Aerovate Therapeutics (AVTE) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Transition Report	false
Entity File Number	001-40544
Entity Registrant Name	AEROVATE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1377888
Entity Address, Address Line One	930 Winter Street
Entity Address, Address Line Two	Suite M-500
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	443-2400
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AVTE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,808,334
Entity Central Index Key	0001798749
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,122	$ 23,491
Short-term investments	90,212	98,948
Prepaid expenses and other current assets	3,905	1,793
Total current assets	103,239	124,232
Property and equipment, net	260	288
Operating lease right-of-use assets	725	614
Other long-term assets	2,597	2,284
Total assets	106,821	127,418
Current liabilities:
Accounts payable	3,313	2,396
Accrued and other current liabilities	11,760	14,821
Operating lease liabilities	445	420
Total current liabilities	15,518	17,637
Operating lease liabilities, net of current portion	329	255
Other liabilities	70	70
Total liabilities	15,917	17,962
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2024 and December 31, 2023, respectively; 27,898,761 and 27,762,703 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	277,544	272,640
Accumulated other comprehensive (loss) income	(33)	237
Accumulated deficit	(186,610)	(163,424)
Total stockholders' equity	90,904	109,456
Total liabilities and stockholders' equity	$ 106,821	$ 127,418

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets (Unaudited)
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	27,898,761	27,762,703
Common stock, shares outstanding	27,898,761	27,762,703

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 20,080	$ 13,488
General and administrative	4,538	4,151
Total operating expenses	24,618	17,639
Loss from operations	(24,618)	(17,639)
Other income (expense):
Interest income	1,435	1,120
Other expense:	(3)	(1)
Total other income	1,432	1,119
Net loss	(23,186)	(16,520)
Comprehensive loss:
Net loss	(23,186)	(16,520)
Other comprehensive loss:
Unrealized (loss) gain on securities	(270)	265
Comprehensive loss	$ (23,456)	$ (16,255)
Net loss per share, basic	$ (0.83)	$ (0.67)
Net loss per share, diluted	$ (0.83)	$ (0.67)
Weighted-average shares of common stock outstanding, basic	27,795,827	24,777,847
Weighted-average shares of common stock outstanding, diluted	27,795,827	24,777,847

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain/(Loss)	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2022	24,722,974
Beginning balance, value at Dec. 31, 2022	$ 2	$ 215,110	$ (466)	$ (87,903)	$ 126,743
Unrealized gain on investments			265		265
Issuance of common stock upon exercise of stock options		223			223
Issuance of common stock upon exercise of stock options (in shares)	93,966
Stock based compensation		2,384			2,384
Net loss				(16,520)	(16,520)
Ending balance, shares at Mar. 31, 2023	24,816,940
Ending balance, value at Mar. 31, 2023	$ 2	217,717	(201)	(104,423)	113,095
Beginning balance, shares at Dec. 31, 2023	27,762,703
Beginning balance, value at Dec. 31, 2023	$ 3	272,640	237	(163,424)	109,456
Unrealized loss on investments			(270)		(270)
Issuance of common stock upon exercise of stock options		704			$ 704
Issuance of common stock upon exercise of stock options (in shares)	133,282				133,282
Vesting of restricted stock units, shares	2,776
Stock based compensation		4,200			$ 4,200
Net loss				(23,186)	(23,186)
Ending balance, shares at Mar. 31, 2024	27,898,761
Ending balance, value at Mar. 31, 2024	$ 3	$ 277,544	$ (33)	$ (186,610)	$ 90,904

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flow from operating activities:
Net loss	$ (23,186)	$ (16,520)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,200	2,384
Depreciation and amortization expense	28	21
Accretion of discounts and amortization of premiums on investments, net	(759)	(671)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,112)	636
Other long-term assets	2	(89)
Accounts payable	835	2,121
Accrued and other liabilities	(3,061)	716
Operating lease assets and liabilities, net	(12)	(31)
Other liabilities	392	9
Net cash used in operating activities	(23,673)	(11,424)
Cash flow from investing activities:
Purchases of short-term investments	(14,750)	(15,609)
Maturities of short-term investments	23,583	31,000
Purchases of property and equipment		(16)
Net cash provided by investing activities	8,833	15,375
Cash flow from financing activities:
Payments for offering costs	(233)
Proceeds from issuance of common stock upon exercise of stock options	704	223
Net cash provided by financing activities	471	223
Net (decrease) increase in cash and cash equivalents	(14,369)	4,174
Cash and cash equivalents at the beginning of the year	23,491	22,397
Cash and cash equivalents at the end of the period	9,122	26,571
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability	206
Deferred offering costs included in accounts payable	82	104
Purchases of property and equipment in accounts payable and accrued liabilities		$ 30

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	(1) ORGANIZATION AND NATURE OF OPERATIONS (a) Organization and Nature of Operations Aerovate Therapeutics Inc. (“Aerovate” or the “Company”) was incorporated in the state of Delaware in July 2018, and is headquartered in Waltham, Massachusetts. The Company has a wholly owned subsidiary, Aerovate Securities Corporation. The Company is a clinical-stage biopharmaceutical company that is focused on the development of drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. The Company’s initial focus is on advancing AV-101, the Company’s dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (“PAH”). The Company initiated a global Phase 2b/Phase 3 trial of AV-101 in adults with PAH in December 2021 and announced in November 2023 completion of enrollment of the Phase 2b portion of this trial and enrollment of the first patient in the Phase 3 portion of this trial. (b) At-the-Market Offering On April 5, 2023, the Company entered into an ATM Equity Offering SM (c) Liquidity and Management Plans Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations and has not realized revenues from its planned principal operations. The Company has incurred losses and negative cash flows from operations since inception. In addition, the Company expects to incur substantial operating losses for the next several years as it continues its research and development activities. As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of $99.3 million. Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed to undertake these activities. The Company intends to raise such capital through debt or equity financings or other arrangements to fund operations. Management believes that the Company’s current cash and cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	(2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). (b) Use of Estimates The preparation of the Company’s 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 the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. (c) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ Net loss ​ $ (23,186) ​ $ (16,520) Net loss available to common stockholders ​ $ (23,186) ​ $ (16,520) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,795,827 ​ 24,777,847 Net loss per share, basic and diluted ​ $ (0.83) ​ $ (0.67) ​ Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ 2024 2023 Options to purchase common stock 6,462,763 5,107,865 Unvested restricted stock units ​ 19,192 ​ 31,881 ​ 6,481,955 5,139,746 ​ (d) Recently Issued and Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	(3) FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ March 31, ​ Assets ​ Inputs ​ Inputs ​ 2024 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 3,105 ​ $ 3,105 ​ $ — ​ $ — Total cash equivalents ​ 3,105 ​ 3,105 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Agency bonds ​ 37,446 ​ — ​ 37,446 ​ — Commercial paper ​ ​ 36,582 ​ ​ — ​ ​ 36,582 ​ ​ — U.S. Treasury bills ​ ​ 9,328 ​ ​ 9,328 ​ ​ — ​ ​ — Corporate debt securities ​ 6,856 ​ — ​ ​ 6,856 ​ ​ — Total short-term investments ​ 90,212 ​ 9,328 ​ 80,884 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 93,317 ​ $ 12,433 ​ $ 80,884 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2023 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 19,787 ​ $ 19,787 ​ $ — ​ $ — Total cash equivalents ​ 19,787 ​ 19,787 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Agency bonds ​ ​ 42,255 ​ ​ ​ ​ ​ 42,255 ​ ​ ​ Commercial paper ​ 38,386 ​ — ​ 38,386 ​ — U.S. Treasury bills ​ 10,362 ​ 10,362 ​ — ​ — Corporate debt securities ​ 7,945 ​ — ​ 7,945 ​ — Total short-term investments ​ 98,948 ​ 10,362 ​ 88,586 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 118,735 ​ $ 30,149 ​ $ 88,586 ​ $ — ​ Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of cash, money market funds and commercial paper, and short-term investments consisted of U.S. Treasury bills, agency bonds, corporate debt securities and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The following tables summarize the Company’s short-term investments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Agency bonds 2 years or less ​ 37,450 ​ ​ 35 ​ ​ (39) ​ 37,446 ​ Commercial paper 2 years or less ​ ​ 36,590 ​ ​ 7 ​ ​ (15) ​ ​ 36,582 ​ U.S. Treasury bills 2 years or less ​ 9,339 ​ 1 ​ (12) ​ 9,328 ​ Corporate debt securities ​ 2 years or less ​ ​ 6,866 ​ ​ 3 ​ ​ (13) ​ ​ 6,856 ​ ​ ​ ​ ​ $ 90,245 ​ $ 46 ​ $ (79) ​ $ 90,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses value ​ Agency bonds 2 years or less ​ $ 42,090 ​ ​ 179 ​ ​ (14) ​ $ 42,255 ​ Commercial paper ​ 2 years or less ​ ​ 38,362 ​ ​ 29 ​ ​ (5) ​ ​ 38,386 ​ U.S. Treasury bills 2 years or less ​ 10,334 ​ 31 ​ (3) ​ 10,362 ​ Corporate debt securities 2 years or less ​ 7,925 ​ ​ 21 ​ ​ (1) ​ 7,945 ​ ​ ​ ​ ​ $ 98,711 ​ $ 260 ​ $ (23) ​ $ 98,948 ​ ​ ​ ​ ​ The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Agency bonds $ 20,886 $ (36) ​ $ 752 ​ $ (3) $ 21,638 ​ $ (39) Commercial paper ​ 20,371 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 20,371 ​ ​ (15) U.S. Treasury bills 7,364 ​ (12) ​ — ​ — ​ 7,364 ​ ​ (12) Corporate debt securities 1,976 ​ (13) ​ — ​ — ​ 1,976 ​ ​ (13) ​ $ 50,597 ​ $ (76) ​ $ 752 ​ $ (3) ​ $ 51,349 ​ $ (79) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Commercial paper $ 6,042 $ (5) ​ $ — ​ $ — $ 6,042 ​ $ (5) Agency bonds ​ 3,760 ​ ​ (6) ​ ​ 6,579 ​ ​ (8) ​ ​ 10,339 ​ ​ (14) U.S. Treasury bills 488 ​ (2) ​ 1,007 ​ (1) ​ 1,495 ​ ​ (3) Corporate debt securities 3,110 ​ (1) ​ — ​ — ​ 3,110 ​ ​ (1) ​ $ 13,400 ​ $ (14) ​ $ 7,586 ​ $ (9) ​ $ 20,986 ​ $ (23) ​ The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of March 31, 2024 and December 31, 2023 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. As of March 31, 2024 and December 31, 2023, no allowance for credit losses was recorded. During the three months ended March 31, 2024 the Company did not recognize any impairment losses related to its short-term investments. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive loss. ​ Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. Accrued interest receivable related to short-term investments was $0.3 million and $0.6 million as of March 31, 2024 and December 31, 2023, respectively.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	3 Months Ended
	Mar. 31, 2024
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS	(4) BALANCE SHEET COMPONENTS Prepaid Expenses and Other Current Assets ​ Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Prepaid research and development ​ $ 1,939 ​ $ 375 ​ Prepaid expenses ​ ​ 1,662 ​ ​ 1,168 ​ Other current assets ​ ​ 304 ​ ​ 250 ​ Total prepaid expenses and other current assets ​ $ 3,905 ​ $ 1,793 ​ ​ Accrued and Other Current Liabilities ​ Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 ​ Accrued research and development ​ $ 9,752 ​ $ 9,363 ​ Accrued payroll and other employee benefits ​ ​ 1,334 ​ ​ 4,368 ​ Other ​ 674 ​ 1,090 ​ Total accrued and other current liabilities ​ $ 11,760 ​ $ 14,821 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(5) COMMITMENTS AND CONTINGENCIES In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 square feet of office space in Waltham, Massachusetts for the Company’s corporate headquarters. The Waltham Lease has a term of thirty-nine months (“Lease Term”), unless extended or earlier terminated. The Company has the option to extend the Waltham Lease for one additional period of three years. The Lease Term had an initial abatement period, and the initial base rent payable is approximately $18,000 per month following the abatement period. The initial base rent payable will increase by approximately 2% per year over the Lease Term. The Waltham Lease commencement date was September 1, 2021. In January 2024, the Company entered into the First Amendment to the Waltham Lease resulting in the lease expiring on December 31, 2025, and an increase of $1.00 per rentable square foot during the additional lease term. In obtaining this lease extension, the Company no longer has the option to extend the Waltham Lease for one additional period of three years. In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 square feet of office space in Foster City, California. The Foster City Lease has a term of thirty-nine months, unless extended or earlier terminated. The Company has the option to extend the Foster City Lease for an additional period of one year. The base rent payable under the Foster City Lease is approximately $22,600 per month and will be subject to annual increase of 3% on each anniversary. As of March 31, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ Lease Payments ​ 2024 $ 571 ​ 2025 ​ 242 ​ Total operating lease payments ​ 813 ​ Less: Amount representing interest ​ (39) ​ Present value of net minimum lease payments ​ $ 774 ​ ​ ​ ​ ​ ​ ​ As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases for the three months ended March 31, 2024 and year ended and December 31, 2023 were as follows (in thousands except lease term and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ Operating lease liabilities: ​ 2024 2023 ​ Current ​ ​ 445 ​ ​ 420 ​ Non-current ​ ​ 329 ​ ​ 255 ​ Total lease liabilities ​ $ 774 ​ $ 675 ​ Weighted-average remaining lease term (in years) ​ 1.6 ​ 1.5 ​ Weighted-average incremental borrowing rate ​ 6.4 % 6.0 % ​ Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Cash paid included in operating cash flows ​ $ 127 ​ $ 123 ​ ​ Operating lease expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Operating lease ​ $ 113 ​ $ 111 ​ Short-term lease ​ 83 ​ — ​ Total rent expense ​ $ 196 ​ $ 111 ​ ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	(6) STOCKHOLDERS’ EQUITY On July 2, 2021, the Company’s certificate of amendment to its certificate of incorporation became effective, which provided 150,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of undesignated preferred stock with a par value of $0.0001 per share. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. As of March 31, 2024, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ March 31, 2024 Common stock options granted and outstanding 6,462,763 ​ Shares reserved for issuance under the 2021 Plan 349,170 ​ Reserved for vesting of outstanding restricted stock units ​ 19,192 ​ Reserved for future ESPP issuances 435,252 ​ Total 7,266,377 ​ ​ ​ ​ ​ ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	(7) STOCK-BASED COMPENSATION (a) Stock Option Plan The Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors and approved by the Company’s stockholders in June 2021 and became effective as of June 29, 2021. Upon the effectiveness of the 2021 Plan, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) was terminated and no further grants may be made thereunder. The Company’s 2021 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors. As of March 31, 2024, a total of 5,675,841 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan, of which 349,170 shares remain available for issuance. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 4% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. Since adoption, the number of shares available under the 2021 Plan pursuant to the annual increases totals 3,075,841 shares through January 1, 2024. Any shares subject to awards granted under the 2021 Plan or the 2018 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2021 Plan. As of March 31, 2024, 5,257,038 and 1,205,725 options had been granted under the 2021 Plan and 2018 Plan, respectively. The options that are granted under the 2021 Plan and the 2018 Plan are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant. The vesting period generally occurs over three The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Contractual Term ​ Intrinsic Value ​ Options Exercise Price (in years) (in thousands) Outstanding at December 31, 2023 5,230,344 ​ $ 13.66 8.16 ​ $ 49,728 ​ Granted 1,396,691 ​ ​ 19.75 ​ ​ ​ ​ Exercised (133,282) ​ ​ 5.30 ​ ​ Cancelled/Forfeited (30,990) ​ ​ 22.07 ​ ​ Outstanding at March 31, 2024 6,462,763 ​ $ 15.11 ​ 8.32 ​ $ 93,463 ​ Vested and exercisable at March 31, 2024 2,440,412 ​ ​ 12.04 ​ 7.65 ​ ​ 42,791 ​ ​ The weighted-average grant date fair value of stock option grants was $14.99 per share for the three months ended March 31, 2024. As of March 31, 2024, there was $45.9 million of total unrecognized stock-based compensation expense related to unvested stock options granted under the 2021 Plan and 2018 Plan, which is expected to be recognized over a weighted-average period of approximately 2.6 years. (b) Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board of directors and stockholders in June 2021 and became effective upon the consummation of the IPO. A total of 230,000 shares of the Company’s common stock was initially available for issuance under the ESPP. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 1% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 247,229 shares effective January 1, 2023 as determined by the Company’s board of directors. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of March 31, 2024, 41,977 shares had been issued under the ESPP, and 435,252 shares authorized under the ESPP Plan were available for issuance. (c) Restricted Stock Units As of March 31, 2024, 31,881 restricted stock units had been awarded under the 2021 Plan. A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the three months ended March 31, 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2023 21,968 $ 22.26 ​ Granted — ​ ​ — ​ Vested (2,776) ​ 23.10 ​ Forfeited — ​ — ​ Unvested restricted stock units as of March 31, 2024 19,192 ​ $ 22.14 ​ ​ Stock-based compensation of restricted stock units is based on the fair value of the Company’s common stock on the date of grant and recognized over the vesting period. The vesting period generally occurs over three As of March 31, 2024, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.2 years. (d) Stock-Based Compensation Expense Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Research and development ​ $ 2,494 ​ $ 1,299 ​ General and administrative ​ ​ 1,706 ​ ​ 1,085 ​ Total ​ $ 4,200 ​ $ 2,384 ​ ​ Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 ​ Stock options ​ $ 4,067 ​ $ 2,289 ​ Restricted stock awards and units ​ ​ 47 ​ ​ 48 ​ Employee stock purchase plan awards ​ ​ 86 ​ ​ 47 ​ Total ​ $ 4,200 ​ $ 2,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	(b) Use of Estimates The preparation of the Company’s 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 the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Net Loss Per Share	(c) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ Net loss ​ $ (23,186) ​ $ (16,520) Net loss available to common stockholders ​ $ (23,186) ​ $ (16,520) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,795,827 ​ 24,777,847 Net loss per share, basic and diluted ​ $ (0.83) ​ $ (0.67) ​ Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ 2024 2023 Options to purchase common stock 6,462,763 5,107,865 Unvested restricted stock units ​ 19,192 ​ 31,881 ​ 6,481,955 5,139,746 ​
Recently Issued and Recently Adopted Accounting Pronouncements	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) ​

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
SCHEDULE OF NET LOSS PER SHARE	The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ Net loss ​ $ (23,186) ​ $ (16,520) Net loss available to common stockholders ​ $ (23,186) ​ $ (16,520) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,795,827 ​ 24,777,847 Net loss per share, basic and diluted ​ $ (0.83) ​ $ (0.67)
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE	Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ 2024 2023 Options to purchase common stock 6,462,763 5,107,865 Unvested restricted stock units ​ 19,192 ​ 31,881 ​ 6,481,955 5,139,746

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
SCHEDULE OF FAIR VALUE INSTRUMENTS	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ March 31, ​ Assets ​ Inputs ​ Inputs ​ 2024 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 3,105 ​ $ 3,105 ​ $ — ​ $ — Total cash equivalents ​ 3,105 ​ 3,105 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Agency bonds ​ 37,446 ​ — ​ 37,446 ​ — Commercial paper ​ ​ 36,582 ​ ​ — ​ ​ 36,582 ​ ​ — U.S. Treasury bills ​ ​ 9,328 ​ ​ 9,328 ​ ​ — ​ ​ — Corporate debt securities ​ 6,856 ​ — ​ ​ 6,856 ​ ​ — Total short-term investments ​ 90,212 ​ 9,328 ​ 80,884 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 93,317 ​ $ 12,433 ​ $ 80,884 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2023 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 19,787 ​ $ 19,787 ​ $ — ​ $ — Total cash equivalents ​ 19,787 ​ 19,787 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Agency bonds ​ ​ 42,255 ​ ​ ​ ​ ​ 42,255 ​ ​ ​ Commercial paper ​ 38,386 ​ — ​ 38,386 ​ — U.S. Treasury bills ​ 10,362 ​ 10,362 ​ — ​ — Corporate debt securities ​ 7,945 ​ — ​ 7,945 ​ — Total short-term investments ​ 98,948 ​ 10,362 ​ 88,586 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 118,735 ​ $ 30,149 ​ $ 88,586 ​ $ —
SCHEDULE OF SHORT TERM INVESTMENTS	The following tables summarize the Company’s short-term investments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Agency bonds 2 years or less ​ 37,450 ​ ​ 35 ​ ​ (39) ​ 37,446 ​ Commercial paper 2 years or less ​ ​ 36,590 ​ ​ 7 ​ ​ (15) ​ ​ 36,582 ​ U.S. Treasury bills 2 years or less ​ 9,339 ​ 1 ​ (12) ​ 9,328 ​ Corporate debt securities ​ 2 years or less ​ ​ 6,866 ​ ​ 3 ​ ​ (13) ​ ​ 6,856 ​ ​ ​ ​ ​ $ 90,245 ​ $ 46 ​ $ (79) ​ $ 90,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses value ​ Agency bonds 2 years or less ​ $ 42,090 ​ ​ 179 ​ ​ (14) ​ $ 42,255 ​ Commercial paper ​ 2 years or less ​ ​ 38,362 ​ ​ 29 ​ ​ (5) ​ ​ 38,386 ​ U.S. Treasury bills 2 years or less ​ 10,334 ​ 31 ​ (3) ​ 10,362 ​ Corporate debt securities 2 years or less ​ 7,925 ​ ​ 21 ​ ​ (1) ​ 7,945 ​ ​ ​ ​ ​ $ 98,711 ​ $ 260 ​ $ (23) ​ $ 98,948 ​
SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES	The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Agency bonds $ 20,886 $ (36) ​ $ 752 ​ $ (3) $ 21,638 ​ $ (39) Commercial paper ​ 20,371 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 20,371 ​ ​ (15) U.S. Treasury bills 7,364 ​ (12) ​ — ​ — ​ 7,364 ​ ​ (12) Corporate debt securities 1,976 ​ (13) ​ — ​ — ​ 1,976 ​ ​ (13) ​ $ 50,597 ​ $ (76) ​ $ 752 ​ $ (3) ​ $ 51,349 ​ $ (79) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Commercial paper $ 6,042 $ (5) ​ $ — ​ $ — $ 6,042 ​ $ (5) Agency bonds ​ 3,760 ​ ​ (6) ​ ​ 6,579 ​ ​ (8) ​ ​ 10,339 ​ ​ (14) U.S. Treasury bills 488 ​ (2) ​ 1,007 ​ (1) ​ 1,495 ​ ​ (3) Corporate debt securities 3,110 ​ (1) ​ — ​ — ​ 3,110 ​ ​ (1) ​ $ 13,400 ​ $ (14) ​ $ 7,586 ​ $ (9) ​ $ 20,986 ​ $ (23)

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	3 Months Ended
	Mar. 31, 2024
BALANCE SHEET COMPONENTS
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Prepaid research and development ​ $ 1,939 ​ $ 375 ​ Prepaid expenses ​ ​ 1,662 ​ ​ 1,168 ​ Other current assets ​ ​ 304 ​ ​ 250 ​ Total prepaid expenses and other current assets ​ $ 3,905 ​ $ 1,793 ​
SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES	Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 ​ Accrued research and development ​ $ 9,752 ​ $ 9,363 ​ Accrued payroll and other employee benefits ​ ​ 1,334 ​ ​ 4,368 ​ Other ​ 674 ​ 1,090 ​ Total accrued and other current liabilities ​ $ 11,760 ​ $ 14,821 ​ ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES	As of March 31, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ Lease Payments ​ 2024 $ 571 ​ 2025 ​ 242 ​ Total operating lease payments ​ 813 ​ Less: Amount representing interest ​ (39) ​ Present value of net minimum lease payments ​ $ 774 ​ ​ ​ ​ ​ ​
SCHEDULE OF COMPONENTS OF OPERATING LEASES	As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases for the three months ended March 31, 2024 and year ended and December 31, 2023 were as follows (in thousands except lease term and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ Operating lease liabilities: ​ 2024 2023 ​ Current ​ ​ 445 ​ ​ 420 ​ Non-current ​ ​ 329 ​ ​ 255 ​ Total lease liabilities ​ $ 774 ​ $ 675 ​ Weighted-average remaining lease term (in years) ​ 1.6 ​ 1.5 ​ Weighted-average incremental borrowing rate ​ 6.4 % 6.0 %
SCHEDULE OF SUPPLEMENTAL CASH FLOW	Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Cash paid included in operating cash flows ​ $ 127 ​ $ 123 ​
SCHEDULE OF OPERATING LEASE EXPENSE	Operating lease expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Operating lease ​ $ 113 ​ $ 111 ​ Short-term lease ​ 83 ​ — ​ Total rent expense ​ $ 196 ​ $ 111 ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
STOCKHOLDERS' EQUITY
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE	As of March 31, 2024, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ March 31, 2024 Common stock options granted and outstanding 6,462,763 ​ Shares reserved for issuance under the 2021 Plan 349,170 ​ Reserved for vesting of outstanding restricted stock units ​ 19,192 ​ Reserved for future ESPP issuances 435,252 ​ Total 7,266,377 ​ ​ ​ ​ ​ ​

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
SHARE-BASED COMPENSATION
SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Contractual Term ​ Intrinsic Value ​ Options Exercise Price (in years) (in thousands) Outstanding at December 31, 2023 5,230,344 ​ $ 13.66 8.16 ​ $ 49,728 ​ Granted 1,396,691 ​ ​ 19.75 ​ ​ ​ ​ Exercised (133,282) ​ ​ 5.30 ​ ​ Cancelled/Forfeited (30,990) ​ ​ 22.07 ​ ​ Outstanding at March 31, 2024 6,462,763 ​ $ 15.11 ​ 8.32 ​ $ 93,463 ​ Vested and exercisable at March 31, 2024 2,440,412 ​ ​ 12.04 ​ 7.65 ​ ​ 42,791 ​
SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2023 21,968 $ 22.26 ​ Granted — ​ ​ — ​ Vested (2,776) ​ 23.10 ​ Forfeited — ​ — ​ Unvested restricted stock units as of March 31, 2024 19,192 ​ $ 22.14 ​
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Research and development ​ $ 2,494 ​ $ 1,299 ​ General and administrative ​ ​ 1,706 ​ ​ 1,085 ​ Total ​ $ 4,200 ​ $ 2,384 ​ ​ Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 ​ Stock options ​ $ 4,067 ​ $ 2,289 ​ Restricted stock awards and units ​ ​ 47 ​ ​ 48 ​ Employee stock purchase plan awards ​ ​ 86 ​ ​ 47 ​ Total ​ $ 4,200 ​ $ 2,384 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Apr. 05, 2023	Apr. 30, 2024	Mar. 31, 2024
Sale of Stock
Cash and cash equivalents and short-term investments			$ 99.3
BofA Securities, Inc.
Sale of Stock
Aggregate amount of shares	$ 75
Shares sold			2,662,721
Proceeds from issuance of common stock			$ 44.3
Value of remaining common stock available for sale under ATM Program			$ 6
BofA Securities, Inc. | Subsequent Event
Sale of Stock
Proceeds from issuance of common stock		$ 23.6

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (23,186)	$ (16,520)
Net loss available to common stockholders	$ (23,186)	$ (16,520)
Weighted-average common stock outstanding, basic	27,795,827	24,777,847
Weighted-average common stock outstanding, diluted	27,795,827	24,777,847
Net loss per share, basic	$ (0.83)	$ (0.67)
Net loss per share, diluted	$ (0.83)	$ (0.67)

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities
Antidilutive Securities	6,481,955	5,139,746
Employee Stock Option
Antidilutive Securities
Antidilutive Securities	6,462,763	5,107,865
Restricted stock units
Antidilutive Securities
Antidilutive Securities	19,192	31,881

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	$ 90,212	$ 98,948
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	3,105	19,787
Total short-term investments	90,212	98,948
Total fair value of assets	93,317	118,735
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	3,105	19,787
Total short-term investments	9,328	10,362
Total fair value of assets	12,433	30,149
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents
Total short-term investments	80,884	88,586
Total fair value of assets	80,884	88,586
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents
Total short-term investments
Total fair value of assets
Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	3,105	19,787
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	3,105	19,787
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents
Agency bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	37,446	42,255
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	37,446	42,255
Agency bonds | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	36,582	38,386
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	36,582	38,386
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
U.S. Treasury bills | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	9,328	10,362
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	9,328	10,362
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
Corporate debt securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	6,856	7,945
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	$ 6,856	7,945
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	$ 90,245	$ 98,711
Gross unrealized gains	46	260
Gross unrealized loss	(79)	(23)
Estimated fair value	90,212	98,948
Allowance for credit loss	0	0
Accrued interest receivable	300	600
Agency bonds
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	37,450	42,090
Gross unrealized gains	35	179
Gross unrealized loss	(39)	(14)
Estimated fair value	37,446	42,255
Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	36,590	38,362
Gross unrealized gains	7	29
Gross unrealized loss	(15)	(5)
Estimated fair value	36,582	38,386
U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	9,339	10,334
Gross unrealized gains	1	31
Gross unrealized loss	(12)	(3)
Estimated fair value	9,328	10,362
Corporate debt securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	6,866	7,925
Gross unrealized gains	3	21
Gross unrealized loss	(13)	(1)
Estimated fair value	$ 6,856	$ 7,945
Maximum | Agency bonds
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	2 years
Maximum | Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	2 years
Maximum | U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	2 years
Maximum | Corporate debt securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	2 years

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	$ 50,597	$ 13,400
Short-term investments, Less than 12 months, Unrealized Losses	(76)	(14)
Short-term investments, 12 months or Greater, Fair Value	752	7,586
Short-term investments, 12 months or Greater, Unrealized Losses	(3)	(9)
Short-term investments, Total Fair Value	51,349	20,986
Short-term investments, Total Unrealized Losses	(79)	(23)
Agency bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	20,886	3,760
Short-term investments, Less than 12 months, Unrealized Losses	(36)	(6)
Short-term investments, 12 months or Greater, Fair Value	752	6,579
Short-term investments, 12 months or Greater, Unrealized Losses	(3)	(8)
Short-term investments, Total Fair Value	21,638	10,339
Short-term investments, Total Unrealized Losses	(39)	(14)
Commercial paper
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	20,371	6,042
Short-term investments, Less than 12 months, Unrealized Losses	(15)	(5)
Short-term investments, Total Fair Value	20,371	6,042
Short-term investments, Total Unrealized Losses	(15)	(5)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	7,364	488
Short-term investments, Less than 12 months, Unrealized Losses	(12)	(2)
Short-term investments, 12 months or Greater, Fair Value		1,007
Short-term investments, 12 months or Greater, Unrealized Losses		(1)
Short-term investments, Total Fair Value	7,364	1,495
Short-term investments, Total Unrealized Losses	(12)	(3)
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	1,976	3,110
Short-term investments, Less than 12 months, Unrealized Losses	(13)	(1)
Short-term investments, Total Fair Value	1,976	3,110
Short-term investments, Total Unrealized Losses	$ (13)	$ (1)

BALANCE SHEET COMPONENTS - SCHE

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BALANCE SHEET COMPONENTS
Prepaid research and development	$ 1,939	$ 375
Prepaid expenses	1,662	1,168
Other current assets	304	250
Total prepaid expenses and other current assets	$ 3,905	$ 1,793

BALANCE SHEET COMPONENTS - SC_2

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BALANCE SHEET COMPONENTS
Accrued research and development	$ 9,752	$ 9,363
Accrued payroll and other employee benefits	1,334	4,368
Other	674	1,090
Total accrued and other current liabilities	$ 11,760	$ 14,821

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	Jan. 31, 2024 USD ($)	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description
Operating lease liability				$ 774,000	$ 675,000
Waltham Lease
Lessee, Lease, Description
Area of land | ft²			5,000
Operating lease term			39 months
Lease, option to extend	false		true
Renewal term	3 years		3 years
Increase of rental value for square foot	$ 1
Payment for rent			$ 18,000
Lease rent percentage			2%
Foster City Lease
Lessee, Lease, Description
Area of land | ft²		3,500
Operating lease term		39 months
Renewal term		1 year
Payment for rent		$ 22,600
Lease rent percentage		3%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
2024	$ 571
2025	242
Total operating lease payments	813
Less: Amount representing interest	(39)
Present value of net minimum lease payments	774	$ 675
Operating lease liabilities:
Current	445	420
Non-current	329	255
Present value of net minimum lease payments	$ 774	$ 675
Weighted-average remaining lease term (in years)	1 year 7 months 6 days	1 year 6 months
Weighted-average incremental borrowing rate	6.40%	6%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
Cash paid included in operating cash flows	$ 127	$ 123

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
Operating lease	$ 113	$ 111
Short-term lease	83
Total rent expense	$ 196	$ 111

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	Mar. 31, 2024 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Jul. 02, 2021 $ / shares shares
STOCKHOLDERS' EQUITY
Common stock, shares authorized | shares	150,000,000	150,000,000	150,000,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized | shares	10,000,000	10,000,000	10,000,000
Preferred stock, par value | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Number of votes for each share of common stock | Vote	1

STOCKHOLDERS' EQUITY - SCHEDULE

STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details)	Mar. 31, 2024 shares
Sale of Stock
Common stock reserved for future issuance	7,266,377
Common Stock
Sale of Stock
Common stock reserved for future issuance	6,462,763
Employee Stock Option
Sale of Stock
Common stock reserved for future issuance	349,170
Restricted stock units
Sale of Stock
Common stock reserved for future issuance	19,192
Employee stock purchase plan awards
Sale of Stock
Common stock reserved for future issuance	435,252

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	30 Months Ended
	Jan. 01, 2023	Jun. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award
Options granted			1,396,691
2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Common stock available for issuance			349,170
Percentage on total number of shares outstanding			4%
Number of shares authorized			5,675,841
Common stock available for issuance, awards granted				3,075,841
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock option grants per share			$ 14.99
Employee Stock Option [Member] | 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Common stock available for issuance, awards granted			5,257,038
Employee Stock Option [Member] | 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Options granted			1,205,725
Employee Stock Option [Member] | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Expiration period			10 years
Unrecognized stock based compensation			$ 45.9
Unrecognized stock-based compensation weighted-average period			2 years 7 months 6 days
Employee Stock Option [Member] | Minimum | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Vested term			3 years
Employee Stock Option [Member] | Maximum | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Vested term			4 years
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award
Unrecognized stock based compensation			$ 0.4
Weighted- average remaining vesting period			2 years 2 months 12 days
Restricted stock units | 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Restricted stock units award			31,881
Restricted stock units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award
Vested term			3 years
Restricted stock units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award
Vested term			4 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award
Number of shares authorized		230,000	435,252
Number of additional shares authorized	247,229
Percentage of common stock purchase price		85%	1%
Offering period		6 months
Discount percentage on marker price		15%
Shares issued			41,977

SHARE-BASED COMPENSATION - SCHE

SHARE-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Options Outstanding, beginning balance	5,230,344
Weighted-Average Exercise Price Outstanding, beginning balance	$ 13.66
Weighted- Average Remaining Contractual Term, Outstanding	8 years 3 months 25 days	8 years 1 month 28 days
Aggregate Intrinsic Value Outstanding, beginning balance	$ 49,728
Options Granted	1,396,691
Weighted-Average Exercise Price, Granted	$ 19.75
Options Exercised	(133,282)
Weighted-Average Exercise Price, Exercised	$ 5.30
Options, Cancelled/Forfeited	(30,990)
Weighted-Average Exercise Price, Cancelled/Forfeited	$ 22.07
Options Outstanding, ending balance	6,462,763	5,230,344
Weighted-Average Exercise Price Outstanding, ending balance	$ 15.11	$ 13.66
Aggregate Intrinsic Value Outstanding, ending balance	$ 93,463	$ 49,728
Options, Vested and exercisable	2,440,412
Weighted-Average Exercise Price, Vested and exercisable	$ 12.04
Weighted- Average Remaining Contractual Term, Vested and exercisable	7 years 7 months 24 days
Aggregate Intrinsic Value, Vested and exercisable	$ 42,791

SHARE-BASED COMPENSATION - SC_2

SHARE-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award
Number of units, beginning | shares	21,968
Weighted Average Grant date fair value, beginning | $ / shares	$ 22.26
Number of units, Vested | shares	(2,776)
Weighted Average Grant date fair value, Vested | $ / shares	$ 23.10
Number of units, forfeited | shares
Weighted Average Grant date fair value, Forfeited | $ / shares
Number of units, Ending | shares	19,192
Weighted Average Grant date fair value, Ending | $ / shares	$ 22.14

SHARE-BASED COMPENSATION - SC_3

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 4,200	$ 2,384
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	2,494	1,299
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 1,706	$ 1,085

SHARE-BASED COMPENSATION - SC_4

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE BY TYPE OF AWARDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	$ 4,200	$ 2,384
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	4,067	2,289
Employee stock purchase plan awards
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	86	47
Restricted stock awards and units
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	$ 47	$ 48

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (23,186)	$ (16,520)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false