Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | TYRA BIOSCIENCES, INC. | |
Entity Central Index Key | 0001863127 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-40800 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1476348 | |
Entity Address, Address Line One | 2656 State Street | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92008 | |
City Area Code | 619 | |
Local Phone Number | 728-4760 | |
Entity Common Stock, Shares Outstanding | 52,539,804 | |
Entity Listing, Par Value Per Share | $ 0.0001 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | TYRA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 254,366 | $ 58,006 |
Marketable securities | 128,096 | 145,463 |
Prepaid and other current assets | 8,316 | 8,202 |
Total current assets | 390,778 | 211,671 |
Restricted cash | 1,000 | 1,000 |
Property and equipment, net | 1,593 | 1,628 |
Right-of-use asset | 6,412 | 6,526 |
Other long-term assets | 4,958 | 5,032 |
Total assets | 404,741 | 225,857 |
Current liabilities: | ||
Accounts payable | 2,879 | 4,662 |
Lease liabilities, current | 370 | 280 |
Accrued and other current liabilities | 5,467 | 10,391 |
Total current liabilities | 8,716 | 15,333 |
Lease liabilities, noncurrent | 6,117 | 6,216 |
Other long-term liabilities | 29 | 46 |
Total liabilities | 14,862 | 21,595 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023. | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2024 and December 31, 2023; 52,521,050 and 43,099,055 shares issued at March 31, 2024 and December 31, 2023, respectively, and 52,474,533 and 43,024,634 shares outstanding at March 31, 2024 and December 31, 2023, respectively. | 5 | 4 |
Additional paid-in capital | 572,902 | 368,707 |
Accumulated other comprehensive income (loss) | (6) | 381 |
Accumulated deficit | (183,022) | (164,830) |
Total stockholders' equity | 389,879 | 204,262 |
Total liabilities and stockholders' equity | $ 404,741 | $ 225,857 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 52,521,050 | 43,099,055 |
Common stock, shares outstanding | 52,474,533 | 43,024,634 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 17,203 | $ 10,408 |
General and administrative | 5,119 | 3,926 |
Total operating expenses | 22,322 | 14,334 |
Loss from operations | (22,322) | (14,334) |
Other income: | ||
Interest and other income, net | 4,130 | 2,454 |
Total other income | 4,130 | 2,454 |
Net loss | (18,192) | (11,880) |
Unrealized loss on marketable securities available-for-sale, net | (387) | 0 |
Comprehensive loss | $ (18,579) | $ (11,880) |
Net loss per share, basic | $ (0.35) | $ (0.28) |
Net loss per share, diluted | $ (0.35) | $ (0.28) |
Weighted average Number of shares outstanding, Basic | 52,228,934 | 42,394,623 |
Weighted average shares number of shares outstanding, Diluted | 52,228,934 | 42,394,623 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Accumulated Deficit [Member] | Private Placement [Member] | Private Placement [Member] Common Stock [Member] | Private Placement [Member] Additional Paid-in Capital [Member] |
Beginning balance at Dec. 31, 2022 | $ 257,829 | $ 4 | $ 353,521 | $ (95,696) | ||||
Beginning balance (in shares) at Dec. 31, 2022 | 42,353,550 | |||||||
Issuance of common stock under benefit plans, Shares | 129,669 | |||||||
Issuance of common stock under benefit plans | 376 | 376 | ||||||
Vesting of shares of common stock subject to repurchase | 32 | 32 | ||||||
Vesting of shares of common stock subject to repurchase, Share | 52,155 | |||||||
Stock-based compensation | 2,433 | 2,433 | ||||||
Net Income (Loss) | (11,880) | (11,880) | ||||||
Ending balance at Mar. 31, 2023 | 248,790 | $ 4 | 356,362 | (107,576) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 42,535,374 | |||||||
Beginning balance at Dec. 31, 2023 | 204,262 | $ 4 | 368,707 | $ 381 | (164,830) | |||
Beginning balance (in shares) at Dec. 31, 2023 | 43,024,634 | |||||||
Issuance of pre-funded warrants, net of issuance costs | $ 79,022 | $ 79,022 | ||||||
Issuance of common stock under Private Placement, net of issuance costs, Shares | 9,286,023 | |||||||
Issuance of common stock under Private Placement, net of issuance costs | $ 120,558 | $ 1 | $ 120,557 | |||||
Issuance of common stock under benefit plans, Shares | 135,972 | |||||||
Issuance of common stock under benefit plans | 484 | 484 | ||||||
Vesting of shares of common stock subject to repurchase | 17 | 17 | ||||||
Vesting of shares of common stock subject to repurchase, Share | 27,904 | |||||||
Stock-based compensation | 4,115 | 4,115 | ||||||
Unrealized loss on marketable securities available-for-sale, net | (387) | (387) | ||||||
Net Income (Loss) | (18,192) | (18,192) | ||||||
Ending balance at Mar. 31, 2024 | $ 389,879 | $ 5 | $ 572,902 | $ (6) | $ (183,022) | |||
Ending balance (in shares) at Mar. 31, 2024 | 52,474,533 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Private Placement [Member] | Common Stock [Member] | |
Payments of Stock Issuance Costs | $ 0.2 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (18,192) | $ (11,880) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 122 | 83 |
Stock-based compensation | 4,115 | 2,433 |
Accretion on marketable securities, net | (1,229) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (43) | 1,530 |
Accounts payable, accrued expenses and other liabilities | (6,906) | (2,022) |
Right-of-use assets and lease liabilities, net | 105 | 9 |
Net cash used in operating activities | (22,028) | (9,847) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (11,791) | 0 |
Sales and maturities of marketable securities | 30,000 | 0 |
Purchases of property and equipment | (136) | (41) |
Net cash provided by (used in) investing activities | 18,073 | (41) |
Cash flows from financing activities: | ||
Proceeds from issuances of common stock under benefit plans | 484 | 376 |
Proceeds from issuance of common stock and pre-funded warrants from Private Placement | 200,000 | 0 |
Payments of issuance costs for common stock and pre-funded warrants from Private Placement | (169) | 0 |
Net cash provided by financing activities | 200,315 | 376 |
Net cash increase (decrease) for the period | 196,360 | (9,512) |
Cash, cash equivalents and restricted cash at beginning of the period | 59,006 | 252,213 |
Cash, cash equivalents and restricted cash at end of the period | 255,366 | 242,701 |
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet | ||
Cash and cash equivalents | 254,366 | 241,701 |
Restricted cash | 1,000 | 1,000 |
Total cash, cash equivalents and restricted cash | 255,366 | 242,701 |
Supplemental disclosure of cash flow information: | ||
Purchases of equipment included in accounts payable and accrued and other current liabilities | 9 | 0 |
Vesting of options early exercised subject to repurchase | 17 | 32 |
Issuance costs for common stock and pre-funded warrants from Private Placement included in accounts payable and accrued liabilities | $ 251 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (18,192) | $ (11,880) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions . Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at March 31, 2024 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . Summary of Significant Accounting Policies During the three months ended March 31, 2024, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Fair Value Measurements The Company measures cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 —Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2. Marketable Securities Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available and the Company may use the proceeds from sale of these investments to fund current operations, as necessary. Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2024 and December 31, 2023 was $ 1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. Recently Issued Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard effective January 1, 2024, which did not have a material impact on the Company's condensed financial statements. Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The following tables show the Company’s cash, cash equivalents, marketable securities and restricted cash measured at fair value as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash and cash equivalents: Cash and money market funds $ 254,366 $ 254,366 $ — $ — Restricted cash: Cash 1,000 1,000 — — Marketable securities: U.S. Treasury securities 85,019 — 85,019 — U.S. government agency securities 43,077 — 43,077 — Total marketable securities 128,096 — 128,096 — Total $ 383,462 $ 255,366 $ 128,096 $ — December 31, 2023 Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash and cash equivalents: Cash and money market funds $ 58,006 $ 58,006 $ — $ — Restricted cash: Cash 1,000 1,000 — — Marketable securities: U.S. Treasury securities 95,599 — 95,599 — U.S. government agency securities 49,864 — 49,864 — Total marketable securities 145,463 — 145,463 — Total $ 204,469 $ 59,006 $ 145,463 $ — The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following tables summarize the Company's marketable securities accounted for as available-for-sale securities (in thousands, except years): March 31, 2024 Maturity Amortized cost Unrealized gains Unrealized losses Estimated fair value U.S. Treasury securities 1 or less $ 63,024 $ 33 $ — $ 63,057 U.S. government agency securities 1 or less 36,588 16 ( 23 ) 36,581 U.S. Treasury securities 1-2 21,998 17 ( 53 ) 21,962 U.S. government agency securities 1-2 6,492 4 — 6,496 Total $ 128,102 $ 70 $ ( 76 ) $ 128,096 December 31, 2023 Maturity Amortized cost Unrealized gains Unrealized losses Estimated fair value U.S. Treasury securities 1 or less $ 76,481 $ 153 $ — $ 76,634 U.S. government agency securities 1 or less 37,376 38 ( 3 ) 37,411 U.S. Treasury securities 1-2 18,846 118 — 18,964 U.S. government agency securities 1-2 12,379 75 — 12,454 Total $ 145,082 $ 384 $ ( 3 ) $ 145,463 The following tables present fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands): March 31, 2024 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities $ 12,204 $ ( 53 ) $ — $ — $ 12,204 $ ( 53 ) U.S. government agency securities $ 16,805 $ ( 23 ) $ — $ — $ 16,805 $ ( 23 ) Total $ 29,009 $ ( 76 ) $ — $ — $ 29,009 $ ( 76 ) December 31, 2023 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. government agency securities $ 9,939 $ ( 3 ) $ — $ — $ 9,939 $ ( 3 ) Total $ 9,939 $ ( 3 ) $ — $ — $ 9,939 $ ( 3 ) As of March 31, 2024, there were six available-for-sale securities with an estimated fair value of $ 29.0 million in a gross unrealized loss position for less than 12 months. As of March 31, 2024, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized loss is due to market factors and interest rate fluctuations. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. Accrued interest on the Company's available-for-sale securities was $ 1.5 million as of March 31, 2024 and is included in prepaid and other current assets on the condensed balance sheet. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, December 31, Equipment $ 1,478 $ 1,443 Computers and software 208 208 Leasehold improvements 451 402 Furniture and fixtures 382 382 2,519 2,435 Less: accumulated depreciation ( 926 ) ( 807 ) Total property and equipment, net $ 1,593 $ 1,628 The Company recognized $ 0.1 million and $ 0.1 million in depreciation expense for the three months ended March 31, 2024 and 2023 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued payroll and other employee benefits $ 1,041 $ 5,117 Accrued research and development 3,893 4,848 Accrued legal and professional fees 221 132 Accrued other general and administrative fees 312 294 Total accrued and other current liabilities $ 5,467 $ 10,391 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders' Equity Common Stock Common stock reserved for future issuance consisted of the following: March 31, December 31, Common stock options granted and outstanding 8,347,499 8,276,442 Shares available for future issuance under the 2021 5,668,928 3,677,313 Shares available for future issuance under the 1,516,697 1,129,399 Pre-Funded Warrants issued and outstanding under 6,087,230 — Total common stock reserved for future issuance 21,620,354 13,083,154 On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $ 150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0 % of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of March 31, 2024 , no shares of common stock were issued and sold pursuant to the Sales Agreement since inception. Private Placement On February 1, 2024, the Company entered into a securities purchase agreement (the February 2024 SPA) for a private placement of 9,286,023 shares of the Company's common stock at a price of $ 13.01 per share (the 2024 Private Placement). The February 2024 SPA also included pre-funded warrants (the 2024 Pre-Funded Warrants) to purchase an aggregate of 6,087,230 shares of common stock at a purchase price of $ 13.009 per pre-funded warrant. Each pre-funded warrant has an exercise price of $ 0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The 2024 Private Placement closed on February 6, 2024 and the Company received gross proceeds of approximately $ 200 million, before deducting offering expenses of $ 0.4 million. On March 19, 2024, the Company filed a registration statement on Form S-3 with the SEC registering the resale of the shares of common stock issued, or underlying the pre-funded warrants issued, in the 2024 Private Placement. There were no exercises of the 2024 Pre-Funded Warrants during the three months ended March 31, 2024 . The 2024 Pre-funded Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders' equity. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 7. Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Equity Incentive Plan (the 2020 Plan). The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan, consisting of 4,537,850 shares reserved under the 2021 Plan and 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan. The 2021 Plan share reserve increased by the number of shares under the 2020 Plan that were repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2024, the shares available for grant under the 2021 Plan were increased by 2,154,952 . As of March 31, 2024, 5,668,928 shares were available for future grant under the 2021 Plan. A summary of the Company’s stock option activity for the period ended March 31, 2024 was as follows (in thousands, except share and per share data and years): Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2023 8,276,442 $ 10.07 8.3 $ 40,420 Granted 169,500 $ 19.93 Exercised ( 92,280 ) $ 1.81 Cancelled ( 6,163 ) $ 13.64 Outstanding at March 31, 2024 8,347,499 $ 10.36 8.1 $ 56,838 Exercisable at March 31, 2024 3,657,819 $ 8.60 7.4 $ 32,237 Vested and expected to vest as of March 31, 2024 8,347,499 $ 10.36 8.1 $ 56,838 Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: Three Months Ended 2024 2023 Risk-free rate of interest 4.2 % 3.5 - 4.2 % Expected term (years) 6.0 - 6.1 6.0 - 6.1 Expected stock price volatility 88.6 % 89.2 - 89.7 % Dividend yield — — Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended 2024 2023 Research and development expense $ 2,475 $ 1,460 General and administrative expense 1,640 973 Total $ 4,115 $ 2,433 The weighted-average grant date fair value of options granted for the three months ended March 31, 2024 and 2023 was $ 15.10 and $ 6.51 per share, respectively. For the three months ended March 31, 2024 and 2023, forfeitures resulting in the reversal of compensation expenses were immaterial. As of March 31, 2024, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 39.1 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.3 years. Employee Stock Purchase Plan In September 2021, the Company’s Board of Directors and stockholders approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2024, the number of shares reserved for issuance under the ESPP was increased by 430,990 shares. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the three months ended March 31, 2024 and 2023, the Company issued 43,692 and 32,442 shares, respectively, of common stock in connection with the ESPP . As of March 31, 2024, there were 1,516,697 shares available for future purchase under the ESPP. The Company recognized compensation expense of $ 0.1 million for each of the three months ended March 31, 2024 and 2023, related to the ESPP. As of March 31, 2024, the remaining unrecognized compensation expense related to the ESPP was $ 0.2 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.0 years. Liability for Early Exercise of Stock Options Certain individuals were granted the ability to early exercise their stock options prior to the IPO. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying condensed balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2024 and December 31, 2023, 46,517 and 74,421 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of March 31, 2024 and December 31, 2023, early exercise liability was $ 29 thousand and $ 46 thousand, respectively, presented in other long-term liabilities on the condensed balance sheets. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended 2024 2023 Numerator: Net loss $ ( 18,192 ) $ ( 11,880 ) Denominator: Weighted-average common shares outstanding 52,275,451 42,690,767 Less: weighted-average unvested restricted common stock subject to repurchase — ( 3,274 ) Less: weighted-average unvested common stock issued upon early exercise of common stock options ( 46,517 ) ( 292,870 ) Weighted-average shares used to compute net loss per common share, basic and diluted 52,228,934 42,394,623 Net loss per share, basic and diluted $ ( 0.35 ) $ ( 0.28 ) Included in the weighted-average shares of common stock outstanding, both basic and diluted for the three months ended March 31, 2024 is a total of 6,087,230 common stock issuable upon the exercise of the 2024 Pre-Funded Warrants issued under the 2024 Private Placement (described in Note 6). The 2024 Pre-Funded Warrants are exercisable at any time for nominal consideration, and therefore these shares are considered outstanding for the purpose of calculating basic and diluted net loss per share. The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of March 31, 2024 2023 Unvested restricted common stock subject to repurchase — 3,175 Unvested common stock upon early exercise of stock options 46,517 225,581 Options to purchase common stock 8,347,499 6,126,093 Estimated shares purchasable under the ESPP 2,913 3,133 8,396,929 6,357,982 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has operating leases for its office and laboratory space, including its corporate headquarters. In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, with an option to extend for two additional 36 month periods. In March 2022, the Company entered into a lease agreement for approximately 8,331 square feet of additional office and laboratory space at 2676 State Street in Carlsbad, California (the Expansion Lease). The Expansion Lease commenced for accounting purposes when the Company gained access to the premises in May 2023. The Company's obligation for payment of base rent began on the date the landlord delivered possession of the Expansion Lease premises in November 2023. The landlord completed improvements on the Expansion Lease premises, and the Company paid $ 0.5 million of these costs prior to the Expansion Lease commencement. The Company has concluded that the landlord is the accounting owner of these improvements, and therefore this payment has been included in the calculation of the right-of-use asset and lease liability. The Company is entitled to certain rent abatement for delays related to the landlord's delivery of the Expansion Lease premises to the Company. The Expansion Lease has a lease term of 120 months, starting on the day the landlord delivered possession of the Expansion Lease premises. The Company has an option to renew the Expansion Lease for two additional 36 month periods. The Original Lease was also amended to have the same lease expiration as the Expansion Lease. The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options. In connection with the Company's lease agreements, the Company paid security deposits of $ 0.1 million and is required to maintain a letter of credit of $ 1.0 million until 2027 at which time it can be reduced to $ 0.5 million throughout the end of the lease term. Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million for each of the three months ended March 31, 2024 and 2023. The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the condensed statements of operations and comprehensive loss. Components of lease cost for the three months ended March 31, 2024 and 2023, respectively, were as follows (in thousands): Three Months Ended 2024 2023 Operating lease cost $ 239 $ 83 Short-term lease cost 24 22 Variable lease cost 32 14 Total lease cost $ 295 $ 119 Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of March 31, Year ending December 31, 2024 (remaining nine months) $ 638 2025 873 2026 899 2027 926 2028 954 Thereafter 5,027 Total minimum lease payments 9,317 Less: amount representing interest ( 2,830 ) Present value of lease liabilities 6,487 Less: current portion of lease liabilities ( 370 ) Lease liabilities, noncurrent $ 6,117 March 31, December 31, 2024 2023 Weighted-average remaining lease term (years) - operating leases 9.7 9.9 Weighted-average incremental borrowing rate - operating leases 8.07 % 8.07 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Other Funding Commitments As of March 31, 2024, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties. Litigation The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of March 31, 2024 , and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Organization | Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions . |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at March 31, 2024 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . |
Fair Value Measurements | Fair Value Measurements The Company measures cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 —Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2. |
Marketable Securities | Marketable Securities Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available and the Company may use the proceeds from sale of these investments to fund current operations, as necessary. |
Restricted Cash | Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2024 and December 31, 2023 was $ 1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. |
Commitments and Contingencies | Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard effective January 1, 2024, which did not have a material impact on the Company's condensed financial statements. Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets measured | The following tables show the Company’s cash, cash equivalents, marketable securities and restricted cash measured at fair value as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash and cash equivalents: Cash and money market funds $ 254,366 $ 254,366 $ — $ — Restricted cash: Cash 1,000 1,000 — — Marketable securities: U.S. Treasury securities 85,019 — 85,019 — U.S. government agency securities 43,077 — 43,077 — Total marketable securities 128,096 — 128,096 — Total $ 383,462 $ 255,366 $ 128,096 $ — December 31, 2023 Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash and cash equivalents: Cash and money market funds $ 58,006 $ 58,006 $ — $ — Restricted cash: Cash 1,000 1,000 — — Marketable securities: U.S. Treasury securities 95,599 — 95,599 — U.S. government agency securities 49,864 — 49,864 — Total marketable securities 145,463 — 145,463 — Total $ 204,469 $ 59,006 $ 145,463 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Securities [Abstract] | |
Summary of Available-for-Sale Securities and Gross Unrealized Losses | The following tables summarize the Company's marketable securities accounted for as available-for-sale securities (in thousands, except years): March 31, 2024 Maturity Amortized cost Unrealized gains Unrealized losses Estimated fair value U.S. Treasury securities 1 or less $ 63,024 $ 33 $ — $ 63,057 U.S. government agency securities 1 or less 36,588 16 ( 23 ) 36,581 U.S. Treasury securities 1-2 21,998 17 ( 53 ) 21,962 U.S. government agency securities 1-2 6,492 4 — 6,496 Total $ 128,102 $ 70 $ ( 76 ) $ 128,096 December 31, 2023 Maturity Amortized cost Unrealized gains Unrealized losses Estimated fair value U.S. Treasury securities 1 or less $ 76,481 $ 153 $ — $ 76,634 U.S. government agency securities 1 or less 37,376 38 ( 3 ) 37,411 U.S. Treasury securities 1-2 18,846 118 — 18,964 U.S. government agency securities 1-2 12,379 75 — 12,454 Total $ 145,082 $ 384 $ ( 3 ) $ 145,463 March 31, 2024 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities $ 12,204 $ ( 53 ) $ — $ — $ 12,204 $ ( 53 ) U.S. government agency securities $ 16,805 $ ( 23 ) $ — $ — $ 16,805 $ ( 23 ) Total $ 29,009 $ ( 76 ) $ — $ — $ 29,009 $ ( 76 ) December 31, 2023 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. government agency securities $ 9,939 $ ( 3 ) $ — $ — $ 9,939 $ ( 3 ) Total $ 9,939 $ ( 3 ) $ — $ — $ 9,939 $ ( 3 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): March 31, December 31, Equipment $ 1,478 $ 1,443 Computers and software 208 208 Leasehold improvements 451 402 Furniture and fixtures 382 382 2,519 2,435 Less: accumulated depreciation ( 926 ) ( 807 ) Total property and equipment, net $ 1,593 $ 1,628 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued payroll and other employee benefits $ 1,041 $ 5,117 Accrued research and development 3,893 4,848 Accrued legal and professional fees 221 132 Accrued other general and administrative fees 312 294 Total accrued and other current liabilities $ 5,467 $ 10,391 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: March 31, December 31, Common stock options granted and outstanding 8,347,499 8,276,442 Shares available for future issuance under the 2021 5,668,928 3,677,313 Shares available for future issuance under the 1,516,697 1,129,399 Pre-Funded Warrants issued and outstanding under 6,087,230 — Total common stock reserved for future issuance 21,620,354 13,083,154 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended March 31, 2024 was as follows (in thousands, except share and per share data and years): Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2023 8,276,442 $ 10.07 8.3 $ 40,420 Granted 169,500 $ 19.93 Exercised ( 92,280 ) $ 1.81 Cancelled ( 6,163 ) $ 13.64 Outstanding at March 31, 2024 8,347,499 $ 10.36 8.1 $ 56,838 Exercisable at March 31, 2024 3,657,819 $ 8.60 7.4 $ 32,237 Vested and expected to vest as of March 31, 2024 8,347,499 $ 10.36 8.1 $ 56,838 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the following assumptions: Three Months Ended 2024 2023 Risk-free rate of interest 4.2 % 3.5 - 4.2 % Expected term (years) 6.0 - 6.1 6.0 - 6.1 Expected stock price volatility 88.6 % 89.2 - 89.7 % Dividend yield — — |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended 2024 2023 Research and development expense $ 2,475 $ 1,460 General and administrative expense 1,640 973 Total $ 4,115 $ 2,433 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended 2024 2023 Numerator: Net loss $ ( 18,192 ) $ ( 11,880 ) Denominator: Weighted-average common shares outstanding 52,275,451 42,690,767 Less: weighted-average unvested restricted common stock subject to repurchase — ( 3,274 ) Less: weighted-average unvested common stock issued upon early exercise of common stock options ( 46,517 ) ( 292,870 ) Weighted-average shares used to compute net loss per common share, basic and diluted 52,228,934 42,394,623 Net loss per share, basic and diluted $ ( 0.35 ) $ ( 0.28 ) |
Schedule of Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding | The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of March 31, 2024 2023 Unvested restricted common stock subject to repurchase — 3,175 Unvested common stock upon early exercise of stock options 46,517 225,581 Options to purchase common stock 8,347,499 6,126,093 Estimated shares purchasable under the ESPP 2,913 3,133 8,396,929 6,357,982 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | Components of lease cost for the three months ended March 31, 2024 and 2023, respectively, were as follows (in thousands): Three Months Ended 2024 2023 Operating lease cost $ 239 $ 83 Short-term lease cost 24 22 Variable lease cost 32 14 Total lease cost $ 295 $ 119 |
Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate | Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of March 31, Year ending December 31, 2024 (remaining nine months) $ 638 2025 873 2026 899 2027 926 2028 954 Thereafter 5,027 Total minimum lease payments 9,317 Less: amount representing interest ( 2,830 ) Present value of lease liabilities 6,487 Less: current portion of lease liabilities ( 370 ) Lease liabilities, noncurrent $ 6,117 March 31, December 31, 2024 2023 Weighted-average remaining lease term (years) - operating leases 9.7 9.9 Weighted-average incremental borrowing rate - operating leases 8.07 % 8.07 % |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Entity incorporation, date of incorporation | Aug. 02, 2018 | |
Restricted cash | $ 1,000 | $ 1,000 |
Common stock, shares issued | 52,521,050 | 43,099,055 |
Stock option exercised | 92,280 | |
Accumulated deficit | $ 183,022 | $ 164,830 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of assets measured at fair value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | $ 0 | $ 0 |
Marketable securities | 128,096 | 145,463 |
Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 383,462 | 204,469 |
Marketable securities | 128,096 | 145,463 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 255,366 | 59,006 |
Marketable securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 128,096 | 145,463 |
Marketable securities | 128,096 | 145,463 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 0 | 0 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Cash and Cash Equivalents | 254,366 | 58,006 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Cash and Cash Equivalents | 254,366 | 58,006 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Cash [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Restricted Cash | 1,000 | 1,000 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Restricted Cash | 1,000 | 1,000 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Restricted Cash | 0 | 0 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Restricted Cash | 0 | 0 |
US Treasury Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 85,019 | 95,599 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 85,019 | 95,599 |
US Government Corporations and Agencies Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Of Assets | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 43,077 | 49,864 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Marketable securities | $ 43,077 | $ 49,864 |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-Sale Securities and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Marketable Securities [Line Items] | ||
Amortized cost | $ 128,102 | $ 145,082 |
Unrealized gains | 70 | 384 |
Unrealized losses | (76) | (3) |
Estimated fair value | 128,096 | 145,463 |
Unrealized losses less than 12 months, fair value | 29,009 | 9,939 |
Unrealized losses less than 12 months, unrealized losses | (76) | (3) |
Unrealized losses 12 months or greater, fair value | 0 | 0 |
Unrealized losses 12 months or greater, unrealized losses | 0 | 0 |
Unrealized losses on fair value | 29,009 | 9,939 |
Unrealized losses on accumulated loss | (76) | (3) |
U.S. Government Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Unrealized losses less than 12 months, fair value | 16,805 | 9,939 |
Unrealized losses less than 12 months, unrealized losses | (23) | (3) |
Unrealized losses 12 months or greater, fair value | 0 | 0 |
Unrealized losses 12 months or greater, unrealized losses | 0 | 0 |
Unrealized losses on fair value | 16,805 | 9,939 |
Unrealized losses on accumulated loss | (23) | (3) |
U.S. Government Agency Securities [Member] | Less than One Year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost | 36,588 | 37,376 |
Unrealized gains | 16 | 38 |
Unrealized losses | (23) | (3) |
Estimated fair value | 36,581 | 37,411 |
U.S. Government Agency Securities [Member] | More than One Year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost | 6,492 | 12,379 |
Unrealized gains | 4 | 75 |
Unrealized losses | 0 | 0 |
Estimated fair value | 6,496 | 12,454 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Unrealized losses less than 12 months, fair value | 12,204 | |
Unrealized losses less than 12 months, unrealized losses | (53) | |
Unrealized losses 12 months or greater, fair value | 0 | |
Unrealized losses 12 months or greater, unrealized losses | 0 | |
Unrealized losses on fair value | 12,204 | |
Unrealized losses on accumulated loss | (53) | |
US Treasury Securities [Member] | Less than One Year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost | 63,024 | 76,481 |
Unrealized gains | 33 | 153 |
Unrealized losses | 0 | 0 |
Estimated fair value | 63,057 | 76,634 |
US Treasury Securities [Member] | More than One Year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost | 21,998 | 18,846 |
Unrealized gains | 17 | 118 |
Unrealized losses | (53) | 0 |
Estimated fair value | $ 21,962 | $ 18,964 |
Marketable Securities (Addition
Marketable Securities (Additional Information) (Details) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) |
Marketable Securities [Abstract] | ||
Number of available-for-sale security in gross unrealized loss position for less than 12 months | Security | 6 | |
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value | $ 29,009 | $ 9,939 |
Accrued interest available-for-sale securities | $ 1,500 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 2,519 | $ 2,435 |
Less: accumulated depreciation | (926) | (807) |
Total property and equipment, net | 1,593 | 1,628 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 1,478 | 1,443 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 208 | 208 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 451 | 402 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 382 | $ 382 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 0.1 | $ 0.1 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and other employee benefits | $ 1,041 | $ 5,117 |
Accrued research and development | 3,893 | 4,848 |
Accrued legal and professional fees | 221 | 132 |
Accrued other general and administrative fees | 312 | 294 |
Total accrued and other current liabilities | $ 5,467 | $ 10,391 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Feb. 06, 2024 | Feb. 01, 2024 | Oct. 03, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | |||||
Common stock, shares issued | 52,521,050 | 43,099,055 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
ATM Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Aggregate common stock offering price | $ 150,000 | ||||
Commission for agent on sales | 3% | ||||
Common stock, shares issued | 0 | ||||
February 2024 Securities Purchase Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Proceeds from issuance of private placement | $ 200,000 | ||||
Offering expenses | $ 400 | ||||
Pre-funded Warrants [Member] | |||||
Class Of Stock [Line Items] | |||||
Warrants exercised | 0 | ||||
Pre-funded Warrants [Member] | February 2024 Securities Purchase Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Warrants issued to purchase common stock | 6,087,230 | ||||
Warrants exercise price | $ 13.009 | ||||
Private Placement [Member] | |||||
Class Of Stock [Line Items] | |||||
Proceeds from issuance of private placement | $ 120,558 | ||||
Private Placement [Member] | February 2024 Securities Purchase Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Shares issued upon private placement, shares | 9,286,023 | ||||
Shares issued, price per share | $ 13.01 | ||||
Common Stock [Member] | Pre-funded Warrants [Member] | |||||
Class Of Stock [Line Items] | |||||
Warrants exercise price | $ 0.001 | ||||
Common Stock [Member] | Private Placement [Member] | |||||
Class Of Stock [Line Items] | |||||
Shares issued upon private placement, shares | 9,286,023 | ||||
Proceeds from issuance of private placement | $ 1 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2021 |
Class of Stock [Line Items] | |||
Common stock options granted and outstanding | 8,347,499 | 8,276,442 | |
Total common stock reserved for future issuance | 21,620,354 | 13,083,154 | 380,000 |
2021 Equity Incentive Plan [Member] | |||
Class of Stock [Line Items] | |||
Total common stock reserved for future issuance | 5,668,928 | 3,677,313 | |
2021 Employee Stock Purchase Plan [Member] | |||
Class of Stock [Line Items] | |||
Shares available for future issuance | 1,516,697 | 1,129,399 | |
2024 Private Placement [Member] | |||
Class of Stock [Line Items] | |||
Pre-Funded Warrants issued and outstanding | 6,087,230 | 0 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2021 | |
Class Of Stock [Line Items] | |||||
Total common stock reserved for future issuance | 21,620,354 | 13,083,154 | 380,000 | ||
Increase in common stock | 1% | ||||
Unrecognized compensation cost related to options | $ 39,100 | ||||
Term of recognized expense | 2 years 3 months 18 days | ||||
Fair market value of the common stock, percentage | 85% | ||||
Purchase of common stock through payroll deduction | 15% | ||||
Common stock, shares issued | 52,521,050 | 43,099,055 | |||
Liability of early exercise options, shares | 46,517 | 74,421 | |||
Liability of early exercise options | $ 29 | $ 46 | |||
Stock based compensation expense | $ 100 | $ 100 | |||
Employee Stock Purchase Plan [Member] | |||||
Class Of Stock [Line Items] | |||||
Total common stock reserved for future issuance | 1,516,697 | ||||
Term of recognized expense | 1 year | ||||
Employee Stock Purchase Plan Description | the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. | ||||
Common stock, shares issued | 43,692 | 32,442 | |||
Increased decrease in stock reserve for future issuance | 430,990 | ||||
Unrecognized compensation expense | $ 200 | ||||
Employee Stock Purchase Plan [Member] | Common Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Employee Stock Purchase Plan Description | The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. | ||||
Employee Stock Option | |||||
Class Of Stock [Line Items] | |||||
Weighted average grant fair value | $ 15.1 | $ 6.51 | |||
2021 Plan | |||||
Class Of Stock [Line Items] | |||||
Total common stock reserved for future issuance | 5,570,000 | ||||
Increase in common stock | 5% | ||||
Total common stock available for future issuance | 1,032,150 | ||||
Common stock reserve for future issuance | 4,537,850 | ||||
Shares reserved for future issuance | 2,154,952 | 5,668,928 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Equity [Abstract] | ||
Number of Outstanding Options, Beginning balance | 8,276,442 | |
Number of Outstanding Options, Granted | 169,500 | |
Number of Outstanding Options, Exercised | (92,280) | |
Cancelled | (6,163) | |
Number of Outstanding Options, Ending balance | 8,347,499 | 8,276,442 |
Number of Outstanding Options, Exercisable | 3,657,819 | |
Number of Outstanding Options, Vested and expected to vest | 8,347,499 | |
Weighted- Average Exercise Price, Beginning balance | $ 10.07 | |
Weighted- Average Exercise Price, Granted | 19.93 | |
Weighted- Average Exercise Price, Exercised | 1.81 | |
Weighted- Average Exercise Price, Cancelled | 13.64 | |
Weighted- Average Exercise Price, Ending balance | 10.36 | $ 10.07 |
Weighted- Average Exercise Price, Exercisable | 8.6 | |
Weighted- Average Exercise Price, Vested and expected to vest | $ 10.36 | |
Weighted- Average Remaining Contractual Term | 8 years 1 month 6 days | 8 years 3 months 18 days |
Weighted- Average Remaining Contractual Term, Exercisable | 7 years 4 months 24 days | |
Weighted- Average Remaining Contractual Term, Vested and expected to vest | 8 years 1 month 6 days | |
Aggregate Intrinsic Value, Beginning balance | $ 40,420 | |
Aggregate Intrinsic Value, Exercised | 32,237 | |
Aggregate Intrinsic Value, Ending balance | 56,838 | $ 40,420 |
Aggregate Intrinsic Value, Vested and expected to vest | $ 56,838 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class Of Stock [Line Items] | ||
Risk-free rate of interest | 4.20% | |
Expected stock price volatility | 88.60% | |
Dividend yield | 0% | 0% |
Minimum | ||
Class Of Stock [Line Items] | ||
Risk-free rate of interest | 3.50% | |
Expected term (years) | 6 years | 6 years |
Expected stock price volatility | 89.20% | |
Maximum | ||
Class Of Stock [Line Items] | ||
Risk-free rate of interest | 4.20% | |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected stock price volatility | 89.70% |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 4,115 | $ 2,433 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,475 | 1,460 |
General And Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 1,640 | $ 973 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net Income (Loss) | $ (18,192) | $ (11,880) |
Denominator: | ||
Weighted average common shares outstanding | 52,275,451 | 42,690,767 |
Less: weighted-average unvested restricted common stock subject to repurchase | 0 | (3,274) |
Less: weighted average unvested common stock issued upon early exercise of common stock options | (46,517) | (292,870) |
Weighted average Number of shares outstanding, Basic | 52,228,934 | 42,394,623 |
Weighted average shares number of shares outstanding, Diluted | 52,228,934 | 42,394,623 |
Net loss per share, basic | $ (0.35) | $ (0.28) |
Net loss per share, diluted | $ (0.35) | $ (0.28) |
Net Loss Per Share (Additional
Net Loss Per Share (Additional Information) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average Number of shares outstanding, Basic | 52,228,934 | 42,394,623 |
Weighted average shares number of shares outstanding, Diluted | 52,228,934 | 42,394,623 |
Private Placement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average Number of shares outstanding, Basic | 6,087,230 | |
Weighted average shares number of shares outstanding, Diluted | 6,087,230 |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,396,929 | 6,357,982 |
Unvested Restricted Common Stock Subject to Repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 3,175 |
Unvested Common Stock Upon Early Exercise of Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 46,517 | 225,581 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,347,499 | 6,126,093 |
Estimated Shares Purchasable under the ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,913 | 3,133 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
May 31, 2021 Renewal | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | Mar. 31, 2022 ft² | Aug. 31, 2020 ft² | |
Lessee Lease Description [Line Items] | ||||||
Operating lease cost | $ 239 | $ 83 | ||||
Lease liability paid | 100 | $ 100 | ||||
Present value of lease liabilities | $ 6,487 | |||||
Weighted-average incremental borrowing rate - operating leases | 8.07% | 8.07% | ||||
First Amendment [Member] | Lease Agreements Member | ||||||
Lessee Lease Description [Line Items] | ||||||
Area of Lease | ft² | 8,331 | 4,734 | ||||
First Amendment [Member] | Office Building [Member] | Lease Agreements Member | ||||||
Lessee Lease Description [Line Items] | ||||||
Number of lease term renewal option | Renewal | 2 | |||||
Operating lease renewal term | 36 months | 36 months | ||||
Expansion Lease Agreement [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease cost | $ 500 | |||||
Operating lease term of contract | 120 months | |||||
Security deposit | 100 | |||||
Long-term line of credit | 1,000 | |||||
Expansion Lease Agreement [Member] | Minimum | ||||||
Lessee Lease Description [Line Items] | ||||||
Long-term line of credit | $ 500 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 239 | $ 83 |
Short-term lease cost | 24 | 22 |
Variable lease cost | 32 | 14 |
Total lease cost | $ 295 | $ 119 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (remaining nine months) | $ 638 | |
2025 | 873 | |
2026 | 899 | |
2027 | 926 | |
2028 | 954 | |
Thereafter | 5,027 | |
Total minimum lease payments | 9,317 | |
Less: amount representing interest | (2,830) | |
Present value of lease liabilities | 6,487 | |
Less: current portion of lease liabilities | (370) | $ (280) |
Lease liabilities, noncurrent | $ 6,117 | $ 6,216 |
Weighted-average remaining lease term (years) - operating leases | 9 years 8 months 12 days | 9 years 10 months 24 days |
Weighted-average incremental borrowing rate - operating leases | 8.07% | 8.07% |