Nuvalent (NUVL) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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, par value $0.0001 per share
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,362,349
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,435,254

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77,700	$ 335,387
Marketable securities	580,294	384,518
Prepaid expenses and other current assets	8,264	6,583
Total current assets	666,258	726,488
Other assets	8,972	5,896
Total assets	675,230	732,384
Current liabilities:
Accounts payable	7,403	9,274
Accrued expenses	30,789	22,549
Total current liabilities	38,192	31,823
Total liabilities	38,192	31,823
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	1,026,546	986,819
Accumulated other comprehensive income (loss)	(1,571)	31
Accumulated deficit	(387,944)	(286,296)
Total stockholders' equity	637,038	700,561
Total liabilities and stockholders' equity	675,230	732,384
Common Class A [Member]
Stockholders' equity:
Common stock	6	6
Common Class B [Member]
Stockholders' equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	59,284,728	58,629,896
Common stock, shares outstanding	59,284,728	58,629,896
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 49,166	$ 25,922	$ 87,800	$ 48,047
General and administrative	15,984	8,140	29,938	16,225
Total operating expenses	65,150	34,062	117,738	64,272
Loss from operations	(65,150)	(34,062)	(117,738)	(64,272)
Other income (expense)
Interest income and other income (expense), net	8,154	4,972	16,643	9,990
Total other income (expense), net	8,154	4,972	16,643	9,990
Loss before income taxes	(56,996)	(29,090)	(101,095)	(54,282)
Income tax provision	170		553
Net loss	$ (57,166)	$ (29,090)	$ (101,648)	$ (54,282)
Net loss per share attributable to Class A and Class B common stockholders, basic	$ (0.88)	$ (0.51)	$ (1.58)	$ (0.96)
Net loss per share attributable to Class A and Class B common stockholders, diluted	$ (0.88)	$ (0.51)	$ (1.58)	$ (0.96)
Weighted average shares of Class A and Class B common stock outstanding, basic	64,605,308	56,866,991	64,377,948	56,785,883
Weighted average shares of Class A and Class B common stock outstanding, diluted	64,605,308	56,866,991	64,377,948	56,785,883
Comprehensive loss:
Net loss	$ (57,166)	$ (29,090)	$ (101,648)	$ (54,282)
Other comprehensive loss
Unrealized losses on marketable securities	(253)	(1,235)	(1,602)	(1,043)
Comprehensive loss	$ (57,419)	$ (30,325)	$ (103,250)	$ (55,325)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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 Income (Loss) [Member]	Accumulated deficit [Member]
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	$ 462,978	$ 5	$ 1	$ 623,543	$ (494)	$ (160,077)
Issuance of common stock upon exercise of stock options , Shares		82,989
Issuance of common stock upon exercise of stock options	619			619
Unrealized gains (losses) on marketable securities	192				192
Stock-based compensation expense	5,371			5,371
Net loss	(25,192)					(25,192)
Ending Balance , Shares at Mar. 31, 2023		51,316,690	5,435,254
Ending Balance at Mar. 31, 2023	443,968	$ 5	$ 1	629,533	(302)	(185,269)
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	462,978	$ 5	$ 1	623,543	(494)	(160,077)
Net loss	(54,282)
Ending Balance , Shares at Jun. 30, 2023		51,525,475	5,435,254
Ending Balance at Jun. 30, 2023	421,153	$ 5	$ 1	637,043	(1,537)	(214,359)
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	462,978	$ 5	$ 1	623,543	(494)	(160,077)
Net loss	(126,200)
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)
Beginning Balance , Shares at Mar. 31, 2023		51,316,690	5,435,254
Beginning Balance at Mar. 31, 2023	443,968	$ 5	$ 1	629,533	(302)	(185,269)
Issuance of common stock upon exercise of stock options , Shares		202,210
Issuance of common stock upon exercise of stock options	1,469			1,469
Issuance of common stock under employee stock purchase plan, shares		6,575
Issuance of common stock under employee stock purchase plan	193			193
Unrealized gains (losses) on marketable securities	(1,235)				(1,235)
Stock-based compensation expense	5,848			5,848
Net loss	(29,090)					(29,090)
Ending Balance , Shares at Jun. 30, 2023		51,525,475	5,435,254
Ending Balance at Jun. 30, 2023	421,153	$ 5	$ 1	637,043	(1,537)	(214,359)
Beginning Balance , Shares at Dec. 31, 2023		58,629,896	5,435,254
Beginning Balance at Dec. 31, 2023	700,561	$ 6	$ 1	986,819	31	(286,296)
Issuance of common stock upon exercise of stock options , Shares		425,737
Issuance of common stock upon exercise of stock options	6,452			6,452
Unrealized gains (losses) on marketable securities	(1,349)				(1,349)
Stock-based compensation expense	13,857			13,857
Net loss	(44,482)					(44,482)
Ending Balance , Shares at Mar. 31, 2024		59,055,633	5,435,254
Ending Balance at Mar. 31, 2024	675,039	$ 6	$ 1	1,007,128	(1,318)	(330,778)
Beginning Balance , Shares at Dec. 31, 2023		58,629,896	5,435,254
Beginning Balance at Dec. 31, 2023	$ 700,561	$ 6	$ 1	986,819	31	(286,296)
Issuance of common stock upon exercise of stock options , Shares	649,595
Net loss	$ (101,648)
Ending Balance , Shares at Jun. 30, 2024		59,284,728	5,435,254
Ending Balance at Jun. 30, 2024	637,038	$ 6	$ 1	1,026,546	(1,571)	(387,944)
Beginning Balance , Shares at Mar. 31, 2024		59,055,633	5,435,254
Beginning Balance at Mar. 31, 2024	675,039	$ 6	$ 1	1,007,128	(1,318)	(330,778)
Issuance of common stock upon exercise of stock options , Shares		223,858
Issuance of common stock upon exercise of stock options	4,001			4,001
Issuance of common stock under employee stock purchase plan, shares		5,237
Issuance of common stock under employee stock purchase plan	292			292
Unrealized gains (losses) on marketable securities	(253)				(253)
Stock-based compensation expense	15,125			15,125
Net loss	(57,166)					(57,166)
Ending Balance , Shares at Jun. 30, 2024		59,284,728	5,435,254
Ending Balance at Jun. 30, 2024	$ 637,038	$ 6	$ 1	$ 1,026,546	$ (1,571)	$ (387,944)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (101,648)	$ (54,282)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	28,982	11,219
Net accretion on marketable securities	(6,815)	(5,387)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,681)	75
Other assets	(3,076)	(488)
Accounts payable	(1,871)	1,012
Accrued expenses	8,862	1,302
Net cash used in operating activities	(77,247)	(46,549)
Cash flows from investing activities:
Purchases of marketable securities	(371,849)	(269,559)
Proceeds from maturities of marketable securities	181,286	143,893
Net cash used in investing activities	(190,563)	(125,666)
Cash flows from financing activities:
Proceeds from issuance of common stock	10,745	2,281
Payments of insurance costs financed by a third-party	(622)	(910)
Payments of public offering costs	0	(90)
Net cash provided by financing activities	10,123	1,281
Net decrease in cash and cash equivalents	(257,687)	(170,934)
Cash and cash equivalents at beginning of period	335,387	241,806
Cash and cash equivalents at end of period	$ 77,700	$ 70,872

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (57,166)	$ (44,482)	$ (29,090)	$ (25,192)	$ (101,648)	$ (54,282)	$ (126,200)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	The following table describes for the quarterly period ended June 30, 2024 , 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 ( April 2, 2024 ) Rule 10b5-1 trading arrangement Sale Until October 20, 2025 , or such earlier date upon which all transactions are completed or expire without execution Up to 351,000 shares of Class A common stock
Name	James Porter
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	April 2, 2024
Non-Rule 10b5-1 Arrangement Terminated	false
Expiration Date	October 20, 2025
Aggregate Available	351,000

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business 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, and manages its business as one operating segment. All of the Company’s operations are in the United States. 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. The Company has incurred recurring losses since inception, including net losses of $ 101.6 million for the six months ended June 30, 2024 , and $ 126.2 million for the year ended December 31, 2023. As of June 30, 2024, the Company had an accumulated deficit of $ 387.9 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 condensed 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 may 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), on file with the SEC. The condensed 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 accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The results for the period are not necessarily indicative of the results that may occur for future interim periods or the full fiscal year. Certain prior period amounts have been reclassified to conform with current period presentation. The accounting policies the Company used in preparing these condensed consolidated financial statements are substantially consistent with those applied in the Company’s Annual Report. Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification 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.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Marketable Securities [Abstract]
Marketable Securities	3. Marketable Securities The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands): June 30, 2024 Amortized Gross Gross Fair Value Commercial paper $ 105,591 $ — $ ( 146 ) $ 105,445 Corporate bonds 321,594 24 ( 1,235 ) 320,383 Government and agency securities 124,967 8 ( 212 ) 124,763 U.S. treasury bills 29,713 — ( 10 ) 29,703 $ 581,865 $ 32 $ ( 1,603 ) $ 580,294 December 31, 2023 Amortized Gross Gross Fair Value Commercial paper $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds 193,876 328 ( 255 ) 193,949 Government and agency securities 89,044 58 ( 75 ) 89,027 U.S. treasury bills 34,469 7 ( 14 ) 34,462 $ 384,487 $ 419 $ ( 388 ) $ 384,518 The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): June 30, 2024 Amortized Cost Fair Value Due within one year $ 423,126 $ 422,244 Due after one year through three years 158,739 158,050 $ 581,865 $ 580,294 The Company’s available-for-sale securities are classified as current assets as they are readily available to be converted to cash and for use in the Company’s current operations. There were no credit losses recorded during the three and six months ended June 30, 2024 and 2023. Interest income for the three months ended June 30, 2024 and 2023 was $ 8.1 million and $ 5.1 million, respectively. Interest income for the six months ended June 30, 2024 and 2023 was $ 16.6 million and $ 10.1 million, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 57,001 $ — $ — $ 57,001 Marketable securities: Commercial paper — 105,445 — 105,445 Corporate bonds — 320,383 — 320,383 Government and agency securities — 124,763 — 124,763 U.S. treasury bills — 29,703 — 29,703 $ 57,001 $ 580,294 $ — $ 637,295 Fair Value Measurements at December 31, 2023 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 and agency securities — 89,027 — 89,027 U.S. treasury bills — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573 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 and agency securities and U.S. treasury bills 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 three and six months ended June 30, 2024 and 2023 , there were no transfers in or out of Level 3. 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.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued clinical and other research and development $ 13,977 $ 6,769 Accrued manufacturing 10,548 6,830 Accrued employee compensation and benefits 4,914 7,326 Accrued other 1,350 1,624 $ 30,789 $ 22,549

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expenses $ 7,322 $ 2,693 $ 13,985 $ 5,206 General and administrative expenses 7,803 3,155 14,997 6,013 $ 15,125 $ 5,848 $ 28,982 $ 11,219 As of June 30, 2024, total unrecognized compensation cost related to equity-based awards was $ 150.9 million, which is expected to be recognized over a weighted average period of 2.7 years. 2021 equity incentive plan In July 2021, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), unrestricted stock awards, cash-based awards and dividend equivalent rights. Stock awards granted under the 2021 Plan with service-based vesting conditions generally vest over three - or four-year service periods, and stock options expire after ten years . As of June 30, 2024, 7,068,809 shares of Class A common stock remained available for future issuance under the 2021 Plan. 2021 employee stock purchase plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan, as amended and restated (the “ESPP”). The ESPP permits eligible employees to purchase shares of Class A common stock at a discount in accordance with the terms of the offering 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. During the three and six months ended June 30, 2024, 5,237 shares were sold under the ESPP. As of June 30, 2024, 1,873,832 shares of Class A common stock remained available for issuance under the ESPP. Stock options The following table summarizes the Company’s option activity since December 31, 2023: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number Exercise Term Value of Shares Price (in years) (in thousands) Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Granted 1,198,801 $ 75.18 Exercised ( 649,595 ) $ 16.09 Cancelled or forfeited ( 22,717 ) $ 34.87 Outstanding as of June 30, 2024 8,561,244 $ 25.78 7.85 $ 430,979 Exercisable as of June 30, 2024 4,113,020 $ 13.42 7.18 $ 256,837 The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2024 and 2023 was $ 12.2 million and $ 6.3 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 and 2023 was $ 40.2 million and $ 8.1 million, respectively. 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 on the date of exercise. The weighted average grant-date fair value of stock options granted during the three months ended June 30, 2024 and 2023 was $ 50.35 per share and $ 28.89 per share, respectively. The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2024 and 2023 was $ 51.79 per share and $ 20.68 per share, respectively. RSUs The following table summarizes the Company’s RSU activity since December 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2023 — $ — Granted 652,281 $ 73.93 Vested — $ — Forfeited ( 2,000 ) $ 72.35 Outstanding as of June 30, 2024 650,281 $ 73.94

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	7. Net Loss Per Share The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are substantially identical, except with respect to voting and conversion. Class B common stock is nonvoting, and 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 loss per share. As a result, basic and diluted net 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 June 30, 2024 2023 Options to purchase common stock 8,561,244 8,514,372 RSUs 650,281 — 9,211,525 8,514,372

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. 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 inherent risks associated with obtaining regulatory approval and achieving commercialization, the Company ascribed no value to the revenue sharing agreement with Deerfield at inception or at June 30, 2024 or December 31, 2023 . The Company currently does not have any net sales and, as a result, has not paid any amounts under these agreements and has no t accrued any liability as of June 30, 2024 and December 31, 2023 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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recently issued accounting pronouncements	Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification 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.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 2023 Options to purchase common stock 8,561,244 8,514,372 RSUs 650,281 — 9,211,525 8,514,372

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Marketable Securities [Abstract]
Summary of Marketable securities by Security	The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands): June 30, 2024 Amortized Gross Gross Fair Value Commercial paper $ 105,591 $ — $ ( 146 ) $ 105,445 Corporate bonds 321,594 24 ( 1,235 ) 320,383 Government and agency securities 124,967 8 ( 212 ) 124,763 U.S. treasury bills 29,713 — ( 10 ) 29,703 $ 581,865 $ 32 $ ( 1,603 ) $ 580,294 December 31, 2023 Amortized Gross Gross Fair Value Commercial paper $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds 193,876 328 ( 255 ) 193,949 Government and agency securities 89,044 58 ( 75 ) 89,027 U.S. treasury bills 34,469 7 ( 14 ) 34,462 $ 384,487 $ 419 $ ( 388 ) $ 384,518
Summary of Contractual Maturities of Available-for-sale Debt Securities	The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): June 30, 2024 Amortized Cost Fair Value Due within one year $ 423,126 $ 422,244 Due after one year through three years 158,739 158,050 $ 581,865 $ 580,294

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 57,001 $ — $ — $ 57,001 Marketable securities: Commercial paper — 105,445 — 105,445 Corporate bonds — 320,383 — 320,383 Government and agency securities — 124,763 — 124,763 U.S. treasury bills — 29,703 — 29,703 $ 57,001 $ 580,294 $ — $ 637,295 Fair Value Measurements at December 31, 2023 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 and agency securities — 89,027 — 89,027 U.S. treasury bills — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued clinical and other research and development $ 13,977 $ 6,769 Accrued manufacturing 10,548 6,830 Accrued employee compensation and benefits 4,914 7,326 Accrued other 1,350 1,624 $ 30,789 $ 22,549

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expenses	The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expenses $ 7,322 $ 2,693 $ 13,985 $ 5,206 General and administrative expenses 7,803 3,155 14,997 6,013 $ 15,125 $ 5,848 $ 28,982 $ 11,219
Summary of stock option activity	The following table summarizes the Company’s option activity since December 31, 2023: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number Exercise Term Value of Shares Price (in years) (in thousands) Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Granted 1,198,801 $ 75.18 Exercised ( 649,595 ) $ 16.09 Cancelled or forfeited ( 22,717 ) $ 34.87 Outstanding as of June 30, 2024 8,561,244 $ 25.78 7.85 $ 430,979 Exercisable as of June 30, 2024 4,113,020 $ 13.42 7.18 $ 256,837
Summary of Restricted Stock Unit Activity	The following table summarizes the Company’s RSU activity since December 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2023 — $ — Granted 652,281 $ 73.93 Vested — $ — Forfeited ( 2,000 ) $ 72.35 Outstanding as of June 30, 2024 650,281 $ 73.94

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [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 June 30, 2024 2023 Options to purchase common stock 8,561,244 8,514,372 RSUs 650,281 — 9,211,525 8,514,372

Nature of Business - Additional

Nature of Business - Additional Information (Detail) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Operating Segments | Segment					1
Net loss	$ 57,166	$ 44,482	$ 29,090	$ 25,192	$ 101,648	$ 54,282	$ 126,200
Accumulated deficit	$ 387,944				$ 387,944		$ 286,296

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,211,525	8,514,372
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,561,244	8,514,372

Marketable Securities - Summary

Marketable Securities - Summary of Marketable securities by Security (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 581,865	$ 384,487
Gross Unrealized Gains	32	419
Gross Unrealized Losses	(1,603)	(388)
Fair Value	580,294	384,518
Commercial paper [Member]
Marketable Securities [Line Items]
Amortized Cost	105,591	67,098
Gross Unrealized Gains		26
Gross Unrealized Losses	(146)	(44)
Fair Value	105,445	67,080
Corporate bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	321,594	193,876
Gross Unrealized Gains	24	328
Gross Unrealized Losses	(1,235)	(255)
Fair Value	320,383	193,949
Government and agency securities [Member]
Marketable Securities [Line Items]
Amortized Cost	124,967	89,044
Gross Unrealized Gains	8	58
Gross Unrealized Losses	(212)	(75)
Fair Value	124,763	89,027
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	29,713	34,469
Gross Unrealized Gains		7
Gross Unrealized Losses	(10)	(14)
Fair Value	$ 29,703	$ 34,462

Marketable Securities - Summa_2

Marketable Securities - Summary of Contractual Maturities of Available-for-sale Debt Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 581,865	$ 384,487
Fair Value	580,294	$ 384,518
Due within one year [Member]
Marketable Securities [Line Items]
Amortized Cost	423,126
Fair Value	422,244
Due after one year through three years [Member]
Marketable Securities [Line Items]
Amortized Cost	158,739
Fair Value	$ 158,050

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Marketable Securities [Abstract]
Marketable securities credit loss	$ 0	$ 0	$ 0	$ 0
Interest income	$ 8,100,000	$ 5,100,000	$ 16,600,000	$ 10,100,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 580,294	$ 384,518
Fair Value Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	637,295	711,573
Fair Value Recurring [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	57,001	327,055
Fair Value Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	105,445	67,080
Fair Value Recurring [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	320,383	193,949
Fair Value Recurring [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	124,763	89,027
Fair Value Recurring [Member] | U.S. treasury bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	29,703	34,462
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	57,001	327,055
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	57,001	327,055
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	580,294	384,518
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	105,445	67,080
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	320,383	193,949
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	124,763	89,027
Fair Value Recurring [Member] | Fair value, inputs, level 2 [Member] | U.S. treasury bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 29,703	$ 34,462

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value transfers in or out of Level 3	$ 0	$ 0	$ 0	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued clinical and other research and development	$ 13,977	$ 6,769
Accrued manufacturing	10,548	6,830
Accrued employee compensation and benefits	4,914	7,326
Accrued other	1,350	1,624
Total Accrued expenses	$ 30,789	$ 22,549

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 15,125	$ 5,848	$ 28,982	$ 11,219
Research and Development Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	7,322	2,693	13,985	5,206
General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,803	$ 3,155	$ 14,997	$ 6,013

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unrecognized compensation cost related to common stock options		$ 150.9		$ 150.9
Share based payment weighted average period				2 years 8 months 12 days
Weighted average grant-date fair value of stock options granted		$ 50.35	$ 28.89	$ 51.79	$ 20.68
Aggregate intrinsic value of stock options exercised		$ 12.2	$ 6.3	$ 40.2	$ 8.1
2021 Stock Option and Incentive Plan [Member]
Stock awards granted, expiration period	10 years
2021 Stock Option and Incentive Plan [Member] | Common Class A [Member]
Shares available for future issuance		7,068,809		7,068,809
2021 Employee Stock Purchase Plan [Member]
Number of shares issued		5,237		5,237
2021 Employee Stock Purchase Plan [Member] | Common Class A [Member]
Shares available for future issuance		1,873,832		1,873,832
Maximum [Member] | 2021 Stock Option and Incentive Plan [Member]
Stock awards granted, vesting period	4 years
Minimum [Member] | 2021 Stock Option and Incentive Plan [Member]
Stock awards granted, vesting period	3 years

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Beginning Balance, Number of Shares | shares	8,034,755
Number of Shares, Granted | shares	1,198,801
Number of Shares, Exercised | shares	(649,595)
Number of Shares, Cancelled or forfeited | shares	(22,717)
Ending Balance, Number of Shares | shares	8,561,244	8,034,755
Number of Shares, Exercisable | shares	4,113,020
Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 17.66
Weighted Average Exercise Price, Granted | $ / shares	75.18
Weighted Average Exercise Price, Exercised | $ / shares	16.09
Weighted Average Exercise Price, Cancelled or forfeited | $ / shares	34.87
Ending Balance, Weighted Average Exercise Price | $ / shares	25.78	$ 17.66
Weighted Average Exercise Price, Exercisable | $ / shares	$ 13.42
Weighted Average Contractual Term	7 years 10 months 6 days	8 years 21 days
Weighted Average Contractual Term, Exercisable	7 years 2 months 4 days
Aggregate Intrinsic Value, Outstanding Balance | $	$ 430,979	$ 449,403
Aggregate Intrinsic Value, Exercisable | $	$ 256,837

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, granted | shares	652,281
Number of Shares, Forfeited | shares	(2,000)
Outstanding as of March 31, 2024 | shares	650,281
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 73.93
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	72.35
Weighted Average Grant Date Fair Value, Outstanding as of June 30, 2024 | $ / shares	$ 73.94

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,211,525	8,514,372
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	8,561,244	8,514,372
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	650,281	0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accrued liability	$ 0	$ 0