Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41929 | |
Entity Registrant Name | ARRIVENT BIOPHARMA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-3336099 | |
Entity Address, Address Line One | 18 Campus Boulevard Suite 100 | |
Entity Address, City or Town | Newtown Square | |
Entity Address State Or Province | PA | |
Entity Address, Postal Zip Code | 19073 | |
City Area Code | 628 | |
Local Phone Number | 277-4836 | |
Title of 12(b) Security | Common Stock, $0.0001 Par Value per Share | |
Trading Symbol | AVBP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,585,893 | |
Entity Central Index Key | 0001868279 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 298,669 | $ 150,389 |
Prepaid expenses and other current assets | 9,842 | 9,579 |
Total current assets | 308,511 | 159,968 |
Right of use assets - operating leases | 219 | 291 |
Deferred offering costs | 2,732 | |
Other assets | 125 | 107 |
Total assets | 308,855 | 163,098 |
Current liabilities: | ||
Accounts payable | 3,812 | 4,532 |
Accrued expenses | 8,134 | 6,952 |
Operating lease liabilities | 152 | 140 |
Total current liabilities | 12,098 | 11,624 |
Operating lease liabilities, net of current amount | 98 | 177 |
Total liabilities | 12,196 | 11,801 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity (deficit): | ||
Preferred stock $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock $0.0001 par value, 200,000,000 shares authorized; 33,509,090 and 2,745,480 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 3 | |
Additional paid-in capital | 493,792 | 4,652 |
Accumulated deficit | (197,136) | (157,845) |
Total stockholders' equity (deficit) | 296,659 | (153,193) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 308,855 | 163,098 |
Series A convertible preferred stock | ||
Current liabilities: | ||
Convertible preferred stock | 149,865 | |
Series B convertible preferred stock | ||
Current liabilities: | ||
Convertible preferred stock | $ 154,625 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 33,509,090 | 2,745,480 |
Common stock, shares outstanding (in shares) | 33,509,090 | 2,745,480 |
Series A convertible preferred stock | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.0001 | |
Convertible preferred stock, shares authorized (in shares) | 150,000,000 | |
Convertible preferred stock, shares issued (in shares) | 150,000,000 | |
Convertible preferred stock, shares outstanding (in shares) | 150,000,000 | |
Series B convertible preferred stock | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.0001 | |
Convertible preferred stock, shares authorized (in shares) | 147,619,034 | |
Convertible preferred stock, shares issued (in shares) | 147,619,034 | |
Convertible preferred stock, shares outstanding (in shares) | 147,619,034 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - 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 | $ 21,778 | $ 20,358 | $ 38,753 | $ 30,594 |
General and administrative | 3,919 | 2,226 | 7,618 | 4,162 |
Total operating expenses | 25,697 | 22,584 | 46,371 | 34,756 |
Operating loss | (25,697) | (22,584) | (46,371) | (34,756) |
Interest income | 3,823 | 1,017 | 7,080 | 1,017 |
Net loss | $ (21,874) | $ (21,567) | $ (39,291) | $ (33,739) |
Share information: | ||||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.65) | $ (10.79) | $ (1.34) | $ (20.60) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.65) | $ (10.79) | $ (1.34) | $ (20.60) |
Weighted-average shares of common stock outstanding, basic (in shares) | 33,502,347 | 1,999,705 | 29,274,441 | 1,637,623 |
Weighted-average shares of common stock outstanding, diluted (in shares) | 33,502,347 | 1,999,705 | 29,274,441 | 1,637,623 |
STATEMENTS OF CONVERTIBLE PREFE
STATEMENTS OF CONVERTIBLE PREFERRED STOCK (DEFICIT) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Change in convertible preferred stock | |||||
Conversion of convertible preferred stock into common stock | $ 304,490 | ||||
Exercise of stock options | 1 | $ 4 | $ 26 | ||
Exercise of stock options (in shares) | 15,749 | ||||
Stock-based compensation expense | 625 | 193 | 166 | ||
Net Income (Loss) | (17,417) | (21,567) | (12,172) | $ (39,291) | $ (33,739) |
Series A convertible preferred stock | |||||
Change in convertible preferred stock | |||||
Beginning balance | $ 149,865 | $ 149,865 | $ 149,865 | $ 149,865 | $ 149,865 |
Beginning balance (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 |
Conversion of convertible preferred stock into common stock | $ (149,865) | ||||
Conversion of convertible preferred stock into common stock (in shares) | (150,000,000) | ||||
Ending balance | $ 149,865 | $ 149,865 | $ 149,865 | ||
Ending balance (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | ||
Series B convertible preferred stock | |||||
Change in convertible preferred stock | |||||
Beginning balance | $ 154,625 | $ 154,649 | $ 109,706 | $ 154,625 | $ 109,706 |
Beginning balance (in shares) | 147,619,034 | 147,619,034 | 104,761,894 | 147,619,034 | 104,761,894 |
Issuance of Series B convertible preferred stock at $1.05 per share, net of issuance costs of $57 | $ 44,943 | ||||
Issuance of Series B convertible preferred stock at $1.05 per share, net of issuance costs of $57 (in shares) | 42,857,140 | ||||
Issuance costs of Series B convertible preferred stock | $ (24) | $ (57) | |||
Conversion of convertible preferred stock into common stock | $ (154,625) | ||||
Conversion of convertible preferred stock into common stock (in shares) | (147,619,034) | ||||
Ending balance | $ 154,625 | $ 154,649 | $ 154,625 | ||
Ending balance (in shares) | 147,619,034 | 147,619,034 | 147,619,034 |
STATEMENTS OF CONVERTIBLE PRE_2
STATEMENTS OF CONVERTIBLE PREFERRED STOCK (Parenthetical) - Series B convertible preferred stock - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Convertible preferred stock, issued price per share | $ 1.05 | |
Issuance costs | $ 24 | $ 57 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Accumulated deficit | Total |
Beginning balance at Dec. 31, 2022 | $ 3,403 | $ (88,512) | $ (85,109) | |
Beginning balance (in shares) at Dec. 31, 2022 | 2,597,738 | |||
Exercise of stock options | 26 | 26 | ||
Exercise of stock options (in shares) | 11,417 | |||
Stock-based compensation expense | 166 | 166 | ||
Net Income (Loss) | (12,172) | (12,172) | ||
Ending balance at Mar. 31, 2023 | 3,595 | (100,684) | (97,089) | |
Ending balance (in shares) at Mar. 31, 2023 | 2,609,155 | |||
Beginning balance at Dec. 31, 2022 | 3,403 | (88,512) | (85,109) | |
Beginning balance (in shares) at Dec. 31, 2022 | 2,597,738 | |||
Net Income (Loss) | (33,739) | |||
Ending balance at Jun. 30, 2023 | $ 4 | 3,788 | (122,251) | (118,459) |
Ending balance (in shares) at Jun. 30, 2023 | 2,603,415 | |||
Beginning balance at Mar. 31, 2023 | 3,595 | (100,684) | (97,089) | |
Beginning balance (in shares) at Mar. 31, 2023 | 2,609,155 | |||
Repurchase of common stock (in shares) | (7,387) | |||
Exercise of stock options | $ 4 | 4 | ||
Exercise of stock options (in shares) | 1,647 | |||
Stock-based compensation expense | 193 | 193 | ||
Net Income (Loss) | (21,567) | (21,567) | ||
Ending balance at Jun. 30, 2023 | $ 4 | 3,788 | (122,251) | (118,459) |
Ending balance (in shares) at Jun. 30, 2023 | 2,603,415 | |||
Beginning balance at Dec. 31, 2023 | 4,652 | (157,845) | (153,193) | |
Beginning balance (in shares) at Dec. 31, 2023 | 2,745,480 | |||
Issuance of common stock in initial public offering, net of issuance costs of $18,032 | $ 1 | 183,216 | 183,217 | |
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares) | 11,180,555 | |||
Conversion of convertible preferred stock into common stock | $ 2 | 304,488 | 304,490 | |
Conversion of convertible preferred stock into common stock (in shares) | 19,567,306 | |||
Exercise of stock options | 1 | 1 | ||
Exercise of stock options (in shares) | 409 | |||
Stock-based compensation expense | 625 | 625 | ||
Net Income (Loss) | (17,417) | (17,417) | ||
Ending balance at Mar. 31, 2024 | $ 3 | 492,982 | (175,262) | 317,723 |
Ending balance (in shares) at Mar. 31, 2024 | 33,493,750 | |||
Beginning balance at Dec. 31, 2023 | 4,652 | (157,845) | $ (153,193) | |
Beginning balance (in shares) at Dec. 31, 2023 | 2,745,480 | |||
Exercise of stock options (in shares) | 15,749 | |||
Net Income (Loss) | $ (39,291) | |||
Ending balance at Jun. 30, 2024 | $ 3 | 493,792 | (197,136) | 296,659 |
Ending balance (in shares) at Jun. 30, 2024 | 33,509,090 | |||
Beginning balance at Mar. 31, 2024 | $ 3 | 492,982 | (175,262) | 317,723 |
Beginning balance (in shares) at Mar. 31, 2024 | 33,493,750 | |||
Exercise of stock options | 44 | 44 | ||
Exercise of stock options (in shares) | 15,340 | |||
Stock-based compensation expense | 766 | 766 | ||
Net Income (Loss) | (21,874) | (21,874) | ||
Ending balance at Jun. 30, 2024 | $ 3 | $ 493,792 | $ (197,136) | $ 296,659 |
Ending balance (in shares) at Jun. 30, 2024 | 33,509,090 |
STATEMENTS OF STOCKHOLDERS' E_2
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | |
Issuance costs | $ 18,032 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (39,291) | $ (33,739) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,390 | 359 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (262) | 3,447 |
Other assets | (19) | (10) |
Accounts payable | (720) | 3,314 |
Accrued expenses | 1,181 | 1,142 |
Operating lease liabilities | 6 | |
Net cash used in operating activities | (37,715) | (25,487) |
Cash flows from investing activities: | ||
Purchase of short-term investments | (25,000) | |
Net cash used in investing activities | (25,000) | |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in an initial public offering, net of issuance costs | 185,950 | |
Proceeds from the exercise of stock options | 45 | 30 |
Proceeds from the sale of Series B convertible preferred stock, net of issuance costs | 44,919 | |
Net cash provided by financing activities | 185,995 | 44,949 |
Net increase in cash and cash equivalents | 148,280 | (5,538) |
Cash and cash equivalents at beginning of the year | 150,389 | 163,372 |
Cash and cash equivalents at end of the year | 298,669 | 157,834 |
Supplemental disclosures of non-cash financing and investing activities | ||
Deferred offering costs included in accounts payable | $ 50 | |
Deferred offering costs transferred to additional paid in capital | $ 2,733 |
Background
Background | 6 Months Ended |
Jun. 30, 2024 | |
Background | |
Background | (1) Background ArriVent BioPharma, Inc., a Delaware Corporation (the “Company”), founded on April 14, 2021, is a clinical-stage biopharmaceutical company focused on identifying, licensing and globalizing top biopharma innovations from around the world to deliver important medicines to patients. In June 2021, the Company entered into a license agreement with Shanghai Allist Pharmaceuticals Co. Ltd. (“Allist”) which granted the Company an exclusive license under certain intellectual property owned or controlled by Allist to develop, manufacture and commercialize any product containing firmonertinib or any of its derivatives as an active ingredient, for all uses, in all countries and territories other than greater China, which includes mainland China, Hong Kong, Macau and Taiwan (See Note 9). The Company’s lead development candidate, firmonertinib, is a third-generation tyrosine kinase inhibitor currently being evaluated in multiple clinical trials across a range of epidermal growth factor receptor (EGFR) mutations in non-small cell lung cancer (NSCLC), many for which there are limited treatment options. On January 30, 2024, the Company completed the closing of its initial public offering of 9,722,222 shares of common stock at a price of $18.00 per share. Additionally, the underwriters exercised their option to purchase an additional 1,458,333 shares of common stock at a price of $18.00 per share. The shares of common stock began trading on the Nasdaq Global Market on January 26, 2024, under the symbol “AVBP”. The Company received net proceeds of $183.2 million, after deducting underwriting discounts and commissions and other offering expenses. In addition, as a result of the closing of the Company’s initial public offering, the Company’s Series A and Series B convertible preferred stock converted into 19,567,306 shares of common stock in January 2024. |
Development-Stage Risks and Liq
Development-Stage Risks and Liquidity | 6 Months Ended |
Jun. 30, 2024 | |
Development-Stage Risks and Liquidity | |
Development-Stage Risks and Liquidity | (2) Development-Stage Risks and Liquidity The Company has incurred losses since inception and has an accumulated deficit of $197.1 million as of June 30, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development. Management believes that cash and cash equivalents of $298.7 million as of June 30, 2024 are sufficient to sustain planned operations through at least twelve months from the issuance date of these financial statements. The Company is subject to those risks associated with any specialty biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (3) Summary of Significant Accounting Policies The summary of significant accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 28, 2024 (the “Annual Report”) has not materially changed, except as set forth below. (a) Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any references in these notes to applicable guidance are meant to refer to GAAP as found in Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying interim financial statements include all the normal and recurring adjustments (which consist primarily of accruals, estimates, and assumptions that impact financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2024 and its results of operations for the three and six months ended June 30, 2024 and 2023. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2023, which are included in the Annual Report. The December 31, 2023 balance sheet has been derived from the audited financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. (b) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the fair value of the Company’s common stock prior to the completion of the Company’s initial public offering, stock-based compensation expense assumptions and accrued research and development expenses. (c) Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Management believes that the carrying amounts of the Company’s financial instruments, principally cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments. (d) Net Loss per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted- average number of shares of common stock is the same for basic net loss per share since when a net loss exists, potentially dilutive securities are not included in the calculation as their impact is anti-dilutive. The Company’s convertible preferred stock entitled the holder to participate in dividends and earnings of the Company, and, if the Company had recognized net income, it would have used the two-class method to calculate earnings per share. The two-class method was not applicable during periods with a net loss, as the holders of the convertible preferred stock had no obligation to fund losses. The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss $ (21,874) $ (21,567) $ (39,291) $ (33,739) Denominator: Weighted-average shares of common stock outstanding 33,502,347 2,617,198 29,274,441 2,609,919 Less: Weighted-average shares of common stock subject to repurchase — (617,493) — (972,296) Weighted-average shares of common stock outstanding, basic and diluted 33,502,347 1,999,705 29,274,441 1,637,623 Net loss per share attributable to common stockholders, basic and diluted $ (0.65) $ (10.79) $ (1.34) $ (20.60) The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Series A convertible preferred stock (as converted to common stock) — 9,861,923 — 9,861,923 Series B convertible preferred stock (as converted to common stock) — 9,705,383 — 9,705,383 Common stock subject to repurchase — 1,314,914 — 1,314,914 Stock options 2,669,121 1,556,964 2,669,121 1,556,964 2,669,121 22,439,184 2,669,121 22,439,184 (e) Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Segment Reporting the amendments in the guidance retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact that this standard may have on its financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (f) Reverse Stock Split On January 23, 2024, the Company filed an amendment to its Articles of Incorporation and effected a 15.21-for-1 reverse stock split of its issued and outstanding shares of common stock. All common stock share and per-share amounts presented in the financial statements and related notes have been retroactively adjusted to reflect the reverse stock split. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements | |
Fair Value Measurements | (4) Fair Value Measurements The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents - money market funds $ 293,669 $ — $ — $ 293,669 Total assets measured at fair value $ 293,669 $ — $ — $ 293,669 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents - money market funds $ 124,322 $ — $ — $ 124,322 Total assets measured at fair value $ 124,322 $ — $ — $ 124,322 Money market accounts are highly liquid investments. The pricing information on the Company’s money market account is based on quoted prices in active markets. This approach results in a classification of these securities as Level 1 of the fair value hierarchy. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses and Other Current Assets | |
Prepaid Expenses and Other Current Assets | (5) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2024 2023 Research and development $ 7,867 $ 8,450 Professional fees 480 240 Insurance 745 128 Tax credit receivable 750 761 $ 9,842 $ 9,579 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Expenses | |
Accrued Expenses | (6) Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2024 2023 Research and development $ 5,890 $ 3,126 Professional fees 90 411 Compensation and related expenses 2,035 3,353 Other accrued expenses 119 62 $ 8,134 $ 6,952 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and contingencies | |
Commitments and contingencies | (7) Commitments and Contingencies Leases Operating lease expense was less than $0.1 million for each of the three and six months ended June 30, 2024 and 2023. The Company’s remaining lease term and discount rate for its operating lease as of June 30, 2024 were 1.58 years and 10.0%, respectively. Future maturities of operating lease liabilities were as follows as of June 30, 2024 (in thousands): Fiscal year ending: Remainder of 2024 $ 84 2025 173 2026 14 Total future minimum payments 271 Less imputed interest (21) Present value of lease liabilities $ 250 Cash paid for rent expense recorded during the three months ended June 30, 2024 and 2023 was less than $0.1 million. Cash paid for rent expense recorded during the six months ended June 30, 2024 and 2023 was less than $0.1 million. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement | |
Stock-based Compensation | (8) Stock-based Compensation In June 2021, the Company adopted the 2021 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2021 Plan”), that authorized the Company to grant up to 803,564 shares of common stock. In 2022, the Company amended the 2021 Plan and increased the total number of shares authorized under the Plan to 2,748,818. In January 2024, the Company adopted the 2024 Employee, Director and Consultant Equity Incentive Plan (the “2024 Plan”) that authorized the Company to grant up to 3,900,000 shares of common stock plus any remaining ungranted or forfeited shares from the 2021 Plan. As of June 30, 2024, there were Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 418 $ 99 $ 652 $ 182 General and administrative 348 94 738 177 $ 766 $ 193 $ 1,390 $ 359 The following is a summary of stock options activity: Weighted Weighted average average remaining Aggregate exercise contractual Intrinsic Value Options price term (years) (in thousands) Outstanding as of December 31, 2023 1,683,156 $ 3.38 Granted 1,023,951 9.54 Exercised (15,749) 2.85 Forfeited/Expired (22,237) 16.51 Outstanding as of June 30, 2024 2,669,121 5.64 $ 7.06 $ 33,129 Exercisable as of June 30, 2024 646,440 2.61 6.56 9,948 Vested and expected to vest at June 30, 2024 2,669,121 $ 5.64 $ 7.06 $ 33,129 The weighted-average grant-date fair value of options granted in the first six months of 2024 and 2023 were $7.49 and $2.74 per share, respectively. The fair value was estimated using the Black-Scholes option-pricing model based on the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Risk-free interest rate 4.34% - 4.66% 3.50% - 3.68% 3.85% - 4.66% 3.45% - 3.68% Expected term 6.0 - 6.1 years 6.0 - 6.1 years 5.5 - 6.1 years 6.0 years Expected volatility 98.6% 89.3% - 89.8% 93.1% - 98.6% 87.0% - 88.0% Expected dividend yield — — — — Estimated fair value of the Company's common stock per share $ 15.90 - 20.15 $ 3.65 $ 5.85 - 16.14 $ 3.65 Unrecognized compensation cost for awards not vested as of June 30, 2024 was $9.2 million and will be expensed over a weighted-average period of 2.81 years. |
License and Collaborative Agree
License and Collaborative Agreements | 6 Months Ended |
Jun. 30, 2024 | |
License and Collaborative Agreements | |
License and Collaborative Agreements | (9) License and Collaborative Agreements Allist In June 2021, the Company entered into a Global Technology Transfer and License Agreement with Allist (the “Allist Agreement”). Pursuant to the Allist Agreement, the Company was granted an exclusive license under certain intellectual property to develop, manufacture and commercialize certain licensed products in the field in the licensed territory. Upon execution of the Allist Agreement, the Company paid Allist a non-refundable cash payment of $40.0 million and issued 1,276,250 shares of its common stock. Upon the achievement of certain clinical, regulatory and commercial milestones using the licensed technology, the Company is obligated to make future milestone payments to Allist. During the six months ended June 30, 2024 and 2023, no clinical milestones were met or achieved. The Company is obligated to make future milestone payments of up to $105.0 million in clinical and regulatory milestones and up to $655.0 million in sales milestones. Furthermore royalties, ranging from high single digit percentages to low mid-teen percentage will be payable on net sales of licensed products in licensed territories. In connection with the Allist Agreement, in December 2021, the parties also entered into a Joint Clinical Collaboration Agreement (“Clinical Collaboration”) to define the framework under which the parties will cooperate and share costs related to global clinical studies to be conducted jointly by the Company and Allist. During the six months ended June 30, 2024 and 2023, the Company incurred $0.3 million and $1.3 million, respectively, in cost reimbursements to Allist which have been recorded as research and development expense under the Clinical Collaboration. The Company also was entitled to cost reimbursement from Allist of $0.3 million for each of the six months ended June 30, 2024 and 2023, which has been recorded as a reduction of research and development expenses. Alphamab In June 2024, the Company entered into a collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd. (“Alphamab”) to discover, develop and commercialize novel antibody drug conjugates (“ADCs”) for the treatment of cancers. Under the agreement, both companies will leverage Alphamab’s proprietary linker-payload platform and glycan-conjugation technology to identify novel ADCs for oncology indications. The agreement gives the Company exclusive rights to develop and commercialize ADCs globally, except greater China, which includes outside of mainland China, Hong Kong, Macau and Taiwan where Alphamab retains the right to develop and commercialize the ADCs. The terms of the agreement include combined upfront and potential milestone payments to Alphamab of up to $615.5 million in aggregate for the potential programs, based on the achievement of certain regulatory, development, and sales milestones. In addition, Alphamab is entitled to receive tiered sales royalties from the Company for each ADC product. Aarvik In December 2021, the Company entered into a Research Collaboration Agreement, as amended, effective June 30, 2023 (the “Aarvik Collaboration Agreement”), with Aarvik Pharmaceuticals, Inc. (“Aarvik”), under which the Company is required to pay Aarvik up to $3.1 million on statements of work (“SOWs”) and an initiation fee of $0.3 million predefined in the agreement. After the completion of the SOWs, the Company has an exclusive option to license the Aarvik intellectual property, and the option to acquire certain of Aarvik’s intellectual property, after which it is the Company’s sole responsibility to research, develop, manufacture and commercialize any applicable compound and product in the field and territory. If the Company exercises that option, it would be obligated to pay up to $18.0 million per product upon the achievement of certain clinical and regulatory milestone events and up to $80.0 million per product in commercial milestones. Additionally, the Company would be obligated to pay Aarvik royalties in the mid-single digits based on net sales of licensed products. The Company incurred $0.8 million and $0.6 million in research and development expenses related to the Aarvik SOWs during the three months ended June 30, 2024 and 2023, respectively. The Company incurred $1.0 million and $0.7 million in research and development expenses related to the Aarvik SOWs during the six months ended June 30, 2024 and 2023, respectively. On August 9, 2024, the Company entered into an amendment and restatement of the Aarvik Collaboration Agreement (the “Amended and Restated Aarvik Collaboration Agreement”). Under the Amended and Restated Aarvik Collaboration Agreement, Aarvik has granted the Company an exclusive option to obtain exclusive rights to certain of Aarvik’s intellectual property for the research, development, manufacture, use, commercialization, or other exploitation of the ADCs related to (i) the two agreed targets to which the compounds being developed under the collaboration bind, which is referred to as the Target Pair, and (ii) to acquire exclusive rights to certain intellectual property generated during the collaboration. The Company has not yet selected the indication or indications that it would pursue in the collaboration and anticipates doing so in connection with the identification of a lead candidate for IND-enabling studies. Under the Amended and Restated Aarvik Collaboration Agreement, the Company is now required to pay Aarvik a collaboration initiation fee and research fees as provided in the SOWs in an aggregate of up to $4.7 million (based on estimated research fees). |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (21,874) | $ (17,417) | $ (21,567) | $ (12,172) | $ (39,291) | $ (33,739) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Interim Financial Statements | (a) Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any references in these notes to applicable guidance are meant to refer to GAAP as found in Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying interim financial statements include all the normal and recurring adjustments (which consist primarily of accruals, estimates, and assumptions that impact financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2024 and its results of operations for the three and six months ended June 30, 2024 and 2023. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2023, which are included in the Annual Report. The December 31, 2023 balance sheet has been derived from the audited financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. |
Use of Estimates | (b) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the fair value of the Company’s common stock prior to the completion of the Company’s initial public offering, stock-based compensation expense assumptions and accrued research and development expenses. |
Fair Value Measurements | (c) Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Management believes that the carrying amounts of the Company’s financial instruments, principally cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments. |
Net Loss per Share | (d) Net Loss per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted- average number of shares of common stock is the same for basic net loss per share since when a net loss exists, potentially dilutive securities are not included in the calculation as their impact is anti-dilutive. The Company’s convertible preferred stock entitled the holder to participate in dividends and earnings of the Company, and, if the Company had recognized net income, it would have used the two-class method to calculate earnings per share. The two-class method was not applicable during periods with a net loss, as the holders of the convertible preferred stock had no obligation to fund losses. The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss $ (21,874) $ (21,567) $ (39,291) $ (33,739) Denominator: Weighted-average shares of common stock outstanding 33,502,347 2,617,198 29,274,441 2,609,919 Less: Weighted-average shares of common stock subject to repurchase — (617,493) — (972,296) Weighted-average shares of common stock outstanding, basic and diluted 33,502,347 1,999,705 29,274,441 1,637,623 Net loss per share attributable to common stockholders, basic and diluted $ (0.65) $ (10.79) $ (1.34) $ (20.60) The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Series A convertible preferred stock (as converted to common stock) — 9,861,923 — 9,861,923 Series B convertible preferred stock (as converted to common stock) — 9,705,383 — 9,705,383 Common stock subject to repurchase — 1,314,914 — 1,314,914 Stock options 2,669,121 1,556,964 2,669,121 1,556,964 2,669,121 22,439,184 2,669,121 22,439,184 |
Accounting Pronouncements Not Yet Adopted | (e) Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Segment Reporting the amendments in the guidance retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact that this standard may have on its financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies | |
Schedule of computation of net loss, basic and diluted | The following table sets forth the computation of net loss, basic and diluted (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss $ (21,874) $ (21,567) $ (39,291) $ (33,739) Denominator: Weighted-average shares of common stock outstanding 33,502,347 2,617,198 29,274,441 2,609,919 Less: Weighted-average shares of common stock subject to repurchase — (617,493) — (972,296) Weighted-average shares of common stock outstanding, basic and diluted 33,502,347 1,999,705 29,274,441 1,637,623 Net loss per share attributable to common stockholders, basic and diluted $ (0.65) $ (10.79) $ (1.34) $ (20.60) |
Schedule of potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Series A convertible preferred stock (as converted to common stock) — 9,861,923 — 9,861,923 Series B convertible preferred stock (as converted to common stock) — 9,705,383 — 9,705,383 Common stock subject to repurchase — 1,314,914 — 1,314,914 Stock options 2,669,121 1,556,964 2,669,121 1,556,964 2,669,121 22,439,184 2,669,121 22,439,184 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements | |
Schedule of company's financial assets measured at fair value on a recurring basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents - money market funds $ 293,669 $ — $ — $ 293,669 Total assets measured at fair value $ 293,669 $ — $ — $ 293,669 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents - money market funds $ 124,322 $ — $ — $ 124,322 Total assets measured at fair value $ 124,322 $ — $ — $ 124,322 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses and Other Current Assets | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2024 2023 Research and development $ 7,867 $ 8,450 Professional fees 480 240 Insurance 745 128 Tax credit receivable 750 761 $ 9,842 $ 9,579 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Expenses | |
Schedule of Accrued expenses, current | Accrued expenses consisted of the following (in thousands): June 30, December 31, 2024 2023 Research and development $ 5,890 $ 3,126 Professional fees 90 411 Compensation and related expenses 2,035 3,353 Other accrued expenses 119 62 $ 8,134 $ 6,952 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and contingencies | |
Schedule of future maturities of operating lease payments | Future maturities of operating lease liabilities were as follows as of June 30, 2024 (in thousands): Fiscal year ending: Remainder of 2024 $ 84 2025 173 2026 14 Total future minimum payments 271 Less imputed interest (21) Present value of lease liabilities $ 250 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement | |
Schedule of stock-based compensation expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 418 $ 99 $ 652 $ 182 General and administrative 348 94 738 177 $ 766 $ 193 $ 1,390 $ 359 |
Schedule of of stock options activity under the Plan | Weighted Weighted average average remaining Aggregate exercise contractual Intrinsic Value Options price term (years) (in thousands) Outstanding as of December 31, 2023 1,683,156 $ 3.38 Granted 1,023,951 9.54 Exercised (15,749) 2.85 Forfeited/Expired (22,237) 16.51 Outstanding as of June 30, 2024 2,669,121 5.64 $ 7.06 $ 33,129 Exercisable as of June 30, 2024 646,440 2.61 6.56 9,948 Vested and expected to vest at June 30, 2024 2,669,121 $ 5.64 $ 7.06 $ 33,129 |
Schedule of assumptions used in estimating the fair value of options | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Risk-free interest rate 4.34% - 4.66% 3.50% - 3.68% 3.85% - 4.66% 3.45% - 3.68% Expected term 6.0 - 6.1 years 6.0 - 6.1 years 5.5 - 6.1 years 6.0 years Expected volatility 98.6% 89.3% - 89.8% 93.1% - 98.6% 87.0% - 88.0% Expected dividend yield — — — — Estimated fair value of the Company's common stock per share $ 15.90 - 20.15 $ 3.65 $ 5.85 - 16.14 $ 3.65 |
Background (Details)
Background (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 30, 2024 | Jan. 31, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | |
Background | ||||
Proceeds from issuance of common stock in an initial public offering, net of issuance costs | $ 183,200 | $ 185,950 | ||
Common stock | ||||
Background | ||||
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares) | 11,180,555 | |||
Conversion of convertible preferred stock into common stock (in shares) | 19,567,306 | 19,567,306 | ||
IPO | Common stock | ||||
Background | ||||
Share price | $ 18 | |||
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares) | 9,722,222 | |||
Underwriters allotment | Common stock | ||||
Background | ||||
Share price | $ 18 | |||
Issuance of common stock in initial public offering, net of issuance costs of $18,032 (in shares) | 1,458,333 |
Development-Stage Risks and L_2
Development-Stage Risks and Liquidity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Development-Stage Risks and Liquidity | ||
Accumulated deficit | $ 197,136 | $ 157,845 |
Cash and cash equivalents | $ 298,669 | $ 150,389 |
Substantial doubt about ability to continue as going concern within one year | false |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net loss (basic) | $ (21,874) | $ (21,567) | $ (39,291) | $ (33,739) |
Net loss (diluted) | $ (21,874) | $ (21,567) | $ (39,291) | $ (33,739) |
Denominator: | ||||
Weighted-average shares of common stock outstanding | 33,502,347 | 2,617,198 | 29,274,441 | 2,609,919 |
Less: Weighted-average shares of common stock subject to repurchase | (617,493) | (972,296) | ||
Weighted-average shares of common stock outstanding, basic (in shares) | 33,502,347 | 1,999,705 | 29,274,441 | 1,637,623 |
Weighted-average shares of common stock outstanding, diluted (in shares) | 33,502,347 | 1,999,705 | 29,274,441 | 1,637,623 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.65) | $ (10.79) | $ (1.34) | $ (20.60) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.65) | $ (10.79) | $ (1.34) | $ (20.60) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Potentially dilutive securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive securities | ||||
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | 2,669,121 | 22,439,184 | 2,669,121 | 22,439,184 |
Convertible preferred stock | Series A convertible preferred stock | ||||
Antidilutive securities | ||||
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | 9,861,923 | 9,861,923 | ||
Convertible preferred stock | Series B convertible preferred stock | ||||
Antidilutive securities | ||||
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | 9,705,383 | 9,705,383 | ||
Common stock subject to repurchase | ||||
Antidilutive securities | ||||
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | 1,314,914 | 1,314,914 | ||
Employee Stock Option | ||||
Antidilutive securities | ||||
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares | 2,669,121 | 1,556,964 | 2,669,121 | 1,556,964 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Other (Details) | Jan. 23, 2024 |
Summary of Significant Accounting Policies | |
Reverse stock split | 15.21 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Measurements | ||
Cash equivalents - money market funds | $ 293,669 | $ 124,322 |
Total assets measured at fair value | 293,669 | 124,322 |
Level 1 | ||
Fair Value Measurements | ||
Cash equivalents - money market funds | 293,669 | 124,322 |
Total assets measured at fair value | $ 293,669 | $ 124,322 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expenses and Other Current Assets | ||
Research and development | $ 7,867 | $ 8,450 |
Professional fees | 480 | 240 |
Insurance | 745 | 128 |
Tax credit receivable | 750 | 761 |
Total | $ 9,842 | $ 9,579 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Expenses | ||
Research and development | $ 5,890 | $ 3,126 |
Professional fees | 90 | 411 |
Compensation and related expenses | 2,035 | 3,353 |
Other accrued expenses | 119 | 62 |
Total | $ 8,134 | $ 6,952 |
Commitments and Contingencies -
Commitments and Contingencies - Lease (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||||
Remaining lease term | 1 year 6 months 29 days | 1 year 6 months 29 days | ||
Discount rate (as a percent) | 10% | 10% | ||
Maximum | ||||
Leases | ||||
Operating lease expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Operating Lease maturities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Future maturities of operating lease liabilities | ||||
Remainder of 2024 | $ 84 | $ 84 | ||
2025 | 173 | 173 | ||
2026 | 14 | 14 | ||
Total future minimum payments | 271 | 271 | ||
Less imputed interest | (21) | (21) | ||
Present value of lease liabilities | 250 | 250 | ||
Maximum | ||||
Future maturities of operating lease liabilities | ||||
Cash paid for rent expense | $ 100 | $ 100 | $ 100 | $ 100 |
Stock-based Compensation - Plan
Stock-based Compensation - Plans (Details) - shares | 1 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2022 | Jun. 30, 2021 | |
Stock-based Compensation | ||||
Shares available for grant | 3,802,245 | |||
2021 Plan | ||||
Stock-based Compensation | ||||
Shares authorized | 2,748,818 | 803,564 | ||
Employee Stock Option | ||||
Stock-based Compensation | ||||
Vesting Period | 4 years | |||
Employee Stock Option | 2024 Plan | ||||
Stock-based Compensation | ||||
Additional shares authorized | 3,900,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based Compensation | ||||
Stock-based compensation expense | $ 766,000 | $ 193,000 | $ 1,390 | $ 359 |
Research and development | ||||
Stock-based Compensation | ||||
Stock-based compensation expense | 418,000 | 99,000 | 652 | 182 |
General and administrative | ||||
Stock-based Compensation | ||||
Stock-based compensation expense | $ 348,000 | $ 94,000 | $ 738 | $ 177 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of stock options activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 $ / shares | |
Options | ||
Outstanding as of beginning of period (in shares) | shares | 1,683,156 | |
Granted (in shares) | shares | 1,023,951 | |
Exercised (in shares) | shares | (15,749) | |
Forfeited/Expired (in shares) | shares | (22,237) | |
Outstanding as of end of period (in shares) | shares | 2,669,121 | |
Exercisable (in shares) | shares | 646,440 | |
Vested and expected to vest (in shares) | shares | 2,669,121 | |
Weighted average exercise price | ||
Outstanding as of beginning of period (in dollars per shares) | $ 3.38 | |
Granted (in dollars per shares) | 9.54 | |
Exercised (in dollars per shares) | 2.85 | |
Forfeited/expired (in dollars per shares) | 16.51 | |
Outstanding as of end of period (in dollars per shares) | 5.64 | |
Exercisable (in dollars per shares) | 2.61 | |
Vested and expected to vest (in dollars per shares) | $ 5.64 | |
Weighted average remaining contractual term (years) and Aggregate Intrinsic Value | ||
Weighted average remaining contractual term - Outstanding (years) | 7 years 21 days | |
Weighted average remaining contractual term - Exercisable (years) | 6 years 6 months 21 days | |
Weighted average remaining contractual term - Vested and expected to vest (years) | 7 years 21 days | |
Aggregate Intrinsic Value - Outstanding (in dollars) | $ | $ 33,129 | |
Aggregate Intrinsic Value - Exercisable (in dollars) | $ | 9,948 | |
Aggregate Intrinsic Value - Vested and expected to vest (in dollars) | $ | $ 33,129 | |
Weighted-average grant-date fair value of options | $ 7.49 | $ 2.74 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair value (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based Compensation | ||||
Weighted-average grant-date fair value of options | $ 7.49 | $ 2.74 | ||
Unrecognized compensation cost | ||||
Unrecognized compensation cost for awards (in dollars) | $ 9.2 | $ 9.2 | ||
Expected period to be recognized | 2 years 9 months 21 days | |||
Employee Stock Option | ||||
Fair value assumptions | ||||
Risk-free interest rate, minimum (as a percent) | 4.34% | 3.50% | 3.85% | 3.45% |
Risk-free interest rate, maximum (as a percent) | 4.66% | 3.68% | 4.66% | 3.68% |
Expected term | 6 years | |||
Expected volatility (as a percent) | 98.60% | |||
Expected volatility, minimum (as a percent) | 89.30% | 93.10% | 87% | |
Expected volatility, maximum (as a percent) | 89.80% | 98.60% | 88% | |
Estimated fair value of the Company's common stock per share (in dollars per share) | $ 3.65 | $ 3.65 | ||
Employee Stock Option | Minimum | ||||
Fair value assumptions | ||||
Expected term | 6 years | 6 years | 5 years 6 months | |
Estimated fair value of the Company's common stock per share (in dollars per share) | $ 15.90 | $ 5.85 | ||
Employee Stock Option | Maximum | ||||
Fair value assumptions | ||||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | |
Estimated fair value of the Company's common stock per share (in dollars per share) | $ 20.15 | $ 16.14 |
Licenses and Collaborative Agre
Licenses and Collaborative Agreements - Allist and Alphamab (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Agreement | ||||||
Research and development | $ 21,778 | $ 20,358 | $ 38,753 | $ 30,594 | ||
Common stock | ||||||
Agreement | ||||||
Shares issued (in shares) | 11,180,555 | |||||
License Agreement | Allist | ||||||
Agreement | ||||||
Non-refundable cash payment | $ 40,000 | |||||
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events | 105,000 | 105,000 | ||||
Maximum amount payable per product upon achievement of commercial milestones | 655,000 | 655,000 | ||||
Research and development | 300 | 1,300 | ||||
Cost reimbursement | 300 | $ 300 | ||||
License Agreement | Allist | Common stock | ||||||
Agreement | ||||||
Shares issued (in shares) | 1,276,250 | |||||
Collaboration Agreement | Alphamab | ||||||
Agreement | ||||||
Maximum amount payable upon achievement of milestones | $ 615,500 | $ 615,500 |
Licenses and Collaborative Ag_2
Licenses and Collaborative Agreements - Aarvik (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 09, 2024 | |
Agreement | |||||
Research and development | $ 21,778 | $ 20,358 | $ 38,753 | $ 30,594 | |
Collaboration Agreement | Aarvik | |||||
Agreement | |||||
Maximum payment on statements of work | 3,100 | 3,100 | |||
Initiation fee | 300 | 300 | |||
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events | 18,000 | 18,000 | |||
Maximum amount payable per product upon achievement of commercial milestones | 80,000 | 80,000 | |||
Research and development | $ 800 | $ 600 | $ 1,000 | $ 700 | |
Collaboration Agreement | Aarvik | Subsequent Event | |||||
Agreement | |||||
Maximum amount of initiation and research fees to be paid | $ 4,700 |