Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | 61,372,824 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | GLUE | |
Security Exchange Name | NASDAQ | |
Securities Act File Number | 001-40522 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-3766197 | |
Entity Address, Address Line One | 321 Harrison Avenue | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02118 | |
City Area Code | 617 | |
Local Phone Number | 949-2643 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 108,847 | $ 128,101 |
Marketable securities | 153,358 | 104,312 |
Accounts Receivable | 9,000 | |
Other receivables | 842 | 505 |
Prepaid expenses and other current assets | 5,849 | 3,294 |
Total current assets | 277,896 | 236,212 |
Property and equipment, net | 33,250 | 33,803 |
Operating lease right-of-use assets | 27,893 | 28,808 |
Restricted cash | 4,866 | 4,580 |
Other long-term assets | 209 | 352 |
Total assets | 344,114 | 303,755 |
Current liabilities: | ||
Accounts payable | 6,473 | 11,152 |
Accrued expenses and other current liabilities | 12,759 | 14,600 |
Current deferred revenue | 19,645 | 17,678 |
Current portion of operating lease liability | 3,471 | 3,162 |
Total current liabilities | 42,348 | 46,592 |
Deferred revenue, net of current | 33,596 | 32,323 |
Defined benefit plan liability | 2,614 | 2,713 |
Operating lease liability | 40,885 | 42,877 |
Total liabilities | 119,443 | 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, 61,333,597 shares issued and 61,328,282 shares outstanding as of June 30, 2024; and 50,154,929 shares issued and 50,140,233 shares outstanding as of December 31, 2023 | 6 | 5 |
Additional paid-in capital | 655,501 | 547,857 |
Accumulated other comprehensive loss | (2,670) | (2,724) |
Accumulated deficit | (428,166) | (365,888) |
Total stockholders' equity | 224,671 | 179,250 |
Total liabilities and stockholders' equity | $ 344,114 | $ 303,755 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 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 | 61,333,597 | 50,154,929 |
Common stock shares outstanding | 61,328,282 | 50,140,233 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Collaboration Revenue | $ 4,695 | $ 0 | $ 5,759 | $ 0 |
Operating expenses: | ||||
Research and development | 28,055 | 29,076 | 55,081 | 55,831 |
General and administrative | 9,282 | 8,145 | 18,267 | 15,649 |
Total operating expenses | 37,337 | 37,221 | 73,348 | 71,480 |
Loss from operations | (32,642) | (37,221) | (67,589) | (71,480) |
Other income (expense): | ||||
Interest income | 2,637 | 2,302 | 5,079 | 4,739 |
Foreign currency exchange gain (loss), net | (53) | (93) | 567 | (178) |
Gain on disposal of fixed assets | 0 | 24 | 0 | 24 |
Loss on sale of marketable securities | 0 | 0 | 0 | (131) |
Total other income | 2,584 | 2,233 | 5,646 | 4,454 |
Net loss before income taxes | (30,058) | (34,988) | (61,943) | (67,026) |
Provision for income taxes | (252) | (190) | (335) | (190) |
Net loss | $ (30,310) | $ (35,178) | $ (62,278) | $ (67,216) |
Net loss per share-basic | $ (0.43) | $ (0.71) | $ (0.95) | $ (1.36) |
Net loss per share-diluted | $ (0.43) | $ (0.71) | $ (0.95) | $ (1.36) |
Weighted-average number of shares outstanding used in computing net loss per common share-basic | 71,233,992 | 49,431,922 | 65,695,095 | 49,389,931 |
Weighted-average number of shares outstanding used in computing net loss per common share-diluted | 71,233,992 | 49,431,922 | 65,695,095 | 49,389,931 |
Other comprehensive income (loss): | ||||
Provision for pension benefit obligation | $ 35 | $ 14 | $ 70 | $ 28 |
Unrealized gain (loss) on available-for-sale securities | (12) | (261) | (16) | 84 |
Comprehensive loss | $ (30,287) | $ (35,425) | $ (62,224) | $ (67,104) |
Condensed Combined and Consolid
Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | At-the-Market Offering | Underwritten Public Offiering | Common Stock | Common Stock At-the-Market Offering | Common Stock Underwritten Public Offiering | Additional Paid-in Capital | Additional Paid-in Capital At-the-Market Offering | Additional Paid-in Capital Underwritten Public Offiering | 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, 2022 | 49,323,531 | ||||||||||
Balance beginning period at Dec. 31, 2022 | 271,413 | $ 5 | 503,696 | (1,752) | (230,536) | ||||||
Net Income (Loss) | (67,216) | ||||||||||
Balance end period at Jun. 30, 2023 | 213,654 | $ 5 | 513,041 | (1,640) | (297,752) | ||||||
Balance (in shares) period end at Jun. 30, 2023 | 49,592,479 | ||||||||||
Balance (in shares) beginning at Mar. 31, 2023 | 49,360,984 | ||||||||||
Balance beginning period at Mar. 31, 2023 | 243,726 | $ 5 | 507,688 | (1,393) | (262,574) | ||||||
Restricted common stock vesting, Shares | 32,185 | ||||||||||
Exercise of common stock options | 897 | 897 | |||||||||
Exercise of common stock options, Shares | 147,333 | ||||||||||
Issuance of shares under employee stock purchase plan, Shares | 51,977 | ||||||||||
Provision for pension benefit obligation | 14 | 14 | |||||||||
Stock-based compensation expense | 4,153 | 4,153 | |||||||||
Unrealized loss on available-for-sale securities | 261 | 261 | |||||||||
Issuance of shares under employee stock purchase plan | 303 | 303 | |||||||||
Net Income (Loss) | (35,178) | (35,178) | |||||||||
Balance end period at Jun. 30, 2023 | 213,654 | $ 5 | 513,041 | (1,640) | (297,752) | ||||||
Balance (in shares) period end at Jun. 30, 2023 | 49,592,479 | ||||||||||
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 | ||||||||||
Issuance of common stock pursuant to the at-the-market sales agreement, Shares | 10,272 | ||||||||||
Issuance of common stock pursuant to the at-the-market sales agreement | 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 | ||||||||||
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) | ||||||
Exercise of common stock options, Shares | 235,268 | ||||||||||
Net Income (Loss) | $ (62,278) | ||||||||||
Balance end period at Jun. 30, 2024 | 224,671 | $ 6 | 655,501 | (2,670) | (428,166) | ||||||
Balance (in shares) period end at Jun. 30, 2024 | 61,328,282 | ||||||||||
Balance (in shares) beginning at Mar. 31, 2024 | 50,200,304 | ||||||||||
Balance beginning period at Mar. 31, 2024 | 152,519 | $ 5 | 553,063 | (2,693) | (397,856) | ||||||
Restricted common stock vesting, Shares | 85,249 | ||||||||||
Exercise of common stock options | 422 | 422 | |||||||||
Exercise of common stock options, Shares | 190,160 | ||||||||||
Issuance of shares under employee stock purchase plan, Shares | 93,859 | ||||||||||
Issuance of common stock, shares | 120,234 | 10,638,476 | |||||||||
Issuance of common stock | $ 797 | $ 46,710 | $ 1 | $ 797 | $ 46,709 | ||||||
Issuance of pre-funded warrant, net of issuance costs of $290 | 49,710 | 49,710 | |||||||||
Provision for pension benefit obligation | 35 | 35 | |||||||||
Stock-based compensation expense | 4,502 | 4,502 | |||||||||
Unrealized loss on available-for-sale securities | 12 | 12 | |||||||||
Issuance of shares under employee stock purchase plan | 298 | 298 | |||||||||
Net Income (Loss) | (30,310) | (30,310) | |||||||||
Balance end period at Jun. 30, 2024 | $ 224,671 | $ 6 | $ 655,501 | $ (2,670) | $ (428,166) | ||||||
Balance (in shares) period end at Jun. 30, 2024 | 61,328,282 |
Condensed Combined and Consol_2
Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Stock issuance costs | $ 290 |
At-the-Market Offering | |
Stock issuance costs | 89 |
Underwritten Public Offiering | |
Stock issuance costs | $ 3,290 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (62,278) | $ (67,216) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 9,375 | 8,127 |
Depreciation | 3,957 | 2,542 |
Net accretion of discounts/premiums on marketable securities | (1,163) | (2,680) |
Loss on sale of marketable securities | 0 | 131 |
Gain on disposal of property and equipment | 0 | (24) |
Changes in operating assets and liabilities | ||
Accounts receivable | (9,000) | 0 |
Other receivables | (337) | 1,858 |
Prepaid expenses and other current assets | (2,412) | 547 |
Accounts payable | (4,676) | (696) |
Accrued expenses and other current liabilities | (1,842) | (520) |
Defined benefit plan liability | (29) | 0 |
Right-of-use assets and operating lease liabilities | (768) | 9,201 |
Deferred revenue | 3,241 | 0 |
Net cash used in operating activities | (65,932) | (48,730) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,406) | (15,693) |
Proceeds from the sale of property and equipment | 0 | 62 |
Purchases of marketable securities | (130,027) | (67,824) |
Proceeds from sale of marketable securities | 0 | 45,631 |
Proceeds from maturities of marketable securities | 82,128 | 76,700 |
Net cash provided by (used in) investing activities | (51,305) | 38,876 |
Cash flows from financing activities: | ||
Proceeds from underwritten public offering cost, net of underwriter's discount of $3,000 | 47,001 | 0 |
Proceeds from the issuance of pre-funded warrants | 50,000 | 0 |
Payment of common stock and pre-funded warrant issuance costs | (641) | 0 |
Proceeds from exercise of employee stock options | 667 | 915 |
Proceeds from employee stock purchase plan | 298 | 303 |
Net cash provided by financing activities | 98,269 | 1,218 |
Net decrease in cash, cash equivalents and restricted cash | (18,968) | (8,636) |
Cash, cash equivalents and restricted cash—beginning of period | 132,681 | 60,190 |
Cash, cash equivalents and restricted cash-end of period | 113,713 | 51,554 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 108,847 | 47,027 |
Restricted cash | 4,866 | 4,527 |
Total cash, cash equivalents and restricted cash | 113,713 | 51,554 |
Supplemental disclosure of noncash items | ||
Reduction of right-of-use assets for lease incentives receivable | 0 | 4,644 |
Purchases of property and equipment in accounts payable and accrued expenses | 235 | 1,438 |
At-the-Market Offering | ||
Cash flows from financing activities: | ||
Proceeds from sale of common stock pursuant to the at-the-market sales agreement, net of underwriter's discount of $29 | $ 944 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Statement of Cash Flows [Abstract] | |
Underwriter's discount on issuance of common stock pursuant to the at-the-market sales agreement | $ 29 |
Underwriter's discount on underwritten public offering cost | $ 3,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (30,310) | $ (31,968) | $ (35,178) | $ (32,038) | $ (62,278) | $ (67,216) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Description of business and liq
Description of business and liquidity | 6 Months Ended |
Jun. 30, 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 June 30, 2024, the Company had an accumulated deficit of $ 428.2 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 62.3 million and $ 67.2 million for the six months ended June 30, 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 $ 262.2 million as of June 30, 2024 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the second 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 | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation The accompanying 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 Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures. 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 108,209 $ — $ — $ 108,209 Pension plan assets — 8,977 — 8,977 Corporate debt securities — 73,618 — 73,618 U.S Treasury securities — 79,740 — 79,740 Total assets measured at fair value $ 108,209 $ 162,335 $ — $ 270,544 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 six months ended June 30, 2024 and 2023 . |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities Marketable securities as of June 30, 2024 consisted of the following (in thousands) : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 73,655 $ 6 $ ( 43 ) 73,618 U.S Treasury securities 79,771 1 ( 32 ) 79,740 Total $ 153,426 $ 7 $ ( 75 ) $ 153,358 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 5. Property and Equipment, net Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 24,581 $ 22,079 Computer hardware and software 1,192 1,052 Furniture and fixtures 1,099 1,099 Leasehold improvements 22,216 20,893 Construction in process 362 924 Total property and equipment, at cost $ 49,450 $ 46,047 Less: accumulated depreciation ( 16,200 ) ( 12,244 ) Property and equipment, net $ 33,250 $ 33,803 The following table summarizes depreciation expense incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Depreciation expense $ 2,060 $ 1,391 $ 3,957 $ 2,542 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2024 2023 Compensation and benefits $ 5,143 $ 7,593 Accrued research and development 5,665 5,336 Other 1,951 1,671 Total other current liabilities $ 12,759 $ 14,600 |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 June 30, 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 six months ended June 30, 2024 are as follows (in thousands): Six months ended 2024 2023 Operating lease expense $ 3,249 $ 3,983 Variable lease expense 2,131 1,128 Total lease expense $ 5,380 $ 5,111 The variable lease expenses generally include common area maintenance and property taxes. For the six months ended June 30, 2024, $ 4.5 million lease expense was recorded within research and development and $ 0.9 million lease expense was recorded within general and administrative in the condensed consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2023, $ 4.3 million lease expense was recorded within research and development and $ 0.8 million was recorded within general and administrative expense. Short-term lease costs for the six months ended June 30, 2024 and 2023 were immaterial. The weighted average remaining lease term and discount rate related to the Company's leases are as follows: June 30, December 31, Weighted average remaining lease term (years) 8.2 8.6 Weighted average discount rate 9.8 % 9.8 % Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2024 are as follows (in thousands): Six months ended 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ 108 $ 1,871 Cash paid for amounts included in the measurement of lease liabilities $ 1,372 $ 1,790 The amortization of the ROU assets for the six months ended June 30, 2024 and 2023 was $ 1.0 million and $ 1.5 million, respectively. Future minimum lease payments under non-cancelable leases as of June 30, 2024 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments 2024 $ 3,751 2025 7,685 2026 7,881 2027 7,620 2028 7,356 Thereafter 31,010 Total undiscounted minimum lease payments 65,303 Less: Imputed interest ( 20,947 ) Total operating lease liability $ 44,356 |
Commitments and contigencies
Commitments and contigencies | 6 Months Ended |
Jun. 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 , the Company is due $ 9.0 million related to Roche's decision to exercise its option rights for continued research and development services. The related payments due are classified as accounts receivable and deferred revenue in the accompanying condensed consolidated balance sheet. 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. As of June 30, 2024, $ 5.8 million has been recognized as collaboration revenue in the condensed consolidated statements of operations and comprehensive loss and the remaining $ 53.2 million of the upfront payment and subsequent milestone payments related to customer options are recorded as deferred revenue in the liabilities section of the condensed consolidated balance sheets. |
Equity
Equity | 6 Months Ended |
Jun. 30, 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 June 30, 2024. Common Stock The Company had 500,000,000 shares of common stock authorized, of which 61,333,597 shares were issued and 61,328,282 shares were outstanding as of June 30, 2024. Additionally, the Company has issued pre-funded warrants to purchase 20,638,924 shares of the Company's common stock to an accredited investor. The pre-funded warrants are immediately exercisable at an exercise price of $ 0.0001 per share. The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of a Pre-Funded Warrant may not exercise such Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, up to 19.99%) of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. No pre-funded warrants have been exercised as of June 30, 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 June 30, 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: June 30, December 31, Options to purchase common stock 11,535,569 9,394,930 Unvested restricted common stock awards 5,315 14,696 Unvested restricted common stock units 153,634 236,519 Pre-funded warrants 20,638,924 10,000,400 32,333,442 19,646,545 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 six months ended June 30, 2024 , the Company sold 130,506 shares of common stock under the Sales Agreement for aggregate gross proceeds of $ 1.0 million, or aggregate net proceeds of $ 0.9 million after deducting sales agent discounts, commissions, and other offering costs. During the six months ended June 30, 2023 , the Company did no t sell shares of its common stock under the Sales Agreement. Underwritten Public Offering In May 2024, the Company entered into an underwriting agreement with TD Securities (USA) LLC, as representative of the several underwriters, related to an underwritten public offering, or the Offering, of 10,638,476 shares of common stock at a price of $ 4.70 per share, and, in lieu of Common Stock to certain investors, pre-funded warrants to purchase 10,638,524 shares of Common Stock at a price of $ 4.6999 per pre-funded warrant, which represents the price per share at which shares of Common Stock were sold in this Offering, minus $ 0.0001 , which is the exercise price of each pre-funded warrant. The pre-funded warrants are immediately exercisable and may be exercised at any time until the pre-funded warrants are exercised in full. Aggregate gross proceeds from the Offering were $ 100 million, or aggregate net proceeds of $ 96.4 million after deducting the underwriter discounts, commissions, and other offering costs. Registered Direct Offering In October 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. The pre-funded warrants are immediately exercisable at an exercise price of $ 0.0001 per share. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, 2024, 3,359,639 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 June 30, 2024, 1,064,399 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 2,828,540 5.53 — — Exercised ( 235,268 ) 2.84 — — Forfeited ( 452,633 ) 7.99 — — Outstanding—June 30, 2024 11,535,569 $ 8.14 8.0 $ 1,836 Vested or expected to vest—June 30, 2024 11,535,569 $ 8.14 8.0 $ 1,836 Exercisable—June 30, 2024 5,353,616 $ 9.00 7.1 $ 1,598 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 ( 9,381 ) $ 2.19 Unvested restricted stock awards as of June 30, 2024 5,315 $ 2.19 The aggregate fair value of restricted stock awards that vested during the six months ended June 30, 2024 was immaterial and $ 0.5 million for the six months ended June 30, 2023. The weighted average grant date fair value of restricted stock awards that vested during the six months ended June 30, 2024 and 2023 was $ 2.19 and $ 0.76 , 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. The following summarizes restricted stock unit activity: Number Weighted Unvested restricted stock units as of December 31, 2023 236,519 $ 8.00 Granted — $ — Vested ( 80,559 ) $ 7.55 Forfeited ( 2,326 ) $ 7.55 Unvested restricted stock units as of June 30, 2024 153,634 $ 8.24 The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2024 was $ 0.3 million. The weighted average grant date fair value of restricted stock units that vested during six months ended June 30, 2024 was $ 7.55 . No restricted stock units vested during the six months ended June 30, 2023. Stock-based compensation expense Stock-based compensation expense is classified as follows (in thousands): Six months ended 2024 2023 Research and development $ 5,315 $ 4,411 General and administrative 4,060 3,716 Total stock-based compensation expense $ 9,375 $ 8,127 As of June 30, 2024 total unrecognized stock–based compensation cost related to unvested stock options and restricted stock units was $ 30.7 million and $ 0.9 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 2.6 years and 0.9 years, respectively. Unrecognized stock based compensation expense related to restricted stock awards was immaterial as of June 30, 2024. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 12. Income taxes During the six months ended June 30, 2024, the Company recorded an income tax provision of $ 0.3 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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six months ended 2024 2023 2024 2023 Net loss $ ( 30,310 ) $ ( 35,178 ) $ ( 62,278 ) $ ( 67,216 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.43 ) $ ( 0.71 ) $ ( 0.95 ) $ ( 1.36 ) Weighted-average number of common shares used in computing net loss 71,233,992 49,431,922 65,695,095 49,389,931 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: June 30 June 30 2024 2023 Stock options to purchase common stock 11,535,569 9,908,375 Restricted common stock 5,315 51,574 Restricted stock units 153,634 293,865 |
Employee Retirement Plan
Employee Retirement Plan | 6 Months Ended |
Jun. 30, 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 following table summarizes pension expense incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Pension expense $ 261 $ 235 $ 543 $ 451 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 following table summarizes defined contribution expenses incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Defined contribution expense $ 181 $ 114 $ 537 $ 389 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
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 June 30, 2024, the Company had an accumulated deficit of $ 428.2 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 62.3 million and $ 67.2 million for the six months ended June 30, 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 $ 262.2 million as of June 30, 2024 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the second 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. |
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. |
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 Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures. 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 108,209 $ — $ — $ 108,209 Pension plan assets — 8,977 — 8,977 Corporate debt securities — 73,618 — 73,618 U.S Treasury securities — 79,740 — 79,740 Total assets measured at fair value $ 108,209 $ 162,335 $ — $ 270,544 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) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable securities | Marketable securities as of June 30, 2024 consisted of the following (in thousands) : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 73,655 $ 6 $ ( 43 ) 73,618 U.S Treasury securities 79,771 1 ( 32 ) 79,740 Total $ 153,426 $ 7 $ ( 75 ) $ 153,358 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) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 24,581 $ 22,079 Computer hardware and software 1,192 1,052 Furniture and fixtures 1,099 1,099 Leasehold improvements 22,216 20,893 Construction in process 362 924 Total property and equipment, at cost $ 49,450 $ 46,047 Less: accumulated depreciation ( 16,200 ) ( 12,244 ) Property and equipment, net $ 33,250 $ 33,803 |
Schedule of Depreciation Expense | The following table summarizes depreciation expense incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Depreciation expense $ 2,060 $ 1,391 $ 3,957 $ 2,542 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2024 2023 Compensation and benefits $ 5,143 $ 7,593 Accrued research and development 5,665 5,336 Other 1,951 1,671 Total other current liabilities $ 12,759 $ 14,600 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Summary of Lease Expense | The components of lease expense for the six months ended June 30, 2024 are as follows (in thousands): Six months ended 2024 2023 Operating lease expense $ 3,249 $ 3,983 Variable lease expense 2,131 1,128 Total lease expense $ 5,380 $ 5,111 |
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: June 30, December 31, Weighted average remaining lease term (years) 8.2 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 six months ended June 30, 2024 are as follows (in thousands): Six months ended 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ 108 $ 1,871 Cash paid for amounts included in the measurement of lease liabilities $ 1,372 $ 1,790 |
Schedule of Future Minimum Payments Under Non -cancelable Operating Leases | Future minimum lease payments under non-cancelable leases as of June 30, 2024 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments 2024 $ 3,751 2025 7,685 2026 7,881 2027 7,620 2028 7,356 Thereafter 31,010 Total undiscounted minimum lease payments 65,303 Less: Imputed interest ( 20,947 ) Total operating lease liability $ 44,356 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options | As of June 30, 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: June 30, December 31, Options to purchase common stock 11,535,569 9,394,930 Unvested restricted common stock awards 5,315 14,696 Unvested restricted common stock units 153,634 236,519 Pre-funded warrants 20,638,924 10,000,400 32,333,442 19,646,545 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 2,828,540 5.53 — — Exercised ( 235,268 ) 2.84 — — Forfeited ( 452,633 ) 7.99 — — Outstanding—June 30, 2024 11,535,569 $ 8.14 8.0 $ 1,836 Vested or expected to vest—June 30, 2024 11,535,569 $ 8.14 8.0 $ 1,836 Exercisable—June 30, 2024 5,353,616 $ 9.00 7.1 $ 1,598 |
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 ( 9,381 ) $ 2.19 Unvested restricted stock awards as of June 30, 2024 5,315 $ 2.19 |
Schedule of Restricted Stock Unit Activity | The following summarizes restricted stock unit activity: Number Weighted Unvested restricted stock units as of December 31, 2023 236,519 $ 8.00 Granted — $ — Vested ( 80,559 ) $ 7.55 Forfeited ( 2,326 ) $ 7.55 Unvested restricted stock units as of June 30, 2024 153,634 $ 8.24 |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense is classified as follows (in thousands): Six months ended 2024 2023 Research and development $ 5,315 $ 4,411 General and administrative 4,060 3,716 Total stock-based compensation expense $ 9,375 $ 8,127 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six months ended 2024 2023 2024 2023 Net loss $ ( 30,310 ) $ ( 35,178 ) $ ( 62,278 ) $ ( 67,216 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.43 ) $ ( 0.71 ) $ ( 0.95 ) $ ( 1.36 ) Weighted-average number of common shares used in computing net loss 71,233,992 49,431,922 65,695,095 49,389,931 |
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: June 30 June 30 2024 2023 Stock options to purchase common stock 11,535,569 9,908,375 Restricted common stock 5,315 51,574 Restricted stock units 153,634 293,865 |
Employee retirement plans (Tabl
Employee retirement plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of pension expense incurred | The following table summarizes pension expense incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Pension expense $ 261 $ 235 $ 543 $ 451 |
Schedule of defined contribution expense incurred | The following table summarizes defined contribution expenses incurred (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Defined contribution expense $ 181 $ 114 $ 537 $ 389 |
Description of Business and L_2
Description of Business and Liquidity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Subsidiary Or Equity Method Investee [Line Items] | |||||||
Restricted Cash and Cash Equivalents | $ 262,200 | $ 262,200 | |||||
Accumulated deficit | (428,166) | (428,166) | $ (365,888) | ||||
Net Income (Loss) | $ (30,310) | $ (31,968) | $ (35,178) | $ (32,038) | $ (62,278) | $ (67,216) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Total assets measured at fair value | $ 270,544 | $ 236,420 |
Level 1 [Member] | ||
Current assets | ||
Total assets measured at fair value | 108,209 | 122,791 |
Level 2 [Member] | ||
Current assets | ||
Total assets measured at fair value | 162,335 | 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 | 79,740 | 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 | 79,740 | 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 | 108,209 | 122,791 |
Money Market Funds [Member] | Level 1 [Member] | ||
Current assets | ||
Total assets measured at fair value | 108,209 | 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 | 8,977 | 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 | 8,977 | 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 | 73,618 | 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 | 73,618 | 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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 153,426 | $ 104,365 |
Unrealized Gains | 7 | 15 |
Unrealized Losses | (75) | (68) |
Fair Value | 153,358 | 104,312 |
Corporate Debt Securities Member | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 73,655 | 79,870 |
Unrealized Gains | 6 | 4 |
Unrealized Losses | (43) | (58) |
Fair Value | 73,618 | 79,816 |
US Treasury Securities Member | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 79,771 | 24,495 |
Unrealized Gains | 1 | 11 |
Unrealized Losses | (32) | (10) |
Fair Value | $ 79,740 | $ 24,496 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 49,450 | $ 46,047 |
Less: accumulated depreciation | (16,200) | (12,244) |
Property and equipment, net | 33,250 | 33,803 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 24,581 | 22,079 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 1,192 | 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 | 22,216 | 20,893 |
Construction in process | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 362 | $ 924 |
Property and Equipment, net -_2
Property and Equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 2,060 | $ 1,391 | $ 3,957 | $ 2,542 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Summery Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Compensation and benefits | $ 5,143 | $ 7,593 |
Accrued research and development | 5,665 | 5,336 |
Other | 1,951 | 1,671 |
Total other current liabilities | $ 12,759 | $ 14,600 |
Leases (Additional Information)
Leases (Additional Information) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 14, 2021 USD ($) ft² | Apr. 30, 2023 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 01, 2021 ft² | |
Lessee, Lease, Description [Line Items] | ||||||
Finance Lease | $ 0 | |||||
Amortization of the ROU assets | 1,000,000 | $ 1,500,000 | ||||
Tenant improvements | 13,000,000 | |||||
Research and Development | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Short-Term Lease | $ 4,300,000 | 4,500,000 | ||||
General and Administrative | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Short-Term Lease | $ 800,000 | $ 900,000 | ||||
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 3,249 | $ 3,983 |
Variable lease expense | 2,131 | 1,128 |
Total lease expense | $ 5,380 | $ 5,111 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rate (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 8 years 2 months 12 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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 108 | $ 1,871 |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,372 | $ 1,790 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non -cancelable Operating Leases (Details) - Non-cancelable leases [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 3,751 |
2025 | 7,685 |
2026 | 7,881 |
2027 | 7,620 |
2028 | 7,356 |
Thereafter | 31,010 |
Total undiscounted minimum lease payments | 65,303 |
Less: Imputed interest | (20,947) |
Total operating lease liability | $ 44,356 |
Commitments and Contingencies (
Commitments and Contingencies (Additional Information) (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common stock, shares, issued | 61,333,597 | 50,154,929 |
Collaboration and License Agr_2
Collaboration and License Agreements (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Collaboration Revenue | $ 4,695 | $ 0 | $ 5,759 | $ 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 | 5,800 | ||||
One Time Upfront Payment | 53,200 | ||||
Milestone Payments | $ 9,000 | ||||
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 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 |
Payments of stock issuance costs | $ 290 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2022 | May 31, 2024 | Oct. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock shares issued | 61,333,597 | 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 | 61,328,282 | 50,140,233 | ||||
Purchase price of stock | $ 0.0001 | $ 0.0001 | ||||
Description of Pre Funded Warrants | A holder of a Pre-Funded Warrant may not exercise such Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, up to 19.99%) of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. No pre-funded warrants have been exercised as of June 30, 2024 | |||||
Dividends declared | $ 0 | |||||
Dividends paid | $ 0 | |||||
Gross Proceeds from sale of Common Stock | $ 25,000 | |||||
Common stock, voting rights | one | |||||
Warrant [Member] | ||||||
Class of Stock [Line Items] | ||||||
Pre-Funded Warrants to Purchase | 10,000,400 | 20,638,924 | ||||
Pre-funded warrants exercisable, exercise price | $ 0.0001 | |||||
Share exercise price | $ 0.0001 | |||||
Common stock price | $ 2.4999 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Underwritten public offering | 10,638,476 | |||||
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 | 130,506 | |||||
Percentage of Commission payable to Related Party | 3% | |||||
Offering Costs | $ 900 | |||||
Gross Proceeds from sale of Common Stock | $ 100,000 | $ 1,000 | ||||
TD Securities (USA) LLC [Member] | ||||||
Class of Stock [Line Items] | ||||||
Offering Costs | $ 96,400 | |||||
Gross Proceeds from sale of Common Stock | $ 100,000 | |||||
TD Securities (USA) LLC [Member] | Warrant [Member] | ||||||
Class of Stock [Line Items] | ||||||
Purchase of pre-funded warrants shares | 10,638,524 | |||||
Common stock price | $ 4.6999 | |||||
TD Securities (USA) LLC [Member] | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Share exercise price | 0.0001 | |||||
Common stock price | $ 4.7 | |||||
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 32,333,442 | 19,646,545 |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 11,535,569 | 9,394,930 |
Unvested Restricted Common Stock Awards | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 5,315 | 14,696 |
Unvested restricted common stock units | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 153,634 | 236,519 |
Pre-funded warrants | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 20,638,924 | 10,000,400 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 32,333,442 | 19,646,545 | |
Restricted common stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of restricted stock vested | $ 0.5 | ||
Weighted average grant fair value, granted | $ 2.19 | $ 0.76 | |
Unrecognized stock based compensation cost, units | $ 0.9 | ||
Expected remaining cost, weighted average period, units | 10 months 24 days | ||
Number of shares, Unvested, ending balance | 5,315 | ||
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 | $ 30.7 | ||
Expected remaining cost, weighted average period | 2 years 7 months 6 days | ||
Restricted stock units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of restricted stock vested | $ 0.3 | ||
Weighted average grant fair value, granted | $ 7.55 | $ 0 | |
Number of shares, Unvested, ending balance | 153,634 | ||
Weighted average grant date fair value, ending balance | $ 8.24 | ||
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 | 3,359,639 | ||
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 | 1,064,399 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | ||
Number of options, beginning balance | shares | 9,394,930 | |
Number of options, granted | shares | 2,828,540 | |
Number of options, exercised | shares | (235,268) | |
Number of shares, forfeited | shares | (452,633) | |
Number of options, ending balance | shares | 11,535,569 | 9,394,930 |
Number of options, vested or expected to vest | shares | 11,535,569 | |
Number of options, exercisable | shares | 5,353,616 | |
Weighted average exercise price, beginning balance | $ / shares | $ 8.78 | |
Weighted average exercise price, granted | $ / shares | 5.53 | |
Weighted average exercise price, exercised | $ / shares | 2.84 | |
Weighted average exercise price, forfeited | $ / shares | 7.99 | |
Weighted average exercise price, ending balance | $ / shares | 8.14 | $ 8.78 |
Weighted average exercise price, vested or expected to vest | $ / shares | 8.14 | |
Weighted average exercise price, exercisable | $ / shares | $ 9 | |
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 | 7 years 1 month 6 days | |
Aggregate intrinsic value, beginning balance | $ | $ 4,741 | |
Aggregate intrinsic value, ending balance | $ | 1,836 | $ 4,741 |
Aggregate intrinsic value, vested or expected to vest | $ | 1,836 | |
Aggregate intrinsic value, exercisable | $ | $ 1,598 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted common stock | 6 Months Ended |
Jun. 30, 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 | (9,381) |
Number of shares, Unvested, ending balance | shares | 5,315 |
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) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares, forfeited | (452,633) |
Restricted stock units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares, Unvested restricted stock, beginning balance | 236,519 |
Number of shares, Granted | 0 |
Number of shares, Vested | (80,559) |
Number of shares, forfeited | (2,326) |
Number of shares, Unvested, ending balance | 153,634 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 8 |
Weighted average grant date fair value, Granted | $ / shares | 0 |
Weighted average grant date fair value, Vested | $ / shares | 7.55 |
Weighted average grant date fair value, Forfeited | $ / shares | 7.55 |
Weighted average grant date fair value, ending balance | $ / shares | $ 8.24 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 9,375 | $ 8,127 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 5,315 | 4,411 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,060 | $ 3,716 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Provision for income taxes | $ (252) | $ (190) | $ (335) | $ (190) |
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 | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net Income (Loss) | $ (30,310) | $ (31,968) | $ (35,178) | $ (32,038) | $ (62,278) | $ (67,216) |
Net loss per share attributable to common stockholders-basic | $ (0.43) | $ (0.71) | $ (0.95) | $ (1.36) | ||
Net loss per share attributable to common stockholders-diluted | $ (0.43) | $ (0.71) | $ (0.95) | $ (1.36) | ||
Weighted-average number of common shares used in computing net loss per share-basic | 71,233,992 | 49,431,922 | 65,695,095 | 49,389,931 | ||
Weighted-average number of common shares used in computing net loss per share-diluted | 71,233,992 | 49,431,922 | 65,695,095 | 49,389,931 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 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 | 11,535,569 | 9,908,375 |
Restricted common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 5,315 | 51,574 |
Restricted stock units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 153,634 | 293,865 |
Employee Retirement Plan - Addi
Employee Retirement Plan - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Percentage of company's matching contribution with respect to each participant's contribution | 4% |
Company matching contributions to maximum employees eligible compensation | 100% |
Employee retirement plans - Sch
Employee retirement plans - Schedule of Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Pension expense | $ 261 | $ 235 | $ 543 | $ 451 |
Employee retirement plans - S_2
Employee retirement plans - Schedule of Defined Contribution Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Defined contribution expense | $ 181 | $ 114 | $ 537 | $ 389 |