Aerovate Therapeutics (AVTE) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40544
Entity Registrant Name	AEROVATE THERAPEUTICS, INC.
Entity Central Index Key	0001798749
Entity Tax Identification Number	83-1377888
Entity Incorporation, State or Country Code	DE
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		27,668,887

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 32,180	$ 22,397
Short-term investments	103,019	106,823
Prepaid expenses and other current assets	2,404	2,276
Total current assets	137,603	131,496
Property and equipment, net	316	242
Operating lease right-of-use assets	713	1,003
Other long-term assets	2,244	2,560
Total assets	140,876	135,301
Current liabilities:
Accounts payable	3,504	2,575
Accrued and other current liabilities	10,770	4,822
Operating lease liabilities	451	385
Total current liabilities	14,725	7,782
Operating lease liabilities, net of current portion	358	705
Other liabilities	70	71
Total liabilities	15,153	8,558
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2023 and December 31, 2022, respectively; 27,653,187 and 24,722,974 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	3	2
Additional paid-in capital	268,926	215,110
Accumulated other comprehensive loss	(195)	(466)
Accumulated deficit	(143,011)	(87,903)
Total stockholders' equity	125,723	126,743
Total liabilities and stockholders' equity	$ 140,876	$ 135,301

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	27,653,187	24,722,974
Common stock, shares outstanding	27,653,187	24,722,974

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 16,884	$ 10,783	$ 46,406	$ 26,401
General and administrative	4,484	3,369	12,937	10,984
Total operating expenses	21,368	14,152	59,343	37,385
Loss from operations	(21,368)	(14,152)	(59,343)	(37,385)
Other income (expense):
Interest income	1,804	560	4,236	898
Other income (expense):	1	4	(1)	(2)
Total other income	1,805	564	4,235	896
Net loss	(19,563)	(13,588)	(55,108)	(36,489)
Comprehensive loss:
Net loss	(19,563)	(13,588)	(55,108)	(36,489)
Other comprehensive loss:
Unrealized (loss) gain on securities	(22)	14	243	(712)
Comprehensive loss	$ (19,585)	$ (13,574)	$ (54,865)	$ (37,201)
Net loss per share, basic	$ (0.71)	$ (0.56)	$ (2.13)	$ (1.49)
Net loss per share, diluted	$ (0.71)	$ (0.56)	$ (2.13)	$ (1.49)
Weighted-average shares of common stock outstanding, basic	27,640,542	24,454,786	25,872,118	24,425,390
Weighted-average shares of common stock outstanding, diluted	27,640,542	24,454,786	25,872,118	24,425,390

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, 2021	24,410,393
Beginning balance, value at Dec. 31, 2021	$ 2	$ 208,867	$ (59)	$ (36,392)	$ 172,418
Unrealized loss on investments			(585)		(585)
Stock based compensation		1,024			1,024
Net loss				(10,910)	(10,910)
Ending balance, shares at Mar. 31, 2022	24,410,393
Ending balance, value at Mar. 31, 2022	$ 2	209,891	(644)	(47,302)	161,947
Beginning balance, shares at Dec. 31, 2021	24,410,393
Beginning balance, value at Dec. 31, 2021	$ 2	208,867	(59)	(36,392)	172,418
Net loss					(36,489)
Ending balance, shares at Sep. 30, 2022	24,506,390
Ending balance, value at Sep. 30, 2022	$ 2	212,788	(771)	(72,881)	139,138
Beginning balance, shares at Mar. 31, 2022	24,410,393
Beginning balance, value at Mar. 31, 2022	$ 2	209,891	(644)	(47,302)	161,947
Unrealized loss on investments			(141)		(141)
Issuance of common stock upon exercise of stock options		14			14
Issuance of common stock upon exercise of stock options (in shares)	8,041
Stock based compensation		1,224			1,224
Net loss				(11,991)	(11,991)
Ending balance, shares at Jun. 30, 2022	24,418,434
Ending balance, value at Jun. 30, 2022	$ 2	211,129	(785)	(59,293)	151,053
Unrealized gain on investments			14		14
Issuance of common stock upon exercise of stock options		160			160
Issuance of common stock upon exercise of stock options (in shares)	87,956
Stock based compensation		1,499			1,499
Net loss				(13,588)	(13,588)
Ending balance, shares at Sep. 30, 2022	24,506,390
Ending balance, value at Sep. 30, 2022	$ 2	212,788	(771)	(72,881)	139,138
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, 2022	24,722,974
Beginning balance, value at Dec. 31, 2022	$ 2	215,110	(466)	(87,903)	$ 126,743
Issuance of common stock upon exercise of stock options (in shares)					247,499
Net loss					$ (55,108)
Ending balance, shares at Sep. 30, 2023	27,653,187
Ending balance, value at Sep. 30, 2023	$ 3	268,926	(195)	(143,011)	125,723
Beginning balance, shares at Mar. 31, 2023	24,816,940
Beginning balance, value at Mar. 31, 2023	$ 2	217,717	(201)	(104,423)	113,095
Unrealized loss on investments			(22)		(22)
Issuance of common stock in connection with ATM, net	$ 1	44,282			44,283
Issuance of common stock in connection with ATM, net, shares	2,662,721
Issuance of common stock upon exercise of stock options		333			333
Issuance of common stock upon exercise of stock options (in shares)	106,756
Issuance of common stock under ESPP		228			228
Issuance of common stock under ESPP, shares	13,866
Vesting of restricted stock units, shares	815
Stock based compensation		3,034			3,034
Net loss				(19,025)	(19,025)
Ending balance, shares at Jun. 30, 2023	27,601,098
Ending balance, value at Jun. 30, 2023	$ 3	265,594	(223)	(123,448)	141,926
Unrealized gain on investments			28		28
Issuance of common stock upon exercise of stock options		95			95
Issuance of common stock upon exercise of stock options (in shares)	46,777
Vesting of restricted stock units, shares	5,312
Stock based compensation		3,237			3,237
Net loss				(19,563)	(19,563)
Ending balance, shares at Sep. 30, 2023	27,653,187
Ending balance, value at Sep. 30, 2023	$ 3	$ 268,926	$ (195)	$ (143,011)	$ 125,723

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net loss	$ (55,108)	$ (36,489)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8,655	3,747
Depreciation and amortization expense	68	48
Accretion of discounts and amortization of premiums on investments, net	(2,118)	(324)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(128)	4,375
Other long-term assets	(70)	(407)
Accounts payable	880	3,117
Accrued and other liabilities	5,948	1,635
Operating lease assets and liabilities, net	9	41
Other liabilities	(114)
Net cash used in operating activities	(41,978)	(24,257)
Cash flow from investing activities:
Purchases of short-term investments	(96,194)	(97,363)
Maturities of short-term investments	102,500	89,994
Purchases of property and equipment	(78)	(191)
Net cash provided by (used in) investing activities	6,228	(7,560)
Cash flow from financing activities:
Proceeds from sale of common stock in connection with ATM, net	44,888
Payments for offering costs	(234)	(135)
Proceeds from issuance of common stock under ESPP	228
Proceeds from issuance of common stock upon exercise of stock options	651	174
Net cash provided by financing activities	45,533	39
Net increase (decrease) in cash and cash equivalents	9,783	(31,778)
Cash and cash equivalents at the beginning of the year	22,397	54,197
Cash and cash equivalents at the end of the period	32,180	22,419
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability		765
Deferred offering costs included in accounts payable		149
Purchases of property and equipment in accounts payable and accrued liabilities	$ 64	$ 34

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2023
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. (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 September 30, 2023, the Company had cash, cash equivalents and available-for-sale securities of $135.2 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, cash equivalents and available-for-sale securities 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	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 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 and nine months ended September 30, 2023 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, 2022 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, 2022. 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) Net loss available to common stockholders ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,640,542 ​ 24,454,786 ​ 25,872,118 ​ 24,425,390 Net loss per share, basic and diluted ​ $ (0.71) ​ $ (0.56) ​ $ (2.13) ​ $ (1.49) ​ 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 September 30, ​ 2023 2022 Options to purchase common stock 5,236,832 4,152,934 Unvested restricted stock units ​ 25,754 ​ 22,881 ​ 5,262,586 4,175,815 ​ (d) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
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 ​ ​ September 30, ​ Assets ​ Inputs ​ Inputs ​ 2023 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 18,666 ​ $ 18,666 ​ $ — ​ $ — Commercial paper ​ 5,986 ​ — ​ 5,986 ​ — Total cash equivalents ​ 24,652 ​ 18,666 ​ 5,986 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Commercial paper ​ 52,688 ​ — ​ 52,688 ​ — Agency bonds ​ ​ 38,067 ​ ​ — ​ ​ 38,067 ​ ​ — U.S. Treasury bills ​ ​ 6,383 ​ ​ 6,383 ​ ​ — ​ ​ — Corporate debt securities ​ 5,881 ​ — ​ ​ 5,881 ​ ​ — Total short-term investments ​ 103,019 ​ 6,383 ​ 96,636 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 127,671 ​ $ 25,049 ​ $ 102,622 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2022 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 18,436 ​ $ 18,436 ​ $ — ​ $ — Total cash equivalents ​ 18,436 ​ 18,436 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Commercial paper ​ 55,577 ​ — ​ 55,577 ​ — U.S. Treasury bills ​ 26,841 ​ 26,841 ​ — ​ — Agency Bonds ​ 24,405 ​ — ​ 24,405 ​ — Total short-term investments ​ 106,823 ​ 26,841 ​ 79,982 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 125,259 ​ $ 45,277 ​ $ 79,982 ​ $ — ​ 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 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Commercial paper 2 years or less ​ 52,735 ​ ​ 2 ​ ​ (49) ​ 52,688 ​ Agency bonds 2 years or less ​ ​ 38,190 ​ ​ — ​ ​ (123) ​ ​ 38,067 ​ U.S. Treasury bills 2 years or less ​ 6,398 ​ — ​ (15) ​ 6,383 ​ Corporate debt securities ​ 2 years or less ​ ​ 5,891 ​ ​ — ​ ​ (10) ​ ​ 5,881 ​ ​ ​ ​ ​ $ 103,214 ​ $ 2 ​ $ (197) ​ $ 103,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses value ​ Commercial paper 1 year or less ​ $ 55,645 ​ $ 16 ​ $ (84) ​ $ 55,577 ​ U.S. Treasury bills 1 year or less ​ 27,108 ​ — ​ (267) ​ 26,841 ​ Agency bonds 2 years or less ​ 24,536 ​ 2 ​ (133) ​ 24,405 ​ ​ ​ ​ ​ $ 107,289 ​ $ 18 ​ $ (484) ​ $ 106,823 ​ ​ ​ ​ ​ ​ 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 September 30, 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 $ 37,807 $ (49) ​ $ — ​ $ — $ 37,807 ​ $ (49) Agency bonds ​ 35,015 ​ ​ (122) ​ ​ 3,052 ​ ​ (2) ​ ​ 38,067 ​ ​ (124) U.S. Treasury bills 6,280 ​ (14) ​ — ​ — ​ 6,280 ​ ​ (14) Corporate debt securities 5,881 ​ (10) ​ — ​ — ​ 5,881 ​ ​ (10) ​ $ 84,983 ​ $ (195) ​ $ 3,052 ​ $ (2) ​ $ 88,035 ​ $ (197) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Commercial paper $ 34,928 $ (84) ​ $ — ​ $ — $ 34,928 ​ $ (84) U.S. Treasury bills 1,971 ​ (6) ​ 24,833 ​ (261) ​ 26,804 ​ ​ (267) Agency bonds 22,964 ​ (133) ​ — ​ — ​ 22,964 ​ ​ (133) ​ $ 59,863 ​ $ (223) ​ $ 24,833 ​ $ (261) ​ $ 84,696 ​ $ (484) ​ ​ ​ 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 September 30, 2023 and December 31, 2022 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. As of September 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the nine months ended September 30, 2023, 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 gain (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 $0.4 million as of September 30, 2023 and $0.3 million as of December 31, 2022.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Prepaid expenses ​ $ 1,669 ​ $ 1,503 ​ Other current assets ​ ​ 567 ​ ​ 295 ​ Prepaid research and development ​ ​ 168 ​ ​ 478 ​ Total prepaid expenses and other current assets ​ $ 2,404 ​ $ 2,276 ​ ​ Accrued and Other Current Liabilities ​ Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Accrued research and development ​ $ 7,684 ​ $ 2,751 ​ Accrued payroll and other employee benefits ​ ​ 2,647 ​ ​ 1,691 ​ Other ​ 439 ​ 380 ​ Total accrued and other current liabilities ​ $ 10,770 ​ $ 4,822 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
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 has an initial abatement period, and the initial base rent payable will be 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 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 Lease Term will be $22,600 per month and will be subject to annual increase of 3% on each anniversary. As of September 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ Lease Payments ​ 2023 $ 102 ​ 2024 ​ 508 ​ 2025 ​ 242 ​ Total operating lease payments ​ 852 ​ Less: Amount representing interest ​ (43) ​ Present value of net minimum lease payments ​ $ 809 ​ ​ ​ ​ ​ ​ ​ ​ 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 as of September 30, 2023 and as of December 31, 2022 were as follows (in thousands except lease term and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Operating lease liabilities: ​ 2023 2022 ​ Current ​ ​ 451 ​ ​ 385 ​ Non-current ​ ​ 358 ​ ​ 705 ​ Total lease liabilities ​ $ 809 ​ $ 1,090 ​ Weighted-average remaining lease term (in years) ​ 1.8 ​ 2.4 ​ Weighted-average incremental borrowing rate ​ 6 % 6 % ​ ​ Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2023 2022 Cash paid included in operating cash flows ​ $ 323 ​ $ 149 ​ ​ Rent expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2023 2022 2023 2022 Operating lease ​ $ 111 ​ $ 112 ​ $ 332 ​ $ 254 ​ Short-term lease ​ — ​ — ​ — ​ 46 ​ Total rent expense ​ $ 111 ​ $ 112 ​ $ 332 ​ $ 300 ​ ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2023
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. In August 2018, the Company issued 241,467 shares of common stock to RA Capital Healthcare Fund, L.P. at a price of $0.0012 per share. On July 2, 2021, in conjunction with the Company’s initial public offering, or IPO, the Company issued 9,984,463 shares of its common stock and all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock. 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 September 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ September 30, 2023 Common stock options granted and outstanding 5,236,832 ​ Shares reserved for issuance under the 2021 Plan 689,363 ​ Reserved for vesting of outstanding restricted stock units ​ 25,754 ​ Reserved for future ESPP issuances 449,494 ​ Total 6,401,443 ​ ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
STOCK-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 September 30, 2023, a total of 4,565,333 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan. 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. The number of shares available under the 2021 Plan increased by 976,415 and 988,918 shares, effective January 1, 2022 and January 1, 2023, respectively, as determined by the Company’s board of directors. 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 September 30, 2023, 3,866,678 options had been granted under the 2021 Plan, with 689,363 shares authorized under the 2021 Plan available for future issuance. As of September 30, 2023, a total of 1,370,154 options had been granted and were outstanding under the 2018 Plan. 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 nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Contractual Term ​ Intrinsic Value ​ Options Exercise Price (in years) (in thousands) Vested and expected to vest at December 31, 2022 4,110,219 ​ $ 9.23 8.46 ​ $ 82,490 ​ Granted 1,461,001 ​ ​ 23.48 ​ ​ ​ ​ Exercised (247,499) ​ ​ 2.64 ​ ​ Cancelled/Forfeited (86,889) ​ ​ 9.62 ​ ​ Outstanding at September 30, 2023 5,236,832 ​ $ 13.51 ​ 8.37 ​ ​ 17,749 ​ Vested and exercisable at September 30, 2023 1,879,188 ​ ​ 13.51 ​ 8.37 ​ ​ 8,286 ​ Vested and expected to vest at September 30, 2023 5,236,832 ​ ​ 10.57 ​ 7.99 ​ ​ 17,749 ​ ​ The weighted-average grant date fair value of stock option grants was $16.06 per share for the nine months ended September 30, 2023. All exercisable options are vested and all outstanding options are vested or expected to vest. As of September 30, 2023, there was approximately $32.4 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 2.4 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 September 30, 2023, 27,735 shares had been issued under the ESPP, and 449,494 shares authorized under the ESPP Plan were available for issuance. (c) Restricted Stock Units As of September 30, 2023, 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 nine months ended September 30, 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2022 28,881 $ 21.62 ​ Granted 3,000 ​ ​ 24.58 ​ Vested (6,127) ​ 21.50 ​ Forfeited — ​ — ​ Unvested restricted stock units as of September 30, 2023 25,754 ​ $ 22.00 ​ ​ ​ ​ 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 September 30, 2023, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.5 years. (d) Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ ​ ​ 2023 ​ 2022 2023 ​ 2022 Expected term (in years) 5.8 - 6.1 6.1 ​ 5.3 - 6.1 5.5 - 6.1 ​ Expected volatility 90.8 - 91.5 % 73.6 - 73.8 % 73.9 - 91.5 % 73.6 - 76.5 % ​ Risk-free interest rate 4.1 - 4.4 % 2.7 - 4.1 % 3.5 - 4.4 % 1.6 - 4.1 % ​ Expected dividend — — — — ​ ​ 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 September 30, Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 Research and development ​ $ 1,817 ​ $ 600 ​ $ 4,798 ​ $ 1,301 ​ General and administrative ​ ​ 1,420 ​ ​ 899 ​ ​ 3,857 ​ ​ 2,446 ​ Total ​ $ 3,237 ​ $ 1,499 ​ $ 8,655 ​ $ 3,747 ​ ​ ​ 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 September 30, Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 ​ Stock options ​ $ 3,140 ​ $ 1,450 ​ $ 8,369 ​ $ 3,680 ​ Restricted stock awards and units ​ ​ 52 ​ ​ 23 ​ ​ 150 ​ ​ 23 ​ Employee stock purchase plan awards ​ ​ 45 ​ ​ 26 ​ ​ 135 ​ ​ 44 ​ Total ​ $ 3,237 ​ $ 1,499 ​ $ 8,655 ​ $ 3,747 ​ ​ ​

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 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 and nine months ended September 30, 2023 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, 2022 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, 2022. 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) Net loss available to common stockholders ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,640,542 ​ 24,454,786 ​ 25,872,118 ​ 24,425,390 Net loss per share, basic and diluted ​ $ (0.71) ​ $ (0.56) ​ $ (2.13) ​ $ (1.49) ​ 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 September 30, ​ 2023 2022 Options to purchase common stock 5,236,832 4,152,934 Unvested restricted stock units ​ 25,754 ​ 22,881 ​ 5,262,586 4,175,815 ​
Recently Issued and Recently Adopted Accounting Pronouncements	(d) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) Net loss available to common stockholders ​ $ (19,563) ​ $ (13,588) ​ $ (55,108) ​ $ (36,489) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 27,640,542 ​ 24,454,786 ​ 25,872,118 ​ 24,425,390 Net loss per share, basic and diluted ​ $ (0.71) ​ $ (0.56) ​ $ (2.13) ​ $ (1.49)
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 September 30, ​ 2023 2022 Options to purchase common stock 5,236,832 4,152,934 Unvested restricted stock units ​ 25,754 ​ 22,881 ​ 5,262,586 4,175,815

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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 ​ ​ September 30, ​ Assets ​ Inputs ​ Inputs ​ 2023 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 18,666 ​ $ 18,666 ​ $ — ​ $ — Commercial paper ​ 5,986 ​ — ​ 5,986 ​ — Total cash equivalents ​ 24,652 ​ 18,666 ​ 5,986 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Commercial paper ​ 52,688 ​ — ​ 52,688 ​ — Agency bonds ​ ​ 38,067 ​ ​ — ​ ​ 38,067 ​ ​ — U.S. Treasury bills ​ ​ 6,383 ​ ​ 6,383 ​ ​ — ​ ​ — Corporate debt securities ​ 5,881 ​ — ​ ​ 5,881 ​ ​ — Total short-term investments ​ 103,019 ​ 6,383 ​ 96,636 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 127,671 ​ $ 25,049 ​ $ 102,622 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2022 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 18,436 ​ $ 18,436 ​ $ — ​ $ — Total cash equivalents ​ 18,436 ​ 18,436 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ Commercial paper ​ 55,577 ​ — ​ 55,577 ​ — U.S. Treasury bills ​ 26,841 ​ 26,841 ​ — ​ — Agency Bonds ​ 24,405 ​ — ​ 24,405 ​ — Total short-term investments ​ 106,823 ​ 26,841 ​ 79,982 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 125,259 ​ $ 45,277 ​ $ 79,982 ​ $ —
SCHEDULE OF SHORT TERM INVESTMENT	The following tables summarize the Company’s short-term investments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Commercial paper 2 years or less ​ 52,735 ​ ​ 2 ​ ​ (49) ​ 52,688 ​ Agency bonds 2 years or less ​ ​ 38,190 ​ ​ — ​ ​ (123) ​ ​ 38,067 ​ U.S. Treasury bills 2 years or less ​ 6,398 ​ — ​ (15) ​ 6,383 ​ Corporate debt securities ​ 2 years or less ​ ​ 5,891 ​ ​ — ​ ​ (10) ​ ​ 5,881 ​ ​ ​ ​ ​ $ 103,214 ​ $ 2 ​ $ (197) ​ $ 103,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses value ​ Commercial paper 1 year or less ​ $ 55,645 ​ $ 16 ​ $ (84) ​ $ 55,577 ​ U.S. Treasury bills 1 year or less ​ 27,108 ​ — ​ (267) ​ 26,841 ​ Agency bonds 2 years or less ​ 24,536 ​ 2 ​ (133) ​ 24,405 ​ ​ ​ ​ ​ $ 107,289 ​ $ 18 ​ $ (484) ​ $ 106,823 ​
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 September 30, 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 $ 37,807 $ (49) ​ $ — ​ $ — $ 37,807 ​ $ (49) Agency bonds ​ 35,015 ​ ​ (122) ​ ​ 3,052 ​ ​ (2) ​ ​ 38,067 ​ ​ (124) U.S. Treasury bills 6,280 ​ (14) ​ — ​ — ​ 6,280 ​ ​ (14) Corporate debt securities 5,881 ​ (10) ​ — ​ — ​ 5,881 ​ ​ (10) ​ $ 84,983 ​ $ (195) ​ $ 3,052 ​ $ (2) ​ $ 88,035 ​ $ (197) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Less than 12 months ​ 12 months or Greater ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Total ​ Total Unrealized ​ Fair Value Losses Fair Value Losses Fair Value ​ Losses Commercial paper $ 34,928 $ (84) ​ $ — ​ $ — $ 34,928 ​ $ (84) U.S. Treasury bills 1,971 ​ (6) ​ 24,833 ​ (261) ​ 26,804 ​ ​ (267) Agency bonds 22,964 ​ (133) ​ — ​ — ​ 22,964 ​ ​ (133) ​ $ 59,863 ​ $ (223) ​ $ 24,833 ​ $ (261) ​ $ 84,696 ​ $ (484)

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2023
BALANCE SHEET COMPONENTS
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Prepaid expenses ​ $ 1,669 ​ $ 1,503 ​ Other current assets ​ ​ 567 ​ ​ 295 ​ Prepaid research and development ​ ​ 168 ​ ​ 478 ​ Total prepaid expenses and other current assets ​ $ 2,404 ​ $ 2,276 ​
SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES	Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 ​ Accrued research and development ​ $ 7,684 ​ $ 2,751 ​ Accrued payroll and other employee benefits ​ ​ 2,647 ​ ​ 1,691 ​ Other ​ 439 ​ 380 ​ Total accrued and other current liabilities ​ $ 10,770 ​ $ 4,822 ​ ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES	As of September 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ Lease Payments ​ 2023 $ 102 ​ 2024 ​ 508 ​ 2025 ​ 242 ​ Total operating lease payments ​ 852 ​ Less: Amount representing interest ​ (43) ​ Present value of net minimum lease payments ​ $ 809 ​ ​ ​ ​ ​ ​
SCHEDULE OF SUPPLEMENTAL CASH FLOW	​ 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 as of September 30, 2023 and as of December 31, 2022 were as follows (in thousands except lease term and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Operating lease liabilities: ​ 2023 2022 ​ Current ​ ​ 451 ​ ​ 385 ​ Non-current ​ ​ 358 ​ ​ 705 ​ Total lease liabilities ​ $ 809 ​ $ 1,090 ​ Weighted-average remaining lease term (in years) ​ 1.8 ​ 2.4 ​ Weighted-average incremental borrowing rate ​ 6 % 6 % ​ ​ Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2023 2022 Cash paid included in operating cash flows ​ $ 323 ​ $ 149 ​
SCHEDULE OF RENT EXPENSES	Rent expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2023 2022 2023 2022 Operating lease ​ $ 111 ​ $ 112 ​ $ 332 ​ $ 254 ​ Short-term lease ​ — ​ — ​ — ​ 46 ​ Total rent expense ​ $ 111 ​ $ 112 ​ $ 332 ​ $ 300 ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
STOCKHOLDERS' EQUITY
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE	As of September 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ September 30, 2023 Common stock options granted and outstanding 5,236,832 ​ Shares reserved for issuance under the 2021 Plan 689,363 ​ Reserved for vesting of outstanding restricted stock units ​ 25,754 ​ Reserved for future ESPP issuances 449,494 ​ Total 6,401,443 ​ ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
STOCK-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) Vested and expected to vest at December 31, 2022 4,110,219 ​ $ 9.23 8.46 ​ $ 82,490 ​ Granted 1,461,001 ​ ​ 23.48 ​ ​ ​ ​ Exercised (247,499) ​ ​ 2.64 ​ ​ Cancelled/Forfeited (86,889) ​ ​ 9.62 ​ ​ Outstanding at September 30, 2023 5,236,832 ​ $ 13.51 ​ 8.37 ​ ​ 17,749 ​ Vested and exercisable at September 30, 2023 1,879,188 ​ ​ 13.51 ​ 8.37 ​ ​ 8,286 ​ Vested and expected to vest at September 30, 2023 5,236,832 ​ ​ 10.57 ​ 7.99 ​ ​ 17,749 ​
SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2022 28,881 $ 21.62 ​ Granted 3,000 ​ ​ 24.58 ​ Vested (6,127) ​ 21.50 ​ Forfeited — ​ — ​ Unvested restricted stock units as of September 30, 2023 25,754 ​ $ 22.00 ​
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ ​ ​ 2023 ​ 2022 2023 ​ 2022 Expected term (in years) 5.8 - 6.1 6.1 ​ 5.3 - 6.1 5.5 - 6.1 ​ Expected volatility 90.8 - 91.5 % 73.6 - 73.8 % 73.9 - 91.5 % 73.6 - 76.5 % ​ Risk-free interest rate 4.1 - 4.4 % 2.7 - 4.1 % 3.5 - 4.4 % 1.6 - 4.1 % ​ Expected dividend — — — — ​
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 September 30, Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 Research and development ​ $ 1,817 ​ $ 600 ​ $ 4,798 ​ $ 1,301 ​ General and administrative ​ ​ 1,420 ​ ​ 899 ​ ​ 3,857 ​ ​ 2,446 ​ Total ​ $ 3,237 ​ $ 1,499 ​ $ 8,655 ​ $ 3,747 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2023 2022 2023 2022 ​ Stock options ​ $ 3,140 ​ $ 1,450 ​ $ 8,369 ​ $ 3,680 ​ Restricted stock awards and units ​ ​ 52 ​ ​ 23 ​ ​ 150 ​ ​ 23 ​ Employee stock purchase plan awards ​ ​ 45 ​ ​ 26 ​ ​ 135 ​ ​ 44 ​ Total ​ $ 3,237 ​ $ 1,499 ​ $ 8,655 ​ $ 3,747 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 05, 2023	Sep. 30, 2023	Sep. 30, 2022
Sale of Stock
Proceeds from issuance of common stock		$ 44,888
Deferring offering costs into additional paid in capital		600
Cash and cash equivalents and short term investment		$ 135,200
BofA Securities, Inc.
Sale of Stock
Aggregate amount of shares	$ 75,000
Shares sold		2,662,721
Proceeds from issuance of common stock		$ 44,300

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (19,563)	$ (19,025)	$ (16,520)	$ (13,588)	$ (11,991)	$ (10,910)	$ (55,108)	$ (36,489)
Net loss available to common stockholders	$ (19,563)			$ (13,588)			$ (55,108)	$ (36,489)
Weighted-average common stock outstanding, basic	27,640,542			24,454,786			25,872,118	24,425,390
Weighted-average common stock outstanding, diluted	27,640,542			24,454,786			25,872,118	24,425,390
Net loss per share, basic	$ (0.71)			$ (0.56)			$ (2.13)	$ (1.49)
Net loss per share, diluted	$ (0.71)			$ (0.56)			$ (2.13)	$ (1.49)

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities
Antidilutive Securities	5,262,586	4,175,815
Stock options
Antidilutive Securities
Antidilutive Securities	5,236,832	4,152,934
Restricted stock units
Antidilutive Securities
Antidilutive Securities	25,754	22,881

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	$ 103,019	$ 106,823
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	24,652	18,436
Total short-term investments	103,019	106,823
Total fair value of assets	127,671	125,259
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	18,666	18,436
Total short-term investments	6,383	26,841
Total fair value of assets	25,049	45,277
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	5,986
Total short-term investments	96,636	79,982
Total fair value of assets	102,622	79,982
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	18,666	18,436
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	18,666	18,436
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
Commercial paper [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	5,986
Commercial paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total cash equivalents	5,986
Commercial paper [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	52,688	55,577
Commercial paper [Member] | 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 [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	52,688	55,577
Commercial paper [Member] | 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	6,383	26,841
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	6,383	26,841
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	5,881
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	5,881
Agency bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total short-term investments	38,067	24,405
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	$ 38,067	24,405
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

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	$ 103,214	$ 107,289
Gross unrealized gains	2	18
Gross unrealized loss	(197)	(484)
Estimated fair value	103,019	106,823
Accrued interest receivable	$ 400	$ 300
Investment, Type [Extensible Enumeration]	us-gaap:ShortTermInvestmentsMember	us-gaap:ShortTermInvestmentsMember
Corporate Debt Securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	$ 5,891
Gross unrealized loss	(10)
Estimated fair value	5,881
Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	52,735	$ 55,645
Gross unrealized gains	2	16
Gross unrealized loss	(49)	(84)
Estimated fair value	52,688	55,577
U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	6,398	27,108
Gross unrealized gains
Gross unrealized loss	(15)	(267)
Estimated fair value	6,383	26,841
Agency bonds
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Amortized cost	38,190	24,536
Gross unrealized gains		2
Gross unrealized loss	(123)	(133)
Estimated fair value	$ 38,067	$ 24,405
Maximum | Corporate Debt Securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years
Maximum | Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	1 year
Maximum | U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information
Maturity term	2 years	1 year
Maximum | Agency bonds
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	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	$ 84,983	$ 59,863
Short-term investments, Less than 12 months, Unrealized Losses	(195)	(223)
Short-term investments, 12 months or Greater, Fair Value	3,052	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(2)	(261)
Short-term investments, Total Fair Value	88,035	84,696
Short-term investments, Total Unrealized Losses	(197)	(484)
Corporate Debt Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	5,881
Short-term investments, Less than 12 months, Unrealized Losses	(10)
Short-term investments, Total Fair Value	5,881
Short-term investments, Total Unrealized Losses	(10)
Commercial paper
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	37,807	34,928
Short-term investments, Less than 12 months, Unrealized Losses	(49)	(84)
Short-term investments, Total Fair Value	37,807	34,928
Short-term investments, Total Unrealized Losses	(49)	(84)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	6,280	1,971
Short-term investments, Less than 12 months, Unrealized Losses	(14)	(6)
Short-term investments, 12 months or Greater, Fair Value		24,833
Short-term investments, 12 months or Greater, Unrealized Losses		(261)
Short-term investments, Total Fair Value	6,280	26,804
Short-term investments, Total Unrealized Losses	(14)	(267)
Agency bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position
Short-term investments, Less than 12 months, Fair Value	35,015	22,964
Short-term investments, Less than 12 months, Unrealized Losses	(122)	(133)
Short-term investments, 12 months or Greater, Fair Value	3,052
Short-term investments, 12 months or Greater, Unrealized Losses	(2)
Short-term investments, Total Fair Value	38,067	22,964
Short-term investments, Total Unrealized Losses	$ (124)	$ (133)

BALANCE SHEET COMPONENTS - SCHE

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Prepaid expenses	$ 1,669	$ 1,503
Other current assets	567	295
Prepaid research and development	168	478
Total prepaid expenses and other current assets	$ 2,404	$ 2,276

BALANCE SHEET COMPONENTS - SC_2

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Accrued research and development	$ 7,684	$ 2,751
Accrued payroll and other employee benefits	2,647	1,691
Other	439	380
Total accrued and other current liabilities	$ 10,770	$ 4,822

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²
Lessee, Lease, Description
Lease, option to extend		true
Waltham Lease
Lessee, Lease, Description
Area of land | ft²		5,000
Operating lease term		39 months
Renewal term		3 years
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	Sep. 30, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
2023	$ 102
2024	508
2025	242
Total operating lease payments	852
Less: Amount representing interest	(43)
Present value of net minimum lease payments	809	$ 1,090
Operating lease liabilities:
Current	451	385
Non-current	$ 358	$ 705
Weighted-average remaining lease term (in years)	1 year 9 months 18 days	2 years 4 months 24 days
Weighted-average incremental borrowing rate	6%	6%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Cash paid included in operating cash flows	$ 323	$ 149

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Operating lease	$ 111	$ 112	$ 332	$ 254
Short-term lease				46
Total rent expense	$ 111	$ 112	$ 332	$ 300

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)		1 Months Ended
	Jul. 02, 2021 $ / shares shares	Aug. 31, 2018 $ / shares shares	Sep. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock
Common Stock, Shares Authorized	150,000,000		150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000		10,000,000	10,000,000
Preferred stock, par value | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Conversion of stock shares issued	14,182,854
IPO
Class of Stock
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P
Class of Stock
Share price | $ / shares		$ 0.0012
Number of shares issued		241,467
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)	Sep. 30, 2023 shares
Sale of Stock
Common stock reserved for future issuance	6,401,443
Common Stock
Sale of Stock
Common stock reserved for future issuance	5,236,832
Stock options
Sale of Stock
Common stock reserved for future issuance	689,363
Restricted stock units
Sale of Stock
Common stock reserved for future issuance	25,754
Employee stock purchase plan awards
Sale of Stock
Common stock reserved for future issuance	449,494

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Jan. 01, 2023	Jun. 30, 2021	Sep. 30, 2023	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock option grants per share			$ 16.06
2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Percentage on total number of shares outstanding			4%
Number of shares authorized	988,918		4,565,333	976,415
Stock options | 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Number of shares authorized			689,363
Common stock available for issuance, awards granted			3,866,678
Stock options | 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Common stock available for issuance, awards granted			1,370,154
Stock options | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Expiration period			10 years
Unrecognized stock based compensation			$ 32.4
Unrecognized stock-based compensation weighted-average period			2 years 4 months 24 days
Stock options | Minimum | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award
Vested term			3 years
Stock options | 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
Restricted stock units award			3,000
Unrecognized stock based compensation			$ 0.5
Weighted- average remaining vesting period			2 years 6 months
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	449,494
Number of additional shares authorized	247,229
Percentage of common stock purchase price		15%	1%
Offering period			6 months
Discount percentage on marker price		85%
Shares issued			27,735

STOCK-BASED COMPENSATION - SCHE

STOCK-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
STOCK-BASED COMPENSATION
Options Outstanding, beginning balance	4,110,219
Weighted-Average Exercise Price Outstanding, beginning balance	$ 9.23
Weighted- Average Remaining Contractual Term, Outstanding	8 years 4 months 13 days	8 years 5 months 15 days
Aggregate Intrinsic Value Outstanding, beginning balance	$ 82,490
Options Granted	1,461,001
Weighted-Average Exercise Price, Granted	$ 23.48
Options Exercised	(247,499)
Weighted-Average Exercise Price, Exercised	$ 2.64
Options, Cancelled/Forfeited	(86,889)
Weighted-Average Exercise Price, Cancelled/Forfeited	$ 9.62
Options Outstanding, ending balance	5,236,832	4,110,219
Weighted-Average Exercise Price Outstanding, ending balance	$ 13.51	$ 9.23
Aggregate Intrinsic Value Outstanding, ending balance	$ 17,749	$ 82,490
Options, Vested and exercisable	1,879,188
Weighted-Average Exercise Price, Vested and exercisable	$ 13.51
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 4 months 13 days
Aggregate Intrinsic Value, Vested and exercisable	$ 8,286
Options, Vested and expected to vest	5,236,832
Weighted-Average Exercise Price, Vested and expected to vest	$ 10.57
Weighted- Average Remaining Contractual Term, Vested and expected to vest	7 years 11 months 26 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 17,749

STOCK-BASED COMPENSATION - SC_2

STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award
Number of units, beginning | shares	28,881
Weighted Average Grant date fair value, beginning | $ / shares	$ 21.62
Number of units, Granted | shares	3,000
Weighted Average Grant date fair value, Granted | $ / shares	$ 24.58
Number of units, Vested | shares	(6,127)
Weighted Average Grant date fair value, Vested | $ / shares	$ 21.50
Number of units, forfeited | shares
Weighted Average Grant date fair value, Forfeited | $ / shares
Number of units, Ending | shares	25,754
Weighted Average Grant date fair value, Ending | $ / shares	$ 22

STOCK-BASED COMPENSATION - SC_3

STOCK-BASED COMPENSATION - SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award
Expected volatility, minimum	90.80%	73.60%	73.90%	73.60%
Expected volatility, maximum	91.50%	73.80%	91.50%	76.50%
Risk-free interest rate, minimum	4.10%	2.70%	3.50%	1.60%
Risk-free interest rate, maximum	4.40%	4.10%	4.40%	4.10%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award
Expected term (in years)	5 years 9 months 18 days	6 years 1 month 6 days	5 years 3 months 18 days	5 years 6 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award
Expected term (in years)	6 years 1 month 6 days		6 years 1 month 6 days	6 years 1 month 6 days

STOCK-BASED COMPENSATION - SC_4

STOCK-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 3,237	$ 1,499	$ 8,655	$ 3,747
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	1,420	899	3,857	2,446
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense	$ 1,817	$ 600	$ 4,798	$ 1,301

SHARE-BASED COMPENSATION - SCHE

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE BY TYPE OF AWARDS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	$ 3,237	$ 1,499	$ 8,655	$ 3,747
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	3,140	1,450	8,369	3,680
Restricted stock awards and units
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	52	23	150	23
Employee stock purchase plan awards
Share-Based Compensation Arrangement by Share-Based Payment Award
Stock-based compensation expense	$ 45	$ 26	$ 135	$ 44