Biomea Fusion (BMEA) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 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
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Biomea Fusion, Inc.
Entity Central Index Key	0001840439
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BMEA
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		36,238,687
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-40335
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2520134
Entity Address, Address Line One	900 Middlefield Road, 4th Floor
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	980-9099

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 87,952	$ 176,866
Prepaid expenses and other current assets	5,646	2,315
Total current assets	93,598	179,181
Property and equipment, net	4,228	5,159
Operating lease right-of-use assets	7,595	9,714
Restricted cash	369	370
Other assets	4,629	5,503
Total assets	110,419	199,927
Current liabilities:
Accounts payable	8,987	6,851
Accrued expenses and other current liabilities	15,893	13,543
Operating lease liabilities, current	2,692	2,466
Total current liabilities	27,572	22,860
Operating lease liabilities, non-current	6,875	7,830
Total liabilities	34,447	30,690
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023
Common stock, $0.0001 par value; 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 36,238,280 and 35,866,610 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	4	4
Additional paid-in capital	433,917	418,058
Accumulated deficit	(357,949)	(248,825)
Total stockholders' equity	75,972	169,237
Total liabilities and stockholders' equity	$ 110,419	$ 199,927

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	36,238,280	35,866,610
Common stock, shares outstanding	36,238,280	35,866,610

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - 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	$ 27,244	$ 25,347	$ 92,845	$ 71,680
General and administrative	6,795	5,772	21,151	17,127
Total operating expenses	34,039	31,119	113,996	88,807
Loss from operations	(34,039)	(31,119)	(113,996)	(88,807)
Interest and other income, net	1,252	2,690	4,872	6,436
Net loss	(32,787)	(28,429)	(109,124)	(82,371)
Other comprehensive loss:
Unrealized gain (loss) on investments, net			0
Comprehensive loss	$ (32,787)	$ (28,429)	$ (109,124)	$ (82,371)
Net loss per common share, basic	$ (0.91)	$ (0.8)	$ (3.03)	$ (2.46)
Net loss per common share, diluted	$ (0.91)	$ (0.8)	$ (3.03)	$ (2.46)
Weighted-average number of common shares used to compute basic net loss per common share	36,220,736	35,653,988	36,052,173	33,551,808
Weighted-average number of common shares used to compute diluted net loss per common share	36,220,736	35,653,988	36,052,173	33,551,808

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Additional Paid-In Capital	Additional Paid-In Capital IPO	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 108,539		$ 3		$ 240,107		$ (1)	$ (131,570)
Balance (in shares) at Dec. 31, 2022			29,561,554
Exercise of stock options	407				407
Exercise of stock options, (in shares)			44,501
Issuance of restricted stock (in shares)			45,079
Stock-based compensation expense	3,233				3,233
Unrealized gain (loss) on investments, net	1						1
Net Income (Loss)	(29,051)							(29,051)
Balance at Mar. 31, 2023	83,129		$ 3		243,747			(160,621)
Balance (in shares) at Mar. 31, 2023			29,651,134
Balance at Dec. 31, 2022	108,539		$ 3		240,107		$ (1)	(131,570)
Balance (in shares) at Dec. 31, 2022			29,561,554
Net Income (Loss)	(82,371)
Balance at Sep. 30, 2023	199,612		$ 4		413,549			(213,941)
Balance (in shares) at Sep. 30, 2023			35,698,847
Balance at Mar. 31, 2023	83,129		$ 3		243,747			(160,621)
Balance (in shares) at Mar. 31, 2023			29,651,134
Exercise of stock options	216				216
Exercise of stock options, (in shares)			31,560
Issuance of restricted stock (in shares)			45,080
Purchases under employee stock purchase plan	612				612
Purchases under employee stock purchase plan (in shares)			152,502
Stock-based compensation expense	3,436				3,436
Issuance of common stock from public offering, net of offering costs		$ 161,803		$ 1		$ 161,802
Issuance of common stock from public offering, net of offering costs (in shares)				5,750,000
Net Income (Loss)	(24,891)							(24,891)
Balance at Jun. 30, 2023	224,305		$ 4		409,813			(185,512)
Balance (in shares) at Jun. 30, 2023			35,630,276
Exercise of stock options	138				138
Exercise of stock options, (in shares)			23,493
Issuance of restricted stock (in shares)			45,078
Stock-based compensation expense	3,598				3,598
Net Income (Loss)	(28,429)							(28,429)
Balance at Sep. 30, 2023	199,612		$ 4		413,549			(213,941)
Balance (in shares) at Sep. 30, 2023			35,698,847
Balance at Dec. 31, 2023	169,237		$ 4		418,058			(248,825)
Balance (in shares) at Dec. 31, 2023			35,866,610
Exercise of stock options	116				116
Exercise of stock options, (in shares)			22,750
Issuance of restricted stock (in shares)			44,226
Stock-based compensation expense	5,022				5,022
Net Income (Loss)	(39,061)							(39,061)
Balance at Mar. 31, 2024	135,314		$ 4		423,196			(287,886)
Balance (in shares) at Mar. 31, 2024			35,933,586
Balance at Dec. 31, 2023	$ 169,237		$ 4		418,058			(248,825)
Balance (in shares) at Dec. 31, 2023			35,866,610
Exercise of stock options, (in shares)	106,339
Unrealized gain (loss) on investments, net	$ 0
Net Income (Loss)	(109,124)
Balance at Sep. 30, 2024	75,972		$ 4		433,917			(357,949)
Balance (in shares) at Sep. 30, 2024			36,238,280
Balance at Mar. 31, 2024	135,314		$ 4		423,196			(287,886)
Balance (in shares) at Mar. 31, 2024			35,933,586
Exercise of stock options	333				333
Exercise of stock options, (in shares)			72,795
Issuance of restricted stock (in shares)			16,833
Purchases under employee stock purchase plan	737				737
Purchases under employee stock purchase plan (in shares)			161,271
Stock-based compensation expense	4,840				4,840
Net Income (Loss)	(37,276)							(37,276)
Balance at Jun. 30, 2024	103,948		$ 4		429,106			(325,162)
Balance (in shares) at Jun. 30, 2024			36,184,485
Exercise of stock options	69				69
Exercise of stock options, (in shares)			10,794
Issuance of restricted stock (in shares)			43,001
Stock-based compensation expense	4,742				4,742
Net Income (Loss)	(32,787)							(32,787)
Balance at Sep. 30, 2024	$ 75,972		$ 4		$ 433,917			$ (357,949)
Balance (in shares) at Sep. 30, 2024			36,238,280

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net loss			$ (109,124)	$ (82,371)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	$ 400	$ 400	1,279	1,095
Non-cash operating lease expense			2,096	1,976
Stock-based compensation expense			14,604	10,267
Net amortization of premiums and accretion of discounts on investments				1
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(3,331)	1,356
Other assets			874	(1,684)
Accounts payable			2,068	(1,099)
Accrued expenses and other current liabilities			2,350	(1,466)
Operating lease liabilities			(706)	(1,830)
Net cash used in operating activities			(89,890)	(73,755)
Investing Activities
Purchase of property and equipment			(280)	(3,362)
Maturities of investments				1,150
Net cash used in investing activities			(280)	(2,212)
Financing Activities
Proceeds from issuance of common stock from public offering, net of offering costs				161,803
Proceeds from stock option exercise and purchases under the employee stock purchase plan			1,255	1,373
Net cash provided by financing activities			1,255	163,176
Net (decrease) increase in cash, cash equivalents, and restricted cash			(88,915)	87,209
Cash, cash equivalents, and restricted cash at the beginning of the period			177,236	112,250
Cash, cash equivalents, and restricted cash at the end of the period	88,321	199,459	88,321	199,459
Non-cash financing and investing activities:
Acquisition of operating lease right-of-use assets				11,639
Acquisition of property and equipment in accounts payable and accrued liabilities			68	4
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents	87,952	199,090	87,952	199,090
Restricted cash	369	369	369	369
Cash, cash equivalents, and restricted cash at the end of the period	$ 88,321	$ 199,459	$ 88,321	$ 199,459

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)	$ (32,787)	$ (37,276)	$ (39,061)	$ (28,429)	$ (24,891)	$ (29,051)	$ (109,124)	$ (82,371)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Organization Biomea Fusion, Inc., (the Company), was established in the state of Delaware in August 2017 as Biomea Fusion, LLC. In December 2020, all outstanding membership interests in Biomea Fusion, LLC were converted into equity interests in the Company. The capitalization information included in these unaudited condensed financial statements is consistently presented as if it is that of Biomea Fusion, Inc., even during the prior period when investors held their equity interests in Biomea Fusion, LLC. The Company is a clinical-stage biopharmaceutical company dedicated to discovering and developing novel covalent small molecules to treat and improve the lives of patients with diabetes, obesity, and genetically defined cancers. Since its inception in 2017, the Company has built its proprietary FUSION TM System platform to design and develop a pipeline of novel covalent product candidates. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The unaudited interim results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. Liquidity and Capital Resources The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $ 357.9 million at September 30, 2024. As of September 30, 2024, the Company had cash, cash equivalents, and restricted cash of $ 88.3 million . Management believes that the existing financial resources are not sufficient to continue operating activities for at least one year past the issuance date of these unaudited condensed financial statements. The Company’s ability to continue as a going concern will require the Company to raise additional capital to fund the Company's operations through public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. There can be no assurance that additional financing will be available to the Company or that such financing, if available, will be available on terms acceptable to the Company. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The Company has historically financed its operations primarily through the sale of convertible preferred stock and common stock and the issuance of unsecured promissory notes. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company continues clinical development activities for its lead product candidate and advances the preclinical and clinical development of other product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no significant changes to the significant accounting policies during the nine months ended September 30, 2024, as compared to those included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. Recent Accounting Pronouncements - Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure requirements related to the new standard. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 3. Fair Value Measurement The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands): September 30, 2024 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 84,259 $ — $ — $ 84,259 Total $ 84,259 $ — $ — $ 84,259 December 31, 2023 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 174,429 $ — $ — $ 174,429 Total $ 174,429 $ — $ — $ 174,429 The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and 3 during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, there were no financial instruments classified as Level 2 or Level 3. There have been no realized gains or losses recognized for the periods presented. Unrealized gains and losses are included in accumulated other comprehensive loss within stockholders' equity on the balance sheet. There were no investments as of September 30, 2024 and December 31, 2023, as such, no allowance for credit losses has been recognized as of September 30, 2024. During the three and nine months ended September 30, 2024 and 2023 , the Company did no t recognize any impairment losses related to investments.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands): September 30, December 31, 2024 2023 Laboratory equipment $ 3,928 $ 3,852 Leasehold improvements 3,439 3,195 Computer equipment 146 130 Furniture and fixtures 425 409 Construction in progress — 4 Total property and equipment, gross 7,938 7,590 Less: accumulated depreciation ( 3,710 ) ( 2,431 ) Total property and equipment, net $ 4,228 $ 5,159 Depreciation expense for the three and nine months ended September 30, 2024 was $ 0.4 million and $ 1.3 million , respectively. Depreciation expense for the three and nine months ended September 30, 2023 was $ 0.4 million and $ 1.1 million , respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development materials and services $ 9,700 $ 6,952 Accrued personnel expenses 5,642 5,956 Accrued professional services 405 443 Other 146 192 Total accrued expenses and other current liabilities $ 15,893 $ 13,543

Capital Structure

Capital Structure	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Capital Structure	Note 5 . Capital Structure Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue up to 300,000,000 shares of common stock with a par value of $ 0.0001 per share and 10,000,000 shares of preferred stock with a par value of $ 0.0001 per share. Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of September 30, 2024 , no dividends have been declared. Public Offering In April 2023, pursuant to a registration statement on Form S-3, the Company issued and sold 5,750,000 shares of common stock at a public offering price of $ 30.00 per share in an underwritten public offering. The net proceeds to the Company from the offering were approximately $ 161.8 million, after deducting underwriting discounts and commissions and offering costs of approximately $ 11.0 million.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 6 . Stock-Based Compensation Effective January 1, 2024, the number of shares of common stock a vailable under the 2021 Incentive Award Plan (the “2021 Plan”) increased by 1,798,926 shares pursuant to the evergreen provision. As of September 30, 2024, 844,800 shares of common stock remained available for issuance under the 2021 Plan. Effective January 1, 2024, the number of shares of common stock available under the 2021 Employee Stock Purchase Plan (the “ESPP”) increased by 359,785 shares pursuant to the evergreen provision of the ESPP. As of September 30, 2024, 650,400 shares of common stock remained available for issuance under the ESPP. As of September 30, 2024, 1,873,750 shares of common stock remained available for issuance under the 2023 Inducement Equity Plan as adopted in November 2023. Stock-Based Compensation Expense Total stock-based compensation expense related to the Company’s equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Research and development $ 2,478 $ 1,778 $ 7,472 $ 4,902 General and administrative 2,264 1,820 7,132 5,365 Total stock-based compensation expense $ 4,742 $ 3,598 $ 14,604 $ 10,267 As of September 30, 2024, there was $ 32.3 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.2 years. Stock Options The following table summarizes stock option activity : Outstanding Options Shares Weighted- Weighted- Balance, December 31, 2023 7,357,607 $ 9.34 8.1 Granted 2,212,885 13.27 Exercised ( 106,339 ) 4.86 Cancelled ( 333,024 ) 13.06 Balance, September 30, 2024 9,131,129 $ 10.21 7.8 Exercisable, September 30, 2024 4,983,606 $ 9.52 7.2 Restricted Stock The following table summarizes the restricted stock activity: Number of Weighted-Average Balance, December 31, 2023 111,920 $ 4.06 Granted — — Released ( 104,060 ) 4.04 Forfeited ( 2,564 ) 3.96 Balance, September 30, 2024 5,296 $ 4.50

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 . Commitments and Contingencies Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Note 8 . Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: September 30, 2024 2023 Stock options, issued and outstanding 9,131,129 7,315,216 Estimated shares issuable under the ESPP 64,758 108,082 Restricted stock, issued and outstanding 5,296 156,999 Total 9,201,183 7,580,297

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements - Not Yet Adopted	Recent Accounting Pronouncements - Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure requirements related to the new standard. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Investments Measured and Recognized at Fair Value	The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands): September 30, 2024 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 84,259 $ — $ — $ 84,259 Total $ 84,259 $ — $ — $ 84,259 December 31, 2023 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 174,429 $ — $ — $ 174,429 Total $ 174,429 $ — $ — $ 174,429

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment, net consists of the following (in thousands): September 30, December 31, 2024 2023 Laboratory equipment $ 3,928 $ 3,852 Leasehold improvements 3,439 3,195 Computer equipment 146 130 Furniture and fixtures 425 409 Construction in progress — 4 Total property and equipment, gross 7,938 7,590 Less: accumulated depreciation ( 3,710 ) ( 2,431 ) Total property and equipment, net $ 4,228 $ 5,159
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development materials and services $ 9,700 $ 6,952 Accrued personnel expenses 5,642 5,956 Accrued professional services 405 443 Other 146 192 Total accrued expenses and other current liabilities $ 15,893 $ 13,543

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated	Total stock-based compensation expense related to the Company’s equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Research and development $ 2,478 $ 1,778 $ 7,472 $ 4,902 General and administrative 2,264 1,820 7,132 5,365 Total stock-based compensation expense $ 4,742 $ 3,598 $ 14,604 $ 10,267
Summary of Stock Option Activity	The following table summarizes stock option activity : Outstanding Options Shares Weighted- Weighted- Balance, December 31, 2023 7,357,607 $ 9.34 8.1 Granted 2,212,885 13.27 Exercised ( 106,339 ) 4.86 Cancelled ( 333,024 ) 13.06 Balance, September 30, 2024 9,131,129 $ 10.21 7.8 Exercisable, September 30, 2024 4,983,606 $ 9.52 7.2
Summary of Restricted Stock Activity	The following table summarizes the restricted stock activity: Number of Weighted-Average Balance, December 31, 2023 111,920 $ 4.06 Granted — — Released ( 104,060 ) 4.04 Forfeited ( 2,564 ) 3.96 Balance, September 30, 2024 5,296 $ 4.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share	The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: September 30, 2024 2023 Stock options, issued and outstanding 9,131,129 7,315,216 Estimated shares issuable under the ESPP 64,758 108,082 Restricted stock, issued and outstanding 5,296 156,999 Total 9,201,183 7,580,297

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (357,949)	$ (248,825)
Cash, cash equivalents, and restricted cash	$ 88,300

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on available for sale securities	$ 0		$ 0		$ 0
Fair Value	84,259,000		84,259,000		174,429,000
Investments	0		0		0
Allowance for credit Loss	0		0
Fair value liabilities transferred from level 1 to level 2	0	$ 0	0	$ 0
Fair value liabilities transferred from level 2 to level 1	0	0	0	0
Fair value assets transferred from level 1 to level 2	0	0	0	0
Fair value assets transferred from level 2 to level 1	0	0	0	0
Fair value liabilities transferred to level 3			0	0
Fair value liabilities transferred from level 3			0	0
Fair value assets transferred to level 3			0	0
Fair value assets transferred from level 3			0	0
Impairment loss on investments	0	$ 0	0	$ 0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 0		$ 0		$ 0

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Investments Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 84,259	$ 174,429
Fair Value	84,259	174,429
Money Market Funds | Level 1 | Financial Assets Included Within Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	84,259	174,429
Fair Value	$ 84,259	$ 174,429

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,938	$ 7,590
Less: accumulated depreciation	(3,710)	(2,431)
Total property and equipment, net	4,228	5,159
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,928	3,852
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,439	3,195
Computer Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	146	130
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 425	409
Construction in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		$ 4

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 400	$ 400	$ 1,279	$ 1,095

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 9,700	$ 6,952
Accrued personnel expenses	5,642	5,956
Accrued professional services	405	443
Other	146	192
Total accrued expenses and other current liabilities	$ 15,893	$ 13,543

Capital Structure - Additional

Capital Structure - Additional Information (Details) - USD ($)	1 Months Ended
	Apr. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		300,000,000	300,000,000
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001
Dividends declared		$ 0
Net proceeds from offering	$ 161,800,000
Common Stock
Class Of Stock [Line Items]
Issuance of common stock (in shares)	5,750,000
Public offering price	$ 30
Underwritting discounts and commissions and offering costs	$ 11,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jan. 01, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 32.3
Unrecognized stock-based compensation expense, weighted-average period	2 years 2 months 12 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	844,800
Increase in number of shares of common stock available under evergreen provision		1,798,926
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	650,400
Increase in number of shares of common stock available under evergreen provision		359,785
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	1,873,750

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated (Details) - Equity Incentive Plan and Employee Stock Purchase Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,742	$ 3,598	$ 14,604	$ 10,267
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,478	1,778	7,472	4,902
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,264	$ 1,820	$ 7,132	$ 5,365

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Beginning Balance | shares	7,357,607
Shares, Granted | shares	2,212,885
Shares, Exercised | shares	(106,339)
Shares, Cancelled | shares	(333,024)
Shares, Ending Balance | shares	9,131,129	7,357,607
Shares, Exercisable | shares	4,983,606
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 9.34
Weighted Average Exercise Price, Granted | $ / shares	13.27
Weighted Average Exercise Price, Exercised | $ / shares	4.86
Weighted Average Exercise Price, Cancelled | $ / shares	13.06
Weighted Average Exercise Price, Ending Balance | $ / shares	10.21	$ 9.34
Weighted Average Exercise, Exercisable | $ / shares	$ 9.52
Weighted Average Remaining Contract Term	7 years 9 months 18 days	8 years 1 month 6 days
Weighted Average Remaining Contract Term, Exercisable	7 years 2 months 12 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Restricted Stock Awards | shares	111,920
Number of Restricted Stock Awards, Released | shares	(104,060)
Number of Restricted Stock Awards, Forfeited | shares	(2,564)
Number of Restricted Stock Awards | shares	5,296
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 4.06
Weighted-Average Grant Date Fair Value, Released | $ / shares	4.04
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	3.96
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares	$ 4.5

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	9,201,183	7,580,297
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	9,131,129	7,315,216
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	64,758	108,082
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	5,296	156,999