Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IRON | |
Entity Registrant Name | Disc Medicine, Inc. | |
Entity Central Index Key | 0001816736 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 24,721,666 | |
Entity File Number | 001-39438 | |
Entity Tax Identification Number | 85-1612845 | |
Entity Address, Address Line One | 321 Arsenal Street, Suite 101 | |
Entity Address, City or Town | Watertown | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02472 | |
City Area Code | 617 | |
Local Phone Number | 674-9274 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.0001 Par Value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 342,615 | $ 360,382 |
Prepaid expenses and other current assets | 9,333 | 5,280 |
Total current assets | 351,948 | 365,662 |
Property and equipment, net | 211 | 170 |
Right-of-use assets, operating leases | 1,788 | 1,930 |
Other assets | 235 | 234 |
Total assets | 354,182 | 367,996 |
Current liabilities: | ||
Accounts payable | 5,269 | 12,629 |
Accrued expenses | 8,816 | 8,145 |
Operating lease liabilities, current | 767 | 665 |
Total current liabilities | 14,852 | 21,439 |
Operating lease liabilities, non-current | 1,259 | 1,436 |
Total liabilities | 16,111 | 22,875 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 24,695,885 and 24,360,233 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 2 | 2 |
Additional paid-in capital | 553,663 | 533,764 |
Accumulated deficit | (215,594) | (188,645) |
Total stockholders' equity | 338,071 | 345,121 |
Total liabilities and stockholders equity | $ 354,182 | $ 367,996 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,695,885 | 24,360,233 |
Common stock, shares outstanding | 24,695,885 | 24,360,233 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development expense | $ 23,704 | $ 20,180 |
General and administrative | 7,758 | 4,945 |
Total operating expenses | 31,462 | 25,125 |
Loss from operations | (31,462) | (25,125) |
Other income (expense), net: | ||
Interest income | 4,519 | 2,367 |
Other expense | (1) | 0 |
Total other income (expense), net | 4,518 | 2,367 |
Loss before income taxes | (26,944) | (22,758) |
Income tax expense | (5) | (23) |
Net loss and comprehensive loss | (26,949) | (22,781) |
Net loss attributable to common stockholders-basic | (26,949) | (22,781) |
Net loss attributable to common stockholders-diluted | $ (26,949) | $ (22,781) |
Weighted-average common shares outstanding-basic | 24,809,869 | 18,954,914 |
Weighted-average common shares outstanding-diluted | 24,809,869 | 18,954,914 |
Net loss per share attributable to common stockholders-basic | $ (1.09) | $ (1.2) |
Net loss per share attributable to common stockholders-diluted | $ (1.09) | $ (1.2) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2022 | $ 176,600 | $ 2 | $ 288,814 | $ (112,216) |
Balance (in Shares) at Dec. 31, 2022 | 17,403,315 | |||
Issuance of common stock upon exercise of stock options | 1,067 | 1,067 | ||
Issuance of common stock upon exercise of stock options (in Shares) | 74,753 | |||
Vesting of restricted common stock (in Shares) | 958 | |||
Stock-based compensation expense | 1,024 | 1,024 | ||
Sale of common stock in registered direct offering | 34,148 | 34,148 | ||
Sale of common stock in registered direct offering, (in shares) | 1,488,166 | |||
Sale of pre-funded warrants in registered direct offering | 28,206 | 28,206 | ||
Sale of common stock in at-the-market offerings | 14,591 | 14,591 | ||
Sale of common stock in at-the-market offerings, (in shares) | 608,050 | |||
Net Income (Loss) | (22,781) | (22,781) | ||
Balance at Mar. 31, 2023 | 232,855 | $ 2 | 367,850 | (134,997) |
Balance (in Shares) at Mar. 31, 2023 | 19,575,242 | |||
Balance at Dec. 31, 2023 | 345,121 | $ 2 | 533,764 | (188,645) |
Balance (in Shares) at Dec. 31, 2023 | 24,360,233 | |||
Issuance of common stock upon exercise of stock options | $ 806 | 806 | ||
Issuance of common stock upon exercise of stock options (in Shares) | 95,467 | 95,467 | ||
Stock-based compensation expense | $ 4,058 | 4,058 | ||
Sale of common stock in at-the-market offerings | 14,790 | 14,790 | ||
Sale of common stock in at-the-market offerings, (in shares) | 234,449 | |||
Issuance of common stock under employee stock purchase plan | 245 | 245 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 5,736 | |||
Net Income (Loss) | (26,949) | (26,949) | ||
Balance at Mar. 31, 2024 | $ 338,071 | $ 2 | $ 553,663 | $ (215,594) |
Balance (in Shares) at Mar. 31, 2024 | 24,695,885 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common stock in registered direct offering, net of issuance costs | $ 80 | |
Pre-funded warrants in registered direct offering, net of issuance costs | 66 | |
Common stock in at-the-market offerings, net of issuance costs | $ 518 | $ 408 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (26,949) | $ (22,781) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 26 | 25 |
Stock-based compensation | 4,058 | 1,024 |
Noncash lease expense | 142 | 84 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (4,112) | (908) |
Accounts payable | (7,360) | (10,750) |
Accrued expenses | 671 | (2,084) |
Operating lease liabilities | (75) | (76) |
Net cash used in operating activities | (33,599) | (35,466) |
Cash flow from investing activities: | ||
Purchases of property and equipment | (67) | (29) |
Net cash used in investing activities | (67) | (29) |
Cash flow from financing activities: | ||
Proceeds from sale of common stock in offerings, net of issuance costs paid | 0 | 34,217 |
Proceeds from sale of pre-funded warrants in offerings, net of issuance costs paid | 0 | 28,262 |
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid | 14,849 | 14,605 |
Proceeds from stock option exercises | 806 | 222 |
Contributions from employee stock purchase plan | 245 | 0 |
Net cash provided by financing activities | 15,900 | 77,306 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (17,766) | 41,811 |
Cash, cash equivalents and restricted cash, beginning of period | 360,616 | 194,788 |
Cash, cash equivalents and restricted cash, end of period | 342,850 | 236,599 |
Supplemental cash flow information | ||
Cash paid for income taxes | 0 | 0 |
Supplemental disclosure of non-cash activities | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 0 | 8 |
Receivable for proceeds from stock option exercises included in other current assets | 0 | 845 |
Deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in accounts payable and accrued expenses | $ 0 | $ 222 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (26,949) | $ (22,781) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The following table discloses any officer (as defined in Rule 16a-1(f) under the Exchange Act) or director who entered into, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended March 31, 2024: Name and Title Type of Trading Arrangement Action Taken Duration or End Date Aggregate Number of Securities to be Sold Description John Quisel , J.D., Ph.D. Chief Executive Officer and Director Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) Adoption February 27, 2024 ) End Date October 15, 2024 ) 45,623 Sale Rahul Khara , Pharm.D., J.D. General Counsel Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) Adoption February 8, 2024 ) End Date December 31, 2024 ) 6,000 Sale |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | true |
Rule 10b5-1 Arrangement Modified | true |
Non-Rule 10b5-1 Arrangement Modified | true |
John Quisel [Member] | |
Trading Arrangements, by Individual | |
Name | John Quisel |
Title | Chief Executive Officer and Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 27, 2024 |
Termination Date | October 15, 2024 |
Arrangement Duration | 231 days |
Aggregate Available | 45,623 |
Rahul Khara [Member] | |
Trading Arrangements, by Individual | |
Name | Rahul Khara |
Title | General Counsel |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 8, 2024 |
Termination Date | December 31, 2024 |
Arrangement Duration | 327 days |
Aggregate Available | 6,000 |
Organization and Nature of the
Organization and Nature of the Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of the Business | 1. Organization and Nature of the Business Disc Medicine, Inc. (together with its subsidiaries, the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. The Company has assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, specifically heme biosynthesis and iron homeostasis. The Company’s current pipeline includes, bitopertin for the treatment of erythropoietic porphyrias (“EPs”) including erythropoietic protoporphyria (“EPP”), and X-linked protoporphyria (“XLP”), and Diamond-Blackfan Anemia (“DBA”); DISC-0974 for the treatment of anemia of myelofibrosis (“MF”), and anemia of chronic kidney disease (“CKD”); and DISC-3405 for the treatment of polycythemia vera (“PV”), and other hematologic disorders. In addition, the Company’s preclinical programs also include DISC-0998, for the treatment of anemia associated with inflammatory diseases. The Company’s approach to product candidate development leverages well-understood molecular mechanisms that have been validated in humans. The Company believes that each of its product candidates, if approved, has the potential to improve the lives of patients suffering from hematologic diseases. The Company was founded in October 2017. The Company’s principal offices are in Watertown, Massachusetts. The Company is subject to a number of risks and uncertainties common to development stage companies in the biotechnology industry, including, but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, reliance on third-party organizations, protection of proprietary technology, compliance with government regulations, the impact of public health crises such as pandemics and the ability to secure additional capital to fund operations. The Company’s research and development programs will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Liquidity and Capital Resources The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern. The Company expects that its existing cash and cash equivalents as of March 31, 2024 of $ 342.6 million will enable the Company to fund its planned operating expense and capital expenditure requirements for at least twelve months from the date of issuance of these condensed consolidated financial statements. The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2024, the Company had an accumulated deficit of $ 215.6 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that the revenues or profitability will be sustained on a continuing basis. In addition, the Company’s preclinical and clinical development activities, manufacturing and commercialization of the Company’s product candidates, if approved, will require significant additional financing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Summary of Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of th e Financial Accounting Standards Board (“FASB”). Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, included in the Company’s Annual Report on Form 10-K. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results to be expected for the full years, or any other interim periods, or any future year or period. Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions; the fair value of the contingent value right (“CVR”) (see Note 3); the incremental borrowing rate for determining lease liabilities and right-of-use assets and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions. Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality accredited financial institutions. The Company has concluded that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and to process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process or supply chain. Deferred Transaction Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. Recently Issued Accounting Pronouncements Not Yet Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are regularly measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 57,712 $ — $ — U.S. Treasury notes — 264,004 — Total $ 57,712 $ 264,004 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 55,001 $ — $ — U.S. Treasury notes — 255,419 — Total $ 55,001 $ 255,419 $ — The fair value of the Company’s Level 1 cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents, consisting of U.S. Treasury notes with original maturities of three months or less, is determined through third-party pricing services. The amortized cost of the U.S. treasury notes approximates the fair value. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2024 and 2023. In addition, there were no changes in valuation techniques or transfers between Level 1, Level 2 and Level 3 financial assets during the three months ended March 31, 2024 and 2023. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the three months ended March 31, 2024 and 2023. On August 9, 2022, Gemini Therapeutics, Inc., a Delaware corporation (“Gemini”), Gemstone Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Gemini (“Merger Sub”), and Disc Medicine, Inc., a Delaware corporation (“Private Disc”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”). The merger was completed on December 29, 2022. As described in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, in connection with the merger, the stockholders of Gemini at the effective time of the merger received a CVR to receive consideration from the Company upon its receipt of certain proceeds, resulting from a disposition of Gemini’s pre-merger assets within one year after the closing of the merger, calculated in accordance with the CVR Agreement. The disposition period ended December 29, 2023 and no dispositions of Gemini's pre-merger assets were made during the disposition period. Therefore, the CVR obligation no longer existed as of March 31, 2024 and December 31, 2023, respectively. The change in fair value of the CVR liability was de minimis for the three months ended March 31, 2023 . |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | 4. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, 2024 2023 Cash and cash equivalents $ 342,615 $ 360,382 Restricted cash 235 234 Total cash, cash equivalents and restricted cash as shown on the condensed $ 342,850 $ 360,616 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2024 2023 Computer equipment $ 231 $ 231 Furniture and fixtures 251 184 Less: Accumulated depreciation ( 271 ) ( 245 ) Property and equipment, net $ 211 $ 170 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued research and development 5,749 1,986 Accrued employee-related expenses 2,159 5,790 Accrued professional fees 709 317 Accrued other 199 52 Total accrued expenses $ 8,816 $ 8,145 |
Development and License Agreeme
Development and License Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Development and License Agreements | 7. Development and License Agreements License and Stock Purchase Agreement with AbbVie Deutschland GmbH & Co. KG (“AbbVie”) In September 2019, the Company entered into an agreement with AbbVie, pursuant to which AbbVie granted the Company an exclusive license, with the right to grant sublicenses, to certain AbbVie intellectual property. Under this agreement, the Company paid a non-refundable, non-creditable upfront fee of $ 0.6 million. The Company is also obligated to make future payments upon the achievement of certain development, commercialization and sales-based milestones up to $ 18.0 million, $ 45.0 million and $ 87.5 million, respectiv ely on a licensed product-by-licensed product basis. In addition, the Company is also obligated to pay royalties based on net sales of the licensed products on a licensed product-by-licensed product and country-by-country basis. As of March 31, 2024 , none of the milestones had been achieved. The Company’s royalty obligation expires on a licensed product-by-licensed product and country-by-country basis upon the expiration of the last-to-expire valid claim under the licensed intellectual property rights in such country. Unless terminated earlier, the agreement expires upon the expiration of the Company’s royalty obligation for all licensed products. AbbVie can terminate the agreement if the Company fails to make any payments within a specified period after receiving written notice of such failure, or in the event of a material breach by the Company and failure to cure such breach within a certain period of time. License Agreement with Roche In connection with the Roche Agreement, the Company paid Roche an upfront, non-refundable exclusivity payment of $ 0.5 million in March 2021. Upon execution of the Roche Agreement in May 2021, the Company paid Roche an additional upfront, non-refundable payment of $ 4.0 million. The Company is obligated to make contingent payments to Roche up to an aggregate of $ 50.0 million in development and regulatory milestone payments for development and approval in a first indication and up to an aggregate of $ 35.0 million in development and regulatory milestone payments for development and approval in a second indication. The Company is also obligated to make contingent payments to Roche up to an aggregate of $ 120.0 million based on achievement of certain thresholds for annual net sales of licensed products. As of March 31, 2024 , none of the milestones had been achieved. Roche is also eligible to receive tiered royalties on net sales of commercialized products, at rates ranging from high single-digits to high teens. License Agreement with Mabwell In January 2023, the Company entered into an exclusive license agreement with Mabwell Therapeutics, Inc. (“Mabwell”), pursuant to which Mabwell granted the Company an exclusive and sublicensable license to certain Mabwell intellectual property. In connection with the agreement, the Company paid Mabwell an upfront payment of $ 10.0 million in March 2023. In October 2023, the Company dosed the first patient in the Phase 1 clinical trial for DISC-3405, resulting in a milestone payment of $ 5.0 million due to Mabwell. In addition, the Company is obligated to pay certain development and regulatory milestone payments for the licensed products, for up to three indications, up to a maximum aggregate amount of $ 127.5 million, as well as certain commercial milestone payments for certain licensed product net sales achievements, up to a maximum aggregate amount of $ 275.0 million. The Company is further obligated to pay a tiered percentage of revenue that the Company receives from its sublicensees ranging from a low third decile percentage to a low first decile percentage. In addition, the Company is obligated to pay Mabwell a royalty on annual net sales of all licensed products at a tiered rate ranging from low single-digits to high single-digits. During the three months ended March 31, 2024 and 2023 , the Company recorded research and development expense related to its arrangement with Mabwell of zero and $ 10.0 million, respectively. |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Convertible Preferred Stock | 8. Convertible Preferred Stock As of March 31, 2024 and December 31, 2023, the Company was authorized to issue up to 10,000,000 shares of preferred stock at a par value of $ 0.0001 , with no shares issued or outstanding. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 9. Common Stock As of March 31, 2024 and December 31, 2023 , the authorized capital stock of the Company included 100,000,000 shares of common stock, $ 0.0001 par value per share. As of March 31, 2024 , the Company has 2,948,273 share s of common stock reserved for the exercise of stock options and 204,081 shares of common stock reserved for the exercise of pre-funded warrants. ATM Program In January 2023, the Company filed a shelf registration statement on Form S-3 with the SEC, which covered the offering, issuance and sale by the Company of up to an aggregate of $ 300.0 million of the Company’s common stock, preferred stock, debt securities, warrants or units (the “January 2023 Shelf”). Subsequently in January 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC, as sales agent, to provide for the offering, issuance and sale by the Company of up to $ 100.0 million of the Company’s common stock from time to time in “at-the-market” (“ATM”) offerings under the January 2023 Shelf. Effective June 12, 2023, the ATM program with SVB Securities LLC was suspended. Following the date of the ATM suspension, the Company did not make any further sales of its common stock pursuant to the Sales Agreement. The Sales Agreement was terminated effective September 28, 2023. In connection with the ATM suspension, the Company recognized the remaining capitalized issuance costs of $ 0.3 million as general and administrative expense in the consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2023. During the three months ended March 31, 2023 , the Company sold an aggregate of 608,050 shares of common stock in ATM offerings under the January 2023 Shelf and pursuant to the Sales Agreement. Aggregate gross proceeds from the transactions were $ 15.0 million and the Company received $ 14.6 million in net proceeds, after deducting placement agent fees and offering expenses. In October 2023, the Company entered into an Open Market Sale Agreement with Jefferies LLC as sales agent (the “ATM Agreement”) to provide for the offering, issuance and sale by the Company of up to $ 59.7 million of the Company’s common stock from time to time in ATM offerings under the January 2023 Shelf. In November 2023, the Company filed a shelf registration statement on Form S-3 with the SEC, which covered the offering, issuance and sale by the Company of up to an aggregate of $ 400.0 million of the Company’s common stock, preferred stock, debt securities, warrants or units (the “November 2023 Shelf”). On December 5, 2023, the Company and Jefferies LLC entered into an amendment to the ATM Agreement to increase the aggregate offering price of the shares of common stock that the Company may offer under the ATM Agreement from $ 59.7 million to $ 200.0 million. The material terms and conditions of the ATM Agreement otherwise remained unchanged. During the three months ended March 31, 2024 , the Company sold an aggregate of 234,449 shares of common stock in ATM offerings under the November 2023 Shelf and pursuant to the ATM Agreement. Aggregate gross proceeds from the transactions were $ 15.3 million and the Company received $ 14.8 million in net proceeds, after deducting placement agent fees and offering expenses. As of March 31, 2024 , the Company had sold an aggregate of 376,363 shares of common stock in ATM offerings under the November 2023 Shelf for aggregate net proceeds of $ 21.7 million. Registered Direct Offering In February 2023, the Company entered into a securities purchase agreement, with certain investors. Pursuant to the securities purchase agreement, the Company sold an aggregate of 1,488,166 shares of the Company’s common stock, at a purchase price of $ 23.00 per share, and with respect to a certain investor, in lieu of shares of the Company’s common stock, pre-funded warrants to purchase an aggregate of 1,229,224 shares of the Company’s common stock, at a purchase price of $ 22.9999 per pre-funded warrant, for aggregate net proceeds of $ 62.4 million, after deducting offering expenses of $ 0.1 million. The pre-funded warrants provide that the holder will not have the right to exercise any portion of its warrants if such holder, together with its affiliates, would beneficially own in excess of 9.99 % of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the holder may increase or decrease the Beneficial Ownership Limitation by giving 61 days’ notice, but not to any percentage in excess of 19.99 %. The investors or their affiliates are beneficial holders of more than 5 % of the Company’s capital stock. The pre-funded warrants meet the condition for equity classification and were therefore recorded as a component of stockholders’ equity within additional paid-in capital at the time of their issuance. In September 2023, all of the pre-funded warrants were exercised in a cashless transaction which resulted in 1,229,221 shares of common stock being issued to the investor. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation The Company grants stock-based awards under its 2021 Stock Option and Incentive Plan (the “2021 Plan”), which was approved by its stockholders in February 2021 and amended and restated in January 2023. The Company also has outstanding stock option awards under its 2017 Stock Option and Grant Plan (the “Private Disc Plan”), the 2017 Stock Option and Grant Plan (the “Gemini 2017 Plan”), and the 2021 Inducement Plan, but is no longer granting awards under these plans. The Company also grants awards under its 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which was approved by the Company's stockholders in July 2021 and amended and restated in January 2023. In addition, subject to approval by the Company's board of directors, the Company may grant stock-based awards outside of the 2021 Plan as an inducement to its executives. Stock-Based Compensation Expense Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees is as follows (in thousands): Three Months Ended 2024 2023 Research and development $ 1,543 $ 345 General and administrative 2,515 679 Total stock-based compensation expense $ 4,058 $ 1,024 The following table summarizes unrecognized stock-based compensation expense as of March 31, 2024. Unrecognized Expense Weighted-Average Restricted stock units $ 22,595 3.87 Stock options 30,753 3.37 Total unrecognized equity-based compensation expense $ 53,348 Restricted Stock Units For purposes of calculating stock-based compensation, the Company determines the fair value of the restricted stock units based on the fair value of the Company’s common stock at the time of grant. On February 7, 2024, the Company granted a restricted stock unit award for 36,666 shares of common stock outside of the 2021 Plan to its newly appointed Chief Financial Officer, Jean Franchi, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c) (4). The restricted stock unit award vests with respect to 25 % of the underlying shares on each of the first, second, third and fourth anniversaries of the vesting date as set by the Company policy, subject to Ms. Franchi’s continued employment with the Company. On February 26, 2024, the Company granted a restricted stock unit award for 36,666 shares of common stock outside of the 2021 Plan to its newly appointed Chief Commercial Officer, Pamela Stephenson, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock unit award vests with respect to 25 % of the underlying shares on each of the first, second, third and fourth anniversaries of the vesting date as set by the Company policy, subject to Ms. Stephenson’s continued employment with the Company. The following table summarizes restricted stock unit activity for the three months ended March 31, 2024. Number of Units Weighted- Restricted stock units as of December 31, 2023 — $ - Granted 371,034 $ 64.14 Forfeited ( 2,320 ) $ 63.90 Restricted stock units as of March 31, 2024 368,714 $ 64.14 Stock Options For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options on the grant date using the Black-Scholes option-pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. On February 7, 2024, the Company granted an option to purchase 55,000 shares of common stock outside of the 2021 Plan to its newly appointed Chief Financial Officer, Jean Franchi, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has a ten-year term, with 25 % of the underlying shares vesting and becoming exercisable on February 7, 2025, and the balance of the option award vesting in equal monthly installments over 36 months thereafter, subject to Ms. Franchi’s continued employment with the Company, and has an exercise price of $ 65.25 . On February 26, 2024, the Company granted an option to purchase 55,000 shares of common stock outside of the 2021 Plan to its newly appointed Chief Commercial Officer, Pamela Stephenson, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has a ten-year term, with 25 % of the underlying shares vesting and becoming exercisable on February 26, 2025, and the balance of the option award vesting in equal monthly installments over 36 months thereafter, subject to Ms. Stephenson’s continued employment with the Company, and has an exercise price of $ 64.66 . The following table summarizes stock option activity for the three months ended March 31, 2024. Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2023 2,459,037 $ 13.82 7.81 $ 109,078 Granted 616,871 64.59 Exercised ( 95,467 ) 8.44 Forfeited ( 30,924 ) 50.32 Expired ( 1,244 ) 14.51 Outstanding at March 31, 2024 2,948,273 $ 24.23 8.05 $ 114,368 Exercisable at March 31, 2024 1,329,424 $ 10.67 6.99 $ 69,546 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was $ 5.5 million and $ 0.5 million, respectively. The weighted-average assumptions used to estimate the fair value of stock options granted were as follows: Three Months Ended 2024 2023 Risk-free interest rate 4.01 % 3.86 % Expected term (in years) 6.03 6.05 Expected volatility 58 % 62 % Expected dividend yield 0 % 0 % Fair value per share of common stock $ 64.59 $ 23.10 The total fair value of options vested during the three months ended March 31, 2024 and 2023 was $ 1.5 million and $ 0.8 million, respectively. Shares of Restricted Common Stock As of March 31, 2024 , the Company had issued 63,061 shares of restricted common stock to the founders of Disc Medicine, Inc. prior to the merger (now known as Disc Medicine OpCo, Inc.), pursuant to subscription agreements and to certain key employees pursuant to the Private Disc Plan at $ 0.0001 per share. The stock restrictions relate to the sale and transferability of the stock and lapse over the defined vesting period in the restricted stock agreement. The vesting period is generally contingent upon continued employment or consulting services being provided to the Company. In the event of termination, the Company has the right, but not the obligation to repurchase the unvested shares at the original purchase price. As of March 31, 2024, these awards of restricted common stock were fully vested. A summary of restricted common stock activity is as follows: Three Months Ended 2024 2023 Unvested at the beginning of the year — 1,916 Vested — ( 958 ) Unvested at the end of the period — 958 Employee Stock Purchase Plan During the three months ended March 31, 2024 and 2023 , 5,736 shares and zero shares, respectively, of common stock were issued under the 2021 ESPP. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company did no t record a provision or benefit for federal income taxes during the three months ended March 31, 2024 and 2023 . The Company recorded state income tax expense of less than $ 0.1 million and less than $ 0.1 million for the three months ended March 31, 2024 and 2023, respectively, due to interest income. The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets and has considered its history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period. The Company has never been examined by the Internal Revenue Service or any other jurisdiction for any tax years and, as such, all years within the applicable statutes of limitations are potentially subject to audit. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 12. Net Loss Pe r Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the pre-funded warrants issued in connection with the Company’s follow-on public offering in June 2023 of 204,081 and registered direct offering in February 2023 of 1,229,224 , as the pre-funded warrants are exercisable for nominal cash consideration. In September 2023, 1,229,224 of the pre-funded warrants were exercised in a cashless transaction which resulted in 1,229,221 shares of common stock being issued to the investor. As of March 31, 2024 , 204,081 pre-funded warrants were outstanding. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. The C ompany excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: March 31, 2024 2023 Unvested restricted common stock — 958 Restricted stock units 368,714 — Options to purchase common stock 2,948,273 2,527,513 Employee stock purchase program 1,919 — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to its vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2024 and 2023 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened. Payments Upon Termination The Company enters into contracts in the normal course of business with CROs, CDMOs and other third parties for preclinical studies, clinical trials and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancelable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of the Company’s service providers, up to the date of cancellation and, in the case of certain arrangements with CROs and CDMOs, may include noncancelable fees. Under such agreements, the exact amounts owed by the Company in the event of termination will be based on the timing of the termination and the exact terms of the agreement. As of March 31, 2024 , the Company has not recognized any amounts related to these contingencies as the amount and timing of such payments are not fixed and estimable. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 14. Leases The Company is a tenant under a lease and sublease of office space in Watertown, Massachusetts, both operating leases. There have been no material changes to the Company’s leases during the three months ended March 31, 2024 and 2023. For additional information, please refer to Note 15 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions In February 2023, certain existing investors participated in the Company’s registered direct offering (see Note 9). In March 2023, the Company executed a promissory note for an aggregate principal amount of $ 0.5 million from an existing investor. The Company did not use these funds and repaid the note four days later, recording a de minimis amount of interest expense based on the then Federal funds rate for short term loans of 4.5 % per annum. In June 2023, an existing investor participated in the Company’s follow-on offering. For a description of the follow-on public offering, please refer to Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events The Company has completed an evaluation of all subsequent events after the unaudited condensed consolidated balance sheet date of March 31, 2024 through the date these condensed consolidated financial statements were issued to ensure that these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of March 31, 2024 , and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. The Company had no non-recognizable subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of th e Financial Accounting Standards Board (“FASB”). |
Unaudited Interim Condensed Consolidated Financial Information | Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, included in the Company’s Annual Report on Form 10-K. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results to be expected for the full years, or any other interim periods, or any future year or period. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions; the fair value of the contingent value right (“CVR”) (see Note 3); the incremental borrowing rate for determining lease liabilities and right-of-use assets and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality accredited financial institutions. The Company has concluded that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and to process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process or supply chain. |
Deferred Transaction Costs | Deferred Transaction Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. |
Recently Adopted and Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Not Yet Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption. |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 57,712 $ — $ — U.S. Treasury notes — 264,004 — Total $ 57,712 $ 264,004 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 55,001 $ — $ — U.S. Treasury notes — 255,419 — Total $ 55,001 $ 255,419 $ — |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, 2024 2023 Cash and cash equivalents $ 342,615 $ 360,382 Restricted cash 235 234 Total cash, cash equivalents and restricted cash as shown on the condensed $ 342,850 $ 360,616 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2024 2023 Computer equipment $ 231 $ 231 Furniture and fixtures 251 184 Less: Accumulated depreciation ( 271 ) ( 245 ) Property and equipment, net $ 211 $ 170 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued research and development 5,749 1,986 Accrued employee-related expenses 2,159 5,790 Accrued professional fees 709 317 Accrued other 199 52 Total accrued expenses $ 8,816 $ 8,145 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees is as follows (in thousands): Three Months Ended 2024 2023 Research and development $ 1,543 $ 345 General and administrative 2,515 679 Total stock-based compensation expense $ 4,058 $ 1,024 |
Summary of Unrecognized Stock-based Compensation | The following table summarizes unrecognized stock-based compensation expense as of March 31, 2024. Unrecognized Expense Weighted-Average Restricted stock units $ 22,595 3.87 Stock options 30,753 3.37 Total unrecognized equity-based compensation expense $ 53,348 |
Schedule of Restricted Stock Unit Activity | A summary of restricted common stock activity is as follows: Three Months Ended 2024 2023 Unvested at the beginning of the year — 1,916 Vested — ( 958 ) Unvested at the end of the period — 958 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2024. Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2023 2,459,037 $ 13.82 7.81 $ 109,078 Granted 616,871 64.59 Exercised ( 95,467 ) 8.44 Forfeited ( 30,924 ) 50.32 Expired ( 1,244 ) 14.51 Outstanding at March 31, 2024 2,948,273 $ 24.23 8.05 $ 114,368 Exercisable at March 31, 2024 1,329,424 $ 10.67 6.99 $ 69,546 |
Summary of Fair Value of Stock Option Granted | The weighted-average assumptions used to estimate the fair value of stock options granted were as follows: Three Months Ended 2024 2023 Risk-free interest rate 4.01 % 3.86 % Expected term (in years) 6.03 6.05 Expected volatility 58 % 62 % Expected dividend yield 0 % 0 % Fair value per share of common stock $ 64.59 $ 23.10 |
Restricted stock units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Activity | The following table summarizes restricted stock unit activity for the three months ended March 31, 2024. Number of Units Weighted- Restricted stock units as of December 31, 2023 — $ - Granted 371,034 $ 64.14 Forfeited ( 2,320 ) $ 63.90 Restricted stock units as of March 31, 2024 368,714 $ 64.14 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders | The C ompany excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: March 31, 2024 2023 Unvested restricted common stock — 958 Restricted stock units 368,714 — Options to purchase common stock 2,948,273 2,527,513 Employee stock purchase program 1,919 — |
Organization and Nature of th_2
Organization and Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nature Of Business [Line Items] | ||
Cash and cash equivalents for operations | $ 342,615 | $ 360,382 |
Accumulated deficit | $ (215,594) | $ (188,645) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash And Cash Equivalents [Line Items] | ||
Restricted cash, non-current | $ 235 | $ 234 |
Reverse Merger with Gemini - Ad
Reverse Merger with Gemini - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash and cash equivalents | $ 342,615 | $ 360,382 | |
Stock-based compensation | $ 4,058 | $ 1,024 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 57,712 | $ 55,001 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 57,712 | 55,001 |
Level 1 [Member] | U.S. Treasury notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 264,004 | 255,419 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 [Member] | U.S. Treasury notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 264,004 | 255,419 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 [Member] | U.S. Treasury notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 342,615 | $ 360,382 | ||
Restricted cash | 235 | 234 | ||
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows | $ 342,850 | $ 360,616 | $ 236,599 | $ 194,788 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (271) | $ (245) |
Property and equipment, net | 211 | 170 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 231 | 231 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 251 | $ 184 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities [Abstract] | ||
Accrued research and development | $ 5,749 | $ 1,986 |
Accrued employee-related expenses | 2,159 | 5,790 |
Accrued professional fees | 709 | 317 |
Accrued other | 199 | 52 |
Total accrued expenses | $ 8,816 | $ 8,145 |
Development and License Agree_2
Development and License Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Oct. 31, 2023 | May 31, 2021 | Mar. 31, 2021 | Sep. 30, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development expense | $ 23,704,000 | $ 20,180,000 | ||||
License and Stock Purchase Agreement | AbbVie | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Future milestone payment | 0 | |||||
Non refundable upfront fee | $ 600,000 | |||||
License and Stock Purchase Agreement | AbbVie | Maximum | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Future payments upon the achievement of certain development | 18,000,000 | |||||
Future payments upon commercialization | 45,000,000 | |||||
Future payments upon sales based milestones | $ 87,500,000 | |||||
License Agreement | Roche | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Future milestone payment | 0 | |||||
Non-refundable upfront payment | $ 4,000,000 | $ 500,000 | ||||
Additional consideration upon achievement of certain development and commercial milestones | 120,000,000 | |||||
License Agreement | Mabwell | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Future milestone payment | $ 5,000,000 | |||||
Research and development expense | 0 | 10,000,000 | ||||
Upfront payment | $ 10,000,000 | |||||
License Agreement | Mabwell | Maximum | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Certain development and regulatory milestone payments | 127,500,000 | |||||
Certain commercial milestone payments for certain licensed antibody product net sales achievements | $ 275,000,000 | |||||
Development and Regulatory Milestone First Indication | License Agreement | Roche | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Contingent payments | 50,000,000 | |||||
Development and Regulatory Milestone Second Indication | License Agreement | Roche | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Contingent payments | $ 35,000,000 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||||
Dec. 05, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common stock reserved for the exercise of stock options | 2,948,273 | 2,948,273 | ||||||||
Common stock reserved for the exercise of pre-funded warrants | 204,081 | 204,081 | ||||||||
Common stock, shares issued | 24,695,885 | 24,695,885 | 24,360,233 | |||||||
ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of common stock, shares | 234,449 | 608,050 | 376,363 | |||||||
Aggregate future offer, issuance and sale | $ 400 | $ 59.7 | $ 300 | |||||||
Offering expenses | $ 0.3 | |||||||||
Proceeds from sale of common stock | $ 15.3 | $ 15 | ||||||||
Net proceeds, after deducting placement agent fees and offering expenses | $ 14.8 | $ 14.6 | $ 21.7 | |||||||
Registered Direct Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued | 1,229,221 | |||||||||
Sale of common stock, shares | 1,488,166 | |||||||||
Sale of common stock, price per share | $ 23 | |||||||||
Purchase of common stock for pre-funded warrants, shares | 1,229,224 | |||||||||
Sale of pre-funded warrant, price per warrant | $ 22.9999 | |||||||||
Sale of pre funded warrant and common stock net proceeds | $ 62.4 | |||||||||
Net proceeds after deducting offering expenses | $ 0.1 | |||||||||
Minimum [Member] | ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate future offer, issuance and sale | $ 59.7 | |||||||||
Minimum [Member] | Registered Direct Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Pre-funded warrant, beneficiary ownership limitation percentage | 9.99% | |||||||||
Maximum [Member] | ATM Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate future offer, issuance and sale | $ 200 | $ 100 | ||||||||
Maximum [Member] | Registered Direct Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Pre-funded warrant, beneficiary ownership limitation percentage | 19.99% | |||||||||
Investors Or Affiliates [Member] | Registered Direct Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Ownership of investors in company's capital stock | 5% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 4,058 | $ 1,024 |
Research and Development [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,543 | 345 |
General and Administrative [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 2,515 | $ 679 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized Expense | $ 53,348 |
Restricted stock units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized Expense | $ 22,595 |
Weighted-Average Remaining Period of Recognition | 3 years 10 months 13 days |
Employee Stock Option | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized Expense | $ 30,753 |
Weighted-Average Remaining Period of Recognition | 3 years 4 months 13 days |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Feb. 26, 2024 | Feb. 07, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 5,500 | $ 500 | |||
Share-based compensation arrangement exercise price | $ 24.23 | $ 13.82 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||
Aggregate fair value of restricted stock | $ 1,500 | $ 800 | |||
Common stock shares issued | 24,695,885 | 24,360,233 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 53,348 | ||||
2021 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares issued | 5,736 | 0 | |||
Restricted Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares issued | 63,061 | ||||
Restricted Common Stock [Member] | Founders And Certain Employees [Member] | Disc Medicine Inc [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||
Restricted stock units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for options grant | 36,666 | 36,666 | |||
Share-based compensation arrangement option award percentage | 25% | 25% | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 22,595 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 10 months 13 days | ||||
Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for options grant | 55,000 | 55,000 | |||
Share-based compensation arrangement option award period | 10 years | 10 years | |||
Share-based compensation arrangement vesting period | 36 months | 36 months | |||
Share-based compensation arrangement option award percentage | 25% | 25% | |||
Share-based compensation arrangement exercise price | $ 64.66 | $ 65.25 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 30,753 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 4 months 13 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Outstanding at December 31, 2023 | 2,459,037 | |
Granted | 616,871 | |
Exercised | (95,467) | |
Forfeited | (30,924) | |
Expired | (1,244) | |
Outstanding at March 31, 2024 | 2,948,273 | 2,459,037 |
Exercisable at March 31, 2024 | 1,329,424 | |
Outstanding at December 31, 2023 | $ 13.82 | |
Granted | 64.59 | |
Exercised | 8.44 | |
Forfeited | 50.32 | |
Expired | 14.51 | |
Outstanding at March 31, 2024 | 24.23 | $ 13.82 |
Exercisable at March 31, 2024 | $ 10.67 | |
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 18 days | 7 years 9 months 21 days |
Exercisable at March 31, 2024 | 6 years 11 months 26 days | |
Aggregate intrinsic value, Outstanding | $ 114,368 | $ 109,078 |
Exercisable at March 31, 2024 | $ 69,546 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Fair Value of Stock Option Granted (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-free interest rate | 4.01% | 3.86% |
Expected term (in years) | 6 years 10 days | 6 years 18 days |
Expected volatility | 58% | 62% |
Expected dividend yield | 0% | 0% |
Fair value per share of common stock | $ 64.59 | $ 23.1 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning period, December 31, 2023 | 0 | 1,916 |
Vested | 0 | (958) |
Ending period, March 31, 2024 | 0 | 958 |
Restricted stock units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning period, December 31, 2023 | 0 | |
Granted | 371,034 | |
Forfeited | (2,320) | |
Ending period, March 31, 2024 | 368,714 | |
Beginning period, December 31, 2023 | $ 0 | |
Granted | 64.14 | |
Forfeited | 63.9 | |
Ending period, March 31, 2024 | $ 64.14 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Loss Carryforwards [Line Items] | ||
State income tax expense | $ 100,000 | $ 100,000 |
Federal income taxes | $ 0 | $ 0 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Feb. 28, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average common shares outstanding-basic | 24,809,869 | 18,954,914 | |||
Weighted-average common shares outstanding-diluted | 24,809,869 | 18,954,914 | |||
Exercise of pre-funded warrants shares | 1,229,224 | ||||
Shares issued upon exercise of warrants | 1,229,221 | ||||
Pre-funded warrants outstanding | 204,081 | ||||
Public Offering [Member] | Prefunded Warrant [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average common shares outstanding-basic | 204,081 | ||||
Weighted-average common shares outstanding-diluted | 204,081 | ||||
Registered Direct Offerings [Member] | Prefunded Warrant [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average common shares outstanding-basic | 1,229,224 | ||||
Weighted-average common shares outstanding-diluted | 1,229,224 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unvested Restricted Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 958 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 368,714 | 0 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 2,948,273 | 2,527,513 |
Employee Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities | 1,919 | 0 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leased Assets [Line Items] | ||
Operating right-of-use assets | $ 1,788 | $ 1,930 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Related Party Transaction [Line Items] | |
Debt Instrument, Face Amount | $ 0.5 |
Short Term Bank Loans And NotesPayable Percentage | 4.50% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - shares | 3 Months Ended | 5 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
ATM Program [Member] | |||
Subsequent Event [Line Items] | |||
Sale of common stock, shares | 234,449 | 608,050 | 376,363 |