Structure Therapeutics (GPCR) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-41608
Entity Registrant Name	Structure Therapeutics Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1480821
Entity Address, Address Line One	611 Gateway Blvd.
Entity Address, Adress Line Two	Suite 223
Entity Address, City or Town	South San Francisco
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	628
Local Phone Number	229-9277
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		114,798,193
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
American Depositary Shares (ADSs)
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (ADSs), each representing three ordinary shares, par value $0.0001 per ordinary share
Trading Symbol	GPCR
Security Exchange Name	NASDAQ
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 126,493	$ 26,091
Short-term investments	114,369	64,750
Prepaid expenses and other current assets	5,293	2,248
Total current assets	246,155	93,089
Property and equipment, net	961	1,031
Operating right-of-use assets	178	262
Other non-current assets	59	3,463
Total assets	247,353	97,845
Current liabilities:
Accounts payable	4,945	6,009
Accrued expenses and other current liabilities	5,889	6,741
Operating lease liabilities, current portion	168	260
Total current liabilities	11,002	13,010
Total liabilities	11,002	13,010
Commitments and contingencies (Note 5)
Redeemable convertible preferred shares		199,975
Shareholders' equity (deficit):
Undesignated shares - $0.0001 par value; 100,000 and 0 shares authorized as of March 31, 2023 and December 31, 2022, respectively; no shares issued and outstanding as of March 31, 2023 and December 31, 2022
Ordinary shares - $0.0001 par value; 500,000 and 432,982 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 114,730 and 10,527 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	11	1
Additional paid-in capital	371,120	1,921
Accumulated other comprehensive income (loss)	147	(110)
Accumulated deficit	(134,927)	(116,952)
Total shareholders' equity (deficit)	236,351	(115,140)
Total liabilities, redeemable convertible preferred shares and shareholders' equity (deficit)	$ 247,353	97,845
Series A redeemable convertible preferred shares
Current liabilities:
Redeemable convertible preferred shares		32,001
Series A+ redeemable convertible preferred shares
Current liabilities:
Redeemable convertible preferred shares		26,000
Series B redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred shares		133,015
Series B1 redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred shares		$ 8,959

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Temporary equity, shares authorized		67,018,087
Temporary equity, shares issued		67,018,087
Temporary equity, shares outstanding		67,018,087
Temporary equity, liquidation preference		$ 198,016
Undesignated shares, par value	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	100,000,000	0
Undesignated shares, shares issued	0	0
Undesignated shares, shares outstanding	0	0
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000,000	432,982,000
Ordinary shares, shares issued	114,730,000	10,527,000
Ordinary shares, shares outstanding	114,730,000	10,527,000
Series A redeemable convertible preferred shares
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	19,200,000
Temporary equity, shares issued	0	19,200,000
Temporary equity, shares outstanding	0	19,200,000
Temporary equity, liquidation preference	$ 0	$ 32,001
Series A+ redeemable convertible preferred shares
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	12,799,681
Temporary equity, shares issued	0	12,799,681
Temporary equity, shares outstanding	0	12,799,681
Temporary equity, liquidation preference	$ 0	$ 26,000
Series B redeemable convertible preferred stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	32,857,004
Temporary equity, shares issued	0	32,857,004
Temporary equity, shares outstanding	0	32,857,004
Temporary equity, liquidation preference	$ 0	$ 133,015
Series B1 redeemable convertible preferred stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	2,161,402
Temporary equity, shares issued	0	2,161,402
Temporary equity, shares outstanding	0	2,161,402
Temporary equity, liquidation preference	$ 0	$ 7,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 13,135	$ 8,492
General and administrative	6,514	4,460
Total operating expenses	19,649	12,952
Loss from operations	(19,649)	(12,952)
Interest and other income (expense), net	1,699	(69)
Loss before provision for income taxes	(17,950)	(13,021)
Provision for income taxes	25	60
Net loss attributable to ordinary shareholders	$ (17,975)	$ (13,081)
Net loss per share attributable to ordinary shareholders, basic	$ (0.25)	$ (1.44)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.25)	$ (1.44)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	71,655	9,063
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	71,655	9,063
Other comprehensive loss:
Unrealized gain (loss) on investments, net	$ 257	$ (35)
Total other comprehensive gain (loss)	257	(35)
Comprehensive loss	$ (17,718)	$ (13,116)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A redeemable convertible preferred shares	Series A+ redeemable convertible preferred shares	Series B redeemable convertible preferred stock	Series B1 redeemable convertible preferred stock	Ordinary shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2021	$ 32,001	$ 26,000	$ 100,000	$ 8,959
Beginning balance (in shares) at Dec. 31, 2021	19,200,000	12,800,000	24,702,000	2,161,000
Ending balance at Mar. 31, 2022	$ 32,001	$ 26,000	$ 100,000	$ 8,959
Ending balance (in shares) at Mar. 31, 2022	19,200,000	12,800,000	24,702,000	2,161,000
Beginning balance at Dec. 31, 2021					$ 1			$ (64,736)	$ (64,735)
Beginning balance (in shares) at Dec. 31, 2021					10,894,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense						$ 620			620
Unrealized gain (loss) on investments, net							$ (35)		(35)
Net loss								(13,081)	(13,081)
Ending balance at Mar. 31, 2022					$ 1	620	(35)	(77,817)	$ (77,231)
Ending balance (in shares) at Mar. 31, 2022					10,894,000
Beginning balance at Dec. 31, 2022	$ 32,001	$ 26,000	$ 133,015	$ 8,959
Beginning balance (in shares) at Dec. 31, 2022	19,200,000	12,799,681	32,857,004	2,161,402					67,018,087
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in Shares)	(19,200,000)	(12,800,000)	(32,857,000)	(2,161,000)
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering	$ (32,001)	$ (26,000)	$ (133,015)	$ (8,959)
Ending balance (in shares) at Mar. 31, 2023	0	0	0	0
Beginning balance at Dec. 31, 2022					$ 1	1,921	(110)	(116,952)	$ (115,140)
Beginning balance (in shares) at Dec. 31, 2022					10,527,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering					$ 7	199,968			199,975
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in Shares)					67,018,000
Issuance of ordinary shares upon initial public offering, net of issuance costs and underwriting discount					$ 3	166,667			166,670
Issuance of ordinary shares upon initial public offering, net of issuance costs and underwriting discount (in shares)					37,053,000
Net exercise of ordinary share warrants (in Shares)					106,000
Issuance of ordinary share upon exercise of vested share options						31			$ 31
Issuance of ordinary share upon exercise of vested share options (in shares)					26,000				26,000
Share-based compensation expense						2,533			$ 2,533
Unrealized gain (loss) on investments, net							257		257
Net loss								(17,975)	(17,975)
Ending balance at Mar. 31, 2023					$ 11	$ 371,120	$ 147	$ (134,927)	$ 236,351
Ending balance (in shares) at Mar. 31, 2023					114,730,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Stock issuance costs and underwriting discounts	$ 18,586

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (17,975)	$ (13,081)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	2,533	620
Depreciation	70	70
Non-cash lease expense	84	82
Accretion of net investment premium (discount)	(346)	(17)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,045)	(97)
Other non-current assets	(59)
Accounts payable	(923)	(1,563)
Accrued expenses and other current liabilities	(555)	536
Operating lease liabilities	(92)	(74)
Deferred tax liability		6
Net cash used in operating activities	(20,308)	(13,518)
Cash flows from investing activities
Purchases of short-term investments	(190,096)	(41,653)
Maturities of short-term investments	141,080	2,000
Purchases of property and equipment		(65)
Net cash used in investing activities	(49,016)	(39,718)
Cash flows from financing activities
Proceeds from issuance of common stock in initial public offering, net of underwriter discount and commissions	172,296
Payments of deferred offering costs	(2,601)	(1,448)
Proceeds from exercise of share options	31
Net cash provided by (used in) financing activities	169,726	(1,448)
Net change in cash and cash equivalents	100,402	(54,684)
Cash and cash equivalents, Beginning of the period	26,091	105,305
Cash and cash equivalents, End of the period	126,493	50,621
Supplemental disclosures of noncash investing and financing activities
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering	199,975
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities	$ 416	$ 396

Organization and Nature of the

Organization and Nature of the Business	3 Months Ended
	Mar. 31, 2023
Organization and Nature of the Business
Organization and Nature of the Business	1. Organization and Nature of the Business Structure Therapeutics Inc. (the “Company”) is a clinical stage global biopharmaceutical company aiming to develop and deliver novel oral therapeutics to treat a wide range of chronic diseases with unmet medical needs. The Company was incorporated in February 2019 in the Cayman Islands, with operating subsidiaries in the United States and China. In June 2022, the Company changed its name from ShouTi Inc. to Structure Therapeutics Inc. Initial Public Offering On February 7, 2023, the Company closed its initial public offering (“IPO”) of American Depositary Shares (“ADSs”). Each ADS represents three ordinary shares. The net proceeds from the IPO were approximately $166.7 million after deducting underwriting discounts and commissions and estimated offering costs. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred shares converted into 67,018,087 ordinary shares. In connection with the completion of its IPO, the Company’s memorandum of association was amended and restated to provide for 500,000,000 authorized ordinary shares with a par value of $0.0001 per share and 100,000,000 authorized shares with a par value of $0.0001 per share, of such class or classes as may be designated by the Company’s board of directors in accordance with the Company’s articles of association. Liquidity and Capital Resources The Company has incurred significant net operating losses and negative cash flows from operations since inception and had an accumulated deficit of $134.9 million as of March 31, 2023. Historically, the Company has financed its operations primarily through the private placement of equity securities. On February 7, 2023, the Company completed its IPO for net proceeds of approximately $166.7 million, after deducting underwriting discounts and estimated offering costs. As of March 31, 2023, the Company had cash, cash equivalents and short-term investments of $240.9 million. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Based on its current business plan, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these condensed consolidated financial statements. Impact of Geopolitical and Macroeconomic Factors There may be significant uncertainty resulting from the impact of other geopolitical and macroeconomic factors, including the ongoing COVID-19 (coronavirus) pandemic, inflation, supply chain issues, rising interest rates, future bank failures and the impact of the Russia/Ukraine conflict.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction loss included in determining net loss was not material for the periods presented. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 30, 2023. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2023 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022 have been made. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include lease liability, accruals for research and development activities, ordinary share valuation and related share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates. Concentration of Credit Risk The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from any of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate any revenue from any of its products. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for its use in the clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services. Credit Losses - Short-Term Investments For short-term investments in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the short-term investments. If either of these criteria are met, the amortized cost basis will be written down to fair value through earnings. If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. Fair Value of Financial Instruments The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4. Fair Value Measurements). Deferred Offering Costs The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs will be immediately written off to general and administrative expenses. Upon closing the IPO, all deferred offering costs were charged against the proceeds from the IPO and recorded in shareholders equity (deficit) as a reduction of additional paid-in capital. As of March 31, 2023, there were no deferred offering costs recorded on the condensed consolidated balance sheets. Net Loss Per Share Attributable to Ordinary Shareholders Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, without consideration of potentially dilutive securities. Net loss attributable to ordinary shareholders is computed as net loss less accretion of redeemable convertible preferred shares and less any excess of the fair value of the consideration paid over the carrying value of noncontrolling interest. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred shares, ordinary share warrants, unvested restricted ordinary shares subject to repurchase and share options are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to ordinary shareholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred shares are considered a participating security because they participate in dividends with ordinary shares. The holders of redeemable convertible preferred shares do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to ordinary shareholders. Because the Company has reported a net loss for all periods presented, diluted net loss per ordinary share is the same as basic net loss per ordinary share for those periods. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Composition of Certain Consolid

Composition of Certain Consolidated Financial Statement Line Items	3 Months Ended
	Mar. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Composition of Certain Consolidated Financial Statement Line Items	3.Composition of Certain Consolidated Financial Statement Line Items Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 Laboratory equipment ​ $ 1,098 ​ $ 1,098 ​ Furniture and fixtures ​ 115 ​ 115 ​ Computer equipment and software ​ 58 ​ 58 ​ Leasehold improvements ​ 109 ​ 109 ​ ​ ​ $ 1,380 ​ $ 1,380 ​ Less: Accumulated depreciation ​ (419) ​ (349) ​ Property and equipment, net ​ $ 961 ​ $ 1,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 Accrued compensation ​ $ 1,279 ​ $ 3,544 ​ Accrued research and development expenses ​ 1,898 ​ 1,818 ​ Accrued clinical expenses ​ ​ 1,146 ​ ​ 438 ​ Accrued professional services ​ ​ 804 ​ ​ 313 ​ Income tax and VAT payable ​ 104 ​ 174 ​ Accrued other liabilities ​ 658 ​ 454 ​ Total accrued expenses and other current liabilities ​ $ 5,889 ​ $ 6,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three level of inputs that may be used to measure fair value, as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 ​ 2022 ​ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Money market funds ​ $ 120,330 ​ $ — ​ $    — ​ $ 120,330 ​ $ 18,994 ​ $ — ​ $    — ​ $ 18,994 ​ Cash equivalents ​ 120,330 ​ — ​ — ​ 120,330 ​ 18,994 ​ — ​ — ​ 18,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ ​ 25,568 ​ ​ — ​ ​ — ​ ​ 25,568 ​ ​ 11,763 ​ ​ — ​ ​ — ​ ​ 11,763 ​ U.S. government agency bonds ​ ​ — ​ ​ 22,256 ​ ​ — ​ ​ 22,256 ​ ​ — ​ ​ 1,794 ​ ​ — ​ ​ 1,794 ​ Corporate debt securities ​ — ​ 66,545 ​ — ​ 66,545 ​ — ​ 51,193 ​ — ​ 51,193 ​ Short-term investments ​ 25,568 ​ 88,801 ​ — ​ 114,369 ​ 11,763 ​ 52,987 ​ — ​ 64,750 ​ Total fair value of financial assets ​ $ 145,898 ​ $ 88,801 ​ $ — ​ $ 234,699 ​ $ 30,757 ​ $ 52,987 ​ $ — ​ $ 83,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 ​ ​ AMORTIZED ​ ​ ​ ​ FAIR ​ AMORTIZED ​ ​ ​ ​ FAIR ​ COST ​ LOSSES ​ GAINS VALUE COST ​ LOSSES ​ GAINS VALUE Money market funds ​ $ 120,330 ​ $ — ​ $ — ​ $ 120,330 ​ $ 18,994 ​ $ — ​ $    — ​ $ 18,994 ​ Cash equivalents ​ 120,330 ​ — ​ — ​ 120,330 ​ 18,994 ​ — ​ — ​ 18,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ ​ 25,510 ​ ​ (35) ​ ​ 93 ​ ​ 25,568 ​ ​ 11,820 ​ ​ (57) ​ ​ — ​ ​ 11,763 ​ U.S. government agency bonds ​ ​ 22,092 ​ ​ — ​ ​ 164 ​ ​ 22,256 ​ ​ 1,801 ​ ​ (7) ​ ​ — ​ ​ 1,794 ​ Corporate debt securities ​ 66,620 ​ (113) ​ 38 ​ 66,545 ​ 51,239 ​ (49) ​ 3 ​ 51,193 ​ Short-term investments ​ 114,222 ​ (148) ​ 295 ​ 114,369 ​ 64,860 ​ (113) ​ 3 ​ 64,750 ​ Total fair value of financial assets ​ $ 234,552 ​ $ (148) ​ $ 295 ​ $ 234,699 ​ $ 83,854 ​ $ (113) ​ $ 3 ​ $ 83,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 and December 31, 2022, the Company did not have any liabilities measured at fair value on a recurring basis. There were no transfers in and out of Level 3 during the three months ended March 31, 2023 and 2022. The unrealized losses for marketable securities related to changes in interest rates. No allowance for credit losses was recorded as of March 31, 2023 and December 31, 2022, and no impairment losses were recognized for the three months ended March 31, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	5. Commitments and Contingencies Operating Leases The maturities of operating lease liabilities as of March 31, 2023, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ ​ 2023 2023 ​ $ 171 Total undiscounted lease payments ​ 171 Less: imputed interest ​ 3 Total operating lease liability ​ 168 Less: current portion ​ 168 Operating lease liability, net of current portion ​ $ — ​ ​ ​ ​ ​ Operating lease cost was $0.3 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively, including $0.2 million and $0.2 million short-term lease costs for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the weighted average remaining lease term was 0.5 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.7%. During the three months ended March 31, 2023 and 2022, cash paid for amounts included in operating lease liabilities of $0.1 million and $0.1 million, respectively, was included in cash flows from operating activities on the condensed consolidated statements of cash flows. Indemnification Agreements In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential number of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of March 31, 2023 and December 31, 2022, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recorded related liabilities. Legal Proceedings The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Shares	3 Months Ended
	Mar. 31, 2023
Redeemable Convertible Preferred Shares
Redeemable Convertible Preferred Shares	6. Redeemable Convertible Preferred Shares Under the Company’s Memorandum and Articles of Association, as amended, prior to the IPO, the Company’s redeemable convertible preferred shares were issuable in series. As of December 31, 2022, redeemable convertible preferred shares consisted of the following (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DECEMBER 31, 2022 ​ ​ ​ ​ SHARES ISSUED ​ ​ ​ ​ ​ SHARES ORIGINAL AND CARRYING LIQUIDATION SERIES ​ AUTHORIZED ​ ISSUE PRICE OUTSTANDING ​ VALUE ​ VALUE A 19,200,000 ​ $ 1.6667 19,200,000 ​ $ 32,001 ​ $ 32,001 A+ ​ 12,799,681 ​ ​ 2.0313 ​ 12,799,681 ​ ​ 26,000 ​ ​ 26,000 B ​ 32,857,004 ​ ​ 4.0483 ​ 32,857,004 ​ ​ 133,015 ​ ​ 133,015 B-1 2,161,402 ​ 3.2386 2,161,402 ​ 8,959 ​ 7,000 ​ 67,018,087 ​ ​ ​ 67,018,087 ​ $ 199,975 ​ $ 198,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends on redeemable convertible preferred shares are noncumulative and none were declared through conversion. Upon closing of the Company’s IPO, all outstanding redeemable convertible preferred shares automatically converted into 67,018,087 ordinary shares.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Shareholders' Equity
Shareholders' Equity	7. Shareholders’ Equity As of March 31, 2023, the Company’s Memorandum and Articles of Association, as amended, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, both with a par value of $0.0001 per share. The undesignated shares may be designated by the Company’s board of directors in accordance with the Company’s Articles of Association. In May 2023, the Company’s board of directors designated 7,410,518 non-voting ordinary shares in accordance with the Articles of Association, see Note 10. Subsequent Events. Ordinary shareholders are entitled to dividends if and when declared by the Company’s board of directors subject to the prior rights of the preferred shareholders. As of March 31, 2023 and December 31, 2022, no dividends on ordinary shares had been declared by the board of directors. Options A summary of share option activity is set forth below (in thousands except per share amounts and years): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OUTSTANDING AWARDS ​ ​ NUMBER ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ OF ​ NUMBER OF ​ ​ ​ ​ AVERAGE ​ ​ ​ ​ ​ SHARES ​ SHARES ​ WEIGHTED- ​ REMAINING ​ ​ ​ ​ ​ AVAILABLE ​ UNDERLYING ​ AVERAGE ​ CONTRACTUAL ​ AGGREGATE ​ ​ FOR ​ OUTSTANDING ​ EXERCISE ​ TERM ​ INTRINSIC ​ GRANT OPTIONS PRICE (IN YEARS) VALUE As of December 31, 2022 977 7,612 ​ $ 1.62 8.57 ​ $ 13,283 Additional shares authorized ​ 12,000 ​ — ​ ​ — ​ ​ ​ ​ ​ Granted (4,551) 4,551 ​ ​ 5.49 ​ Exercised — (26) ​ ​ 1.21 ​ Forfeited 183 (183) ​ ​ 2.69 ​ As of March 31, 2023 8,609 11,954 ​ ​ 3.07 8.90 ​ 58,066 Exercisable at March 31, 2023 ​ ​ 3,090 ​ ​ 1.17 7.87 ​ 20,883 Vested and expected to vest at March 31, 2023 ​ ​ 11,954 ​ ​ 3.07 8.90 ​ 58,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total fair value of options that vested during the three months ended March 31, 2023 and 2022 was $1.3 million and $0.1 million, respectively. Restricted Shares Activity with respect to restricted shares was as follows (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF SHARES ​ ​ ​ ​ ​ UNDERLYING ​ WEIGHTED- ​ ​ OUTSTANDING ​ AVERAGE ​ ​ RESTRICTED ​ GRANT DATE FAIR ​ SHARES VALUE Unvested, December 31, 2022 ​ 327 ​ $ 0.33 Vested ​ (245) ​ ​ 0.33 Unvested, March 31, 2023 82 ​ 0.33 ​ ​ ​ ​ ​ ​ ​ The fair value of restricted shares vested during the three months ended March 31, 2023 and 2022 was $0.1 million and $0.1 million, respectively. Share-Based Compensation Associated with Awards to Employees and Non-Employees The Company recognized share-based compensation as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ MARCH 31, ​ ​ 2023 2022 Research and development ​ $ 1,592 ​ $ 259 ​ General and administrative ​ 941 ​ 361 ​ Total share-based compensation ​ $ 2,533 ​ $ 620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023, the total unrecognized share-based compensation expense related to unvested share options was $24.9 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.5 years. As of March 31, 2023, the total unrecognized compensation expense related to unvested restricted shares was less than $0.1 million, which is expected to be recognized over the remaining weighted-average vesting period of 0.1 years. China Employees’ Options The Company has granted share options to employees based in China. The exercise of share options granted to such employees was conditioned on a liquidity event, such as an IPO or change in control, which was not considered probable until consummated. The liquidity event condition was satisfied upon the closing of the IPO, and the Company recognized cumulative share-based compensation expense for share options granted to employees based in China. For the three months ended March 31, 2023, the Company recognized $1.5 million in share-based compensation expense related to share options granted to employees based in China. Performance Options In the three months ended March 31, 2023, the Company's board of directors approved performance share options for 1,200,000 ordinary shares, which were granted under the 2023 Equity Incentive Plan. Each share option will vest over four years, subject to the achievement of certain clinical milestones as determined by the Company’s compensation committee in the first year following the grant, and subject to the employees' continuous service through each vesting date. The achievement of performance milestones was not probable as of March 31, 2023. As such, no share-based compensation expense has been recognized for performance share options during the three months ended March 31, 2023. Ordinary Share Warrants In connection with the entering into a Loan and Security Agreement (the “SVB Agreement”) with Silicon Valley Bank (“SVB”), the Company issued SVB a warrant to purchase shares of its ordinary shares at an exercise price of $0.48 per share (“SVB Warrant”). The SVB Warrant was immediately exercisable for 112,279 ordinary shares of the Company and could have been exercisable for an additional number of ordinary shares equal to 44,567 ordinary shares upon draw of Tranche A under the SVB Agreement and 22,283 ordinary shares upon draw of Tranche B under the SVB Agreement. The warrant for Tranche A shares and Tranche B shares expired on July 31, 2021 and July 31, 2022, respectively, as the Company elected to allow the Tranche A and Tranche B financings to expire unused on July 31, 2021 and July 31, 2022, respectively. In February 2023, SVB fully exercised the SVB Warrant for 106,060 ordinary shares through a cashless exercise. ​

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Net Loss Per Share
Net Loss Per Share	8. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ MARCH 31, ​ ​ ​ 2023 2022 ​ Numerator: ​ ​ Net loss attributable to ordinary shareholders ​ $ (17,975) ​ $ (13,081) ​ Denominator: ​ ​ ​ Weighted-average ordinary shares outstanding ​ 71,894 ​ 10,894 ​ Less: weighted-average unvested restricted ordinary shares subject to repurchase ​ (239) ​ (1,831) ​ Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted ​ 71,655 ​ 9,063 ​ Net loss per share attributable to ordinary shareholders, basic and diluted ​ $ (0.25) ​ $ (1.44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ ​ ​ 2023 2022 ​ Redeemable convertible preferred shares — 58,863 Options to purchase ordinary shares 11,954 7,075 Ordinary share warrants — 135 Unvested restricted ordinary share awards 82 1,145 Total 12,036 67,218 ​ ​ ​ ​ ​ ​ ​

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	9. Related Party Transactions Ramy Farid, the President and Chief Executive Officer of Schrödinger, Inc. (“Schrödinger”) is a member of the Company’s board of directors. During the three months ended March 31, 2023 and 2022, the Company had existing collaboration agreements to use the results provided by Schrödinger’s software platform for its research purposes. During the three months ended March 31, 2023 and 2022, the Company paid $0 and $0.2 million to Schrödinger, respectively, and had no payable balance to Schrödinger as of March 31, 2023 and December 31, 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	10. Subsequent Events In May 2023, the Company entered into an Exchange Agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS, L.P. (each an “Investor” and together, the “Investors”), who in the aggregate hold more than 5% of the Company’s issued share capital, pursuant to which the Investors delivered to the Company, a total of 7,410,518 ordinary shares of the Company, in exchange for the Company’s delivery of 7,410,518 newly designated non-voting ordinary shares, par value $0.0001 per share. The exchange did not result in any change in the aggregate number of outstanding shares of the Company as the exchange was implemented on a one-for-one basis.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction loss included in determining net loss was not material for the periods presented.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 30, 2023. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2023 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022 have been made. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include lease liability, accruals for research and development activities, ordinary share valuation and related share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from any of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate any revenue from any of its products. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for its use in the clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.
Credit Losses - Short-Term Investments	Credit Losses - Short-Term Investments For short-term investments in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the short-term investments. If either of these criteria are met, the amortized cost basis will be written down to fair value through earnings. If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4. Fair Value Measurements).
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs will be immediately written off to general and administrative expenses. Upon closing the IPO, all deferred offering costs were charged against the proceeds from the IPO and recorded in shareholders equity (deficit) as a reduction of additional paid-in capital. As of March 31, 2023, there were no deferred offering costs recorded on the condensed consolidated balance sheets.
Net Loss Per Share Attributable to Ordinary Shareholders	Net Loss Per Share Attributable to Ordinary Shareholders Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, without consideration of potentially dilutive securities. Net loss attributable to ordinary shareholders is computed as net loss less accretion of redeemable convertible preferred shares and less any excess of the fair value of the consideration paid over the carrying value of noncontrolling interest. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred shares, ordinary share warrants, unvested restricted ordinary shares subject to repurchase and share options are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to ordinary shareholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred shares are considered a participating security because they participate in dividends with ordinary shares. The holders of redeemable convertible preferred shares do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to ordinary shareholders. Because the Company has reported a net loss for all periods presented, diluted net loss per ordinary share is the same as basic net loss per ordinary share for those periods.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Composition of Certain Consol_2

Composition of Certain Consolidated Financial Statement Line Items (Tables)	3 Months Ended
	Mar. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Schedule of property and equipment	Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 Laboratory equipment ​ $ 1,098 ​ $ 1,098 ​ Furniture and fixtures ​ 115 ​ 115 ​ Computer equipment and software ​ 58 ​ 58 ​ Leasehold improvements ​ 109 ​ 109 ​ ​ ​ $ 1,380 ​ $ 1,380 ​ Less: Accumulated depreciation ​ (419) ​ (349) ​ Property and equipment, net ​ $ 961 ​ $ 1,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 Accrued compensation ​ $ 1,279 ​ $ 3,544 ​ Accrued research and development expenses ​ 1,898 ​ 1,818 ​ Accrued clinical expenses ​ ​ 1,146 ​ ​ 438 ​ Accrued professional services ​ ​ 804 ​ ​ 313 ​ Income tax and VAT payable ​ 104 ​ 174 ​ Accrued other liabilities ​ 658 ​ 454 ​ Total accrued expenses and other current liabilities ​ $ 5,889 ​ $ 6,741 ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Schedule of financial assets measured at fair value on a recurring basis	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 ​ 2022 ​ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Money market funds ​ $ 120,330 ​ $ — ​ $    — ​ $ 120,330 ​ $ 18,994 ​ $ — ​ $    — ​ $ 18,994 ​ Cash equivalents ​ 120,330 ​ — ​ — ​ 120,330 ​ 18,994 ​ — ​ — ​ 18,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ ​ 25,568 ​ ​ — ​ ​ — ​ ​ 25,568 ​ ​ 11,763 ​ ​ — ​ ​ — ​ ​ 11,763 ​ U.S. government agency bonds ​ ​ — ​ ​ 22,256 ​ ​ — ​ ​ 22,256 ​ ​ — ​ ​ 1,794 ​ ​ — ​ ​ 1,794 ​ Corporate debt securities ​ — ​ 66,545 ​ — ​ 66,545 ​ — ​ 51,193 ​ — ​ 51,193 ​ Short-term investments ​ 25,568 ​ 88,801 ​ — ​ 114,369 ​ 11,763 ​ 52,987 ​ — ​ 64,750 ​ Total fair value of financial assets ​ $ 145,898 ​ $ 88,801 ​ $ — ​ $ 234,699 ​ $ 30,757 ​ $ 52,987 ​ $ — ​ $ 83,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ DECEMBER 31, ​ ​ 2023 2022 ​ ​ AMORTIZED ​ ​ ​ ​ FAIR ​ AMORTIZED ​ ​ ​ ​ FAIR ​ COST ​ LOSSES ​ GAINS VALUE COST ​ LOSSES ​ GAINS VALUE Money market funds ​ $ 120,330 ​ $ — ​ $ — ​ $ 120,330 ​ $ 18,994 ​ $ — ​ $    — ​ $ 18,994 ​ Cash equivalents ​ 120,330 ​ — ​ — ​ 120,330 ​ 18,994 ​ — ​ — ​ 18,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ ​ 25,510 ​ ​ (35) ​ ​ 93 ​ ​ 25,568 ​ ​ 11,820 ​ ​ (57) ​ ​ — ​ ​ 11,763 ​ U.S. government agency bonds ​ ​ 22,092 ​ ​ — ​ ​ 164 ​ ​ 22,256 ​ ​ 1,801 ​ ​ (7) ​ ​ — ​ ​ 1,794 ​ Corporate debt securities ​ 66,620 ​ (113) ​ 38 ​ 66,545 ​ 51,239 ​ (49) ​ 3 ​ 51,193 ​ Short-term investments ​ 114,222 ​ (148) ​ 295 ​ 114,369 ​ 64,860 ​ (113) ​ 3 ​ 64,750 ​ Total fair value of financial assets ​ $ 234,552 ​ $ (148) ​ $ 295 ​ $ 234,699 ​ $ 83,854 ​ $ (113) ​ $ 3 ​ $ 83,744 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Schedule of maturities of operating lease liabilities	The maturities of operating lease liabilities as of March 31, 2023, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ ​ 2023 2023 ​ $ 171 Total undiscounted lease payments ​ 171 Less: imputed interest ​ 3 Total operating lease liability ​ 168 Less: current portion ​ 168 Operating lease liability, net of current portion ​ $ — ​ ​ ​ ​ ​

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Shares (Tables)	3 Months Ended
	Mar. 31, 2023
Redeemable Convertible Preferred Shares
Schedule of redeemable convertible preferred shares	As of December 31, 2022, redeemable convertible preferred shares consisted of the following (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DECEMBER 31, 2022 ​ ​ ​ ​ SHARES ISSUED ​ ​ ​ ​ ​ SHARES ORIGINAL AND CARRYING LIQUIDATION SERIES ​ AUTHORIZED ​ ISSUE PRICE OUTSTANDING ​ VALUE ​ VALUE A 19,200,000 ​ $ 1.6667 19,200,000 ​ $ 32,001 ​ $ 32,001 A+ ​ 12,799,681 ​ ​ 2.0313 ​ 12,799,681 ​ ​ 26,000 ​ ​ 26,000 B ​ 32,857,004 ​ ​ 4.0483 ​ 32,857,004 ​ ​ 133,015 ​ ​ 133,015 B-1 2,161,402 ​ 3.2386 2,161,402 ​ 8,959 ​ 7,000 ​ 67,018,087 ​ ​ ​ 67,018,087 ​ $ 199,975 ​ $ 198,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Shareholders' Equity
Summary of share option activity	A summary of share option activity is set forth below (in thousands except per share amounts and years): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OUTSTANDING AWARDS ​ ​ NUMBER ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ OF ​ NUMBER OF ​ ​ ​ ​ AVERAGE ​ ​ ​ ​ ​ SHARES ​ SHARES ​ WEIGHTED- ​ REMAINING ​ ​ ​ ​ ​ AVAILABLE ​ UNDERLYING ​ AVERAGE ​ CONTRACTUAL ​ AGGREGATE ​ ​ FOR ​ OUTSTANDING ​ EXERCISE ​ TERM ​ INTRINSIC ​ GRANT OPTIONS PRICE (IN YEARS) VALUE As of December 31, 2022 977 7,612 ​ $ 1.62 8.57 ​ $ 13,283 Additional shares authorized ​ 12,000 ​ — ​ ​ — ​ ​ ​ ​ ​ Granted (4,551) 4,551 ​ ​ 5.49 ​ Exercised — (26) ​ ​ 1.21 ​ Forfeited 183 (183) ​ ​ 2.69 ​ As of March 31, 2023 8,609 11,954 ​ ​ 3.07 8.90 ​ 58,066 Exercisable at March 31, 2023 ​ ​ 3,090 ​ ​ 1.17 7.87 ​ 20,883 Vested and expected to vest at March 31, 2023 ​ ​ 11,954 ​ ​ 3.07 8.90 ​ 58,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of restricted shares activity	Activity with respect to restricted shares was as follows (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF SHARES ​ ​ ​ ​ ​ UNDERLYING ​ WEIGHTED- ​ ​ OUTSTANDING ​ AVERAGE ​ ​ RESTRICTED ​ GRANT DATE FAIR ​ SHARES VALUE Unvested, December 31, 2022 ​ 327 ​ $ 0.33 Vested ​ (245) ​ ​ 0.33 Unvested, March 31, 2023 82 ​ 0.33 ​ ​ ​ ​ ​ ​ ​
Schedule of recognized share-based compensation	The Company recognized share-based compensation as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ MARCH 31, ​ ​ 2023 2022 Research and development ​ $ 1,592 ​ $ 259 ​ General and administrative ​ 941 ​ 361 ​ Total share-based compensation ​ $ 2,533 ​ $ 620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net Loss Per Share
Summary of computation of basic and diluted net loss per share attributable to ordinary shareholders	The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ MARCH 31, ​ ​ ​ 2023 2022 ​ Numerator: ​ ​ Net loss attributable to ordinary shareholders ​ $ (17,975) ​ $ (13,081) ​ Denominator: ​ ​ ​ Weighted-average ordinary shares outstanding ​ 71,894 ​ 10,894 ​ Less: weighted-average unvested restricted ordinary shares subject to repurchase ​ (239) ​ (1,831) ​ Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted ​ 71,655 ​ 9,063 ​ Net loss per share attributable to ordinary shareholders, basic and diluted ​ $ (0.25) ​ $ (1.44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, ​ ​ ​ 2023 2022 ​ Redeemable convertible preferred shares — 58,863 Options to purchase ordinary shares 11,954 7,075 Ordinary share warrants — 135 Unvested restricted ordinary share awards 82 1,145 Total 12,036 67,218 ​ ​ ​ ​ ​ ​

Organization and Nature of th_2

Organization and Nature of the Business (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 07, 2023 USD ($) item $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Organization and Nature of the Business
Net proceeds | $		$ 172,296
Shares authorized | shares		500,000,000	432,982,000
Shares, par value | $ / shares		$ 0.0001	$ 0.0001
Accumulated deficit | $		$ (134,927)	$ (116,952)
Cash, cash equivalents and short-term investments | $		$ 240,900
IPO
Organization and Nature of the Business
Number of ADR's for each ordinary share | item	3
Net proceeds | $	$ 166,700
IPO | Ordinary shares
Organization and Nature of the Business
Shares issued | shares	67,018,087
Shares authorized | shares	500,000,000
Shares, par value | $ / shares	$ 0.0001
IPO | Designated shares
Organization and Nature of the Business
Shares authorized | shares	100,000,000
Shares, par value | $ / shares	$ 0.0001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Deferred offering costs	$ 0

Composition of Certain Consol_3

Composition of Certain Consolidated Financial Statement Line Items - Property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Property and equipment, gross	$ 1,380	$ 1,380
Less: Accumulated depreciation	(419)	(349)
Property and equipment, net	961	1,031
Laboratory equipment
Summary of Significant Accounting Policies
Property and equipment, gross	1,098	1,098
Furniture and fixtures
Summary of Significant Accounting Policies
Property and equipment, gross	115	115
Computer equipment and software
Summary of Significant Accounting Policies
Property and equipment, gross	58	58
Leasehold improvements
Summary of Significant Accounting Policies
Property and equipment, gross	$ 109	$ 109

Composition of Certain Consol_4

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 1,279	$ 3,544
Accrued research and development expenses	1,898	1,818
Accrued clinical expenses	1,146	438
Accrued professional services	804	313
Income tax and VAT payable	104	174
Accrued other liabilities	658	454
Total accrued expenses and other current liabilities	$ 5,889	$ 6,741

Fair Value Measurements - Level

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Total fair value of financial assets	$ 234,699	$ 83,744
Money market funds
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
Cash equivalents
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	25,568	11,763
U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	22,256	1,794
Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	66,545	51,193
Short-term investments
Fair Value Measurements
Total fair value of financial assets	114,369	64,750
Level 1
Fair Value Measurements
Total fair value of financial assets	145,898	30,757
Level 2
Fair Value Measurements
Total fair value of financial assets	88,801	52,987
Recurring | Money market funds
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
Recurring | Cash equivalents
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
Recurring | U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	25,568	11,763
Recurring | U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	22,256	1,794
Recurring | Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	66,545	51,193
Recurring | Short-term investments
Fair Value Measurements
Total fair value of financial assets	114,369	64,750
Recurring | Level 1 | Money market funds
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
Recurring | Level 1 | Cash equivalents
Fair Value Measurements
Total fair value of financial assets	120,330	18,994
Recurring | Level 1 | U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	25,568	11,763
Recurring | Level 1 | Short-term investments
Fair Value Measurements
Total fair value of financial assets	25,568	11,763
Recurring | Level 2 | U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	22,256	1,794
Recurring | Level 2 | Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	66,545	51,193
Recurring | Level 2 | Short-term investments
Fair Value Measurements
Total fair value of financial assets	$ 88,801	$ 52,987

Fair Value Measurements - Finan

Fair Value Measurements - Financial assets measured at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Amortized Cost	$ 234,552	$ 83,854
Unrealized Losses	(148)	(113)
Unrealized Gains	295	3
Total fair value of financial assets	234,699	83,744
Money market funds
Fair Value Measurements
Amortized Cost	120,330	18,994
Total fair value of financial assets	120,330	18,994
Cash equivalents
Fair Value Measurements
Amortized Cost	120,330	18,994
Total fair value of financial assets	120,330	18,994
U.S. government bonds
Fair Value Measurements
Amortized Cost	25,510	11,820
Unrealized Losses	(35)	(57)
Unrealized Gains	93
Total fair value of financial assets	25,568	11,763
U.S. government agency bonds
Fair Value Measurements
Amortized Cost	22,092	1,801
Unrealized Losses		(7)
Unrealized Gains	164
Total fair value of financial assets	22,256	1,794
Corporate debt securities
Fair Value Measurements
Amortized Cost	66,620	51,239
Unrealized Losses	(113)	(49)
Unrealized Gains	38	3
Total fair value of financial assets	66,545	51,193
Short-term investments
Fair Value Measurements
Amortized Cost	114,222	64,860
Unrealized Losses	(148)	(113)
Unrealized Gains	295	3
Total fair value of financial assets	$ 114,369	$ 64,750

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value Measurements
Allowance for credit losses	$ 0		$ 0
Impairment losses	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies.
2023	$ 171
Total undiscounted lease payments	171
Less: imputed interest	3
Total operating lease liability	168
Operating lease liabilities, current portion	$ 168	$ 260

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies.
Operating lease cost	$ 0.3	$ 0.3
Short term lease costs	$ 0.2	0.2
Weighted average remaining lease term	6 months
Weighted average discount rate	7.70%
Cash paid	$ 0.1	$ 0.1

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Shares - Schedule of redeemable convertible preferred shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Shares Authorized		67,018,087
Shares Issued		67,018,087
Shares Outstanding		67,018,087
Carrying Value		$ 199,975
Liquidation Value		$ 198,016
Series A redeemable convertible preferred shares
Temporary Equity [Line Items]
Shares Authorized	0	19,200,000
Original Issue Price		$ 1.6667
Shares Issued	0	19,200,000
Shares Outstanding	0	19,200,000	19,200,000	19,200,000
Carrying Value		$ 32,001
Liquidation Value	$ 0	$ 32,001
Series A+ redeemable convertible preferred shares
Temporary Equity [Line Items]
Shares Authorized	0	12,799,681
Original Issue Price		$ 2.0313
Shares Issued	0	12,799,681
Shares Outstanding	0	12,799,681	12,800,000	12,800,000
Carrying Value		$ 26,000
Liquidation Value	$ 0	$ 26,000
Series B redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Authorized	0	32,857,004
Original Issue Price		$ 4.0483
Shares Issued	0	32,857,004
Shares Outstanding	0	32,857,004	24,702,000	24,702,000
Carrying Value		$ 133,015
Liquidation Value	$ 0	$ 133,015
Series B1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Authorized	0	2,161,402
Original Issue Price		$ 3.2386
Shares Issued	0	2,161,402
Shares Outstanding	0	2,161,402	2,161,000	2,161,000
Carrying Value		$ 8,959
Liquidation Value	$ 0	$ 7,000

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Shares (Details)	Feb. 07, 2023 shares
Redeemable Convertible Preferred Shares
Shares converted	67,018,087

Shareholders' Equity - Summary

Shareholders' Equity - Summary of share option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
NUMBER OF SHARES AVAILABLE FOR GRANT
Beginning balance (in shares)	977
Additional shares authorized	12,000
Granted	(4,551)
Forfeited	183
Ending balance (in shares)	8,609	977
NUMBER OF SHARES UNDERLYING OUTSTANDING OPTIONS
Beginning balance (in shares)	7,612
Granted	4,551
Exercised	(26)
Forfeited	(183)
Ending balance (in shares)	11,954	7,612
Exercisable	3,090
Vested and expected to vest	11,954
WEIGHTED-AVERAGE EXERCISE PRICE
Beginning balance (in dollars per share)	$ 1.62
Exercise price per share	5.49
Exercised (in dollars per share)	1.21
Forfeited (in dollars per share)	2.69
Ending balance (in dollars per share)	3.07	$ 1.62
Exercisable (in dollars per share)	1.17
Vested and expected to vest (in dollars per share)	$ 3.07
WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM and AGGREGATE INTRINSIC VALUE
Outstanding	8 years 10 months 24 days	8 years 6 months 25 days
Exercisable	7 years 10 months 13 days
Vested and expected to vest	8 years 10 months 24 days
Outstanding	$ 58,066	$ 13,283
Exercisable	20,883
Vested and expected to vest	$ 58,066

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of restricted shares activity (Details) - Restricted Stock shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
NUMBER OF SHARES UNDERLYING OUTSTANDING RESTRICTED SHARES
Unvested, Beginning balance (in shares) | shares	327
Vested (in shares) | shares	(245)
Unvested, Ending balance (in shares) | shares	82
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested, Beginning balance (in dollars per share) | $ / shares	$ 0.33
Vested (in dollars per share) | $ / shares	0.33
Unvested, Ending balance (in dollars per share) | $ / shares	$ 0.33

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 2,533	$ 620
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,592	259
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 941	$ 361

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	May 31, 2023	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense			$ 2,533,000	$ 620,000
Ordinary shares, shares authorized			500,000,000		432,982,000
Undesignated shares, shares authorized			100,000,000		0
Ordinary shares, par value			$ 0.0001		$ 0.0001
Undesignated shares, par value			$ 0.0001		$ 0.0001
Dividends on ordinary shares			$ 0		$ 0
Total fair value of options vested			1,300,000	100,000
Total unrecognized compensation expense related to unvested shares options			$ 24,900,000
Remaining weighted-average vesting period			3 years 6 months
Non-voting ordinary shares | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued	7,410,518
SVB Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price			$ 0.48
Number of shares			112,279
Cashless Exercise of Warrants		106,060
SVB Agreement | Tranche A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares			44,567
SVB Agreement | Tranche B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares			22,283
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense related to unvested shares options			$ 100,000
Remaining weighted-average vesting period			1 month 6 days
Fair value of restricted shares vested			$ 100,000	$ 100,000
Stock Options | Employee | CHINA
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense			1,500,000
2023 Equity Incentive Plan | Performance Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense			$ 0
Number of shares reserved for issuance			1,200,000
Vesting period			4 years

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to ordinary shareholders	$ (17,975)	$ (13,081)
Denominator:
Weighted-average ordinary shares outstanding	71,894	10,894
Less: weighted-average unvested restricted ordinary shares subject to repurchase	(239)	(1,831)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	71,655	9,063
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	71,655	9,063
Net loss per share attributable to ordinary shareholders, basic	$ (0.25)	$ (1.44)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.25)	$ (1.44)

Net Loss Per Share - Outstandin

Net Loss Per Share - Outstanding Shares of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,036	67,218
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		58,863
Options to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	11,954	7,075
Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		135
Unvested restricted ordinary share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	82	1,145

Related Party Transactions (Det

Related Party Transactions (Details) - Schrodinger, Inc. - Software platform use for research purposes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Expenses for research purposes	$ 0	$ 200
Accounts payable	$ 0		$ 0

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		1 Months Ended
	May 11, 2023	May 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Ordinary shares, par value			$ 0.0001	$ 0.0001
Subsequent Event | Non-voting ordinary shares
Subsequent Event [Line Items]
Shares issued		7,410,518
Subsequent Event | Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS, L.P.
Subsequent Event [Line Items]
Percentage of issued share capital held by investors		5%
Common shares exchanged for newly issued shares	7,410,518
Subsequent Event | Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS, L.P. | Non-voting ordinary shares
Subsequent Event [Line Items]
Ordinary shares, par value	$ 0.0001
Shares issued	7,410,518