the Company may offer and sell shares up to $ 75.0 million of its common stock (the “2021 ATM Facility”) from time to time pursuant to an effective registration statement. The Sales Agents are entitled to compensation at a commission of up to 3.0 % of the aggregate gross sales price per share sold under the Sales Agreement. In February 2023, the Company entered into an amendment to the Sales Agreement, establishing a new ATM facility with an aggregate offering amount of up to $ 150.0 million of its common stock (the “2023 ATM Facility”) pursuant to an effective registration statement. During the six months ended June 30, 2023, the Company sold 2,168,539 shares of its common stock under its 2021 ATM Facility and 2023 ATM Facility and received net proceeds of $ 37.1 million. During the six months ended June 30, 2024, the Company sold 1,396,888 shares of its common stock under the 2023 ATM Facility resulting in net proceeds of $ 21.0 million. However, there were no sales under the 2023 ATM Facility for the three months ended June 30, 2024. As of June 30, 2024 , there was $ 104.4 million remaining for future sales under the 2023 ATM Facility. Underwritten Public Offerings In March 2023, the Company completed an underwritten public offering of its common stock. The Company sold 19,461,538 shares of its common stock at a public offering price of $ 16.25 per share and received net proceeds of $ 296.8 million, net of underwriting discounts and commissions of $ 19.0 million and other offering costs of $ 0.5 million. Common Stock Warrants As of June 30, 2024, the Company’s outstanding warrants to purchase shares of its common stock were as follows: Shares of Exercise Price Expiration Warrant issued in connection with term loan (SVB) 25,000 $ 22.06 June 30, 2025 Warrant issued in connection with term loan (SVB) 33,923 19.12 May 28, 2031 Warrants issued in connection with term loan facility 153,611 9.76 January 27, 2033 Warrants issued in connection with public offering 987,500 5.325 July 1, 2024 Pre-funded warrants issued in connection with public offerings 1,081,081 0.001 Do not expire Total outstanding 2,281,115 Warrants to purchase 2,927,570 shares of common stock were exercised during the six months ended June 30, 2023, generating $ 15.6 million in cash proceeds. Warrants to purchase 9,192,289 shares of common stock were exercised during the six months ended June 30, 2024, generating $ 48.9 million in cash proceeds. Of this amount, $ 19.4 million was received after June 30, 2024 and recorded as a receivable on the balance sheet as of that date. The remaining warrants to purchase 987,500 shares of common stock as of June 30, 2024 were exercised on July 1, 2024 , resulting in additional cash proceeds of $ 5.3 million.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation Equity Incentive Plans The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 8— Stock-Based Compensation of the Company’s Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended December 31, 2023. Equity Incentive Plans Activity Stock Options The following table summarizes stock option activity under the Company’s equity incentive plans for the six months ended June 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2023 4,686,577 $ 14.11 7.9 $ 11,712 Granted 2,530,900 9.96 Exercised ( 27,981 ) 2.20 Forfeited ( 144,545 ) 12.49 Balance outstanding as of June 30, 2024 7,044,951 $ 12.70 8.1 $ 6,409 Exercisable as of June 30, 2024 2,783,861 $ 14.89 6.6 $ 5,140 The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended 2024 2023 Expected term (years) 5.5 – 6.1 5.5 – 6.1 Expected volatility 87.3 – 90.4 % 91.6 – 98.2 % Risk-free interest rate 3.8 – 4.6 % 3.4 – 3.8 % Expected dividend — — As of June 30, 2024 , total unrecognized stock-based compensation expense related to unvested stock options was $ 32.5 million, which is expected to be recognized over a weighted-average period of 2.8 years. RSU and PSUs RSUs generally vest annually over a two or three-year period. PSUs generally contain performance conditions associated with corporate goals, such as achievement of certain development milestones, that vests upon achievement over a one to three-year period. The following table summarizes RSU and PSU activity for the six months ended June 30, 2024: RSUs PSUs Number of Weighted-Average Number of Weighted-Average Balance outstanding as of December 31, 2023 688,382 $ 10.72 299,168 $ 5.96 Granted 656,950 9.96 192,000 9.98 Vested ( 170,372 ) 13.76 ( 159,168 ) 7.00 Forfeited ( 44,837 ) 8.50 ( 10,000 ) 9.98 Balance outstanding as of June 30, 2024 1,130,123 $ 9.91 322,000 $ 7.72 As of June 30, 2024 , total unrecognized stock-based compensation expense related to RSUs and PSUs was $ 10.4 million, which is expected to be recognized over a weighted-average period of 1.7 years. Stock-Based Compensation The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 2,342 $ 1,712 $ 4,657 $ 3,199 General and administrative 2,827 2,425 5,510 4,489 Total stock-based compensation $ 5,169 $ 4,137 $ 10,167 $ 7,688

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	9. Net Loss Per Share The following table presents the weighted-average shares outstanding used to calculate basic and diluted net loss per share for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock 98,495,085 73,326,569 96,230,372 62,906,856 Pre-funded warrants 1,336,026 800,000 1,608,554 800,000 Total 99,831,111 74,126,569 97,838,926 63,706,856 The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: June 30, 2024 2023 Stock options outstanding 7,044,951 4,441,690 RSUs and PSUs outstanding 1,452,123 1,201,500 Warrants to purchase common stock 1,200,034 10,443,527 Conversion feature related to outstanding term loan 590,816 590,816 Total 10,287,924 16,677,533

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events In July 2024, pursuant to the terms of the Collaboration Agreement, the Company made a $ 60.0 million payment to BiBo to initiate the project. Refer to Note 5— Commitments and Contingencies above for additional details. On July 1, 2024 , outstanding warrants to purchase 987,500 shares of common stock as of June 30, 2024 were exercised by the warrant holders, resulting in additional cash proceeds of $ 5.3 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023 and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of that date and, due to its summary nature, does not include all the disclosures required by U.S. GAAP in audited financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on March 1, 2024.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiary in Israel, the functional currency has been determined to be the U.S. Dollar.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accruals for uncertain tax positions, accrued research and development expenses and the valuation of stock options. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Measured at Fair Value on a Recurring Basis As of June 30, 2024 and December 31, 2023, cash equivalents and marketable securities were the only financial instruments measured and recorded at fair value on a recurring basis on the Company’s condensed consolidated balance sheets. Financial Instruments Not Carried at Fair Value The Company’s financial instruments, including cash, other current assets, accounts payable and accrued expenses are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds, commercial paper and U.S. government Treasury securities and are carried at fair value.
Marketable Securities	Marketable Securities The Company invests its excess cash in marketable securities with high credit ratings including money market funds, commercial paper, securities issued by the U.S. government and its agencies and corporate debt securities. The Company accounts for all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for accretion of premiums and amortization of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income and other, net. Realized gains and losses from the sale of marketable securities, if any, are determined on a specific identification basis and are also included in interest income and other, net. The Company’s marketable securities are classified as current assets, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary, even though the stated maturity date may be one year or more beyond the current balance sheet date. The Company periodically assesses its marketable securities for impairment. For marketable securities in an unrealized loss position, this assessment first takes into account the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the marketable security’s amortized cost basis is written down to fair value through interest income and other, net. For marketable securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in interest income and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in interest income and other, net.
Income Taxes	Income Taxes The Company accounts for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Interest and penalties related to unrecognized tax benefits are included within income tax expense. For the three and six months ended June 30, 2024, the Company recorded income tax expense related to its foreign operations in Israel of $ 0.1 million and $ 0.2 million , respectively.
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company’s pre-funded warrants issued in July 2022 and December 2023, are included in the calculation of basic and diluted net loss per share, even if they are antidilutive. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted-average participating securities by the sum of the total weighted-average common shares and participating securities (the “two-class method”). Shares of the Company’s common stock warrants participate in any dividends that may be declared by the Company and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted loss per share is computed after giving consideration to the dilutive effect of stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and common stock warrants, except where such non-participating securities would be anti-dilutive. As the Company incurred net losses for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.
Recent Adopted And Accounting Pronouncements	Recently Adopted Accounting Standards The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the six months ended June 30, 2024 that had a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures required by Topic 280 to be included in interim periods. All disclosure requirements under this ASU are also required for public entities with a single reportable segment. The ASU is effective for the Company’s annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company expects to adopt ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024 and in the interim periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The ASU is effective for the Company’s annual periods beginning on January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company expects to adopt ASU 2023-09 in its Annual Report on Form 10-K for the year ending December 31, 2025 and in annual periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy for the periods indicated (in thousands): June 30, 2024 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Money market funds Level 1 $ 35,433 $ — $ — $ 35,433 Commercial paper Level 2 114,406 — ( 66 ) 114,340 U.S. government bonds Level 2 192,073 29 ( 511 ) 191,591 Agency bonds Level 2 47,296 2 ( 120 ) 47,178 Corporate debt securities Level 2 6,606 — ( 29 ) 6,577 U.S. Treasury securities Level 2 40,165 — ( 3 ) 40,162 Agency discount securities Level 2 4,992 — — 4,992 Total cash equivalents and marketable securities $ 440,971 $ 31 $ ( 729 ) $ 440,273 Classified as: Cash equivalents $ 121,107 Marketable securities 319,166 Total cash equivalents and marketable securities $ 440,273 December 31, 2023 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Money market funds Level 1 $ 493 $ — $ — $ 493 Commercial paper Level 2 94,261 — ( 55 ) 94,206 U.S. government bonds Level 2 137,976 250 ( 142 ) 138,084 Agency bonds Level 2 45,481 152 ( 44 ) 45,589 Corporate debt securities Level 2 3,177 — ( 12 ) 3,165 U.S. Treasury securities Level 2 71,754 36 ( 1 ) 71,789 Agency discount securities Level 2 7,975 1 — 7,976 Total cash equivalents and marketable securities $ 361,117 $ 439 $ ( 254 ) $ 361,302 Classified as: Cash equivalents $ 98,593 Marketable securities 262,709 Total cash equivalents and marketable securities $ 361,302 The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices when available. If quoted market prices are not available, the fair value for the security is estimated under the market or income approach using pricing models with market observable inputs.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid and other current assets consist of the following as of the periods presented (in thousands): June 30, December 31, Prepaid research and development $ 26,148 $ 11,579 Prepaid taxes 388 614 Prepaid other 2,528 2,471 Common stock warrant exercise receivable 19,406 — Total prepaid and other current assets $ 48,470 $ 14,664
Schedule of Accrued Expenses	Accrued expenses consist of the following as of the periods presented (in thousands): June 30, December 31, Accrued research and development expenses $ 13,145 $ 13,017 Accrued employee and related expenses 3,752 6,248 Accrued professional and legal fees 1,511 1,110 Accrued other expenses 255 155 Total accrued expenses $ 18,663 $ 20,530

Term Loan Facility (Tables)

Term Loan Facility (Tables)	6 Months Ended
Term Loan Facility (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Repayment of Principal Amount	The expected repayments of principal amount due on borrowings as of June 30, 2024 are as follows (in thousands): 2024 (remaining six months) $ — 2025 10,774 2026 13,036 2027 1,190 Total principal outstanding 25,000 Plus accumulated accretion of final payment fee 602 Less unamortized debt discount ( 477 ) Total net carrying value 25,125 Term loan, current ( 4,770 ) Term loan, noncurrent, net $ 20,355

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Shares of Common Stock Available for Future Issuance	The Company had the following shares of common stock reserved for future issuance, on an as-if-converted basis, as of the periods presented: June 30, December 31, Stock options outstanding 7,044,951 4,686,577 RSUs and PSUs outstanding 1,452,123 987,550 Shares available for future grants under equity incentive plans 2,468,467 1,790,684 Shares available for future issuance under the employee stock purchase plan 1,181,482 1,207,607 Warrants to purchase common stock outstanding 1,200,034 10,412,806 Pre-funded warrants to purchase common stock outstanding 1,081,081 1,881,081 Conversion feature related to outstanding term loan 590,816 590,816 Total available for future issuance 15,018,954 21,557,121
Schedule of Outstanding Warrants to Purchase Shares of Common Stock	As of June 30, 2024, the Company’s outstanding warrants to purchase shares of its common stock were as follows: Shares of Exercise Price Expiration Warrant issued in connection with term loan (SVB) 25,000 $ 22.06 June 30, 2025 Warrant issued in connection with term loan (SVB) 33,923 19.12 May 28, 2031 Warrants issued in connection with term loan facility 153,611 9.76 January 27, 2033 Warrants issued in connection with public offering 987,500 5.325 July 1, 2024 Pre-funded warrants issued in connection with public offerings 1,081,081 0.001 Do not expire Total outstanding 2,281,115

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity under the Company’s equity incentive plans for the six months ended June 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2023 4,686,577 $ 14.11 7.9 $ 11,712 Granted 2,530,900 9.96 Exercised ( 27,981 ) 2.20 Forfeited ( 144,545 ) 12.49 Balance outstanding as of June 30, 2024 7,044,951 $ 12.70 8.1 $ 6,409 Exercisable as of June 30, 2024 2,783,861 $ 14.89 6.6 $ 5,140
Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model	The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended 2024 2023 Expected term (years) 5.5 – 6.1 5.5 – 6.1 Expected volatility 87.3 – 90.4 % 91.6 – 98.2 % Risk-free interest rate 3.8 – 4.6 % 3.4 – 3.8 % Expected dividend — — As of June 30, 2024 , total unrecognized stock-based compensation expense related to unvested stock options was $ 32.5 million, which is expected to be recognized over a weighted-average period of 2.8 years. RSU and PSUs RSUs generally vest annually over a two or three-year period. PSUs generally contain performance conditions associated with corporate goals, such as achievement of certain development milestones, that vests upon achievement over a one to three-year period.
Summary of Restricted Stock Unit Activity	The following table summarizes RSU and PSU activity for the six months ended June 30, 2024: RSUs PSUs Number of Weighted-Average Number of Weighted-Average Balance outstanding as of December 31, 2023 688,382 $ 10.72 299,168 $ 5.96 Granted 656,950 9.96 192,000 9.98 Vested ( 170,372 ) 13.76 ( 159,168 ) 7.00 Forfeited ( 44,837 ) 8.50 ( 10,000 ) 9.98 Balance outstanding as of June 30, 2024 1,130,123 $ 9.91 322,000 $ 7.72 As of June 30, 2024 , total unrecognized stock-based compensation expense related to RSUs and PSUs was $ 10.4 million, which is expected to be recognized over a weighted-average period of 1.7 years. Stock-Based Compensation
Summary of Stock-Based Compensation Expense	The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 2,342 $ 1,712 $ 4,657 $ 3,199 General and administrative 2,827 2,425 5,510 4,489 Total stock-based compensation $ 5,169 $ 4,137 $ 10,167 $ 7,688

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted-average Shares Outstanding Used to Calculate Basic and Diluted Net Loss Per Share	The following table presents the weighted-average shares outstanding used to calculate basic and diluted net loss per share for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock 98,495,085 73,326,569 96,230,372 62,906,856 Pre-funded warrants 1,336,026 800,000 1,608,554 800,000 Total 99,831,111 74,126,569 97,838,926 63,706,856
Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss	The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: June 30, 2024 2023 Stock options outstanding 7,044,951 4,441,690 RSUs and PSUs outstanding 1,452,123 1,201,500 Warrants to purchase common stock 1,200,034 10,443,527 Conversion feature related to outstanding term loan 590,816 590,816 Total 10,287,924 16,677,533

Organization and Liquidity - Ad

Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jun. 30, 2019
Accumulated deficit	$ (557,084)	$ (457,432)
Cash and cash equivalents and short term available-for-sale securities	$ 531,400

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Income tax expense	$ 134	$ 0	$ 231	$ 0
Israel
Summary Of Significant Accounting Policies [Line Items]
Income tax expense	$ 100		$ 200

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	$ 440,273
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	440,971	$ 361,117
Short-term investments, Gross Unrealized Holding Gains	31	439
Short-term investments, Gross Unrealized Holding Losses	(729)	(254)
Short-term investments, Aggregated Fair Value	440,273	361,302
Total cash equivalents and marketable securities	440,273	361,302
Recurring \| Marketable securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	319,166	262,709
Recurring \| Cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	121,107	98,593
Recurring \| Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	35,433	493
Short-term investments, Aggregated Fair Value	35,433	493
Recurring \| Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	114,406	94,261
Short-term investments, Gross Unrealized Holding Losses	(66)	(55)
Short-term investments, Aggregated Fair Value	114,340	94,206
Recurring \| Level 2 \| U.S. government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	192,073	137,976
Short-term investments, Gross Unrealized Holding Gains	29	250
Short-term investments, Gross Unrealized Holding Losses	(511)	(142)
Short-term investments, Aggregated Fair Value	191,591	138,084
Recurring \| Level 2 \| Agency bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	47,296	45,481
Short-term investments, Gross Unrealized Holding Gains	2	152
Short-term investments, Gross Unrealized Holding Losses	(120)	(44)
Short-term investments, Aggregated Fair Value	47,178	45,589
Recurring \| Level 2 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	6,606	3,177
Short-term investments, Gross Unrealized Holding Losses	(29)	(12)
Short-term investments, Aggregated Fair Value	6,577	3,165
Recurring \| Level 2 \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	40,165	71,754
Short-term investments, Gross Unrealized Holding Gains		36
Short-term investments, Gross Unrealized Holding Losses	(3)	(1)
Short-term investments, Aggregated Fair Value	40,162	71,789
Recurring \| Level 2 \| Agency discount securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	4,992	7,975
Short-term investments, Gross Unrealized Holding Gains		1
Short-term investments, Aggregated Fair Value	$ 4,992	$ 7,976

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contractual Maturities of Financial Assets Measured at Fair Value (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Within one year	$ 340,064
After one year through two years	100,209
Total cash equivalents and marketable securities	$ 440,273

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 26,148	$ 11,579
Prepaid taxes	388	614
Prepaid other	2,528	2,471
Common stock warrant exercise receivable	19,406
Total prepaid and other current assets	$ 48,470	$ 14,664

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 13,145	$ 13,017
Accrued employee and related expenses	3,752	6,248
Accrued professional and legal fees	1,511	1,110
Accrued other expenses	255	155
Total accrued expenses	$ 18,663	$ 20,530

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 04, 2024	Apr. 30, 2018	Dec. 31, 2023	Jun. 30, 2024	Jul. 31, 2024
Collaboration Agreement [Member]
Loss Contingencies [Line Items]
Aggregate payment of production facility	$ 135
Collaboration Agreement [Member] \| BiBo Biopharma Engineering Co., Ltd.
Loss Contingencies [Line Items]
Additional percentage of milestones payment payable upon achievement	$ 61.5
Upfront payment				$ 60
Collaboration Agreement [Member] \| BiBo Biopharma Engineering Co., Ltd. \| Subsequent Events
Loss Contingencies [Line Items]
Upfront payment					$ 60
BiBo Collaboration Agreement [Member]
Loss Contingencies [Line Items]
Agreement date	Apr. 04, 2024
Teva Agreement [Member]
Loss Contingencies [Line Items]
Nonrefundable upfront payment		$ 6
Payment upon achievement of certain clinical and commercial milestones		65
Asset transfer and license agreement, termination period after written notice				120 days
Asset transfer and license agreement, termination period notice of breach				60 days
Asset transfer and license agreement termination notice period if bankruptcy petition filed				60 days
Milestone payments			$ 2.5
Teva Agreement [Member] \| Teva's Development Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones		$ 2.5

Term Loan Facility - Additional

Term Loan Facility - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Jan. 01, 2027	Jan. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt discount			$ 477
Loss on extinguishment				$ (1,208)
Tranche One
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares		51,204
2023 Loan Agreement
Debt Instrument [Line Items]
Warrant exercise price \| $ / shares		$ 9.7649
Minimum unrestriced cash and cash equivalents to three month average cash and cash equivalents multiplier			5
Debt instrument, maturity date			Jan. 01, 2027
Debt instrument, maturity date, description			Borrowings under the Loan Agreement mature on January 1, 2027 and provide for interest-only payments until February 1, 2025.
Debt instrument, interest rate		9.75%	10.75%
Debt instrument, basis spread on variable rate		2.25%
Conversion price per share \| $ / shares		$ 12.6943
Contingent warrants \| shares		153,611
2023 Loan Agreement \| Forecast
Debt Instrument [Line Items]
Percentage of fee on loan	5.95%
2023 Loan Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate		8.45%
Prepayment fee percentage			3%
2023 Loan Agreement \| Maximum
Debt Instrument [Line Items]
Debt Instrument face amount		$ 100,000
Warrants to purchase common stock \| shares		204,815
Prepayment fee percentage			1%
Conversion of principal amount		$ 7,500
2023 Loan Agreement \| Tranche One
Debt Instrument [Line Items]
Debt discount		800
Line of credit facility fully drawn amount		25,000
2023 Loan Agreement \| Tranche One \| Measurement Input, Expected Dividend Payment
Debt Instrument [Line Items]
Fair value of warrant assumptions, dividends		$ 0
2023 Loan Agreement \| Tranche One \| Valuation Technique, Option Pricing Model \| Measurement Input, Risk Free Interest Rate
Debt Instrument [Line Items]
Fair measurement input		0.039
2023 Loan Agreement \| Tranche One \| Valuation Technique, Option Pricing Model \| Measurement Input, Price Volatility
Debt Instrument [Line Items]
Fair measurement input		0.938
2023 Loan Agreement \| Tranche One \| Valuation Technique, Option Pricing Model \| Measurement Input, Expected Term
Debt Instrument [Line Items]
Fair measurement input		10 years
2023 Loan Agreement \| Tranche Two
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000
2023 Loan Agreement \| Tranche Three
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		10,000
2023 Loan Agreement \| Tranche two and three
Debt Instrument [Line Items]
Warrant Forfeited \| shares			51,204
2023 Loan Agreement \| Tranche Four
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000
Commitment fee percentage			0.60%
Warrant contingently exercisable upon funding of each subsequent draw down \| shares			102,407

Term Loan Facility - Schedule o

Term Loan Facility - Schedule of Repayment of Principal Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining six months)	$ 0
2025	10,774
2026	13,036
2027	1,190
Total principal outstanding	25,000
Plus accumulated accretion of final payment fee	602
Less: unamortized debt discount	(477)
Total net carry value	25,125
Term loan, current	(4,770)	$ 0
Total term loan, non-current, net	$ 20,355	$ 24,795

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares of Common Stock Available for Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Total available for future issuance	15,018,954	21,557,121
Stock Options Outstanding
Class Of Stock [Line Items]
Total available for future issuance	7,044,951	4,686,577
Rsus And Psus Outstanding
Class Of Stock [Line Items]
Total available for future issuance	1,452,123	987,550
Equity Incentive Plan
Class Of Stock [Line Items]
Total available for future issuance	2,468,467	1,790,684
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total available for future issuance	1,181,482	1,207,607
Warrants To Purchase Common Stock
Class Of Stock [Line Items]
Total available for future issuance	1,200,034	10,412,806
Pre-funded Warrants To Purchase Common Stock
Class Of Stock [Line Items]
Total available for future issuance	1,081,081	1,881,081
Conversion Feature Related To Outstanding Term Loan
Class Of Stock [Line Items]
Total available for future issuance	590,816	590,816

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)			1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 01, 2024	Feb. 28, 2023	Aug. 05, 2024	Mar. 31, 2023	Mar. 31, 2021	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsidiary Sale Of Stock [Line Items]
Offering costs								$ 116,000
Proceeds from issuance of common stock upon exercise of common stock warrants								$ 29,543,000	$ 15,590,000
Warrants outstanding						2,281,115		2,281,115
Public Offerings
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses				$ 296,800,000
Shares issued and sold				19,461,538
Offering price per share				$ 16.25			$ 16.25
Underwriting discounts and commissions				$ 19,000,000
Offering costs				$ 500,000
Public Offerings \| Common Stock
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold							19,461,538
Public Offering
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase common stock exercised								9,192,289	2,927,570
Proceeds from issuance of common stock upon exercise of common stock warrants								$ 48,900,000	$ 15,600,000
Warrants outstanding						987,500		987,500
Public Offering \| Subsequent Events
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock upon exercise of common stock warrants	$ 5,300,000		$ 19,400,000
Warrant exercised date	Jul. 01, 2024
2021 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Selling commission per shares sold percentage					3%
Maximum value of common stock to be issued under agreement					$ 75,000,000
2023 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses								$ 21,000,000
Sales under the agreement						$ 0
Maximum value of common stock to be issued under agreement		$ 150,000,000
Shares issued and sold								1,396,888
Common stock remaining for future sales								$ 104,400,000
2021 ATM Facility and 2023 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses									$ 37,100,000
Shares issued and sold									2,168,539

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	2,281,115
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	25,000
Warrant exercise price \| $ / shares	$ 22.06
Warrant expiration date	Jun. 30, 2025
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	33,923
Warrant exercise price \| $ / shares	$ 19.12
Warrant expiration date	May 28, 2031
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	153,611
Warrant exercise price \| $ / shares	$ 9.76
Warrant expiration date	Jan. 27, 2033
Warrants Public Offerings
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	987,500
Warrant exercise price \| $ / shares	$ 5.325
Warrant expiration date	Jul. 01, 2024
Pre-funded Warrants
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	1,081,081
Warrant exercise price \| $ / shares	$ 0.001
Expiration Date	Do not expire

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance	15,018,954		15,018,954		21,557,121
Share base compensation expense	$ 5,169	$ 4,137	$ 10,167	$ 7,688
Restricted Stock Units (RSUs") and Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized weighted average period			1 year 8 months 12 days
Total Unrecognised expense	10,400		$ 10,400
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized weighted average period			2 years 9 months 18 days
Unrecognized unvested stock option	$ 32,500		$ 32,500
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance	1,181,482		1,181,482		1,207,607
Minimum \| Restricted Stock Units (RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			2 years
Minimum \| Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Maximum \| Restricted Stock Units (RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Maximum \| Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2023 Inducement Plan and 2019 Equity Incentive Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Outstanding, Beginning Balance \| shares	4,686,577
Granted \| shares	2,530,900
Exercised \| shares	(27,981)
Forfeited \| shares	(144,545)
Outstanding, Ending Balance \| shares	7,044,951	4,686,577
Exercisable as of June 30, 2024 \| shares	2,783,861
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 14.11
Weighted Average Exercise Price, Granted \| $ / shares	9.96
Weighted Average Exercise Price, Exercised \| $ / shares	2.2
Weighted Average Exercise Price, Forfeited \| $ / shares	12.49
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	12.7	$ 14.11
Weighted Average Exercise Price, Exercisable as of June 30, 2024 \| $ / shares	$ 14.89
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years), Outstanding	8 years 1 month 6 days	7 years 10 months 24 days
Weighted Average Remaining Contractual Term (In years), Exercisable as of June 30, 2024	6 years 7 months 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value \| $	$ 6,409	$ 11,712
Aggregate Intrinsic Value, Exercisable as of June 30, 2024 \| $	$ 5,140

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	87.30%	91.60%
Expected volatility, maximum	90.40%	98.20%
Risk-free interest rate, minimum	3.80%	3.40%
Risk-free interest rate, maximum	4.60%	3.80%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs")
Number of RSUs
Outstanding, Beginning Balance \| shares	688,382
Granted \| shares	656,950
Vested \| shares	(170,372)
Forfeited \| shares	(44,837)
Outstanding, Ending Balance \| shares	1,130,123
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 10.72
Weighted Average Grant Date Fair Value Outstanding, Granted \| $ / shares	9.96
Weighted Average Grant Date Fair Value Outstanding, Vested \| $ / shares	13.76
Weighted Average Grant Date Fair Value Outstanding, Forfeited \| $ / shares	8.5
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 9.91
Performance Shares (PSUs)
Number of RSUs
Outstanding, Beginning Balance \| shares	299,168
Granted \| shares	192,000
Vested \| shares	(159,168)
Forfeited \| shares	(10,000)
Outstanding, Ending Balance \| shares	322,000
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 5.96
Weighted Average Grant Date Fair Value Outstanding, Granted \| $ / shares	9.98
Weighted Average Grant Date Fair Value Outstanding, Vested \| $ / shares	7
Weighted Average Grant Date Fair Value Outstanding, Forfeited \| $ / shares	9.98
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 7.72

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,169	$ 4,137	$ 10,167	$ 7,688
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,342	1,712	4,657	3,199
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,827	$ 2,425	$ 5,510	$ 4,489

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Weighted-average Shares Outstanding Used to Calculate Basic and Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	99,831,111	74,126,569	97,838,926	63,706,856
Weighted-average shares used to compute net loss per share, diluted	99,831,111	74,126,569	97,838,926	63,706,856
Common Stock
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	98,495,085	73,326,569	96,230,372	62,906,856
Weighted-average shares used to compute net loss per share, diluted	98,495,085	73,326,569	96,230,372	62,906,856
Pre-funded Warrants
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	1,336,026	800,000	1,608,554	800,000
Weighted-average shares used to compute net loss per share, diluted	1,336,026	800,000	1,608,554	800,000

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	10,287,924	16,677,533
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	7,044,951	4,441,690
RSUs and PSUs Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	1,452,123	1,201,500
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	1,200,034	10,443,527
Conversion Feature Related To Outstanding Term Loan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	590,816	590,816

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jul. 01, 2024	Aug. 05, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024
Subsequent Event [Line Items]
Warrants outstanding			2,281,115
Proceeds from issuance of common stock upon exercise of common stock warrants			$ 29,543	$ 15,590
Collaboration Agreement \| BiBo Biopharma Engineering Co., Ltd.
Subsequent Event [Line Items]
Upfront payment			$ 60,000
Public Offering
Subsequent Event [Line Items]
Warrants outstanding			987,500
Proceeds from issuance of common stock upon exercise of common stock warrants			$ 48,900	$ 15,600
Subsequent Events \| Collaboration Agreement \| BiBo Biopharma Engineering Co., Ltd.
Subsequent Event [Line Items]
Upfront payment					$ 60,000
Subsequent Events \| Public Offering
Subsequent Event [Line Items]
Warrant exercised date	Jul. 01, 2024
Proceeds from issuance of common stock upon exercise of common stock warrants	$ 5,300	$ 19,400