Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-40671 | ||
Entity Registrant Name | NUVALENT, INC. | ||
Entity Central Index Key | 0001861560 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 81-5112298 | ||
Entity Address, Address Line One | One Broadway | ||
Entity Address, Address Line Two | 14th Floor | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02142 | ||
City Area Code | 857 | ||
Local Phone Number | 357-7000 | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 Par Value | ||
Trading Symbol | NUVL | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Boston, MA | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1.1 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for its 2024 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 58,632,384 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,435,254 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 335,387 | $ 241,806 |
Marketable securities | 384,518 | 230,357 |
Prepaid expenses and other current assets | 6,583 | 5,828 |
Total current assets | 726,488 | 477,991 |
Other assets | 5,896 | 4,468 |
Total assets | 732,384 | 482,459 |
Current liabilities: | ||
Accounts payable | 9,274 | 7,195 |
Accrued expenses | 22,549 | 12,286 |
Total current liabilities | 31,823 | 19,481 |
Total liabilities | 31,823 | 19,481 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 986,819 | 623,543 |
Accumulated other comprehensive loss | 31 | (494) |
Accumulated deficit | (286,296) | (160,077) |
Total stockholders' equity | 700,561 | 462,978 |
Total liabilities and stockholders' equity | 732,384 | 482,459 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 6 | 5 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 58,629,896 | 51,233,701 |
Common stock, shares outstanding | 58,629,896 | 51,233,701 |
Common Class B [Member] | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,435,254 | 5,435,254 |
Common stock, shares outstanding | 5,435,254 | 5,435,254 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 113,243 | $ 63,731 |
General and administrative | 36,249 | 22,377 |
Total operating expenses | 149,492 | 86,108 |
Loss from operations | (149,492) | (86,108) |
Other income (expense): | ||
Interest income and other income (expense), net | 23,273 | 4,254 |
Total other income (expense), net | 23,273 | 4,254 |
Net loss | $ (126,219) | $ (81,854) |
Net loss per share attributable to common stockholders, basic | $ (2.17) | $ (1.65) |
Net loss per share attributable to common stockholders, diluted | $ (2.17) | $ (1.65) |
Weighted average shares of common stock outstanding, basic | 58,223,339 | 49,668,864 |
Weighted average shares of common stock outstanding, diluted | 58,223,339 | 49,668,864 |
Comprehensive loss: | ||
Net loss | $ (126,219) | $ (81,854) |
Other comprehensive income (loss): | ||
Unrealized gains (losses) on marketable securities | 525 | (266) |
Comprehensive loss | $ (125,694) | $ (82,120) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock [Member] Common Class A [Member] | Common stock [Member] Common Class B [Member] | Additional paid-in capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated deficit [Member] |
Beginning Balance , Shares at Dec. 31, 2021 | 42,862,175 | 5,435,254 | ||||
Beginning Balance at Dec. 31, 2021 | $ 285,037 | $ 4 | $ 1 | $ 363,483 | $ (228) | $ (78,223) |
Issuance of common stock upon public offering, net of issuance costs, Shares | 7,895,522 | |||||
Issuance of common stock upon public offering, net of issuance costs | 247,896 | $ 1 | 247,895 | |||
Issuance of common stock upon exercise of stock options , Shares | 476,004 | |||||
Issuance of common stock upon exercise of stock options | 1,840 | 1,840 | ||||
Unrealized gains (losses) on marketable securities | (266) | (266) | ||||
Stock-based compensation expense | 10,325 | 10,325 | ||||
Net loss | (81,854) | (81,854) | ||||
Ending Balance , Shares at Dec. 31, 2022 | 51,233,701 | 5,435,254 | ||||
Ending Balance at Dec. 31, 2022 | 462,978 | $ 5 | $ 1 | 623,543 | (494) | (160,077) |
Issuance of common stock upon public offering, net of issuance costs, Shares | 6,160,714 | |||||
Issuance of common stock upon public offering, net of issuance costs | $ 323,534 | $ 1 | 323,533 | |||
Issuance of common stock upon exercise of stock options , Shares | 1,222,294 | 1,222,294 | ||||
Issuance of common stock upon exercise of stock options | $ 13,793 | 13,793 | ||||
Issuance of common stock under employee stock purchase plan, Shares | 13,187 | |||||
Issuance of common stock under employee stock purchase plan | 387 | 387 | ||||
Unrealized gains (losses) on marketable securities | 525 | 525 | ||||
Stock-based compensation expense | 25,563 | 25,563 | ||||
Net loss | (126,219) | (126,219) | ||||
Ending Balance , Shares at Dec. 31, 2023 | 58,629,896 | 5,435,254 | ||||
Ending Balance at Dec. 31, 2023 | $ 700,561 | $ 6 | $ 1 | $ 986,819 | $ 31 | $ (286,296) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common Stock [Member] | ||
Stock Issuance Costs | $ 766 | $ 734 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (126,219) | $ (81,854) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 25,563 | 10,325 |
Net accretion of discounts on marketable securities | (10,109) | (373) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 644 | (1,491) |
Other assets | (1,428) | (1,272) |
Accounts payable | 2,169 | 4,212 |
Accrued expenses | 9,641 | 5,482 |
Net cash used in operating activities | (99,739) | (64,971) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (459,486) | (212,916) |
Proceeds from sales and maturities of marketable securities | 315,959 | 202,251 |
Net cash used in investing activities | (143,527) | (10,665) |
Cash flows from financing activities: | ||
Proceeds from public offerings, net of underwriting discounts and commissions | 324,300 | 248,630 |
Proceeds from exercise of stock options | 13,793 | 1,840 |
Proceeds from issuance of common stock under employee stock purchase plan | 387 | |
Payments of public offering costs | (856) | (644) |
Payments of insurance costs financed by a third-party | (777) | (910) |
Net cash provided by financing activities | 336,847 | 248,916 |
Net increase in cash and cash equivalents | 93,581 | 173,280 |
Cash and cash equivalents at beginning of period | 241,806 | 68,526 |
Cash and cash equivalents at end of period | 335,387 | 241,806 |
Supplemental disclosure of noncash financing information: | ||
Insurance premium financed by a third-party | $ 1,399 | 1,820 |
Public offering costs included in accounts payable | $ 90 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (126,219) | $ (81,854) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The following table describes for the quarterly period ended December 31, 2023, each trading arrangement for the sale or purchase of Company securities adopted or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a Rule 10b5-1 trading arrangement) or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K): Name (Title) Action Taken Type of Trading Arrangement Nature of Trading Duration of Trading Aggregate Number James Porter ( Chief Executive Officer ) Adoption ( December 6, 2023 ) Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions relating to all RSU equity awards that have been or may be granted Sale Until final settlement of any covered RSU Indeterminable (1) Alexandra Balcom ( Chief Financial Officer ) Adoption ( December 6, 2023 ) Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions relating to all RSU equity awards that have been or may be granted Sale Until final settlement of any covered RSU Indeterminable (1) Alexandra Balcom ( Chief Financial Officer ) Adoption ( December 28, 2023 ) Rule 10b5-1 trading arrangement Sale Until December 20, 2024 , or such earlier date upon which all transactions are completed or expire without execution Up to 60,000 shares of Class A common stock Deborah Miller ( Chief Legal Officer ) Adoption ( December 6, 2023 ) Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions relating to all RSU equity awards that have been or may be granted Sale Until final settlement of any covered RSU Indeterminable (1) Deborah Miller ( Chief Legal Officer ) Adoption ( December 27, 2023 ) Rule 10b5-1 trading arrangement Sale Until December 6, 2024 , or such earlier date upon which all transactions are completed or expire without execution Up to 70,000 shares of Class A common stock Christopher Turner ( Chief Medical Officer ) Adoption ( December 6, 2023 ) Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions relating to all RSU equity awards that have been or may be granted Sale Until final settlement of any covered RSU Indeterminable (1) Darlene Noci ( Chief Development Officer ) Adoption ( December 6, 2023 ) Durable Rule 10b5-1 trading arrangement for sell-to-cover transactions relating to all RSU equity awards that have been or may be granted Sale Until final settlement of any covered RSU Indeterminable (1) Darlene Noci ( Chief Development Officer ) Adoption ( December 21, 2023 ) Rule 10b5-1 trading arrangement Sale Until November 29, 2024 , or such earlier date upon which all transactions are completed or expire without execution Up to 45,000 shares of Class A common stock Emily Conley ( Director ) Adoption ( December 13, 2023 ) Rule 10b5-1 trading arrangement Sale Until September 5, 2024 , or such earlier date upon which all transactions are completed or expire without execution Up to 40,000 shares of Class A common stock Matthew Shair ( Director ) Adoption ( December 21, 2023 ) Rule 10b5-1 trading arrangement Sale Until February 26, 2025 , or such earlier date upon which all transactions are completed or expire without execution Up to 324,000 shares of Class A common stock (1) The number of shares subject to covered restricted stock units (RSUs) that will be sold to satisfy applicable tax withholding obligations upon vesting is unknown as the number will vary based on the extent to which vesting conditions are satisfied, the market price of the Company’s common stock at the time of settlement and the potential future grant of additional RSUs subject to this arrangement. This trading arrangement, which applies to RSUs whether vesting is based on the passage of time and/or the achievement of performance goals, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation. |
Rule 10B5-1Trading Plan [Member] | James Porter [Member] | |
Trading Arrangements, by Individual | |
Name | James Porter |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 6, 2023 |
Rule 10B5-1Trading Plan [Member] | Christopher Turner [Member] | |
Trading Arrangements, by Individual | |
Name | Christopher Turner |
Title | Chief Medical Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 6, 2023 |
Rule 10B5-1Trading Plan [Member] | Emily Conley [Member] | |
Trading Arrangements, by Individual | |
Name | Emily Conley |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 13, 2023 |
Aggregate Available | 40,000 |
Expiration Date | September 5, 2024 |
Rule 10B5-1Trading Plan [Member] | Matthew Shair [Member] | |
Trading Arrangements, by Individual | |
Name | Matthew Shair |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 21, 2023 |
Aggregate Available | 324,000 |
Expiration Date | February 26, 2025 |
Rule 10B5-1Trading Plan One [Member] | Alexandra Balcom [Member] | |
Trading Arrangements, by Individual | |
Name | Alexandra Balcom |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 6, 2023 |
Rule 10B5-1Trading Plan One [Member] | Deborah Miller [Member] | |
Trading Arrangements, by Individual | |
Name | Deborah Miller |
Title | Chief Legal Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 6, 2023 |
Rule 10B5-1Trading Plan One [Member] | Darlene Noci [Member] | |
Trading Arrangements, by Individual | |
Name | Darlene Noci |
Title | Chief Development Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 6, 2023 |
Rule 10B5-1Trading Plan Two [Member] | Alexandra Balcom [Member] | |
Trading Arrangements, by Individual | |
Name | Alexandra Balcom |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 28, 2023 |
Aggregate Available | 60,000 |
Expiration Date | December 20, 2024 |
Rule 10B5-1Trading Plan Two [Member] | Deborah Miller [Member] | |
Trading Arrangements, by Individual | |
Name | Deborah Miller |
Title | Chief Legal Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 27, 2023 |
Aggregate Available | 70,000 |
Expiration Date | December 6, 2024 |
Rule 10B5-1Trading Plan Two [Member] | Darlene Noci [Member] | |
Trading Arrangements, by Individual | |
Name | Darlene Noci |
Title | Chief Development Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 21, 2023 |
Aggregate Available | 45,000 |
Expiration Date | November 29, 2024 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nuvalent, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer. The Company was founded in January 2017 as a Delaware corporation. The Company is headquartered in Cambridge, Massachusetts. The Company is subject to risks similar to those of other pre-commercial stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of which are larger and better capitalized, the need to obtain adequate additional financing to fund the development of its product candidates, the need to obtain and maintain adequate protection for the Company’s intellectual property, and the impact of public health emergencies, natural disasters and geopolitical events on the Company’s business. There can be no assurance that the Company’s research and development will be successful, that adequate protection for the Company’s intellectual property will be obtained and maintained, that any product candidates will receive required regulatory approval or that approved products, if any, will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products. Basis of presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). 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”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Nuvalent Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. The Company has incurred recurring losses since inception, including net losses of $ 126.2 million and $ 81.9 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had an accumulated deficit of $ 286.3 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date of issuance of these consolidated financial statements. The Company will need to obtain additional funding through public or private equity offerings, debt financings or strategic alliances. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or programs. If the Company is unable to obtain funding, the Company will be required to delay, reduce or eliminate some or all of its research and development programs or the Company may be unable to continue operations. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the valuation of stock-based awards and the accrual of research and development expenses. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company’s investments are comprised of corporate bonds, commercial paper, government securities and U.S. treasury securities. As of December 31, 2023 and 2022, the Company maintained cash, cash equivalents and marketable securities balances in excess of federally insured limits. However, the Company mitigates credit risk by maintaining a diversified portfolio, placing its cash with high credit quality financial institutions and limiting the amount of investment exposure as to institution, maturity and investment type. The Company is dependent on third-party vendors for the manufacturing of its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture materials and components required for the production of its product candidates. These programs could be adversely affected by a significant interruption in the manufacturing process. Cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Fair value measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. Marketable securities The Company’s marketable securities (non-equity instruments) are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. Effective January 1, 2023, when the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the consolidated statements of operations and comprehensive loss. Credit losses are recognized through the use of an allowance for credit losses account in the consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the consolidated statements of operations and comprehensive loss. There were no credit losses recorded during the year ended December 31, 2023. Segment information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s operations are in the United States. Research and development costs Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, consulting costs, and external costs of vendors engaged to conduct research, preclinical and clinical development activities. Costs for research and development activities are expensed in the period in which they are incurred. Payments for such activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid expense or accrued research and development expense. Determining the prepaid and accrued balances at the end of any reporting period incorporates certain judgments and estimates by management that are based on information available to the Company including information provided by vendors regarding the progress to completion of specific tasks or costs incurred. Patent costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-based compensation The Company measures compensation expense for stock-based awards to employees, non-employees and directors based on the fair value on the date of grant. The Company measures fair value on the date of grant using the Black-Scholes option-pricing model for stock options with service-based vesting. The Company measures fair value on the date of grant for restricted common stock awards and restricted common stock units based on the market value of the Company’s Class A common stock. Stock-based compensation expense for the awards is recognized over the requisite service period, which is generally the vesting period of the respective award. The Company uses the straight-line method to record the expense of awards with service-based vesting conditions. The Company accounts for forfeitures of stock-based awards as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) are unrealized gains (losses) on marketable securities. Net income (loss) per share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 6, the rights of the holders of Class A and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and share of Class B common stock are equivalent. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of December 31, 2023 2022 Options to purchase common stock 8,034,755 6,453,741 8,034,755 6,453,741 Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to the provision for income taxes. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Any resulting unrecognized tax benefits are recorded within the provision for income taxes. Recently issued accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in their tax rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. Recently adopted accounting pronouncements Effective January 1, 2023 , the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments for the year ending December 31, 2023. The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The adoption of this standard did no t have a material impact on the Company’s consolidated financial statements and related disclosures. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Marketable Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities Marketable securities by security type consisted of the following (in thousands): December 31, 2023 Amortized Gross Gross Fair Value Commercial paper (due within one year) $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds (due within one year) 87,756 7 ( 193 ) 87,570 Government securities (due within one year) 71,548 14 ( 74 ) 71,488 U.S. treasury securities (due within one year) 34,469 7 ( 14 ) 34,462 Corporate bonds (due after one year through two years) 106,120 321 ( 62 ) 106,379 Government securities (due after one year through two years) 17,496 44 ( 1 ) 17,539 $ 384,487 $ 419 $ ( 388 ) $ 384,518 December 31, 2022 Amortized Gross Gross Fair Value Commercial paper (due within one year) $ 90,685 $ 1 $ ( 93 ) $ 90,593 Corporate bonds (due within one year) 70,668 1 ( 332 ) 70,337 Government securities (due within one year) 19,267 22 ( 28 ) 19,261 U.S. treasury securities (due within one year) 28,560 — ( 23 ) 28,537 Corporate bonds (due after one year through two years) 5,262 — ( 18 ) 5,244 Government securities (due after one year through two years) 16,409 — ( 24 ) 16,385 $ 230,851 $ 24 $ ( 518 ) $ 230,357 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 327,055 $ — $ — $ 327,055 Marketable securities: Commercial paper — 67,080 — 67,080 Corporate bonds — 193,949 — 193,949 Government securities — 89,027 — 89,027 U.S. treasury securities — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573 Fair Value Measurements at December 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 240,803 $ — $ — $ 240,803 Marketable securities: Commercial paper — 90,593 — 90,593 Corporate bonds — 75,581 — 75,581 Government securities — 35,646 — 35,646 U.S. treasury securities — 28,537 — 28,537 $ 240,803 $ 230,357 $ — $ 471,160 Money market funds were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper, corporate bonds, government securities and U.S. treasury securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the years ended December 31, 2023 and 2022, there were no transfers in or out of Level 3. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2023 2022 Accrued employee compensation and benefits $ 7,326 $ 4,852 Accrued external research and development expenses 13,599 5,944 Other 1,624 1,490 $ 22,549 $ 12,286 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock | 6. Common Stock The rights of the holders of Class A common stock and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote and shares of Class B common stock are non-voting, except as may be required by law. Each share of Class B common stock may be converted at any time into one share of Class A common stock at the option of its holder, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation 2021 equity incentive plan On July 23, 2021, the Company’s board of directors adopted and its stockholders approved the 2021 Stock Option and Incentive Plan (the "2021 Plan"), which became effective on July 28, 2021. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, cash-based awards and dividend equivalent rights. The number of shares of Class A common stock reserved for issuance under the 2021 Plan is subject to increase on each January 1 thereafter by 5.0 % of the number of shares of the Company’s Class A and Class B common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation committee of the board of directors. The shares of Class A common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expired or are otherwise terminated (other than by exercise) under the 2021 Plan and the Company’s previously outstanding 2017 Stock Option and Grant Plan will be added back to the shares of Class A common stock available under the 2021 Plan. As of December 31, 2023, 5,691,917 shares of Class A common stock remained available for future issuance under the 2021 Plan. The number of authorized shares reserved for issuance was increased by 3,203,257 shares effective as of January 1, 2024, in accordance with the provisions of the 2021 Plan described above. 2021 employee stock purchase plan On July 23, 2021, the Company’s board of directors adopted and its stockholders approved the 2021 Employee Stock Purchase Plan, which became effective on July 28, 2021. The Company’s board of directors approved the amendment and restatement of the 2021 Employee Stock Purchase Plan in its entirety on June 16, 2022 (as amended and restated, the “ESPP”). The ESPP permits eligible employees to purchase shares of Class A common stock at a discount and consists of consecutive, overlapping 12-month offering periods, each consisting of two six-month purchase periods beginning in December and June of each year. On the first day of each offering period, the Company will grant to each employee who is enrolled in the ESPP an option to purchase up to a whole number of shares of Class A common stock. The purchase price of each of the shares purchased in a given purchase period will be 85 % of the closing price of a share of the Class A common stock on the first day of the offering period or the last day of the purchase period, whichever is lower. The number of shares of Class A common stock that may be issued under the ESPP will automatically increase on each January through January 1, 2031, by the least of (i) 473,064 shares of Class A common stock, (ii) 1 % of the number of shares of the Company’s Class A and Class B common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares as determined by the administrator of the ESPP. The initial offering period of the ESPP commenced on December 1, 2022. During the year ended December 31, 2023, 13,187 shares were sold under the ESPP. As of December 31, 2023, 1,406,005 shares remained available for issuance and sale under the ESPP. The number of authorized shares reserved for issuance under the ESPP was increased by 473,064 shares effective as of January 1, 2024, in accordance with the provisions of the ESPP described above. Stock options The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted: Year Ended December 31, 2023 2022 Risk-free interest rate 3.8 % 2.1 % Expected volatility 79.9 % 77.5 % Expected dividend yield — — Expected term (in years) 6.0 6.0 The following table summarizes the Company’s option activity since December 31, 2022: Weighted Weighted Average Average Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2022 6,453,741 $ 9.94 8.49 $ 128,285 Granted 2,823,230 32.58 Exercised ( 1,222,294 ) 11.28 Forfeited ( 19,922 ) 21.61 Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Vested and expected to vest as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Options exercisable as of December 31, 2023 3,426,961 $ 10.23 7.50 $ 217,126 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was $ 52.3 million and $ 10.7 million, respectively. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2023 and 2022 was $ 23.01 per share and $ 11.54 per share, respectively. Stock-based compensation The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2023 2022 Research and development expenses $ 11,600 $ 4,214 General and administrative expenses 13,963 6,111 $ 25,563 $ 10,325 As of December 31, 2023, total unrecognized compensation cost related to common stock awards was $ 70.0 million, which is expected to be recognized over a weighted average period of 2.7 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 8.3 6.5 Tax credits generated 5.7 6.6 Change in deferred tax asset valuation allowance ( 38.7 ) ( 35.1 ) Stock-based compensation 3.5 1.1 Other 0.2 ( 0.1 ) Effective income tax rate — % — % During the years ended December 31, 2023 and 2022, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States. Net deferred tax assets consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 35,050 $ 24,829 Capitalized research and development 46,240 16,839 Research and development tax credit carryforwards 15,053 7,465 Stock-based compensation 3,617 1,634 Other 930 1,345 Total deferred tax assets 100,890 52,112 Valuation allowance ( 100,890 ) ( 52,107 ) Net deferred tax assets — 5 Deferred tax liabilities Other — ( 5 ) Total deferred tax liabilities — ( 5 ) Net deferred tax assets $ — $ — As of December 31, 2023, the Company had U.S. federal and state net operating loss carryforwards of $ 123.7 million and $ 144.0 million, respectively, which may be available to offset future taxable income. The federal net operating losses include $ 1.1 million which expire in 2037 and $ 122.6 million which carryforward indefinitely, but may only be used to offset 80 % of annual taxable income. The state net operating losses expire at various dates beginning in 2037 . As of December 31, 2023, the Company also had federal and state research and development tax credit carryforwards of $ 12.0 million and $ 3.7 million, respectively, which may be available to offset future tax liabilities and expire at various dates beginning in 2033 . Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986 (“IRC”), and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products that would generate revenue from product sales and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2023 and 2022. Management reevaluates the positive and negative evidence at each reporting period. The valuation allowance increased during the years ended December 31, 2023 and 2022 primarily as a result of increases in research and development costs capitalized under Section 174 of the IRC, research and development tax credit and net operating loss carryforwards. The changes in the valuation allowance were as follows (in thousands): Year Ended December 31, 2023 2022 Valuation allowance as of beginning of year $ 52,107 $ 23,400 Increases recorded to income tax provision 48,783 28,707 Valuation allowance as of end of year $ 100,890 $ 52,107 As of December 31, 2023 and 2022, the Company had no t recorded any amounts for unrecognized tax benefits. The Company files income tax returns in the U.S. and Massachusetts, as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company is open to future tax examination under statute from 2020 to the present. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Revenue share The Company has revenue sharing agreements with Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund, IV, L.P. (collectively, “Deerfield”), each an investor in the Company, and the Company’s scientific founder to pay each of Deerfield and the scientific founder a low single digit percentage rate of net sales of certain commercial products. The payment obligation expires on the later of 12 years from the first commercial sale in a country or the expiration of the last-to-expire patent in that country for both Deerfield and the Company’s scientific founder. The Company accounts for the liability with Deerfield at fair value with changes recognized in the consolidated statements of operations and comprehensive loss. The Company accounts for the obligation to the scientific founder as a contingent liability. Given the early-stage nature of the underlying technology and inherent risks associated with obtaining regulatory approval and achieving commercialization, the Company ascribed no value to the revenue sharing agreement with Deerfield at inception and at December 31, 2023 and 2022. The Company currently does not have any net sales and as a result has paid no amounts under these agreements no r has the Company accrued any liability as of December 31, 2023 and 2022 under these agreements. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2023 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 10. Defined Contribution Plan The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for its employees. Eligible employees may make pretax and after-tax contributions to the 401(k) Plan up to statutory limits. The Company has established a match program for employee contributions to the 401(k) Plan up to a maximum of six percent of the employee’s salary. For the years ended December 31, 2023 and 2022, the Company recorded expense of $ 1.1 million and $ 0.6 million, respectively, related to these matching contributions. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 11. Related Parties The Company is obligated to pay low single digit percentage rates of net sales of certain commercial products to Deerfield and its scientific founder. As of December 31, 2023 and 2022, no products have been commercialized and no amounts have been paid or become due (see Note 9). In February 2017, the Company entered into a three-year consulting agreement with the scientific founder of the Company who is also a board member and a stockholder. The consulting agreement between the scientific founder and the Company continues at will. During each of the years ended December 31, 2023 and 2022, the Company paid the scientific founder $ 0.2 million. As of December 31, 2023 and 2022, the Company had no accounts payable and less than $ 0.1 million in accounts payable, respectively, to the scientific founder. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the valuation of stock-based awards and the accrual of research and development expenses. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. |
Concentrations of credit risk and of significant suppliers | Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company’s investments are comprised of corporate bonds, commercial paper, government securities and U.S. treasury securities. As of December 31, 2023 and 2022, the Company maintained cash, cash equivalents and marketable securities balances in excess of federally insured limits. However, the Company mitigates credit risk by maintaining a diversified portfolio, placing its cash with high credit quality financial institutions and limiting the amount of investment exposure as to institution, maturity and investment type. The Company is dependent on third-party vendors for the manufacturing of its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture materials and components required for the production of its product candidates. These programs could be adversely affected by a significant interruption in the manufacturing process. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Fair value measurements | Fair value measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. |
Marketable securities | Marketable securities The Company’s marketable securities (non-equity instruments) are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. Effective January 1, 2023, when the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the consolidated statements of operations and comprehensive loss. Credit losses are recognized through the use of an allowance for credit losses account in the consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the consolidated statements of operations and comprehensive loss. There were no credit losses recorded during the year ended December 31, 2023. |
Segment information | Segment information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s operations are in the United States. |
Research and development costs | Research and development costs Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, consulting costs, and external costs of vendors engaged to conduct research, preclinical and clinical development activities. Costs for research and development activities are expensed in the period in which they are incurred. Payments for such activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid expense or accrued research and development expense. Determining the prepaid and accrued balances at the end of any reporting period incorporates certain judgments and estimates by management that are based on information available to the Company including information provided by vendors regarding the progress to completion of specific tasks or costs incurred. |
Patent costs | Patent costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. |
Stock-based compensation | Stock-based compensation The Company measures compensation expense for stock-based awards to employees, non-employees and directors based on the fair value on the date of grant. The Company measures fair value on the date of grant using the Black-Scholes option-pricing model for stock options with service-based vesting. The Company measures fair value on the date of grant for restricted common stock awards and restricted common stock units based on the market value of the Company’s Class A common stock. Stock-based compensation expense for the awards is recognized over the requisite service period, which is generally the vesting period of the respective award. The Company uses the straight-line method to record the expense of awards with service-based vesting conditions. The Company accounts for forfeitures of stock-based awards as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) are unrealized gains (losses) on marketable securities. |
Net income (loss) per share | Net income (loss) per share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 6, the rights of the holders of Class A and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and share of Class B common stock are equivalent. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of December 31, 2023 2022 Options to purchase common stock 8,034,755 6,453,741 8,034,755 6,453,741 |
Income taxes | Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to the provision for income taxes. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Any resulting unrecognized tax benefits are recorded within the provision for income taxes. |
Recently issued and adopted accounting pronouncements | Recently issued accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in their tax rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. Recently adopted accounting pronouncements Effective January 1, 2023 , the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments for the year ending December 31, 2023. The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The adoption of this standard did no t have a material impact on the Company’s consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of December 31, 2023 2022 Options to purchase common stock 8,034,755 6,453,741 8,034,755 6,453,741 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Marketable Securities [Abstract] | |
Summary of Marketable securities by Security | Marketable securities by security type consisted of the following (in thousands): December 31, 2023 Amortized Gross Gross Fair Value Commercial paper (due within one year) $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds (due within one year) 87,756 7 ( 193 ) 87,570 Government securities (due within one year) 71,548 14 ( 74 ) 71,488 U.S. treasury securities (due within one year) 34,469 7 ( 14 ) 34,462 Corporate bonds (due after one year through two years) 106,120 321 ( 62 ) 106,379 Government securities (due after one year through two years) 17,496 44 ( 1 ) 17,539 $ 384,487 $ 419 $ ( 388 ) $ 384,518 December 31, 2022 Amortized Gross Gross Fair Value Commercial paper (due within one year) $ 90,685 $ 1 $ ( 93 ) $ 90,593 Corporate bonds (due within one year) 70,668 1 ( 332 ) 70,337 Government securities (due within one year) 19,267 22 ( 28 ) 19,261 U.S. treasury securities (due within one year) 28,560 — ( 23 ) 28,537 Corporate bonds (due after one year through two years) 5,262 — ( 18 ) 5,244 Government securities (due after one year through two years) 16,409 — ( 24 ) 16,385 $ 230,851 $ 24 $ ( 518 ) $ 230,357 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets Measured on Recurring Basis | The following tables present the Company’s fair value hierarchy for its assets, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 327,055 $ — $ — $ 327,055 Marketable securities: Commercial paper — 67,080 — 67,080 Corporate bonds — 193,949 — 193,949 Government securities — 89,027 — 89,027 U.S. treasury securities — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573 Fair Value Measurements at December 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 240,803 $ — $ — $ 240,803 Marketable securities: Commercial paper — 90,593 — 90,593 Corporate bonds — 75,581 — 75,581 Government securities — 35,646 — 35,646 U.S. treasury securities — 28,537 — 28,537 $ 240,803 $ 230,357 $ — $ 471,160 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 31, 2023 2022 Accrued employee compensation and benefits $ 7,326 $ 4,852 Accrued external research and development expenses 13,599 5,944 Other 1,624 1,490 $ 22,549 $ 12,286 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of share based payment award stock options valuation assumptions | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted: Year Ended December 31, 2023 2022 Risk-free interest rate 3.8 % 2.1 % Expected volatility 79.9 % 77.5 % Expected dividend yield — — Expected term (in years) 6.0 6.0 |
Summary of Share-based payment arrangement, option, activity | The following table summarizes the Company’s option activity since December 31, 2022: Weighted Weighted Average Average Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2022 6,453,741 $ 9.94 8.49 $ 128,285 Granted 2,823,230 32.58 Exercised ( 1,222,294 ) 11.28 Forfeited ( 19,922 ) 21.61 Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Vested and expected to vest as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Options exercisable as of December 31, 2023 3,426,961 $ 10.23 7.50 $ 217,126 |
Summary of stock-based compensation expenses | The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2023 2022 Research and development expenses $ 11,600 $ 4,214 General and administrative expenses 13,963 6,111 $ 25,563 $ 10,325 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 8.3 6.5 Tax credits generated 5.7 6.6 Change in deferred tax asset valuation allowance ( 38.7 ) ( 35.1 ) Stock-based compensation 3.5 1.1 Other 0.2 ( 0.1 ) Effective income tax rate — % — % |
Schedule of deferred tax assets and liabilities | Net deferred tax assets consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 35,050 $ 24,829 Capitalized research and development 46,240 16,839 Research and development tax credit carryforwards 15,053 7,465 Stock-based compensation 3,617 1,634 Other 930 1,345 Total deferred tax assets 100,890 52,112 Valuation allowance ( 100,890 ) ( 52,107 ) Net deferred tax assets — 5 Deferred tax liabilities Other — ( 5 ) Total deferred tax liabilities — ( 5 ) Net deferred tax assets $ — $ — |
Summary of valuation allowance | The changes in the valuation allowance were as follows (in thousands): Year Ended December 31, 2023 2022 Valuation allowance as of beginning of year $ 52,107 $ 23,400 Increases recorded to income tax provision 48,783 28,707 Valuation allowance as of end of year $ 100,890 $ 52,107 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Net proceeds from issuance of common stock in follow-on public offering after underwriting discounts and commission and offering costs | $ 324,300 | $ 248,630 |
Net loss | 126,219 | 81,854 |
Accumulated deficit | $ 286,296 | $ 160,077 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,034,755 | 6,453,741 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,034,755 | 6,453,741 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Marketable securities credit loss | $ 0 |
ASU 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable securities by Security (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 384,487 | $ 230,851 |
Gross Unrealized Gains | 419 | 24 |
Gross Unrealized Losses | (388) | (518) |
Fair Value | 384,518 | 230,357 |
Commercial paper [Member] | Due within one year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 67,098 | 90,685 |
Gross Unrealized Gains | 26 | 1 |
Gross Unrealized Losses | (44) | (93) |
Fair Value | 67,080 | 90,593 |
Corporate bonds [Member] | Due within one year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 87,756 | 70,668 |
Gross Unrealized Gains | 7 | 1 |
Gross Unrealized Losses | (193) | (332) |
Fair Value | 87,570 | 70,337 |
Corporate bonds [Member] | Due from one to two years [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 106,120 | 5,262 |
Gross Unrealized Gains | 321 | |
Gross Unrealized Losses | (62) | (18) |
Fair Value | 106,379 | 5,244 |
Government Securities [Member] | Due within one year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 71,548 | 19,267 |
Gross Unrealized Gains | 14 | 22 |
Gross Unrealized Losses | (74) | (28) |
Fair Value | 71,488 | 19,261 |
Government Securities [Member] | Due from one to two years [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 17,496 | 16,409 |
Gross Unrealized Gains | 44 | |
Gross Unrealized Losses | (1) | (24) |
Fair Value | 17,539 | 16,385 |
US Treasury Securities [Member] | Due within one year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 34,469 | 28,560 |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | (14) | (23) |
Fair Value | $ 34,462 | $ 28,537 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 384,518 | $ 230,357 |
Fair Value Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 711,573 | 471,160 |
Fair Value Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 327,055 | 240,803 |
Fair Value Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 67,080 | 90,593 |
Fair Value Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 193,949 | 75,581 |
Fair Value Recurring [Member] | Government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 89,027 | 35,646 |
Fair Value Recurring [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 34,462 | 28,537 |
Fair Value Recurring [Member] | Fair value, inputs, level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 327,055 | 240,803 |
Fair Value Recurring [Member] | Fair value, inputs, level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 327,055 | 240,803 |
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 384,518 | 230,357 |
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 67,080 | 90,593 |
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 193,949 | 75,581 |
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | Government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 89,027 | 35,646 |
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 34,462 | $ 28,537 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value transfers in or out of Level 3 | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued employee compensation and benefits | $ 7,326 | $ 4,852 |
Accrued external research and development expenses | 13,599 | 5,944 |
Other | 1,624 | 1,490 |
Total Accrued expenses | $ 22,549 | $ 12,286 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Common stock, voting rights | Each share of Class A common stock is entitled to one vote and shares of Class B common stock are non-voting, except as may be required by law. |
Common Class B [Member] | |
Common stock, terms of conversion | Each share of Class B common stock may be converted at any time into one share of Class A common stock at the option of its holder, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share Based Payment Award Stock Options Valuation Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 3.80% | 2.10% |
Expected volatility | 79.90% | 77.50% |
Expected dividend yield | 0% | 0% |
Expected term (in years) | 6 years | 6 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Share Based Compensation Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Beginning Balance, Number of Shares | 6,453,741 | |
Number of Shares, Granted | 2,823,230 | |
Number of Shares, Exercised | (1,222,294) | |
Number of Shares, Forfeited | (19,922) | |
Ending Balance, Number of Shares | 8,034,755 | 6,453,741 |
Number of Shares, Vested and expected to vest | 8,034,755 | |
Number of Shares, Options exercisable | 3,426,961 | |
Beginning Balance, Weighted Average Exercise Price | $ 9.94 | |
Weighted Average Exercise Price, Granted | 32.58 | |
Weighted Average Exercise Price, Exercised | 11.28 | |
Weighted Average Exercise Price, Forfeited | 21.61 | |
Ending Balance, Weighted Average Exercise Price | 17.66 | $ 9.94 |
Weighted Average Exercise Price, Vested and expected to vest | 17.66 | |
Weighted Average Exercise Price, Options exercisable | $ 10.23 | |
Weighted Average Contractual Term | 8 years 21 days | 8 years 5 months 26 days |
Weighted Average Contractual Term, Vested and expected to vest | 8 years 21 days | |
Weighted Average Contractual Term, Options exercisable | 7 years 6 months | |
Aggregate Intrinsic Value, Outstanding Balance | $ 449,403 | $ 128,285 |
Aggregate Intrinsic Value, Vested and expected to vest | 449,403 | |
Aggregate Intrinsic Value, Options exercisable | $ 217,126 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 25,563 | $ 10,325 |
Research and Development Expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 11,600 | 4,214 |
General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 13,963 | $ 6,111 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 01, 2024 | Jul. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized compensation cost related to common stock options | $ 70 | |||
Share based payment weighted average period | 2 years 8 months 12 days | |||
Weighted average grant-date fair value of stock options granted | $ 23.01 | $ 11.54 | ||
Aggregate intrinsic value of stock options exercised | $ 52.3 | $ 10.7 | ||
2021 Stock Option and Incentive Plan [Member] | Subsequent Event [Member] | ||||
Number of additional authorized shares reserved | 3,203,257 | |||
2021 Stock Option and Incentive Plan [Member] | Common Class A [Member] | ||||
Shares available for future issurance | 5,691,917 | |||
2021 Employee Stock Purchase Plan [Member] | ||||
Shares available for future issurance | 1,406,005 | |||
Number of shares issued | 13,187 | |||
2021 Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | ||||
Number of additional authorized shares reserved | 473,064 | |||
2021 Employee Stock Purchase Plan [Member] | Common Class A [Member] | ||||
Percentage of purchase price of each shares purchased | 85% | |||
Maximum [Member] | 2021 Stock Option and Incentive Plan [Member] | Common Class A [Member] | Class A And Class B Common Stock Outstanding [Member] | ||||
Share based compensation arrangement by share based payment award annual increase percentage | 5% | |||
Maximum [Member] | 2021 Employee Stock Purchase Plan [Member] | Common Class A [Member] | ||||
Share based compensation arrangement by share based payment award annual increase amount | 473,064 | |||
Maximum [Member] | 2021 Employee Stock Purchase Plan [Member] | Common Class A [Member] | Class A And Class B Common Stock Outstanding [Member] | ||||
Share based compensation arrangement by share based payment award annual increase percentage | 1% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Description of income tax examination | In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company is open to future tax examination under statute from 2020 to the present. | |
Earliest Tax Year [Member] | ||
Open tax year | 2020 | |
State and Local Jurisdiction [Member] | ||
Operating loss carryforwards | $ 144,000 | |
Operating loss carryforward expiration year start | 2037 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax credit carryforwards research and development | $ 3,700 | |
Tax credit carryforward expiration year start | 2033 | |
Domestic Tax Authority [Member] | ||
Operating loss carryforwards | $ 123,700 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax credit carryforwards research and development | $ 12,000 | |
Tax credit carryforward expiration year start | 2033 | |
Domestic Tax Authority [Member] | Expirable [Member] | ||
Operating loss carryforwards | $ 1,100 | |
Operating loss carryforward expiration year start | 2037 | |
Domestic Tax Authority [Member] | Non expirable [Member] | ||
Operating loss carryforwards | $ 122,600 | |
Operating loss carryforward offset limit percentage | 80% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21% | 21% |
State income taxes, net of federal benefit | 8.30% | 6.50% |
Tax credits generated | 5.70% | 6.60% |
Change in deferred tax asset valuation allowance | (38.70%) | (35.10%) |
Stock-based compensation | 3.50% | 1.10% |
Other | 0.20% | (0.10%) |
Effective income tax rate | 0% | 0% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Gross [Abstract] | |||
Net operating loss carryforwards | $ 35,050 | $ 24,829 | |
Capitalized research and development | 46,240 | 16,839 | |
Research and development tax credit carryforwards | 15,053 | 7,465 | |
Stock-based compensation | 3,617 | 1,634 | |
Other | 930 | 1,345 | |
Total deferred tax assets | 100,890 | 52,112 | |
Valuation allowance | (100,890) | (52,107) | $ (23,400) |
Net deferred tax assets | 5 | ||
Deferred tax liabilities | |||
Other | (5) | ||
Total deferred tax liabilities | (5) | ||
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance as of beginning of year | $ 52,107 | $ 23,400 |
Increases recorded to income tax provision | 48,783 | 28,707 |
Valuation allowance as of end of year | $ 100,890 | $ 52,107 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued liability | $ 0 | $ 0 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined contribution plan, employer discretionary contribution amount | $ 1.1 | $ 0.6 |
Defined contribution plan employer matching contribution percent of match | 6% |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deerfield And Scientific Founder [Member] | ||
Related party amounts paid | $ 0 | $ 0 |
Consulting Agreement [Member] | ||
Related party amounts paid | 200,000 | 200,000 |
Accounts payable, related parties | $ 0 | |
Consulting Agreement [Member] | Maximum [Member] | ||
Accounts payable, related parties | $ 100,000 |