Verve Therapeutics (VERV) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	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	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		84,663,840
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
Entity Address, Address Line Two	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	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 158,709	$ 206,180
Marketable securities	381,211	417,770
Collaboration receivable	2,628	5,897
Prepaid expenses and other current assets	13,911	8,102
Total current assets	556,459	637,949
Property and equipment, net	19,625	22,505
Restricted cash	4,774	4,774
Operating lease right-of-use assets	79,921	85,295
Other long term assets	3,127	2,165
Total assets	663,906	752,688
Current liabilities:
Accounts payable	4,637	6,636
Accrued expenses	21,918	20,178
Deferred revenue, current	5,719	0
Lease liability, current	10,368	10,192
Total current liabilities	42,642	37,006
Long-term lease liability	60,887	64,715
Success payment liability	977	2,720
Deferred revenue, non-current	50,731	48,556
Other long term liabilities	118	189
Total liabilities	155,355	153,186
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, 84,638,814 and 81,969,693 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	85	82
Additional paid-in capital	1,200,302	1,143,453
Accumulated other comprehensive income (loss)	1,143	272
Accumulated deficit	(692,979)	(544,305)
Total stockholders' equity	508,551	599,502
Total liabilities and stockholders' equity	$ 663,906	$ 752,688

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	84,638,814	81,969,693
Common stock, shares outstanding	84,638,814	81,969,693

Condensed Consolidated Statemen

Condensed Consolidated 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
Income Statement [Abstract]
Collaboration revenue	$ 6,865	$ 3,117	$ 19,252	$ 6,614
Operating expenses:
Research and development	49,938	43,765	149,299	138,135
General and administrative	13,837	11,686	42,546	37,655
Total operating expenses	63,775	55,451	191,845	175,790
Loss from operations	(56,910)	(52,334)	(172,593)	(169,176)
Other income (expense):
Change in fair value of success payment liability	(6)	802	1,743	878
Interest and other income, net	6,887	5,841	22,452	16,825
Total other income, net	6,881	6,643	24,195	17,703
Loss before provision for income taxes	(50,029)	(45,691)	(148,398)	(151,473)
Provision for income taxes	(104)	(67)	(276)	(243)
Net loss	$ (50,133)	$ (45,758)	$ (148,674)	$ (151,716)
Net loss per common share, basic	$ (0.59)	$ (0.72)	$ (1.77)	$ (2.43)
Net loss per common share, diluted	$ (0.59)	$ (0.72)	$ (1.77)	$ (2.43)
Weighted-average common shares used in net loss per share, basic	84,632,952	63,211,849	83,999,797	62,322,965
Weighted-average common shares used in net loss per share, diluted	84,632,952	63,211,849	83,999,797	62,322,965
Comprehensive Loss:
Net Income (Loss)	$ (50,133)	$ (45,758)	$ (148,674)	$ (151,716)
Other comprehensive loss:
Unrealized loss on marketable securities	1,758	157	871	97
Comprehensive loss	$ (48,375)	$ (45,601)	$ (147,803)	$ (151,619)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
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
Exercise of stock options	116		116
Exercise of stock options (in shares)		29,010
Unrealized loss on marketable 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 Income (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
Net Income (Loss)	(151,716)
Ending Balance at Sep. 30, 2023	460,369	$ 64	956,855	(597)	(495,953)
Ending balance (in shares) at Sep. 30, 2023		63,737,089
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 marketable securities	(517)			(517)
Stock-based compensation	9,013		9,013
Net Income (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
Vesting of restricted stock units (in shares)		76,586
Exercise of stock options	213		213
Exercise of stock options (in shares)		43,429
Unrealized loss on marketable securities	157			157
Stock-based compensation	8,825		8,825
Issuance of common stock in connection with the Lilly Agreement ,Shares		1,552,795
Issuance of common stock in connection with the Lilly Agreement,Cost	31,710	$ 2	31,708
Net Income (Loss)	(45,758)				(45,758)
Ending Balance at Sep. 30, 2023	460,369	$ 64	956,855	(597)	(495,953)
Ending balance (in shares) at Sep. 30, 2023		63,737,089
Beginning Balance at Dec. 31, 2023	$ 599,502	$ 82	1,143,453	272	(544,305)
Beginning Balance (in shares) at Dec. 31, 2023	81,969,693	81,969,693
Vesting of restricted stock units (in shares)		7,290
Vesting of restricted stock units	$ 0
Exercise of stock options	301		301
Exercise of stock options (in shares)		76,044
Unrealized loss on marketable securities	(772)			(772)
Stock-based compensation	10,341		10,341
Issuance of common stock from At-the-Market offering, net of issuance costs, shares		1,766,835
Issuance of common stock from At-the-Market offering, net of issuance costs	22,433	$ 2	22,431
Net Income (Loss)	(48,736)				(48,736)
Ending Balance at Mar. 31, 2024	583,069	$ 84	1,176,526	500	(593,041)
Ending balance (in shares) at Mar. 31, 2024		83,819,862
Beginning Balance at Dec. 31, 2023	$ 599,502	$ 82	1,143,453	272	(544,305)
Beginning Balance (in shares) at Dec. 31, 2023	81,969,693	81,969,693
Exercise of stock options (in shares)	602,114
Net Income (Loss)	$ (148,674)
Ending Balance at Sep. 30, 2024	$ 508,551	$ 85	1,200,302	1,143	(692,979)
Ending balance (in shares) at Sep. 30, 2024	84,638,814	84,638,814
Beginning Balance at Mar. 31, 2024	$ 583,069	$ 84	1,176,526	500	(593,041)
Beginning Balance (in shares) at Mar. 31, 2024		83,819,862
Vesting of restricted stock units (in shares)		104,426
Exercise of stock options	826	$ 1	825
Exercise of stock options (in shares)		520,995
Issuance of common stock under Employee Stock Purchase Plan, shares		106,986
Issuance of common stock under Employee Stock Purchase Plan	472		472
Unrealized loss on marketable securities	(115)			(115)
Stock-based compensation	11,647		11,647
Net Income (Loss)	(49,805)				(49,805)
Ending Balance at Jun. 30, 2024	546,094	$ 85	1,189,470	615	(642,846)
Ending balance (in shares) at Jun. 30, 2024		84,552,269
Vesting of restricted stock units (in shares)		81,470
Exercise of stock options	14		14
Exercise of stock options (in shares)		5,075
Unrealized loss on marketable securities	1,758			1,758
Stock-based compensation	10,818		10,818
Net Income (Loss)	(50,133)				(50,133)
Ending Balance at Sep. 30, 2024	$ 508,551	$ 85	$ 1,200,302	$ 1,143	$ (692,979)
Ending balance (in shares) at Sep. 30, 2024	84,638,814	84,638,814

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock from At-the-Market offering	$ 747	$ 126

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (148,674)	$ (151,716)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	5,053	3,938
Non-cash lease expense	5,374	5,046
Net accretion of discount on marketable securities	(10,250)	(11,044)
Stock-based compensation	32,806	25,862
Change in fair value of success payments liabilities	(1,743)	(878)
Changes in operating assets and liabilities:
Collaboration receivable	3,264	(3,117)
Prepaid expenses and other assets	(6,765)	(2,587)
Accounts payable	(2,321)	(589)
Accrued expenses and other liabilities	2,167	2,996
Operating lease liabilities	(3,653)	(5,320)
Deferred revenue	7,895	28,540
Net cash used in operating activities	(116,847)	(108,869)
Cash flows from investing activities:
Purchases of property and equipment	(2,349)	(7,098)
Purchases of marketable securities	(350,928)	(394,817)
Maturities of marketable securities	398,607	438,498
Net cash provided by investing activities	45,330	36,583
Cash flows from financing activities:
Proceeds from the issuance of common stock in connection with collaboration agreements	0	31,710
Proceeds from exercise of stock options	1,141	877
Proceeds from issuance of common stock, net of issuance costs	22,433	1,922
Issuance of common stock under employee stock purchase plan	472	685
Net cash provided by financing activities	24,046	35,194
Decrease in cash, cash equivalents and restricted cash	(47,471)	(37,092)
Cash, cash equivalents and restricted cash—beginning of period	210,954	120,236
Cash, cash equivalents and restricted cash—end of period	163,483	83,144
Supplemental disclosure of noncash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 757	$ 495

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)	$ (50,133)	$ (49,805)	$ (48,736)	$ (45,758)	$ (53,983)	$ (51,975)	$ (148,674)	$ (151,716)

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

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the business and basis of presentation Organization Verve Therapeutics, Inc. (the “Company” or “Verve”) is a clinical-stage company developing a new class of genetic medicines for cardiovascular disease with the potential to transform 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. 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 $ 539.9 million as of September 30, 2024 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 marketing, distribution or 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 September 30, 2024, the results of its operations and other comprehensive loss for the three and nine months ended September 30, 2024 and 2023, stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023. Such adjustments are of a normal and recurring nature. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024, 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, 2023 , and the notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023, and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024. 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: September 30, September 30, (in thousands) 2024 2023 Cash and cash equivalents $ 158,709 $ 78,370 Restricted cash 4,774 4,774 Total cash, cash equivalents and restricted cash $ 163,483 $ 83,144

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable securities Marketable securities by security type consisted of the following: September 30, 2024 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 179,012 $ 673 $ ( 1 ) $ 179,684 U.S. agency securities 201,056 486 ( 15 ) 201,527 Total $ 380,068 $ 1,159 $ ( 16 ) $ 381,211 December 31, 2023 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 147,978 $ 144 $ ( 15 ) $ 148,107 U.S. agency securities 269,520 277 ( 134 ) 269,663 Total $ 417,498 $ 421 $ ( 149 ) $ 417,770 The remaining contractual maturities of all marketable securities were less than 18 months as of September 30, 2024 and 24 months as of December 31, 2023. The gross unrealized losses on the Company’s marketable securities were de minimis as of September 30, 2024. The gross unrealized losses on the Company's marketable securities of $ 0.1 million as of December 31, 2023 was 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 did not consider such marketable securities to be impaired at September 30, 2024 or December 31, 2023 . None of the Company’s marketable securities have been in a continuous unrealized loss position for 12 months or greater as of September 30, 2024 or December 31, 2023 .

Property and equipment, net

Property and equipment, net	9 Months Ended
	Sep. 30, 2024
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) September 30, 2024 December 31, 2023 Lab equipment $ 30,937 $ 28,851 Leasehold improvements 776 726 Furniture and fixtures 2,323 2,323 Computer equipment 997 997 Total property and equipment 35,033 32,897 Less accumulated depreciation ( 15,408 ) ( 10,392 ) Property and equipment, net $ 19,625 $ 22,505 The following table summarizes depreciation expense incurred: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Depreciation expense $ 1,754 $ 1,474 $ 5,053 $ 3,938

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 72,489 $ 72,489 $ — $ — Marketable securities: U.S. treasury bills and notes 179,684 — 179,684 — U.S. agency securities 201,527 — 201,527 — Total assets $ 453,700 $ 72,489 $ 381,211 $ — Liabilities Success payment liability $ 977 $ — $ — $ 977 Total liabilities $ 977 $ — $ — $ 977 As of December 31, 2023 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 120,987 $ 120,987 $ — $ — Marketable securities: U.S. treasury bills and notes 148,107 — 148,107 — U.S. agency securities 269,663 — 269,663 — Total assets $ 538,757 $ 120,987 $ 417,770 $ — Liabilities Success payment liability $ 2,720 $ — $ — $ 2,720 Total liabilities $ 2,720 $ — $ — $ 2,720 Cash Equivalents —Cash equivalents of $ 72.5 million and $ 121.0 million as of September 30, 2024 and December 31, 2023, 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 mid ten-digit dollar amount to $ 10.0 billion, or 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 its common stock, or a combination of cash and shares of its common stock. The maximum aggregate success payments that could be payable by the Company is $ 31.3 million, of which $ 25.0 million remain payable by the Company. 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 a de minimis increase recorded to other expense for the three months ended September 30, 2024 and a decrease of $ 1.7 million recorded to other income for the nine months ended September 30, 2024 and decreases of $ 0.8 million and $ 0.9 million recorded to other income for the three and nine months ended September 30, 2023, respectively. The primary inputs used in valuing the success payment liability at September 30, 2024 and December 31, 2023, were as follows: At At Fair value of common stock (per share) $ 4.84 $ 13.94 Equity volatility 85 % 83 % The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the nine months ended September 30, 2024 is as follows: (in thousands) Success Balance at December 31, 2023 $ 2,720 Change in fair value ( 1,743 ) Balance at September 30, 2024 $ 977 The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the nine months ended September 30, 2023 is as follows: (in thousands) Success Balance at December 31, 2022 $ 2,885 Change in fair value ( 878 ) Balance at September 30, 2023 $ 2,007

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued expenses	6. Accrued expenses Accrued expenses consisted of the following: (in thousands) September 30, December 31, Employee compensation and related benefits $ 11,724 $ 12,342 Accrued external research and development expenses 7,366 4,856 Professional fees 2,358 1,492 License and milestone payments 120 500 Other 350 988 Total $ 21,918 $ 20,178

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 $ 0.7 million and $ 2.8 million of short term lease costs associated with the embedded leases during the three and nine months ended September 30, 2024 , respectively. The Company has recognized $ 0.4 million and $ 0.9 million of short term lease costs associ ated with the embedded leases during the three and nine months ended September 30, 2023, respectively. The components of operating lease cost were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease costs $ 3,234 $ 3,234 $ 9,702 $ 9,702 Variable lease costs 1,064 1,127 3,143 2,775 Total $ 4,298 $ 4,361 $ 12,845 $ 12,477 Supplemental cash flow information related to operating leases was as follows: Nine months ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows related to operating leases $ 7,922 $ 9,983 As of September 30, 2024, 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 8.3 years. Future minimum commitments under non-cancelable leases as of September 30, 2024 were as follows: Years ending December 31, Amount (in thousands) Remainder of 2024 $ 2,668 2025 10,894 2026 11,210 2027 11,534 2028 11,868 Thereafter 49,881 Total lease payments $ 98,055 Less: interest ( 26,800 ) Present value of operating lease liabilities $ 71,255

License Agreements

License Agreements	9 Months Ended
	Sep. 30, 2024
License Agreements [Abstract]
License Agreements	9. 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024. 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 the nine months ended September 30, 2024, a development milestone was triggered and amounts paid to Harvard and Broad totaled $ 0.2 million. 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 “ARCLA”). In October 2023, Beam transferred certain of its rights under the ARCLA to Eli Lilly and Company ("Lilly"). A development milestone totaling $ 0.1 million under Beam's third-party agreements was triggered in the nine months ended September 30, 2024. This amount remained payable as of September 30, 2024 .

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2024
Legal Proceedings Abstract
Legal Proceedings	8. Legal Proceedings On August 27, 2024, a putative securities class action lawsuit captioned Oldroyd v. Verve Therapeutics, Inc., et. al. , Case No. 1:24-CV-12218, was filed against the Company and certain of the Company’s officers in the U.S. District Court for the District of Massachusetts. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder on the basis of purportedly materially false and misleading statements and omissions concerning the Company's pause in enrollment of the Heart-1 trial. The complaint seeks, among other things, unspecified damages, interest, attorneys’ fees, expert fees, and other costs. On October 28, 2024, plaintiff Thomas Oldroyd filed an unopposed motion to be appointed as lead plaintiff and to approve The Rosen Law Firm, P.A. as lead counsel. The Company believes that it has strong defenses, and it intends to vigorously defend against this action. The lawsuit is in early stages, and, at this time, no assessment can be made as to the likely outcome or whether the outcome will be material to the Company. Moreover, the Company is unable to reasonably estimate a range of possible loss at this time.

Collaboration and License Agree

Collaboration and License Agreements	9 Months Ended
	Sep. 30, 2024
Collaboration and License Agreements [Abstract]
Collaboration and License Agreements	10. Collaboration and license agreements The Company's significant collaboration and license agreements are disclosed in Note 9, "Collaboration and license agreements," to the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2024. Since the date of those financial statements, there have been no changes to its collaboration and license agreements, except as noted below. Vertex 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. During the three and nine months ended September 30, 2024, the Company recognized $ 2.7 million and $ 8.7 million of revenue, respectively, associated with the Vertex Agreement related to research services performed during the periods. As of September 30, 2024, the Company has recorded $ 20.0 million as non-current deferred revenue. During the three and nine months ended September 30, 2023, the Company recognized $ 2.4 million and $ 5.9 million of revenue, respectively, associated with the Vertex Agreement related to research services performed during the periods. 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 nine months ended September 30, 2024 and 2023. Lilly agreement In June 2023, the Company entered into a Research and Collaboration Agreement (the “Lilly Agreement”) with 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. The Lilly Agreement became effective in July 2023. During the three and nine months ended September 30, 2024, the Company recognized $ 4.2 million and $ 10.6 million, respectively, of revenue associated with the Lilly Agreement related to the research and development activities under the Lilly Agreement (the "Lilly Research Services") performed during the periods. This amount is inclusive of a $ 0.2 million cumulative catch-up related to the $ 5.0 million research and development milestone achieved in March 2024. As of September 30, 2024, the Company has recorded $ 30.7 million of long-term deferred revenue and $ 5.7 million of short-term deferred revenue, of which $ 28.5 million related to the unexercised material rights and the remaining $ 7.9 million related to the Lilly Research Services and will be recognized over the period of service. Costs incurred relating to the Company’s collaboration programs under the Lilly 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 nine months ended September 30, 2024 .

Common stock

Common stock	9 Months Ended
	Sep. 30, 2024
Preferred Stock [Abstract]
Common Stock	11. C ommon stock In July 2022, the Company entered into an Open Market Sale 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 September 30, 2024, the Company did not make any sales under the Sales Agreement. During the nine months ended September 30, 2024, the Company sold 1,766,835 shares of its common stock under the Sales Agreement for aggregate net proceeds of $ 22.4 million , after deducting commissions and offering expenses payable by the Company. As of September 30, 2024, the Company has sold an aggregate of 4,547,688 shares of its common stock under the Sales Agreement for aggregate net proceeds of $ 86.0 million , after deducting commissions and offering expenses payable by the Company. In July 2023, in connection with the execution of the Lilly Agreement, the Company and Lilly also entered into a stock purchase agreement with Lilly, pursuant to which the Company sold 1,552,795 shares of common stock to Lilly at a price of $ 19.32 per share, for an aggregate purchase price of $ 30.0 million . In December 2023, the Company completed a follow-on public offering of common stock, pursuant to which the Company issued and sold 14,375,000 shares of its common stock, including 1,875,000 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 $ 10.00 per share. The Company received net proceeds of approximately $ 134.7 million after deducting underwriting discounts and offering expenses of approximately $ 9.0 million. In December 2023, the Company also completed a private placement pursuant to a stock purchase agreement with Lilly for the sale and issuance of 2,296,317 shares of common stock at a purchase price of $ 10.00 per share for an aggregate purchase price of $ 23.0 million.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	12. 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, 2024, 4,098,485 shares of the Company's common stock were added to the amount reserved for issuance under the 2021 Plan. As of September 30, 2024, the Company had reserved 14,242,655 shares of the Company's common stock for issuance of stock options, restricted stock, and restricted stock units, of which 3,119,785 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. In February 2024, the board of directors adopted the 2024 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to persons who (a) were not previously an employee or director or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case, as an inducement material to such person’s entry into employment with the Company and in accordance with the requirements of the Nasdaq Stock Market Rule 5635(c)(4). As of September 30, 2024 , the Company had reserved 4,000,000 shares of the Company’s common stock for issuance of nonstatutory stock options and restricted stock unit awards, of which 3,432,320 shares remained available for future grant under the Inducement Plan. Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Research and development $ 5,404 $ 4,895 $ 17,512 $ 14,232 General and administrative 5,414 3,930 15,294 11,630 Total stock-based compensation expense $ 10,818 $ 8,825 $ 32,806 $ 25,862 Stock options The following table provides a summary of stock option activity during the nine months ended September 30, 2024: Number of Weighted Weighted Aggregate (2) Outstanding at December 31, 2023 9,924,878 $ 16.98 Granted 4,282,316 9.85 Exercised ( 602,114 ) 1.89 Forfeited ( 838,259 ) 20.23 Outstanding at September 30, 2024 12,766,821 $ 15.08 7.7 $ 4,284 Exercisable at September 30, 2024 6,136,725 $ 15.52 6.3 $ 4,279 Expected to vest after September 30, 2024 (1) 6,630,096 $ 14.68 8.9 $ 5 (1) This represents the number of unvested options outstanding as of September 30, 2024 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 September 30, 2024 . As of September 30, 2024, there was $ 62.6 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 2.4 years. Restricted stock units During the nine months ended September 30, 2024, the Company granted 1,421,880 restricted stock units under the 2021 Plan and the Inducement 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 September 30, 2024 was as follows: Shares Weighted- Unvested restricted stock units as of December 31, 2023 964,511 $ 19.92 Restricted stock units granted 1,421,880 $ 11.58 Restricted stock units vested ( 193,186 ) $ 20.98 Restricted stock units forfeited ( 195,585 ) $ 15.47 Unvested restricted stock units as of September 30, 2024 1,997,620 $ 14.32 As of September 30, 2024, there was $ 23.9 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 3.2 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 (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, 2024, 819,697 shares of common stock were added to th e amount reserved for sale under the ESPP. As of September 30, 2024, 1,989,903 shares remained available for issuance under the ESPP.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss per share	13. 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 September 30, 2024 2023 Unvested restricted stock units 1,997,620 883,693 Outstanding options to purchase common stock 12,766,821 9,942,213 Total 14,764,441 10,825,906

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income taxes The Company's income tax provision was $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2024, respectively. The Company's income tax provision was $ 0.1 million and $ 0.2 million for the three and nine months ended September 30, 2023, respectively. The provision for income taxes primarily relates to state income taxes based on gross interest income. The effective income tax rate for the three and nine months ended September 30, 2024 and 2023 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	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	15. Related party transactions The board of directors of the Company elected an executive officer of Vertex to the Company's board of directors in June 2024. In July 2022, the Company and Vertex entered into the Vertex Agreement. During the three months ended September 30, 2024, the Company received reimbursements of $ 2.7 million , associated with the Vertex Agreement, which were recorded as revenue. See Note 10, "Collaboration and license agreements—Vertex agreement".

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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: September 30, September 30, (in thousands) 2024 2023 Cash and cash equivalents $ 158,709 $ 78,370 Restricted cash 4,774 4,774 Total cash, cash equivalents and restricted cash $ 163,483 $ 83,144

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, September 30, (in thousands) 2024 2023 Cash and cash equivalents $ 158,709 $ 78,370 Restricted cash 4,774 4,774 Total cash, cash equivalents and restricted cash $ 163,483 $ 83,144

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities by Security	Marketable securities by security type consisted of the following: September 30, 2024 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 179,012 $ 673 $ ( 1 ) $ 179,684 U.S. agency securities 201,056 486 ( 15 ) 201,527 Total $ 380,068 $ 1,159 $ ( 16 ) $ 381,211 December 31, 2023 (in thousands) Amortized Gross Gross Fair U.S. treasury bills and notes $ 147,978 $ 144 $ ( 15 ) $ 148,107 U.S. agency securities 269,520 277 ( 134 ) 269,663 Total $ 417,498 $ 421 $ ( 149 ) $ 417,770

Property and equipment, net (Ta

Property and equipment, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net, consisted of the following: (in thousands) September 30, 2024 December 31, 2023 Lab equipment $ 30,937 $ 28,851 Leasehold improvements 776 726 Furniture and fixtures 2,323 2,323 Computer equipment 997 997 Total property and equipment 35,033 32,897 Less accumulated depreciation ( 15,408 ) ( 10,392 ) Property and equipment, net $ 19,625 $ 22,505
Schedule of Depreciation Expense	The following table summarizes depreciation expense incurred: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Depreciation expense $ 1,754 $ 1,474 $ 5,053 $ 3,938

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 72,489 $ 72,489 $ — $ — Marketable securities: U.S. treasury bills and notes 179,684 — 179,684 — U.S. agency securities 201,527 — 201,527 — Total assets $ 453,700 $ 72,489 $ 381,211 $ — Liabilities Success payment liability $ 977 $ — $ — $ 977 Total liabilities $ 977 $ — $ — $ 977 As of December 31, 2023 (in thousands) Fair Level 1 Level 2 Level 3 Assets Money market funds $ 120,987 $ 120,987 $ — $ — Marketable securities: U.S. treasury bills and notes 148,107 — 148,107 — U.S. agency securities 269,663 — 269,663 — Total assets $ 538,757 $ 120,987 $ 417,770 $ — Liabilities Success payment liability $ 2,720 $ — $ — $ 2,720 Total liabilities $ 2,720 $ — $ — $ 2,720
Schedule of Fair Value Liabilities Measured on Recurring Basis	The primary inputs used in valuing the success payment liability at September 30, 2024 and December 31, 2023, were as follows: At At Fair value of common stock (per share) $ 4.84 $ 13.94 Equity volatility 85 % 83 %
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 nine months ended September 30, 2024 is as follows: (in thousands) Success Balance at December 31, 2023 $ 2,720 Change in fair value ( 1,743 ) Balance at September 30, 2024 $ 977 The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the nine months ended September 30, 2023 is as follows: (in thousands) Success Balance at December 31, 2022 $ 2,885 Change in fair value ( 878 ) Balance at September 30, 2023 $ 2,007

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: (in thousands) September 30, December 31, Employee compensation and related benefits $ 11,724 $ 12,342 Accrued external research and development expenses 7,366 4,856 Professional fees 2,358 1,492 License and milestone payments 120 500 Other 350 988 Total $ 21,918 $ 20,178

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Components of Operating Lease Cost	The components of operating lease cost were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease costs $ 3,234 $ 3,234 $ 9,702 $ 9,702 Variable lease costs 1,064 1,127 3,143 2,775 Total $ 4,298 $ 4,361 $ 12,845 $ 12,477
Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases was as follows: Nine months ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows related to operating leases $ 7,922 $ 9,983
Schedule of Future Minimum Lease Commitments under Non-Cancellable Leases	Future minimum commitments under non-cancelable leases as of September 30, 2024 were as follows: Years ending December 31, Amount (in thousands) Remainder of 2024 $ 2,668 2025 10,894 2026 11,210 2027 11,534 2028 11,868 Thereafter 49,881 Total lease payments $ 98,055 Less: interest ( 26,800 ) Present value of operating lease liabilities $ 71,255

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	Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Research and development $ 5,404 $ 4,895 $ 17,512 $ 14,232 General and administrative 5,414 3,930 15,294 11,630 Total stock-based compensation expense $ 10,818 $ 8,825 $ 32,806 $ 25,862
Schedule of Stock Option Activity	The following table provides a summary of stock option activity during the nine months ended September 30, 2024: Number of Weighted Weighted Aggregate (2) Outstanding at December 31, 2023 9,924,878 $ 16.98 Granted 4,282,316 9.85 Exercised ( 602,114 ) 1.89 Forfeited ( 838,259 ) 20.23 Outstanding at September 30, 2024 12,766,821 $ 15.08 7.7 $ 4,284 Exercisable at September 30, 2024 6,136,725 $ 15.52 6.3 $ 4,279 Expected to vest after September 30, 2024 (1) 6,630,096 $ 14.68 8.9 $ 5 (1) This represents the number of unvested options outstanding as of September 30, 2024 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 September 30, 2024 .
Schedule of Status and Change in Unvested Restricted Stock	A summary of the status of and change in unvested restricted stock units as of September 30, 2024 was as follows: Shares Weighted- Unvested restricted stock units as of December 31, 2023 964,511 $ 19.92 Restricted stock units granted 1,421,880 $ 11.58 Restricted stock units vested ( 193,186 ) $ 20.98 Restricted stock units forfeited ( 195,585 ) $ 15.47 Unvested restricted stock units as of September 30, 2024 1,997,620 $ 14.32

Net loss per share (Tables)

Net loss per share (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 2023 Unvested restricted stock units 1,997,620 883,693 Outstanding options to purchase common stock 12,766,821 9,942,213 Total 14,764,441 10,825,906

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash, cash equivalents, and marketable securities	$ 539.9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 158,709	$ 206,180	$ 78,370
Restricted cash	4,774		4,774
Total cash, cash equivalents and restricted cash	$ 163,483	$ 210,954	$ 83,144	$ 120,236

Marketable securities - Schedul

Marketable securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 380,068	$ 417,498
Gross unrealized gains	1,159	421
Gross unrealized losses	(16)	(149)
Fair value	381,211	417,770
U.S. Treasury Bills and Notes [Member]
Marketable Securities [Line Items]
Amortized cost	179,012	147,978
Gross unrealized gains	673	144
Gross unrealized losses	(1)	(15)
Fair value	179,684	148,107
U.S. Agency Securities [Member]
Marketable Securities [Line Items]
Amortized cost	201,056	269,520
Gross unrealized gains	486	277
Gross unrealized losses	(15)	(134)
Fair value	$ 201,527	$ 269,663

Marketable securities - Additio

Marketable securities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Unrealized losses on marketable securities		$ 0.1
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	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 35,033	$ 32,897
Less accumulated depreciation	(15,408)	(10,392)
Property and equipment, net	19,625	22,505
Lab equipment
Property Plant And Equipment [Line Items]
Total property and equipment	30,937	28,851
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	776	726
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	2,323	2,323
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 997	$ 997

Property and equipment, net -_2

Property and equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,754	$ 1,474	$ 5,053	$ 3,938

Fair value of financial instr_3

Fair value of financial instruments - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 453,700	$ 538,757
Total liabilities	977	2,720
Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	977	2,720
U.S. Treasury Bills and Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	179,684	148,107
U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	201,527	269,663
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	72,489	120,987
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	381,211	417,770
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	179,684	148,107
Level 2 | U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	201,527	269,663
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	977	2,720
Level 3 | Success Payment Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities	977	2,720
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	72,489	120,987
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	72,489	120,987
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	9 Months Ended
	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]
Cash equivalents		$ 72.5		$ 121
Other Income
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success Payment Liability, Payable	$ 0.8	1.7	$ 0.9
Harvard and Board
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable		10,000
Harvard | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable		31.3
Harvard | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable		$ 25

Fair value of financial instr_5

Fair value of financial instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of common stock (per share)	$ 4.84	$ 13.94
Equity Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity volatility	85%	83%

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 2,720	$ 2,885
Change in fair value	(1,743)	(878)
Ending balance	$ 977	$ 2,007

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee compensation and related benefits	$ 11,724	$ 12,342
Accrued external research and development expenses	7,366	4,856
Professional fees	2,358	1,492
License and milestone payments	120	500
Other	350	988
Total	$ 21,918	$ 20,178

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease incremental borrowing rate	7.89%		7.89%
Weighted average remaining lease term	8 years 3 months 18 days		8 years 3 months 18 days
ASC 842
Lessee, Lease, Description [Line Items]
Short-Term Lease, Cost	$ 0.7	$ 0.4	$ 2.8	$ 0.9

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease costs	$ 3,234	$ 3,234	$ 9,702	$ 9,702
Variable lease costs	1,064	1,127	3,143	2,775
Total	$ 4,298	$ 4,361	$ 12,845	$ 12,477

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurements of lease liabilities [Abstract]
Operating cash flows related to operating leases	$ 7,922	$ 9,983

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Commitments under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 2,668
2025	10,894
2026	11,210
2027	11,534
2028	11,868
Thereafter	49,881
Total lease payments	98,055
Less: interest	(26,800)
Present value of operating lease liabilities	$ 71,255

License Agreements - Additional

License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses	$ 49,938	$ 43,765	$ 149,299	$ 138,135
Harvard and Board
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone Amount Due			200
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]
Milestone Amount Due			$ 100

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued and sold			1,766,835
Deferred revenue, current	$ 5,719		$ 5,719		$ 0
Vertex Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	2,700	$ 2,400	8,700	$ 5,900
Non-current deferred revenue	20,000		20,000
Lilly Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	200		5,000
Non-current deferred revenue	28,500		28,500
Deferred revenue, noncurrent	30,700		30,700
Deferred revenue, current	5,700		5,700
Deferred revenue, remaining research services	7,900		7,900
Lilly Agreement [Member] | Lilly Research Services Performed [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	$ 4,200		$ 10,600

Common stock - Additional Infor

Common stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				9 Months Ended
	Dec. 31, 2023	Jul. 31, 2023	Jul. 31, 2022	Sep. 30, 2024
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued	81,969,693			84,638,814
Common stock, par value	$ 0.001			$ 0.001
Shares issued and sold				1,766,835
Commission on aggregate gross sale proceeds			3%
Sale of Stock, Consideration Received on Transaction				$ 22.4
Underwriting discounts and offering expenses	$ 9
Sales Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued	2,296,317
Common stock, par value	$ 10	$ 19.32
Stock Purchase Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Agreegate purchase price	$ 23	$ 30
Public offering [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued	1,875,000
Shares issued and sold	14,375,000
Common Stock Offering Price Per Share	$ 10
Sale of Stock, Consideration Received on Transaction	$ 134.7
Lilly Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued		1,552,795
Common Stock [Member] | Sales Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold				4,547,688
Sale of Stock, Consideration Received on Transaction				$ 86

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]
Shares of common stock reserved for future issuance	14,242,655
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 62.6
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 4 months 24 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 23.9
Weighted average period over which unrecognized compensation is expected to be recognized	3 years 2 months 12 days
Twent Eighteen | Common Stock [Member]
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		4,098,485
Stock available for issuance under ESPP	1,989,903
Shares available for future grant	3,119,785
2021 Stock Incentive Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	1,421,880
Vesting period	4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in common stock capital shares, reserved for future issuance		819,697
2024 Inducement Stock Incentive Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	3,432,320
2024 Inducement Stock Incentive Plan | RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	4,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 10,818	$ 8,825	$ 32,806	$ 25,862
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	5,404	4,895	17,512	14,232
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,414	$ 3,930	$ 15,294	$ 11,630

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
		Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Number of options, Outstanding, Beginning balance		9,924,878
Number of options, Granted		4,282,316
Number of options, Exercised		(602,114)
Number of options, Forfeited		(838,259)
Number of options, Outstanding, Ending balance		12,766,821
Number of options, Exercisable		6,136,725
Number of options, Expected to vest	[1]	6,630,096
Weighted average exercise price, Beginning balance		$ 16.98
Weighted average exercise price, Granted		9.85
Weighted average exercise price, Exercised		1.89
Weighted average exercise price, Forfeited		20.23
Weighted average exercise price, Ending balance		15.08
Weighted average exercise price, Exercisable		15.52
Weighted average exercise price, Expected to vest	[1]	$ 14.68
Weighted average remaining contractual life (in years), Outstanding		7 years 8 months 12 days
Weighted average remaining contractual life (in years), Exercisable		6 years 3 months 18 days
Weighted average remaining contractual life (in years), Expected to vest	[1]	8 years 10 months 24 days
Aggregate intrinsic value, Outstanding	[2]	$ 4,284
Aggregate intrinsic value, Exercisable	[2]	4,279
Aggregate intrinsic value, Expected to vest	[1],[2]	$ 5
[1] This represents the number of unvested options outstanding as of September 30, 2024 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 September 30, 2024 .

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of the Restricted Stock Units (Details) - 2021 Stock Incentive Plan	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, beginning balance, Unvested | shares	964,511
Restricted stock units granted | shares	1,421,880
Restricted stock units vested | shares	(193,186)
Restricted stock units forfeited | shares	(195,585)
Unvested RSUs, ending balance, unvested | shares	1,997,620
Weighted-Average Grant Date Fair Value Per Share, beginning balance, Unvested | $ / shares	$ 19.92
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	11.58
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares	20.98
Weighted-Average Grant-Date Fair Value, forfeited | $ / shares	15.47
Weighted-Average Grant Date Fair Value Per Share, ending balance, Unvested | $ / shares	$ 14.32

Net loss per share - Potential

Net loss per share - 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	14,764,441	10,825,906
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	1,997,620	883,693
Outstanding Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	12,766,821	9,942,213

Income taxes (Additional Inform

Income taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 104	$ 67	$ 276	$ 243
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Vertex Agreement [Member]
Related Party Transaction [Line Items]
Revenue recognized	$ 2.7	$ 2.4	$ 8.7	$ 5.9