Vigil Neuroscience (VIGL) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	VIGIL NEUROSCIENCE, INC.
Entity Central Index Key	0001827087
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	VIGL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		40,879,485
Entity Shell Company	false
Entity File Number	001-41200
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1880494
Entity Address, Address Line One	100 Forge Road,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	857
Local Phone Number	254-4445
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 44,896	$ 51,992
Marketable securities	66,373	65,948
Prepaid expenses and other current assets	2,416	3,967
Total current assets	113,685	121,907
Property and equipment, net	1,426	1,745
Operating lease right-of-use assets	15,098	16,147
Financing lease right-of-use assets	34	49
Restricted cash	927	927
Other assets	103	83
Total assets	131,273	140,858
Current liabilities:
Accounts payable	860	1,946
Contract liability	20,009
Accrued expenses and other current liabilities	8,675	8,810
Operating lease liabilities	1,002	905
Total current liabilities	30,546	11,661
Operating lease liabilities, net of current portion	12,175	12,945
Total liabilities	42,721	24,606
Commitments and contingencies (Note 12)
Stockholders' equity:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 537,634 shares issued and outstanding at September 30, 2024 and 0 share issued and outstanding at December 31, 2023
Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2024 and December 30, 2023; 39,710,322 shares issued as of September 30, 2024 and 35,929,035 shares issued as of December 31, 2023; and 39,665,999 shares outstanding as of September 30, 2024 and 35,884,712 shares outstanding as of December 31, 2023	4	4
Additional paid-in capital	371,635	339,025
Accumulated other comprehensive income (loss)	110	(5)
Accumulated deficit	(283,197)	(222,772)
Total stockholders' equity	88,552	116,252
Total liabilities and stockholders' equity	$ 131,273	$ 140,858

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	537,634	0
Preferred Stock, Shares Outstanding	537,634	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares, issued	39,710,322	35,929,035
Common stock, shares, outstanding	39,665,999	35,884,712

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	[1]	$ 13,772	$ 15,415	$ 43,638	$ 44,152
General and administrative		6,904	6,906	20,931	20,857
Total operating expenses		20,676	22,321	64,569	65,009
Loss from operations		(20,676)	(22,321)	(64,569)	(65,009)
Other income (expense):
Interest income, net		1,410	1,829	4,141	4,560
Other income (expense), net		8	(3)	3	(15)
Total other income, net		1,418	1,826	4,144	4,545
Net loss		$ (19,258)	$ (20,495)	$ (60,425)	$ (60,464)
Net loss per share attributable to common stockholders, basic		$ (0.47)	$ (0.53)	$ (1.5)	$ (1.56)
Net loss per share attributable to common stockholders, diluted		$ (0.47)	$ (0.53)	$ (1.5)	$ (1.56)
Weighted-average common shares outstanding, basic		40,577,955	38,809,109	40,336,433	38,671,739
Weighted-average common shares outstanding, diluted		40,577,955	38,809,109	40,336,433	38,671,739
Comprehensive loss:
Net Income (Loss)		$ (19,258)	$ (20,495)	$ (60,425)	$ (60,464)
Unrealized gain (loss) on available for sale securities		136	14	115	(56)
Total comprehensive loss		$ (19,122)	$ (20,481)	$ (60,310)	$ (60,520)
[1] Includes related party amounts of $ 0 for the three and nine months ended September 30, 2024, and $ 0 and $ 50 for the three and nine months ended September 30, 2023 (see Note 11).

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Research and development expense related party	$ 0	$ 0	$ 0	$ 50

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 189,081		$ 4	$ 329,211		$ (140,134)
Beginning balance, Shares at Dec. 31, 2022			35,620,335
Exercise of stock options	214			214
Options exercised			45,449
Stock-based compensation expense	1,734			1,734
Unrealized gain (loss) on available for sale securities	106				$ 106
Net Income (Loss)	(19,795)					(19,795)
Balance at Mar. 31, 2023	171,340		$ 4	331,159	106	(159,929)
Ending balance shares at Mar. 31, 2023			35,665,784
Balance at Dec. 31, 2022	189,081		$ 4	329,211		(140,134)
Beginning balance, Shares at Dec. 31, 2022			35,620,335
Net Income (Loss)	(60,464)
Balance at Sep. 30, 2023	135,836		$ 4	336,486	(56)	(200,598)
Ending balance shares at Sep. 30, 2023			35,873,421
Balance at Mar. 31, 2023	171,340		$ 4	331,159	106	(159,929)
Beginning balance, Shares at Mar. 31, 2023			35,665,784
Exercise of stock options	589			589
Options exercised			195,930
Stock-based compensation expense	2,257			2,257
Unrealized gain (loss) on available for sale securities	(176)				(176)
Net Income (Loss)	(20,174)					(20,174)
Balance at Jun. 30, 2023	153,836		$ 4	334,005	(70)	(180,103)
Ending balance shares at Jun. 30, 2023			35,861,714
Exercise of stock options	55			55
Options exercised			11,707
Stock-based compensation expense	2,426			2,426
Unrealized gain (loss) on available for sale securities	14				14
Net Income (Loss)	(20,495)					(20,495)
Balance at Sep. 30, 2023	135,836		$ 4	336,486	(56)	(200,598)
Ending balance shares at Sep. 30, 2023			35,873,421
Balance at Dec. 31, 2023	$ 116,252		$ 4	339,025	(5)	(222,772)
Beginning balance, Shares at Dec. 31, 2023	35,884,712		35,884,712
Issuance of Series A Non-voting Convertible Preferred Stock, net of issuance costs of $0.2 million	$ 5,183			5,183
Issuance of Series A Non-voting Convertible Preferred Stock, net of issuance costs of $0.2 million, shares			1,699,600
Stock-based compensation expense	2,312			2,312
Unrealized gain (loss) on available for sale securities	(25)				(25)
Net Income (Loss)	(19,940)					(19,940)
Balance at Mar. 31, 2024	103,782		$ 4	346,520	(30)	(242,712)
Ending balance shares at Mar. 31, 2024			37,584,312
Balance at Dec. 31, 2023	$ 116,252		$ 4	339,025	(5)	(222,772)
Beginning balance, Shares at Dec. 31, 2023	35,884,712		35,884,712
Net Income (Loss)	$ (60,425)
Balance at Sep. 30, 2024	$ 88,552		$ 4	371,635	110	(283,197)
Ending balance shares at Sep. 30, 2024	39,665,999	537,634	39,665,999
Balance at Mar. 31, 2024	$ 103,782		$ 4	346,520	(30)	(242,712)
Beginning balance, Shares at Mar. 31, 2024			37,584,312
Exercise of stock options	9			9
Options exercised			5,000
Stock-based compensation expense	2,704			2,704
Unrealized gain (loss) on available for sale securities	4				4
Net Income (Loss)	(21,227)					(21,227)
Balance at Jun. 30, 2024	85,272		$ 4	349,233	(26)	(263,939)
Ending balance shares at Jun. 30, 2024			37,589,312
Issuance of Series A Non-voting Convertible Preferred Stock, net of issuance costs of $0.2 million	19,810			19,810
Issuance of Series A Non-voting Convertible Preferred Stock, net of issuance costs of $0.2 million, shares		537,634
Exercise of pre-funded warrants			2,054,795
Exercise of stock options	51			51
Options exercised			21,892
Stock-based compensation expense	2,541			2,541
Unrealized gain (loss) on available for sale securities	136				136
Net Income (Loss)	(19,258)					(19,258)
Balance at Sep. 30, 2024	$ 88,552		$ 4	$ 371,635	$ 110	$ (283,197)
Ending balance shares at Sep. 30, 2024	39,665,999	537,634	39,665,999

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Convertible Preferred Stock
Stock issuance costs	$ 0.2

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (60,425)	$ (60,464)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock-based compensation expense	7,557	6,417
Non-cash operating lease expense	1,049	1,023
Depreciation and amortization	340	286
Amortization of premium/discount on marketable securities	(1,232)	(1,772)
Realized gain on investments	(16)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,551	1,945
Other non-current assets	(20)
Accounts payable	(1,086)	(639)
Contract liability	20,009
Accrued expenses and other current liabilities	(137)	(1,228)
Operating lease liabilities	(672)	(421)
Net cash used in operating activities	(33,082)	(54,853)
Cash flows from investing activities:
Purchases of marketable securities	(75,092)	(117,132)
Proceeds from sales and maturities of marketable securities	76,029	42,000
Purchases of property and equipment	(5)	(661)
Net cash provided (used) by investing activities	932	(75,793)
Cash flows from financing activities:
Proceeds from issuance of Series A preferred stock, net of offering costs	19,810
Proceeds from issuance of common stock, net of offering costs	5,184
Payments of finance lease obligations		(23)
Proceeds from stock option exercised	60	858
Net cash provided by financing activities	25,054	835
Net change in cash and cash equivalents	(7,096)	(129,811)
Cash, cash equivalents and restricted cash at beginning of period	52,919	187,532
Cash, cash equivalents and restricted cash at end of period	$ 45,823	57,721
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities		14,319
Prepaid rent reclassified to right-of-use assets		$ 2,887

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,258)	$ (21,227)	$ (19,940)	$ (20,495)	$ (20,174)	$ (19,795)	$ (60,425)	$ (60,464)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 30, 2024, Ivana Magovčević-Liebisch , Ph.D., J.D., our President and Chief Executive Officer , adopted a trading arrangement on September 24, 2024 that is intended to satisfy the affirmative defense of Rule 10b5-1(c), or the Magovčević-Liebisch 10b5-1 Plan. Between January 1, 2025 and December 31, 2025 , the Magovčević-Liebisch 10b5-1 Plan provides for the potential sale of up to 42,000 shares of our common stock. The Magovčević-Liebisch 10b5-1 Plan terminates on December 31, 2025 , or upon the earlier completion of all authorized transactions under the plan.
Ivana Magovcevic-Liebisch
Trading Arrangements, by Individual
Name	Ivana Magovčević-Liebisch
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 24, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 31, 2025
Arrangement Duration	463 days
Aggregate Available	42,000

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Vigil Neuroscience, Inc., together with its consolidated subsidiary, Vigil Neuroscience Security Corporation (“Vigil” or the “Company”), is a clinical-stage biotechnology company dedicated to improving the lives of patients, caregivers and families affected by rare and common neurodegenerative diseases by pursuing the development of disease-modifying therapeutics to restore the vigilance of microglia. Microglia are the sentinel immune cells of the brain and play a critical role in maintaining central nervous system (CNS) health and responding to damage caused by disease. Leveraging recent research implicating microglial dysfunction in neurodegenerative diseases, the Company utilizes a precision medicine approach to develop a pipeline of therapeutic candidates, initially addressing genetically defined patient subpopulations, that it believes will activate and restore microglial function. The Company was incorporated in the State of Delaware in June 2020 and is located in Watertown, Massachusetts. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, completing preclinical studies and clinical trials, the ability to raise additional capital to fund operations, obtaining regulatory approval for therapeutic candidates, market acceptance of products, competition from substitute products, protection of proprietary intellectual property, compliance with government regulations, dependence on key personnel, reliance on third-party organizations and the clinical and commercial success of its therapeutic candidates. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Liquidity The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of September 30, 2024, the Company had cash, cash equivalents, and marketable securities of $ 111.3 million and an accumulated deficit of $ 283.2 million. On March 21, 2023, the Company entered into an Open Market Sales Agreement, or the ATM facility, with Jefferies LLC, or the Agent, pursuant to which the Company can sell, from time to time, at its option, up to an aggregate of $ 100.0 million of shares of its common stock, through the Agent, as its sales agent. As of September 30, 2024, the Company sold 1,699,600 shares of common stock under the ATM facility at an average price of $ 3.14 per share, for net proceeds after deducting commissions and other offering expenses of $ 5.2 million. Subsequent to September 30, 2024 through November 5, 2024, the Company sold 1,186,487 shares of common stock under the ATM facility at an average price of $ 3.78 per share, for net proceeds of $ 4.4 million. On June 27, 2024, the Company entered into a Securities Purchase Agreement (SPA) with Aventis Inc., a wholly-owned subsidiary of Sanofi, a global healthcare and pharmaceutical company, (together with Aventis Inc., "Sanofi"). Pursuant to the SPA, on July 1, 2024 the Company issued an aggregate of 537,634 shares of Series A non-voting convertible preferred stock (Series A Preferred Stock) for net proceeds of $ 39.6 million. (see Note 7). Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its cash, cash equivalents, and marketable securities will be sufficient to fund current operations for at least the next twelve months from the issuance of these condensed consolidated financial statements. The Company expects to seek additional funding through equity financings, government or private-party grants, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain sufficient capital, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Basis of Presentation The accompanying condensed consolidated financial statements reflect the operations of the Company are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods and, in the opinion of management, include all normal and recurring adjustments that are necessary to state fairly the results of operations for the reported periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Our condensed consolidated financial statements have also been prepared on a basis substantially consistent with, and should be read in conjunction with, our audited consolidated financial statements for the year ended December 31, 2023, which were included in our Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 26, 2024. The year-end condensed consolidated balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The results of our operations for any interim period are not necessarily indicative of the results of our operations for any other interim period or for a full fiscal year. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 26, 2024, or the 2023 Form 10-K. Since the date of those financial statements, there have been no material changes to Vigil’s significant accounting policies except as noted below. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and stock-based compensation. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities when purchased of three months or less that are readily convertible to known amounts of cash to be cash equivalents. The carrying values of these instruments approximate their respective fair value due to the short-term maturity of these investments. At September 30, 2024 and December 31, 2023, the Company’s cash equivalents were in money market funds and government securities. As of each balance sheet date and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. In connection with the Company’s lease agreement entered into in September 2021 (see Note 10), the Company is required to maintain a certificate of deposit (“CD”) of $ 0.9 million for the benefit of the landlord. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the amounts reported in the condensed consolidated statement of cash flows (in thousands): September 30, 2024 September 30, 2023 Cash and cash equivalents $ 44,896 $ 56,794 Restricted cash, non-current 927 927 Total cash, cash equivalents and restricted cash $ 45,823 $ 57,721 Marketable Securities Investments in marketable securities are classified as available-for-sale. Available-for-sale securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity in other comprehensive loss. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all of its securities as current assets even if the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the consolidated statements of operations and comprehensive loss. If any adjustment is required to reflect a decline in the value of the investment that the Company considers to be “other than temporary”, the Company recognizes a charge to the consolidated statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented. Classification of Preferred Stock The Company’s Series A non-voting convertible preferred stock is classified in stockholders’ deficit in the condensed consolidated balance sheet because the holder participates in dividends in the same form as dividends paid on shares of common stock, the shares are only redeemable upon a liquidation event, and each share of Series A non-voting convertible preferred stock is convertible into a predetermined amount of ten shares of common stock. The Company recorded the Series A non-voting convertible preferred stock at fair value upon issuance, net of issuance costs. See Note 7 for additional information. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company qualifies as an ‘‘emerging growth company’’ as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to ‘‘opt out’’ of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to ‘‘opt out’’ of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure . Among other disclosure enhancements, this ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the entity’s chief operating decision maker (“CODM”), and one or more measures of profit or loss reviewed by the CODM to allocate resources and assess performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required and early adoption permitted. The Company is currently in the process of evaluating the effects of this ASU, however, the Company does not believe that the adoption of this ASU will have a material impact on its consolidated financial statement. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Topic 220), requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements in this ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Recently Adopted Accounting Guidance In August 2020, the FASB issued ASU No. 2020-06 , Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, the ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. The ASU also simplifies the accounting for convertible instruments by removing the beneficial conversion feature and cash conversion feature separation models. This ASU may be applied on a full retrospective or modified retrospective basis. This ASU is effective for smaller reporting companies for fiscal years beginning after December 15, 2023 and all other public entities, this ASU is effective for fiscal years beginning after December 15, 2021. Early adoption permitted. The Company has adopted this ASU in fiscal year 2024. The Company has determined this ASU does not materially impact its financial position and results of operations.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	3. Fair Value Measurements and Financial Instruments The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands): Fair Value Measurement at September 30, 2024 Using: Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 31,542 $ — $ — 31,542 U.S. government securities — 8,963 — 8,963 Total cash equivalents $ 31,542 $ 8,963 $ — $ 40,505 Marketable securities U.S. government securities — 23,165 — 23,165 Corporate bonds — 43,208 — 43,208 Total marketable securities $ — $ 66,373 $ — $ 66,373 Restricted cash (non-current) 927 — — 927 Total $ 32,469 $ 75,336 $ — $ 107,805 Fair Value Measurement at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 41,649 $ — $ — $ 41,649 U.S. government securities — 1,997 — $ 1,997 Corporate bonds — 2,577 — $ 2,577 Total cash equivalents $ 41,649 $ 4,574 $ — $ 46,223 Marketable securities U.S. government securities $ 21,149 $ 21,149 Corporate bonds $ 44,799 $ 44,799 Total marketable securities $ — $ 65,948 $ — $ 65,948 Restricted cash (non-current) 927 — — 927 Total $ 42,576 $ 70,522 $ — $ 113,098 Marketable securities The following table summarizes the Company’s marketable securities as of September 30, 2024 (in thousands): At September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 23,133 $ 32 $ — $ 23,165 Corporate bonds 43,130 82 ( 4 ) 43,208 Total $ 66,263 $ 114 $ ( 4 ) $ 66,373 At December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 21,146 $ 5 $ ( 2 ) $ 21,149 Corporate bonds 44,807 31 ( 39 ) 44,799 Total $ 65,953 $ 36 $ ( 41 ) $ 65,948 The contractual maturity dates of the Company’s marketable securities are less than one year. As of September 30, 2024, the Company held 30 securities, 3 of which were in an unrealized loss position. The Company did no t recognize any credit losses during the three and nine months ended September 30, 2024 and 2023. Additionally, there were $ 16 thousand of realized gains on marketable securities for the three and nine months ended September 30, 2024 and no realized gains or losses on marketable securities for the three and nine months ended September 30, 2023.

Prepaid Expense and Other Curre

Prepaid Expense and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, Research and development $ 694 $ 1,563 Business insurance 382 122 Interest receivable 361 348 Other receivables 34 1,137 Other 945 797 Total $ 2,416 $ 3,967

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Research and development $ 3,987 $ 3,278 Payroll and employee related 3,687 4,208 Professional fees 835 1,000 Other 166 324 Total $ 8,675 $ 8,810

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation 2020 Equity Incentive Plan The Company's 2020 Equity Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. As of September 30, 2024, 2,289,906 options were outstanding under the 2020 Plan. 2021 Stock Option and Incentive Plan The Company's 2021 Stock Option and Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. On January 1, 2024, the shares reserved for future grants under the 2021 Plan increased by 1,794,235 pursuant to the 2021 Plan Evergreen Provision. In March of 2024, as part of the Company's annual grant of equity, the Company granted 1,786,100 stock options to employees. As of September 30, 2024, 4,934,355 options were outstanding under the 2021 Plan. 2021 Employee Stock Purchase Plan The Company's 2021 Employee Stock Purchase Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. There was no increase to the shares reserved for future grants under the 2021 ESPP in January 2024. As of September 30, 2024, a total of 572,254 shares of common stock were reserved for issuance under this plan. No stock-based compensation expense was recognized during the three and nine months ended September 30, 2024 related to the 2021 ESPP. Inducement Awards The Company also maintains an inducement award program that is separate from the Company's equity plans under which inducement awards may be granted consistent with Nasdaq Listing Rule 5635(c)(4). During the nine months ended September 30, 2024, the Company granted 330,000 options to purchase shares of the Company's common stock to new hires as inducements material to such employees entering into employment with the Company, of which 330,000 options remained outstanding as of September 30, 2024. Stock Option Repricing On May 3, 2024 (the "Effective Date"), the Company's Board of Directors approved a one-time stock option repricing (the "Option Repricing") for certain previously granted and still outstanding options held by the Company's employees and certain independent contractors. Pursuant to the Option Repricing, stock options granted under the Company's 2021 Stock Option and Incentive Plan prior to January 1, 2024, with an exercise price greater than $ 3.03 per share, were repriced to $ 3.03 per share, which was the closing trading price of the Company's common stock on the Nasdaq Global Market on the Effective Date. Under the terms of the Option Repricing, a repriced option will revert to its original exercise price if, prior to the one-year anniversary of the Effective Date, (a) the option holder's employment is terminated by the Company with cause or by the option holder, or (b) the option is exercised. The repriced options otherwise retained their existing terms and conditions as set forth in the 2021 Stock Option and Incentive Plan. The Option Repricing resulted in $ 2.7 million of incremental stock compensation expense, which was calculated using the Black-Scholes option-pricing model. Of the incremental compensation cost, $ 0.3 million and $ 0.5 million were recognized for the three and nine months ended September 30, 2024, respectively. The remaining $ 2.2 million will be recognized on the straight-line basis over the remaining vesting period of the repriced options. The incremental cost is included in general and administrative expense and research and development expense on the condensed consolidated statements of operations and comprehensive loss. Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $ 2.5 million and $ 7.6 million during the three and nine months ended September 30, 2024, respectively, and recorded $ 2.4 million and $ 6.4 million during the three and nine months ended September 30, 2023, respectively. Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 954 $ 935 $ 2,670 $ 2,512 General and administrative 1,587 1,491 4,887 3,905 Total stock-based compensation $ 2,541 $ 2,426 $ 7,557 $ 6,417 At September 30, 2024, there was approximately $ 19.0 million unrecognized stock-based compensation expense related to unvested options, which is expected to be recognized over a weighted-average period of 2.45 years. At September 30, 2024, there was no unrecognized stock-based compensation expense related to unvested restricted stock.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Preferred Stock	7. Preferred Stock Issuance of Series A Non-Voting Convertible Preferred Stock On June 27, 2024, the Company entered into a $ 40.0 million Securities Purchase Agreement (SPA) with Sanofi. On the closing date of July 1, 2024, pursuant to the terms of the SPA, the Company issued an aggregate of 537,634 shares of Series A non-voting convertible preferred stock at an as-converted price of $ 7.44 per share (the “Private Placement”). Each preferred share is convertible into ten shares of the Company’s common stock. The SPA restricts Sanofi’s ability to sell the Series A non-voting convertible preferred stock for ten months following the closing date, subject to customary exceptions for permitted transfers. In connection with the SPA , the Company also granted Genzyme Corporation, a wholly-owned subsidiary of Sanofi, an exclusive right of first negotiation (ROFN) for an exclusive license, grant or transfer of rights to research, develop, manufacture and commercialize the Company’s small molecule TREM2 agonist program, including its clinical candidate, VG-3927. The Company assessed the accounting for the SPA and concluded there were two units of accounting (i) Series A Convertible Preferred Stock and (ii) the ROFN. The Series A convertible preferred stock qualified as permanent equity and was recorded at its fair value of $ 20.0 million . There were no imbedded features that required bifurcation. The remaining $ 20.0 million in proceeds was recognized as the contract liability for the ROFN (see Note 12). The Company also incurred $ 0.4 million of issuance costs which were allocated to Series A non-voting convertible preferred stock and contract liability proportionately and recognized $ 0.2 million as deferred offering costs in other assets in the condensed consolidated balance sheet and $ 0.2 million in general and administrative expenses in the condensed consolidated statement of operations in June 2024, respectively. Upon issuance of Series A non-voting convertible preferred stock on July 1, 2024, the deferred offering costs were recorded as a reduction of proceeds of the Private Placement in additional paid in capital in the condensed consolidated balance sheet. The holders of Series A non-voting convertible preferred stock have the followings rights and privileges: Voting Holders of Series A non-voting convertible preferred stock do not have voting rights. Dividends Holders of Series A non-voting convertible preferred stock are entitled to receive dividends on shares of Series A non-voting convertible preferred stock equal (on an as-if-converted to common stock basis) to and in the same form as dividends actually paid on shares of the Company’s common stock. The Company has not, and has no plans to, declare dividends on any class of preferred or common stock. Conversion At the option of the holder, each share of Series A non-voting convertible preferred stock is convertible into a number of shares of Common Stock equal to the product of the number of shares of Series A non-voting convertible preferred stock held by such holder multiplied by the conversion ratio. Initially, each share of Series A non-voting convertible preferred stock converts into ten shares of Common Stock, subject to adjustments for stock dividends, stock splits, combinations, or other similar recapitalizations. Liquidation In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, including a change of control transaction, or deemed liquidation event (any such event, a “Liquidation”), the assets of the Company available for distribution to its stockholders shall be distributed among the holders of the shares of Series A non-voting convertible preferred stock and common stock pro rata based on the number of shares held by each such holder, treating for this purpose all shares of Series A non-voting convertible preferred stock as if they had been converted to common stock pursuant to the terms of this Certificate of Designation immediately prior to such liquidation, without regard to any limitations on conversion set forth herein or otherwise and without regard as to whether sufficient shares of common stock are available out of the Company’s authorized but unissued stock for the purpose of effecting the conversion of the Series A non-voting convertible preferred stock.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Common Stock	8. Common Stock Each share of common stock entitles the holder to one vote for each share of common stock held. Common stockholders are entitled to receive dividends, as may be declared by the Company’s Board. During each of the three and nine months ended September 30, 2024 and 2023, no dividends have been declared or paid. At-the-Market Facility In March 2023, the Company entered into an Open Market Sales Agreement, or the ATM facility, with Jefferies LLC, or the Agent, pursuant to which it was able to offer and sell up to $ 100.0 million of its common stock at the then current market price from time to time. Through September 30, 2024, the Company sold 1,699,600 shares of common stock under the ATM facility with net proceeds, after deducting commissions and other offering expenses, of $ 5.2 million. Subsequent to September 30, 2024 through November 5, 2024, the Company sold 1,186,487 shares of common stock under the ATM facility for net proceeds of $ 4.4 million. Pre-funded Warrants In August 2022, the Company issued pre-funded warrants to purchase up to an aggregate of 2,980,889 shares of common stock at a purchase price of $ 7.2999 per pre-funded warrant. Each pre-funded warrant is exercisable for one share of common stock at an exercise price of $ 0.0001 per share of common stock, is immediately exercisable and will remain exercisable until exercised in full. The pre-funded warrants have no expiration date and the price of the pre-funded warrants does not include any discounts. The Company evaluated the pre-funded warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, and determined that equity treatment was appropriate because the pre-funded warrants did not meet the definition of liability instruments and met the criteria for permanent equity. As of September 30, 2024, 2,054,795 of the pre-funded warrants were exercised. The Company has reserved the following number of shares of common stock for the exercise of outstanding stock options, convertible preferred stock, and future issuance of stock-based awards. September 30, December 31, Common stock options 7,554,261 6,208,874 Series A convertible preferred stock 5,376,340 — Pre-funded warrants 926,094 2,980,889 Shares available for issuance under the 2021 Plan 2,228,636 1,160,388 Shares available for issuance under the 2021 ESPP 572,254 572,254 Total common stock reserved for future issuance 16,657,585 10,922,405

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Share	9. Net Loss per Share Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 19,258 ) $ ( 20,495 ) $ ( 60,425 ) $ ( 60,464 ) Denominator: Weighted-average common shares outstanding, basic and diluted 40,577,955 38,809,109 40,336,433 38,671,739 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.47 ) $ ( 0.53 ) $ ( 1.50 ) $ ( 1.56 ) Basic and diluted weighted average shares of common stock outstanding for the three and nine months ended September 30, 2024 and September 30, 2023 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $ 0.0001 or less per share. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per common share as the effect would be to reduce the net loss per common share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per common share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per common share for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Series A convertible preferred stock 5,376,340 — Options to purchase common stock – service based 7,343,632 5,889,268 Options to purchase common stock – performance based 210,629 210,629 Unvested restricted common stock — 39,065 Total 12,930,601 6,138,962

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	10. Leases In July 2021, the Company entered into a lease for laboratory space in Cambridge, Massachusetts, with an initial term of one year commencing in April 2021 , with a month-to-month option to renew at the end of the initial lease term. At inception, the Company determined that it was reasonably certain that it would elect options to renew the lease through September 2022 and have included these renewal options into the initial determination of the lease term. In 2022, the Company further extended the lease term through February 28, 2023 and terminated the lease as of February 28, 2023 due to the Company's move to Watertown, Massachusetts as noted below. In October 2021, the Company entered into a lease for its corporate headquarters in Cambridge, Massachusetts with an initial term of 14 months . In 2022, the Company extended the lease through January 31, 2023 and terminated the lease as of January 31, 2023 due to the Company's move to Watertown, Massachusetts as noted below. Watertown, MA Lease In September 2021, the Company entered into a lease for laboratory and office space in Watertown, Massachusetts with an initial term of ten years from the term commencement date of December 2022, and a five-year renewal option . The lease commenced for accounting purposes in January 2023 when the leased space was made available for the Company’s use. 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 monthly lease payment is approximately $ 0.2 million with annual escalation of approximately 3 %. The lease includes a $ 3.7 million construction allowance. At the lease commencement date, the Company recorded an initial lease liability of $ 14.3 million and a right-of-use asset of $ 17.3 million. Operating lease expense was $ 0.6 million and $ 1.8 million for the three and nine months ended September 30, 2024 and $ 0.6 million and $ 1.7 million for the three and nine months ended September 30 2023, respectively. Variable lease expense was $ 0.2 million and $ 0.7 million for the three and nine months ended September 30, 2024 and $ 0.1 million and $ 0.6 million for the three and nine months ended September 30, 2023, respectively. Variable lease expense generally includes common area maintenance, utilities, and property taxes. At September 30, 2024, the weighted-average remaining lease terms related to the operating lease is 8.2 years. The weighted-average discount rates used for the Watertown lease at the time that the lease was evaluated was 7.57 %. Future minimum lease payments due under the Company’s operating lease liabilities as of September 30, 2024 are as follows: Operating 2024 477 2025 1,968 2026 2,027 2027 2,088 2028 and thereafter 11,269 Total lease payments 17,829 Less: imputed interest ( 4,652 ) Total future minimum lease payments $ 13,177

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Atlas The Company entered into various lease agreements with Atlas Venture Fund XII, L.P., a principal stockholder of the Company, and incurred lease costs of $ 50 thousand for the nine months ended September 30, 2023. The lease payments are included in general and administrative expenses for office space and research and development expenses for lab space in the condensed consolidated statements of operations and comprehensive loss. The Company terminated the lease for the laboratory space as of February 28, 2023 due to the Company's move to Watertown, Massachusetts, and therefore had no operating lease right-of-use asset or lease liability recorded as of and after March 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies License Agreement The Company has a license agreement with Amgen (see Note 12 to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023). In connection with the SPA, the Company granted Sanofi the ROFN for an exclusive license, grant or transfer of rights to research, develop, manufacture and commercialize the Company’s small molecule TREM2 agonist program, including its clinical candidate, VG-3927. On July 1, 2024, the Company recognized $ 20.0 million as a contract liability in the condensed consolidated balance sheet until a new contract is executed following the ROFN negotiation period, Sanofi does not elect to exercise its ROFN, or the agreement expires. (see Note 7). Letter of Credit In September 2021, in connection with the Watertown, Massachusetts lease, the Company entered into a $ 0.9 million standby letter of credit which initially expired on September 10, 2022 and automatically renews for subsequent annual periods through December 2032 . Remittance of funds from the letter of credit was not probable and the full amount was available as of September 30, 2024. The Company did not recognize a liability in the condensed consolidated balance sheet. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenses will be incurred and can be reasonably estimated. As of September 30, 2024, the Company does not have any significant legal disputes that require a loss liability to be recorded. 401(k) Plan The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code of 1986 (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions are discretionary and contributions in the amount of $ 0.6 million and $ 0.4 million were made during the nine months ended September 30, 2024 and 2023, respectively. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and stock-based compensation. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities when purchased of three months or less that are readily convertible to known amounts of cash to be cash equivalents. The carrying values of these instruments approximate their respective fair value due to the short-term maturity of these investments. At September 30, 2024 and December 31, 2023, the Company’s cash equivalents were in money market funds and government securities. As of each balance sheet date and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. In connection with the Company’s lease agreement entered into in September 2021 (see Note 10), the Company is required to maintain a certificate of deposit (“CD”) of $ 0.9 million for the benefit of the landlord. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the amounts reported in the condensed consolidated statement of cash flows (in thousands): September 30, 2024 September 30, 2023 Cash and cash equivalents $ 44,896 $ 56,794 Restricted cash, non-current 927 927 Total cash, cash equivalents and restricted cash $ 45,823 $ 57,721
Marketable Securities	Marketable Securities Investments in marketable securities are classified as available-for-sale. Available-for-sale securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity in other comprehensive loss. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all of its securities as current assets even if the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the consolidated statements of operations and comprehensive loss. If any adjustment is required to reflect a decline in the value of the investment that the Company considers to be “other than temporary”, the Company recognizes a charge to the consolidated statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented.
Classification of Preferred Stock	Classification of Preferred Stock The Company’s Series A non-voting convertible preferred stock is classified in stockholders’ deficit in the condensed consolidated balance sheet because the holder participates in dividends in the same form as dividends paid on shares of common stock, the shares are only redeemable upon a liquidation event, and each share of Series A non-voting convertible preferred stock is convertible into a predetermined amount of ten shares of common stock. The Company recorded the Series A non-voting convertible preferred stock at fair value upon issuance, net of issuance costs. See Note 7 for additional information.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company qualifies as an ‘‘emerging growth company’’ as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to ‘‘opt out’’ of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to ‘‘opt out’’ of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure . Among other disclosure enhancements, this ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the entity’s chief operating decision maker (“CODM”), and one or more measures of profit or loss reviewed by the CODM to allocate resources and assess performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required and early adoption permitted. The Company is currently in the process of evaluating the effects of this ASU, however, the Company does not believe that the adoption of this ASU will have a material impact on its consolidated financial statement. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Topic 220), requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements in this ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In August 2020, the FASB issued ASU No. 2020-06 , Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, the ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. The ASU also simplifies the accounting for convertible instruments by removing the beneficial conversion feature and cash conversion feature separation models. This ASU may be applied on a full retrospective or modified retrospective basis. This ASU is effective for smaller reporting companies for fiscal years beginning after December 15, 2023 and all other public entities, this ASU is effective for fiscal years beginning after December 15, 2021. Early adoption permitted. The Company has adopted this ASU in fiscal year 2024. The Company has determined this ASU does not materially impact its financial position and results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash in the Condensed Consolidated Balance Sheets	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the amounts reported in the condensed consolidated statement of cash flows (in thousands): September 30, 2024 September 30, 2023 Cash and cash equivalents $ 44,896 $ 56,794 Restricted cash, non-current 927 927 Total cash, cash equivalents and restricted cash $ 45,823 $ 57,721

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Schedule of Fair Value Hierarchy for Assets and Liabilities	The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands): Fair Value Measurement at September 30, 2024 Using: Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 31,542 $ — $ — 31,542 U.S. government securities — 8,963 — 8,963 Total cash equivalents $ 31,542 $ 8,963 $ — $ 40,505 Marketable securities U.S. government securities — 23,165 — 23,165 Corporate bonds — 43,208 — 43,208 Total marketable securities $ — $ 66,373 $ — $ 66,373 Restricted cash (non-current) 927 — — 927 Total $ 32,469 $ 75,336 $ — $ 107,805 Fair Value Measurement at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 41,649 $ — $ — $ 41,649 U.S. government securities — 1,997 — $ 1,997 Corporate bonds — 2,577 — $ 2,577 Total cash equivalents $ 41,649 $ 4,574 $ — $ 46,223 Marketable securities U.S. government securities $ 21,149 $ 21,149 Corporate bonds $ 44,799 $ 44,799 Total marketable securities $ — $ 65,948 $ — $ 65,948 Restricted cash (non-current) 927 — — 927 Total $ 42,576 $ 70,522 $ — $ 113,098
Summary of marketable securities	The following table summarizes the Company’s marketable securities as of September 30, 2024 (in thousands): At September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 23,133 $ 32 $ — $ 23,165 Corporate bonds 43,130 82 ( 4 ) 43,208 Total $ 66,263 $ 114 $ ( 4 ) $ 66,373 At December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 21,146 $ 5 $ ( 2 ) $ 21,149 Corporate bonds 44,807 31 ( 39 ) 44,799 Total $ 65,953 $ 36 $ ( 41 ) $ 65,948

Prepaid Expense and Other Cur_2

Prepaid Expense and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, Research and development $ 694 $ 1,563 Business insurance 382 122 Interest receivable 361 348 Other receivables 34 1,137 Other 945 797 Total $ 2,416 $ 3,967

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Research and development $ 3,987 $ 3,278 Payroll and employee related 3,687 4,208 Professional fees 835 1,000 Other 166 324 Total $ 8,675 $ 8,810

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock-based Compensation Expense	Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 954 $ 935 $ 2,670 $ 2,512 General and administrative 1,587 1,491 4,887 3,905 Total stock-based compensation $ 2,541 $ 2,426 $ 7,557 $ 6,417

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Reserved Number of Shares of Common Stock for Exercise of Outstanding Stock Options, Convertible Preferred Stock and Future Issuance of Stock-Based Awards	The Company has reserved the following number of shares of common stock for the exercise of outstanding stock options, convertible preferred stock, and future issuance of stock-based awards. September 30, December 31, Common stock options 7,554,261 6,208,874 Series A convertible preferred stock 5,376,340 — Pre-funded warrants 926,094 2,980,889 Shares available for issuance under the 2021 Plan 2,228,636 1,160,388 Shares available for issuance under the 2021 ESPP 572,254 572,254 Total common stock reserved for future issuance 16,657,585 10,922,405

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Common Share Attributable to Common Stockholders	Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 19,258 ) $ ( 20,495 ) $ ( 60,425 ) $ ( 60,464 ) Denominator: Weighted-average common shares outstanding, basic and diluted 40,577,955 38,809,109 40,336,433 38,671,739 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.47 ) $ ( 0.53 ) $ ( 1.50 ) $ ( 1.56 )
Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per common share for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Series A convertible preferred stock 5,376,340 — Options to purchase common stock – service based 7,343,632 5,889,268 Options to purchase common stock – performance based 210,629 210,629 Unvested restricted common stock — 39,065 Total 12,930,601 6,138,962

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Future Minimum Lease Payments Due under Operating Lease Liabilities	Future minimum lease payments due under the Company’s operating lease liabilities as of September 30, 2024 are as follows: Operating 2024 477 2025 1,968 2026 2,027 2027 2,088 2028 and thereafter 11,269 Total lease payments 17,829 Less: imputed interest ( 4,652 ) Total future minimum lease payments $ 13,177

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Nov. 05, 2024	Sep. 30, 2024	Jul. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	Mar. 21, 2023
Class of Stock [Line Items]
Maximum shares value to be issued under agreement						$ 100,000
Cash, cash equivalents and marketable securities		$ 111,300		$ 111,300
Accumulated deficit		283,197		283,197	$ 222,772
Net proceeds from common stock				$ 5,184
Sales Agreement
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 5,200
Sale of stock, number of shares issued and sold		1,699,600
Sale of stock, average price		$ 3.14		$ 3.14
Series A Non-Voting Convertible Preferred Stock | Securities Purchase Agreement
Class of Stock [Line Items]
Temporary equity, shares issued			537,634
Purchase price per share			$ 7.44
Net proceeds from issuance of preferred stock			$ 39,600
Subsequent Event
Class of Stock [Line Items]
Sale of stock, average price	$ 3.78
Subsequent Event | Sales Agreement
Class of Stock [Line Items]
Sale of stock, number of shares issued and sold	1,186,487
Net proceeds from common stock	$ 4,400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Accounting standard update, adopted	true
Accounting standard update, immaterial effect	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202006Member
Series A Non-Voting Convertible Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred shares convertible | shares	10
Certificate of Deposit
Summary Of Significant Accounting Policies [Line Items]
Lease security deposit | $	$ 0.9

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Reconcilaition of Cash, Cash Equivalents and Restricted Cash in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 44,896	$ 51,992	$ 56,794
Restricted cash	927	927	927
Total cash, cash equivalents and restricted cash	$ 45,823	$ 52,919	$ 57,721	$ 187,532

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Schedule of Fair Value Hierarchy for Assets and Liabilities (Details) - Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Assets, fair value	$ 107,805	$ 113,098
Cash Equivalents
Assets:
Assets, fair value	40,505	46,223
Cash Equivalents | U.S. Government Securities
Assets:
Assets, fair value	8,963	1,997
Cash Equivalents | Corporate Bonds
Assets:
Assets, fair value		2,577
Marketable Securities
Assets:
Assets, fair value	66,373	65,948
Marketable Securities | U.S. Government Securities
Assets:
Assets, fair value	23,165	21,149
Marketable Securities | Corporate Bonds
Assets:
Assets, fair value	43,208	44,799
Money Market Funds | Cash Equivalents
Assets:
Assets, fair value	31,542	41,649
Level 1
Assets:
Assets, fair value	32,469	42,576
Level 1 | Cash Equivalents
Assets:
Assets, fair value	31,542	41,649
Level 1 | Money Market Funds | Cash Equivalents
Assets:
Assets, fair value	31,542	41,649
Level 2
Assets:
Assets, fair value	75,336	70,522
Level 2 | Cash Equivalents
Assets:
Assets, fair value	8,963	4,574
Level 2 | Cash Equivalents | U.S. Government Securities
Assets:
Assets, fair value	8,963	1,997
Level 2 | Cash Equivalents | Corporate Bonds
Assets:
Assets, fair value		2,577
Level 2 | Marketable Securities
Assets:
Assets, fair value	66,373	65,948
Level 2 | Marketable Securities | U.S. Government Securities
Assets:
Assets, fair value	23,165	21,149
Level 2 | Marketable Securities | Corporate Bonds
Assets:
Assets, fair value	43,208	44,799
Restricted Cash (Non-Current)
Assets:
Assets, fair value	927	927
Restricted Cash (Non-Current) | Level 1
Assets:
Assets, fair value	$ 927	$ 927

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Amortized Cost	$ 66,263	$ 65,953
Investment Gross Unrealized Gain	114	36
Investment Gross Unrealized Losses	(4)	(41)
Investment Fair Value	$ 66,373	$ 65,948
Investment, Type [Extensible Enumeration]	Marketable Securities [Member]	Marketable Securities [Member]
U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Amortized Cost	$ 23,133	$ 21,146
Investment Gross Unrealized Gain	32	5
Investment Gross Unrealized Losses		(2)
Investment Fair Value	$ 23,165	$ 21,149
Investment, Type [Extensible Enumeration]	Marketable Securities [Member]	Marketable Securities [Member]
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Amortized Cost	$ 43,130	$ 44,807
Investment Gross Unrealized Gain	82	31
Investment Gross Unrealized Losses	(4)	(39)
Investment Fair Value	$ 43,208	$ 44,799
Investment, Type [Extensible Enumeration]	Marketable Securities [Member]	Marketable Securities [Member]

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Securities	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Securities	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Securities | Securities	30		30
Number of securities in unrealized loss position | Securities	3		3
Credit losses recognized on securities | $	$ 0	$ 0	$ 0	$ 0
Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain or losses on marketable securities | $	$ 16	$ 0	$ 16	$ 0

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Research and development	$ 694	$ 1,563
Business insurance	382	122
Interest receivable	361	348
Other receivables	34	1,137
Other	945	797
Total	$ 2,416	$ 3,967

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Research and development	$ 3,987	$ 3,278
Payroll and employee related	3,687	4,208
Professional fees	835	1,000
Other	166	324
Total	$ 8,675	$ 8,810

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance				16,657,585		16,657,585		10,922,405
Stock-based compensation expense				$ 2,541,000	$ 2,426,000	$ 7,557,000	$ 6,417,000
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance				7,554,261		7,554,261		6,208,874
Unrecognized stock-based compensation expense related to unvested stock options not recognized				$ 19,000,000		$ 19,000,000
Unrecognized stock-based compensation expense period of recognition						2 years 5 months 12 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options not recognized				$ 0		$ 0
Inducement Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted						330,000
Number of options outstanding				330,000		330,000
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options outstanding				2,289,906		2,289,906
2021 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance				2,228,636		2,228,636		1,160,388
Number of shares granted		1,786,100
Increase in common stock reserved	1,794,235
Number of options outstanding				4,934,355		4,934,355
Incremental stock compensation expenses due to options repricing						$ 2,700,000
Exercise price of options				$ 3.03		$ 3.03
Incremental stock compensation cost recognized				$ 300,000		$ 500,000
Incremental stock compensation expenses due to options repricing to be recognized				$ 2,200,000		$ 2,200,000
2021 Stock Option and Incentive Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of options								$ 3.03
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance				572,254		572,254		572,254
Increase in common stock reserved			0
Stock-based compensation expense						$ 0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 2,541	$ 2,426	$ 7,557	$ 6,417
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	954	935	2,670	2,512
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,587	$ 1,491	$ 4,887	$ 3,905

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 01, 2024	Jun. 27, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs						$ 19,810
General and administrative expenses				$ 6,904	$ 6,906	$ 20,931	$ 20,857
Series A Non-Voting Convertible Preferred Stock
Class of Stock [Line Items]
Preferred shares convertible				10		10
Series A Non-Voting Convertible Preferred Stock | Securities Purchase Agreement
Class of Stock [Line Items]
Temporary equity, shares issued	537,634
Preferred shares convertible	10
Purchase price per share	$ 7.44
Proceeds from issuance of common stock, net of offering costs		$ 40,000
Fair value equity	$ 20,000
Proceeds from contract liability	20,000
Issuance costs	$ 400
General and administrative expenses			$ 200
Series A Non-Voting Convertible Preferred Stock | Securities Purchase Agreement | Other Assets
Class of Stock [Line Items]
Deferred offering costs			$ 200

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 05, 2024	Mar. 31, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 12, 2022
Class of Stock [Line Items]
Common stock, voting rights						Each share of common stock entitles the holder to one vote for each share of common stock held.
Common stock dividend declared			$ 0		$ 0	$ 0	$ 0
Net proceeds from common stock						$ 5,184,000
Common Stock
Class of Stock [Line Items]
Common stock issued				1,699,600
Pre-Funded Warrants
Class of Stock [Line Items]
Warrants exercised			2,054,795			2,054,795
Convertible Preferred Stock
Class of Stock [Line Items]
Common stock issued			537,634
Private Placement | Pre-Funded Warrants
Class of Stock [Line Items]
Share purchase price per pre funded warrant								$ 7.2999
Warrants exercise price per share								$ 0.0001
Private Placement | Pre-Funded Warrants | Maximum
Class of Stock [Line Items]
Warrants issued to purchase common stock								2,980,889
ATM Facility
Class of Stock [Line Items]
Common stock issued						1,699,600
Commissions and other offering expenses						$ 5,200,000
ATM Facility | Subsequent Event
Class of Stock [Line Items]
Common stock issued	1,186,487
Net proceeds from common stock	$ 4,400,000
ATM Facility | Maximum
Class of Stock [Line Items]
Common stock sale value		$ 100,000,000

Common Stock - Schedule of Rese

Common Stock - Schedule of Reserved Number of Shares of Common Stock for Exercise of Outstanding Stock Options, Convertible Preferred Stock and Future Issuance of Stock-Based Awards (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Total common stock reserved for future issuance	16,657,585	10,922,405
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Total common stock reserved for future issuance	5,376,340
Shares Available for Issuance Under the 2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	2,228,636	1,160,388
Shares Available for Issuance Under the 2021 ESPP
Class Of Stock [Line Items]
Total common stock reserved for future issuance	572,254	572,254
Pre-Funded Warrants
Class Of Stock [Line Items]
Total common stock reserved for future issuance	926,094	2,980,889
Employee Stock Option
Class Of Stock [Line Items]
Total common stock reserved for future issuance	7,554,261	6,208,874

Net Loss per Share - Summary of

Net Loss per Share - Summary of Basic and Diluted Net Loss Per Common Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss)	$ (19,258)	$ (21,227)	$ (19,940)	$ (20,495)	$ (20,174)	$ (19,795)	$ (60,425)	$ (60,464)
Denominator:
Weighted-average common shares outstanding, basic	40,577,955			38,809,109			40,336,433	38,671,739
Weighted-average common shares outstanding, diluted	40,577,955			38,809,109			40,336,433	38,671,739
Net loss per share attributable to common stockholders, basic	$ (0.47)			$ (0.53)			$ (1.5)	$ (1.56)
Net loss per share attributable to common stockholders, diluted	$ (0.47)			$ (0.53)			$ (1.5)	$ (1.56)

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Earnings Per Share [Abstract]
Pre-funded warrants remaining unfunded exercise price	$ 0.0001

Net Loss per Share - Summary _2

Net Loss per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	12,930,601	6,138,962
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,376,340
Options to Purchase Common Stock – Service Based
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,343,632	5,889,268
Options to Purchase Common Stock – Performance Based
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	210,629	210,629
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		39,065

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2021	Jul. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2022	Oct. 31, 2021
Lessee Lease Description [Line Items]
Operating lease liabilities			$ 13,177		$ 13,177			$ 14,300
Operating lease right-of-use assets			15,098		15,098		$ 16,147	$ 17,300
Variable lease expense			200	$ 100	700	$ 600
Operating lease expense			$ 600	$ 600	$ 1,800	$ 1,700
Operating lease, weighted-average remaining lease term			8 years 2 months 12 days		8 years 2 months 12 days
Operating lease, weighted-average discount rate			7.57%		7.57%
Laboratory Space
Lessee Lease Description [Line Items]
Operating lease term		1 year
Operating lease commencement month and year		2021-04
Operating lease, option to extend					At inception, the Company determined that it was reasonably certain that it would elect options to renew the lease through September 2022 and have included these renewal options into the initial determination of the lease term.
Operating lease, existence of option to extend [true false]					true
Lease termination date					Feb. 28, 2023
Laboratory and Office Space
Lessee Lease Description [Line Items]
Operating lease term	10 years
Operating lease commencement month and year					2023-01
Operating lease, option to extend					five-year renewal option.
Operating lease, existence of option to extend [true false]					true
Operating lease renewal term	5 years
Operating lease monthly payment	$ 200
Percentage of annual escalation	3%
Lease construction allowance	$ 3,700
Corporate Headquarters
Lessee Lease Description [Line Items]
Operating lease term									14 months
Operating lease, option to extend					extended the lease through January 31, 2023
Operating lease, existence of option to extend [true false]					true
Lease termination date					Jan. 31, 2023

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Due under Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	May 31, 2022
Leases [Abstract]
Operating Leases, 2024	$ 477
Operating Leases, 2025	1,968
Operating Leases, 2026	2,027
Operating Leases, 2027	2,088
Operating Leases, 2028 and thereafter	11,269
Operating Leases, Total lease payments	17,829
Operating Leases, Less: imputed interest	(4,652)
Operating Leases, Total future minimum lease payments	$ 13,177	$ 14,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2023	May 31, 2022
Related Party Transaction [Line Items]
Operating lease right-of-use assets		$ 15,098,000	$ 16,147,000		$ 17,300,000
Operating lease liabilities		$ 13,177,000			$ 14,300,000
Atlas Venture Fund XII, LP
Related Party Transaction [Line Items]
Lease, Cost	$ 50,000
Operating lease right-of-use assets				$ 0
Operating lease liabilities				$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Jul. 01, 2024
Loss Contingencies [Line Items]
Contract liability		$ 20,009		$ 20,000
Discretionary and contributions amount		$ 600	$ 400
Standby Letter of Credit
Loss Contingencies [Line Items]
Letter of credit	$ 900
Letter of credit expiration date	Sep. 10, 2022
Letter of credit renewal period	2032-12