Galecto (GLTO) 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39655
Entity Registrant Name	GALECTO, INC.
Entity Central Index Key	0001800315
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1957007
Entity Address, Address Line One	75 State Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	+45
Local Phone Number	70 70 52 10
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	GLTO
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
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,130,196

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 22,862	$ 21,465
Marketable securities		11,686
Prepaid expenses and other current assets	2,306	3,623
Total current assets	25,168	36,774
Operating lease right-of-use asset	76	247
Equipment, net	67	78
Other assets, non-current	1,986	1,128
Total assets	27,297	38,227
Current liabilities
Accounts payable	724	1,702
Accrued expenses and other current liabilities	2,985	4,128
Total current liabilities	3,709	5,830
Operating lease liabilities, non-current		66
Total liabilities	3,709	5,896
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued or outstanding as of June 30, 2024 and December 31, 2023
Common stock, par value of $0.00001 per share; 300,000,000 shares authorized at June 30, 2024 and December 31, 2023; 27,121,030 and 27,112,697 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
Additional paid-in capital	290,291	288,036
Accumulated deficit	(266,900)	(256,085)
Accumulated other comprehensive gain	197	380
Total stockholders’ equity	23,588	32,331
Total liabilities and stockholders' equity	$ 27,297	$ 38,227

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	27,121,030	27,112,697
Common stock, outstanding	27,121,030	27,112,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses
Research and development	$ 1,834	$ 8,089	$ 4,297	$ 18,451
General and administrative	2,775	3,070	6,053	6,200
Restructuring costs	968		968
Total operating expenses	5,577	11,159	11,318	24,651
Loss from operations	(5,577)	(11,159)	(11,318)	(24,651)
Other income, net
Interest income, net	213	442	470	876
Foreign exchange transaction gain, net	68	(27)	75	37
Total other income, net	281	415	545	913
Loss before income tax expense	(5,296)	(10,744)	(10,773)	(23,738)
Income tax expense	42		42
Net loss	$ (5,338)	$ (10,744)	$ (10,815)	$ (23,738)
Net loss per common share, basic	$ (0.2)	$ (0.41)	$ (0.4)	$ (0.91)
Net loss per common share, diluted	$ (0.2)	$ (0.41)	$ (0.4)	$ (0.91)
Weighted-average number of shares used in computing net loss per common share, basic	27,115,536	26,375,076	27,114,116	26,025,929
Weighted-average number of shares used in computing net loss per common share, diluted	27,115,536	26,375,076	27,114,116	26,025,929
Other comprehensive loss, net of tax
Currency translation loss	$ (131)	$ (35)	$ (217)	$ (10)
Unrealized gain on marketable securities	2	25	34	117
Other comprehensive gain (loss), net of tax	(129)	(10)	(183)	107
Total comprehensive loss	$ (5,467)	$ (10,754)	$ (10,998)	$ (23,631)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 61,753		$ 279,733	$ (217,736)	$ (244)
Beginning balance (in shares) at Dec. 31, 2022		25,652,392
Stock-based compensation expense	2,873		2,873
Issuance of common stock; net of issuance costs	2,705		2,705
Issuance of common stock; net of issuance costs (in shares)		1,369,507
Other comprehensive gain (loss), net	107				107
Net loss	(23,738)			(23,738)
Ending balance at Jun. 30, 2023	43,700		285,311	(241,474)	(137)
Ending balance (in shares) at Jun. 30, 2023		27,021,899
Beginning balance at Mar. 31, 2023	50,333		281,190	(230,730)	(127)
Beginning balance (in shares) at Mar. 31, 2023		25,673,474
Stock-based compensation expense	1,439		1,439
Issuance of common stock; net of issuance costs	2,682		2,682
Issuance of common stock; net of issuance costs (in shares)		1,348,425
Other comprehensive gain (loss), net	(10)				(10)
Net loss	(10,744)			(10,744)
Ending balance at Jun. 30, 2023	43,700		285,311	(241,474)	(137)
Ending balance (in shares) at Jun. 30, 2023		27,021,899
Beginning balance at Dec. 31, 2023	32,331		288,036	(256,085)	380
Beginning balance (in shares) at Dec. 31, 2023		27,112,697
Issuance of common stock in connection with vesting of restricted stock units	5		5
Issuance of common stock in connection with vesting of restricted stock units, (in shares)		8,333
Stock-based compensation expense	2,250		2,250
Other comprehensive gain (loss), net	(183)				(183)
Net loss	(10,815)			(10,815)
Ending balance at Jun. 30, 2024	23,588		290,291	(266,900)	197
Ending balance (in shares) at Jun. 30, 2024		27,121,030
Beginning balance at Mar. 31, 2024	28,159		289,395	(261,562)	326
Beginning balance (in shares) at Mar. 31, 2024		27,112,697
Issuance of common stock in connection with vesting of restricted stock units	5		5
Issuance of common stock in connection with vesting of restricted stock units, (in shares)		8,333
Stock-based compensation expense	891		891
Other comprehensive gain (loss), net	(129)				(129)
Net loss	(5,338)			(5,338)
Ending balance at Jun. 30, 2024	$ 23,588		$ 290,291	$ (266,900)	$ 197
Ending balance (in shares) at Jun. 30, 2024		27,121,030

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Common stock issuance costs, net	$ 0.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (10,815,000)	$ (23,738,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	10,000	35,000
Stock-based compensation	2,250,000	2,873,000
Issuance of common stock in connection with vesting of restricted stock units	5,000
Amortization of premiums and discounts on marketable securities	70,000	(248,000)
Amortization of right of use lease asset	165,000	199,000
Accretion of lease liability	6,000	30,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,317,000	450,000
Other assets, noncurrent	(857,000)	(203,000)
Accounts payable	(978,000)	2,207,000
Accrued expenses and other current liabilities	(1,038,000)	1,639,000
Operating lease liabilities	(171,000)	(227,000)
Net cash used in operating activities	(10,036,000)	(16,983,000)
Cash flows from investing activities:
Purchases of marketable securities		(21,994,000)
Proceeds from sale of marketable securities	11,650,000	26,459,000
Net cash provided by investing activities	11,650,000	4,465,000
Cash flows from financing activities:
Proceed from issuance of common stock, net of issuance costs		2,705,000
Net cash provided by financing activities		2,705,000
Net increase (decrease) in cash and cash equivalents	1,614,000	(9,813,000)
Effect of exchange rate changes on cash and cash equivalents	(217,000)	(17,000)
Cash and cash equivalents, beginning of period	21,465,000	32,786,000
Cash and cash equivalents, end of period	$ 22,862,000	22,956,000
Supplemental disclosures of noncash activities:
Operating lease liabilities arising from obtaining right-of-use assets		$ 409,000

Description of Business, Organi

Description of Business, Organization and Liquidity	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Organization and Liquidity	1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY Business and Organization Galecto, Inc., together with its consolidated subsidiaries (the “Company” or “Galecto”), is a clinical-stage biotechnology company developing novel therapeutics that are designed to target the biological processes that lie at the heart of fibrotic diseases and cancer. The Company’s initial focus is on the development of small molecule inhibitors of galectin-3 and lysyl oxidase-like 2 ("LOXL2”), which play key roles in regulating fibrosis and cancer. As of June 30, 2024, the Company’s wholly owned subsidiaries were PharmAkea, Inc. or PharmAkea, Galecto Securities Corporation, and Galecto Biotech AB, a Swedish company. Galecto Biotech ApS, a Danish operating company, is a wholly-owned subsidiary of Galecto Biotech AB. Risks and uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. In September 2023, the Company undertook an organizational restructuring and determined to conduct a comprehensive exploration of strategic alternatives. The restructuring and pursuit of strategic alternatives involves risks. There can be no assurance that the Company’s significantly reduced workforce will be sufficient to pursue the strategic alternatives and the development of the Company’s product candidates. Additionally, availability of suitable third parties with which to conduct contemplated strategic transactions may be limited and whether the Company will be able to pursue a strategic transaction, or whether any transaction, if pursued, will be completed on attractive terms or at all is uncertain. Liquidity and management plans Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff and raising capital, and has financed its operations primarily through the issuance of redeemable convertible preferred shares, debt financings, the Company’s initial public offering (“IPO”) and sales of the Company's common stock in "at-the-market" offerings. As of June 30, 2024, the Company had an accumulated deficit of $ 266.9 million, from recurring losses since inception in 2011. The Company has incurred recurring losses and has not generated revenue as no products have obtained the necessary regulatory approval in order to market products. The Company expects to continue to incur losses as a result of costs and expenses related to the Company’s clinical development and corporate general and administrative activities. The Company had negative cash flows from operating activities during the six months ended June 30, 2024 and 2023 of $ 10.0 million and $ 17.0 million, respectively, and current projections indicate that the Company will have continued negative cash flows for the foreseeable future as it continues to fund operating expenses. Net losses incurred for the three and six months ended June 30, 2024 were $ 5.3 million and $ 10.8 million, respectively. Net losses incurred for the three and six months ended June 30, 2023 were $ 10.7 million and $ 23.7 million, respectively. As of June 30, 2024, the Company’s cash and cash equivalents amounted to $ 22.9 million and current assets amounted to $ 25.2 million and current liabilities amounted to $ 3.7 million. At December 31, 2023 , the Company’s cash, cash equivalents and marketable securities amounted to $ 33.2 million, current assets amounted to $ 36.8 million and current liabilities amounted to $ 5.8 million. In September 2023, the Company announced a restructuring plan to reduce the Company's operations to preserve financial resources, resulting in a reduction of the Company’s workforce by up to 29 people, or approximately 70 % of the Company's then existing headcount. In May 2024, the Company's Board of Directors approved an additional reduction of eight employees in an effort to conserve cash resources. As of June 30, 2024 , the Company has incurred $ 4.5 million in charges relating to these reductions in workforce, consisting primarily of cash-based expenses related to employee severance and notice period payments, benefits and related costs . Additionally, in September 2023, the Company initiated a process to evaluate strategic alternatives in order to maximize stockholder value. As part of the strategic review process, the Company continues to explore potential strategic alternatives that include, without limitation, a stock or asset acquisition, merger, business combination, liquidation, dissolution or other transaction. The Company is also exploring strategic alternatives related to its product candidates and related assets, including, without limitation, licensing transactions and asset sales. There can be no assurance that the strategic review process will result in the Company pursuing a transaction, or that any transaction, if pursued, will be completed on terms favorable to the Company and its stockholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying interim condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, and related interim information contained within the notes to the interim condensed consolidated financial statements, are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of June 30, 2024, results of operations, statement of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. All intercompany balances and transactions have been eliminated. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”) on March 8, 2024 ("2023 Consolidated Financial Statements"). The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or any interim period. For the six months ended June 30, 2024, there have been no material changes to the significant accounting policies as disclosed in Note 2 to the 2023 Consolidated Financial Statements. Recently issued accounting standards The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	3. INVESTMENTS Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The Company had no available-for-sale investments as of June 30, 2024. A summary of the Company’s available-for-sale investments as of December 31, 2023 consisted of the following (in thousands): At December 31, 2023 Amortized Gross Unrealized Gross Unrealized Fair Marketable securities: Cost Gains Losses Value Corporate bonds $ 11,720 $ — $ ( 34 ) $ 11,686 Total $ 11,720 $ — $ ( 34 ) $ 11,686

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. PROPERTY AND EQUIPMENT, NET Property and equipment as of June 30, 2024 consisted of the following (in thousands): June 30, December 31, 2024 2023 Equipment $ 106 $ 107 Less: accumulated depreciation ( 39 ) ( 29 ) Equipment, net $ 67 $ 78 Depreciation expense for the three and six months ended June 30, 2024 was $ 5,000 and $ 10,000 , respectively. Depreciation expense for the three and six months ended June 30, 2023 was $ 17,000 and $ 35,000 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its debt securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs. A summary of the assets that are measured at fair value as of June 30, 2024 and December 31, 2023 is as follows (in thousands): Fair Value Measurement at Assets: Carrying Quoted Prices in Significant Significant Money market funds (1) $ 12,734 $ 12,734 $ — $ — Debt securities — — — — Total $ 12,734 $ 12,734 $ — $ — Fair Value Measurement at Assets: Carrying Quoted Prices in Significant Significant Money market funds (1) $ 13,610 13,610 — — Debt securities 11,686 — 11,686 — Total $ 25,296 $ 13,610 $ 11,686 $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2024 2023 Research and development tax credit receivable $ 1,442 $ 1,438 Prepaid insurance costs 301 774 Value-added tax refund receivable 279 280 Contract research and development costs 121 1,046 Other 163 85 Total prepaid expenses and other current assets $ 2,306 $ 3,623

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	7. LEASES The Company has the following operating leases: Location Primary Use Lease Renewal Option Copenhagen, Denmark Corporate headquarters November 2024 None The Company has no finance leases and has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three and six months ended June 30, 2024 was $ 0.1 million and $ 0.2 million, respectively. Rent expense for the three and six months ended June 30, 2023 was $ 0.1 million and $ 0.3 million, respectively. Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended Lease Cost 2024 2023 2024 2023 Operating lease cost (in thousands) $ 47 $ 139 $ 143 $ 276 Other Information Operating cash flows paid for amounts included (in thousands) $ 48 $ 125 $ 140 $ 273 Operating lease liabilities arising from obtaining (in thousands) $ — $ — $ — $ 409 As of June 30, 2024 and December 31, 2023 , the weighted average remaining lease term for operating leases was 0.4 years and 0.9 years, respectively. As of June 30, 2024 and December 31, 2023 , the weighted average discount rate for operating leases was 8 % for both periods. Operating lease liabilities at June 30, 2024 are as follows (in thousands): Operating Future Lease Payments Leases 2024 (excluding the period ended June 30, 2024) $ 80 2025 — 2026 — 2027 — 2028 — Total lease payments 80 Less: imputed interest ( 3 ) Total lease liabilities $ 77

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Employee compensation costs $ 1,264 $ 987 Restructuring costs 820 1,734 Contract research and development costs 118 685 Operating lease liabilities, current 77 183 Other liabilities 706 539 Total accrued expenses and other current liabilities $ 2,985 $ 4,128

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES During the three and six months ended June 30, 2024, there were no material changes to the Company’s commitments and contingencies as disclosed in Note 9 of the 2023 Consolidated Financial Statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 7 to the Company’s unaudited interim condensed consolidated financial statements.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. STOCK-BASED COMPENSATION Employee equity plan In March 2020, the Company's Board of Directors and stockholders approved the 2020 Stock Option and Grant Plan (“2020 Plan”). Holders of stock options under the 2020 Plan shall be entitled to exercise the vested portion of the stock option during the term of the grant. If a qualified exit, as defined in the 2020 Plan, occurs before the stock option vests, then all of the holders' unvested options shall vest immediately. In October 2020, the Company's Board of Directors and stockholders approved the 2020 Equity Incentive Plan (“2020 Equity Plan”). Following the adoption of the 2020 Equity Plan, no further options are available to be issued under the 2020 Plan. Stock-based awards granted under the 2020 Equity Plan generally vest over a four-year period and expire ten years from the grant date. Shares available for grant under the 2020 Equity Plan will cumulatively increase by 5 percent of the number of shares of common stock issued and outstanding on January 1 st each year until 2030. At June 30, 2024 , the Company had 3,024,020 shares available for future grant under the 2020 Equity Plan. The following table sets forth the activity for the Company’s stock options during the six months ended June 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2023 6,886,889 $ 4.58 6.7 $ — Granted 108,000 0.49 — — Cancelled ( 1,439,703 ) 4.22 — — Outstanding at June 30, 2024 5,555,186 $ 4.59 6.7 $ — Vested and expected to vest at June 30, 2024 5,270,540 $ 4.55 6.7 $ — Vested and exercisable at June 30, 2024 4,420,549 $ 5.05 6.3 $ — The weighted-average grant date fair value of all stock-based awards granted for the six months ended June 30, 2024 was $ 0.38 per share. The intrinsic value at June 30, 2024 and December 31, 2023 was based on the closing price of the Company’s common stock on these dates of $ 0.47 and $ 0.72 per share, respectively. In November 2022, the Company's Board of Directors approved the 2022 Inducement Plan (the “Inducement Plan”), which allows for the grant of equity awards to be made to a new employee where the equity award is a material inducement to an employee entering into employment with the Company. The Inducement Plan was adopted by the Company's Board of Directors without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). A total of 250,000 shares of the Company's common stock have been reserved for issuance under the Inducement Plan. As of June 30, 2024 , no shares have been issued under the Inducement Plan. Restricted stock units In January 2024, the Company granted 855,000 restricted stock units, or RSUs, to its employees under the 2020 Equity Plan. The weighted average grant date fair value of the time-based RSUs was $ 0.71 for the six months ended June 30, 2024 .The RSUs vest 33 % after one-year from the grant date and 17 % every six-months thereafter. For the three and six months ended June 30, 2024 , the Company recognized $ 47,000 and $ 94,000 expense related to the RSUs, respectively. The following table sets forth the activity for the Company’s RSUs during the six months ended June 30, 2024: Restricted Weighted- Total nonvested units at December 31, 2023 — $ — Granted 855,000 0.71 Vested ( 17,499 ) 0.71 Cancelled ( 132,501 ) 0.71 Total nonvested units at June 30, 2024 705,000 $ 0.71 Stock-based compensation The grant date fair value of stock-based awards vested during the six months ended June 30, 2024 and 2023 was $ 2.2 million and $ 3.5 million, respectively. Total unrecognized compensation expense related to unvested options granted under the Company’s stock-based compensation plan was $ 2.6 million at June 30, 2024 , which is expected to be recognized over a weighted average period of 1.5 years. The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 188 $ 686 $ 817 $ 1,370 General and administrative 703 753 1,433 1,503 Total stock-based compensation $ 891 $ 1,439 $ 2,250 $ 2,873 The Company uses a Black-Scholes option pricing model to determine fair value of its stock options. The Black-Scholes option pricing model includes various assumptions, including the fair value of common shares, expected life of stock options, the expected volatility based on the historical volatility of a publicly traded set of peer companies and the expected risk-free interest rate based on the implied yield on a U.S. Treasury security. The fair values of the options granted were estimated using the following assumptions: Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.2 % 3.8 % Expected term (in years) 5.3 6.0 Expected volatility 99.3 % 91.0 % Expected dividend yield — —

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	11. RESTRUCTURING ACTIVITIES In September 2023, the Company’s Board of Directors approved a restructuring plan (the “Restructuring Plan”) to reduce the Company’s operating costs and better align its workforce with the needs of its business. The Restructuring Plan eliminated approximately 70 % of the Company’s workforce. In May 2024, the Company's Board of Directors approved an additional reduction of eight employees in an effort to conserve cash resources (the "May RIF"). Employees affected by the Restructuring Plan and the May RIF obtained involuntary termination benefits pursuant to a one-time benefit arrangement. For employees who have no requirements to provide future service, the Company recognized the liability for the termination benefits in full at fair value at the time of termination. For employees who are required to render services beyond a minimum retention period to receive their one-time termination benefits, the Company recognized the termination benefits ratably over their future service periods. For the Restructuring Plan, the Company recorded employee termination benefit charges during the year ended December 31, 2023 of $ 3.4 million and has included them as operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the May RIF, the Company recorded employee termination benefit charges during the three and six months ended June 30, 2024 of $ 1.0 million and has included them as operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Restructuring costs pertaining to the Restructuring Plan and the May RIF consist of the following (in thousands): Six Balance at December 31, 2022 $ — Restructuring expenses incurred 3,448 Payments ( 1,593 ) Non-cash charges ( 121 ) Balance at December 31, 2023 1,734 Restructuring expenses incurred 968 Payments ( 1,882 ) Balance at June 30, 2024 $ 820 The Company incurred an impairment charge related to a leased facility of $ 0.03 million during the year ended December 31, 2023 resulting from the Restructuring Plan. In September 2023, the Board of Directors approved arrangements designed to provide that the Company will have the continued dedication and commitment of its remaining employees, including executives, determined to be key to the Company’s planned go-forward operations. The Board of Directors approved, and management implemented, a retention program for employees remaining with the Company which includes cash retention bonuses totaling $ 1.2 million for certain retained employees, provided that they remain within the Company through various requisite service periods. As a result, these cash retention bonuses are being accrued over the requisite service period. With respect to the CEO of the Company, he is only entitled to a cash bonus upon the achievement of certain corporate and strategic milestones for the Company. During the period ended June 30, 2024 , the Company's retention accrual was $ 0.5 million. During the year ended December 31, 2023 , the Company's retention accrual was $ 0.4 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. INCOME TAXES As a result of the Company's history of net operating losses ("NOL"), the Company continues to maintain a full valuation allowance against its domestic net deferred tax assets. For the three and six months ended June 30, 2024 , the Company recognized an income tax expense of $ 0.04 million, primarily due to foreign income tax expense.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	13. NET LOSS PER SHARE Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net loss $ ( 5,338 ) $ ( 10,744 ) $ ( 10,815 ) $ ( 23,738 ) Weighted-average number of shares used in computing net loss 27,115,536 26,375,076 27,114,116 26,025,929 Net loss per common share, basic and diluted $ ( 0.20 ) $ ( 0.41 ) $ ( 0.40 ) $ ( 0.91 ) The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: Six Months Ended 2024 2023 Stock options to purchase common stock 5,555,186 7,670,710 Restricted stock units 705,000 —

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date on which the unaudited interim condensed consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure to the unaudited interim condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Investments	A summary of the Company’s available-for-sale investments as of December 31, 2023 consisted of the following (in thousands): At December 31, 2023 Amortized Gross Unrealized Gross Unrealized Fair Marketable securities: Cost Gains Losses Value Corporate bonds $ 11,720 $ — $ ( 34 ) $ 11,686 Total $ 11,720 $ — $ ( 34 ) $ 11,686

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment as of June 30, 2024 consisted of the following (in thousands): June 30, December 31, 2024 2023 Equipment $ 106 $ 107 Less: accumulated depreciation ( 39 ) ( 29 ) Equipment, net $ 67 $ 78

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value	A summary of the assets that are measured at fair value as of June 30, 2024 and December 31, 2023 is as follows (in thousands): Fair Value Measurement at Assets: Carrying Quoted Prices in Significant Significant Money market funds (1) $ 12,734 $ 12,734 $ — $ — Debt securities — — — — Total $ 12,734 $ 12,734 $ — $ — Fair Value Measurement at Assets: Carrying Quoted Prices in Significant Significant Money market funds (1) $ 13,610 13,610 — — Debt securities 11,686 — 11,686 — Total $ 25,296 $ 13,610 $ 11,686 $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2024 2023 Research and development tax credit receivable $ 1,442 $ 1,438 Prepaid insurance costs 301 774 Value-added tax refund receivable 279 280 Contract research and development costs 121 1,046 Other 163 85 Total prepaid expenses and other current assets $ 2,306 $ 3,623

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Operating Leases	The Company has the following operating leases: Location Primary Use Lease Renewal Option Copenhagen, Denmark Corporate headquarters November 2024 None
Quantitative Information Regarding Leases	Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended Lease Cost 2024 2023 2024 2023 Operating lease cost (in thousands) $ 47 $ 139 $ 143 $ 276 Other Information Operating cash flows paid for amounts included (in thousands) $ 48 $ 125 $ 140 $ 273 Operating lease liabilities arising from obtaining (in thousands) $ — $ — $ — $ 409
Summary of Operating Lease Liabilities	Operating lease liabilities at June 30, 2024 are as follows (in thousands): Operating Future Lease Payments Leases 2024 (excluding the period ended June 30, 2024) $ 80 2025 — 2026 — 2027 — 2028 — Total lease payments 80 Less: imputed interest ( 3 ) Total lease liabilities $ 77

Accrued Expenses And Other Cu_2

Accrued Expenses And Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Employee compensation costs $ 1,264 $ 987 Restructuring costs 820 1,734 Contract research and development costs 118 685 Operating lease liabilities, current 77 183 Other liabilities 706 539 Total accrued expenses and other current liabilities $ 2,985 $ 4,128

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity	The following table sets forth the activity for the Company’s stock options during the six months ended June 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2023 6,886,889 $ 4.58 6.7 $ — Granted 108,000 0.49 — — Cancelled ( 1,439,703 ) 4.22 — — Outstanding at June 30, 2024 5,555,186 $ 4.59 6.7 $ — Vested and expected to vest at June 30, 2024 5,270,540 $ 4.55 6.7 $ — Vested and exercisable at June 30, 2024 4,420,549 $ 5.05 6.3 $ —
Summary of Stock-based Compensation Expense	The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Research and development $ 188 $ 686 $ 817 $ 1,370 General and administrative 703 753 1,433 1,503 Total stock-based compensation $ 891 $ 1,439 $ 2,250 $ 2,873
Summary of Fair Value Assumptions of Options Granted	The fair values of the options granted were estimated using the following assumptions: Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.2 % 3.8 % Expected term (in years) 5.3 6.0 Expected volatility 99.3 % 91.0 % Expected dividend yield — —
Schedule of Activity for RSUs	The following table sets forth the activity for the Company’s RSUs during the six months ended June 30, 2024: Restricted Weighted- Total nonvested units at December 31, 2023 — $ — Granted 855,000 0.71 Vested ( 17,499 ) 0.71 Cancelled ( 132,501 ) 0.71 Total nonvested units at June 30, 2024 705,000 $ 0.71

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Restructuring Costs Pertaining to Restructuring Plan and May RIF	Restructuring costs pertaining to the Restructuring Plan and the May RIF consist of the following (in thousands): Six Balance at December 31, 2022 $ — Restructuring expenses incurred 3,448 Payments ( 1,593 ) Non-cash charges ( 121 ) Balance at December 31, 2023 1,734 Restructuring expenses incurred 968 Payments ( 1,882 ) Balance at June 30, 2024 $ 820

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net loss $ ( 5,338 ) $ ( 10,744 ) $ ( 10,815 ) $ ( 23,738 ) Weighted-average number of shares used in computing net loss 27,115,536 26,375,076 27,114,116 26,025,929 Net loss per common share, basic and diluted $ ( 0.20 ) $ ( 0.41 ) $ ( 0.40 ) $ ( 0.91 )
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: Six Months Ended 2024 2023 Stock options to purchase common stock 5,555,186 7,670,710 Restricted stock units 705,000 —

Description of Business, Orga_2

Description of Business, Organization and Liquidity - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2024 People	Sep. 30, 2023 USD ($) People	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Description Of Business Organization And Liquidity [Line Items]
Accumulated deficit			$ 266,900		$ 266,900		$ 256,085
Net loss			(5,300)	$ (10,700)	(10,815)	$ (23,738)
Cash flows from operating activities					(10,036)	$ (16,983)
Cash and cash equivalents			22,900		22,900
Cash, cash equivalents and marketable securities							33,200
Current assets			25,168		25,168		36,774
Current liabilities			$ 3,709		3,709		5,830
Restructuring and additional reduction in force charges		$ 4,500			$ 968		$ 3,448
Work force reduction precentage		70%
Number of employees reduced due to restructuring | People	8	29

Investments - Additional Inform

Investments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Realised available-for-sale investments	$ 0

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Investments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Available for Sale Securities [Line Items]
Debt Securities, Available-for-sale, Type [Extensible List]	us-gaap:CorporateDebtSecuritiesMember
Investments - Current
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	$ 11,720
Gross Unrealized Losses	(34)
Fair Value	$ 11,686

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 106	$ 107
Less: accumulated depreciation	(39)	(29)
Equipment, net	$ 67	$ 78

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,000	$ 17,000	$ 10,000	$ 35,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value		$ 12,734	$ 25,296
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	[1]	12,734	13,610
Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value			11,686
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value		12,734	13,610
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	[1]	$ 12,734	13,610
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value			11,686
Level 2 | Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value			$ 11,686
[1] Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value.

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Research and development tax credit receivable	$ 1,442	$ 1,438
Prepaid insurance costs	301	774
Value-added tax refund receivable	279	280
Contract research and development costs	121	1,046
Other	163	85
Total prepaid expenses and other current assets	$ 2,306	$ 3,623

Leases - Summary of Operating L

Leases - Summary of Operating Leases (Details) - Copenhagen, Denmark	6 Months Ended
	Jun. 30, 2024
Operating Leased Assets [Line Items]
Operating lease, expiration date	Nov. 30, 2024
Operating lease,renewal option	None

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Line Items]
Rent expense	$ 0.1	$ 0.1	$ 0.2	$ 0.3
Weighted average remaining lease term for operating leases	4 months 24 days		4 months 24 days		10 months 24 days
Weighted average discount rate for operating leases	8%		8%		8%

Leases - Quantitative Informati

Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost
Operating lease cost (in thousands)	$ 47	$ 139	$ 143	$ 276
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$ 48	$ 125	$ 140	273
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)				$ 409

Leases - Summary of Operating_2

Leases - Summary of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Future Lease Payments
2024 (excluding the period ended June 30, 2024)	$ 80
Total lease payments	80
Less: imputed interest	(3)
Total lease liabilities	$ 77

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee compensation costs	$ 1,264	$ 987
Restructuring costs	820	1,734	$ 0
Contract research and development costs	118	685
Operating lease liabilities, current	$ 77	$ 183
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Other liabilities	$ 706	$ 539
Total accrued expenses and other current liabilities	$ 2,985	$ 4,128

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2024	Oct. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance and sale of common stock				$ 2,682		$ 2,705
Number of options, granted					108,000
Compensation expense recognized			$ 891	$ 1,439	$ 2,250	2,873
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, Granted					855,000
Weighted- average grant-date fair value			$ 0.71		$ 0.71		$ 0
Compensation expense recognized			$ 47,000		$ 94,000
Restricted Stock Units | One Year Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period					1 year
Vesting percentage					33%
Restricted Stock Units | Every Six Months Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period					6 months
Vesting percentage					17%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted					$ 0.38
Intrinsic value per share of stock options					$ 0.47		$ 0.72
Fair value of stock options vested					$ 2,200	$ 3,500
2020 Plan | Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 2,600		$ 2,600
2020 Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant		0
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant			3,024,020		3,024,020
2020 Equity Incentive Plan | Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense that is expected to be recognized over a weighted-average period					1 year 6 months
2020 Equity Incentive Plan | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, Granted	855,000
2020 Equity Incentive Plan | Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted- average grant-date fair value			$ 0.71		$ 0.71
2020 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period		4 years
Stock options, expiration period		10 years
Percentage increase of number of shares of common stock issued and outstanding		5%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of aggregate shares of common stock sold				1,348,425		1,369,507
Common Stock | 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant								250,000
Shares issued					0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding	6,886,889
Number of Options, Granted	108,000
Number of Options, Cancelled	(1,439,703)
Number of Options, Outstanding	5,555,186	6,886,889
Number of Options, Vested and expected to vest	5,270,540
Number of Options, Vested and exercisable	4,420,549
Weighted average exercise price per share, Outstanding	$ 4.58
Weighted average exercise price per share, Granted	0.49
Weighted average exercise price per share, Cancelled	4.22
Weighted average exercise price per share, Outstanding	4.59	$ 4.58
Weighted average exercise price per share, Vested and expected	4.55
Weighted average exercise price per share, Vested and exercisable	$ 5.05
Weighted average remaining contractual term (in years), Outstanding	6 years 8 months 12 days	6 years 8 months 12 days
Weighted average remaining contractual term (in years), Vested and expected to vest	6 years 8 months 12 days
Weighted average remaining contractual term (in years), Vested and exercisable	6 years 3 months 18 days
Aggregate intrinsic value, Granted	$ 0
Aggregate intrinsic value, Cancelled	0
Aggregate intrinsic value, Outstanding	0
Aggregate intrinsic value, Vested and expected to vest	0
Aggregate intrinsic value, Vested and exercisable	$ 0

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Activity for RSUs (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period | shares	0
Restricted stock units, Granted | shares	855,000
Restricted stock units, Vested | shares	(17,499)
Restricted stock units, Cancelled | shares	(132,501)
Non vested shares at the end of the period | shares	705,000
Weighted-averagegrant date fair value
Weighted average grant-date fair value per share, Non vested shares at the beginning of the period | $ / shares	$ 0
Weighted average grant-date fair value per Share, Granted | $ / shares	0.71
Weighted average grant-date fair value per Share, Vested | $ / shares	0.71
Weighted average grant-date fair value per Share, Cancelled | $ / shares	0.71
Weighted average grant-date fair value per share, Nonvested shares at the end of the period | $ / shares	$ 0.71

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-based Compensation Expenses Related to Issuance of Stock (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 891	$ 1,439	$ 2,250	$ 2,873
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	188	686	817	1,370
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 703	$ 753	$ 1,433	$ 1,503

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Fair Value Assumptions of Options Granted (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.20%	3.80%
Expected term (in years)	5 years 3 months 18 days	6 years
Expected volatility	99.30%	91%
Expected dividend yield	0%	0%

Restructuring Activities - Addi

Restructuring Activities - Additional Information (Details)	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2024 People	Sep. 30, 2023 USD ($) People	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees reduced due to restructuring | People	8	29
Restructuring costs			$ 968,000	$ 968,000
Employees retention bonus payable		$ 1,200,000
Retention accrual recognized				500,000	$ 400,000
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring plan, eliminated workforce		70%
Restructuring costs					3,400,000
Impairment charge related to leased facility					$ 30,000
May RIF
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 1,000,000	$ 1,000,000

Restructuring Activities - Summ

Restructuring Activities - Summary of Restructuring Costs Pertaining to Restructuring Plan and May RIF (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Restructuring Costs [Abstract]
Restructuring costs, beginning balance		$ 1,734	$ 0
Restructuring expenses incurred	$ 4,500	968	3,448
Payments		(1,882)	(1,593)
Non-cash charges			(121)
Restructuring costs, ending balance		$ 820	$ 1,734

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 42,000	$ 42,000
United Kingdom
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0.04	$ 0.04

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (5,338)	$ (10,744)	$ (10,815)	$ (23,738)
Weighted-average number of shares used in computing net loss per common share, basic	27,115,536	26,375,076	27,114,116	26,025,929
Weighted-average number of shares used in computing net loss per common share, diluted	27,115,536	26,375,076	27,114,116	26,025,929
Net loss per common share, basic	$ (0.2)	$ (0.41)	$ (0.4)	$ (0.91)
Net loss per common share, diluted	$ (0.2)	$ (0.41)	$ (0.4)	$ (0.91)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,555,186	7,670,710
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	705,000