Dyne Therapeutics (DYN) 10-K 5 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Dyne Therapeutics, Inc.
Entity Central Index Key	0001818794
Entity File Number	001-39509
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4883909
Entity Address, Address Line One	1560 Trapelo Road
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	786-8230
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		81,958,068
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	DYN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 504
Documents Incorporated by Reference	The Registrant intends to file a definitive proxy statement pursuant to Regulation 14A relating to the 2023 Annual Meeting of Stockholders within 120 days of the end of the Registrant’s fiscal year ended December 31, 2023 . Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 121,626	$ 172,147
Marketable securities	1,474	83,865
Prepaid expenses and other current assets	6,275	9,582
Total current assets	129,375	265,594
Property and equipment, net	4,780	5,945
Right-of-use assets	28,612	32,467
Restricted cash	2,315	2,319
Total assets	165,082	306,325
Current liabilities:
Accounts payable	22,936	5,259
Accrued expenses and other current liabilities	23,439	18,219
Lease liabilities	4,720	4,610
Total current liabilities	51,095	28,088
Lease liability, net of current portion	22,695	25,873
Total liabilities	73,790	53,961
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2023 and 2022	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at December 31, 2023 and 2022; 61,468,743 and 55,636,505 shares issued and outstanding at December 31, 2023 and 2022, respectively	6	6
Additional paid-in capital	723,796	649,502
Accumulated other comprehensive loss	0	(571)
Accumulated deficit	(632,510)	(396,573)
Total stockholders’ equity	91,292	252,364
Total liabilities and stockholders’ equity	$ 165,082	$ 306,325

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	61,468,743	55,636,505
Common stock, shares outstanding	61,468,743	55,636,505

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 210,762	$ 142,760
General and administrative	31,400	28,202
Total operating expenses	242,162	170,962
Loss from operations	(242,162)	(170,962)
Other (expense) income:
Interest income	7,641	2,917
Other income (expense), net	(1,416)	(54)
Total other (expense) income, net	6,225	2,863
Net loss	$ (235,937)	$ (168,099)
Net loss per share, basic and diluted	$ (3.95)	$ (3.23)
Net loss per share, basic and diluted	$ (3.95)	$ (3.23)
Weighted average common shares outstanding, basic and diluted	59,683,851	51,976,343
Weighted average common shares outstanding, basic and diluted	59,683,851	51,976,343
Comprehensive loss:
Net Income (Loss)	$ (235,937)	$ (168,099)
Other comprehensive loss:
Unrealized gains (losses) on marketable securities, net	571	(302)
Comprehensive loss	$ (235,366)	$ (168,401)

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 368,197	$ 6	$ 596,934	$ (269)	$ (228,474)
Beginning Balance, Shares at Dec. 31, 2021		51,569,381
Issuance of stock, net of issuance costs	36,861		36,861
Issuance of stock, net of issuance costs, Shares		3,425,085
Exercise of stock options	529		529
Exercise of stock options, Shares		314,272
Stock-based compensation	15,178		15,178
Vesting of restricted shares		38,141
Vesting of restricted stock units		289,626
Unrealized gains on marketable securities	(302)			(302)
Net Income (Loss)	(168,099)				(168,099)
Ending Balance at Dec. 31, 2022	252,364	$ 6	649,502	(571)	(396,573)
Ending Balance, Shares at Dec. 31, 2022		55,636,505
Issuance of stock, net of issuance costs	52,369	$ 0	52,369
Issuance of stock, net of issuance costs, Shares		4,509,063
Exercise of stock options	$ 1,953		1,953
Exercise of stock options, Shares	832,906	832,906
Stock-based compensation	$ 19,972		19,972
Vesting of restricted stock units		490,269
Unrealized gains on marketable securities	571			571
Net Income (Loss)	(235,937)				(235,937)
Ending Balance at Dec. 31, 2023	$ 91,292	$ 6	$ 723,796	$ 0	$ (632,510)
Ending Balance, Shares at Dec. 31, 2023		61,468,743

Consolidated Statements of Re_2

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Stock issuance costs	$ 1.8	$ 1.2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (235,937)	$ (168,099)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	19,972	15,178
Depreciation and amortization expense	1,673	1,683
Amortization (accretion) of premium (discount) on marketable securities	(1,102)	1,276
Loss on sale of marketable securities	23	34
Non-cash lease expense	788	1,662
Loss on disposal of property and equipment	118	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3,337	(4,144)
Accounts payable and other liabilities	22,970	(1,235)
Net cash used in operating activities	(188,158)	(153,645)
Cash flows from investing activities:
Purchases of property and equipment	(729)	(3,067)
Purchases of marketable securities	(44,262)	(121,176)
Maturities of marketable securities	126,473	208,291
Sales of marketable securities	1,829	3,154
Net cash provided by investing activities	83,311	87,202
Cash flows from financing activities:
Proceeds from issuance of common stock in public offering, net of issuance costs	52,369	36,861
Proceeds from exercise of stock options	1,953	529
Net cash provided by financing activities	54,322	37,390
Net decrease in cash, cash equivalents and restricted cash	(50,525)	(29,053)
Cash, cash equivalents and restricted cash, beginning of year	174,466	203,519
Cash, cash equivalents and restricted cash, end of year	123,941	174,466
Supplemental disclosures of cash flow information:
Purchase of property and equipment in accounts payable	$ 12	$ 85

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (235,937)	$ (168,099)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Director and Officer Trading Arrangements A portion of the compensation of our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or other securities of ours, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons. Transactions in our securities by directors and officers are required to be made in accordance with our insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in our securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information. The following table describes, for the fourth quarter of 2023, each trading arrangement for the sale or purchase of our securities adopted or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), which we refer to as a “Rule 10b5-1 trading arrangement” or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K): Name (Title) Action Taken (Date of Action) Type of Trading Arrangement Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities Susanna High ( Chief Operating Officer ) Termination ( November 21, 2023 ) Rule 10b5-1 trading arrangement Sale (1) (1) ______________ (1) This trading plan had a scheduled expiration date of March 31, 2025 . The number of shares of the Company's common stock to be sold under the plan was up to 223,065 shares.
Name	Susanna High
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	November 21, 2023
Arrangement Duration	496 days
Aggregate Available	223,065
Expiration Date	March 31, 2025

Nature of Business and Basis of

Nature of Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Dyne Therapeutics, Inc. (the “Company”) is a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. The Company was incorporated in Delaware on December 1, 2017 and has a principal place of business in Waltham, Massachusetts. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, fluctuations in operating results, compliance with government regulations, the ability to establish clinical- and commercial-scale manufacturing processes and the ability to secure additional capital to fund operations. Product candidates and programs currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization of a product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations with proceeds from the sales of equity securities. The Company expects to continue to generate operating losses for the foreseeable future. In January 2024, the Company received net proceeds of $ 323.9 million in a public offering of the Company's common stock (see Note 11). The Company expects that its cash, cash equivalents, marketable securities and the proceeds from the January 2024 offering will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance of these consolidated financial statements. To continue its development efforts, the Company will need to obtain substantial additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements in order to fund its research and development and ongoing operating expenses. The Company may not be able to obtain financing on acceptable terms, when needed or at all, and the Company may not be able to enter into collaborations, strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Any collaborations, strategic alliances or licensing arrangements may require the Company to relinquish rights to certain of its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. If the Company is unable to obtain funding, the Company could be forced to delay, limit, reduce or eliminate some or all of its research and development programs, pipeline expansion or future commercialization efforts or grant rights to develop and market product candidates, which could adversely affect its business prospects. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying consolidated financial statements reflect the operations of the Company and the Company’s wholly-owned subsidiary, Dyne Therapeutics Securities Corporation. Intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes 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 from those estimates or assumptions. Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company believes the depository institutions in which the cash and cash equivalents are held are of high-credit quality. The Company maintains its cash equivalents in money market funds that invest in U.S. treasury securities and highly liquid investments maturing within 90 days from the date of purchase. The Company’s marketable securities as of December 31, 2023 consisted of commercial paper, certificates of deposit, corporate debt securities and U.S. treasury securities. The Company has adopted an investment policy that limits the amounts the Company may invest in the securities of any single issuer with the exclusion of the U.S. government. The Company has not experienced any credit losses. The Company is dependent on a small number of third-party suppliers for its drug substance and drug product. In particular, the Company relies, and expects to continue to rely, on third-party suppliers for certain materials and components required for the development of its programs and future production of any product candidates it may develop for its programs. These programs could be adversely affected by a significant interruption in the supply process. Marketable securities The Company’s marketable securities consist of commercial paper, certificates of deposit, U.S. treasury notes and corporate debt securities and are classified as available-for-sale which are reported at fair value. Unrealized losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive loss in stockholders’ equity. Realized gains and losses are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. Leases Under ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances presented in the arrangement, including whether the Company controls the use of identified assets. The Company classifies leases with a term greater than one year as either operating or finance leases at the lease commencement date and records a right-of-use assets and current and non-current lease liabilities, as applicable on the balance sheet. The Company has elected not to recognize on the balance sheet leases with terms of one year or less, but payments are recognized as expense on a straight-line basis over the lease term. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present as of the lease commencement date. The Company monitors its plans to renew its material lease each reporting period. Lease liabilities and the corresponding right-of-use assets are recorded based on the present value of lease payments over the remaining lease term. The present value of future lease payments are discounted using the interest rate implicit in lease contracts if that rate is readily determinable; otherwise the Company utilizes its incremental borrowing rate (“IBR”), which reflects the fixed rate at which the Company could borrow on a collateralized basis over a similar term, the amount of the lease payments in a similar economic environment. After lease commencement and the establishment of a right-to-use asset and operating lease liability, lease expense is recorded on a straight-line basis over the lease term. The Company enters into contracts that contain both lease and non-lease components. Non-lease components include costs that do not provide a right-to-use a leased asset but instead provide a service, such as maintenance costs. The Company has elected to account for the lease and non-lease components together as a single component for all classes of underlying assets. Variable costs associated with the lease, such as maintenance and utilities, are not included in the measurement of right-to-use assets and lease liabilities but rather are expensed when the events determining the amount of variable consideration to be paid have occurred. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset class. Costs for capital assets not yet placed into service are capitalized as construction-in-process and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance which do not improve or extend the life of the respective assets are charged to expense as incurred. Impairment of long-lived assets Long-lived assets consist of property and equipment. The Company evaluates the recoverability of its long-lived assets when circumstances indicate that an event of impairment may have occurred. The Company recognizes an impairment loss only if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. Impairment is measured based on the difference between the carrying value of the related assets and the fair value of such assets. The Company has not recorded any impairment charges in the periods presented in these financial statements. Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The CEO views the Company’s operations and manages the business as one operating segment. Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation and amortization, manufacturing expenses and external costs of vendors engaged to conduct clinical and preclinical development activities as well as the cost of licensing technology. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development expenses in the period in which they are incurred. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are consumed or the services are performed. Research and manufacturing contract costs and accruals The Company has entered into various research and development and manufacturing contracts. These agreements are generally cancelable, and related payments are recorded as the corresponding expenses are incurred. The Company records accruals for estimated ongoing costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the research studies and manufacturing activities, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Patent costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year Ended December 31, 2023 2022 Options to purchase common stock 9,914,719 9,381,429 Unvested restricted stock units 3,422,212 1,695,191 Total 13,336,931 11,076,620 Stock-based compensation The Company accounts for stock option awards at fair value and measures fair value using the Black-Scholes option-pricing model as of the grant date. For restricted stock unit awards, the fair value is based on the closing price of the Company's common stock on the date of grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for all time-vested awards. For awards with performance based vesting conditions, the timing of expense recognition is based upon management’s estimation of the probability of the performance condition being achieved. Upon determination of the performance condition being deemed probable of achievement, expense is recognized over the remaining service period for performance-based awards. Forfeitures are recognized as they occur for all awards. Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss was unrealized gains (losses) on marketable securities. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 , Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company’s consolidated financial statements.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2023
Restricted Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents Disclosure	3. Cash, Cash Equivalents and Restricted Cash Cash includes cash in readily available checking accounts and cash equivalents include money market funds that invest in U.S. treasury securities and all highly liquid investments maturing within 90 days from the date of purchase. Amounts included in restricted cash represent amounts pledged as collateral for letters of credit required for security deposits on the Company’s leased facilities. Cash, cash equivalents and restricted cash consisted of the following: December 31, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 121,626 $ 172,147 Restricted cash 2,315 2,319 Total $ 123,941 $ 174,466

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables set forth marketable securities for the periods presented : As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Total Corporate debt securities 1,474 — — 1,474 Total $ 1,474 $ — $ — $ 1,474 As of December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Total Commercial paper 3,955 — — 3,955 Corporate debt securities 57,231 — ( 526 ) 56,705 Certificates of deposit 4,984 — — 4,984 U.S. treasury notes 18,266 1 ( 46 ) 18,221 Total $ 84,436 $ 1 $ ( 572 ) $ 83,865 The scheduled maturity for the Company's marketable securities at December 31, 2023 was less than one year. The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented: Fair Value Measurements as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 66,179 $ — $ — $ 66,179 U.S. treasury notes 18,689 — — 18,689 Marketable securities Corporate debt securities — 1,474 — 1,474 Total $ 84,868 $ 1,474 $ — $ 86,342 Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 9,381 $ — $ — $ 9,381 Corporate debt securities — 3,852 — 3,852 U.S. treasury notes 811 — — 811 Marketable securities Commercial paper 3,955 — — 3,955 Corporate debt securities — 56,705 — 56,705 Certificates of deposit — 4,984 — 4,984 U.S. treasury notes 18,221 — — 18,221 Total $ 32,368 $ 65,541 $ — $ 97,909 The fair value of U.S. government treasury notes and commercial paper were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers between Level 1, Level 2, or Level 3 during the periods presented. Financial instruments not recorded at fair value The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment consisted of the following: December 31, (in thousands) 2023 2022 Laboratory equipment $ 7,546 $ 6,770 Office and computer equipment 2,091 1,898 Construction in process 431 906 Property and equipment—at cost 10,068 9,574 Less accumulated depreciation and amortization ( 5,288 ) ( 3,629 ) Property and equipment—net $ 4,780 $ 5,945 Depreciation expense totaled $ 1.7 million and $ 1.7 million for the years ended December 31, 2023 and 2022 , respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: December 31, (in thousands) 2023 2022 Payroll and benefits $ 10,498 $ 5,935 Consulting services 423 776 Legal services 397 410 Research and development 12,121 11,097 Facility costs — 1 Total $ 23,439 $ 18,219

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity (Deficit)	7. Stockholders' Equity Common Stock In November 2021, the Company entered into an Open Market Sale Agreement (the "Sales Agreement") with Jefferies LLC ("Jefferies") as the Company's sales agent, pursuant to which, from time to time, the Company may offer and sell shares of our common stock having an aggregate offering price of up to $ 150.0 million in an "at-the-market" offering. During the fiscal year ended December 31, 2023, the Company issued and sold an aggregate of 4,509,063 shares of common stock pursuant to the Sales Agreement for aggregate net proceeds of $ 52.4 million, after deducting fees. The Company sold such shares at a weighted average price of $ 12.01 per share. On January 4, 2024, the Company notified Jefferies that it was suspending and terminating the prospectus related to the Sales Agreement for the Company's "at-the-market" offering. As of December 31, 2023, the Company had issued and sold an aggregate of 7,934,148 shares of its Common Stock under its “at-the-market” offering program with Jefferies for aggregate net sale proceeds of $ 89.2 million, after deducting sales commissions and offering expenses. 2020 Stock Incentive Plan In August 2020 the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Stock Incentive Plan (the "2020 Plan"), which became effective on September 16, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to employees, directors, consultants and advisors of the Company. The 2020 Plan is administered by the Company’s board of directors or by a committee appointed by the board of directors. Upon the effectiveness of the 2020 Plan, the Company ceased granting awards under the 2018 Stock Incentive Plan. The number of shares initially reserved for issuance under the 2020 Plan was 4,884,233 . The number of shares of common stock reserved for issuance under the 2020 Plan may automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lower of (1) 5 % of the shares of common stock outstanding on such date and (2) an amount determined by the Company’s board of directors . On January 1, 2024, 3,073,437 shares were added to the shares reserved for issuance under the 2020 Plan in the fourth of these annual increases. As of December 31, 2023 , 2,272,111 shares remained available for future issuance under the 2020 Plan. 2020 Employee Stock Purchase Plan In August 2020 the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective September 16, 2020. The 2020 ESPP is administered by the Company’s board of directors or by a committee appointed by the board of directors. The 2020 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 488,414 shares of common stock. The number of shares of common stock reserved for issuance under the 2020 ESPP may automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lowest of (1) 1,953,656 shares of common stock, (2) 1 % of the shares of common stock outstanding on such date, and (3) an amount determined by the board of directors. As of December 31, 2023 , no offering periods have commenced under the 2020 ESPP and 488,414 shares remained available for issuance. Stock option valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The fair value is determined based upon the quoted price of the Company’s common stock. The Company lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Year Ended December 31, 2023 2022 Expected volatility 66 % 68 % Risk-free interest rate 3.42 % — 4.94 % 1.47 % — 4.23 % Expected term (in years) 6 6 Expected dividend yield — — Stock option activity A summary of the Company's stock option activity and related information for the year ended December 31, 2023 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding January 1, 2023 9,381,429 $ 9.59 8.2 $ 34,879 Granted 1,687,596 11.52 Exercised ( 832,906 ) 2.35 Canceled ( 321,400 ) 11.15 Outstanding December 31, 2023 9,914,719 $ 10.48 7.7 $ 38,732 Options exercisable— December 31, 2023 5,459,257 $ 9.67 7.0 $ 27,801 Options vested or expected to vest— December 31, 2023 9,914,719 $ 10.48 8.2 $ 38,732 The intrinsic value of options exercised for the years ended December 31, 2023 and 2022 totaled $ 8.1 million and $ 3.2 million, respectively. The weighted-average grant date fair value of the options granted during the years ended December 31, 2023 and 2022 was $ 7.28 per share and $ 6.24 per share, respectively. As of December 31, 2023 there was $ 28.3 million of unrecognized compensation expense, which the Company expects to recognize over a weighted-average period of 2.4 years. Restricted stock units A restricted stock unit (“RSU”) represents the right to receive one share of common stock upon vesting of the RSU. The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company, RSUs with service conditions that vest in sixteen equal quarterly installments provided that the employee remains employed with the Company and RSUs with performance-based vesting conditions. As of December 31, 2023 , there are no RSUs with performance-based vesting conditions outstanding. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. A summary of the Company’s RSU activity and related information for the year ended December 31, 2023 is as follows: Number of Shares Underlying RSUs Weighted Average Issued and unvested as of January 1, 2023 1,695,191 $ 13.02 Granted 2,297,736 10.94 Vested ( 490,269 ) 13.96 Forfeited ( 80,446 ) 12.27 Issued and unvested as of December 31, 2023 3,422,212 $ 11.50 The weighted average grant date fair value of RSUs granted during the year ended December 31, 2022 was $ 10.41 . As of December 31, 2023 , there was $ 36.2 million of unrecognized compensation costs ​​​​​​​related to unvested RSUs, which are expected to be recognized over a weighted-average period of 3.4 years. The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Year Ended December 31, (in thousands) 2023 2022 Research and development $ 11,578 $ 8,218 General and administrative 8,394 6,960 Total $ 19,972 $ 15,178

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes There is no provision for income taxes because the Company has historically incurred net operating losses and maintains a full valuation allowance against its deferred tax assets. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Federal income tax expense at statutory rate 21 % 21 % State taxes—net of federal benefit — 1 State tax law changes ( 10 ) — Permanent differences and other ( 1 ) 4 Federal & state R&D credits 3 4 Increase in valuation allowance ( 13 ) ( 30 ) Effective income tax rate 0 % 0 % Significant components of the Company’s net deferred tax assets at December 31, 2023 and 2022 are as follows: Year Ended December 31, (in thousands) 2023 2022 Deferred tax assets: Stock-based compensation $ 3,122 $ 4,176 Net operating loss carryforwards 57,474 59,998 Credit carryforwards 19,424 11,225 Fixed assets 311 564 Accrued expenses 4,794 4,682 Lease liability 5,759 8,264 R&D Capitalization 60,902 33,515 Total deferred tax assets 151,786 122,424 Valuation allowance ( 145,775 ) ( 113,622 ) Total net deferred tax assets 6,011 8,802 Deferred tax liabilities: Right of use asset ( 6,011 ) ( 8,802 ) Total deferred tax liability ( 6,011 ) ( 8,802 ) Total deferred tax assets (liabilities) $ — $ — As of December 31, 2023 , the Company had federal and state net operating loss carryforwards of $ 273.5 million and $ 279.5 million, respectively. The federal net operating loss carryforwards are indefinite lived and the state net operating loss carryforwards begin to expire in 2038 . As of December 31, 2023 , the Company also had federal and state research and development tax credit carryforwards $ 17.1 million and $ 2.9 million, respectively, which begin to expire in 2039 and 2033 , respectively. Utilization of the net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company completed a Section 382 study of transactions in its stock through January 25, 2021 and concluded that it had experienced ownership changes since inception that it believes under Section 382 and 383 of the Code will result in limitations on its ability to use certain pre-change NOLs and credits. In addition, the Company may experience subsequent ownership changes as a result of future equity offerings or other changes in the ownership of its stock, some of which are beyond the Company's control. As a result, the amount of the NOLs and tax credit carryforwards presented in these consolidated financial statements could be limited. Similar provisions of state tax law may also apply to limit the use of accumulated state tax attributes. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development tax credit carryforwards. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and concluded that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2023 and 2022. The increase in the valuation allowance for deferred tax assets during the years ended December 31, 2023 and 2022 related primarily to the increase in net operating loss carryforwards. Changes in the valuation allowance were as follows: Year Ended December 31, 2023 2022 Valuation allowance at the beginning of year $ 113,622 $ 63,546 Decreases recorded as benefit to income tax provision — — Increases recorded to income tax provision 32,153 50,076 Valuation allowance at the end of year $ 145,775 $ 113,622 The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense. The Company has no amounts recorded for any unrecognized tax positions, accrued interest or penalties as of December 31, 2023 and 2022. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax returns are open under statute from 2020 to the present.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	9. Leases In December 2020, the Company entered into a lease agreement, (the “Lease”), pursuant to which the Company leases 68,187 square feet of office and laboratory space located in Waltham, Massachusetts (the “Premises”). The Lease has a term of eight years and six months and the Company gained access to the Premises in September 2021. The Company has two options to extend the term of the Lease, each for a period of an additional five years ; however, those renewals were not considered reasonably certain and were not included in the measurement of the right of use assets or lease obligation . Summary of lease costs The Company does not have any finance leases. The components of lease cost were as follows: Year Ended December 31, (in thousands) 2023 2021 Operating lease cost $ 5,420 $ 5,278 Variable lease cost 2,125 2,113 Total lease cost $ 7,545 $ 7,391 Supplemental disclosure of cash flow information for the lease was as follows: Year Ended December 31, (in thousands) 2023 2022 Operating cash payments for operating leases $ 4,632 $ 3,247 The Company was unable to determine the interest rate implicit in the lease and used the Company's IBR as determined from a market analysis of peer borrowings. The weighted-average remaining lease term and discount rate for the lease was as follows: As of December 31, 2023 2022 Weighted-average remaining lease term - operating leases 6.25 years 7.25 years Weighted-average discount rate - operating leases 5.80 % 5.80 % Future minimum lease payments under the non-cancelable operating lease consisted of the following as of December 31, 2023: Year Ending December 31, (in thousands) 2024 4,847 2025 4,993 2026 5,143 2027 5,297 2028 5,456 Thereafter 7,034 Total future minimum lease payments 32,770 Less: imputed interest ( 5,355 ) Present value of lease liabilities $ 27,415 Included in the condensed consolidated balance sheet (in thousands) December 31, 2023 Lease liability 4,720 Lease liability, net of current portion 22,695 Total lease liability $ 27,415

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to any such legal proceedings. Other contractual obligations The Company enters into contracts in the normal course of business with third parties for preclinical research studies, clinical trials and testing 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 service providers, up to the date of cancellation and in the case of certain arrangements may include non-cancelable fees.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events In January 2024, the Company completed a follow-on public offering, pursuant to which the Company issued and sold 19,722,500 shares of the Company’s common stock. The Company received net proceeds of $ 323.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes 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 from those estimates or assumptions.
Concentrations of Credit Risk and of Significant Suppliers	Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company believes the depository institutions in which the cash and cash equivalents are held are of high-credit quality. The Company maintains its cash equivalents in money market funds that invest in U.S. treasury securities and highly liquid investments maturing within 90 days from the date of purchase. The Company’s marketable securities as of December 31, 2023 consisted of commercial paper, certificates of deposit, corporate debt securities and U.S. treasury securities. The Company has adopted an investment policy that limits the amounts the Company may invest in the securities of any single issuer with the exclusion of the U.S. government. The Company has not experienced any credit losses. The Company is dependent on a small number of third-party suppliers for its drug substance and drug product. In particular, the Company relies, and expects to continue to rely, on third-party suppliers for certain materials and components required for the development of its programs and future production of any product candidates it may develop for its programs. These programs could be adversely affected by a significant interruption in the supply process.
Marketable Securities	Marketable securities The Company’s marketable securities consist of commercial paper, certificates of deposit, U.S. treasury notes and corporate debt securities and are classified as available-for-sale which are reported at fair value. Unrealized losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive loss in stockholders’ equity. Realized gains and losses are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge to the statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented.
Leases	Leases Under ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances presented in the arrangement, including whether the Company controls the use of identified assets. The Company classifies leases with a term greater than one year as either operating or finance leases at the lease commencement date and records a right-of-use assets and current and non-current lease liabilities, as applicable on the balance sheet. The Company has elected not to recognize on the balance sheet leases with terms of one year or less, but payments are recognized as expense on a straight-line basis over the lease term. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present as of the lease commencement date. The Company monitors its plans to renew its material lease each reporting period. Lease liabilities and the corresponding right-of-use assets are recorded based on the present value of lease payments over the remaining lease term. The present value of future lease payments are discounted using the interest rate implicit in lease contracts if that rate is readily determinable; otherwise the Company utilizes its incremental borrowing rate (“IBR”), which reflects the fixed rate at which the Company could borrow on a collateralized basis over a similar term, the amount of the lease payments in a similar economic environment. After lease commencement and the establishment of a right-to-use asset and operating lease liability, lease expense is recorded on a straight-line basis over the lease term. The Company enters into contracts that contain both lease and non-lease components. Non-lease components include costs that do not provide a right-to-use a leased asset but instead provide a service, such as maintenance costs. The Company has elected to account for the lease and non-lease components together as a single component for all classes of underlying assets. Variable costs associated with the lease, such as maintenance and utilities, are not included in the measurement of right-to-use assets and lease liabilities but rather are expensed when the events determining the amount of variable consideration to be paid have occurred.
Property and Equipment	Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset class. Costs for capital assets not yet placed into service are capitalized as construction-in-process and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance which do not improve or extend the life of the respective assets are charged to expense as incurred.
Impairment of Long-Lived Assets	Impairment of long-lived assets Long-lived assets consist of property and equipment. The Company evaluates the recoverability of its long-lived assets when circumstances indicate that an event of impairment may have occurred. The Company recognizes an impairment loss only if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. Impairment is measured based on the difference between the carrying value of the related assets and the fair value of such assets. The Company has not recorded any impairment charges in the periods presented in these financial statements.
Segment Information	Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The CEO views the Company’s operations and manages the business as one operating segment.
Research and Development Costs	Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation and amortization, manufacturing expenses and external costs of vendors engaged to conduct clinical and preclinical development activities as well as the cost of licensing technology. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development expenses in the period in which they are incurred. Advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are consumed or the services are performed.
Research and Manufacturing Contract Costs and Accruals	Research and manufacturing contract costs and accruals The Company has entered into various research and development and manufacturing contracts. These agreements are generally cancelable, and related payments are recorded as the corresponding expenses are incurred. The Company records accruals for estimated ongoing costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the research studies and manufacturing activities, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.
Patent Costs	Patent costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.
Income Taxes	Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Fair Value Measurements	Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
Net Loss Per Share	Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year Ended December 31, 2023 2022 Options to purchase common stock 9,914,719 9,381,429 Unvested restricted stock units 3,422,212 1,695,191 Total 13,336,931 11,076,620
Stock-Based Compensation	Stock-based compensation The Company accounts for stock option awards at fair value and measures fair value using the Black-Scholes option-pricing model as of the grant date. For restricted stock unit awards, the fair value is based on the closing price of the Company's common stock on the date of grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for all time-vested awards. For awards with performance based vesting conditions, the timing of expense recognition is based upon management’s estimation of the probability of the performance condition being achieved. Upon determination of the performance condition being deemed probable of achievement, expense is recognized over the remaining service period for performance-based awards. Forfeitures are recognized as they occur for all awards.
Comprehensive Loss	Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss was unrealized gains (losses) on marketable securities.
Recently adopted accounting pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 , Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending December 31, 2024, and interim periods beginning after January 1, 2025. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share	The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year Ended December 31, 2023 2022 Options to purchase common stock 9,914,719 9,381,429 Unvested restricted stock units 3,422,212 1,695,191 Total 13,336,931 11,076,620

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Marketable Securities by Security Type	The following tables set forth marketable securities for the periods presented : As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Total Corporate debt securities 1,474 — — 1,474 Total $ 1,474 $ — $ — $ 1,474 As of December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Total Commercial paper 3,955 — — 3,955 Corporate debt securities 57,231 — ( 526 ) 56,705 Certificates of deposit 4,984 — — 4,984 U.S. treasury notes 18,266 1 ( 46 ) 18,221 Total $ 84,436 $ 1 $ ( 572 ) $ 83,865
Summary of Assets Carried at Fair Value on Recurring Basis	The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented: Fair Value Measurements as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 66,179 $ — $ — $ 66,179 U.S. treasury notes 18,689 — — 18,689 Marketable securities Corporate debt securities — 1,474 — 1,474 Total $ 84,868 $ 1,474 $ — $ 86,342 Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 9,381 $ — $ — $ 9,381 Corporate debt securities — 3,852 — 3,852 U.S. treasury notes 811 — — 811 Marketable securities Commercial paper 3,955 — — 3,955 Corporate debt securities — 56,705 — 56,705 Certificates of deposit — 4,984 — 4,984 U.S. treasury notes 18,221 — — 18,221 Total $ 32,368 $ 65,541 $ — $ 97,909

Summary of Cash, Cash Equivalen

Summary of Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2023
Restricted Cash and Cash Equivalents [Abstract]
Restrictions on Cash and Cash Equivalents	Cash, cash equivalents and restricted cash consisted of the following: December 31, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 121,626 $ 172,147 Restricted cash 2,315 2,319 Total $ 123,941 $ 174,466

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: December 31, (in thousands) 2023 2022 Laboratory equipment $ 7,546 $ 6,770 Office and computer equipment 2,091 1,898 Construction in process 431 906 Property and equipment—at cost 10,068 9,574 Less accumulated depreciation and amortization ( 5,288 ) ( 3,629 ) Property and equipment—net $ 4,780 $ 5,945

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: December 31, (in thousands) 2023 2022 Payroll and benefits $ 10,498 $ 5,935 Consulting services 423 776 Legal services 397 410 Research and development 12,121 11,097 Facility costs — 1 Total $ 23,439 $ 18,219

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted	The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Year Ended December 31, 2023 2022 Expected volatility 66 % 68 % Risk-free interest rate 3.42 % — 4.94 % 1.47 % — 4.23 % Expected term (in years) 6 6 Expected dividend yield — —
Summary of Stock Option Activity and Related Information	A summary of the Company's stock option activity and related information for the year ended December 31, 2023 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding January 1, 2023 9,381,429 $ 9.59 8.2 $ 34,879 Granted 1,687,596 11.52 Exercised ( 832,906 ) 2.35 Canceled ( 321,400 ) 11.15 Outstanding December 31, 2023 9,914,719 $ 10.48 7.7 $ 38,732 Options exercisable— December 31, 2023 5,459,257 $ 9.67 7.0 $ 27,801 Options vested or expected to vest— December 31, 2023 9,914,719 $ 10.48 8.2 $ 38,732
Summary of RSU Activity	A summary of the Company’s RSU activity and related information for the year ended December 31, 2023 is as follows: Number of Shares Underlying RSUs Weighted Average Issued and unvested as of January 1, 2023 1,695,191 $ 13.02 Granted 2,297,736 10.94 Vested ( 490,269 ) 13.96 Forfeited ( 80,446 ) 12.27 Issued and unvested as of December 31, 2023 3,422,212 $ 11.50
Summary of Stock-based Compensation Expense	The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Year Ended December 31, (in thousands) 2023 2022 Research and development $ 11,578 $ 8,218 General and administrative 8,394 6,960 Total $ 19,972 $ 15,178

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Federal income tax expense at statutory rate 21 % 21 % State taxes—net of federal benefit — 1 State tax law changes ( 10 ) — Permanent differences and other ( 1 ) 4 Federal & state R&D credits 3 4 Increase in valuation allowance ( 13 ) ( 30 ) Effective income tax rate 0 % 0 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s net deferred tax assets at December 31, 2023 and 2022 are as follows: Year Ended December 31, (in thousands) 2023 2022 Deferred tax assets: Stock-based compensation $ 3,122 $ 4,176 Net operating loss carryforwards 57,474 59,998 Credit carryforwards 19,424 11,225 Fixed assets 311 564 Accrued expenses 4,794 4,682 Lease liability 5,759 8,264 R&D Capitalization 60,902 33,515 Total deferred tax assets 151,786 122,424 Valuation allowance ( 145,775 ) ( 113,622 ) Total net deferred tax assets 6,011 8,802 Deferred tax liabilities: Right of use asset ( 6,011 ) ( 8,802 ) Total deferred tax liability ( 6,011 ) ( 8,802 ) Total deferred tax assets (liabilities) $ — $ —
Schedule of Changes in Valuation Allowance	Changes in the valuation allowance were as follows: Year Ended December 31, 2023 2022 Valuation allowance at the beginning of year $ 113,622 $ 63,546 Decreases recorded as benefit to income tax provision — — Increases recorded to income tax provision 32,153 50,076 Valuation allowance at the end of year $ 145,775 $ 113,622

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share	The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year Ended December 31, 2023 2022 Options to purchase common stock 9,914,719 9,381,429 Unvested restricted stock units 3,422,212 1,695,191 Total 13,336,931 11,076,620

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Components of Lease Cost for the Sublease	The components of lease cost were as follows: Year Ended December 31, (in thousands) 2023 2021 Operating lease cost $ 5,420 $ 5,278 Variable lease cost 2,125 2,113 Total lease cost $ 7,545 $ 7,391
Supplemental Disclosure of Cash Flow Information Related to Leases for the Sublease	Supplemental disclosure of cash flow information for the lease was as follows: Year Ended December 31, (in thousands) 2023 2022 Operating cash payments for operating leases $ 4,632 $ 3,247
Schedule of Weighted Average Remaining Lease Term and Discount Rate for the Sublease	The weighted-average remaining lease term and discount rate for the lease was as follows: As of December 31, 2023 2022 Weighted-average remaining lease term - operating leases 6.25 years 7.25 years Weighted-average discount rate - operating leases 5.80 % 5.80 %
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases	Future minimum lease payments under the non-cancelable operating lease consisted of the following as of December 31, 2023: Year Ending December 31, (in thousands) 2024 4,847 2025 4,993 2026 5,143 2027 5,297 2028 5,456 Thereafter 7,034 Total future minimum lease payments 32,770 Less: imputed interest ( 5,355 ) Present value of lease liabilities $ 27,415 Included in the condensed consolidated balance sheet (in thousands) December 31, 2023 Lease liability 4,720 Lease liability, net of current portion 22,695 Total lease liability $ 27,415

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jan. 01, 2024	Jan. 31, 2024	Dec. 31, 2023
Nature Of Business And Basis Of Presentation [Line Items]
Entity incorporation date			Dec. 01, 2017
Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Net proceeds from issuance of common stock			$ 52.4
Subsequent Event [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from issuance of common stock in public offering	$ 323.9
Subsequent Event [Member] | Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from issuance of common stock in public offering		$ 323.9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalent maturity period	90 days
Number of operating segment | Segment	1
Lease liabilities	$ 27,415
Right-of-use assets	$ 28,612	$ 32,467

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ in Thousands (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
DividendsCommon Stock	$ 13,336,931	$ 11,076,620
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
DividendsCommon Stock	9,914,719	9,381,429
Unvested Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
DividendsCommon Stock	$ 3,422,212	$ 1,695,191

Summary of Cash, Cash Equival_2

Summary of Cash, Cash Equivalents and Restricted Cash -Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 121,626	$ 172,147
Restricted cash	2,315	2,319
Total	$ 123,941	$ 174,466

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2023
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalent maturity period	90 days

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Marketable Securities by Security Type (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,474	$ 84,436
Unrealized Gains	0	1
Unrealized Losses	0	(572)
Total	1,474	83,865
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		3,955
Unrealized Gains		0
Unrealized Losses		0
Total		3,955
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		4,984
Unrealized Gains		0
Unrealized Losses		0
Total		4,984
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,474	57,231
Unrealized Gains	0	0
Unrealized Losses	0	(526)
Total	$ 1,474	56,705
U.S. Treasury Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		18,266
Unrealized Gains		1
Unrealized Losses		(46)
Total		$ 18,221

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Assets Carried at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total	$ 86,342	$ 97,909
Level 1
Assets:
Total	84,868	32,368
Level 2
Assets:
Total	1,474	65,541
Cash Equivalents | Corporate Debt Securities
Assets:
Total	1,474	3,852
Cash Equivalents | U.S. Treasury Notes
Assets:
Total		811
Cash Equivalents | Money Market Funds
Assets:
Total	66,179	9,381
Cash Equivalents | Certificates of Deposit
Assets:
Total		4,984
Cash Equivalents | Level 1 | Corporate Debt Securities
Assets:
Total	0	0
Cash Equivalents | Level 1 | U.S. Treasury Notes
Assets:
Total		811
Cash Equivalents | Level 1 | Money Market Funds
Assets:
Total	66,179	9,381
Cash Equivalents | Level 2 | Corporate Debt Securities
Assets:
Total	1,474	3,852
Marketable Securities | Corporate Debt Securities
Assets:
Total		56,705
Marketable Securities | U.S. Treasury Notes
Assets:
Total	18,689	18,221
Marketable Securities | Commercial Paper
Assets:
Total		3,955
Marketable Securities | Level 1 | U.S. Treasury Notes
Assets:
Total	$ 18,689	18,221
Marketable Securities | Level 1 | Commercial Paper
Assets:
Total		3,955
Marketable Securities | Level 2 | Corporate Debt Securities
Assets:
Total		56,705
Marketable Securities | Level 2 | Certificates of Deposit
Assets:
Total		$ 4,984

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value assets, transfers among level 1, level 2 or level 3	$ 0	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 10,068	$ 9,574
Less accumulated depreciation and amortization	(5,288)	(3,629)
Property and equipment—net	4,780	5,945
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	7,546	6,770
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	2,091	1,898
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 431	$ 906

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,673	$ 1,683

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and benefits	$ 10,498	$ 5,935
Consulting services	423	776
Legal services	397	410
Research and development	12,121	11,097
Facility costs	0	1
Total	$ 23,439	$ 18,219

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Temporary Equity [Line Items]
Shares issued during period, Shares, New Issue	4,509,063	3,425,085

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 16, 2020 shares	Dec. 31, 2023 USD ($) Installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 01, 2024 shares	Nov. 30, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock value | $	$ 6		$ 6	$ 6
Common stock, shares issued	61,468,743		61,468,743	55,636,505
Stock Issued During Period, Value, New Issues | $			$ 52,369	$ 36,861
Intrinsic value of options exercised | $			$ 8,100	$ 3,200
Weighted-average grant date fair value of options granted | $ / shares			$ 7.28	$ 6.24
Unrecognized share based compensation expense, recognition period			3 years 4 months 24 days
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense | $	$ 28,300		$ 28,300
Unrecognized share based compensation expense, recognition period			2 years 4 months 24 days
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted | $ / shares				$ 10.41
Unrecognized compensation expense | $	$ 36,200		$ 36,200
Number of share of common stock receivable upon vesting			1
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares of common stock authorized		488,414
Number of shares available for future issuance	488,414		488,414
Percentage of outstanding shares increased annually under the plan		1%
Increase in common stock reserved for future issuance		1,953,656
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,272,111		2,272,111
Number of shares initially reserved for issuance		4,884,233			3,073,437
Percentage of outstanding shares increased annually under the plan		5%
2020 Plan | Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted | $ / shares			$ 10.94
Share-based Compensation Arrangement By Share-based Payment Award Grant Service Conditions to Vest Number of Annual Installments | Installment			4
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company, RSUs with service conditions that vest in sixteen equal quarterly installments provided that the employee remains employed with the Company and RSUs with performance-based vesting conditions. As of December 31, 2023, there are no RSUs with performance-based vesting conditions outstanding.
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offer price | $						$ 150,000
Common stock, shares issued	4,509,063		4,509,063
Stock Issued During Period, Value, New Issues | $			$ 0
Net proceeds from issuance of common stock | $			$ 52,400
Shares issued during period, Shares, New Issue			4,509,063	3,425,085
Sale price per share | $ / shares	$ 12.01		$ 12.01
Common Stock | Atlas Venture and related affiliated entities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net proceeds from issuance of common stock | $	$ 89,200
Shares issued during period, Shares, New Issue	7,934,148

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	66%	68%
Risk-free interest rate, minimum	3.42%	1.47%
Risk-free interest rate, maximum	4.94%	4.23%
Expected term (in years)	6 years	6 years

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) - Summary of Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding, beginning of period	9,381,429
Granted	1,687,596
Exercised	(832,906)
Canceled	(321,400)
Outstanding, end of period	9,914,719	9,381,429
Options exercisable - December 31, 2023	5,459,257
Options vested or expected to vest - December 31, 2023	9,914,719
Weighted Average Exercise Price
Outstanding, beginning of period	$ 9.59
Granted	11.52
Exercised	2.35
Canceled	11.15
Outstanding, end of period	10.48	$ 9.59
Options exercisable - December 31, 2023	9.67
Options vested or expected to vest - December 31, 2023	$ 10.48
Weighted Average Remaining Life (in years)
Outstanding	7 years 8 months 12 days	8 years 2 months 12 days
Options exercisable - December 31, 2023	7 years
Options vested or expected to vest - December 31, 2023	8 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 38,732	$ 34,879
Options exercisable - December 31, 2023	27,801
Options vested or expected to vest - December 31, 2023	$ 38,732

Stockholders' Equity (Deficit_5

Stockholders' Equity (Deficit) - Summary of RSU Activity (Details) - Restricted Stock Units ("RSUs") - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value
Granted		$ 10.41
2020 Plan
Number of Shares Underlying RSUs
Issued and unvested as of January 1, 2023	1,695,191
Granted	2,297,736
Vested	(490,269)
Forfeited	(80,446)
Issued and unvested as of December 31, 2023	3,422,212	1,695,191
Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2023	$ 13.02
Granted	10.94
Vested	13.96
Forfeited	12.27
Issued and unvested as of December 31, 2023	$ 11.5	$ 13.02

Stockholders' Equity (Deficit_6

Stockholders' Equity (Deficit) - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 19,972	$ 15,178
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	11,578	8,218
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,394	$ 6,960

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective income tax rate reconciliation
Federal income tax expense at statutory rate	21%	21%
State taxes—net of federal benefit	0%	1%
State tax law changes	(10.00%)	0%
Permanent differences and other	(1.00%)	4%
Federal & state R&D credits	3%	4%
Increase in valuation allowance	(13.00%)	(30.00%)
Effective income tax rate	0%	0%

Income Taxes - Significant Comp

Income Taxes - Significant Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Stock-based compensation	$ 3,122	$ 4,176
Net operating loss carryforwards	57,474	59,998
Credit carryforwards	19,424	11,225
Fixed assets	311	564
Accrued expenses	4,794	4,682
Lease liability	5,759	8,264
R&D Capitalization	60,902	33,515
Total deferred tax assets	151,786	122,424
Valuation allowance	(145,775)	(113,622)	$ (63,546)
Total net deferred tax assets	6,011	8,802
Deferred tax liabilities:
Right of use asset	(6,011)	(8,802)
Total deferred tax liability	(6,011)	(8,802)
Total deferred tax assets (liabilities)	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Increase in valuation allowance for deferred tax assets	$ 32,153	$ 50,076
Unrecognized tax positions, accrued interest or penalties	$ 0	$ 0
Tax returns open year	2020
U.S. Federal
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 273,500
U.S. Federal | Research and Developments Tax Credit Carryforwards
Income Tax Disclosure [Line Items]
Research and development tax credit carryforwards	$ 17,100
Research and development tax credit carryforwards expiration year	2039
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 279,500
Net operating loss carryforwards expiration year	2038
State and Local Jurisdiction | Research and Developments Tax Credit Carryforwards
Income Tax Disclosure [Line Items]
Research and development tax credit carryforwards	$ 2,900
Research and development tax credit carryforwards expiration year	2033

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance at the beginning of year	$ 113,622	$ 63,546
Decreases recorded as benefit to income tax provision	0	0
Increases recorded to income tax provision	32,153	50,076
Valuation allowance at the end of year	$ 145,775	$ 113,622

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (235,937)	$ (168,099)

Leases - Additional Information

Leases - Additional Information (Details) - ft²	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2023
Leases [Abstract]
Additional leased office space	68,187
Lease term	8 years 6 months
Lease, description		The Company has two options to extend the term of the Lease, each for a period of an additional five years; however, those renewals were not considered reasonably certain and were not included in the measurement of the right of use assets or lease obligation.
Option to extend lease		The Company has two options to extend the term of the Lease, each for a period of an additional five years; however, those renewals were not considered reasonably certain and were not included in the measurement of the right of use assets or lease obligation
Additional period of lease	5 years

Leases - Components of Lease Co

Leases - Components of Lease Cost for the Sublease (Details) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Leases [Abstract]
Operating Lease Cost	$ 5,420	$ 5,278
Variable Lease, Cost	2,125	2,113
Total lease cost	$ 7,545	$ 7,391

Leases - Supplemental Disclosur

Leases - Supplemental Disclosure of Cash Flow Information Related to Leases for the Sublease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash payments for operating leases	$ 4,632	$ 3,247

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate for the Sublease (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 3 months	7 years 3 months
Weighted-average discount rate - operating leases	5.80%	5.80%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases for the Sublease (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 4,847
2025	4,993
2026	5,143
2027	5,297
2028	5,456
Thereafter	7,034
Total future minimum lease payments	32,770
Less: imputed interest	(5,355)
Total lease liability	27,415
Lease liability	4,720	$ 4,610
Lease liability, net of current portion	$ 22,695	$ 25,873

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions		1 Months Ended
	Jan. 01, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common shares, shares issued			61,468,743	55,636,505
Common Stock [Member]
Subsequent Event [Line Items]
Common shares, shares issued			4,509,063
Subsequent Event [Member]
Subsequent Event [Line Items]
Net proceeds from public offering	$ 323.9
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Common shares, shares issued		19,722,500
Net proceeds from public offering		$ 323.9