Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | VOR BIOPHARMA INC. | |
Entity Central Index Key | 0001817229 | |
Entity File Number | 001-39979 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1591163 | |
Entity Address, Address Line One | 100 Cambridgepark Drive | |
Entity Address, Address Line Two | Suite 101 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02140 | |
City Area Code | 617 | |
Local Phone Number | 655-6580 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 68,398,826 | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | VOR | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 76,076 | $ 31,360 |
Marketable securities | 9,862 | 105,815 |
Prepaid expenses | 4,046 | 3,153 |
Other current assets | 272 | 475 |
Total current assets | 90,256 | 140,803 |
Restricted cash equivalents | 2,413 | 2,413 |
Property and equipment, net | 8,291 | 10,050 |
Operating lease right-of-use assets | 37,565 | 40,048 |
Other assets | 3,063 | 4,812 |
Total assets | 141,588 | 198,126 |
Current liabilities: | ||
Accounts payable | 2,007 | 815 |
Accrued liabilities | 7,656 | 10,877 |
Operating lease liabilities | 4,113 | 3,830 |
Other current liabilities | 25 | 50 |
Total current liabilities | 13,801 | 15,572 |
Long-term liabilities: | ||
Operating lease liabilities—non-current | 29,707 | 31,830 |
Total liabilities | 43,508 | 47,402 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | ||
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 68,363,034, and 67,901,610 shares issued and 68,357,884 and 67,891,311 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 7 | 7 |
Additional paid-in capital | 496,866 | 490,874 |
Accumulated other comprehensive loss | (70) | (77) |
Accumulated deficit | (398,723) | (340,080) |
Total stockholders' equity | 98,080 | 150,724 |
Total liabilities and stockholders' equity | $ 141,588 | $ 198,126 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 68,363,034 | 67,901,610 |
Common stock, shares outstanding | 68,357,884 | 67,891,311 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses: | ||||
Research and development | $ 21,823 | $ 23,897 | $ 46,145 | $ 45,812 |
General and administrative | 7,212 | 8,277 | 15,216 | 16,784 |
Total operating expenses | 29,035 | 32,174 | 61,361 | 62,596 |
Loss from operations | (29,035) | (32,174) | (61,361) | (62,596) |
Other income: | ||||
Interest income | 1,196 | 2,195 | 2,718 | 4,184 |
Total other income | 1,196 | 2,195 | 2,718 | 4,184 |
Net loss | $ (27,839) | $ (29,979) | $ (58,643) | $ (58,412) |
Net loss per share attributable to common stockholders, basic | $ (0.41) | $ (0.45) | $ (0.86) | $ (0.88) |
Net loss per share attributable to common stockholders, diluted | $ (0.41) | $ (0.45) | $ (0.86) | $ (0.88) |
Weighted-average common shares outstanding, basic | 68,299,170 | 67,033,150 | 68,165,068 | 66,651,547 |
Weighted-average common shares outstanding, diluted | 68,299,170 | 67,033,150 | 68,165,068 | 66,651,547 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available for sale marketable securities | $ 17 | $ (262) | $ 7 | $ 334 |
Total other comprehensive income (loss) | 17 | (262) | 7 | 334 |
Comprehensive loss | $ (27,822) | $ (30,241) | $ (58,636) | $ (58,078) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance at Dec. 31, 2022 | $ 250,607 | $ 7 | $ 473,587 | $ (770) | $ (222,217) |
Beginning Balance, Shares at Dec. 31, 2022 | 65,996,138 | ||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options | (340) | (340) | |||
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares | 205,485 | ||||
Issuance of common stock from at-the-market/ open market sales agreement | 3,717 | 3,717 | |||
Issuance of common stock from at-the-market/ open market sales agreement, Shares | 733,274 | ||||
Stock-based compensation expense | 4,068 | 4,068 | |||
Other comprehensive income (loss) | 596 | 596 | |||
Net loss | (28,433) | (28,433) | |||
Ending Balance at Mar. 31, 2023 | 230,215 | $ 7 | 481,032 | (174) | (250,650) |
Ending Balance, Shares at Mar. 31, 2023 | 66,934,897 | ||||
Beginning Balance at Dec. 31, 2022 | 250,607 | $ 7 | 473,587 | (770) | (222,217) |
Beginning Balance, Shares at Dec. 31, 2022 | 65,996,138 | ||||
Other comprehensive income (loss) | 334 | ||||
Net loss | (58,412) | ||||
Ending Balance at Jun. 30, 2023 | 204,450 | 485,508 | (436) | (280,629) | |
Ending Balance, Shares at Jun. 30, 2023 | 67,433,560 | ||||
Beginning Balance at Mar. 31, 2023 | 230,215 | $ 7 | 481,032 | (174) | (250,650) |
Beginning Balance, Shares at Mar. 31, 2023 | 66,934,897 | ||||
Issuance of common stock from at-the-market/ open market sales agreement | 555 | 555 | |||
Issuance of common stock from at-the-market/ open market sales agreement, Shares | 116,888 | ||||
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP | (317) | (317) | |||
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP, shares | 381,775 | ||||
Stock-based compensation expense | 4,238 | 4,238 | |||
Other comprehensive income (loss) | (262) | (262) | |||
Net loss | (29,979) | (29,979) | |||
Ending Balance at Jun. 30, 2023 | 204,450 | 485,508 | (436) | (280,629) | |
Ending Balance, Shares at Jun. 30, 2023 | 67,433,560 | ||||
Beginning Balance at Dec. 31, 2023 | $ 150,724 | $ 7 | 490,874 | (77) | (340,080) |
Beginning Balance, Shares at Dec. 31, 2023 | 67,891,311 | 67,891,311 | |||
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options | $ (169) | (169) | |||
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares | 184,998 | ||||
Issuance of common stock from at-the-market/ open market sales agreement | 213 | 213 | |||
Issuance of common stock from at-the-market/ open market sales agreement, Shares | 139,462 | ||||
Stock-based compensation expense | 3,081 | 3,081 | |||
Other comprehensive income (loss) | (10) | (10) | |||
Net loss | (30,804) | (30,804) | |||
Ending Balance at Mar. 31, 2024 | 123,035 | $ 7 | 493,999 | (87) | (370,884) |
Ending Balance, Shares at Mar. 31, 2024 | 68,215,771 | ||||
Beginning Balance at Dec. 31, 2023 | $ 150,724 | $ 7 | 490,874 | (77) | (340,080) |
Beginning Balance, Shares at Dec. 31, 2023 | 67,891,311 | 67,891,311 | |||
Other comprehensive income (loss) | $ 7 | ||||
Net loss | (58,643) | ||||
Ending Balance at Jun. 30, 2024 | $ 98,080 | 496,866 | (70) | (398,723) | |
Ending Balance, Shares at Jun. 30, 2024 | 68,357,884 | 68,357,884 | |||
Beginning Balance at Mar. 31, 2024 | $ 123,035 | $ 7 | 493,999 | (87) | (370,884) |
Beginning Balance, Shares at Mar. 31, 2024 | 68,215,771 | ||||
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP | 74 | 74 | |||
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP, shares | 142,113 | ||||
Stock-based compensation expense | 2,793 | 2,793 | |||
Other comprehensive income (loss) | 17 | 17 | |||
Net loss | (27,839) | (27,839) | |||
Ending Balance at Jun. 30, 2024 | $ 98,080 | $ 496,866 | $ (70) | $ (398,723) | |
Ending Balance, Shares at Jun. 30, 2024 | 68,357,884 | 68,357,884 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (58,643) | $ (58,412) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation expense | 1,812 | 1,707 |
Non-cash lease expense | 2,483 | 2,317 |
Stock-based compensation | 5,874 | 8,306 |
Interest amortization on marketable securities | (1,126) | (2,447) |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (1,840) | (1,729) |
Prepaid expenses and other current assets | (690) | 2,214 |
Accounts payable and accrued liabilities | (1,931) | 19 |
Other assets | 1,749 | (343) |
Net cash used in operating activities | (52,312) | (48,368) |
Cash flow from investing activities | ||
Purchases of marketable securities | (9,914) | (58,370) |
Proceeds from maturities of marketable securities | 107,000 | 79,000 |
Purchases of property and equipment | (123) | (493) |
Net cash provided by investing activities | 96,963 | 20,137 |
Cash flow from financing activities | ||
Payment of issuance costs related to underwritten public offering and concurrent private placement | (717) | |
Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs | 186 | 4,201 |
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards | (233) | (945) |
Proceeds from stock option exercises and the issuance of shares under ESPP | 112 | 198 |
Net cash provided by financing activities | 65 | 2,737 |
Net decrease in cash, cash equivalents and restricted cash equivalents | 44,716 | (25,494) |
Cash, cash equivalents and restricted cash equivalents, beginning of period | 33,773 | 60,119 |
Cash, cash equivalents and restricted cash equivalents, end of period | 78,489 | 34,625 |
Supplemental disclosure of non-cash activities | ||
Right-of-use assets obtained in exchange for lease obligations | 0 | 107 |
Financing costs associated with the sale of common stock included in accounts payable and accrued expenses | $ 0 | $ 24 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 76,076 | $ 31,360 | $ 32,212 | |
Restricted cash equivalents | 2,413 | 2,413 | 2,413 | |
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows | $ 78,489 | $ 33,773 | $ 34,625 | $ 60,119 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (27,839) | $ (30,804) | $ (29,979) | $ (28,433) | $ (58,643) | $ (58,412) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of the Business | 1. Nature of the Business Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015 . Risks and Uncertainties The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, adverse macroeconomic conditions and the need to obtain additional financing. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. As a result, the Company’s continued operations are dependent on its ability to raise additional funding. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. Liquidity and Capital Resources As of June 30, 2024, the Company had $ 85.9 million of cash, cash equivalents and marketable securities and an accumulated deficit of $ 398.7 million. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. As a result, the Company’s continued operations are dependent on its ability to raise additional funding. Based on its current business plan and current capital resources, combined with the need to raise additional funding and the uncertainty regarding the availability of such additional funding, management has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern include obtaining additional funding through equity or debt offerings and/or pursuant to collaboration or licensing arrangements. However, additional funding may not be available on terms acceptable to the Company or at all. The Company may also seek to reduce current spending requirements where necessary. Management has concluded the likelihood that its plans to successfully obtain sufficient additional funding from one or more of these sources, or adequately reduce expenditures, while reasonably possible, is less than probable. If, for any reason, the Company utilizes its capital resources more quickly than anticipated or is unable to obtain additional funding on a timely basis, it may be required to revise its business plan and strategy. This may result in the Company significantly curtailing, delaying or discontinuing one or more of its research and development programs. As a result, the Company’s business, financial condition, and results of operations could be materially affected. The accompanying condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may be necessary if the Company were unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain comparative amounts have been reclassified to conform to the current period presentation, including the presentation of non-cash lease expense in the condensed consolidated statements of cash flows. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and research and development expenses. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). During the six months ended June 30, 2024, there have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The amortized cost and estimated fair value of marketable securities, by contractual maturity, are as follows: June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing after one year through five years U.S. Treasuries 9,932 — ( 70 ) 9,862 Total $ 9,932 $ — $ ( 70 ) $ 9,862 December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less U.S. Treasury Bill $ 8,806 $ 6 $ — $ 8,812 U.S. Treasuries 97,086 12 ( 95 ) 97,003 Total $ 105,892 $ 18 $ ( 95 ) $ 105,815 The following tables summarize the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position: June 30, 2024 Less than twelve months Greater than twelve months Total (in thousands) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. Treasuries 9,862 ( 70 ) — — 9,862 ( 70 ) Total $ 9,862 $ ( 70 ) $ — $ — $ 9,862 $ ( 70 ) December 31, 2023 Less than twelve months Greater than twelve months Total (in thousands) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. Treasuries $ — $ — $ 53,447 $ ( 95 ) $ 53,447 $ ( 95 ) Total $ — $ — $ 53,447 $ ( 95 ) $ 53,447 $ ( 95 ) The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at June 30, 2024, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered, and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Co mpany did no t record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods presented. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 75,890 $ — $ — $ 75,890 Marketable securities U.S. Treasuries — 9,862 — 9,862 Total marketable securities — 9,862 — 9,862 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 78,303 $ 9,862 $ — $ 88,165 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 31,164 $ — $ — $ 31,164 Marketable securities U.S. Treasury Bill 8,812 — — 8,812 U.S. Treasuries — 97,003 — 97,003 Total marketable securities 8,812 97,003 — 105,815 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 42,389 $ 97,003 $ — $ 139,392 The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based o n observable market inputs. There were no transfers between levels during the six months ended June 30, 2024. Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2024 2023 Laboratory equipment $ 10,090 $ 10,028 Manufacturing equipment 7,065 6,936 Computer equipment 432 432 Furniture, fixtures and other 606 599 Construction in progress — 146 Total 18,193 18,141 Less: Accumulated depreciation ( 9,902 ) ( 8,091 ) Property and equipment, net $ 8,291 $ 10,050 Depreciation expense for the three and six months ended June 30, 2024 was $ 0.9 million and $ 1.8 million, respectively, and for the three and six months ended June 30, 2023 was $ 0.9 million and $ 1.7 million, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 6. Accrued Liabilities Accrued liabilities consisted of the following: June 30, December 31, (in thousands) 2024 2023 Employee-related expenses $ 3,408 $ 5,962 Professional fees 791 1,245 Clinical expenses 1,999 1,495 Manufacturing expenses 564 842 Research and development expenses 665 1,059 Other 229 274 Total accrued liabilities $ 7,656 $ 10,877 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation 2023 Inducement Plan As of June 30, 2024, the Company had 3,045,937 shares of its common stock available for future issuance under the 2023 Inducement Plan. 2021 Equity Incentive Plan As of June 30, 2024, the Company had 2,340,825 shares of its common stock available for future issuance under its 2021 Equity Incentive Plan. Stock Options The Company’s stock options generally vest over 48 months with 25 % vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows: Six Months Ended June 30, 2024 2023 Expected term (in years) 5.9 6.0 Expected volatility 89.8 % 81.9 % Risk-free interest rate 4.2 % 3.7 % Dividend yield — — During the six months ended June 30, 2024 and 2023, the Company granted stock options to purchase 1,722,725 shares and 2,108,219 shares of its common stock, respectively, with a weighted-average grant-date fair value of $ 1.74 and $ 3.76 per share, respectively. As of June 30, 2024, total unrecognized compensation expense related to stock options was $ 11.0 million , which is expected to be recognized over a weighted-average period of 2.5 years. As of June 30, 2024, options for 5,150 shares of Company common stock with a weighted-average exercise price of $ 4.90 were exercised and unvested. An immaterial amount of underlying proceeds from the unvested exercises is recorded in other current liabilities on the condensed consolidated balance sheet. Restricted Stock Units During the six months ended June 30, 2024 and 2023, the Company granted 1,119,149 restricted stock units and 645,360 restricted stock units, respectively, with a weighted-average grant date fair value of $ 2.38 and $ 5.55 per share, respectively. As of June 30, 2024, total unrecognized compensation expense related to restricted stock units was $ 4.6 million , which is expected to be recognized over a weighted-average period of 2.3 years. Employee Stock Purchase Plan As of June 30, 2024, the Company had 1,894,294 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”). During the six months ended June 30, 2024, the Company issued 74,326 shares with a weighted-average purchase price of $ 1.48 under the ESPP, which resulted in an immaterial amount of compensation expense. During the six months ended June 30, 2023, the Company issued 44,977 shares with a weighted-average purchase price of $ 3.76 under the ESPP, which resulted in an immaterial amount of compensation expense. Stock-Based Compensation Stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 1,272 $ 2,463 $ 2,677 $ 4,817 General and administrative 1,521 1,775 3,197 3,489 Total stock-based compensation expense $ 2,793 $ 4,238 $ 5,874 $ 8,306 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 8. Leases Cambridgepark Lease Amendments On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”). The First Lease Amendment and Second Lease Amendment commenc ed for accounting purposes on January 28, 2022 and April 29, 2022 , respectively. The terms of the Lease Amendments are through September 2030 for approximately $ 8.4 million and $ 22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments. Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed occurs. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $ 2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents. For further information regarding the Company’s Cambridgepark lease, please see Note 9 to the consolidated financial statements included in the 2023 Annual Report. The elements of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 1,951 $ 1,948 $ 3,902 $ 3,901 Variable lease cost 679 661 1,209 1,258 Total lease cost $ 2,630 $ 2,609 $ 5,111 $ 5,159 Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows: (in thousands except weighted-average amounts) June 30, 2024 December 31, 2023 Assets Operating lease right-of-use assets $ 37,565 $ 40,048 Liabilities Operating lease liabilities, current $ 4,113 $ 3,830 Operating lease liabilities, non-current 29,707 31,830 Total lease liabilities $ 33,820 $ 35,660 Weighted-Average Lease Term and Discount Rate Weighted-average remaining lease term (years) 6.2 6.7 Weighted-average discount rate 8.2 % 8.2 % The following table represents other lease activity: Six Months Ended June 30, (in thousands) 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 3,258 $ 3,312 Right-of-use assets obtained in exchange for lease obligations $ — $ 107 |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Significant Agreements [Abstract] | |
Significant Agreements | 9. Significant Agreements Since December 31, 2023, there have been no material changes to the key terms of the Company’s license agreements. For further information regarding the Company’s existing license agreements, please see Note 10 to the consolidated financial statements included in the 2023 Annual Report. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 27,839 ) $ ( 29,979 ) $ ( 58,643 ) $ ( 58,412 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 68,299,170 67,033,150 68,165,068 66,651,547 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.41 ) $ ( 0.45 ) $ ( 0.86 ) $ ( 0.88 ) The Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. Based on the amounts outstanding as of June 30, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of June 30, 2024 2023 Options to purchase common stock 9,365,552 8,368,063 Unvested restricted stock 5,150 30,704 Restricted stock units 1,643,576 1,324,361 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain comparative amounts have been reclassified to conform to the current period presentation, including the presentation of non-cash lease expense in the condensed consolidated statements of cash flows. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and research and development expenses. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). During the six months ended June 30, 2024, there have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity | The amortized cost and estimated fair value of marketable securities, by contractual maturity, are as follows: June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing after one year through five years U.S. Treasuries 9,932 — ( 70 ) 9,862 Total $ 9,932 $ — $ ( 70 ) $ 9,862 December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less U.S. Treasury Bill $ 8,806 $ 6 $ — $ 8,812 U.S. Treasuries 97,086 12 ( 95 ) 97,003 Total $ 105,892 $ 18 $ ( 95 ) $ 105,815 |
Summary of Fair Value and Gross Unrealized Losses of Marketable Securities | The following tables summarize the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position: June 30, 2024 Less than twelve months Greater than twelve months Total (in thousands) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. Treasuries 9,862 ( 70 ) — — 9,862 ( 70 ) Total $ 9,862 $ ( 70 ) $ — $ — $ 9,862 $ ( 70 ) December 31, 2023 Less than twelve months Greater than twelve months Total (in thousands) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. Treasuries $ — $ — $ 53,447 $ ( 95 ) $ 53,447 $ ( 95 ) Total $ — $ — $ 53,447 $ ( 95 ) $ 53,447 $ ( 95 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 75,890 $ — $ — $ 75,890 Marketable securities U.S. Treasuries — 9,862 — 9,862 Total marketable securities — 9,862 — 9,862 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 78,303 $ 9,862 $ — $ 88,165 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 31,164 $ — $ — $ 31,164 Marketable securities U.S. Treasury Bill 8,812 — — 8,812 U.S. Treasuries — 97,003 — 97,003 Total marketable securities 8,812 97,003 — 105,815 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 42,389 $ 97,003 $ — $ 139,392 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2024 2023 Laboratory equipment $ 10,090 $ 10,028 Manufacturing equipment 7,065 6,936 Computer equipment 432 432 Furniture, fixtures and other 606 599 Construction in progress — 146 Total 18,193 18,141 Less: Accumulated depreciation ( 9,902 ) ( 8,091 ) Property and equipment, net $ 8,291 $ 10,050 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, (in thousands) 2024 2023 Employee-related expenses $ 3,408 $ 5,962 Professional fees 791 1,245 Clinical expenses 1,999 1,495 Manufacturing expenses 564 842 Research and development expenses 665 1,059 Other 229 274 Total accrued liabilities $ 7,656 $ 10,877 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted | The weighted-average assumptions used principally in determining the fair value of options granted were as follows: Six Months Ended June 30, 2024 2023 Expected term (in years) 5.9 6.0 Expected volatility 89.8 % 81.9 % Risk-free interest rate 4.2 % 3.7 % Dividend yield — — |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 1,272 $ 2,463 $ 2,677 $ 4,817 General and administrative 1,521 1,775 3,197 3,489 Total stock-based compensation expense $ 2,793 $ 4,238 $ 5,874 $ 8,306 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Summary of Lease Expense | The elements of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 1,951 $ 1,948 $ 3,902 $ 3,901 Variable lease cost 679 661 1,209 1,258 Total lease cost $ 2,630 $ 2,609 $ 5,111 $ 5,159 |
Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information | Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows: (in thousands except weighted-average amounts) June 30, 2024 December 31, 2023 Assets Operating lease right-of-use assets $ 37,565 $ 40,048 Liabilities Operating lease liabilities, current $ 4,113 $ 3,830 Operating lease liabilities, non-current 29,707 31,830 Total lease liabilities $ 33,820 $ 35,660 Weighted-Average Lease Term and Discount Rate Weighted-average remaining lease term (years) 6.2 6.7 Weighted-average discount rate 8.2 % 8.2 % |
Summary of Other Lease Activity | The following table represents other lease activity: Six Months Ended June 30, (in thousands) 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 3,258 $ 3,312 Right-of-use assets obtained in exchange for lease obligations $ — $ 107 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 27,839 ) $ ( 29,979 ) $ ( 58,643 ) $ ( 58,412 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 68,299,170 67,033,150 68,165,068 66,651,547 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.41 ) $ ( 0.45 ) $ ( 0.86 ) $ ( 0.88 ) |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. Based on the amounts outstanding as of June 30, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of June 30, 2024 2023 Options to purchase common stock 9,365,552 8,368,063 Unvested restricted stock 5,150 30,704 Restricted stock units 1,643,576 1,324,361 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Nature Of Business [Line Items] | ||
Incorporation date | Dec. 30, 2015 | |
Cash and marketable securities | $ 85,900 | |
Accumulated deficit | $ (398,723) | $ (340,080) |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 9,932 | $ 105,892 |
Gross Unrealized Holding Gains | 18 | |
Gross Unrealized Holding losses | (70) | (95) |
Fair Value | 9,862 | 105,815 |
Maturing in One Year or Less | U.S. Treasury Bill | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 8,806 | |
Gross Unrealized Holding Gains | 6 | |
Fair Value | 8,812 | |
Maturing in One Year or Less | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 97,086 | |
Gross Unrealized Holding Gains | 12 | |
Gross Unrealized Holding losses | (95) | |
Fair Value | $ 97,003 | |
Maturing after One Year through Five Years | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,932 | |
Gross Unrealized Holding losses | (70) | |
Fair Value | $ 9,862 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Fair Value and Gross Unrealized Losses of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Less than twelve months Fair value | $ 9,862 | |
Less than twelve months Unrealized loss | (70) | |
Greater than twelve months Fair value | $ 53,447 | |
Greater than twelve months Unrealized loss | (95) | |
Total Fair value | 9,862 | 53,447 |
Total Unrealized loss | (70) | (95) |
U.S. Treasuries | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than twelve months Fair value | 9,862 | |
Less than twelve months Unrealized loss | (70) | |
Greater than twelve months Fair value | 53,447 | |
Greater than twelve months Unrealized loss | (95) | |
Total Fair value | 9,862 | 53,447 |
Total Unrealized loss | $ (70) | $ (95) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Credit losses related to marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 88,165 | $ 139,392 |
Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,862 | 105,815 |
Marketable Securities | U.S. Treasury Bill | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 8,812 | |
Marketable Securities | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,862 | 97,003 |
Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 75,890 | 31,164 |
Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 2,413 | 2,413 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 78,303 | 42,389 |
Level 1 | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 8,812 | |
Level 1 | Marketable Securities | U.S. Treasury Bill | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 8,812 | |
Level 1 | Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 75,890 | 31,164 |
Level 1 | Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 2,413 | 2,413 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,862 | 97,003 |
Level 2 | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,862 | 97,003 |
Level 2 | Marketable Securities | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 9,862 | $ 97,003 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets, level 1 to level 2 transfers amount | $ 0 |
Fair value assets, level 2 to level 1 transfers amount | 0 |
Fair value assets, transfers into level 3 | 0 |
Fair value assets, transfers out of level 3 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total | $ 18,193 | $ 18,141 |
Less: Accumulated depreciation | (9,902) | (8,091) |
Property and equipment, net | 8,291 | 10,050 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 10,090 | 10,028 |
Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 7,065 | 6,936 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 432 | 432 |
Furniture, Fixtures and Other | ||
Property Plant And Equipment [Line Items] | ||
Total | 606 | 599 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total | $ 0 | $ 146 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 900 | $ 900 | $ 1,812 | $ 1,707 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Employee-related expenses | $ 3,408 | $ 5,962 |
Professional fees | 791 | 1,245 |
Clinical expenses | 1,999 | 1,495 |
Manufacturing expenses | 564 | 842 |
Research and development expenses | 665 | 1,059 |
Other | 229 | 274 |
Total accrued liabilities | $ 7,656 | $ 10,877 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options granted | 1,722,725 | 2,108,219 |
Weighted-average grant-date fair value of stock options granted | $ 1.74 | $ 3.76 |
Unrecognized compensation expense related to stock options | $ 11 | |
Unrecognized share based compensation expense, recognition period | 2 years 6 months | |
Number unvested options | 5,150 | |
Weighted average exercise price of options exercised and unvested | $ 4.9 | |
Employee Stock Purchase Plan 2021 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares issued | 74,326 | 44,977 |
Weighted average purchase price | $ 1.48 | $ 3.76 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights description | vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years | |
Vesting period | 48 months | |
Contractual term | 10 years | |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted stock units granted | 1,119,149 | 645,360 |
Weighted average grant date fair value of restricted stock, granted | $ 2.38 | $ 5.55 |
Unrecognized compensation expense related to related to restricted stock units | $ 4.6 | |
Unrecognized share based compensation expense, recognition period | 2 years 3 months 18 days | |
Common Stock | Employee Stock Purchase Plan 2021 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for future issuance | 1,894,294 | |
Tranche One | Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Vesting percentage | 25% | |
Tranche Two | Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
2023 Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for future issuance | 3,045,937 | |
2021 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for future issuance | 2,340,825 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - Stock Options | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 10 months 24 days | 6 years |
Expected volatility | 89.80% | 81.90% |
Risk-free interest rate | 4.20% | 3.70% |
Dividend yield | 0% | 0% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 2,793 | $ 4,238 | $ 5,874 | $ 8,306 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,272 | 2,463 | 2,677 | 4,817 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,521 | $ 1,775 | $ 3,197 | $ 3,489 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Apr. 29, 2022 | Jan. 28, 2022 | Jun. 30, 2024 | |
Standby Letters of Credit | |||
Lessee Lease Description [Line Items] | |||
Increase in irrevocable line of credit facility | $ 2.4 | ||
First Lease Amendment | |||
Lessee Lease Description [Line Items] | |||
Operating lease commencement date | Jan. 28, 2022 | ||
Aggregate total fixed rent payments | $ 8.4 | ||
Second Lease Amendment | |||
Lessee Lease Description [Line Items] | |||
Operating lease commencement date | Apr. 29, 2022 | ||
Aggregate total fixed rent payments | $ 22.3 | ||
Cambridgepark Lease | |||
Lessee Lease Description [Line Items] | |||
Lessee, Operating Lease, Existence of Option to Extend [true false] | false |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,951 | $ 1,948 | $ 3,902 | $ 3,901 |
Variable lease cost | 679 | 661 | 1,209 | 1,258 |
Total lease cost | $ 2,630 | $ 2,609 | $ 5,111 | $ 5,159 |
Leases - Summary of Amounts Rep
Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Operating lease right-of-use assets | $ 37,565 | $ 40,048 |
Liabilities | ||
Operating lease liabilities, current | 4,113 | 3,830 |
Operating lease liabilities, non-current | 29,707 | 31,830 |
Total lease liabilities | $ 33,820 | $ 35,660 |
Weighted Average Lease Term and Discount Rate | ||
Weighted-average remaining lease term (years) | 6 years 2 months 12 days | 6 years 8 months 12 days |
Weighted-average discount rate | 8.20% | 8.20% |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract] | ||
Operating cash flows for operating leases | $ 3,258 | $ 3,312 |
Right-of-use assets obtained in exchange for lease obligations | $ 0 | $ 107 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (27,839) | $ (29,979) | $ (58,643) | $ (58,412) |
Denominator, basic | ||||
Weighted-average number of common shares outstanding, basic | 68,299,170 | 67,033,150 | 68,165,068 | 66,651,547 |
Net loss per share attributable to common stockholders, basic | $ (0.41) | $ (0.45) | $ (0.86) | $ (0.88) |
Denominator, diluted | ||||
Weighted-average number of common shares outstanding, diluted | 68,299,170 | 67,033,150 | 68,165,068 | 66,651,547 |
Net loss per share attributable to common stockholders, diluted | $ (0.41) | $ (0.45) | $ (0.86) | $ (0.88) |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 9,365,552 | 8,368,063 |
Unvested Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 5,150 | 30,704 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 1,643,576 | 1,324,361 |