Verve Therapeutics (VERV) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	VERVE THERAPEUTICS, INC.
Entity Central Index Key	0001840574
Trading Symbol	VERV
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		63,721,263
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common stock, par value $0.001 per share
Entity File Number	001-40489
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4800132
Entity Address, Address Line One	201 Brookline Avenue, Suite 601
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	617
Local Phone Number	603-0070
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 70,042	$ 115,412
Marketable securities	392,434	439,396
Collaboration receivable	2,093	1,012
Prepaid expenses and other current assets	8,497	7,339
Total current assets	473,066	563,159
Property and equipment, net	21,252	18,778
Restricted cash	4,824	4,824
Operating lease right-of-use assets	88,766	91,877
Other long term assets	1,223	585
Total assets	589,131	679,223
Current liabilities:
Accounts payable	3,146	2,424
Accrued expenses	19,839	20,767
Lease liability, current portion	10,046	11,904
Total current liabilities	33,031	35,095
Long-term lease liability	67,819	70,014
Success Payment Liability	2,809	2,885
Deferred revenue non-current	20,014	20,014
Other long term liabilities	236	283
Total liabilities	123,909	128,291
Commitments and contingencies (See Note 7 and Note 8)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 62,064,279 and 61,730,816 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	62	62
Additional paid-in capital	916,109	895,801
Accumulated other comprehensive loss	(754)	(694)
Accumulated deficit	(450,195)	(344,237)
Total stockholders equity	465,222	550,932
Total liabilities and stockholders' equity	$ 589,131	$ 679,223

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock shares issued	62,064,279	61,730,816
Common stock, shares outstanding	62,064,279	61,730,816

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Collaboration Revenue	$ 2,093	$ 0	$ 3,497	$ 0
Operating expenses:
Research and development	47,260	33,125	94,370	57,614
General and administrative	13,416	9,067	25,969	16,503
Total operating expenses	60,676	42,192	120,339	74,117
Loss from operations	(58,583)	(42,192)	(116,842)	(74,117)
Other (expense) income:
Change in fair value of success payment liability	(662)	938	76	2,615
Interest and other income, net	5,438	308	10,984	390
Total other income, net	4,776	1,246	11,060	3,005
Loss before provision for income taxes	(53,807)	(40,946)	(105,782)	(71,112)
Provision for income taxes	(176)	0	(176)	0
Net loss	$ (53,983)	$ (40,946)	$ (105,958)	$ (71,112)
Net loss per common share attributable to common stockholders, basic	$ (0.87)	$ (0.84)	$ (1.71)	$ (1.46)
Net loss per common share attributable to common stockholders, diluted	$ (0.87)	$ (0.84)	$ (1.71)	$ (1.46)
Weighted-average common shares used in net loss per share attributable to common stockholders, basic	61,953,992	48,674,873	61,871,158	48,623,330
Weighted-average common shares used in net loss per share attributable to common stockholders, diluted	61,953,992	48,674,873	61,871,158	48,623,330
Comprehensive Loss:
Net loss	$ (53,983)	$ (40,946)	$ (105,958)	$ (71,112)
Other comprehensive income (loss):
Unrealized income (loss) on marketable securities	(517)	(206)	(60)	(710)
Comprehensive loss	$ (54,500)	$ (41,152)	$ (106,018)	$ (71,822)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 357,352	$ 49	$ 544,381	$ (228)	$ (186,850)
Beginning Balance (in shares) at Dec. 31, 2021		48,511,735
Exercise of stock options	505		505
Exercise of stock options (in shares)		143,506
Unrealized loss on available-for-sale securities	(504)			(504)
Stock-based compensation	4,203		4,203
Net loss	(30,166)				(30,166)
Ending Balance at Mar. 31, 2022	331,390	$ 49	549,089	(732)	(217,016)
Ending balance (in shares) at Mar. 31, 2022		48,655,241
Beginning Balance at Dec. 31, 2021	357,352	$ 49	544,381	(228)	(186,850)
Beginning Balance (in shares) at Dec. 31, 2021		48,511,735
Net loss	(71,112)
Ending Balance at Jun. 30, 2022	296,333	$ 49	555,184	(938)	(257,962)
Ending balance (in shares) at Jun. 30, 2022		48,709,652
Beginning Balance at Mar. 31, 2022	331,390	$ 49	549,089	(732)	(217,016)
Beginning Balance (in shares) at Mar. 31, 2022		48,655,241
Exercise of stock options	120		120
Exercise of stock options (in shares)		29,193
Issuance of common stock under Employee Stock Purchase Plan, shares		25,218
Issuance of common stock under Employee Stock Purchase Plan	325		325
Unrealized loss on available-for-sale securities	(206)			(206)
Stock-based compensation	5,650		5,650
Net loss	(40,946)				(40,946)
Ending Balance at Jun. 30, 2022	296,333	$ 49	555,184	(938)	(257,962)
Ending balance (in shares) at Jun. 30, 2022		48,709,652
Beginning Balance at Dec. 31, 2022	$ 550,932	$ 62	895,801	(694)	(344,237)
Beginning Balance (in shares) at Dec. 31, 2022	61,730,816	61,730,816
Exercise of stock options	$ 116		116
Exercise of stock options (in shares)		29,010
Unrealized loss on available-for-sale securities	457			457
Stock-based compensation	8,024		8,024
Issuance of common stock from At-the-Market offering, net of issuance costs, shares		103,184
Issuance of common stock from At-the-Market offering, net of issuance costs	1,922		1,922
Net loss	(51,975)				(51,975)
Ending Balance at Mar. 31, 2023	509,476	$ 62	905,863	(237)	(396,212)
Ending balance (in shares) at Mar. 31, 2023		61,863,010
Beginning Balance at Dec. 31, 2022	$ 550,932	$ 62	895,801	(694)	(344,237)
Beginning Balance (in shares) at Dec. 31, 2022	61,730,816	61,730,816
Exercise of stock options (in shares)	127,608
Net loss	$ (105,958)
Ending Balance at Jun. 30, 2023	$ 465,222	$ 62	916,109	(754)	(450,195)
Ending balance (in shares) at Jun. 30, 2023	62,064,279	62,064,279
Beginning Balance at Mar. 31, 2023	$ 509,476	$ 62	905,863	(237)	(396,212)
Beginning Balance (in shares) at Mar. 31, 2023		61,863,010
Vesting of restricted stock units (in shares)		50,537
Exercise of stock options	548		548
Exercise of stock options (in shares)		98,598
Issuance of common stock under Employee Stock Purchase Plan, shares		52,134
Issuance of common stock under Employee Stock Purchase Plan	685		685
Unrealized loss on available-for-sale securities	(517)			(517)
Stock-based compensation	9,013		9,013
Net loss	(53,983)				(53,983)
Ending Balance at Jun. 30, 2023	$ 465,222	$ 62	$ 916,109	$ (754)	$ (450,195)
Ending balance (in shares) at Jun. 30, 2023	62,064,279	62,064,279

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock from At-the-Market offering	$ 126

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (105,958)	$ (71,112)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,464	1,162
Non-cash lease expense	3,321	999
Net amortization of premium (accretion of discount) on marketable securities	(7,551)	1,231
Stock-based compensation	17,037	9,853
Change in fair value of success payments liabilities	(76)	(2,615)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,955)	(2,894)
Accounts payable	1,471	(1,017)
Accrued expenses and other liabilities	(549)	5,176
Operating lease liabilities	(4,262)	(1,048)
Net cash used in operating activities	(97,058)	(60,265)
Cash flows from investing activities:
Purchases of property and equipment	(6,037)	(5,627)
Purchases of marketable securities	(246,877)	(74,249)
Maturities of marketable securities	301,331	147,750
Net cash provided by investing activities	48,417	67,874
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	1,922	0
Proceeds from exercise of stock options	664	625
Issuance of common stock under employee stock purchase plan	685	325
Net cash provided by financing activities	3,271	950
Increase (decrease) in cash, cash equivalents and restricted cash	(45,370)	8,559
Cash, cash equivalents and restricted cash—beginning of period	120,236	69,567
Cash, cash equivalents and restricted cash—end of period	74,866	78,126
Supplemental disclosure of noncash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 532	$ 1,169

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 Organization Verve Therapeutics, Inc. (the “Company” or “Verve”) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, transforming treatment from chronic management to single-course gene editing medicines. The Company was incorporated on March 9, 2018 as Endcadia, Inc., a Delaware corporation, and began operations shortly thereafter. In January 2019, the Company amended its certificate of incorporation to change its name to Verve Therapeutics, Inc. The Company’s principal offices are located in Boston, Massachusetts. Liquidity and capital resources Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. In June 2023, the Company entered into a Research and Collaboration Agreement (the “Lilly Agreement”) with Eli Lilly and Company (“Lilly”) for an exclusive, five-year worldwide research collaboration initially focused on advancing the Company’s discovery-stage in vivo gene editing lipoprotein(a) program, as further described in Note 15, “Subsequent events.” The Lilly Agreement became effective in July 2023 upon the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Clearance”). Pursuant to the Lilly Agreement, Verve received the upfront payment of $ 30.0 million from Lilly in August 2023. The Company is eligible to receive up to an aggregate of $ 465 million in research, development and commercial milestone payments and tiered and incremental high single and low-double digit royalties on global net sales, subject to specified reductions. In June 2023, in connection with the execution of the Lilly Agreement, the Company also entered into a stock purchase agreement with Lilly (the “Lilly Stock Purchase Agreement”) for the sale and issuance of 1,552,795 shares of the Company’s common stock to Lilly at a price of $ 19.32 per share, which was equal to a 15 % premium to the volume-weighted average share price of its common stock over the 30 trading days prior to June 14, 2023, for an aggregate purchase price of $ 30.0 million (the “Private Placement”). The Private Placement closed on July 31, 2023. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash, cash equivalents and marketable securities of $ 462.5 million as of June 30, 2023 will be sufficient to fund its operations and capital expenditure requirements beyond the next 12 months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2023, the results of its operations and other comprehensive loss for the three and six months ended June 30, 2023 and 2022, stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 , and the notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. S ummary of significant accounting policies The Company's significant accounting policies are disclosed in Note 2, "Summary of significant accounting policies," in the audited consolidated financial statements for the year ended December 31, 2022, and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023. Since the date of those financial statements, there have been no changes to the Company's significant accounting policies. Cash, cash equivalents and restricted cash Restricted cash represents collateral provided for letters of credit issued as security deposits in connection with the Company’s leases of its corporate facilities. A reconciliation of the cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows is as follows: June 30, June 30, (in thousands) 2023 2022 Cash and cash equivalents $ 70,042 $ 72,889 Restricted cash 4,824 5,237 Total cash, cash equivalents and restricted cash $ 74,866 $ 78,126 Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted the new standard on January 1, 2023. Based upon the Company's analysis, the adoption of this new standard did not have a material impact on the Company's financial statements.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable securities Marketable securities by security type consisted of the following: June 30, 2023 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 189,166 $ 6 $ ( 454 ) $ 188,718 U.S. agency securities 204,022 39 ( 345 ) 203,716 Total $ 393,188 $ 45 $ ( 799 ) $ 392,434 December 31, 2022 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 228,432 $ 13 $ ( 301 ) $ 228,144 U.S. agency securities 211,658 68 ( 474 ) 211,252 Total $ 440,090 $ 81 $ ( 775 ) $ 439,396 The remaining contractual maturities of all marketable securities were less than 12 months as of June 30, 2023 and 18 months as of December 31, 2022.The gross unrealized losses on the Company’s marketable securities of $ 0.8 million as of both June 30, 2023 and December 31, 2022, respectively, were caused by interest rate increases which resulted in the decrease in market value of these securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those marketable securities to be impaired at June 30, 2023 or December 31, 2022 . The Company has not recorded any allowance for credit losses. None of the Company’s marketable securities have been in a continuous unrealized loss position for 12 months or greater as of June 30, 2023 or December 31, 2022 .

Property and equipment, net

Property and equipment, net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and equipment, net	4. P roperty and equipment, net Property and equipment, net, consisted of the following: (in thousands) June 30, 2023 December 31, 2022 Lab equipment $ 25,117 $ 20,379 Leasehold improvements 266 266 Furniture and fixtures 2,311 2,294 Computer equipment 969 826 Total property and equipment 28,663 23,765 Less accumulated depreciation ( 7,411 ) ( 4,987 ) Property and equipment, net $ 21,252 $ 18,778 The following table summarizes depreciation expense incurred: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Depreciation expense $ 1,337 $ 648 $ 2,464 $ 1,162

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value of financial instruments	5. f air value of financial instruments The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, marketable securities, and a derivative liability (success payment liability) pursuant to the Company's license agreement with the President and Fellows of Harvard College ("Harvard") and The Broad Institute, Inc. (“Broad”), which license agreement is referred to herein as the Harvard/Broad License Agreement. The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy: As of June 30, 2023 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 31,199 $ 31,199 $ — $ — Marketable securities: U.S. treasury bills and notes 188,718 — 188,718 — U.S. agency securities 203,716 — 203,716 — Total assets $ 423,633 $ 31,199 $ 392,434 $ — Liabilities Success payment liability $ 2,809 $ — $ — $ 2,809 Total liabilities $ 2,809 $ — $ — $ 2,809 As of December 31, 2022 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 105,303 $ 105,303 $ — $ — Marketable securities: U.S. treasury bills and notes 228,144 — 228,144 — U.S. agency securities 211,252 — 211,252 — Total assets $ 544,699 $ 105,303 $ 439,396 $ — Liabilities Success payment liability $ 2,885 $ — $ — $ 2,885 Total liabilities $ 2,885 $ — $ — $ 2,885 Cash Equivalents —Cash equivalents of $ 31.2 million and $ 105.3 million as of June 30, 2023 and December 31, 2022, respectively, consisted of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Marketable Securities —The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments within Level 2 of the fair value hierarchy. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Success Payment Liability —The Company is obligated to pay to Harvard and Broad tiered success payments in the event its average market capitalization exceeds specified thresholds for a specified period of time ascending from a high nine-digit dollar amount to $ 10.0 billion, or in the event of a sale of the Company for consideration in excess of those thresholds. In the event of a change of control or a sale of the Company, the Company is required to pay success payments in cash within a specified period following such event. Otherwise, the success payments may be settled at the Company’s option in either cash or shares of common stock, or a combination of cash and shares of common stock. The maximum aggregate success payments that could be payable by the Company is $ 31.3 million. The success payment liability is stated at fair value and is classified in Level 3 of the fair value hierarchy because its fair value measurement is based, in part, on significant inputs not observed in the market. The Company used a Monte Carlo simulation model, which models the value of the liability based on several key variables, including probability of event occurrence, timing of event occurrence, as well as the value of the Company’s common stock. The Company remeasured the liability at fair value with an increase of $ 0.7 million recorded to other expense and a decrease of $ 0.1 million recorded to other income for the three and six months ended June 30, 2023, respectively, and decreases of $ 0.9 million and $ 2.6 million recorded to other income for the three and six months ended June 30, 2022, respectively. The primary inputs used in valuing the success payment liability at June 30, 2023 and December 31, 2022, were as follows: At At Fair value of common stock (per share) $ 18.75 $ 19.35 Equity volatility 80 % 84 % The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2023 is as follows: (in thousands) Success Balance at December 31, 2022 $ 2,885 Changes in fair value ( 76 ) Balance at June 30, 2023 $ 2,809 The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2022 is as follows: (in thousands) Success Balance at December 31, 2021 $ 4,371 Changes in fair value ( 2,615 ) Balance at June 30, 2022 $ 1,756

Accrued expenses

Accrued expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued expenses	6. Accrued expenses Accrued expenses consisted of the following: (in thousands) June 30, December 31, Employee compensation and related benefits $ 6,347 $ 9,124 Accrued external research and development expenses 9,228 8,919 Professional fees 3,221 1,193 License and milestone payments 310 310 Other 733 1,221 Total $ 19,839 $ 20,767

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	7. Leases The Company’s operating lease activity is comprised of non-cancelable facility leases for office and laboratory space in Boston, Massachusetts. The Company has also entered into multiple contract research and contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC Topic 842, "Leases". The embedded leases are considered short term leases, as the contractual terms are 12 months or less. Accordingly, no lease liability or right of use asset has been recorded. The Company has recognized $ 0.3 million and $ 0.5 million of short term lease costs associated with the embedded leases during the three and six months ended June 30, 2023 , respectively. The Company has recognized $ 1.0 million and $ 1.3 million of short term lease costs associated with the embedded leases during the three and six months ended June 30, 2022, respectively. The components of operating lease cost were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs $ 3,234 $ 505 $ 6,468 $ 1,010 Variable lease costs 769 198 1,648 409 Total $ 4,003 $ 703 $ 8,116 $ 1,419 Supplemental cash flow information related to operating leases was as follows: Six months ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows related to operating leases $ 7,416 $ 1,058 As of June 30, 2023, the Company’s operating leases were measured using a weighted-average incremental borrowing rate of 7.89 % over a weighted-average remaining lease term of 9.5 years. Future minimum commitments under non-cancellable leases as of June 30, 2023 were as follows: Years ending December 31, Amount (in thousands) Remainder of 2023 $ 5,134 2024 10,563 2025 10,868 2026 11,183 2027 11,506 Thereafter 62,735 Total lease payments $ 111,989 Less: interest ( 34,124 ) Present value of operating lease liabilities $ 77,865

License Agreements

License Agreements	6 Months Ended
	Jun. 30, 2023
License Agreement [Abstract]
License Agreement	8. License agreements The Company's significant license agreements are disclosed in Note 8, "License agreements," to the audited consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023. Since the date of those financial statements, there have been no changes to its license agreements, except as noted below. Harvard/Broad license agreement In March 2019, the Company entered into the Harvard/Broad License Agreement for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products. To the extent achieved, the Company is obligated to pay up to an aggregate of $ 23.1 million and $ 54.0 million in development and sales-based milestones, respectively, pursuant to the Harvard/Broad License Agreement. In 2022 , the first milestone was triggered and amounts due to Harvard and Broad totaled $ 0.3 million. These amounts remain payable as of June 30, 2023. Beam license agreement In April 2019, the Company and Beam Therapeutics Inc. ("Beam") entered into a collaboration and license agreement (the “Beam Agreement”), which was amended and restated in July 2022 when the Company entered into an Amended and Restated Collaboration and License Agreement with Beam (the “Amended Beam Agreement”). The Company concluded the receipt of any milestone or royalty payments under the Amended Beam Agreement was not probable as of June 30, 2023. Beam materials exchange letter agreement In October 2020, the Company and Beam entered into a materials exchange agreement wherein the parties agreed that Beam would provide certain mRNA, gRNA, and protein to the Company and that the Company would provide certain gRNAs to Beam at an agreed upon price per each material provided. For the three and six months ended June 30, 2023 and 2022 , the Company did not purchase any materials from Beam or sell any materials to Beam. Novartis license agreement In October 2021, the Company entered into a license agreement with Novartis Pharma AG to obtain a non-exclusive license to lipid technology the Company is using in connection with the research and development of certain product candidates, including VERVE-102 and VERVE-201. The license agreement requires the Company to pay up to an aggregate of $ 10.0 million in clinical and regulatory milestones and $ 35.0 million in sales-based milestones for products that incorporate the licensed lipid technology. The milestones have not been achieved and no expense has been recorded for these milestones as of June 30, 2023 .

Collaboration and License Agree

Collaboration and License Agreements	6 Months Ended
	Jun. 30, 2023
Collaboration and License Agreements [Abstract]
Collaboration and License Agreements	9. Collaboration and license agreements Vertex Agreement Summary of Agreement In July 2022, the Company entered into a Strategic Collaboration and License Agreement (the "Vertex Agreement") with Vertex Pharmaceuticals Incorporated ("Vertex") for an exclusive, four-year worldwide research collaboration focused on developing in vivo gene editing candidates toward an undisclosed target for the treatment of a single liver disease. Additionally, in connection with the execution of the Vertex Agreement, the Company entered into a stock purchase agreement (the "Vertex Stock Purchase Agreement") with Vertex, pursuant to which the Company sold 1,519,756 shares of its common stock to Vertex at a price of $ 23.03 per share, for an aggregate purchase price of $ 35.0 million. Pursuant to the Vertex Agreement, the Company is responsible for discovery, research and certain preclinical development of novel in vivo gene editing development candidates for the target of interest. The Company’s research activities are focused on (i) identifying and engineering specific gene editing systems and in vivo delivery systems directed to the target and (ii) evaluating and optimizing development candidates to achieve criteria specified in the Vertex Agreement. Vertex is obligated to reimburse the Company’s research expenses consistent with a mutually agreed-upon research plan and budget (“Research Plan”). The research term has an initial term of four years and may be extended by Vertex for up to one additional year (“Research Term”). The Research Plan is overseen by a Joint Research Committee (“JRC”) as detailed in the Vertex Agreement. Any material amendments to the Research Plan are required to be mutually agreed to by the JRC. During the Research Term, Vertex may select certain gene editing systems and in vivo delivery systems directed at the target to become a licensed agent. Upon the designation of the licensed agent, Vertex shall receive a license to exploit the licensed agent, and the licensed agent will continue to be developed under the Research Plan in order to achieve certain development candidate criteria agreed to by the JRC. Following the Research Term, Vertex will be solely responsible for subsequent development, manufacturing and commercialization of any product candidate resulting from the licensed agent. The Company received an upfront payment from Vertex of $ 25.0 million and is eligible to receive (i) success payments of up to $ 22.0 million for each product candidate (up to a maximum of $ 66.0 million) that achieves the applicable development criteria, (ii) up to an aggregate of $ 175.0 million in development milestones and (iii) up to an aggregate of $ 165.0 million in commercial milestone payments. The Company is also eligible to receive tiered single-digit royalties on net sales, with the rate dependent upon the type of product and subject to specified reductions. Such royalty payments will terminate on a country-by-country and product-by-product basis upon the later to occur of (i) the expiration of the last to expire valid claim under the patent rights covering such product in such country, (ii) the period of regulatory exclusivity associated with such product in such country or (iii) ten years after the first commercial sale of such product in such country. Prior to the first patient dosing in the first Phase 1 clinical trial for the first product candidate developed under the Vertex Agreement, the Company also has the right to opt-in to a profit share arrangement pursuant to which Vertex and the Company would share the costs and net profits for all product candidates emerging from the collaboration. If the Company exercises its opt-in right, in lieu of milestones and royalties, it will be obligated to pay for a specified percentage of the development and commercialization costs, and it will have the right to receive a specified percentage of the profits from any sales of any product candidates advanced under the collaboration. At the time the Company exercises the option, it may elect a profit/cost share of up to 40 % (with Vertex retaining a minimum of 60 %). In order to exercise its opt-in right, the Company is required to pay a fee ranging from $ 25.0 million to $ 70.0 million, depending on the profit/cost percentage elected by the Company and the Company’s licensed technology included in the most advanced product candidate at the time it exercises its opt-in right. Under all profit share scenarios, Vertex will control the worldwide development and commercialization of any product candidates resulting from the collaboration. The Vertex Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Company and Vertex each have the right to terminate the agreement for material breach by, or insolvency of, the other party following notice, and if applicable, a cure period. Vertex may also terminate the Vertex Agreement in its entirety for convenience upon 90 days’ notice. Accounting Analysis The Company assessed the promised goods and services under the Vertex Agreement, in accordance with ASC Topic 606, "Revenue from Contracts with Customers". At inception, the Vertex Agreement included the following performance obligations: (i) the research services obligation which relates to the research and development services to be provided under the Research Plan through June 30, 2023 (the “Initial Research Services”) and (ii) three licensed agent material rights related to the options to obtain licenses to exploit a licensed agent, at a discount. The Company identified $ 20.0 million of fixed transaction price consisting of the $ 25.0 million upfront fee offset by a discount of $ 5.0 million related to the 1,519,756 shares sold to Vertex under the Vertex Stock Purchase Agreement when measured at fair value on the date of issuance. The Company is also entitled to reimbursement of costs incurred associated with the delivery of the Initial Research Services under the Research Plan. The Company utilized the most likely amount approach and estimated the expected cost reimbursement to be $ 5.8 million at inception. The Company concluded that these amounts do not require a constraint and are included in the transaction price at inception. The Company considers this estimate at each reporting date and updates the estimate based on information available. Additional consideration to be paid to the Company upon reaching certain milestones are excluded from the transaction price as that consideration may only be earned subsequent to an option exercise. The Company has concluded that the variable consideration related to the cost reimbursement of the Initial Research Services obligation will be allocated entirely to that obligation as the cost reimbursement relates specifically to the services being performed under the Research Plan. The reimbursement of the Initial Research Services is considered to be at a market rate and therefore depicts the estimated amount it would expect to receive for this obligation. As a result, the Company allocated the fixed consideration of $ 20.0 million to the three licensed agent material rights based on their relative standalone selling prices. The estimated standalone selling price for each material right was based on an adjusted market assessment approach. The Company concluded that the market would be willing to pay an equal amount for each licensed agent license on a standalone basis before being adjusted for the probability of the option becoming exercisable upon the successful completion of research activities to identify the licensed agents. The Company reached this conclusion after considering (i) the downstream economics including success fees, milestones and royalties related to each licensed agent being identical and (ii) all licensed agents are targeting the same gene. As such, based on the relative standalone selling price for each of the three material rights, the allocation of the transaction price to the separate performance obligations, at inception, is as follows: Performance obligation Amount (in thousands) Research services obligation $ 5,845 First licensed agent material right 6,667 Second licensed agent material right 6,667 Third licensed agent material right 6,666 Total $ 25,845 The amount allocated to the Initial Research Services obligation will be recognized on a proportional performance basis over the period of service using input-based measurements of total cost of research incurred to estimate the proportion performed and remeasured at the end of each reporting period. The amount allocated to the licensed agent material rights was recorded as deferred revenue and will commence recognition upon exercise of each option or, if an option is never exercised, it will be recognized in full upon expiry of the Research Term. As of June 30, 2023, the reimbursement related to the Initial Research Services is $ 5.4 million , based on the services rendered upon completion of the Initial Research Services. Upon completion of the Initial Research Services, the parties estimated additional services to be rendered through December 31, 2024. The Company utilized the most likely amount approach and estimated the expected cost reimbursement to be $ 16.9 million which will be recognized on a proportional performance basis over the period of service using an input-based measurement. During the three and six months ended June 30, 2023, the Company recognized $ 2.1 million and $ 3.5 million of revenue, respectively, associated with the Vertex Agreement related to research services performed during the period. As of June 30, 2023 , the Company has recorded $ 20.0 million as non-current deferred revenue related to the unexercised material rights. Costs incurred relating to the Company’s collaboration programs under the Vertex Agreement consist of internal and external research costs, which primarily include: salaries and benefits, and preclinical research studies. These costs are included in research and development expenses in the Company’s condensed consolidated statements of operations during the three and six months ended June 30, 2023 .

Common stock

Common stock	6 Months Ended
	Jun. 30, 2023
Preferred Stock [Abstract]
Preferred and Common Stock	10. C ommon stock In July 2022, in connection with the execution of the Vertex Agreement, the Company and Vertex also entered into the Vertex Stock Purchase Agreement, pursuant to which the Company sold 1,519,756 shares of common stock to Vertex at a price of $ 23.03 per share, for an aggregate purchase price of $ 35.0 million. In July 2022, the Company completed a follow-on public offering of common stock, pursuant to which the Company issued and sold 9,583,334 shares of its common stock, including 1,250,000 shares of its common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $ 27.00 per share. The Company received net proceeds of approximately $ 242.9 million after deducting underwriting discounts and offering expenses of approximately $ 15.9 million. In July 2022, the Company entered into an Open Market Sales Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) as the agent pursuant to which the Company is entitled to offer and sell, from time to time at prevailing market prices, shares of its common stock. The Company agreed to pay Jefferies a commission of up to 3.0 % of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. During the three months ended June 30, 2023, the Company did no t make sales under the Sales Agreement. During the six months ended June 30, 2023, the Company sold 103,184 shares of common stock under the Sales Agreement for aggregate net proceeds of $ 2.0 million, after deducting commissions and offering expenses payable by the Company. As of June 30, 2023, the Company sold 1,383,352 shares of common stock under the Sales Agreement for aggregate net proceeds of $ 44.9 million , after deducting commissions and offering expenses payable by the Company.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	11. Stock-based compensation The 2018 Equity Incentive Plan (the "2018 Plan"), adopted by the board of directors in August 2018, provided for the grant of qualified incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees, officers, directors, advisors, and outside consultants for the issuance or purchase of shares of the Company’s common stock. The maximum number of shares of common stock that were authorized for issuance under the 2018 Plan was 6,885,653 . In June 2021, the Company's board of directors adopted, and the Company's stockholders approved, the 2021 Stock Incentive Plan (the "2021 Plan"), which became effective on June 16, 2021. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other share-based awards to the Company's employees, directors, advisors and outside consultants. The shares reserved for issuance pursuant to the 2021 Plan are subject to an annual increase through January 1, 2031. On January 1, 2023, 3,086,541 shares of the Company's common stock were added to the amount reserved for issuance under the 2021 Plan. As of June 30, 2023, the Company had reserved 10,144,170 shares of the Company's common stock for issuance of stock options, restricted stock, and restricted stock units, of which 3,481,809 shares remained available for future grant under the 2021 Plan. Upon effectiveness of the 2021 Plan, the Company ceased granting additional awards under the 2018 Plan. Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 4,848 $ 2,955 $ 9,337 $ 5,421 General and administrative 4,165 2,694 7,700 4,432 Total stock-based compensation expense $ 9,013 $ 5,649 $ 17,037 $ 9,853 Stock options The following table provides a summary of stock option activity during the six months ended June 30, 2023: Number of Weighted Weighted Aggregate (2) Outstanding at December 31, 2022 7,612,826 $ 16.10 Granted 2,624,742 21.18 Exercised ( 127,608 ) 5.20 Forfeited ( 297,111 ) 23.94 Outstanding at June 30, 2023 9,812,849 $ 17.36 8.2 $ 58,881 Exercisable at June 30, 2023 3,794,250 $ 11.31 7.3 $ 40,217 Expected to vest after June 30, 2023 (1) 6,018,599 $ 21.18 8.8 $ 18,664 (1) This represents the number of unvested options outstanding as of June 30, 2023 that are expected to vest in the future. (2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money as of June 30, 2023 . As of June 30, 2023, there was $ 84.7 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.7 years. Restricted stock units During the six months ended June 30, 2023, the Company granted 370,500 restricted stock units under the 2021 Plan. These restricted stock units vest annually over a four-year period. A summary of the status of and change in unvested restricted stock units as of June 30, 2023 was as follows: Shares Weighted- Unvested restricted stock units as of December 31, 2022 677,825 $ 23.10 Restricted stock units granted 370,500 $ 19.43 Restricted stock units vested ( 50,537 ) $ 29.78 Restricted stock units forfeited ( 67,592 ) $ 19.59 Unvested restricted stock units as of June 30, 2023 930,196 $ 21.53 As of June 30, 2023, there was $ 17.3 million of unrecognized stock-based compensation expense related to restricted stock units that are expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 3.3 years. 2021 Amended and Restated Employee Stock Purchase Plan In June 2021, the board of directors adopted, and the Company's stockholders approved, the 2021 Employee Stock Purchase Plan, or the ESPP, as amended and restated, which became effective on June 16, 2021. The shares reserved for issuance pursuant to the ESPP are subject to an annual increase through January 1, 2031. On January 1, 2023, 617,308 shares of common stock were added to th e amount reserved for sale under the ESPP. As of June 30, 2023, 1,349,500 shares remained available for issuance under the ESPP. The most recent offering period ended on May 31, 2023, for which the Company issued 52,134 shares of its common stock. The current offering period commenced on June 1, 2023 and will end on November 30, 2023.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	12. Net loss per share The Company’s potential dilutive securities, which include unvested restricted stock units and common stock options, have been excluded from the computation of diluted net loss per share as the effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share for the period indicated because including them would have had an anti-dilutive effect: As of June 30, 2023 2022 Unvested restricted stock units 930,196 552,375 Outstanding options to purchase common stock 9,812,849 7,885,217 Total 10,743,045 8,437,592

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income taxes The Company’s effective income tax rate was de minimis for the three and six months ended June 30, 2023 and 0.0 % for the three and six months ended June 30, 2022, respectively. The income tax provision was $ 0.2 million for both the three and six months ended June 30, 2023 . There was no income tax provision recorded for the three and six months ended June 30, 2022. The increase in the provision for income taxes primarily relates to an increase in state income taxes based on gross interest income. The effective income tax rate for the three and six months ended June 30, 2023 and 2022 differed from the 21 % federal statutory rate primarily due to the valuation allowance maintained against the Company’s net deferred tax assets.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	14. Related party transactions An executive officer of Beam was a board member of the Company until August 2022. In December 2021, the Company entered into a sublease agreement with Beam for laboratory and office space in Cambridge, Massachusetts, which sublease terminated in December 2022. Total rent payments under this sublease were $ 0.5 million and $ 1.0 million for the three and six months ended June 30, 2022, respectively. An executive of Broad was a board member of the Company until May 2021. In March 2019, the Company entered into the Harvard/Broad License Agreement for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products. Additional consideration under the Harvard/Broad License Agreement included antidilution rights and includes success payments. See Note 8, "License agreements," to the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent events Research and Collaboration Agreement On June 14, 2023, the Company entered into the Lilly Agreement for an exclusive, five-year worldwide research collaboration initially focused on advancing the Company’s discovery-stage in vivo gene editing lipoprotein(a) program. Additionally, on June 14, 2023, the Company entered into the Lilly Stock Purchase Agreement with Lilly, pursuant to which the Company agreed to sell and issue shares of its common stock to Lilly. On July 26, 2023, following HSR Clearance, the Lilly Agreement became effective. Pursuant to the Lilly Agreement, the Company will be responsible for all research activities and Phase 1 clinical development of the initial target of interest— LPA . The Company’s research and development activities will be focused on (i) identifying and engineering specific gene editing systems and in vivo delivery technologies directed to the relevant target; (ii) evaluating and optimizing development candidates to achieve criteria specified in the Lilly Agreement; and (iii) Phase 1 clinical development. Lilly will reimburse the Company’s research expenses and Phase 1 clinical development expenses consistent with an agreed-upon budget. The research term for the initial target is five years and may be extended by Lilly for up to one additional year. Following completion of Phase 1 clinical trials with respect to any licensed product candidate under the Lilly Agreement, Lilly will be solely responsible for subsequent development, manufacturing and commercialization of each such product candidate resulting from the Company’s research efforts. The Company received an upfront payment from Lilly of $ 30.0 million in August 2023. The Company is also eligible to receive up to an aggregate of $ 465.0 million in research, development and commercial milestone payments and tiered and incremental high single and low-double digit royalties on global net sales, subject to specified reductions. Such royalty payments will terminate on a country-by-country and product-by-product basis upon the latest to occur of (i) the expiration of the last-to-expire valid claim under the patent rights covering such product in such country, (ii) expiration of the period of regulatory and market exclusivity associated with such product in such country or (iii) 10 years after the first commercial sale of such product in such country. Following completion of Phase 1 clinical development, the Company has the right to opt-in to a cost and margin share arrangement pursuant to which Lilly and the Company would share the costs and net margins for all product candidates emerging from the collaboration. If the Company exercises its opt-in right, the Company will be obligated to pay an opt-in fee in addition to funding 40% of the development and commercialization costs, and it will have the right to receive, in lieu of the milestones and royalties described above, 40% of the gross margin less eligible expenses from any sales of any product candidates advanced under the collaboration, with Lilly retaining 60% of the cost and margin share. Notwithstanding this opt-in right, Lilly will control the worldwide development and commercialization of any product candidates resulting from the collaboration. Beyond the initial target of interest, upon the achievement of certain criteria and payment of additional upfront consideration, Lilly has the right to elect one additional, pre-determined target to the collaboration. The research, clinical development and commercialization of such additional target would be subject to the same terms under the Lilly Agreement as the initial target, including the Company’s right to receive up to an additional $ 465.0 million in research, development and commercial milestone payments, the Company’s right to receive tiered and incremental high single and low-double digit royalties on global net sales and the Company’s right to opt-in to a cost and margin share arrangement. The Lilly Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Company and Lilly each have the right to terminate the agreement for material breach by the other party following notice, and if applicable, a cure period. Lilly may also terminate the Lilly Agreement in its entirety for convenience upon 180 days’ notice or in part, on a research plan, licensed target or product basis, for convenience upon 90 days’ notice. The Company may terminate the Lilly Agreement, in part with respect to its licensed patents, if Lilly directly or indirectly challenges the enforceability, validity or scope of such patent rights, or on a licensed product-by-licensed product basis, if such licensed product ceases to be developed for a period of time. Lilly Stock Purchase Agreement On June 14, 2023, in connection with the execution of the Lilly Agreement, the Company and Lilly also entered into the Lilly Stock Purchase Agreement for the sale and issuance of 1,552,795 shares of the Company's common stock to Lilly at a price of $ 19.32 per share, which was equal to a 15 % premium to the volume-weighted average share price of common stock over the 30 trading days prior to June 14, 2023, for an aggregate purchase price of $ 30.0 million . The Private Placement closed on July 31, 2023. The Lilly Stock Purchase Agreement contains customary representations, warranties and covenants of each party. The Lilly Stock Purchase Agreement also includes lock-up restrictions with respect to the shares of common stock issued to Lilly. Pursuant to the terms of the Lilly Stock Purchase Agreement, Lilly has agreed not to, and to cause its affiliates not to, sell or transfer any of the shares for a period of time following the date of issuance of the shares, subject to specified conditions and exceptions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash Restricted cash represents collateral provided for letters of credit issued as security deposits in connection with the Company’s leases of its corporate facilities. A reconciliation of the cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows is as follows: June 30, June 30, (in thousands) 2023 2022 Cash and cash equivalents $ 70,042 $ 72,889 Restricted cash 4,824 5,237 Total cash, cash equivalents and restricted cash $ 74,866 $ 78,126
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted the new standard on January 1, 2023. Based upon the Company's analysis, the adoption of this new standard did not have a material impact on the Company's financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	A reconciliation of the cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows is as follows: June 30, June 30, (in thousands) 2023 2022 Cash and cash equivalents $ 70,042 $ 72,889 Restricted cash 4,824 5,237 Total cash, cash equivalents and restricted cash $ 74,866 $ 78,126

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities by Security	Marketable securities by security type consisted of the following: June 30, 2023 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 189,166 $ 6 $ ( 454 ) $ 188,718 U.S. agency securities 204,022 39 ( 345 ) 203,716 Total $ 393,188 $ 45 $ ( 799 ) $ 392,434 December 31, 2022 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 228,432 $ 13 $ ( 301 ) $ 228,144 U.S. agency securities 211,658 68 ( 474 ) 211,252 Total $ 440,090 $ 81 $ ( 775 ) $ 439,396

Property and equipment, net (Ta

Property and equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net, consisted of the following: (in thousands) June 30, 2023 December 31, 2022 Lab equipment $ 25,117 $ 20,379 Leasehold improvements 266 266 Furniture and fixtures 2,311 2,294 Computer equipment 969 826 Total property and equipment 28,663 23,765 Less accumulated depreciation ( 7,411 ) ( 4,987 ) Property and equipment, net $ 21,252 $ 18,778
Schedule of Depreciation Expense	The following table summarizes depreciation expense incurred: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Depreciation expense $ 1,337 $ 648 $ 2,464 $ 1,162

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments, Assets and Liabilities	The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy: As of June 30, 2023 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 31,199 $ 31,199 $ — $ — Marketable securities: U.S. treasury bills and notes 188,718 — 188,718 — U.S. agency securities 203,716 — 203,716 — Total assets $ 423,633 $ 31,199 $ 392,434 $ — Liabilities Success payment liability $ 2,809 $ — $ — $ 2,809 Total liabilities $ 2,809 $ — $ — $ 2,809 As of December 31, 2022 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 105,303 $ 105,303 $ — $ — Marketable securities: U.S. treasury bills and notes 228,144 — 228,144 — U.S. agency securities 211,252 — 211,252 — Total assets $ 544,699 $ 105,303 $ 439,396 $ — Liabilities Success payment liability $ 2,885 $ — $ — $ 2,885 Total liabilities $ 2,885 $ — $ — $ 2,885
Schedule of Fair Value Liabilities Measured on Recurring Basis	The primary inputs used in valuing the success payment liability at June 30, 2023 and December 31, 2022, were as follows: At At Fair value of common stock (per share) $ 18.75 $ 19.35 Equity volatility 80 % 84 %
Schedule of Reconciliation of Changes in Fair Value of Financial Instruments	The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2023 is as follows: (in thousands) Success Balance at December 31, 2022 $ 2,885 Changes in fair value ( 76 ) Balance at June 30, 2023 $ 2,809 The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2022 is as follows: (in thousands) Success Balance at December 31, 2021 $ 4,371 Changes in fair value ( 2,615 ) Balance at June 30, 2022 $ 1,756

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: (in thousands) June 30, December 31, Employee compensation and related benefits $ 6,347 $ 9,124 Accrued external research and development expenses 9,228 8,919 Professional fees 3,221 1,193 License and milestone payments 310 310 Other 733 1,221 Total $ 19,839 $ 20,767

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Operating Lease Cost	The components of operating lease cost were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs $ 3,234 $ 505 $ 6,468 $ 1,010 Variable lease costs 769 198 1,648 409 Total $ 4,003 $ 703 $ 8,116 $ 1,419
Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases was as follows: Six months ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows related to operating leases $ 7,416 $ 1,058
Schedule of Future Minimum Lease Commitments under Non-Cancellable Leases	Future minimum commitments under non-cancellable leases as of June 30, 2023 were as follows: Years ending December 31, Amount (in thousands) Remainder of 2023 $ 5,134 2024 10,563 2025 10,868 2026 11,183 2027 11,506 Thereafter 62,735 Total lease payments $ 111,989 Less: interest ( 34,124 ) Present value of operating lease liabilities $ 77,865

Collaboration and License Agr_2

Collaboration and License Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
Collaboration and License Agreements [Abstract]
Schedule of transaction price separate performance obligations	Performance obligation Amount (in thousands) Research services obligation $ 5,845 First licensed agent material right 6,667 Second licensed agent material right 6,667 Third licensed agent material right 6,666 Total $ 25,845

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Expense	Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 4,848 $ 2,955 $ 9,337 $ 5,421 General and administrative 4,165 2,694 7,700 4,432 Total stock-based compensation expense $ 9,013 $ 5,649 $ 17,037 $ 9,853
Schedule of Stock Option Activity	The following table provides a summary of stock option activity during the six months ended June 30, 2023: Number of Weighted Weighted Aggregate (2) Outstanding at December 31, 2022 7,612,826 $ 16.10 Granted 2,624,742 21.18 Exercised ( 127,608 ) 5.20 Forfeited ( 297,111 ) 23.94 Outstanding at June 30, 2023 9,812,849 $ 17.36 8.2 $ 58,881 Exercisable at June 30, 2023 3,794,250 $ 11.31 7.3 $ 40,217 Expected to vest after June 30, 2023 (1) 6,018,599 $ 21.18 8.8 $ 18,664 (1) This represents the number of unvested options outstanding as of June 30, 2023 that are expected to vest in the future. (2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money as of June 30, 2023 .
Schedule of Status and Change in Unvested Restricted Stock	A summary of the status of and change in unvested restricted stock units as of June 30, 2023 was as follows: Shares Weighted- Unvested restricted stock units as of December 31, 2022 677,825 $ 23.10 Restricted stock units granted 370,500 $ 19.43 Restricted stock units vested ( 50,537 ) $ 29.78 Restricted stock units forfeited ( 67,592 ) $ 19.59 Unvested restricted stock units as of June 30, 2023 930,196 $ 21.53

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Potential Common Shares, Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders	The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share for the period indicated because including them would have had an anti-dilutive effect: As of June 30, 2023 2022 Unvested restricted stock units 930,196 552,375 Outstanding options to purchase common stock 9,812,849 7,885,217 Total 10,743,045 8,437,592

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	6 Months Ended
	Jun. 14, 2023	Jul. 31, 2022	Jun. 30, 2023	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Development and Commercial Milestone Payments Under Research and Collaboration Agreement				$ 465
Sale of common stock for future issuance			10,144,170	10,144,170
Cash, cash equivalents, and marketable securities			$ 462.5	$ 462.5
Commission on aggregate gross sale proceeds		3%
Lilly Stock Purchase Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Public offering price per share			$ 19.32	$ 19.32
Sale of common stock for future issuance			1,552,795	1,552,795
Sale of stock percentage			15%
Trading days				30
Aggregate purchase price	$ 30
Lilly Stock Purchase Agreement | Research and Collaboration Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Upfront payment			$ 30	$ 30

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 70,042	$ 115,412	$ 72,889
Restricted cash	4,824		5,237
Total cash, cash equivalents and restricted cash	$ 74,866	$ 120,236	$ 78,126	$ 69,567

Marketable securities - Schedul

Marketable securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost	$ 393,188	$ 440,090
Gross unrealized gains	45	81
Gross unrealized losses	(799)	(775)
Fair value	392,434	439,396
U.S. Treasury Bills and Notes [Member]
Marketable Securities [Line Items]
Amortized cost	189,166	228,432
Gross unrealized gains	6	13
Gross unrealized losses	(454)	(301)
Fair value	188,718	228,144
U.S. Agency Securities [Member]
Marketable Securities [Line Items]
Amortized cost	204,022	211,658
Gross unrealized gains	39	68
Gross unrealized losses	(345)	(474)
Fair value	$ 203,716	$ 211,252

Marketable securities - Additio

Marketable securities - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Unrealized losses on marketable securities	$ 0.8	$ 0.8
Remaining contractual maturities of marketable securities term	12 months	12 months

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 28,663	$ 23,765
Less accumulated depreciation	(7,411)	(4,987)
Property and equipment, net	21,252	18,778
Lab equipment
Property Plant And Equipment [Line Items]
Total property and equipment	25,117	20,379
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	266	266
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	2,311	2,294
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 969	$ 826

Property and equipment, net -_2

Property and equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,337	$ 648	$ 2,464	$ 1,162

Fair value of financial instr_3

Fair value of financial instruments - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 423,633	$ 544,699
Total liabilities	2,809	2,885
Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	2,809	2,885
U.S. Treasury Bills and Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	188,718	228,144
U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	203,716	211,252
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	31,199	105,303
Total liabilities	0	0
Level 1 | Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 1 | U.S. Treasury Bills and Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 | U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	392,434	439,396
Total liabilities	0	0
Level 2 | Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 2 | U.S. Treasury Bills and Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	188,718	228,144
Level 2 | U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	203,716	211,252
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	2,809	2,885
Level 3 | Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	2,809	2,885
Level 3 | U.S. Treasury Bills and Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 | U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	31,199	105,303
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	31,199	105,303
Money Market Funds | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money Market Funds | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

Fair value of financial instr_4

Fair value of financial instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 31.2		$ 31.2		$ 105.3
Other Income
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success Payment Liability, Payable	(0.7)	$ 0.9	0.1	$ 2.6
Harvard and Board
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable	10,000		10,000
Harvard | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable	$ 31.3		$ 31.3

Fair value of financial instr_5

Fair value of financial instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of common stock (per share)	$ 18.75	$ 19.35
Equity Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity volatility	80%	84%

Fair value of financial instr_6

Fair value of financial instruments - Schedule of Reconciliation of Changes in Fair Value of Financial Instruments (Details) - Success Payment Liability - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 2,885	$ 4,371
Changes in fair value	(76)	(2,615)
Ending balance	$ 2,809	$ 1,756

Accrued expenses - Schedule of

Accrued expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee compensation and related benefits	$ 6,347	$ 9,124
Accrued external research and development expenses	9,228	8,919
Professional fees	3,221	1,193
License and milestone payments	310	310
Other	733	1,221
Total	$ 19,839	$ 20,767

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease incremental borrowing rate	7.89%		7.89%
Weighted average remaining lease term	9 years 6 months		9 years 6 months
ASC 842
Lessee, Lease, Description [Line Items]
Short-Term Lease, Cost	$ 0.3	$ 1	$ 0.5	$ 1.3

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease, Cost [Abstract]
Operating lease costs	$ 3,234	$ 505	$ 6,468	$ 1,010
Variable lease costs	769	198	1,648	409
Total	$ 4,003	$ 703	$ 8,116	$ 1,419

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurements of lease liabilities [Abstract]
Operating cash flows related to operating leases	$ 7,416	$ 1,058

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Commitments under Non-Cancellable Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 5,134
2024	10,563
2025	10,868
2026	11,183
2027	11,506
Thereafter	62,735
Total lease payments	111,989
Less: interest	(34,124)
Present value of operating lease liabilities	$ 77,865

License Agreements - Additional

License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses	$ 47,260	$ 33,125	$ 94,370	$ 57,614
Harvard and Board
Research And Development Arrangement Contract To Perform For Others [Line Items]
Success payment liability	300		300
Payment of milestone development			23,100
Payment of sales based milestone			54,000
Beam License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses	$ 0	$ 0	0	$ 0
Novartis license agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment of sales based milestone			35,000
Clinical And Regulatory Milestone			10,000
Milestone related expenses			$ 0

Collaboration and License Agr_3

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Jul. 31, 2022	Jul. 18, 2022	Jun. 30, 2023	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments to Acquire Commercial Real Estate	$ 165
Vertex Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues	1,519,756
Price per share	$ 23.03
Aggregate purchase price	$ 35
Non-refundable upfront payment	25
Success payments for each product	22
Payments to Acquire Commercial Real Estate	175
Fixed consideration amount				$ 20
Revenue recognized			$ 2.1	3.5
Non-current deferred revenue			20	20
Vertex Agreement | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Success payments for each product	$ 66
Percentage of profit/cost share		40%
Required fee payments		$ 70
Vertex Agreement | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of profit/cost share		60%
Required fee payments		$ 25
Vertex Agreement | Stock Purchase Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed transaction price		20
Fixed transaction price consisting upfront fee		25
Upfront fee discount		$ 5
Shares issued and sold		1,519,756
Cost Reimbursement at Inception				5.8
Estimated expected cost reimbursement			16.9	16.9
Reimbursement related to Initial Research Services			$ 5.4	$ 5.4

Collaboration and License Agr_4

Collaboration and License Agreements - Schedule of transaction price separate performance obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Performance obligation	$ 25,845
Research services obligation [Member]
Performance obligation	5,845
First licensed agent material right [Member]
Performance obligation	6,667
Second licensed agent material right [Member]
Performance obligation	6,667
Third licensed agent material right [Member]
Performance obligation	$ 6,666

Common stock - Additional Infor

Common stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Jul. 31, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued	1,519,756	62,064,279	62,064,279	61,730,816
Common stock, par value		$ 0.001	$ 0.001	$ 0.001
Underwriting discounts and offering expenses	$ 15.9
Sales Agreement
Subsidiary Sale Of Stock [Line Items]
Common stock, par value	$ 23.03
Shares issued and sold			1,383,352
Net proceeds from sale of common stock			$ 44.9
Stock Purchase Agreement
Subsidiary Sale Of Stock [Line Items]
Agreegate purchase price	$ 35
Public offering
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued	1,250,000
Shares issued and sold	9,583,334
Common Stock Offering Price Per Share	$ 27
Net proceeds from sale of common stock	$ 242.9
Common Stock | Sales Agreement
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold		0	103,184
Net proceeds from sale of common stock			$ 2

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	May 31, 2023	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	10,144,170
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 84.7
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 8 months 12 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 17.3
Weighted average period over which unrecognized compensation is expected to be recognized	3 years 3 months 18 days
Twent Eighteen | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	6,885,653
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			3,086,541
Stock available for issuance under ESPP	1,349,500
Company Issued Common Stock Shares		$ 52,134
Shares available for future grant	3,481,809
Increase in common stock capital shares, reserved for future issuance			617,308
2021 Stock Incentive Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	370,500
Vesting period	4 years

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,013	$ 5,649	$ 17,037	$ 9,853
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	4,848	2,955	9,337	5,421
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,165	$ 2,694	$ 7,700	$ 4,432

Stock-based compensation - Sche

Stock-based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
		Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Number of options, Outstanding, Beginning balance		7,612,826
Number of options, Granted		2,624,742
Number of options, Exercised		(127,608)
Number of options, Forfeited		(297,111)
Number of options, Outstanding, Ending balance		9,812,849
Number of options, Exercisable		3,794,250
Number of options, Expected to vest	[1]	6,018,599
Weighted average exercise price, Beginning balance		$ 16.1
Weighted average exercise price, Granted		21.18
Weighted average exercise price, Exercised		5.2
Weighted average exercise price, Forfeited		23.94
Weighted average exercise price, Ending balance		17.36
Weighted average exercise price, Exercisable		11.31
Weighted average exercise price, Expected to vest	[1]	$ 21.18
Weighted average remaining contractual life (in years), Outstanding		8 years 2 months 12 days
Weighted average remaining contractual life (in years), Exercisable		7 years 3 months 18 days
Weighted average remaining contractual life (in years), Expected to vest	[1]	8 years 9 months 18 days
Aggregate intrinsic value, Outstanding	[2]	$ 58,881
Aggregate intrinsic value, Exercisable	[2]	40,217
Aggregate intrinsic value, Expected to vest	[1],[2]	$ 18,664
[1] This represents the number of unvested options outstanding as of June 30, 2023 that are expected to vest in the future. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money as of June 30, 2023 .

Stock-based compensation - Su_2

Stock-based compensation - Summary of the Restricted Stock Units (Details) - 2021 Stock Incentive Plan	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, beginning balance, Unvested | shares	677,825
Restricted stock units granted | shares	370,500
Restricted stock units forfeited | shares	(67,592)
Unvested RSUs, Vested | shares	(50,537)
Unvested RSUs, ending balance, unvested | shares	930,196
Weighted-Average Grant Date Fair Value Per Share, beginning balance, Unvested | $ / shares	$ 23.1
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	19.43
Weighted-Average Grant-Date Fair Value, forfeited | $ / shares	19.59
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares	29.78
Weighted-Average Grant Date Fair Value Per Share, ending balance, Unvested | $ / shares	$ 21.53

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Potential Common Shares, Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	10,743,045	8,437,592
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	930,196	552,375
Outstanding Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	9,812,849	7,885,217

Income taxes (Additional Inform

Income taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effectice Income Tax Rate	0%	0%	0%	0%
Provision for income taxes	$ 176	$ 0	$ 176	$ 0
Effective income tax rate, Change in enacted tax rate, Percent	21%	21%	21%	21%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Related Party Transaction [Line Items]
Lease Rent Payment	$ 0.5	$ 1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jun. 14, 2023	Jun. 30, 2023	Dec. 31, 2022	Jul. 31, 2022
Subsequent Event [Line Items]
Development and commercial milestone payments under collaboration agreement		$ 465
Common stock shares issued		62,064,279	61,730,816	1,519,756
Common stock fair value		$ 0.001	$ 0.001
Description of opt-in fees payment		If the Company exercises its opt-in right, the Company will be obligated to pay an opt-in fee in addition to funding 40% of the development and commercialization costs, and it will have the right to receive, in lieu of the milestones and royalties described above, 40% of the gross margin less eligible expenses from any sales of any product candidates advanced under the collaboration, with Lilly retaining 60% of the cost and margin share.
Lilly Stock Purchase Agreement
Subsequent Event [Line Items]
Development and commercial milestone payments under collaboration agreement		$ 465
Upfront payment		$ 30
Agreegate purchase price	$ 30
Common stock shares issued	1,552,795
Common stock fair value	$ 19.32
Proceeds From sale Of Common Stock Percentage	15%
Description of upfront payment from Lilly		The Company received an upfront payment from Lilly of $30.0 million in August 2023.