Monte Rosa Therapeutics (GLUE) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Monte Rosa Therapeutics, Inc.
Entity Central Index Key	0001826457
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		50,512,019
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Security12b Title	Common stock, par value $0.0001 per share
Trading Symbol	GLUE
Security Exchange Name	NASDAQ
Entity File Number	001-40522
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	84-3766197
Entity Address Address Line1	321 Harrison Avenue
Entity Address, Address Line Two	Suite 900
Entity Address City Or Town	Boston
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02118
City Area Code	617
Local Phone Number	949-2643
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 99,752	$ 128,101
Marketable securities	93,140	104,312
Other receivables	601	505
Prepaid expenses and other current assets	5,543	3,294
Total current assets	199,036	236,212
Property and equipment, net	34,036	33,803
Operating lease right-of-use assets	28,422	28,808
Restricted cash	4,863	4,580
Other long-term assets	389	352
Total assets	266,746	303,755
Current liabilities:
Accounts payable	6,828	11,152
Total other current liabilities	10,713	14,600
Current deferred revenue	20,407	17,678
Current portion of operating lease liability	3,345	3,162
Total current liabilities	41,293	46,592
Deferred revenue, net of current	28,529	32,323
Defined benefit plan liability	2,568	2,713
Operating lease liability	41,837	42,877
Total liabilities	114,227	124,505
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized, 50,210,309 shares issued and 50,200,304 shares outstanding as of March 31, 2024; and 50,154,929 shares issued and 50,140,233 shares outstanding as of December 31, 2023	5	5
Additional paid-in capital	553,063	547,857
Accumulated other comprehensive loss	(2,693)	(2,724)
Accumulated deficit	(397,856)	(365,888)
Total stockholders' equity	152,519	179,250
Total liabilities and stockholders' equity	$ 266,746	$ 303,755

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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 or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	50,210,309	50,154,929
Common stock shares outstanding	50,200,304	50,140,233

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Collaboration Revenue	$ 1,064	$ 0
Operating expenses:
Research and development	27,026	26,755
General and administrative	8,985	7,504
Total operating expenses	36,011	34,259
Loss from operations	(34,947)	(34,259)
Other income (expense):
Interest income	2,442	2,437
Foreign currency exchange gain (loss), net	620	(85)
Loss on sale of marketable securities	0	(131)
Total other income	3,062	2,221
Net loss before income taxes	(31,885)	(32,038)
Provision for income taxes	(83)	0
Net loss	$ (31,968)	$ (32,038)
Net loss per share-basic	$ (0.53)	$ (0.65)
Net loss per share-diluted	$ (0.53)	$ (0.65)
Weighted-average number of shares outstanding used in computing net loss per common share-basic	60,156,187	49,347,473
Weighted-average number of shares outstanding used in computing net loss per common share-diluted	60,156,187	49,347,473
Other comprehensive income (loss):
Provision for pension benefit obligation	$ 35	$ 14
Unrealized gain (loss) on available-for-sale securities	(4)	345
Comprehensive loss	$ (31,937)	$ (31,679)

Condensed Combined and Consolid

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance (in shares) beginning at Dec. 31, 2022		49,323,531
Balance beginning period at Dec. 31, 2022	$ 271,413	$ 5	$ 503,696	$ (1,752)	$ (230,536)
Restricted common stock vesting, Shares		33,192
Exercise of common stock options	18		18
Exercise of common stock options, Shares		4,261
Provision for pension benefit obligation	14			14
Stock-based compensation expense	3,974		3,974
Unrealized loss on available-for-sale securities	345			345
Net Income (Loss)	(32,038)				(32,038)
Balance end period at Mar. 31, 2023	243,726	$ 5	507,688	(1,393)	(262,574)
Balance (in shares) period end at Mar. 31, 2023		49,360,984
Balance (in shares) beginning at Dec. 31, 2023		50,140,233
Balance beginning period at Dec. 31, 2023	179,250	$ 5	547,857	(2,724)	(365,888)
Restricted common stock vesting, Shares		4,691
Exercise of common stock options	$ 246		246
Exercise of common stock options, Shares	45,108	45,108
Issuance of common stock, shares		10,272
Issuance of common stock	$ 87		87
Provision for pension benefit obligation	35			35
Stock-based compensation expense	4,873		4,873
Unrealized loss on available-for-sale securities	(4)			(4)
Net Income (Loss)	(31,968)				(31,968)
Balance end period at Mar. 31, 2024	$ 152,519	$ 5	$ 553,063	$ (2,693)	$ (397,856)
Balance (in shares) period end at Mar. 31, 2024		50,200,304

Condensed Combined and Consol_2

Condensed Combined and Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (31,968)	$ (32,038)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	4,873	3,974
Depreciation	1,897	1,151
Net accretion of discounts/premiums on marketable securities	(69)	(1,266)
Loss on sale of marketable securities	0	131
Changes in operating assets and liabilities
Other receivables	(10)	2,053
Prepaid expenses and other current assets	(2,287)	1,320
Accounts payable	(5,070)	306
Accrued expenses and other current liabilities	(3,886)	(3,285)
Defined benefit plan liability	(110)	(7)
Right-of-use assets and operating lease liabilities	(471)	6,895
Deferred revenue	(1,064)	0
Net cash used in operating activities	(38,165)	(23,406)
Cash flows from investing activities:
Purchases of property and equipment	(1,384)	(9,181)
Purchases of marketable securities	(56,068)	(67,824)
Proceeds from sale of marketable securities	0	45,631
Proceeds from maturities of marketable securities	67,305	51,700
Net cash provided by (used in) investing activities	9,853	20,326
Cash flows from financing activities:
Proceeds from exercise of employee stock options	246	18
Net cash provided by financing activities	246	18
Net decrease in cash, cash equivalents and restricted cash	(28,066)	(3,062)
Cash, cash equivalents and restricted cash—beginning of period	132,681	60,190
Cash, cash equivalents and restricted cash-end of period	104,615	57,128
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	99,752	51,847
Restricted cash	4,863	5,281
Total cash, cash equivalents and restricted cash	104,615	57,128
Supplemental disclosure of noncash items
Reduction of right-of-use assets for lease incentives receivable	0	3,433
Purchases of property and equipment in accounts payable and accrued expenses	$ 983	$ 4,402

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (31,968)	$ (32,038)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Description of business and liq

Description of business and liquidity	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Description of business and liquidity	1. Description of business and liquidity Business Monte Rosa Therapeutics, Inc. is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG, or Monte Rosa AG, and Monte Rosa Therapeutics Securities Corp. Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated under the laws of Switzerland in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in Delaware in November 2019. The Company is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland. Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of common stock, registered direct offerings, and through a collaboration with Roche. The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of March 31, 2024, the Company had an accumulated deficit of $ 397.9 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 32.0 million and $ 32.0 million for the three months ended March 31, 2024 and 2023, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $ 192.9 million as of March 31, 2024 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the fourth quarter interim condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act, or the JOBS Act. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. \\\

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	3. Fair value measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 99,211 $ — $ — $ 99,211 Pension plan assets — 8,814 — 8,814 Corporate debt securities — 36,406 — 36,406 U.S Treasury securities — 56,734 — 56,734 Total assets measured at fair value $ 99,211 $ 101,954 $ — $ 201,165 As of December 31, 2023 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 122,791 $ — $ — $ 122,791 Pension plan assets — 9,317 — 9,317 Corporate debt securities — 79,816 — 79,816 U.S Treasury securities — 24,496 — 24,496 Total assets measured at fair value $ 122,791 $ 113,629 $ — $ 236,420 Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Columna Collective Foundation Group investment fund and are classified within Level 2 of the fair value hierarchy. Marketable securities consist of corporate debt securities and U.S. Treasury securities which are classified as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities . Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities based on historical data and other observable inputs. There were no transfers among Level 1, Level 2 or Level 3 categories in the three months ended March 31, 2024 and 2023 .

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities Marketable securities as of March 31, 2024 consisted of the following (in thousands) : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 36,432 $ 2 $ ( 28 ) 36,406 U.S Treasury securities 56,765 — ( 31 ) 56,734 Total $ 93,197 $ 2 $ ( 59 ) $ 93,140 Market securities as of December 31, 2023 consisted of the following (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 79,870 $ 4 $ ( 58 ) 79,816 U.S Treasury securities 24,495 11 ( 10 ) 24,496 Total $ 104,365 $ 15 $ ( 68 ) $ 104,312 The Company evaluates securities for other-than-temporary impairments based on quantitative and qualitative factors, and considers the decline in market value as of March 31, 2024 to be primarily attributable to the then current economic and market conditions. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that the Company will have to sell them before recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to it at maturity.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	5. Property and Equipment, net Property and equipment, net, consist of the following (in thousands): March 31, December 31, Laboratory equipment $ 24,268 $ 22,079 Computer hardware and software 1,052 1,052 Furniture and fixtures 1,099 1,099 Leasehold improvements 20,833 20,893 Construction in process 925 924 Total property and equipment, at cost $ 48,177 $ 46,047 Less: accumulated depreciation ( 14,141 ) ( 12,244 ) Property and equipment, net $ 34,036 $ 33,803 Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 1.9 million and $ 1.2 million, respectively.

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued Expenses And Other Current Liabilities	6. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Compensation and benefits $ 3,539 $ 7,593 Accrued research and development 5,014 5,336 Other 2,160 1,671 Total other current liabilities $ 10,713 $ 14,600

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	7. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use, or ROU, assets and operating lease liabilities in the condensed consolidated balance sheets. The Company has no finance leases as of March 31, 2024. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Klybeckstrasse Lease In March 2021, the Company entered into an operating lease agreement for office and lab space with Wincasa AG, or the landlord, that occupies approximately 21,422 square feet located at Klybeckstrasse 191, 4057 Basel, Basel-City, Switzerland. In April 2023, the Company and the Landlord amended the Klybeckstrasse Lease which increased the office and lab space square footage from 21,422 square feet to 44,685 square feet and extended the term of the lease through June 30, 2027. The amendment was accounted for as a lease modification and resulted in an increases to the related ROU asset and operating lease liability of $ 1.8 million. Harrison Avenue Lease In December 2021, the Company entered into a non-cancelable lease agreement for 63,327 square feet of office and laboratory space to support its expanding operations, or the Harrison Avenue Lease. The term of the lease commenced on April 1, 2022 and the Company’s obligation to pay rent began on December 21, 2022. The initial term of the lease is 128 months following the commencement date at which point the Company has the option to extend the lease an additional 5 years . As of the lease commencement date, the Company has determined that it is not reasonably certain to exercise the option to extend the lease and has not included the extension period in the lease term. The annual base rent under the Harrison Avenue Lease is $ 95.00 per square foot for the first year, which is subject to scheduled annual increases of 3 %, plus certain costs, operating expenses and property management fees. Pursuant to the terms of the Harrison Avenue Lease, the landlord reimbursed the Company for $ 13 million of tenant improvements. The Company reduced the related ROU asset by the amounts reimbursed by the landlord and capitalized the leasehold improvements as fixed assets on the consolidated balance sheet. The components of lease expense for the three months ended March 31, 2024 are as follows (in thousands): Three months ended 2024 2023 Operating lease expense $ 1,651 $ 2,142 Variable lease expense 879 531 Total lease expense $ 2,530 $ 2,673 The variable lease expenses generally include common area maintenance and property taxes. For the three months ended March 31, 2024, $ 2.1 million lease expense was recorded within research and development and $ 0.4 million lease expense was recorded within general and administrative in the condensed consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2023, $ 2.2 million lease expense was recorded within research and development and $ 0.4 million was recorded within general and administrative expense. Short-term lease costs for the three months ended March 31, 2024 and 2023 were immaterial. The weighted average remaining lease term and discount rate related to the Company's leases are as follows: March 31, December 31, Weighted average remaining lease term (years) 8.4 8.6 Weighted average discount rate 9.8 % 9.8 % Supplemental cash flow information relating to the Company's leases for the three months ended March 31, 2024 are as follows (in thousands): Three months ended 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ 108 $ - Cash paid for amounts included in the measurement of lease liabilities $ 759 $ 955 The amortization of the ROU assets for the three months ended March 31, 2024 and 2023 was $ 0.8 million and $ 0.8 million, respectively. Future minimum lease payments under non-cancelable leases as of March 31, 2024 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments 2024 $ 5,626 2025 7,686 2026 7,882 2027 7,639 2028 7,360 Thereafter 31,026 Total undiscounted minimum lease payments 67,219 Less: Imputed interest ( 22,037 ) Total operating lease liability $ 45,182

Commitments and contigencies

Commitments and contigencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and contingencies Legal Proceedings From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. As of March 31, 2024 , the Company is not a party to any litigation and does not have a contingency reserve established for any litigation liabilities.

Collaboration And License Agree

Collaboration And License Agreements	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and license agreements	9. Collaboration and license agreements Roche Collaboration and License Agreement Description In October 2023, Monte Rose Therapeutics AG, a wholly-owned subsidiary of Monte Rosa Therapeutics, Inc, or the Company, entered into a collaboration and license agreement with Roche. Pursuant to the agreement, the parties will seek to identify and develop molecular glue degraders, or MGDs, against cancer or neurological disease targets using the Company’s proprietary drug discovery platform for an initial set of targets in oncology and neuroscience selected by Roche, with Roche having an option to expand the collaboration to include additional option targets, wherein a certain number of targets selected by Roche are subject to replacement rights owned by Roche. The Company will lead pre-clinical discovery and research activities with Roche leading late pre-clinical and clinical development activities. Under the Agreement, Roche will have a worldwide, exclusive license under patents and know-how controlled by the Company to develop and commercialize products directed to applicable targets. The license exclusivity is subject to the Company’s retained rights solely to fulfill its obligations under the arrangement. The research collaboration activities governed by the Agreement will be overseen by a joint research committee. Unless earlier terminated, the Agreement will remain in effect for each product licensed under the Agreement until expiration of the royalty term for the applicable product. The parties have included termination provisions in the agreement, allowing termination of the Agreement in its entirety, on a country-by-country or a target-by-target basis. Pricing In November 2023, the Company received a $ 50.0 million non-refundable upfront payment for the initial set of targets. Pursuant to the terms of the agreement, the Company expects to be entitled to receive from Roche certain variable consideration including potential pre-clinical milestones up to $ 172 million, and potential clinical, commercial and sales milestones exceeding $ 2 billion. For the additional option targets, upon Roche’s exercise of their option, the Company is entitled to receive an upfront payment of up to $ 28 million and potential pre-clinical, clinical, commercial and sales milestones exceeding $ 1 billion. The Company is also eligible to receive tiered royalties ranging from high-single-digits to low-teens on any products that are commercialized by Roche as a result of the collaboration. As of March 31, 2024 the Company is not entitled to any of the variable consideration because all of such payments are due subsequent to the exercise of Roche's options. Accounting This agreement represents a transaction with a customer and therefore is accounted for under ASC 606 Revenue From Contracts With Customers . The Company determined that the development and commercialization licenses for each of the collaboration targets is neither capable of being distinct nor distinct within the context from the promised initial research services. In addition, the Company has determined that each target in the agreement is distinct from other targets because: (i) Roche can benefit from the license and research services for a given target on their own since the results related thereto can be evaluated discretely and (ii) the results of the research and development of each target does not affect either the Company’s ability to perform or Roche’s ability to assess the results for any other target. As such, the Company has identified certain performance obligations within the agreement as follows: • Performance obligations for the research and development of initial targets • Performance obligations for the research and development services related to Roche’s option to replace certain targets The total transaction price of the Roche Agreement is allocated to the performance obligations based on their relative standalone selling price. The Company developed the standalone selling price for the performance obligations included in the Roche Agreement by determining the total estimated costs to fulfill each performance obligation identified with the objective of determining the price at which it would sell such an item if it were to be sold regularly on a standalone basis. The allocated transaction price is recognized as revenue from collaboration agreements in one of two ways: • Research and development of the initial targets: The Company recognizes the portion of the transaction price allocated to each of the research and development performance obligations as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. • Option rights: The transaction price allocated to the options rights, which are considered material rights, is deferred until the period that Roche elects to exercise or elects to not exercise its option right to license and commercialize the underlying research and development target. Upon Roche's exercise of an option right, the Company will recognize the portion of the transaction price allocated using the input method described above. Any payments made to exercise option rights will be added to the allocated value and recognized as the related services are performed. The transaction price is determined to be $ 50.0 million upfront payment received in November 2023. As of March 31, 2024, $ 1.1 million has be recognized as collaboration revenue in the condensed consolidated statements of operations and comprehensive loss and the remaining $ 48.9 million of the upfront payment is recorded as deferred revenue in the liabilities section of the condensed consolidated balance sheets. No customer options had been exercised through March 31, 2024 .

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	10. Equity Undesignated Preferred Stock The Company had 10,000,000 shares authorized of undesignated preferred stock, par value of $ 0.0001 , of which no shares were issued and outstanding as of March 31, 2024. Common Stock The Company had 500,000,000 shares of common stock authorized, of which 50,210,309 shares were issued and 50,200,304 shares were outstanding as of March 31, 2024. On October 30, 2023, the Company sold in a registered direct offering pursuant to a securities purchase agreement pre-funded warrants to purchase 10,000,400 shares of the Company’s common stock to an accredited investor at a purchase price of $ 2.4999 per pre-funded warrant for aggregate gross proceeds of $ 25.0 million, before paying estimated offering expenses. The pre-funded warrants are immediately exercisable at an exercise price of $ 0.0001 per share. No pre-funded warrants have been exercised as of March 31, 2024. The holders of common stock are entitled to dividends when and if declared by the board of directors, subject to the preferences applicable to any outstanding shares of preferred stock. The board of directors has no t declared any dividends and the Company has no t paid any dividends. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. The Company has issued restricted stock to founders, employees and consultants, and expense for this restricted stock is recognized on a straight-line basis (see Note 11). The restricted stock generally vests monthly over 4 years . As of March 31, 2024, and December 31, 2023, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options: March 31, December 31, Options to purchase common stock 11,710,090 9,394,930 Unvested restricted common stock awards 10,005 14,696 Unvested restricted common stock units 236,519 236,519 11,956,614 9,646,145 At-the-Market Offering In July 2022, the Company entered into a sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $ 100 million from time to time in “at-the-market” offerings through Jefferies, as the Company’s sales agent. The Company agreed to pay Jefferies a commission of up to 3.0 % of the gross proceeds of any shares sold by Jefferies under the Sales Agreement. During the three months ended March 31, 2024 , the Company sold 10,272 shares of common stock under the Sales Agreement for aggregate gross proceeds of $ 0.1 million. The proceeds from the ATM offering were receivable as of March 31, 2024 and the transaction was settled on April 1, 2024. During the three months ended March 31, 2023 , the Company did no t sell shares of its common stock under the Sales Agreement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-based compensation 2020 Stock incentive plan The Company’s 2020 Stock Option and Grant Plan, or the 2020 Plan, provided for the Company to grant stock options, restricted stock and other stock awards, to employees, non-employee directors, and consultants. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances were made under the 2020 Plan. 2021 Stock incentive plan The Company’s 2021 Stock Option and Incentive Plan, or the 2021 Plan, was approved by the Company’s board of directors on May 28, 2021 and the Company’s stockholders on June 17, 2021 and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2021 Plan was 4,903,145 . Under the evergreen provision of the 2021 Plan, the shares available for issuance under the 2021 Plan will be automatically increased each January 1st by 5 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31st or such lesser number of shares as may be determined by the Company’s compensation, nomination and corporate governance committee. Effective January 1, 2024 the number of shares available under the 2021 Plan automatically increased by 2,507,011 shares pursuant to the evergreen provision of the 2021 Plan. As of March 31, 2024, 3,437,203 shares were available for issuance under the 2021 Plan. 2021 Employee stock purchase plan The Company’s 2021 Employee Stock Purchase Plan, or the 2021 ESPP, was approved by the Company’s board of directors on May 28, 2021 and the Company’s stockholders on June 17, 2021 and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 439,849 shares of the Company’s common stock were initially reserved for issuance under the 2021 ESPP. The shares available for issuance under the 2021 ESPP will be automatically increased on each January 1st, through January 1, 2031, by the least of (i) 439,849 shares of the Company’s common stock, (ii) 1 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31st or (iii) such lesser number of shares of the Company’s common stock as determined by the plan administrator of the 2021 ESPP. Effective January 1, 2024 the number of shares available under the 2021 ESPP automatically increased by 439,849 shares pursuant to the evergreen provision of the 2021 ESPP. As of March 31, 2024, 1,158,258 shares were available for issuance under the 2021 ESPP. Stock option activity The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding—December 31, 2023 9,394,930 $ 8.78 8.0 $ 4,741 Granted 2,544,740 5.68 — — Exercised ( 45,108 ) 5.45 — — Forfeited ( 184,472 ) 7.78 — — Outstanding—March 31, 2024 11,710,090 $ 8.13 8.0 $ 12,125 Vested or expected to vest—March 31, 2024 11,710,090 $ 8.13 8.0 $ 12,125 Exercisable—March 31, 2024 4,986,183 $ 8.81 6.9 $ 6,596 The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. Restricted stock award activity Unvested restricted stock awards were granted to employees under the 2020 Plan. Restricted stock awards generally vest over a four year period provided the individual remains in continuous service of the Company. The following summarizes restricted stock award activity: Number Weighted Unvested restricted stock awards as of December 31, 2023 14,696 $ 2.19 Vested ( 4,691 ) $ 2.19 Unvested restricted stock awards as of March 31, 2024 10,005 $ 2.19 The aggregate fair value of restricted stock awards that vested during the three months ended March 31, 2024 was immaterial and $ 0.2 million for the three months ended March 31, 2023. The weighted average grant date fair value of restricted stock awards that vested during the three months ended March 31, 2024 and 2023 was $ 2.19 and $ 0.77 , respectively. Restricted stock unit activity Starting in 2022, the Company granted restricted stock units, or RSUs, to employees under the 2021 Plan. Each of the RSUs represents the right to receive one share of the Company’s common stock upon vesting. The RSUs will vest over two years provided the individual remains in continuous service of the Company. Accordingly, stock-based compensation expense for each RSU is recognized on a straight-line basis over the vesting term. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. As of March 31, 2024, there were 236,519 unvested restricted stock units with a weighted average grant date fair value of $ 8.00 . No restricted stock units were granted, vested, or forfeited during the three months ended March 31, 2024. Stock-based compensation expense Stock-based compensation expense is classified as follows (in thousands): Three months ended 2024 2023 Research and development $ 2,677 $ 2,145 General and administrative 2,196 1,829 Total stock-based compensation expense $ 4,873 $ 3,974 As of March 31, 2024 total unrecognized stock–based compensation cost related to unvested stock options and restricted stock units was $ 34.4 million and $ 1.0 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 2.7 years and 1.0 years, respectively. Unrecognized stock based compensation expense related to restricted stock awards was immaterial as of March 31, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	12. Income taxes During the three months ended March 31, 2024, the Company recorded an income tax provision of $ 0.1 million. The income tax provision is primarily related to interest income on marketable securities in Massachusetts and the US taxable income generated from the capitalization of research and development expenses. The Company did no t record a provision or benefit for income taxes during the three months ended March 31, 2023. The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize our deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercial products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Common Share	13. Net loss per common share Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of the Company's common stock underlying pre-funded warrants are included in the calculation of the basic and diluted earnings per share. Basic and diluted net loss per share are as follows (in thousands except share and per share amounts): Three months ended 2024 2023 Net loss $ ( 31,968 ) $ ( 32,038 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.53 ) $ ( 0.65 ) Weighted-average number of common shares used in computing net loss 60,156,187 49,347,473 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: March 31 March 31 2024 2023 Stock options to purchase common stock 11,710,090 10,096,033 Restricted common stock 10,005 89,079 Restricted stock units 236,519 91,000

Employee Retirement Plan

Employee Retirement Plan	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Retirement Plan	14. Employee retirement plans The Company, in compliance with Swiss Law, is contracted with the AXA Leben AG for the provision of pension benefits in a defined benefit plan. All benefits are organized in a semi-autonomous collective foundation within the framework of the contract with AXA. Insurance benefits due are paid directly to the entitled persons by AXA in the name of and for the account of the collective foundation. The pension plan is financed by contributions of both employees and employer. The contract between the Company and the collective foundation can be terminated by either side. In the event of a termination, the Company would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company. The pension assets are pooled for all affiliated companies; the investment of assets is done by the governing bodies of the collective foundation. The Company recorded $ 0.3 million and $ 0.2 million in defined benefit related expense during the three months ended March 31, 2024 and 2023, respectively. In February 2021, the Company adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible U.S. based employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right, but is not obligated, to make additional contributions to this plan. The Company makes safe-harbor match contributions of 100 % of the first 4 % of each participant’s eligible compensation. In January 2024, the Company adopted a defined contribution supplemental pension plan for eligible Swiss based employees defined by Swiss Law Art.1e BVV 2, or the 1e Plan. Employees earning above a defined threshold are eligible and automatically enrolled in the 1e Plan and required contributions are determined by age and salary under Swiss Law. The Company and the employee share the costs of the 1e Plan. The Company recorded $ 0.4 million in defined contribution expenses during the three months ended March 31, 2024 and $ 0.3 million matching 401(k) contribution related expense during the three months ended March 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation.
Liquidity Consideration	Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of common stock, registered direct offerings, and through a collaboration with Roche. The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of March 31, 2024, the Company had an accumulated deficit of $ 397.9 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 32.0 million and $ 32.0 million for the three months ended March 31, 2024 and 2023, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $ 192.9 million as of March 31, 2024 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the fourth quarter interim condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.
Unaudited Financial Information	Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act, or the JOBS Act. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. \\\

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 99,211 $ — $ — $ 99,211 Pension plan assets — 8,814 — 8,814 Corporate debt securities — 36,406 — 36,406 U.S Treasury securities — 56,734 — 56,734 Total assets measured at fair value $ 99,211 $ 101,954 $ — $ 201,165 As of December 31, 2023 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 122,791 $ — $ — $ 122,791 Pension plan assets — 9,317 — 9,317 Corporate debt securities — 79,816 — 79,816 U.S Treasury securities — 24,496 — 24,496 Total assets measured at fair value $ 122,791 $ 113,629 $ — $ 236,420

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable securities	Marketable securities as of March 31, 2024 consisted of the following (in thousands) : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 36,432 $ 2 $ ( 28 ) 36,406 U.S Treasury securities 56,765 — ( 31 ) 56,734 Total $ 93,197 $ 2 $ ( 59 ) $ 93,140 Market securities as of December 31, 2023 consisted of the following (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 79,870 $ 4 $ ( 58 ) 79,816 U.S Treasury securities 24,495 11 ( 10 ) 24,496 Total $ 104,365 $ 15 $ ( 68 ) $ 104,312

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net, consist of the following (in thousands): March 31, December 31, Laboratory equipment $ 24,268 $ 22,079 Computer hardware and software 1,052 1,052 Furniture and fixtures 1,099 1,099 Leasehold improvements 20,833 20,893 Construction in process 925 924 Total property and equipment, at cost $ 48,177 $ 46,047 Less: accumulated depreciation ( 14,141 ) ( 12,244 ) Property and equipment, net $ 34,036 $ 33,803

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule Of Accrued Expenses And Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Compensation and benefits $ 3,539 $ 7,593 Accrued research and development 5,014 5,336 Other 2,160 1,671 Total other current liabilities $ 10,713 $ 14,600

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Expense	The components of lease expense for the three months ended March 31, 2024 are as follows (in thousands): Three months ended 2024 2023 Operating lease expense $ 1,651 $ 2,142 Variable lease expense 879 531 Total lease expense $ 2,530 $ 2,673
Schedule of Lease Terms and Discount Rate	The weighted average remaining lease term and discount rate related to the Company's leases are as follows: March 31, December 31, Weighted average remaining lease term (years) 8.4 8.6 Weighted average discount rate 9.8 % 9.8 %
Schedule Of Supplemental Cash Flow Information Related To Leases	Supplemental cash flow information relating to the Company's leases for the three months ended March 31, 2024 are as follows (in thousands): Three months ended 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ 108 $ - Cash paid for amounts included in the measurement of lease liabilities $ 759 $ 955
Schedule of Future Minimum Payments Under Non -cancelable Operating Leases	Future minimum lease payments under non-cancelable leases as of March 31, 2024 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments 2024 $ 5,626 2025 7,686 2026 7,882 2027 7,639 2028 7,360 Thereafter 31,026 Total undiscounted minimum lease payments 67,219 Less: Imputed interest ( 22,037 ) Total operating lease liability $ 45,182

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options	As of March 31, 2024, and December 31, 2023, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options: March 31, December 31, Options to purchase common stock 11,710,090 9,394,930 Unvested restricted common stock awards 10,005 14,696 Unvested restricted common stock units 236,519 236,519 11,956,614 9,646,145

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding—December 31, 2023 9,394,930 $ 8.78 8.0 $ 4,741 Granted 2,544,740 5.68 — — Exercised ( 45,108 ) 5.45 — — Forfeited ( 184,472 ) 7.78 — — Outstanding—March 31, 2024 11,710,090 $ 8.13 8.0 $ 12,125 Vested or expected to vest—March 31, 2024 11,710,090 $ 8.13 8.0 $ 12,125 Exercisable—March 31, 2024 4,986,183 $ 8.81 6.9 $ 6,596
Schedule of Restricted Stock Award Activity	The following summarizes restricted stock award activity: Number Weighted Unvested restricted stock awards as of December 31, 2023 14,696 $ 2.19 Vested ( 4,691 ) $ 2.19 Unvested restricted stock awards as of March 31, 2024 10,005 $ 2.19
Schedule of Stock Based Compensation Expense	Stock-based compensation expense is classified as follows (in thousands): Three months ended 2024 2023 Research and development $ 2,677 $ 2,145 General and administrative 2,196 1,829 Total stock-based compensation expense $ 4,873 $ 3,974

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net loss per share are as follows (in thousands except share and per share amounts): Three months ended 2024 2023 Net loss $ ( 31,968 ) $ ( 32,038 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.53 ) $ ( 0.65 ) Weighted-average number of common shares used in computing net loss 60,156,187 49,347,473
Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation	The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: March 31 March 31 2024 2023 Stock options to purchase common stock 11,710,090 10,096,033 Restricted common stock 10,005 89,079 Restricted stock units 236,519 91,000

Description of Business and L_2

Description of Business and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsidiary Or Equity Method Investee [Line Items]
Restricted Cash and Cash Equivalents	$ 192,900
Accumulated deficit	(397,856)		$ (365,888)
Net Income (Loss)	$ (31,968)	$ (32,038)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Total assets measured at fair value	$ 201,165	$ 236,420
Level 1 [Member]
Current assets
Total assets measured at fair value	99,211	122,791
Level 2 [Member]
Current assets
Total assets measured at fair value	101,954	113,629
Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
US Treasury Securities Member
Current assets
Total assets measured at fair value	56,734	24,496
US Treasury Securities Member | Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
US Treasury Securities Member | Level 2 [Member]
Current assets
Total assets measured at fair value	56,734	24,496
US Treasury Securities Member | Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Money Market Funds [Member]
Current assets
Total assets measured at fair value	99,211	122,791
Money Market Funds [Member] | Level 1 [Member]
Current assets
Total assets measured at fair value	99,211	122,791
Money Market Funds [Member] | Level 2 [Member]
Current assets
Total assets measured at fair value	0	0
Money Market Funds [Member] | Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets [Member]
Current assets
Total assets measured at fair value	8,814	9,317
Pension Plan Assets [Member] | Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets [Member] | Level 2 [Member]
Current assets
Total assets measured at fair value	8,814	9,317
Pension Plan Assets [Member] | Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Corporate Debt Securities Member
Current assets
Total assets measured at fair value	36,406	79,816
Corporate Debt Securities Member | Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
Corporate Debt Securities Member | Level 2 [Member]
Current assets
Total assets measured at fair value	36,406	79,816
Corporate Debt Securities Member | Level 3 [Member]
Current assets
Total assets measured at fair value	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measure at fair value, transfers among Level 1, Level 2 or Level 3	$ 0	$ 0

Marketable Securities - Summary

Marketable Securities - Summary of Marketable securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 93,197	$ 104,365
Unrealized Gains	2	15
Unrealized Losses	(59)	(68)
Fair Value	93,140	104,312
Corporate Debt Securities Member
Marketable Securities [Line Items]
Amortized Cost	36,432	79,870
Unrealized Gains	2	4
Unrealized Losses	(28)	(58)
Fair Value	36,406	79,816
US Treasury Securities Member
Marketable Securities [Line Items]
Amortized Cost	56,765	24,495
Unrealized Gains	0	11
Unrealized Losses	(31)	(10)
Fair Value	$ 56,734	$ 24,496

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 48,177		$ 46,047
Less: accumulated depreciation	(14,141)		(12,244)
Property and equipment, net	34,036	$ 33,803	33,803
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	24,268		22,079
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,052		1,052
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,099		1,099
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	20,833		20,893
Construction in process
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 925		$ 924

Property and Equipment, net (Ad

Property and Equipment, net (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,897	$ 1,151

Property and Equipment, net -_2

Property and Equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,897	$ 1,151

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summery Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation and benefits	$ 3,539	$ 7,593
Accrued research and development	5,014	5,336
Other	2,160	1,671
Total other current liabilities	$ 10,713	$ 14,600

Leases (Additional Information)

Leases (Additional Information) (Details)		1 Months Ended	3 Months Ended
	Dec. 14, 2021 USD ($) ft²	Apr. 30, 2023 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 01, 2021 ft²
Lessee, Lease, Description [Line Items]
Finance Lease			$ 0
Amortization of the ROU assets			800,000	$ 800,000
Tenant improvements			13,000,000
Research and Development
Lessee, Lease, Description [Line Items]
Short-Term Lease			2,100,000	2,200,000
General and Administrative
Lessee, Lease, Description [Line Items]
Short-Term Lease			$ 400,000	$ 400,000
Hochbergerstrasse [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases | ft²					21,422
Right of Use Assets Decreased Limit, Amount		$ 1,800,000
Hochbergerstrasse [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases | ft²		44,685
Hochbergerstrasse [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases | ft²		21,422
Harrison Street [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases | ft²	63,327
Lease commencement date	Apr. 01, 2022
Initial lease term	128 months
Renewal term	5 years
Lease annual base rent per square foot	$ 95
Increase in annual base rent (Percentage)	3%

Leases - Summary of Lease Expen

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 1,651	$ 2,142
Variable lease expense	879	531
Total lease expense	$ 2,530	$ 2,673

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rate (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	8 years 4 months 24 days	8 years 7 months 6 days
Weighted average discount rate	9.80%	9.80%

Leases - Schedule Of Supplement

Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations	$ 108	$ 0
Cash paid for amounts included in the measurement of lease liabilities	$ 759	$ 955

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under Non -cancelable Operating Leases (Details) - Non-cancelable leases [Member] $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024	$ 5,626
2025	7,686
2026	7,882
2027	7,639
2028	7,360
Thereafter	31,026
Total undiscounted minimum lease payments	67,219
Less: Imputed interest	(22,037)
Total operating lease liability	$ 45,182

Commitments and Contingencies (

Commitments and Contingencies (Additional Information) (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares, issued	50,210,309	50,154,929

Collaboration And License Agr_2

Collaboration And License Agreements (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration Revenue		$ 1,064	$ 0
Collaboration and License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-Refundable Upfront Payment	$ 50,000
Upfront payment receive	28,000
Collaboration Revenue		1,100
One Time Upfront Payment		$ 48,900
Collaboration and License Agreement | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Pre-clinical milestones	172,000
Potential clinical, commercial and sales milestones	2,000,000
Potential pre-clinical, clinical, commercial, and sales milestones	$ 1,000,000

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock price per share	$ 0.0001	$ 0.0001

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)			3 Months Ended
	Oct. 30, 2023	Jul. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized			500,000,000		500,000,000
Common stock shares issued			50,210,309		50,154,929
Preferred stock, shares authorized			10,000,000		10,000,000
Common stock, shares, issued during the period				0
Preferred stock, par value			$ 0.0001		$ 0.0001
Common stock shares outstanding			50,200,304		50,140,233
Purchase price of stock			$ 0.0001		$ 0.0001
Dividends declared			$ 0
Dividends paid			$ 0
Common stock, voting rights			one
Warrant [Member]
Class of Stock [Line Items]
Number of securities purchase agreement warrants	10,000,400
Purchase price of stock	$ 2.4999
Proceeds from initial public offering	$ 25,000,000
Share excercisable price	$ 0.0001
Unvested Restricted Common Stock Awards
Class of Stock [Line Items]
Vesting term			4 years
Jefferies LLC [Member]
Class of Stock [Line Items]
Common stock, shares, issued during the period			10,272
Percentage of Commission payable to Related Party		3%
Gross Proceeds from sale of Common Stock		$ 100,000,000	$ 100,000
Undesignated Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized			10,000,000
Preferred stock, par value			$ 0.0001
Preferred stock shares issued			0
Preferred stock, shares outstanding			0

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock reserved for future issuance	11,956,614	9,646,145
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	11,710,090	9,394,930
Unvested Restricted Common Stock Awards
Class Of Stock [Line Items]
Common stock reserved for future issuance	10,005	14,696
Unvested restricted common stock units
Class Of Stock [Line Items]
Common stock reserved for future issuance	236,519	236,519

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	11,956,614		9,646,145
Restricted common stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of restricted stock vested		$ 0.2
Weighted average grant fair value, granted	$ 2.19	$ 0.77
Unrecognized stock based compensation cost, units	$ 1
Expected remaining cost, weighted average period, units	1 year
Number of shares, Unvested, ending balance	10,005
Weighted average grant date fair value, ending balance	$ 2.19
Unvested Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation cost	$ 34.4
Expected remaining cost, weighted average period	2 years 8 months 12 days
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Unvested, ending balance	236,519
Weighted average grant date fair value, ending balance	$ 8
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	4,903,145
Increase in share percentage	5%
Number of share increase	2,507,011
Shares Issued	3,437,203
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	439,849
Increase in share percentage	1%
Number of share increase	439,849
Shares Issued	1,158,258

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance	9,394,930
Number of options, granted	2,544,740
Number of options, exercised	(45,108)
Number of shares, forfeited	(184,472)
Number of options, ending balance	11,710,090	9,394,930
Number of options, vested or expected to vest	11,710,090
Number of options, exercisable	4,986,183
Weighted average exercise price, beginning balance	$ 8.78
Weighted average exercise price, granted	5.68
Weighted average exercise price, exercised	5.45
Weighted average exercise price, forfeited	7.78
Weighted average exercise price, ending balance	8.13	$ 8.78
Weighted average exercise price, vested or expected to vest	8.13
Weighted average exercise price, exercisable	$ 8.81
Weighted average remaining contractual term (years), balance	8 years	8 years
Weighted average remaining contractual term (years), vested or expected to vest	8 years
Weighted average remaining contractual term (years), exercisable	6 years 10 months 24 days
Aggregate intrinsic value, beginning balance	$ 4,741
Aggregate intrinsic value, ending balance	12,125	$ 4,741
Aggregate intrinsic value, vested or expected to vest	12,125
Aggregate intrinsic value, exercisable	$ 6,596

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted common stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested restricted stock, beginning balance | shares	14,696
Number of shares, Vested | shares	(4,691)
Number of shares, Unvested, ending balance | shares	10,005
Weighted average grant date fair value, beginning balance | $ / shares	$ 2.19
Weighted average grant date fair value, vested | $ / shares	2.19
Weighted average grant date fair value, ending balance | $ / shares	$ 2.19

Stock-based compensation - Sc_3

Stock-based compensation - Schedule of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, forfeited	(184,472)
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested, ending balance	236,519
Weighted average grant date fair value, ending balance | $ / shares	$ 8

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,873	$ 3,974
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,677	2,145
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,196	$ 1,829

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision for income taxes	$ (83)	$ 0

Net Loss Per Common Share - Sch

Net Loss Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (31,968)	$ (32,038)
Net loss per share attributable to common stockholders-basic	$ (0.53)	$ (0.65)
Net loss per share attributable to common stockholders-diluted	$ (0.53)	$ (0.65)
Weighted-average number of common shares used in computing net loss per share-basic	60,156,187	49,347,473
Weighted-average number of common shares used in computing net loss per share-diluted	60,156,187	49,347,473

Net Loss Per Common Share - S_2

Net Loss Per Common Share - Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	11,710,090	10,096,033
Restricted common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	10,005	89,079
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	236,519	91,000

Employee Retirement Plan - Addi

Employee Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined benefit related expense	$ 0.3	$ 0.2
Percentage of company's matching contribution with respect to each participant's contribution	4%
Company matching contributions to maximum employees eligible compensation	100%
401 (K) expense	$ 0.4	$ 0.3

Employee retirement plans - Sch

Employee retirement plans - Schedule of expense incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
401 (K) expense	$ 0.4	$ 0.3