Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Lexeo Therapeutics, Inc. | |
Entity Central Index Key | 0001907108 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-41855 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4012572 | |
Entity Address, Address Line One | 345 Park Avenue South | |
Entity Address, Address Line Two | Floor 6 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | 212 | |
Local Phone Number | 547-9879 | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock ($0.0001 par value) | |
Trading Symbol | LXEO | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 33,061,004 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 174,981 | $ 121,466 |
Prepaid expenses and other current assets | 2,168 | 2,828 |
Total current assets | 177,149 | 124,294 |
Restricted cash | 3,252 | 3,252 |
Property and equipment, net | 1,205 | 1,056 |
Lease right-of-use assets - finance, net | 1,620 | 1,763 |
Lease right-of-use assets - operating | 8,781 | 9,442 |
Total assets | 192,007 | 139,807 |
Current liabilities: | ||
Accounts payable | 5,765 | 3,794 |
Accrued expenses and other current liabilities | 10,442 | 10,840 |
Current portion of lease liabilities - finance | 572 | 518 |
Current portion of lease liabilities - operating | 2,098 | 2,087 |
Total current liabilities | 18,877 | 17,239 |
Non-current liabilities | ||
Non-current portion of lease liabilities - finance | 1,043 | 1,247 |
Non-current portion of lease liabilities - operating | 7,139 | 7,786 |
Total liabilities | 27,059 | 26,272 |
Commitments and contingencies (Note 10) | ||
Stockholders' and members' deficit: | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized as of June 30, 2024; 33,054,253 shares issued and 33,039,911 shares outstanding as of June 30, 2024; 500,000,000 shares authorized as of December 31, 2023; 26,668,485 shares issued and 26,646,378 shares outstanding as of December 31, 2023 | 3 | 3 |
Treasury stock, at cost, 2,991 common shares at June 30, 2024 and 0 common shares at December 31, 2023 | (13) | |
Additional paid-in capital | 389,718 | 295,372 |
Accumulated deficit | (224,760) | (181,840) |
Total stockholders' equity | 164,948 | 113,535 |
Total liabilities and stockholders' equity | $ 192,007 | $ 139,807 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares issued | 33,054,253 | 26,668,485 |
Common stock, Outstanding | 33,039,911 | 26,646,378 |
Treasury stock, common shares | 2,991 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses | ||||
Research and development expenses | $ 16,560 | $ 11,236 | $ 32,302 | $ 27,674 |
General and administrative | 6,990 | 2,739 | 14,539 | 5,592 |
Total operating expenses | 23,550 | 13,975 | 46,841 | 33,266 |
Operating loss | (23,550) | (13,975) | (46,841) | (33,266) |
Other income and expense | ||||
Other income (expense), net | (1) | (3) | (6) | (7) |
Interest expense | (35) | (53) | (72) | (103) |
Interest income | 2,348 | 590 | 3,999 | 1,277 |
Total other income and expense | 2,312 | 534 | 3,921 | 1,167 |
Loss from operations before income taxes | (21,238) | (13,441) | (42,920) | (32,099) |
Net loss and comprehensive loss | $ (21,238) | $ (13,441) | $ (42,920) | $ (32,099) |
Net loss per common share, basic | $ (0.64) | $ (8.3) | $ (1.41) | $ (19.87) |
Net loss per common share, diluted | $ (0.64) | $ (8.3) | $ (1.41) | $ (19.87) |
Weighted average number of shares outstanding used in computation of net loss per common share, basic | 33,001,946 | 1,619,547 | 30,490,892 | 1,615,194 |
Weighted average number of shares outstanding used in computation of net loss per common share, diluted | 33,001,946 | 1,619,547 | 30,490,892 | 1,615,194 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit |
Temporary equity, balance, shares at Dec. 31, 2022 | 143,653,545 | |||||
Temporary equity, balance, value at Dec. 31, 2022 | $ 185,033 | |||||
Balance, shares at Dec. 31, 2022 | 1,607,185 | |||||
Balance, value at Dec. 31, 2022 | $ (112,954) | $ 2,492 | $ (115,446) | |||
Exercise of stock options, shares | 1,494 | |||||
Exercise of stock options, value | 12 | 12 | ||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, share | 5,325 | |||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, value | 21 | 21 | ||||
Stock-based compensation expense | 397 | 397 | ||||
Net loss | (18,658) | (18,658) | ||||
Temporary equity, balance, shares at Mar. 31, 2023 | 143,653,545 | |||||
Temporary equity, balance, value at Mar. 31, 2023 | $ 185,033 | |||||
Balance, shares at Mar. 31, 2023 | 1,614,004 | |||||
Balance, value at Mar. 31, 2023 | (131,182) | 2,922 | (134,104) | |||
Temporary equity, balance, shares at Dec. 31, 2022 | 143,653,545 | |||||
Temporary equity, balance, value at Dec. 31, 2022 | $ 185,033 | |||||
Balance, shares at Dec. 31, 2022 | 1,607,185 | |||||
Balance, value at Dec. 31, 2022 | (112,954) | 2,492 | (115,446) | |||
Net loss | (32,099) | |||||
Temporary equity, balance, shares at Jun. 30, 2023 | 143,653,545 | |||||
Temporary equity, balance, value at Jun. 30, 2023 | $ 185,033 | |||||
Balance, shares at Jun. 30, 2023 | 1,622,054 | |||||
Balance, value at Jun. 30, 2023 | (143,619) | 3,926 | (147,545) | |||
Temporary equity, balance, shares at Dec. 31, 2022 | 143,653,545 | |||||
Temporary equity, balance, value at Dec. 31, 2022 | $ 185,033 | |||||
Balance, shares at Dec. 31, 2022 | 1,607,185 | |||||
Balance, value at Dec. 31, 2022 | (112,954) | 2,492 | (115,446) | |||
Net loss | (66,400) | |||||
Balance, shares at Dec. 31, 2023 | 26,646,378 | |||||
Balance, value at Dec. 31, 2023 | 113,535 | $ 3 | 295,372 | (181,840) | ||
Temporary equity, balance, shares at Mar. 31, 2023 | 143,653,545 | |||||
Temporary equity, balance, value at Mar. 31, 2023 | $ 185,033 | |||||
Balance, shares at Mar. 31, 2023 | 1,614,004 | |||||
Balance, value at Mar. 31, 2023 | (131,182) | 2,922 | (134,104) | |||
Exercise of stock options, shares | 2,342 | |||||
Exercise of stock options, value | 9 | 9 | ||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase. Shares | 5,708 | |||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, Value | 26 | 26 | ||||
Stock-based compensation expense | 969 | 969 | ||||
Net loss | (13,441) | (13,441) | ||||
Temporary equity, balance, shares at Jun. 30, 2023 | 143,653,545 | |||||
Temporary equity, balance, value at Jun. 30, 2023 | $ 185,033 | |||||
Balance, shares at Jun. 30, 2023 | 1,622,054 | |||||
Balance, value at Jun. 30, 2023 | (143,619) | 3,926 | (147,545) | |||
Balance, shares at Dec. 31, 2023 | 26,646,378 | |||||
Balance, value at Dec. 31, 2023 | 113,535 | $ 3 | 295,372 | (181,840) | ||
Exercise of stock options, shares | 942 | |||||
Exercise of stock options, value | 10 | 10 | ||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, share | 1,916 | |||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities, value | 3 | 3 | ||||
Issuance of common stock upon private placement offering, Shares | 6,278,905 | |||||
Issuance of common stock upon private placement offering, Value | 88,753 | 88,753 | ||||
Stock-based compensation expense | 2,331 | 2,331 | ||||
Net loss | (21,682) | (21,682) | ||||
Balance, shares at Mar. 31, 2024 | 32,928,141 | |||||
Balance, value at Mar. 31, 2024 | 182,950 | $ 3 | 386,469 | (203,522) | ||
Balance, shares at Dec. 31, 2023 | 26,646,378 | |||||
Balance, value at Dec. 31, 2023 | 113,535 | $ 3 | 295,372 | (181,840) | ||
Net loss | (42,920) | |||||
Balance, shares at Jun. 30, 2024 | 33,039,911 | |||||
Balance, value at Jun. 30, 2024 | 164,948 | $ 3 | $ (13) | 389,718 | (224,760) | |
Balance, shares at Mar. 31, 2024 | 32,928,141 | |||||
Balance, value at Mar. 31, 2024 | 182,950 | $ 3 | 386,469 | (203,522) | ||
Exercise of stock options, shares | 108,912 | |||||
Exercise of stock options, value | 419 | 419 | ||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase. Shares | 5,849 | |||||
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, Value | 26 | 26 | ||||
Additional offering costs incurred related to issuance of common stock upon private placement offering | (42) | (42) | ||||
Treasury stock repurchase, Shares | (2,991) | |||||
Treasury stock repurchase, Value | (13) | (13) | ||||
Stock-based compensation expense | 2,846 | 2,846 | ||||
Net loss | (21,238) | (21,238) | ||||
Balance, shares at Jun. 30, 2024 | 33,039,911 | |||||
Balance, value at Jun. 30, 2024 | $ 164,948 | $ 3 | $ (13) | $ 389,718 | $ (224,760) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Commissions and Offering Costs | |
Net of issuance costs | $ 6,246 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (42,920) | $ (32,099) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Reduction in the carrying amount of ROU assets, operating | 661 | 629 |
Reduction in the carrying amount of ROU assets, finance | 165 | 148 |
Stock based compensation expense | 5,177 | 1,366 |
Depreciation and amortization expense | 146 | 116 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 660 | 336 |
Accounts payable | 1,698 | (864) |
Accrued expenses and other current liabilities | 19 | (587) |
Lease liabilities, operating | (636) | (611) |
Lease liabilities, finance | 11 | |
Net cash used in operating activities | (35,019) | (31,566) |
Cash flows from investing activities: | ||
Purchase of internal use software | (13) | |
Purchase of property and equipment | (398) | (39) |
Net cash used in investing activities | (411) | (39) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 429 | 21 |
Payments on finance leases | (183) | (213) |
Treasury stock repurchase | (13) | |
Proceeds from issuance of common stock upon private placement offering, net of commissions and offering costs | 88,712 | |
Net cash provided by (used in) financing activities | 88,945 | (192) |
Net change in cash, cash equivalents and restricted cash | 53,515 | (31,797) |
Cash, cash equivalents and restricted cash at beginning of period | 124,718 | 80,588 |
Cash, cash equivalents and restricted cash at end of period | 178,233 | 48,791 |
Supplemental disclosure of non-cash activities | ||
Offering costs included in accounts payable and accrued expenses | 389 | 796 |
Issuance costs related to convertible debt included in accounts payable and accrued expenses | 24 | |
(Property and equipment purchased in the prior period and paid in the current period), net of property and equipment purchased in the current period included in accounts payable and accrued expenses | (116) | 54 |
Finance lease right-of use assets and finance lease liabilities recognized | 22 | |
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, (net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities) | $ 28 | $ 47 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business —Lexeo Therapeutics, Inc. (the “Company”) is a clinical stage genetic medicine company with a focus on hereditary and acquired diseases of high unmet need. The Company’s investigational therapies have the potential to offer gene therapy-based treatments to address many diseases that have eluded today’s existing drug delivery platforms. The Company utilizes adeno-associated viruses (“AAV”) that have been engineered to transfer genes to patients. The Company’s therapeutic investigational treatments include gene therapies primarily in the early clinical and late pre-clinical stages of research and development. The Company is located in New York, NY and was first formed on February 17, 2017, as an LLC under the laws of the State of Delaware under the legal name Lexeo Therapeutics, LLC. The Company filed and executed a certificate of conversion to corporation on November 20, 2020, to convert the LLC to Lexeo Therapeutics, Inc, a Delaware corporation. All of the Company’s tangible assets are held in the United States (“U.S.”). Basis of Presentation and Principles of Consolidation —The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, and September 30. These unaudited condensed financial statements and accompanying notes reflect the operations of the Company that have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. These unaudited condensed financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023 (the “Annual Financial Statements”) included in the Company's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission on March 11, 2024. The unaudited condensed balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the periods presented have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, for any other interim period, or for any other future year. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company has no unconsolidated subsidiaries. Certain prior period balances have been reclassified to conform to the current period presentation. A 10.594230-for-1 reverse share split of the Company’s series A convertible preferred stock, series B convertible preferred stock, common stock, and options to purchase common stock under the Company’s 2021 Equity Incentive Plan (as defined in Note 8), as well as corresponding adjustments in the respective conversion prices of the series A convertible preferred stock and series B convertible preferred stock, was effected on October 13, 2023 as approved by the Company’s board of directors (the "Board of Directors") and its shareholders (the “Stock Split”). The Stock Split reduced the number of shares of the Company’s authorized, issued and outstanding common stock, as well as the numbers of shares reserved and available for future issuance and underlying outstanding options to purchase common stock under its 2021 Equity Incentive Plan, on a 10.594230-for-1 basis. As such, all references to series A convertible preferred stock and series B convertible preferred stock conversion ratios, conversion share and per share amounts, and post- conversion share and per share amounts, as well as common stock option, option per common share, common share and common per share amounts, in these unaudited condensed financial statements and accompanying notes have been retroactively restated to reflect the Stock Split and the Stock Split’s effect on the respective series A convertible preferred stock and series B convertible preferred stock conversion ratios for each series of convertible preferred stock. The Stock Split did not affect the par values per share. Need for Additional Capital —Since inception, the Company has incurred net losses and negative cash flows from operations, including net losses of $ 42.9 million and $ 66.4 million during the six months ended June 30, 2024 and the year ended December 31, 2023, respectively. As of June 30, 2024, the Company had cash and cash equivalents of $ 175.0 million and an accumulated deficit of $ 224.8 million and expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future. During the years ended December 31, 2021 and December 31, 2020, the Company raised aggregate total net proceeds of $ 185.0 million in connection with the issuance of series A and series B convertible preferred stock. During the year ended December 31, 2023 the Company raised $ 100.3 million of total net proceeds in connection with the closing of its initial public offering ("IPO") on November 7, 2023 and subsequent partial exercise of the underwriters' option to purchase additional shares, as well $ 3.9 million of net proceeds from the issuance of a convertible Simple Agreement for Future Equity (“SAFE”) note (the "SAFE Note") in August 2023. During the six months ended June 30, 2024, the Company received total net proceeds of $ 88.7 million after deducting underwriting commissions and offering expenses in a private placement offering of its common stock (see Note 7). Management estimates that the Company's current cash and cash equivalents balance is sufficient to fund its operations for at least 12 months from the issuance date of these unaudited condensed financial statements. If the Company is unable to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, if ever, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue plans to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Risks and Uncertainties —The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the ability to secure additional capital to fund operations, and commercial success of its product candidates. Any of the Company’s current product candidates and future product candidates that it may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance- reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies There have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Financial Statements. Use of Estimates —The preparation of the financial statements in accordance with U.S. 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 income and expense during the reporting period. The most significant estimates relate to the accruals of research and development costs, including accruals of research contract costs, and assumptions used to estimate the fair value of the Company’s stock option awards and, prior to its IPO, to determine the fair value of its common stock. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. Net Loss per Share— The Company follows the two-class method when computing net income (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred stock to be participating securities as, in the event a dividend is paid on common stock, the holders of these securities would be entitled to receive dividends on a basis consistent with the common stockholders. The Company also considers the shares issued upon the early exercise of stock options that are subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. There is no allocation required under the two-class method during periods of loss since the participating securities do not have a contractual obligation to share in the losses of the Company. Basic net income (loss) per common share is computed by dividing the net income (loss) per common share by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per common share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purposes of this calculation, shares of convertible preferred stock are considered potential dilutive common shares. In periods in which the Company reported a net loss, diluted net loss per common share was the same as basic net loss per common share since dilutive common shares were not assumed to have been issued if their effect was anti-dilutive. During (i) the three and six months ended June 30, 2023, 8,070,027 potential common shares related to the conversion of series A convertible preferred stock and 5,489,573 potential common shares related to the conversion of series B convertible preferred stock, which converted into 8,070,027 common shares and 6,386,337 common shares, respectively, in connection with the Company’s IPO on November 7, 2023 (see Note 7), and 1,873,093 potential common shares related to the exercise of outstanding stock options, and (ii) the three and six months ended June 30, 2024, 3,728,009 total potential common shares related to the exercise of outstanding stock options and settlement of outstanding restricted stock units ("RSUs") (see Note 8), were excluded from the computation of diluted net loss per common share because including them would have had an anti-dilutive effect as the Company reported net losses for those periods. Concentrations of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and restricted cash balances exceed Federal Deposit Insurance Corporation insurance limits, and the Company’s cash equivalents consist of investments in a U.S. government money market fund. The Company’s cash and cash equivalents and restricted cash is held with large financial institutions that management believes to be of high credit quality. To date, the Company has no t recognized any losses caused by uninsured balances. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is defined as 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. The three levels of inputs that may be used to measure fair value are as follows: Level 1 —Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities 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 related assets or liabilities. Level 3 —Inputs are unobservable inputs for the asset or liability. The Company’s cash equivalents consist of investments in a U.S. government money market fund stated at carrying value, which approximates fair value and is based on quoted prices in active markets for identical securities. Cash is stated at carrying value, which approximates fair value due to its short-term nature. The carrying values of the Company’s prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to their short-term nature. 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: As of June 30, 2024: Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market) $ 156,188 $ - $ - $ 156,188 $ 156,188 $ - $ - $ 156,188 As of December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market) $ 102,484 $ - $ - $ 102,484 $ 102,484 $ - $ - $ 102,484 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment The following is the summary of the Company’s property and equipment and related accumulated depreciation and amortization as of June 30, 2024 and December 31, 2023: Useful Life June 30, 2024 December 31, 2023 Internal use software 3 years $ 309 $ 296 Furniture and fixtures 5 years 380 380 Lab equipment 7 years 776 514 Leasehold improvements 7 years 267 247 Total property and equipment 1,732 1,437 Less: accumulated depreciation and amortization ( 527 ) ( 381 ) Total property and equipment, net $ 1,205 $ 1,056 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, 2024 December 31, 2023 Accrued research and development expenses $ 6,909 $ 6,384 Accrued bonus expenses 1,900 2,810 Accrued general and administrative expenses and other professional fees 872 1,092 Accrued personnel expenses 541 242 Taxes payable 36 157 Other current liabilities 184 155 Total accrued expenses and other current liabilities $ 10,442 $ 10,840 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 6. Leases Operating Lease Right-of-Use Asset In January 2022 , the Company entered into a lease agreement for an office facility and laboratory space in New York, New York that commenced in April 2022 and ends in July 2029 with an additional five-year option to extend the lease beyond July 2029 at the then-prevailing effective market rental rate . Upon commencement of this lease, the Company recorded operating lease right-of-use assets and operating lease liabilities of $ 11.6 million based on the present value of payments over the lease term using an estimated incremental borrowing rate of 8.53 % in accordance with the provisions of ASC Topic 842, Leases (“ASC 842”). In connection with the Company’s lease of office space and laboratory space, the Company provided a security deposit to the landlord in the form of a letter of credit totaling $ 1.2 million. The cash collateralizing the letter of credit was included in long-term restricted cash in the Company’s condensed balance sheets as of June 30, 2024 and December 31, 2023. This lease was classified as an operating lease in accordance with the provisions of ASC 842. The Company did no t recognize any right-of-use assets and lease liabilities associated with the potential option to renew or extend. The Company’s operating lease agreement does not contain any significant residual value guarantees or restrictive covenants. The remaining lease terms and payment terms as of June 30, 2024 and December 31, 2023 were 5.1 years and 5.6 years, respectively. The components of this operating lease were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease expense $ 537 $ 537 $ 1,074 $ 1,074 Variable lease expense 115 125 228 194 Total operating lease expense $ 652 $ 662 $ 1,302 $ 1,268 Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows $ 520 $ 507 $ 1,050 $ 1,055 The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each year ended December 31 to the operating lease liabilities recognized as of June 30, 2024: Years ended December 31 Operating 2024 $ 1,073 2025 2,152 2026 2,206 2027 2,261 2028 2,318 Thereafter 1,372 Total lease payments 11,382 Less: present value adjustment ( 2,145 ) Total operating lease liabilities $ 9,237 Included in the balance sheet: Current portion of lease liabilities - operating 2,098 Non-current portion of lease liabilities - operating 7,139 Total operating lease liabilities $ 9,237 Equipment Finance Leases Commencing in April 2022, the Company leases certain laboratory equipment under financing arrangements accounted for as finance leases in accordance with the provision of ASC 842 that are classified in the Company’s condensed balance sheet as finance lease liabilities with related right-of-use assets recorded and depreciated on a straight-line basis over the estimated useful life of 7 years. The total gross, accumulated amortization, and net book values of equipment finance lease right-of-use assets capitalized under such finance lease arrangements at June 30, 2024 were $ 2.2 million, $ 0.6 million and $ 1.6 million, respectively. Under the terms of the equipment finance lease agreements executed through the issuance of these unaudited condensed financial statements, the principal balances plus interest for the equipment are to be repaid in full after 60 monthly installments following lease commencement, with lease commencement dates ranging from April 1, 2022 to April 1, 2023 , annual imputed interest rates ranging from 7.90 % to 9.30 %, and monthly installment payment amounts ranging from approximately $ 4,000 to $ 18,000 . As of June 30, 2024, the total aggregate monthly installment payment amount was approximately $ 49,000 for equipment finance lease agreements executed through the issuance date of these unaudited condensed financial statements. The weighted-average remaining lease payment term, weighted-average remaining amortization term, and weighted-average effective interest rate for the Company's equipment finance lease agreements as of June 30, 2024 were 3.2 years, 5.3 years, and 8.58 %, respectively. The weighted-average remaining lease payment term, weighted-average remaining amortization term, and weighted-average effective interest rate for the Company's equipment finance lease agreements as of December 31, 2023 were 3.7 years, 5.7 years, and 8.59 %, respectively. The components of the equipment finance leases were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Reduction in the carrying amount of ROU assets, finance $ 80 $ 79 $ 165 $ 148 Interest on finance lease liabilities 23 43 60 93 Total finance lease expense $ 103 $ 122 $ 225 $ 241 Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows $ 74 $ 103 $ 183 $ 213 The following table provides a reconciliation of the Company’s remaining equipment finance lease obligations due within each year ending December 31 to the equipment finance lease liabilities recognized at June 30, 2024: Years ended December 31 Equipment Finance Leases 2024 $ 293 2025 587 2026 587 2027 359 2028 11 Total lease payments 1,837 Less: imputed interest ( 222 ) Total finance lease liabilities $ 1,615 Included in the balance sheet: Current portion of lease liabilities - finance 572 Non-current portion of lease liabilities - finance 1,043 Total finance lease liabilities $ 1,615 |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Capital Stock | 7. Capital Stock As of June 30, 2024 and December 31, 2023, the Company’s amended and restated certificate of incorporation provided that the authorized capital stock of the Company was 510,000,000 shares consisting of 500,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock, both with a par value of $ 0.0001 per share. As of June 30, 2024 and December 31, 2023, 33,054,253 shares and 26,668,485 shares, respectively, of the Company's common stock authorized were issued, including 14,342 shares and 22,107 shares, respectively, that were legally issued upon the early exercise of unvested stock options and that are excluded from the number of shares outstanding until the right to repurchase subsequently lapses upon vesting. The Company repurchased a total of 2,991 shares of common stock issued pursuant to the early exercise of stock options granted under the 2021 Plan for a total of approximately $ 13,000 during the three and six months ended June 30, 2024, which was recorded to treasury stock in the Company's condensed balance sheet (see Note 8). Each common share entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, if any, as may be declared by the Company’s Board of Directors. No cash dividends have been declared or paid by the Company. Upon the declaration of effectiveness of the Company’s IPO registration statement on November 2, 2023, the Company's outstanding convertible SAFE Note automatically converted into 411,815 shares of common stock. Upon the closing of the Company's IPO on November 7, 2023, the Company issued and sold 9,090,910 shares of its common stock, and subsequently, the underwriters partially exercised their associated 30-day option to purchase additional shares of common stock with 1,048,746 additional shares issued. The net proceeds to the Company from the IPO and subsequent partial exercise of the underwriters’ 30-day option to purchase additional shares were approximately $ 100.3 million based on the initial offering price of $ 11.00 per share, after deducting underwriting discounts, commissions and offering expenses totaling $ 11.3 million. Also upon the closing of the Company's IPO on November 7, 2023, all 85,495,722 then outstanding shares of the Company’s series A convertible preferred stock and all 58,157,823 then outstanding shares of the Company’s series B convertible preferred stock converted into 8,070,027 shares and 6,386,337 shares of common stock, respectively, including 896,764 shares of common stock issued as a result of series B convertible preferred stock antidilution provisions. On March 11, 2024, the Company entered into a common stock purchase agreement to issue and sell an aggregate of 6,278,905 shares of its common stock at a price of $ 15.13 per share, in a private placement that closed on March 13, 2024 (the "Private Placement"). The gross and net proceeds received from the Private Placement were approximately $ 95.0 million and $ 88.7 million, respectively, after deducting approximately $ 6.3 million of commissions and other offering costs. The Company had reserved the following number of shares of common stock for the exercise of outstanding stock options, settlement of outstanding RSUs, and future issuance of stock-based awards: June 30, December 31, 2023 Options to purchase shares of common stock under the 2021 Plan and 2023 Plan 3,459,309 2,415,740 RSUs subject to settlement in shares of common stock under the 2023 Plan 268,700 - Shares available for issuance under the 2023 Plan 2,207,329 2,293,816 Shares available for issuance under the 2023 ESPP 505,284 238,600 Total shares of common stock reserved for future issuance 6,440,622 4,948,156 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-based Compensation In February 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) for the issuance of stock options to the Company’s key directors, officers, employees and consultants, as a means to secure the benefits arising from capital stock ownership. In connection with the Company’s IPO in November 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Plan”) and the 2023 Employee Stock Purchase Plan (the "2023 ESPP" and collectively with the 2021 Plan and 2023 Plan, the “Plans”). The purposes of the Plans are to promote the alignment of the interests of key directors, officers, employees, and consultants with the success of the Company and to provide compensation opportunities to attract, retain and motivate directors, officers, employees, and consultants of the Company. The maximum number of shares of common stock that may be issued under the 2023 Plan is 4,737,000 shares, which is approximately the sum of (i) 1,803,980 new shares, plus (ii) the 2021 Plan’s available reserve, plus (iii) the number of returning shares, if any, upon the cancellation or forfeiture of equity awards that are outstanding under the 2021 Plan. In addition, the number of shares of common stock reserved for issuance under the 2023 Plan will automatically increase on January 1 of each year, beginning on January 1, 2024, and continuing through and including January 1, 2033, by 5 % of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares determined by the Company’s Board of Directors prior to the applicable January 1. The number of shares of common stock reserved for issuance under the 2023 ESPP will automatically increase on January 1 of each calendar year, beginning on January 1, 2024 and continuing through and including January 1, 2033, by the lesser of (i) 1 % of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, (ii) 477,200 shares and (iii) a number of shares determined by the Company’s Board of Directors. Shares subject to purchase rights granted under the 2023 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the 2023 ESPP. On January 1, 2024, the number of shares of common stock reserved for issuance under the 2023 Plan and the 2023 ESPP automatically increased by 1,333,424 shares and 266,684 shares, respectively, to totals of 3,720,103 shares and 505,284 shares, respectively. As of June 30, 2024, 2,207,329 shares and 505,284 shares were available for future issuance under the 2023 Plan and 2023 ESPP, respectively. No shares have been issued under the 2023 ESPP through June 30, 2024. Stock option activity Stock options granted under the 2021 Plan generally (i) are subject to requisite service requirements, (ii) vest over a four-year period with 25 % of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months , and (iii) allow for early exercise subject to repurchase. Stock options granted under the 2021 Plan to certain of the Company’s non-employees vest in equal monthly installments over a four-year period or vested upon the achievement of a certain milestone event. The Company repurchased a total of 2,991 shares of common stock issued pursuant to the early exercise of stock options granted under the 2021 Plan for a total of approximately $ 13,000 during the three and six months ended June 30, 2024, which was recorded to treasury stock in the Company's condensed balance sheet (see Note 7). Stock options granted under the 2023 Plan generally (i) are subject to requisite service requirements, and (ii) vest over a four-year period with 25 % of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months . Stock options granted under the 2023 Plan to certain of the Company's non-employees vest in equal annual installments over a three-year period or over a one-year period. The following table summarizes the stock option activity under the 2021 Plan and the 2023 Plan for the three months ended June 30, 2024 (weighted-average remaining contractual term (in years) is not stated in thousands): Number of Weighted- Weighted- Weighted- Aggregate Shares (per share) (per share) (in years) Value Outstanding as of December 31, 2023 2,415,740 $ 8.32 $ 5.80 7.83 $ 13,689 Granted 1,382,330 15.85 11.77 Exercised ( 109,854 ) 3.91 2.51 1,065 Forfeited ( 183,116 ) 10.40 7.59 Expired ( 45,791 ) 11.06 2.23 Outstanding as of June 30, 2024 3,459,309 $ 11.32 $ 8.24 8.52 $ 17,512 Vested options outstanding and exercisable as of June 30, 2024 1,037,611 $ 6.37 $ 4.34 7.21 $ 10,210 Unvested options outstanding and exercisable as of June 30, 2024 980,481 $ 10.16 $ 7.36 8.32 $ 5,976 Unvested options outstanding and unexercisable as of June 30, 2024 1,441,217 $ 15.68 $ 11.64 9.61 $ 1,326 The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2023 was $ 13.01 per share. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of stock options exercised during the six months ended June 30, 2023 was $ 12 . The total grant date fair values of stock options vested during the three months ended June 30, 2024 and June 30, 2023 were $ 0.7 million and $ 0.3 million, respectively. The total grant date fair values of stock options vested during the six months ended June 30, 2024 and June 30, 2023 were $ 1.6 million and $ 0.8 million, respectively. The Company estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis during the six months ended June 30, 2024 (not stated in thousands): Six Months Ended June 30, 2024 Weighted average risk-free interest rate 4.14 % Expected term (in years) 6.02 Expected volatility 85.83 % Expected dividend yield 0.00 % The expected dividend yield is 0.00 % as the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. RSU activity RSUs granted under the 2023 Plan generally (i) are subject to requisite service requirements, and (ii) vest over a four-year period with 25 % of the RSUs granted vesting after approximately one year and the remainder vesting in equal quarterly installments over the following nine quarters . The following table summarizes the RSU activity under the 2023 Plan for the six months ended June 30, 2024: Number of Weighted- Shares (per share) Unvested as of December 31, 2023 - $ - Granted 276,078 15.55 Vested - - Forfeited ( 7,378 ) 14.68 Unvested as of June 30, 2024 268,700 $ 15.58 Stock-based compensation expense Stock-based compensation expense was classified as follows in the Company’s unaudited condensed statements of operations and comprehensive loss: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development expense $ 1,437 $ 558 $ 2,520 $ 716 General and administrative expense 1,409 411 2,657 650 Total stock-based compensation expense $ 2,846 $ 969 $ 5,177 $ 1,366 As of June 30, 2024, there was $ 23.7 million of unrecognized stock-based compensation expense related to unvested stock options and RSUs estimated to be recognized over a weighted-average period of 1.49 years. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss per Share Basic and diluted net loss per common share attributable to common stockholders was calculated as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 21,238 ) $ ( 13,441 ) $ ( 42,920 ) $ ( 32,099 ) Denominator: Weighted-average common shares outstanding, basic and diluted 33,001,946 1,619,547 30,490,892 1,615,194 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.64 ) $ ( 8.30 ) $ ( 1.41 ) $ ( 19.87 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Leases —As of June 30, 2024, the Company had entered into commitments under lease agreements to rent laboratory and office space and finance equipment (see Note 6). Commitments —As of June 30, 2024, the Company had entered into commitments under license, acquisition, research collaboration and sponsored research agreements with third parties (see Note 11). In addition, the Company has entered into services agreements with third parties for pharmaceutical manufacturing and research activities in the normal course of business, which can generally be terminated by the Company with 30 - to 60 -days’ written notice, unless otherwise indicated. Further, certain of the Company’s manufacturing agreements could require early termination and wind-down payments due from the Company upon either the termination of its clinical trials or if the Company terminates such agreements for convenience. Contingencies —From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company recognizes any associated legal fees as incurred and accrues a liability for such contingent liability matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings, except that on October 12, 2023, Rocket Pharmaceuticals, Inc. (“Rocket”) filed a lawsuit in the U.S. District Court for the Southern District of New York against the Company and two individuals claiming, among other things, misappropriation of confidential information and trade secrets. The individual defendants are a current employee and a former employee of the Company’s analytical development team, both of whom were employed at Rocket before joining the Company in 2021. The complaint alleges the individual defendants downloaded confidential Rocket company documents and other proprietary materials prior to leaving Rocket in 2021 and that the Company used this information to advance its programs. The complaint seeks unspecified damages and asks the court to enjoin the Company from competing and working in the market for gene therapy treatments targeting cardiac diseases. The Company retained legal counsel to assist with its ongoing review of the allegations in Rocket’s complaint and is confident in its defenses to the allegations. On December 7, 2023, the Company filed a motion to dismiss the complaint, which is now fully briefed and pending before the court. While it is not possible to predict the outcome with certainty and an estimate of the possible loss cannot be made, the Company currently does not expect the final outcome will have a material adverse effect on its timelines for development of its product candidates. Indemnification Agreements —In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. For all periods presented, the Company has not incurred any material costs as a result of such indemnifications. |
License, Acquisition, Research
License, Acquisition, Research and Collaboration and Sponsored Research Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
License, Acquisition, Research and Collaboration and Sponsored Research Agreements | 11. License, Acquisition, Research and Collaboration and Sponsored Research Agreements Adverum Biotechnologies —On January 25, 2021, the Company entered into an exclusive license agreement with Adverum Biotechnologies Inc. (“Adverum”) to in-license materials and technology related to the treatment of cardiomyopathy due to Friedreich ataxia ("FA") (the “Adverum Agreement”). In connection with the Adverum Agreement, the Company gained access to a portfolio of inventions, patent rights, technology, and licensed methods that the Company continues to develop, and the Company will assume all development and commercialization activities worldwide. Pursuant to the Adverum Agreement, the Company paid a one-time up-front non-refundable fee of $ 7.5 million, and is obligated to pay aggregate development and regulatory milestones of up to $ 17.5 million including a $ 3.5 million development milestone that was achieved and paid in the first quarter of 2023, and aggregate sales event and commercialization milestones of up to $ 49.0 million. The Company is obligated to pay Adverum tiered royalties ranging from high single-digits to sub teens based on annual aggregate worldwide net sales of Products (as defined in the Adverum Agreement). As of June 30, 2024, there were no research and development expenses recorded by the Company or payments made to Adverum under the terms of the Adverum Agreement other than the one-time up-front non-refundable fee of $ 7.5 million and the $ 3.5 million development milestone that was achieved and paid in the first quarter of 2023. The Adverum Agreement remains in effect until termination at the date of the last royalty term to expire. The Company can terminate the Adverum Agreement with 120 days’ written notice. The Adverum Agreement can also be terminated as a result of a patent challenge, material breach of contractual terms, or insolvency by either party. Cornell University —On May 27, 2020, the Company entered into two exclusive license agreements with Cornell University (“Cornell”) (the “First Cornell License Agreement” and the “Second Cornell License Agreement,” collectively the “May 2020 Cornell License Agreements”). The First Cornell License Agreement is for the in-license of technology related to portfolios for APOE-associated Alzheimer’s disease and Anti-Tau, although the Company’s license is not restricted by such indications and it includes assignment to the Company of Cornell’s IND for the use of AAVrh10.hAPOE2 vector to treat APOE4 homozygous patients who are at risk for or have Alzheimer’s disease to support development of the Company’s LX1001 program. The Second Cornell License Agreement is for the in-license of technology related to a portfolio for FA although the Company’s license is not restricted by such indications, and it includes assignment to the Company of Cornell’s IND for the use of AAVrh.10cUhCLN2 to treat children with CLN2 Batten disease to support development of the Company’s LX1004 program. Through the May 2020 Cornell License Agreements, the Company gains access to a portfolio of inventions, patent rights, technology, and licensed methods that the Company continues to develop. Under the terms of the May 2020 Cornell License Agreements, the Company has assumed all development and commercialization activities worldwide with respect to the licensed technology. As initial consideration for the May 2020 Cornell License Agreements, the Company paid Cornell an upfront payment in cash of $ 0.3 million and issued $ 1.3 million of notes (“Notes”). In November 2020, Notes with outstanding principal of $ 1.3 million were cancelled in exchange for 1,337,610 shares of series A convertible preferred stock. As additional consideration, the Company is required to pay Cornell up to $ 8.4 million upon the achievement of specific clinical and regulatory milestones under the First Cornell License Agreement and up to $ 4.3 million in two portfolios and up to $ 0.6 million for a third portfolio upon the achievement of specific clinical and regulatory milestones under the Second Cornell License Agreement. In the second quarter of 2022, a clinical and regulatory milestone of $ 0.1 million was recognized and paid to Cornell in connection with the Second Cornell License Agreement. The Company is also required to pay Cornell a flat royalty in the mid-single-digits based on net sales of the products covered by the licenses, subject to certain adjustments. Upon expiration of the royalty term of a given licensed product in a country, the respective license becomes non-exclusive and royalty-free. In addition, each of the May 2020 Cornell License Agreements may be terminated by the Company for any reason upon ninety ( 90 ) days’ advance notice to Cornell and by Cornell upon the Company’s material uncured breach, and all licenses and rights granted by either party under such agreement will concurrently terminate. On April 21, 2024, the Company entered into the Third License Agreement (the “Third Cornell License Agreement,” together with the May 2020 Cornell License Agreements, the “Cornell License Agreements”) with Cornell. Pursuant to the Third Cornell License Agreement, Cornell has granted the Company an exclusive license to practice under certain patent rights generated in animal studies conducted by Cornell on behalf of the Company and a non-exclusive license to know-how concerning a gene therapy for FA cardiomyopathy and current and future data generated in an ongoing investigator-initiated Phase 1A trial of AAVrh.10hFXN to treat FA cardiomyopathy. Both licenses are worldwide and cover products with human and non-human prophylactic and therapeutic uses. Cornell has also granted the Company a right of reference to Cornell’s Investigation New Drug application for a gene therapy for FA cardiomyopathy. Under the Third Cornell License Agreement, the Company paid a license issue fee and an initial data transfer fee to Cornell totaling $ 0.6 million. Additionally, the Company will be paying an annual data transfer fee of $ 50,000 until data is no longer being gathered. The Company has agreed to pay annual license maintenance fees ranging from $ 2,500 to $ 25,000 until such time the Company commercializes a licensed product. In addition, the Company will pay Cornell up to an aggregate of $ 2.1 million in regulatory milestones and up to an aggregate of $ 100 million in commercial milestones, plus low single digit royalties on net sales. The Third Cornell License Agreement contains other customary license terms including terms related to sublicensing, development, commercialization, milestones, royalties, intellectual property, and termination. Upon expiration of the applicable royalty term for a product in a given country, the Company shall retain a non-exclusive, royalty free license to the data and know-how, including to continue selling such product in that country. Cornell may terminate the Third Cornell License Agreement if the Company (i) breaches the Third Cornell License Agreement (subject to a cure period), (ii) participates in any proceeding challenging the validity of the licensed patents, (iii) publishes the licensed data without Cornell’s prior written consent, or (iv) does not reach certain milestones. Cornell may also terminate the Third Cornell License Agreement in part on product-by-product basis if the Company does not diligently develop and sale a product. The Company may terminate the Third Cornell License Agreement, in whole or in part with respect to the right of reference, or the licensed data, know-how, or patent rights, with 90 days’ prior written notice to Cornell. During the three and six months ended June 30, 2023, the Company did no t incur or pay any research and development expenses in connection with the Cornell License Agreements. The Company incurred and paid $ 0.6 million and $ 0.6 million of research and development expenses to Cornell in connection with the Cornell License Agreements during the three and six months ended June 30, 2024, respectively. Stelios Therapeutics, Inc. —Stelios Therapeutics, Inc. (“Stelios”) was an early-stage company developing novel adeno-associated AAV-based gene therapies for rare cardiac conditions including arrhythmogenic cardiomyopathy and TNNI3-associated hypertrophic cardiomyopathy. On July 16, 2021 , the Company acquired 100 % of the outstanding stock of Stelios that was accounted for as an asset acquisition pursuant FASB ASC 805, Business Combinations . The Company is required to pay up to an aggregate of $ 20.5 million to the selling shareholders of Stelios upon the achievement of certain development milestones, including a $ 2.0 million development milestone that was achieved and paid in the third quarter of 2022. Regents of the University of California, San Diego —Stelios entered into exclusive worldwide license agreements on April 23, 2020, and August 6, 2020 (the “First UCSD Agreement” and the “Second UCSD Agreement”, respectively) with the Regents of UCSD to in-license materials and intellectual property related to gene therapies for arrhythmogenic right ventricular cardiomyopathy and hypertrophic cardiomyopathy, respectively. The First UCSD Agreement and the Second UCSD Agreement relate to the Company’s development efforts for its LX2021 and LX2022 programs, respectively. In connection with the First UCSD Agreement and the Second UCSD Agreement, the Company gained access to inventions, patent rights, technology, and licensed methods that it continues to develop, and it has assumed all worldwide development and commercialization activities with respect to the licensed technologies. The First UCSD Agreement and Second UCSD Agreement required Stelios to pay one-time up-front non-refundable cash fees of $ 20,000 for each agreement and requires the Company to pay aggregate development and commercialization milestones of up to $ 4.8 million and $ 2.4 million, respectively, and low- to mid-single digit royalties and low-single digit royalties, respectively, based on aggregate net sales. The only research and development expenses incurred by Stelios or the Company and payments made to the Regents of UCSD through June 30, 2024 under the terms of the First UCSD Agreement and the Second UCSD Agreement were the one-time up-front non-refundable cash fees of $ 20,000 for each agreement. The Company has the right to terminate the First UCSD Agreement and the Second UCSD Agreement at any time upon sixty ( 60 )-days’ written notice to the Regents of UCSD. On October 4, 2021, the Company entered into an exclusive worldwide license agreement (the “Third UCSD Agreement” and collectively with the First UCSD Agreement and the Second UCSD Agreement, the “UCSD Agreements”) with the Regents of UCSD to in-license materials and intellectual property related to LX2020, a gene therapy for arrhythmogenic right ventricular cardiomyopathy. The Third UCSD Agreement relates to the Company’s development efforts for its LX2020 program. In connection with the Third UCSD Agreement, the Company gained access to inventions, patent rights, technology, and licensed methods that it continues to develop, and it has assumed all worldwide development and commercialization activities with respect to the licensed technology. The Third UCSD Agreement required the Company to pay a one-time up-front non-refundable cash fee of $ 20,000 and requires the Company to pay aggregate development and commercialization milestones of up to $ 4.0 million, and low- to mid-single digit royalties based on aggregate net sales. The only research and development expenses incurred by the Company and payments made to the Regents of UCSD under the terms of the Third UCSD Agreement were the one-time up-front non-refundable cash fee of $ 20,000 . The Company has the right to terminate the Third UCSD Agreement at any time upon sixty ( 60 )-days’ written notice to the Regents of UCSD. On December 3, 2021, the Company entered into two sponsored research agreements with the Regents of UCSD (the "First UCSD SRA", the "Second UCSD SRA", and collectively, the “UCSD SRAs”) for the Company’s LX2020, LX2021 and LX2022 programs in connection with the UCSD Agreements. Under the terms of the UCSD SRAs, the Company has the first rights to obtain non-exclusive or exclusive, sublicensable, royalty-bearing, perpetual and transferable worldwide licenses in any resulting inventions owned by the Regents of UCSD or resulting inventions jointly owned between the Company and the Regents of UCSD, and the Company retains the rights to any resulting inventions owned by the Company. The UCSD SRAs each have a two-year term and may be terminated early by the Company at any time upon the giving of thirty ( 30 ) days’ written notice to the Regents of UCSD. The total costs to be invoiced to the Company over the terms of the UCSD SRAs are $ 5.6 million, of which the Company incurred $ 0.8 million and $ 1.1 million of research and development expenses during the three and six months ended June 30, 2023, respectively. The Company paid $ 0 and $ 0.2 million to the Regents of UCSD in connection with the UCSD SRAs during the three and six months ended June 30, 2023, respectively. The Company did no t incur any research and development expenses in connection with the UCSD SRAs during the three and six months ended June 30, 2024. The Company paid $ 0.2 million and $ 0.7 million to the Regents of UCSD in connection with the UCSD SRAs during the three and six months ended June 30, 2024, respectively. The Company has paid a cumulative total of $ 4.0 million to the Regents of UCSD as of June 30, 2024, in connection with the UCSD SRAs. On April 13, 2024, the Company entered into a third sponsored research agreement with the Regents of UCSD (the “Third UCSD SRA”) for the Company’s LX2022 program in connection with the Second UCSD Agreement. Under the terms of the Third UCSD SRA, the Company has the first rights to obtain non-exclusive or exclusive, sublicensable, royalty-bearing, perpetual and transferable worldwide licenses in any resulting inventions owned by the Regents of UCSD or resulting inventions jointly owned between the Company and the Regents of UCSD, and the Company retains the rights to any resulting inventions owned by the Company. The Third UCSD SRA has a two-year term and may be terminated early by the Company at any time upon the giving of thirty ( 30 ) days’ written notice to the Regents of UCSD. The costs to be invoiced to the Company over the term of the Third UCSD SRA are $ 0.7 million, and the Company may incur additional costs of $ 0.6 million under the Third UCSD SRA if certain study objectives are met. The Company also entered into an amendment to the Second UCSD SRA for the Company’s LX2022 program that extended the term of the Second UCSD SRA to December 2024. During the three and six months ended June 30, 2024, the Company incurred and paid a total of $ 0.3 million to the Regents of UCSD in connection with the Third UCSD SRA. On April 19, 2024, the Company entered into an amendment to the First UCSD SRA (as amended, the "Amended First UCSD SRA") for the Company’s LX2021 program in connection with the First UCSD Agreement. The Amended First UCSD SRA extends the term of the First UCSD SRA to December 2026 and provides for additional research and development studies and expenses. The total costs to be invoiced to the Company under the Amended First UCSD SRA are $ 0.8 million. During the three and six months ended June 30, 2024, the Company incurred a total of $ 0.4 million to the Regents of UCSD in connection with the Amended First UCSD SRA. The Company did not make any payments to the Regents of UCSD in connection with the Amended First UCSD SRA during the three and six months ended June 30, 2024. Weill Cornell Medical College —On February 2, 2021, the Company entered into a Research Collaboration Agreement with Weill Cornell Medical College (“WCM” and the “WCM Agreement”) in connection with the Cornell License Agreements entered on May 27, 2020. The Company committed to fund scientific research at WCM to investigate further and potentially enhance the technology licensed to the Company pursuant to the License Agreements. Under the terms of the WCM Agreement, each WCM invention, joint invention, and related joint results for which an Improvement, as defined in the WCM Agreement, applies and the Company has made an election to amend the Cornell License Agreements, the Company has the first option to negotiate in good faith with WCM for royalty- bearing, worldwide license, under Cornell patent rights, Cornell rights, and Cornell’s interest in joint patent rights, to develop, make, have made, use, offer for sale, sell, have sold, and import derived products in the field. During the three and six months ended June 30, 2023 the Company incurred $ 0.3 million and $ 0.9 million, respectively, of research and development costs and paid $ 0.3 million and $ 1.8 million, respectively, to Cornell in connection with the WCM Agreement. During the three and six months ended June 30, 2024 the Company did no t incur or pay any research and development expenses in connection with the WCM Agreement. Cumulatively, the Company has incurred and paid total research and development costs of $ 9.9 million to WCM in connection with the WCM Agreement as of June 30, 2024. The WCM Agreement expired in accordance with its terms in February 2024. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events Subsequent events have been evaluated through August 12, 2024, which is the date that these unaudited condensed financial statements were issued and were available to be issued. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates —The preparation of the financial statements in accordance with U.S. 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 income and expense during the reporting period. The most significant estimates relate to the accruals of research and development costs, including accruals of research contract costs, and assumptions used to estimate the fair value of the Company’s stock option awards and, prior to its IPO, to determine the fair value of its common stock. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. |
Net Loss per Share | Net Loss per Share— The Company follows the two-class method when computing net income (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred stock to be participating securities as, in the event a dividend is paid on common stock, the holders of these securities would be entitled to receive dividends on a basis consistent with the common stockholders. The Company also considers the shares issued upon the early exercise of stock options that are subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. There is no allocation required under the two-class method during periods of loss since the participating securities do not have a contractual obligation to share in the losses of the Company. Basic net income (loss) per common share is computed by dividing the net income (loss) per common share by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per common share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purposes of this calculation, shares of convertible preferred stock are considered potential dilutive common shares. In periods in which the Company reported a net loss, diluted net loss per common share was the same as basic net loss per common share since dilutive common shares were not assumed to have been issued if their effect was anti-dilutive. During (i) the three and six months ended June 30, 2023, 8,070,027 potential common shares related to the conversion of series A convertible preferred stock and 5,489,573 potential common shares related to the conversion of series B convertible preferred stock, which converted into 8,070,027 common shares and 6,386,337 common shares, respectively, in connection with the Company’s IPO on November 7, 2023 (see Note 7), and 1,873,093 potential common shares related to the exercise of outstanding stock options, and (ii) the three and six months ended June 30, 2024, 3,728,009 total potential common shares related to the exercise of outstanding stock options and settlement of outstanding restricted stock units ("RSUs") (see Note 8), were excluded from the computation of diluted net loss per common share because including them would have had an anti-dilutive effect as the Company reported net losses for those periods. |
Concentrations of Credit Risk | Concentrations of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and restricted cash balances exceed Federal Deposit Insurance Corporation insurance limits, and the Company’s cash equivalents consist of investments in a U.S. government money market fund. The Company’s cash and cash equivalents and restricted cash is held with large financial institutions that management believes to be of high credit quality. To date, the Company has no t recognized any losses caused by uninsured balances. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on 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: As of June 30, 2024: Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market) $ 156,188 $ - $ - $ 156,188 $ 156,188 $ - $ - $ 156,188 As of December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market) $ 102,484 $ - $ - $ 102,484 $ 102,484 $ - $ - $ 102,484 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Components of Operating Lease | The components of this operating lease were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease expense $ 537 $ 537 $ 1,074 $ 1,074 Variable lease expense 115 125 228 194 Total operating lease expense $ 652 $ 662 $ 1,302 $ 1,268 Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows $ 520 $ 507 $ 1,050 $ 1,055 |
Reconciliation of Remaining Undiscounted Contractual Rent Obligations | The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each year ended December 31 to the operating lease liabilities recognized as of June 30, 2024: Years ended December 31 Operating 2024 $ 1,073 2025 2,152 2026 2,206 2027 2,261 2028 2,318 Thereafter 1,372 Total lease payments 11,382 Less: present value adjustment ( 2,145 ) Total operating lease liabilities $ 9,237 Included in the balance sheet: Current portion of lease liabilities - operating 2,098 Non-current portion of lease liabilities - operating 7,139 Total operating lease liabilities $ 9,237 |
Components of Equipment Finance Leases | The components of the equipment finance leases were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Reduction in the carrying amount of ROU assets, finance $ 80 $ 79 $ 165 $ 148 Interest on finance lease liabilities 23 43 60 93 Total finance lease expense $ 103 $ 122 $ 225 $ 241 Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows $ 74 $ 103 $ 183 $ 213 |
Reconciliation of Remaining Equipment Finance Lease Obligations | The following table provides a reconciliation of the Company’s remaining equipment finance lease obligations due within each year ending December 31 to the equipment finance lease liabilities recognized at June 30, 2024: Years ended December 31 Equipment Finance Leases 2024 $ 293 2025 587 2026 587 2027 359 2028 11 Total lease payments 1,837 Less: imputed interest ( 222 ) Total finance lease liabilities $ 1,615 Included in the balance sheet: Current portion of lease liabilities - finance 572 Non-current portion of lease liabilities - finance 1,043 Total finance lease liabilities $ 1,615 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The following is the summary of the Company’s property and equipment and related accumulated depreciation and amortization as of June 30, 2024 and December 31, 2023: Useful Life June 30, 2024 December 31, 2023 Internal use software 3 years $ 309 $ 296 Furniture and fixtures 5 years 380 380 Lab equipment 7 years 776 514 Leasehold improvements 7 years 267 247 Total property and equipment 1,732 1,437 Less: accumulated depreciation and amortization ( 527 ) ( 381 ) Total property and equipment, net $ 1,205 $ 1,056 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, 2024 December 31, 2023 Accrued research and development expenses $ 6,909 $ 6,384 Accrued bonus expenses 1,900 2,810 Accrued general and administrative expenses and other professional fees 872 1,092 Accrued personnel expenses 541 242 Taxes payable 36 157 Other current liabilities 184 155 Total accrued expenses and other current liabilities $ 10,442 $ 10,840 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuances | The Company had reserved the following number of shares of common stock for the exercise of outstanding stock options, settlement of outstanding RSUs, and future issuance of stock-based awards: June 30, December 31, 2023 Options to purchase shares of common stock under the 2021 Plan and 2023 Plan 3,459,309 2,415,740 RSUs subject to settlement in shares of common stock under the 2023 Plan 268,700 - Shares available for issuance under the 2023 Plan 2,207,329 2,293,816 Shares available for issuance under the 2023 ESPP 505,284 238,600 Total shares of common stock reserved for future issuance 6,440,622 4,948,156 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the stock option activity under the 2021 Plan and the 2023 Plan for the three months ended June 30, 2024 (weighted-average remaining contractual term (in years) is not stated in thousands): Number of Weighted- Weighted- Weighted- Aggregate Shares (per share) (per share) (in years) Value Outstanding as of December 31, 2023 2,415,740 $ 8.32 $ 5.80 7.83 $ 13,689 Granted 1,382,330 15.85 11.77 Exercised ( 109,854 ) 3.91 2.51 1,065 Forfeited ( 183,116 ) 10.40 7.59 Expired ( 45,791 ) 11.06 2.23 Outstanding as of June 30, 2024 3,459,309 $ 11.32 $ 8.24 8.52 $ 17,512 Vested options outstanding and exercisable as of June 30, 2024 1,037,611 $ 6.37 $ 4.34 7.21 $ 10,210 Unvested options outstanding and exercisable as of June 30, 2024 980,481 $ 10.16 $ 7.36 8.32 $ 5,976 Unvested options outstanding and unexercisable as of June 30, 2024 1,441,217 $ 15.68 $ 11.64 9.61 $ 1,326 |
Summary of Following Assumptions Presented on Weighted Average Basis | The Company estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis during the six months ended June 30, 2024 (not stated in thousands): Six Months Ended June 30, 2024 Weighted average risk-free interest rate 4.14 % Expected term (in years) 6.02 Expected volatility 85.83 % Expected dividend yield 0.00 % |
Summary of RSU activity | The following table summarizes the RSU activity under the 2023 Plan for the six months ended June 30, 2024: Number of Weighted- Shares (per share) Unvested as of December 31, 2023 - $ - Granted 276,078 15.55 Vested - - Forfeited ( 7,378 ) 14.68 Unvested as of June 30, 2024 268,700 $ 15.58 |
Summary of Stock-Based Compensation Expenses | Stock-based compensation expense was classified as follows in the Company’s unaudited condensed statements of operations and comprehensive loss: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development expense $ 1,437 $ 558 $ 2,520 $ 716 General and administrative expense 1,409 411 2,657 650 Total stock-based compensation expense $ 2,846 $ 969 $ 5,177 $ 1,366 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share Attributable to Common Stockholders | Basic and diluted net loss per common share attributable to common stockholders was calculated as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 21,238 ) $ ( 13,441 ) $ ( 42,920 ) $ ( 32,099 ) Denominator: Weighted-average common shares outstanding, basic and diluted 33,001,946 1,619,547 30,490,892 1,615,194 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.64 ) $ ( 8.30 ) $ ( 1.41 ) $ ( 19.87 ) |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Nov. 07, 2023 | Oct. 13, 2023 | Aug. 31, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Reverse stock split | 10.594230-for-1 | ||||||||||
Net Loss | $ 21,238 | $ 21,682 | $ 13,441 | $ 18,658 | $ 42,920 | $ 32,099 | $ 66,400 | ||||
Cash and cash equivalents, including restricted cash | 174,981 | 174,981 | 121,466 | ||||||||
Accumulated deficit | $ (224,760) | $ (224,800) | (224,760) | $ (181,840) | |||||||
Proceeds from issuance of common stock | $ 100,300 | ||||||||||
Series A and Series B Convertible Preferred Stock [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Aggregate total net proceeds raised with issuance of convertible preferred stock | $ 185,000 | ||||||||||
SAFE [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Net proceeds | $ 3,900 | ||||||||||
IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Net proceeds | $ 100,300 | ||||||||||
Private Placement Offering [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Net proceeds | $ 88,700 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 85 Months Ended | ||||
Nov. 07, 2023 | Nov. 02, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Line Items] | |||||||
Loss recognized from uninsured balances | $ 0 | ||||||
SAFE | Common Stock | IPO | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of common shares on conversion of debt instrument | 411,815 | ||||||
Exercise of Outstanding Stock Options | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Antidilutive securities excluded from Computation of diluted net loss per common share | 1,873,093 | 1,873,093 | |||||
Exercise of Outstanding Stock Options | Restricted Stock Units [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Antidilutive securities excluded from Computation of diluted net loss per common share | 3,728,009 | 3,728,009 | |||||
Series A Convertible Preferred Stock | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Antidilutive securities excluded from Computation of diluted net loss per common share | 8,070,027 | 8,070,027 | |||||
Number of shares issued during the period upon conversion of convertible securities | 8,070,027 | ||||||
Series A Convertible Preferred Stock | Common Stock | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of shares issued during the period upon conversion of convertible securities | 8,070,027 | ||||||
Series B Convertible Preferred Stock | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Antidilutive securities excluded from Computation of diluted net loss per common share | 5,489,573 | 5,489,573 | |||||
Series B Convertible Preferred Stock | Common Stock | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of shares issued during the period upon conversion of convertible securities | 6,386,337 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 156,188 | $ 102,484 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 156,188 | 102,484 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 156,188 | 102,484 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 156,188 | $ 102,484 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,732 | $ 1,437 |
Less: accumulated depreciation and amortization | (527) | (381) |
Total property and equipment, net | 1,205 | 1,056 |
Internal Use Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 309 | 296 |
Useful Life | 3 years | |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 380 | 380 |
Useful Life | 5 years | |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 776 | 514 |
Useful Life | 7 years | |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 267 | $ 247 |
Useful Life | 7 years |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued research and development expenses | $ 6,909 | $ 6,384 |
Accrued bonus expenses | 1,900 | 2,810 |
Accrued general and administrative expenses and other professional fees | 872 | 1,092 |
Accrued personnel expenses | 541 | 242 |
Taxes payable | 36 | 157 |
Other current liabilities | 184 | 155 |
Total accrued expenses and other current liabilities | $ 10,442 | $ 10,840 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 60 Months Ended | ||||||
Apr. 01, 2023 | Apr. 01, 2022 USD ($) | Jul. 31, 2029 | Apr. 30, 2022 | Jan. 31, 2022 | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 31, 2034 | Aug. 01, 2029 USD ($) | Dec. 11, 2023 USD ($) Installment | |
Lessee, Lease, Description [Line Items] | ||||||||||
Operating lease commencement date | 2022-04 | |||||||||
Operating lease right-of-use assets | $ 8,781,000 | $ 9,442,000 | ||||||||
Operating lease liabilities | 9,237,000 | |||||||||
Net book values | $ 1,620,000 | $ 1,763,000 | ||||||||
Remaining lease terms | 5 years 1 month 6 days | 5 years 1 month 6 days | ||||||||
Remaining lease payment terms | 5 years 7 months 6 days | 5 years 7 months 6 days | ||||||||
Weighted average remaining lease payment term | 3 years 2 months 12 days | 3 years 8 months 12 days | ||||||||
Weighted average remaining amortization term | 5 years 3 months 18 days | 5 years 8 months 12 days | ||||||||
Weighted average effective interest rate | 8.58% | 8.59% | ||||||||
Office Facility and Laboratory Space | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating lease agreement entered date | 2022-01 | |||||||||
Operating lease end date | 2029-07 | |||||||||
Option to extend | additional five-year option to extend the lease beyond July 2029 at the then-prevailing effective market rental rate | |||||||||
Existence of option to extend | true | |||||||||
Operating lease right-of-use assets | $ 11,600,000 | |||||||||
Operating lease liabilities | $ 11,600,000 | |||||||||
Incremental borrowing rate | 8.53% | |||||||||
Office Facility and Laboratory Space | Scenario Forecast | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Renewal term | 5 years | |||||||||
Operating lease right-of-use assets | $ 0 | |||||||||
Operating lease liabilities | $ 0 | |||||||||
Office Facility and Laboratory Space | Letter of Credit | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Security deposit | $ 1,200,000 | |||||||||
Laboratory Equipment | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Estimated useful life | 7 years | |||||||||
Total gross | $ 2,200,000 | |||||||||
Accumulated amortization | 600,000 | |||||||||
Net book values | 1,600,000 | |||||||||
Number of monthly installments | Installment | 60 | |||||||||
Finance lease, commencement date range, start | Apr. 01, 2022 | |||||||||
Finance lease, commencement date range, end | Apr. 01, 2023 | |||||||||
Total aggregate monthly installment payment amount | $ 49,000 | |||||||||
Laboratory Equipment | Minimum | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Imputed interest rate | 7.90% | |||||||||
Monthly installment payment amounts | $ 4,000 | |||||||||
Laboratory Equipment | Maximum | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Imputed interest rate | 9.30% | |||||||||
Monthly installment payment amounts | $ 18,000 |
Leases - Components of Operatin
Leases - Components of Operating Lease (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease expense | $ 537 | $ 537 | $ 1,074 | $ 1,074 |
Variable lease expense | 115 | 125 | 228 | 194 |
Total operating lease expense | 652 | 662 | 1,302 | 1,268 |
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows | $ 520 | $ 507 | $ 1,050 | $ 1,055 |
Leases - Reconciliation of Rema
Leases - Reconciliation of Remaining Undiscounted Contractual Rent Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 1,073 | |
2025 | 2,152 | |
2026 | 2,206 | |
2027 | 2,261 | |
2028 | 2,318 | |
Thereafter | 1,372 | |
Total lease payments | 11,382 | |
Less: present value adjustment | (2,145) | |
Total operating lease liabilities | 9,237 | |
Included in the balance sheet: | ||
Current portion of lease liabilities - operating | 2,098 | $ 2,087 |
Non-current portion of lease liabilities - operating | $ 7,139 | $ 7,786 |
Leases - Components of Equipmen
Leases - Components of Equipment Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Reduction in the carrying amount of ROU assets, finance | $ 80 | $ 79 | $ 165 | $ 148 |
Interest on finance lease liabilities | 23 | 43 | 60 | 93 |
Total finance lease expense | 103 | 122 | 225 | 241 |
Cash paid for amounts included in the measurement of lease liabilities, included in financing cash flows | $ 74 | $ 103 | $ 183 | $ 213 |
Leases - Reconciliation of Re_2
Leases - Reconciliation of Remaining Equipment Finance Lease Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 293 | |
2025 | 587 | |
2026 | 587 | |
2027 | 359 | |
2028 | 11 | |
Total lease payments | 1,837 | |
Less: imputed interest | (222) | |
Total finance lease liabilities | 1,615 | |
Included in the balance sheet: | ||
Current portion of lease liabilities - finance | 572 | $ 518 |
Non-current portion of lease liabilities - finance | $ 1,043 | $ 1,247 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Mar. 11, 2024 | Nov. 07, 2023 | Nov. 02, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||||
Authorized capital stock | 510,000,000 | 510,000,000 | 510,000,000 | ||||
Common stock shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 33,054,253 | 33,054,253 | 26,668,485 | ||||
Common stock shares issued upon early exercise of unvested stock options | 14,342 | 14,342 | 22,107 | ||||
Dividends, common stock, cash | $ 0 | ||||||
Shares repurchased value | $ 13,000 | ||||||
Proceeds from issuance of common stock | $ 100,300,000 | ||||||
Gross proceeds from private placement | 88,712,000 | ||||||
2021 Plan | |||||||
Class of Stock [Line Items] | |||||||
Repurchase of shares | 2,991 | ||||||
Shares repurchased value | $ 13,000 | $ 13,000 | |||||
Series A Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Convertible preferred stock, shares outstanding | 85,495,722 | ||||||
Number of shares issued during the period upon conversion of convertible securities | 8,070,027 | ||||||
Series B Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Convertible preferred stock, shares outstanding | 58,157,823 | ||||||
Series B Convertible Preferred Stock | Antidilutive Securities | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued during the period upon conversion of convertible securities | 896,764 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Repurchase of shares | 2,991 | ||||||
Number of common shares issued and sold | 6,278,905 | ||||||
Common Stock | 2021 Plan | |||||||
Class of Stock [Line Items] | |||||||
Repurchase of shares | 2,991 | 2,991 | |||||
Shares repurchased value | $ 13,000 | $ 13,000 | |||||
Common Stock | Series A Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued during the period upon conversion of convertible securities | 8,070,027 | ||||||
Common Stock | Series B Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued during the period upon conversion of convertible securities | 6,386,337 | ||||||
IPO | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of common shares issued and sold | 9,090,910 | ||||||
Offering price per share | $ 11 | ||||||
Underwriting discounts, commissions and other offering expenses | $ 11,300,000 | ||||||
IPO | SAFE | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of common shares on conversion of debt instrument | 411,815 | ||||||
Over-Allotment Option | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of common shares issued and sold | 1,048,746 | ||||||
Private Placement | |||||||
Class of Stock [Line Items] | |||||||
Underwriting discounts, commissions and other offering expenses | $ 6,300,000 | ||||||
Gross proceeds from private placement | 95,000,000 | ||||||
Net proceeds from private placement | $ 88,700,000 | ||||||
Private Placement | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of common shares issued and sold | 6,278,905 | ||||||
Offering price per share | $ 15.13 |
Capital Stock - Schedule of Com
Capital Stock - Schedule of Common Stock Reserved for Future Issuances (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 6,440,622 | 4,948,156 |
2023 Plan | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 2,207,329 | 2,293,816 |
2023 ESPP | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 505,284 | 238,600 |
Restricted Stock Units [Member] | 2023 Plan | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 268,700 | |
Common Stock | 2021 Plan and 2023 Plan | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 3,459,309 | 2,415,740 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 33 Months Ended | 41 Months Ended | |||||
Nov. 07, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Nov. 07, 2023 | Jun. 30, 2024 | Jan. 01, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Common stock, shares reserved for issuance | 6,440,622 | 6,440,622 | 6,440,622 | 6,440,622 | 4,948,156 | |||||
Stock-based compensation expense | $ 5,177,000 | $ 1,366,000 | ||||||||
Unrecognized stock-based compensation expense | $ 23,700,000 | $ 23,700,000 | $ 23,700,000 | $ 23,700,000 | ||||||
Unrecognized compensation expense, weighted-average period of recognition | 1 year 5 months 26 days | |||||||||
Shares repurchased value | $ 13,000 | |||||||||
Common Stock | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Repurchase of shares | 2,991 | |||||||||
Employee Stock Option | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Weighted-average grant date fair value of stock options granted | $ 13.01 | |||||||||
Intrinsic value of stock options exercised | $ 12 | |||||||||
Total grant date fair values of options vested | $ 700,000 | $ 300,000 | $ 1,600,000 | $ 800,000 | ||||||
Expected dividend yields percentage | 0% | |||||||||
2021 Plan | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Repurchase of shares | 2,991 | |||||||||
Shares repurchased value | $ 13,000 | $ 13,000 | ||||||||
2021 Plan | Common Stock | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Repurchase of shares | 2,991 | 2,991 | ||||||||
Shares repurchased value | $ 13,000 | $ 13,000 | ||||||||
2021 Plan | Employee Stock Option | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Vesting period, percentage | 25% | |||||||||
2021 Plan | Employee Stock Option | Non-employee | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share based compensation payment description | vest over a four-year period with 25% of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months | |||||||||
2023 Plan | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Number of shares authorized | 4,737,000 | 4,737,000 | ||||||||
Common stock, shares reserved for issuance | 1,803,980 | 2,207,329 | 2,207,329 | 2,207,329 | 1,803,980 | 2,207,329 | 3,720,103 | |||
Percentage of automatically increase in available shares of common stock on beginning of each calendar year | 5% | |||||||||
Increase in aggregate number of shares of common stock reserved for issuance | 1,333,424 | |||||||||
2023 Plan | Restricted Stock Units [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Vesting period, percentage | 25% | |||||||||
Number of shares, granted | 276,078 | |||||||||
Share based compensation payment description | vest over a four-year period with 25% of the RSUs granted vesting after approximately one year and the remainder vesting in equal quarterly installments over the following nine quarters | |||||||||
2023 Plan | Employee Stock Option | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Vesting period, percentage | 25% | |||||||||
Share based compensation payment description | vest over a four-year period with 25% of the options granted vesting after one year and the remainder vesting in equal monthly installments over the following 36 months | |||||||||
2023 Plan | Employee Stock Option | Maximum | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
2023 Plan | Employee Stock Option | Minimum | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
2023 ESPP | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Common stock, shares reserved for issuance | 505,284 | 505,284 | 505,284 | 505,284 | 505,284 | |||||
Number of shares automatically increase in available shares of common stock under plan | 477,200 | |||||||||
Increase in aggregate number of shares of common stock reserved for issuance | 266,684 | |||||||||
Number of shares available for future grants | 0 | 0 | 0 | 0 | ||||||
2023 ESPP | Maximum | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Percentage of automatically increase in available shares of common stock on beginning of each calendar year | 1% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted average grant date fair value, granted | $ 13.01 | ||
Aggregate intrinsic value, exercised | $ 12 | ||
2021 Plan and 2023 Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares outstanding, beginning | 2,415,740 | ||
Granted, shares | 1,382,330 | ||
Exercised, shares | (109,854) | ||
Forfeited, shares | (183,116) | ||
Expired, shares | (45,791) | ||
Number of shares outstanding, ending | 3,459,309 | 2,415,740 | |
Number of shares, vested and exercisable | 1,037,611 | ||
Number of shares, unvested and exercisable | 980,481 | ||
Number of shares, unvested and unexercisable | 1,441,217 | ||
Weighted average exercise price, beginning balance | $ 8.32 | ||
Weighted average exercise price, granted | 15.85 | ||
Weighted average exercise price, exercised | 3.91 | ||
Weighted average exercise price, forfeited | 10.40 | ||
Weighted average exercise price, Expired | 11.06 | ||
Weighted average exercise price, ending balance | 11.32 | $ 8.32 | |
Weighted average exercise price, vested and exercisable | 6.37 | ||
Weighted average exercise price, unvested and exercisable | 10.16 | ||
Weighted average exercise price, unvested and unexercisable | 15.68 | ||
Weighted average grant date fair value, beginning | 5.80 | ||
Weighted average grant date fair value, granted | 11.77 | ||
Weighted average grant date fair value, exercised | 2.51 | ||
Weighted average grant date fair value, forfeited | 7.59 | ||
Weighted average grant date fair value, expired | 2.23 | ||
Weighted average grant date fair value, ending | 8.24 | $ 5.80 | |
Weighted average grant date fair value, vested and exercisable | 4.34 | ||
Weighted average grant date fair value, Unvested and exercisable | 7.36 | ||
Weighted average grant date fair value, Unvested and unexercisable | $ 11.64 | ||
Weighted average remaining contractual term | 8 years 6 months 7 days | 7 years 9 months 29 days | |
Weighted average remaining contractual term, vested and exercisable | 7 years 2 months 15 days | ||
Weighted average remaining contractual term, unvested and exercisable | 8 years 3 months 25 days | ||
Weighted average remaining contractual term, unvested and unexercisable | 9 years 7 months 9 days | ||
Aggregate intrinsic value, beginning | $ 13,689,000 | ||
Aggregate intrinsic value, exercised | 1,065,000 | ||
Aggregate intrinsic value, ending | 17,512,000 | $ 13,689,000 | |
Aggregate intrinsic value, vested and exercisable | 10,210,000 | ||
Aggregate intrinsic value, unvested and exercisable | 5,976,000 | ||
Aggregate intrinsic value, unvested and unexercisable | $ 1,326,000 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Following Assumptions Presented on Weighted Average Basis (Details) - Employee Stock Option | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average risk-free interest rate | 4.14% |
Expected term (in years) | 6 years 7 days |
Expected volatility | 85.83% |
Expected dividend yield | 0% |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of RSU activity (Details) - Restricted Stock Units [Member] - 2023 Plan | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares, granted | shares | 276,078 |
Number of shares, forfeited | shares | (7,378) |
Number of shares unvested, ending balance | shares | 268,700 |
Weighted average grant date fair value, granted | $ / shares | $ 15.55 |
Weighted average grant date fair value, unvested, forfeited | $ / shares | 14.68 |
Weighted-average grant date fair value, unvested, ending balance | $ / shares | $ 15.58 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 2,846 | $ 969 | $ 5,177 | $ 1,366 |
Research and development expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,437 | 558 | 2,520 | 716 |
General and administrative expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,409 | $ 411 | $ 2,657 | $ 650 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Numerator: | |||||||
Net loss attributable to common stockholders | $ (21,238) | $ (21,682) | $ (13,441) | $ (18,658) | $ (42,920) | $ (32,099) | $ (66,400) |
Denominator: | |||||||
Weighted-average common shares outstanding, basic | 33,001,946 | 1,619,547 | 30,490,892 | 1,615,194 | |||
Weighted-average common shares outstanding, diluted | 33,001,946 | 1,619,547 | 30,490,892 | 1,615,194 | |||
Net loss per share attributable to common stockholders, basic | $ (0.64) | $ (8.3) | $ (1.41) | $ (19.87) | |||
Net loss per share attributable to common stockholders, diluted | $ (0.64) | $ (8.3) | $ (1.41) | $ (19.87) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Third Parties for Pharmaceutical Manufacturing and Research Activities | 6 Months Ended |
Jun. 30, 2024 | |
Maximum | |
Loss Contingencies [Line Items] | |
Termination notice period (in days) | 60 days |
Minimum | |
Loss Contingencies [Line Items] | |
Termination notice period (in days) | 30 days |
License, Acquisition, Researc_2
License, Acquisition, Research and Collaboration and Sponsored Research Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 31 Months Ended | 41 Months Ended | |||||||||||||||
Apr. 21, 2024 USD ($) | Apr. 19, 2024 USD ($) | Apr. 13, 2024 USD ($) | Dec. 03, 2021 USD ($) IntegerItem | Oct. 04, 2021 USD ($) | Jul. 16, 2021 USD ($) | Jan. 25, 2021 USD ($) | Aug. 06, 2020 USD ($) | May 27, 2020 USD ($) IntegerItem | Apr. 23, 2020 USD ($) | Nov. 30, 2020 USD ($) shares | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Research and development expenses | $ 16,560,000 | $ 11,236,000 | $ 32,302,000 | $ 27,674,000 | ||||||||||||||||
Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Asset acquisition date of acquisition | Jul. 16, 2021 | |||||||||||||||||||
Asset acquisition percentage of outstanding stock acquisition | 100% | |||||||||||||||||||
Payment to selling shareholders | $ 2,000,000 | |||||||||||||||||||
Maximum | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Payment to selling shareholders | $ 20,500,000 | |||||||||||||||||||
Adverum License Agreement | Adverum Biotechnologies Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fee paid | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||
Development milestone paid | $ 3,500,000 | |||||||||||||||||||
Royalty payments description | The Company is obligated to pay Adverum tiered royalties ranging from high single-digits to sub teens based on annual aggregate worldwide net sales of Products (as defined in the Adverum Agreement). | |||||||||||||||||||
Research and development expenses | $ 0 | |||||||||||||||||||
License agreement termination notice period | 120 days | |||||||||||||||||||
Adverum License Agreement | Adverum Biotechnologies Inc | Maximum | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Development and regulatory milestones due | $ 17,500,000 | |||||||||||||||||||
Commercialization milestones due | $ 49,000,000 | |||||||||||||||||||
Cornell License Agreements | Cornell University | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
License agreement termination notice period | 90 days | |||||||||||||||||||
Number of license agreements | IntegerItem | 2 | |||||||||||||||||||
Upfront payment in cash | $ 300,000 | |||||||||||||||||||
Notes issued | 1,300,000 | |||||||||||||||||||
Notes with outstanding principal exchanged | $ 1,300,000 | |||||||||||||||||||
Cornell License Agreements | Cornell University | Series A Convertible Preferred Stock | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Shares issued on debt exchanged | shares | 1,337,610 | |||||||||||||||||||
First Cornell License Agreements | Cornell University | Maximum | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Specific clinical and regulatory milestones due | 8,400,000 | |||||||||||||||||||
Second Cornell License Agreements | Cornell University | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Clinical and regulatory milestone paid | $ 100,000 | |||||||||||||||||||
Second Cornell License Agreements | Cornell University | Maximum | Two Portfolios | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Specific clinical and regulatory milestones due | 4,300,000 | |||||||||||||||||||
Second Cornell License Agreements | Cornell University | Maximum | Third Portfolio | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Specific clinical and regulatory milestones due | $ 600,000 | |||||||||||||||||||
Third Cornell License Agreements | Cornell University | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Research and development expenses | 600,000 | 0 | 600,000 | 0 | ||||||||||||||||
License agreement termination notice period | 90 days | |||||||||||||||||||
License fee and initial data transfer fee | $ 600,000 | |||||||||||||||||||
Annual data transfer fee | 50,000 | |||||||||||||||||||
Third Cornell License Agreements | Cornell University | Minimum | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Annual license maintenance fees | 2,500 | |||||||||||||||||||
Third Cornell License Agreements | Cornell University | Maximum | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Commercialization milestones due | 100,000,000 | |||||||||||||||||||
Annual license maintenance fees | 25,000 | |||||||||||||||||||
Regulatory milestone to be paid | $ 2,100,000 | |||||||||||||||||||
First UCSD License Agreement | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fee paid | $ 20,000 | $ 20,000 | ||||||||||||||||||
License agreement termination notice period | 60 days | |||||||||||||||||||
First UCSD License Agreement | Stelios Therapeutics Inc | Research and Development Expense | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fees | $ 20,000 | |||||||||||||||||||
First UCSD License Agreement | Maximum | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Development and commercialization milestones due | $ 4,800,000 | |||||||||||||||||||
Second UCSD License Agreement | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
License agreement termination notice period | 60 days | |||||||||||||||||||
Second UCSD License Agreement | Stelios Therapeutics Inc | Research and Development Expense | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fees | $ 20,000 | |||||||||||||||||||
Second UCSD License Agreement | Maximum | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Development and commercialization milestones due | $ 2,400,000 | |||||||||||||||||||
Third UCSD License Agreement | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Additional costs incurred for research | $ 600,000 | |||||||||||||||||||
Research agreement term | 2 years | |||||||||||||||||||
Research agreement termination notice period | 30 days | |||||||||||||||||||
Costs incurred for research | $ 700,000 | |||||||||||||||||||
Payment to research and development | 300,000 | $ 300,000 | ||||||||||||||||||
Third UCSD License Agreement | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fee paid | $ 20,000 | |||||||||||||||||||
License agreement termination notice period | 60 days | |||||||||||||||||||
Development and commercialization milestones description | the Company to pay aggregate development and commercialization milestones of up to $4.0 million, and low- to mid-single digit royalties based on aggregate net sales. | |||||||||||||||||||
Third UCSD License Agreement | Stelios Therapeutics Inc | Research and Development Expense | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
One-time up-front non-refundable fees | $ 20,000 | |||||||||||||||||||
Third UCSD License Agreement | Maximum | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Development and commercialization milestones due | $ 4,000,000 | |||||||||||||||||||
Amended First UCSD Agreement | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Research and development expenses | 400,000 | $ 400,000 | ||||||||||||||||||
Costs incurred for research | $ 800,000 | |||||||||||||||||||
UCSD Sponsored Research Agreements | Stelios Therapeutics Inc | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Research and development expenses | 0 | 800,000 | 0 | 1,100,000 | ||||||||||||||||
Number of research agreements | IntegerItem | 2 | |||||||||||||||||||
Research agreement term | 2 years | |||||||||||||||||||
Research agreement termination notice period | 30 days | |||||||||||||||||||
Costs incurred for research | $ 5,600,000 | |||||||||||||||||||
Payment to research and development | 200,000 | 0 | 700,000 | 200,000 | $ 4,000,000 | |||||||||||||||
Research Collaboration Agreement | Weill Cornell Medical College | ||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||||||
Research and development expenses | 0 | 300,000 | 0 | 900,000 | ||||||||||||||||
Payment to research and development | $ 0 | $ 300,000 | $ 0 | $ 1,800,000 | $ 9,900,000 |