Nuvation Bio (NUVB) 10-K 29 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Registrant Name	NUVATION BIO INC.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001811063
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Address, Address Line One	1500 Broadway
Entity Address, Address Line Two	Suite 1401
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
City Area Code	332
Local Phone Number	208-6102
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-39351
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-0862255
Entity Interactive Data Current	Yes
Entity Address, State or Province	NY
Document Transition Report	false
Document Annual Report	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 261,249,647
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	KPMG LLP
Auditor Location	Short Hills, NJ
Auditor Firm ID	185
Documents Incorporated by Reference [Text Block]	Certain portions of the registrant's definitive proxy statement relating to the Company's Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Class A Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, Par Value $0.0001 Per Share
Trading Symbol	NUVB
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		218,046,219
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000,000
Redeemable Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Class A Common Stock
Trading Symbol	NUVB.WS
Security Exchange Name	NYSE

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 42,649	$ 101,099
Prepaid expenses and other current assets	1,519	3,819
Marketable securities	568,564	559,915
Interest receivable on marketable securities	3,702	2,485
Total Current Assets	616,434	667,318
Property and equipment, net	717	894
Lease security deposit	141	138
Operating lease right-of-use assets	3,605	3,791
Other non-current assets	587	0
Total Assets	621,484	672,141
Current liabilities
Accounts payable	2,209	2,139
Current operating lease liabilities	1,972	1,206
Accrued expenses	9,793	9,816
Total Current Liabilities	13,974	13,161
Warrant Liability	353	850
Non-current operating lease liabilities	2,035	3,054
Total Liabilities	16,362	17,065
Commitments and contingencies
Stockholders' Equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000,Class B 60,000,000) shares authorized as of December 31, 2023 and December 31, 2022, respectively, 219,046,219 (Class A 218,046,219, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000) shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	947,745	927,604
Accumulated deficit	(342,804)	(267,002)
Accumulated other comprehensive (loss) income	181	(5,526)
Total Stockholders' Equity	605,122	655,076
Total Liabilities and Stockholders' Equity	$ 621,484	$ 672,141

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock and additional paid in capital, shares issued	219,046,219	218,632,699
Common stock and additional paid in capital, shares outstanding	219,046,219	218,632,699
Additional Paid-in Capital [Member]
Common stock and additional paid in capital, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock and additional paid in capital, shares authorized	1,060,000,000	1,060,000,000
Class A Shares [Member]
Common stock and additional paid in capital, shares issued	218,046,219	217,632,699
Common stock and additional paid in capital, shares outstanding	218,046,219	217,632,699
Class A Shares [Member] | Additional Paid-in Capital [Member]
Common stock and additional paid in capital, shares authorized	1,000,000,000	1,000,000,000
Class B Shares [Member]
Common stock and additional paid in capital, shares issued	1,000,000	1,000,000
Common stock and additional paid in capital, shares outstanding	1,000,000	1,000,000
Class B Shares [Member] | Additional Paid-in Capital [Member]
Common stock and additional paid in capital, shares authorized	60,000,000	60,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 71,289	$ 87,815
General and administrative	28,533	31,919
Total operating expenses	99,822	119,734
Loss from operations	(99,822)	(119,734)
Other income (expense):
Interest income	24,611	7,448
Investment advisory fees	(949)	(872)
Change in fair value of warrants liability	497	10,187
Realized loss on marketable securities	(139)	(1,228)
Total other income (expense), net	24,020	15,535
Loss before income taxes	(75,802)	(104,199)
Provision for income taxes	0	0
Net loss	$ (75,802)	$ (104,199)
Net loss per share attributable to common stockholders, basic	$ (0.35)	$ (0.48)
Net loss per share attributable to common stockholders, diluted	$ (0.35)	$ (0.48)
Weighted average common shares outstanding, basic	218,880	216,721
Weighted average common shares outstanding, diluted	218,880	216,721
Comprehensive loss:
Net Income (Loss)	$ (75,802)	$ (104,199)
Other comprehensive loss, net of taxes:
Change in unrealized gain (loss) on available-for-sale securities, net	5,707	(4,341)
Comprehensive loss	$ (70,095)	$ (108,540)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Including Additional Paid in Capital [Member]	Common Stock Including Additional Paid in Capital [Member] Class A Shares [Member]	Common Stock Including Additional Paid in Capital [Member] Class B Shares [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2021	$ 745,997	$ 909,985			$ (162,803)	$ (1,185)
Balance (in Shares) at Dec. 31, 2021			216,948,568	1,000,000
Proceeds from issuance of common stock under ESPP	388	388
Issuance of common stock for purchase under ESPP, shares			144,241
Exercise of stock options	939	939
Exercise of stock options, shares			539,880
Stock based compensation	16,292	16,292
Exercise of warrants			$ 10
Net Income (Loss)	(104,199)				(104,199)
Other comprehensive income (loss)	(4,341)					(4,341)
Balance at Dec. 31, 2022	655,076	927,604			(267,002)	(5,526)
Balance (in Shares) at Dec. 31, 2022			217,632,699	1,000,000
Proceeds from issuance of common stock under ESPP	253	253
Issuance of common stock for purchase under ESPP, shares			197,906
Exercise of stock options	375	375
Exercise of stock options, shares			215,614
Stock based compensation	19,513	19,513
Net Income (Loss)	(75,802)				(75,802)
Other comprehensive income (loss)	5,707					5,707
Balance at Dec. 31, 2023	$ 605,122	$ 947,745			$ (342,804)	$ 181
Balance (in Shares) at Dec. 31, 2023			218,046,219	1,000,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net Income (Loss)	$ (75,802)	$ (104,199)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	19,513	16,292
Depreciation and amortization	222	199
Non-cash lease expense	(67)	285
Change in fair value of warrant liability	(497)	(10,187)
Amortization of premium and discounts on marketable securities	(12,057)	3,671
Realized loss on marketable securities	139	1,228
Net loss on disposal of property and equipment	10	50
Change in operating assets and liabilities (net of assets and liabilities acquired in the Merger)
Prepaid expenses and other current assets	2,300	(177)
Interest receivable on marketable securities	(1,217)	554
Lease security deposit	(3)	283
Other non-current assets	(587)	0
Accounts payable	70	(1,786)
Accrued expenses	(23)	(2,321)
Net cash used in operating activities	(67,999)	(96,108)
Cash Flows from Investing Activities:
Purchases of marketable securities	(703,373)	(520,307)
Proceeds from sale of marketable securities	712,349	584,121
Purchases of property and equipment	(69)	(370)
Proceeds from sale of property and equipment	14	13
Net cash provided by investing activities	8,921	63,457
Cash Flows from Financing Activities:
Proceeds from issuance of common stock under ESPP	253	388
Proceeds from exercises of options	375	939
Net cash provided by financing activities	628	1,327
Net decrease in cash and cash equivalents	(58,450)	(31,324)
Cash and cash equivalents, beginning of the period	101,099	132,423
Cash and cash equivalents, end of the period	42,649	101,099
Non-cash operating activity:
Right-of-use asset recognized	$ 1,216	$ 2,171

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (75,802)	$ (104,199)

Insider Trading Arrangements

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

Description of Organization and

Description of Organization and Business Operations	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Organization and Business Operations	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Nuvation Bio Inc. and subsidiaries (“Nuvation Bio”), a Delaware corporation, is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio was incorporated on March 20, 2018 (inception date) and has offices in New York and San Francisco. On February 10, 2021, (the “Closing Date”), Nuvation Bio Inc., a Delaware corporation (“Legacy Nuvation Bio”), Panacea Acquisition Corp. (“Panacea”), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (“Merger Sub”) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 (“Merger Agreement”). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the “Merger”) and, collectively with the other transactions described in the Merger Agreement. On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the “Company” or “Nuvation Bio”).

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Liquidity As of December 31, 2023, the Company has an accumulated deficit of approximately $ 342.8 million and net cash used in operating activities was approximately $ 68.0 million for the year ended December 31, 2023. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $ 611.2 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available. Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property. Use of Estimates The preparation of financial statements in conformity with 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 at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk. Marketable Securities Debt securities have been classified as available-for-sale which may be sold before maturity as they are not classified as trading securities or as held-to-maturity securities. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities with readily determinable fair values, are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. The Company is exposed to credit losses primarily through its available-for-sale investments. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for expected credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for expected credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities includes reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. As of December 31, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company has not identified any unrealized losses for these investments attributable to credit factors. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing formula (see Note 3). Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities. Research and Development Costs Costs incurred in connection with research and development activities are expensed as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company. Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination. Accounting Pronouncements Adopted In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company adopted the standard effective January 1, 2023 using the modified retrospective approach. The adoption of the guidance did not have a material effect on the Company’s unaudited condensed consolidated financial statements and no allowance was recorded for expected credit losses. See “Marketable Securities” above for a description of the Company’s credit losses accounting policy. Recent Accounting Pronouncements In November 2023, the FASB issued Topic 280 "Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued Topics 740 "Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This guidance is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Fair Value Measurements and Mar

Fair Value Measurements and Marketable Securities Available-for-Sale	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Marketable Securities Available for Sale	FAIR VALUE MEASUREMENTS AND MARKETABLE SECURITIES The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The following table presents information about the Company’s marketable securities and the Warrant liability as of December 31, 2023 and 2022, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Nuvation public warrant pricing, Nuvation’s own historical volatility and the volatility of guideline public companies. There have not been any transfers between the levels during the periods. December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 20,574 $ 20,574 $ — $ — U.S. government securities 4,988 — 4,988 — Corporate bonds 947 — 947 — 26,509 20,574 5,935 — Marketable securities: Certificate of deposits 10,176 — 10,176 — Commercial paper 23,628 — 23,628 — U.S. government and government agency securities 453,175 — 453,175 — Corporate bonds 81,585 — 81,585 — 568,564 — 568,564 — Total financial assets: $ 595,073 $ 20,574 $ 574,499 $ — Financial liabilities: Warrants $ 353 $ 338 $ — $ 15 December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 35,204 $ 35,204 $ — $ — U.S. government and government agency securities 32,779 — 32,779 — Corporate bonds 328 — 328 — 68,311 35,204 33,107 — Marketable securities: Certificate of deposits 13,984 — 13,984 — Commercial paper 50,173 — 50,173 — U.S. government and government agency securities 305,657 — 305,657 — Corporate bonds 187,130 — 187,130 — Municipal bonds 2,971 — 2,971 — 559,915 — 559,915 — Total financial assets: $ 628,226 $ 35,204 $ 593,022 $ — Financial liabilities: Warrants $ 850 $ 813 $ — $ 37 Marketable securities consist primarily of U.S. government and government agency, certificate of deposits, commercial paper, corporate bond and municipal securities ("Debt Securities"). Based on the Company’s intentions regarding its marketable securities, all Debt Securities are classified as available-for-sale and are carried at fair value based on the price that would be received upon sale of the security. The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of December 31, 2023 and December 31, 2022: December 31, 2023 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 20,574 $ — $ — $ 20,574 U.S. government and government agency securities 4,987 1 — 4,988 Corporate bonds 947 — — 947 26,508 1 — 26,509 Marketable securities: Certificate of deposits 10,171 7 ( 2 ) — 10,176 Commercial paper 23,609 22 ( 3 ) 23,628 U.S. government and government agency securities 452,813 1,095 ( 733 ) 453,175 Corporate bonds 81,791 68 ( 274 ) 81,585 568,384 1,192 ( 1,012 ) 568,564 $ 594,892 $ 1,193 $ ( 1,012 ) $ 595,073 December 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 35,204 $ — $ — $ 35,204 U.S government and government agency securities 32,773 6 — 32,779 Corporate bonds 328 — — 328 68,305 6 — 68,311 Marketable securities: Certificate of deposits 13,998 6 ( 20 ) 13,984 Commercial paper 50,240 21 ( 88 ) 50,173 U.S government and government agency securities 308,510 30 ( 2,883 ) 305,657 Corporate bonds 189,695 23 ( 2,588 ) 187,130 Municipal bonds 3,004 — ( 33 ) 2,971 565,447 80 ( 5,612 ) 559,915 $ 633,752 $ 86 $ ( 5,612 ) $ 628,226 For the years ended December 31, 2023 and 2022, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Years Ended December 31, 2023 2022 Realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ 70 $ 9 Realized losses from sales of available-for-sale securities ( 209 ) ( 1,065 ) ( 139 ) ( 1,056 ) Net gains (losses) on equity securities were as follows: Net realized losses on equities sold — ( 172 ) Net unrealized losses on equities — — — ( 172 ) Total losses on marketable securities $ ( 139 ) $ ( 1,228 ) The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of December 31, 2023 and 2022 were as follows: December 31, 2023 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 5,693 $ ( 2 ) $ — $ — $ 5,693 $ ( 2 ) Commercial paper 9,101 ( 3 ) — — 9,101 ( 3 ) U.S. government and government agency securities 199,552 ( 694 ) 24,761 ( 38 ) 224,313 ( 732 ) Corporate bonds 21,844 ( 28 ) 26,484 ( 246 ) 48,328 ( 274 ) $ 236,190 $ ( 727 ) $ 51,245 $ ( 284 ) $ 287,435 $ ( 1,011 ) December 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 7,139 $ ( 20 ) $ — $ — $ 7,139 $ ( 20 ) Commercial paper 26,938 ( 88 ) — — 26,938 ( 88 ) U.S. government and government agency securities 150,126 ( 977 ) 101,095 ( 1,906 ) 251,221 ( 2,883 ) Corporate bonds 69,402 ( 565 ) 108,748 ( 2,023 ) 178,150 ( 2,588 ) Municipal bonds — — 2,971 ( 33 ) 2,971 ( 33 ) $ 253,605 $ ( 1,650 ) $ 212,814 $ ( 3,962 ) $ 466,419 $ ( 5,612 ) Maturity information based on fair value of the available-for-sale securities is as follows as of December 31, 2023: Within one year After one year Total (In thousands) Certificate of deposits $ 10,176 $ — $ 10,176 Commercial paper 23,628 — 23,628 U.S. government and government agency securities 255,508 197,667 453,175 Corporate bonds 57,448 24,137 81,585 $ 346,760 $ 221,804 $ 568,564

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: December 31, 2023 2022 (In thousands) Computers $ 488 $ 506 Furniture and fixtures 553 530 Leasehold improvements 342 316 Total property and equipment 1,383 1,352 Less accumulated depreciation and amortization ( 666 ) ( 458 ) Total property and equipment, net $ 717 $ 894 Depreciation and amortization expense related to property and equipment was $ 0.2 million for the years ended December 31, 2023 and 2022.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
ACCRUED EXPENSES	NOTE 5. ACCRUED EXPENSES Accrued expenses consisted of the following: December 31, 2023 2022 (In thousands) Accrued consultant fees $ 4,917 $ 5,362 Accrued employee compensation 4,349 3,987 Accrued professional fees 280 236 Accrued other taxes 144 112 Accrued other 103 119 $ 9,793 $ 9,816

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	NOTE 6. LEASES Our principal executive office is located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027 , with an option for the Company to extend the lease for an additional five years which is not reasonably assured of exercise. We also occupy approximately 25,139 square feet of office space in San Francisco, California, under a lease that terminates in 2025 . Operating lease expense was $ 1.7 million and $ 1.5 million for the years ended December 31, 2023 and 2022, respectively. Expense related to variable leases was no t significant for the years ended December 31, 2023 and 2022. Operating cash flows for the year ended December 31, 2023 and 2022 included $ 1.7 million and $ 1.2 million, respectively. The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of December 31, 2023. December 31, 2023 (In thousands) 2024 $ 2,172 2025 1,416 2026 629 2027 81 Total undiscounted lease payments 4,298 Less: imputed interest ( 291 ) Total operating lease liabilities $ 4,007 The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.92 %. The Company's weighted average remaining lease term was 2.21 years as of December 31, 2023.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	NOTE 7. STOCKHOLDERS’ EQUITY Common Stock As of December 31, 2023, the Founder owns 100 % of the outstanding Class B common stock. Common Stock Restriction Agreement As a result of the Merger, the shares subject to the “Stock Restriction Agreement” between the Company and the Founder was adjusted based on the Exchange Ratio. The number of shares, as adjusted, subject to repurchase per the terms of the Stock Restriction Agreement is reduced each month by 1,101,240 Class A common shares and no common shares will be subject to repurchase by June 2022. As of December 31, 2023, there are no shares of Class A Common Stock subject to the repurchase option. Voting Holders of Class A and Class B common stock are entitled to one vote per share on all matters , except that the holders of Class A common stock do not participate in the election of the directors who are elected exclusively by the holders of Class B common stock. Holders of Class A and Class B common stock vote together as a single class on all matters, except that (i) the holders of Class B common stock have the right, voting as a separate class, to elect and remove without cause three directors plus at least 50% of any directors in excess of seven, and (ii) the approval of the holders of a majority of Class B common stock, voting as a separate class, is required for approval by the stockholders of any acquisition (whether by merger, sale of shares or sale of assets) or liquidation. There are no cumulative voting rights. Conversion Each share of Class B common stock will automatically convert into one share of Class A common stock upon transfer to a non-authorized holder. In addition, the Class B common stock is subject to a “sunset” provision under which all outstanding shares of Class B common stock will automatically convert into an equal number of shares of Class A common stock if ownership of shares of Class A and Class B common stock held by our President and Chief executive Officer, David Hung, M.D., falls below an aggregate of 43,188,000 shares or if Dr. Hung dies, becomes disabled or ceases to be our Chief Executive Officer, unless he is terminated from such position by us without cause.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	NOTE 8. NET LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average number of shares of Class A and Class B common stock outstanding, but excluding shares of common stock subject to repurchase for the period. The number of common stock shares subject to repurchase was determined prospectively from the date of the Stock Restriction Agreement described in Note 7. Diluted loss per share reflects the potential dilution that could occur if the stock options to issue common stock were exercised. The Company had a net loss in all periods presented thus the dilutive net loss per common share is the same as the basic net loss per common share as the effect of any options or conversions is anti-dilutive. The earnings per share amounts are the same for the different classes of common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or liquidation. The following securities outstanding at December 31, 2023 and 2022 have been excluded from the calculation of weighted average shares outstanding: As of December 31, 2023 2022 Warrants 5,787,462 5,787,462 Class A common stock options 30,649,239 22,865,714

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	12 Months Ended
	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive (Loss) Income	NOTE 9. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table presents a rollforward of the changes in accumulated other comprehensive (loss) income for the years ended December 31, 2023 and 2022, which is all attributable to unrealized gains (losses) on available-for-sale securities. All amounts are net of tax. 2023 2022 (In thousands) Balance at beginning of period $ ( 5,526 ) $ ( 1,185 ) Unrealized gain (loss) 5,568 ( 5,569 ) Amount reclassified for realized loss on marketable securities 139 1,228 Balance at end of period $ 181 $ ( 5,526 )

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 10. STOCK-BASED COMPENSATION The 2021 Equity Incentive Plan In March 2019, the Company adopted the 2019 Equity Incentive Plan or (“2019 Plan”), which provided for the grant of options, stock appreciation rights, restricted stock, and other stock awards. In January 2021, our board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Shares available for future issuance under the 2019 Plan were canceled. Awards. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), within the meaning of Section 422 of the Code to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of our affiliates. Authorized Shares. The maximum number of shares of Class A common stock that may be issued under the 2021 Plan was initially set at 50,684,047 shares of Class A common stock. The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase . The maximum number of shares of Class A common stock that may be issued on the exercise of ISOs under the 2021 Plan is three times the number of shares available for issuance upon the 2021 Plan becoming effective or 152,052,141 shares. The Employee Stock Purchase Plan In January 2021, our board of directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Share Reserve. The maximum number of shares of Class A common stock that may be issued under the 2021 ESPP was initially set at 4,750,354 shares of Class A common stock. The number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors. Shares subject to purchase rights granted under the 2021 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the 2021 ESPP. The stock-based compensation expense included in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022 is as follows (in thousands): Years ended December 31, 2023 2022 Research and development $ 8,797 $ 6,326 General and administrative 10,716 9,966 $ 19,513 $ 16,292 Options with Service Conditions Options granted with only service conditions generally vest over four years and expire after ten years . Stock option activity with service condition only for employees and members of the Company’s Board of Directors for the year ended December 31, 2023 is as follows: Shares Issuable Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at December 31, 2022 18,607,807 $ 4.46 Granted 11,088,220 $ 1.87 Forfeited ( 2,646,368 ) $ 3.47 Exercised ( 215,614 ) $ 1.74 $ 130 Outstanding at December 31, 2023 26,834,045 $ 3.51 8.12 $ — Exercisable at December 31, 2023 9,371,168 $ 4.57 6.94 $ — All unvested options as of December 31 ,2023 are expected to vest. The weighted average grant-date fair value of stock options outstanding on December 31, 2023 and 2022 was $ 2.57 a nd $ 3.00 per share, respectively. Total unrecognized compensation costs related to non-vested stock options at December 31, 2023 was $ 32.2 m illion and is expected to be recognized within future operating results over a weighted-average period of 2.09 y ears. For stock options granted with only service conditions during the years ended December 31, 2023 and 2022, the inputs in the Black-Scholes option-pricing model to determine the fair value is as follows: December 31, 2023 2022 Exercise price $ 1.61 - $ 1.94 $ 1.91 - $ 6.10 Risk-free interest rate 3.47 % - 4.12 % 1.69 % - 3.75 % Expected volatility 74 % - 75 % 80 % - 82 % Expected term in years 5.50 - 6.08 5.50 - 6.08 Dividend 0 % 0 % The Company estimated its expected stock volatility based on the blended average of its historical volatility and of publicly traded set of peer companies. The expected term of the Company’s options has been determined utilizing the “simplified” method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Dividend yield is based on the expectation that the Company will not pay any cash dividends in the foreseeable future. Options with Service, Market, and Performance Conditions Options granted with combined service, market, and performance conditions will vest based on achievement of various service conditions and either a market-based or performance-based goals in three tranches with multiple categories such as the Company’s market capitalization, and clinical and regulatory milestones. The market-based and performance-based goals period ends in October 2030. The explicit service periods are three years for tranche 1, four years for tranche 2, and five years for tranche 3. Upon the vesting requirement, 20 % of the options will vest for each of tranche 1 and 2, and 60 % of the options granted for tranche 3 will vest. The Company recognizes the fair value of the options within each tranche over the longer of their explicit service period or derived service period. The achievement of the performance condition was not deemed probable on the date of grant. As of December 31, 2023, the performance condition was not deemed probable. The expense recognized is based on the fair value of the market condition for the years ended December 31, 2023 and 2022. Stock option activity with combined service, market, and performance conditions for employees for the year ended December 31, 2023 is as follows: Shares Issuable Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at December 31, 2022 4,257,907 $ 6.54 Granted 340,250 $ 1.70 Forfeited ( 782,963 ) $ 5.63 Outstanding at December 31, 2023 3,815,194 $ 6.31 7.29 $ — Exercisable at December 31, 2023 395,277 $ 4.93 4.80 $ — The weighted average grant-date fair value of stock options outstanding on December 31, 2023 and 2022 was $ 4.03 and $ 2.71 per share, respectively. Total unrecognized compensation costs related to non-vested stock options at December 31, 2023 was $ 5.8 million and is expected to be recognized within future operating results over a weighted-average period of 4.1 years. The fair value of the stock options granted with combined service, market, and performance conditions was based on a Monte Carlo simulation with an embedded Black-Sholes pricing model. For the years ended December 31, 2023 and 2022, the fair value was computed using the following assumptions: December 31, 2023 2022 Exercise price $ 1.61 - $ 1.94 $ 1.91 - $ 6.10 Risk-free interest rate 3.40 % - 3.92 % 1.77 % - 2.97 % Expected volatility 72 % - 73 % 74 % - 75 % Expected term in years 6.17 - 6.30 5.63 - 6.98 Dividend 0 % 0 % The determination of expected volatility, risk- free rate, and dividend yield was the same approach as used for the above stock options granted with service only conditions. The expected term period represents the time used as an input in the embedded Black-Sholes pricing model which is based on the midpoint between the vest and expiration dates for each tranche.

401(K) plan

401(K) plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
401(K) Plan	NOTE 11. 401(K) PLAN The Company sponsors a 401(k) plan (the “Plan”) covering substantially all employees of the Company. The Plan allows employees to contribute tax deferred salary deductions into the Plan under the provisions of Section 401(k) of the Internal Revenue Code. Matching contributions are made by the Company up to a maximum amount of 3 % of employee contributions, subject to certain limitations as defined in the Plan. The Company made matching contributions of $ 0.4 million and $ 0.6 million for the years ended December 31, 2023 and 2022, respectively

Warrants

Warrants	12 Months Ended
	Dec. 31, 2023
Warrant Disclosure [Abstract]
Warrants	NOTE 12. WARRANTS Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants. Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. At December 31, 2023, there were an aggregate of 5,787,462 warrants outstanding. The Company concluded that the Public Warrants, Private Warrants and Forward Purchase Warrants do not meet the conditions to be classified in equity. The Warrants were recorded at fair value with subsequent changes in fair value reflected in earnings (see Note 4). The change in fair value resulted in a gain of $ 0.5 million for the year ended December 31, 2023. The fair value of Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market and the related Warrant Liability is included in Level 1 fair value measurements. The Company utilizes the Black-Scholes option pricing formula to determine the fair value of the Private Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the Warrant liability for the Private Warrants is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The annualized volatility of the equity was based on a calibration to the publicly traded Warrant price as of the valuation date. The risk-free interest rate was estimated using linear interpolation assuming a term consistent with the time until the Warrants expire, and yield information was based on U.S. Treasury Constant Maturities. The expected life of the Warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The aforementioned Warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels 1, 2 or 3 during the period ended December 31, 2023. The following table provides quantitative information regarding Level 3 fair value measurements: December 31, 2023 2022 Stock price $ 1.51 $ 1.92 Strike price $ 11.50 $ 11.50 Term (in years) 2.1 3.1 Volatility 82.7 % 73.0 % Risk-free rate 4.1 % 4.1 % Dividend yield 0.0 % 0.0 % The Company determined the following fair values for the outstanding Warrants (in thousands): December 31, Public Warrants $ 288 Private Warrants 15 Forward Purchase Warrants 50 Total $ 353 The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Beginning balance $ 37 Change in fair value of Private Warrants liability recognized in earnings ( 22 ) Ending balance $ 15

Income Tax

Income Tax	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13. INCOME TAXES The Company did not record a provision or benefit for income taxes for the years ended December 31, 2023 and 2022. The components of the net deferred tax asset as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 29,290 $ 22,183 Research and development tax credits 13,133 11,074 Capitalized research and development costs 49,156 46,260 Stock-based compensation 7,307 4,396 Accrued bonus 1,124 1,090 Lease liability 1,035 1,165 Other 367 — Total deferred tax assets 101,412 86,168 Deferred tax liabilities: Right of use asset ( 931 ) ( 1,036 ) Other — ( 9 ) Total deferred tax liabilities ( 931 ) ( 1,045 ) Valuation allowance ( 100,481 ) ( 85,123 ) Net deferred tax assets $ — $ — A reconciliation between the Company’s effective tax rate and the federal statutory rate for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Federal statutory rate 21.00 % 21.00 % State income taxes, net of federal tax benefit 4.84 % 6.33 % Permanent differences ( 0.10 )% ( 0.09 )% Stock based compensation ( 1.33 )% ( 0.93 )% Warrants 0.17 % 2.67 % Tax credits 3.05 % 5.65 % True-up ( 3.42 )% ( 0.54 )% Change in rate ( 4.41 )% ( 4.67 )% Other items 0.00 % 0.00 % Valuation allowance ( 19.80 )% ( 29.42 )% Effective tax rate 0.00 % 0.00 % As of December 31, 2023, the Company had federal net operating loss carryforwards of approximately $ 95.2 million and state net operating loss carryforwards of approximately $ 140.3 million. The federal net operating losses have an unlimited carryover period and state net operating losses begin to expire in 2038 . As of December 31, 2023, the Company had federal research and development tax credit carryforwards of approximately $ 9.9 m illion and state research and development tax credit carryforwards of approximately $ 2.2 million. The federal resea rch and development tax credits begin to expire in 2039 and state research and development tax credits have an unlimited carryover period. As of December 31, 2023, the Company had federal orphan drug tax credit carryforwards of approximately $ 6.7 m illion. The federal orphan drug tax credits begin to expire in 2042 . All of the federal and state net operating losses may be subject to change of ownership limitations provided by the Internal Revenue Code and similar state provisions. An annual loss limitation may result in the expiration or reduced utilization of the net operating losses. As of December 31, 2023, the Company maintained a full valuation allowance on its net deferred tax assets. The valuation allowance was determined in accordance with the provisions of ASC 740, Accounting for Income Taxes, which requires an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Such assessment is required on a jurisdiction by jurisdiction basis. The Company’s history of cumulative losses, along with expected future U.S. losses required that a full valuation allowance be recorded against all net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. As of December 31, 2023, the Company’s total amount of unrecognized tax benefits was $ 5.6 million, none of which would impact the Company’s effective tax rate, if recognized. The Company does not anticipate that the amount of unrecognized tax benefit will significantly increase within the next 12 months. For the years ended December 31, 2023 and 2022, the activity related to the unrecognized tax benefits were as follows (in thousands): Years Ended December 31, 2023 2022 Unrecognized tax benefits at beginning of year $ 5,068 $ 1,595 Gross increases - current year tax positions 1,019 2,524 Gross increases - prior year tax positions — 949 Gross decreases - prior year tax positions ( 458 ) — Unrecognized tax benefits at end of year $ 5,629 $ 5,068 The Company is subject to taxation in the United States and various state jurisdictions. All tax years remain subject to examination for U.S. federal and state purposes. All net operating losses generated to date are subject to adjustment for U.S. federal and state purposes. The Company is not currently under examination in federal or state jurisdictions.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14. COMMITMENTS AND CONTINGE NCIES Commitments The Company leases its office space under non-cancellable operating lease agreements. The leases also require the Company to pay real estate taxes and other operational expenses associated with the leased location and is included in rent expense. The effect of graduating rents, net of the rent credits, is being amortized over the life of the lease so as to result in equal monthly rent expense over the lease term. Deferred rent liability reported in the accompanying consolidated balance sheets represents the cumulative excess of straight-line rental costs over the actual rental payments. The Company has standby letters of credit with banks in the aggregate amount of $ 0.6 million which serve as security for the New York and San Francisco spaces operating leases. The standby letters of credit automatically renew annually . Contingencies From time to time, the Company may be involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party, for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Liquidity	Liquidity As of December 31, 2023, the Company has an accumulated deficit of approximately $ 342.8 million and net cash used in operating activities was approximately $ 68.0 million for the year ended December 31, 2023. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $ 611.2 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available.
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk.
Marketable Securities	Marketable Securities Debt securities have been classified as available-for-sale which may be sold before maturity as they are not classified as trading securities or as held-to-maturity securities. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities with readily determinable fair values, are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. The Company is exposed to credit losses primarily through its available-for-sale investments. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for expected credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for expected credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities includes reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. As of December 31, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company has not identified any unrealized losses for these investments attributable to credit factors. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing formula (see Note 3).
Leases	Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component.
Segment Information	Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities.
Research and Development Costs	Research and Development Costs Costs incurred in connection with research and development activities are expensed as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company.
Stock-based Compensation	Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination.
Recent Accounting Pronouncement	In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company adopted the standard effective January 1, 2023 using the modified retrospective approach. The adoption of the guidance did not have a material effect on the Company’s unaudited condensed consolidated financial statements and no allowance was recorded for expected credit losses. See “Marketable Securities” above for a description of the Company’s credit losses accounting policy. Recent Accounting Pronouncements In November 2023, the FASB issued Topic 280 "Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued Topics 740 "Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This guidance is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Fair Value Measurements and M_2

Fair Value Measurements and Marketable Securities Available-for-Sale (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Marketable securities Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s marketable securities and the Warrant liability as of December 31, 2023 and 2022, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Nuvation public warrant pricing, Nuvation’s own historical volatility and the volatility of guideline public companies. There have not been any transfers between the levels during the periods. December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 20,574 $ 20,574 $ — $ — U.S. government securities 4,988 — 4,988 — Corporate bonds 947 — 947 — 26,509 20,574 5,935 — Marketable securities: Certificate of deposits 10,176 — 10,176 — Commercial paper 23,628 — 23,628 — U.S. government and government agency securities 453,175 — 453,175 — Corporate bonds 81,585 — 81,585 — 568,564 — 568,564 — Total financial assets: $ 595,073 $ 20,574 $ 574,499 $ — Financial liabilities: Warrants $ 353 $ 338 $ — $ 15 December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 35,204 $ 35,204 $ — $ — U.S. government and government agency securities 32,779 — 32,779 — Corporate bonds 328 — 328 — 68,311 35,204 33,107 — Marketable securities: Certificate of deposits 13,984 — 13,984 — Commercial paper 50,173 — 50,173 — U.S. government and government agency securities 305,657 — 305,657 — Corporate bonds 187,130 — 187,130 — Municipal bonds 2,971 — 2,971 — 559,915 — 559,915 — Total financial assets: $ 628,226 $ 35,204 $ 593,022 $ — Financial liabilities: Warrants $ 850 $ 813 $ — $ 37 Marketable securities consist primarily of U.S. government and government agency, certificate of deposits, commercial paper, corporate bond and municipal securities ("Debt Securities"). Based on the Company’s intentions regarding its marketable securities, all Debt Securities are classified as available-for-sale and are carried at fair value based on the price that would be received upon sale of the security.
Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale	The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of December 31, 2023 and December 31, 2022: December 31, 2023 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 20,574 $ — $ — $ 20,574 U.S. government and government agency securities 4,987 1 — 4,988 Corporate bonds 947 — — 947 26,508 1 — 26,509 Marketable securities: Certificate of deposits 10,171 7 ( 2 ) — 10,176 Commercial paper 23,609 22 ( 3 ) 23,628 U.S. government and government agency securities 452,813 1,095 ( 733 ) 453,175 Corporate bonds 81,791 68 ( 274 ) 81,585 568,384 1,192 ( 1,012 ) 568,564 $ 594,892 $ 1,193 $ ( 1,012 ) $ 595,073 December 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 35,204 $ — $ — $ 35,204 U.S government and government agency securities 32,773 6 — 32,779 Corporate bonds 328 — — 328 68,305 6 — 68,311 Marketable securities: Certificate of deposits 13,998 6 ( 20 ) 13,984 Commercial paper 50,240 21 ( 88 ) 50,173 U.S government and government agency securities 308,510 30 ( 2,883 ) 305,657 Corporate bonds 189,695 23 ( 2,588 ) 187,130 Municipal bonds 3,004 — ( 33 ) 2,971 565,447 80 ( 5,612 ) 559,915 $ 633,752 $ 86 $ ( 5,612 ) $ 628,226
Schedule of Net Realized Gain (Loss) on Marketable Securities	For the years ended December 31, 2023 and 2022, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Years Ended December 31, 2023 2022 Realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ 70 $ 9 Realized losses from sales of available-for-sale securities ( 209 ) ( 1,065 ) ( 139 ) ( 1,056 ) Net gains (losses) on equity securities were as follows: Net realized losses on equities sold — ( 172 ) Net unrealized losses on equities — — — ( 172 ) Total losses on marketable securities $ ( 139 ) $ ( 1,228 )
Schedule Of Available for sale Securities Maturity On Fair Value	Maturity information based on fair value of the available-for-sale securities is as follows as of December 31, 2023: Within one year After one year Total (In thousands) Certificate of deposits $ 10,176 $ — $ 10,176 Commercial paper 23,628 — 23,628 U.S. government and government agency securities 255,508 197,667 453,175 Corporate bonds 57,448 24,137 81,585 $ 346,760 $ 221,804 $ 568,564
Schedule of Marketable Securities with Continuous Unrealized Losses	The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of December 31, 2023 and 2022 were as follows: December 31, 2023 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 5,693 $ ( 2 ) $ — $ — $ 5,693 $ ( 2 ) Commercial paper 9,101 ( 3 ) — — 9,101 ( 3 ) U.S. government and government agency securities 199,552 ( 694 ) 24,761 ( 38 ) 224,313 ( 732 ) Corporate bonds 21,844 ( 28 ) 26,484 ( 246 ) 48,328 ( 274 ) $ 236,190 $ ( 727 ) $ 51,245 $ ( 284 ) $ 287,435 $ ( 1,011 ) December 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 7,139 $ ( 20 ) $ — $ — $ 7,139 $ ( 20 ) Commercial paper 26,938 ( 88 ) — — 26,938 ( 88 ) U.S. government and government agency securities 150,126 ( 977 ) 101,095 ( 1,906 ) 251,221 ( 2,883 ) Corporate bonds 69,402 ( 565 ) 108,748 ( 2,023 ) 178,150 ( 2,588 ) Municipal bonds — — 2,971 ( 33 ) 2,971 ( 33 ) $ 253,605 $ ( 1,650 ) $ 212,814 $ ( 3,962 ) $ 466,419 $ ( 5,612 )

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and equipment	Property and equipment, net consisted of the following: December 31, 2023 2022 (In thousands) Computers $ 488 $ 506 Furniture and fixtures 553 530 Leasehold improvements 342 316 Total property and equipment 1,383 1,352 Less accumulated depreciation and amortization ( 666 ) ( 458 ) Total property and equipment, net $ 717 $ 894

Accrued expenses (Tables)

Accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Schedule of Accrued expenses	Accrued expenses consisted of the following: December 31, 2023 2022 (In thousands) Accrued consultant fees $ 4,917 $ 5,362 Accrued employee compensation 4,349 3,987 Accrued professional fees 280 236 Accrued other taxes 144 112 Accrued other 103 119 $ 9,793 $ 9,816

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Commitments	The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of December 31, 2023. December 31, 2023 (In thousands) 2024 $ 2,172 2025 1,416 2026 629 2027 81 Total undiscounted lease payments 4,298 Less: imputed interest ( 291 ) Total operating lease liabilities $ 4,007

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding	The following securities outstanding at December 31, 2023 and 2022 have been excluded from the calculation of weighted average shares outstanding: As of December 31, 2023 2022 Warrants 5,787,462 5,787,462 Class A common stock options 30,649,239 22,865,714

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (loss) Income (Tables)	12 Months Ended
	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Schedule of Changes in Accumulated Other Comprehensive (loss) Income	2023 2022 (In thousands) Balance at beginning of period $ ( 5,526 ) $ ( 1,185 ) Unrealized gain (loss) 5,568 ( 5,569 ) Amount reclassified for realized loss on marketable securities 139 1,228 Balance at end of period $ 181 $ ( 5,526 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock-Based Compensation Expense	The stock-based compensation expense included in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022 is as follows (in thousands): Years ended December 31, 2023 2022 Research and development $ 8,797 $ 6,326 General and administrative 10,716 9,966 $ 19,513 $ 16,292
Options with Service, Market, and Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	Stock option activity with combined service, market, and performance conditions for employees for the year ended December 31, 2023 is as follows: Shares Issuable Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at December 31, 2022 4,257,907 $ 6.54 Granted 340,250 $ 1.70 Forfeited ( 782,963 ) $ 5.63 Outstanding at December 31, 2023 3,815,194 $ 6.31 7.29 $ — Exercisable at December 31, 2023 395,277 $ 4.93 4.80 $ —
Summary of Grant-date Fair Value of Stock Options Granted	The fair value of the stock options granted with combined service, market, and performance conditions was based on a Monte Carlo simulation with an embedded Black-Sholes pricing model. For the years ended December 31, 2023 and 2022, the fair value was computed using the following assumptions: December 31, 2023 2022 Exercise price $ 1.61 - $ 1.94 $ 1.91 - $ 6.10 Risk-free interest rate 3.40 % - 3.92 % 1.77 % - 2.97 % Expected volatility 72 % - 73 % 74 % - 75 % Expected term in years 6.17 - 6.30 5.63 - 6.98 Dividend 0 % 0 %
Options with Service Conditions [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	Stock option activity with service condition only for employees and members of the Company’s Board of Directors for the year ended December 31, 2023 is as follows: Shares Issuable Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at December 31, 2022 18,607,807 $ 4.46 Granted 11,088,220 $ 1.87 Forfeited ( 2,646,368 ) $ 3.47 Exercised ( 215,614 ) $ 1.74 $ 130 Outstanding at December 31, 2023 26,834,045 $ 3.51 8.12 $ — Exercisable at December 31, 2023 9,371,168 $ 4.57 6.94 $ —
Summary of Grant-date Fair Value of Stock Options Granted	For stock options granted with only service conditions during the years ended December 31, 2023 and 2022, the inputs in the Black-Scholes option-pricing model to determine the fair value is as follows: December 31, 2023 2022 Exercise price $ 1.61 - $ 1.94 $ 1.91 - $ 6.10 Risk-free interest rate 3.47 % - 4.12 % 1.69 % - 3.75 % Expected volatility 74 % - 75 % 80 % - 82 % Expected term in years 5.50 - 6.08 5.50 - 6.08 Dividend 0 % 0 %

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2023
Warrant Disclosure [Abstract]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements	The following table provides quantitative information regarding Level 3 fair value measurements: December 31, 2023 2022 Stock price $ 1.51 $ 1.92 Strike price $ 11.50 $ 11.50 Term (in years) 2.1 3.1 Volatility 82.7 % 73.0 % Risk-free rate 4.1 % 4.1 % Dividend yield 0.0 % 0.0 %
Schedule of Fair Values for Outstanding Warrants	The Company determined the following fair values for the outstanding Warrants (in thousands): December 31, Public Warrants $ 288 Private Warrants 15 Forward Purchase Warrants 50 Total $ 353
Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy	The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Beginning balance $ 37 Change in fair value of Private Warrants liability recognized in earnings ( 22 ) Ending balance $ 15

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The components of the net deferred tax asset as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 29,290 $ 22,183 Research and development tax credits 13,133 11,074 Capitalized research and development costs 49,156 46,260 Stock-based compensation 7,307 4,396 Accrued bonus 1,124 1,090 Lease liability 1,035 1,165 Other 367 — Total deferred tax assets 101,412 86,168 Deferred tax liabilities: Right of use asset ( 931 ) ( 1,036 ) Other — ( 9 ) Total deferred tax liabilities ( 931 ) ( 1,045 ) Valuation allowance ( 100,481 ) ( 85,123 ) Net deferred tax assets $ — $ —
Summary of Reconciliation of the Federal Income Tax Rate	A reconciliation between the Company’s effective tax rate and the federal statutory rate for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Federal statutory rate 21.00 % 21.00 % State income taxes, net of federal tax benefit 4.84 % 6.33 % Permanent differences ( 0.10 )% ( 0.09 )% Stock based compensation ( 1.33 )% ( 0.93 )% Warrants 0.17 % 2.67 % Tax credits 3.05 % 5.65 % True-up ( 3.42 )% ( 0.54 )% Change in rate ( 4.41 )% ( 4.67 )% Other items 0.00 % 0.00 % Valuation allowance ( 19.80 )% ( 29.42 )% Effective tax rate 0.00 % 0.00 %
Schedule of Unrecognized Tax Benefits Roll Forward	For the years ended December 31, 2023 and 2022, the activity related to the unrecognized tax benefits were as follows (in thousands): Years Ended December 31, 2023 2022 Unrecognized tax benefits at beginning of year $ 5,068 $ 1,595 Gross increases - current year tax positions 1,019 2,524 Gross increases - prior year tax positions — 949 Gross decreases - prior year tax positions ( 458 ) — Unrecognized tax benefits at end of year $ 5,629 $ 5,068

Description of Organization a_2

Description of Organization and Business Operations - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Merger Agreement [Member]
Business Acquisition [Line Items]
Agreement Date	Oct. 20, 2020

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies (Details) [Line Items]
Accumulated deficit	$ (342,804)	$ (267,002)
Net cash used in operating activities	$ (67,999)	(96,108)
Sale of Stock, Description of Transaction	the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock.
Cash and cash equivalents and marketable securities	$ 611,200
Warrants to purchase common stock outstanding	5,787,472
Class of warrant or right, exercise price of warrants or rights	$ 11.5
Operating lease right-of-use assets	$ 3,605	3,791
Current operating lease liabilities	1,972	1,206
Non-current operating lease liabilities	$ 2,035	$ 3,054
Computer Equipment [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Property and equipment, estimated useful life	5 years
Furniture and Equipment [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Property and equipment, estimated useful life	7 years
Public Warrants [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Warrants to purchase common stock outstanding	4,791,639
Private Placement Warrants [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Warrants to purchase common stock outstanding	162,500
Forward Purchase Warrants [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Warrants to purchase common stock outstanding	833,333

Merger - Additional Information

Merger - Additional Information (Details)	Dec. 31, 2023 $ / shares
Common Class A [Member]
Business Acquisition [Line Items]
Shares Issued Price Per Share	$ 11.5

Fair Value Measurements and M_3

Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Marketable securities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash equivalents:
Cash equivalents	$ 26,509	$ 68,311
Marketable securities:
Marketable securities	568,564	559,915
Total financial assets	595,073	628,226
Financial liabilities:
Warrants	353	850
Level 1 [Member]
Cash equivalents:
Cash equivalents	20,574	35,204
Marketable securities:
Marketable securities	0	0
Total financial assets	20,574	35,204
Financial liabilities:
Warrants	338	813
Level 2 [Member]
Cash equivalents:
Cash equivalents	5,935	33,107
Marketable securities:
Marketable securities	568,564	559,915
Total financial assets	574,499	593,022
Financial liabilities:
Warrants	0	0
Level 3 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Total financial assets	0	0
Financial liabilities:
Warrants	15	37
U.S. government and government agency securities [Member]
Cash equivalents:
Cash equivalents	4,988	32,779
Marketable securities:
Marketable securities	453,175	305,657
U.S. government and government agency securities [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
U.S. government and government agency securities [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents	4,988	32,779
Marketable securities:
Marketable securities	453,175	305,657
U.S. government and government agency securities [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Corporate bonds [Member]
Cash equivalents:
Cash equivalents	947	328
Marketable securities:
Marketable securities	81,585	187,130
Corporate bonds [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Corporate bonds [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents	947	328
Marketable securities:
Marketable securities	81,585	187,130
Corporate bonds [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Commercial Paper [Member]
Marketable securities:
Marketable securities	23,628	50,173
Commercial Paper [Member] | Level 1 [Member]
Marketable securities:
Marketable securities	0	0
Commercial Paper [Member] | Level 2 [Member]
Marketable securities:
Marketable securities	23,628	50,173
Commercial Paper [Member] | Level 3 [Member]
Marketable securities:
Marketable securities	0	0
Certificate of deposits [Member]
Marketable securities:
Marketable securities	10,176	13,984
Certificate of deposits [Member] | Level 1 [Member]
Marketable securities:
Marketable securities	0	0
Certificate of deposits [Member] | Level 2 [Member]
Marketable securities:
Marketable securities	10,176	13,984
Certificate of deposits [Member] | Level 3 [Member]
Marketable securities:
Marketable securities	0	0
Municipal Bonds [Member]
Marketable securities:
Marketable securities		2,971
Municipal Bonds [Member] | Level 1 [Member]
Marketable securities:
Marketable securities		0
Municipal Bonds [Member] | Level 2 [Member]
Marketable securities:
Marketable securities		2,971
Municipal Bonds [Member] | Level 3 [Member]
Marketable securities:
Marketable securities		0
Money Market Funds [Member]
Cash equivalents:
Cash equivalents	20,574	35,204
Money Market Funds [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	20,574	35,204
Money Market Funds [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents	0	0
Money Market Funds [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents	$ 0	$ 0

Fair Value Measurements and M_4

Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	$ 594,892	$ 633,752
Unrealized Gains	1,193	86
Unrealized Losses	(1,012)	(5,612)
Fair Value	595,073	628,226
Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	26,508	68,305
Unrealized Gains	1	6
Unrealized Losses	0	0
Fair Value	26,509	68,311
U.S. government and government agency securities [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	4,987	32,773
Unrealized Gains	1	6
Unrealized Losses	0	0
Fair Value	4,988	32,779
Corporate bonds [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	947	328
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	947	328
Money Market Funds [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	20,574	35,204
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	20,574	35,204
Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	568,384	565,447
Unrealized Gains	1,192	80
Unrealized Losses	(1,012)	(5,612)
Fair Value	568,564	559,915
Marketable securities [Member] | U.S. government and government agency securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	452,813	308,510
Unrealized Gains	1,095	30
Unrealized Losses	(733)	(2,883)
Fair Value	453,175	305,657
Marketable securities [Member] | Corporate bonds [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	81,791	189,695
Unrealized Gains	68	23
Unrealized Losses	(274)	(2,588)
Fair Value	81,585	187,130
Marketable securities [Member] | Commercial Paper [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	23,609	50,240
Unrealized Gains	22	21
Unrealized Losses	(3)	(88)
Fair Value	23,628	50,173
Marketable securities [Member] | Certificate of deposits [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	10,171	13,998
Unrealized Gains	7	6
Unrealized Losses	(2)	(20)
Fair Value	$ 10,176	13,984
Marketable securities [Member] | Municipal Bonds [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost		3,004
Unrealized Gains		0
Unrealized Losses		(33)
Fair Value		$ 2,971

Fair Value Measurements and M_5

Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Net Realized Gain (Loss) on Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Realized gains (losses) on available-for-sale securities were as follows
Realized gains from sales of available-for-sale securities	$ 70	$ 9
Realized losses from sales of available-for-sale securities	(209)	(1,065)
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total	(139)	(1,056)
Net gains (losses) on equity securities were as follows:
Net realized losses on equities sold	0	(172)
Net unrealized losses on equities	0	0
Equity Securities, FV-NI, Gain (Loss), Total	0	(172)
Total losses on marketable securities	$ (139)	$ (1,228)

Fair Value Measurements and M_6

Fair Value Measurements and Marketable Securities Available-for-Sale - Schedule of Marketable Securities with Continuous Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	$ 236,190	$ 253,605
Less than 12 Months, Unrealized Losses	(727)	(1,650)
12 Months or Greater, Fair Value	51,245	212,814
12 Months or Greater, Unrealized Losses	(284)	(3,962)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total	287,435	466,419
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(1,011)	(5,612)
Certificate of deposits [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	5,693	7,139
Less than 12 Months, Unrealized Losses	(2)	(20)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total	5,693	7,139
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(2)	(20)
Commercial Paper [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	9,101	26,938
Less than 12 Months, Unrealized Losses	(3)	(88)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total	9,101	26,938
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(3)	(88)
US Treasury and Government [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	199,552	150,126
Less than 12 Months, Unrealized Losses	(694)	(977)
12 Months or Greater, Fair Value	24,761	101,095
12 Months or Greater, Unrealized Losses	(38)	(1,906)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total	224,313	251,221
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(732)	(2,883)
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	21,844	69,402
Less than 12 Months, Unrealized Losses	(28)	(565)
12 Months or Greater, Fair Value	26,484	108,748
12 Months or Greater, Unrealized Losses	(246)	(2,023)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total	48,328	178,150
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (274)	(2,588)
Municipal Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value		0
Less than 12 Months, Unrealized Losses		0
12 Months or Greater, Fair Value		2,971
12 Months or Greater, Unrealized Losses		(33)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total		2,971
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total		$ (33)

Fair Value Measurements and M_7

Fair Value Measurements and Marketable Securities Available For Sale - Schedule Of Available for sale Securities Maturity on Fair Value (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	$ 346,760
Due after one year through five years, Amortized Cost	221,804
Total, Amortized Cost	568,564
Corporate bonds [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	57,448
Due after one year through five years, Amortized Cost	24,137
Total, Amortized Cost	81,585
U.S. government and government agency securities [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	255,508
Due after one year through five years, Amortized Cost	197,667
Total, Amortized Cost	453,175
Commercial Paper [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	23,628
Due after one year through five years, Amortized Cost	0
Total, Amortized Cost	23,628
Certificate of deposits [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	10,176
Due after one year through five years, Amortized Cost	0
Total, Amortized Cost	$ 10,176

Property and Equipment - (Detai

Property and Equipment - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,383	$ 1,352
Less accumulated depreciation and amortization	(666)	(458)
Total property and equipment,net	717	894
Computers [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	488	506
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	553	530
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 342	$ 316

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 222	$ 199

Accrued expenses - (Details)

Accrued expenses - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued consultant fees	$ 4,917	$ 5,362
Accrued employee compensation	4,349	3,987
Accrued professional fees	280	236
Accrued other taxes	144	112
Accrued other	103	119
Accrued Liabilities, Total	$ 9,793	$ 9,816

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions (Details) [Line Items]
Sale of Stock, Description of Transaction	the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock.

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1.7	$ 1.5
Variable lease Expense	0	0
Operating leases	$ 1.7	$ 1.2
Weighted average incremental borrowing rate	6.92%
Weighted average remaining lease term	2 years 2 months 15 days
New York City [Member]
Lessee, Lease, Description [Line Items]
Area of office space | ft²	7,900
Lease additional term	5 years
Lease existence of option to extend	true
Operating lease expiration year	2027
San Francisco, California [Member]
Lessee, Lease, Description [Line Items]
Area of office space | ft²	25,139
Operating lease expiration year	2025

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 2,172
2025	1,416
2026	629
2027	81
Total undiscounted lease payments	4,298
Less: imputed interest	(291)
Total operating lease liabilities	$ 4,007

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	219,046,219	218,632,699
Common stock outstanding	219,046,219	218,632,699
Class A Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	218,046,219	217,632,699
Common stock outstanding	218,046,219	217,632,699
Shares issued, price per share	$ 11.5
Number of Shares Decreased Subject to Repurchase Under Stock Restriction Agreement	1,101,240
Stock Repurchased During Period, Shares	0
Common Class B [Member]
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	1,000,000	1,000,000
Common stock outstanding	1,000,000	1,000,000
Common Class B [Member] | Founder
Stockholders' Equity (Details) [Line Items]
Ownership percentage of outstanding shares	100%
Equity Method Investment Ownership Percentage	100%
Class A And Class B Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Business Combination, Control Obtained Description	Holders of Class A and Class B common stock are entitled to one vote per share on all matters, except that the holders of Class A common stock do not participate in the election of the directors who are elected exclusively by the holders of Class B common stock. Holders of Class A and Class B common stock vote together as a single class on all matters, except that (i) the holders of Class B common stock have the right, voting as a separate class, to elect and remove without cause three directors plus at least 50% of any directors in excess of seven, and (ii) the approval of the holders of a majority of Class B common stock, voting as a separate class, is required for approval by the stockholders of any acquisition (whether by merger, sale of shares or sale of assets) or liquidation. There are no cumulative voting rights.
Preferred Stock, Convertible, Shares Issuable	43,188,000
Common Stock, Voting Rights	one vote per share on all matters

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities outstanding excluded from calculation of weighted average shares outstanding	5,787,462	5,787,462
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities outstanding excluded from calculation of weighted average shares outstanding	30,649,239	22,865,714

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Other Comprehensive Income [Abstract]
Balance at beginning of period	$ (5,526)	$ (1,185)
Unrealized loss	5,568	(5,569)
Amount reclassified for realized loss (gain) on marketable securities	139	1,228
Balance at end of period	$ 181	$ (5,526)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based weighted average grant-date fair value of stock options	$ 2.57	$ 3
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, description	The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase
Number of common stock outstanding or issuable, percentage	4%
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, description	The number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors.
Number of common stock outstanding or issuable, percentage	1%
Shares based option granted vest period	4 years
Shares based option granted expiration period	10 years
Common Class A [Member] | Maximum [Member] | 2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)	50,684,047
Common Stock, Capital Shares Reserved for Future Issuance	152,052,141
Common Class A [Member] | Maximum [Member] | Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)	4,750,354
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based option granted vest period	3 years
Shares Based Stock Option Granted Vesting Percentage	20%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based option granted vest period	4 years
Shares Based Stock Option Granted Vesting Percentage		20%
Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based option granted vest period	5 years
Shares Based Stock Option Granted Vesting Percentage	60%
Options with Service Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based By Weighted Average Period	2 years 1 month 2 days
Options with Service Conditions | Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 32.2
Options with Service Market And Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares based weighted average grant-date fair value of stock options	$ 4.03		$ 2.71
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 5.8
Share Based Compensation Arrangement By Share Based By Weighted Average Period	4 years 1 month 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 19,513	$ 16,292
Research And Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,797	6,326
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,716	$ 9,966

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Options with Service Conditions [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of share option outstanding, Beginning balance | shares	18,607,807
Number of share option, Granted | shares	11,088,220
Number of share option, Forfeited or canceled | shares	(2,646,368)
Number of share option, Exercised | shares	(215,614)
Number of share option outstanding, Ending balance | shares	26,834,045
Number of share option exercisable, Ending balance | shares	9,371,168
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 4.46
Weighted Average Exercise Price, Granted | $ / shares	1.87
Weighted Average Exercise Price, Forfeited | $ / shares	3.47
Weighted Average Exercise Price, Exercised | $ / shares	1.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	3.51
Weighted Average Exercise Price, Exercisable at December 31, 2021 | $ / shares	$ 4.57
Weighted average remaining contractual term (in years), Outstanding at December, 2021	8 years 1 month 13 days
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2021	6 years 11 months 8 days
Aggregate Intrinsic Value, Exercised | $	$ 130
Aggregate Intrinsic Value, Outstanding at December 31, 2021 | $	0
Aggregate Intrinsic Value, Exercisable at December 31, 2021 | $	$ 0
Options with Service, Market, and Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of share option outstanding, Beginning balance | shares	4,257,907
Number of share option, Granted | shares	340,250
Number of share option, Forfeited or canceled | shares	(782,963)
Number of share option outstanding, Ending balance | shares	3,815,194
Number of share option exercisable, Ending balance | shares	395,277
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 6.54
Weighted Average Exercise Price, Granted | $ / shares	1.7
Weighted Average Exercise Price, Forfeited | $ / shares	5.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	6.31
Weighted Average Exercise Price, Exercisable at December 31, 2021 | $ / shares	$ 4.93
Weighted average remaining contractual term (in years), Outstanding at December, 2021	7 years 3 months 14 days
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2021	4 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding at December 31, 2021 | $	$ 0
Aggregate Intrinsic Value, Exercisable at December 31, 2021 | $	$ 0

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Grant-date Fair Value of Stock Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options with Service Conditions [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend	0%	0%
Options with Service Conditions [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 1.94	$ 6.10
Risk-free interest rate	4.12%	3.75%
Expected volatility	75%	82%
Term (in years)	6 years 29 days	6 years 29 days
Options with Service Conditions [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 1.61	$ 1.91
Risk-free interest rate	3.47%	1.69%
Expected volatility	74%	80%
Term (in years)	5 years 6 months	5 years 6 months
Options with Service, Market, and Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend	0%	0%
Options with Service, Market, and Performance Conditions | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 1.94	$ 6.1
Risk-free interest rate	3.92%	2.97%
Expected volatility	73%	75%
Term (in years)	6 years 3 months 18 days	6 years 11 months 23 days
Options with Service, Market, and Performance Conditions | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 1.61	$ 1.91
Risk-free interest rate	3.40%	1.77%
Expected volatility	72%	74%
Term (in years)	6 years 2 months 1 day	5 years 7 months 17 days

401(K) PLAN - Additional Inform

401(K) PLAN - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum Annual Contributions Per Employee, Percent	3%
Maximum Annual Contributions Per Employee, Amount	$ 0.4	$ 0.6

Warrants - Additional Informati

Warrants - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding	5,787,472
Change in Fair Value, Gain (Loss) | $	$ 0.5
Fair Value Equity Level1 To Level2 or Level3 Transfers Description	no
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding	4,791,639
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding	162,500
Forward Purchase Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding	833,333
Class A Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase common stock outstanding	5,787,472
Aggregate warrants outstanding	5,787,462
Shares issued, price per share | $ / shares	$ 11.5

Warrants - Schedule of Quantita

Warrants - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Fair value of Warrants	$ (497)	$ (10,187)
Level 3 [Member]
Class of Warrant or Right [Line Items]
Share Price	$ 1.51	$ 1.92
Strike price	$ 11.5	$ 11.5
Term (in years)	2 years 1 month 6 days	3 years 1 month 6 days
Volatility	82.70%	73%
Risk-free rate	4.10%	4.10%
Dividend yield	0%	0%

Warrants - Schedule of Fair Val

Warrants - Schedule of Fair Values for Outstanding Warrants (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Class of Warrant or Right [Line Items]
Fair values of outstanding warrants	$ 353
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Fair values of outstanding warrants	288
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Fair values of outstanding warrants	15
Forward Purchase Warrants [Member]
Class of Warrant or Right [Line Items]
Fair values of outstanding warrants	$ 50

Warrants - Summary of Changes i

Warrants - Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Warrants and Rights Note Disclosure [Abstract]
Beginning balance	$ 37
Change in fair value of Private Warrants liability recognized in earnings	(22)
Ending balance	$ 15

Income Tax - Summary Income Tax

Income Tax - Summary Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
State
Provision for income taxes	$ 0	$ 0

Income Tax - Summary of Net Def

Income Tax - Summary of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset
Net operating loss carryforward	$ 29,290	$ 22,183
Research and development tax credits	13,133	11,074
Capitalized research and development costs	49,156	46,260
Stock-based compensation	7,307	4,396
Accrued bonus	1,124	1,090
Lease Liability	1,035	1,165
Other	367	0
Total deferred tax assets	101,412	86,168
Deferred tax liabilities:
Right of use asset	(931)	(1,036)
Other		9
Total deferred tax liabilities	(931)	(1,045)
Valuation allowance	(100,481)	(85,123)
Net deferred tax assets	$ 0	$ 0

Income Tax - Summary of Reconci

Income Tax - Summary of Reconciliation of the Federal Income Tax Rate to the Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
State income taxes, net of federal tax benefit	4.84%	6.33%
Permanent differences	(0.10%)	(0.09%)
Stock based compensation	(1.33%)	(0.93%)
Warrants	0.17%	2.67%
Tax credits	3.05%	5.65%
True-up	(3.42%)	(0.54%)
Change in rate	(4.41%)	(4.67%)
Other items	0%	0%
Valuation allowance	(19.80%)	(29.42%)
Effective tax rate	0%	0%

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Net operating losses carried forward expiration year	2038
Tax Credit Carryforwards Expiration	2039
Unrecognized tax benefits	$ 5,629	$ 5,068	$ 1,595
Orphan Drug Tax Credit [Member]
Income Taxes [Line Items]
Tax Credit Carryforward	6,700
State [Member]
Income Taxes [Line Items]
Federal and state net operating loss carryovers	140,300
Tax Credit Carryforward	2,200
Federal [Member]
Income Taxes [Line Items]
Federal and state net operating loss carryovers	95,200
Tax Credit Carryforward	$ 9,900
Federal [Member] | Orphan Drug Tax Credit [Member]
Income Taxes [Line Items]
Tax Credit Carryforwards Expiration	2042

Income Tax - Summary of unrecog

Income Tax - Summary of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 5,068	$ 1,595
Gross increases - current year tax positions	1,019	2,524
Gross increases - prior year tax positions	0	949
Gross decreases - prior year tax positions	(458)	0
Unrecognized Tax Benefits, Ending Balance	$ 5,629	$ 5,068

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Standby Letter of Credit [Member] $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Letter of Credit, Amount	$ 0.6
Line of credit facility, frequency of commitment fee payment	annually