0000950170-24-033461 | 10-K | XBRL Viewer

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

8. Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023			2022
Numerator:
Net loss	$	(69,134	)	$	(55,325	)
Denominator:
Weighted-average common shares outstanding		42,882,832			42,627,825
Less: weighted-average unvested restricted common stock subject to repurchase		(2,393	)		(269,174	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(175,563	)		(474,746	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,704,876			41,883,904
Net loss per share, basic and diluted	$	(1.62	)	$	(1.32	)

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive.


	As of December 31,
	2023		2022
Unvested restricted common stock subject to repurchase		—		3,828
Unvested common stock upon early exercise of stock options		74,421		277,081
Options to purchase common stock		8,276,442		5,890,869
Estimated shares purchasable under the ESPP		27,035		19,481
		8,377,898		6,191,259

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year Ended December 31,
	2023			2022
Expected tax benefit at statutory rate	$	(14,518	)	$	(11,618	)
State income tax, net of federal benefit		(67	)		(58	)
Officers compensation		389			598
Permanent items and other		1			(120	)
Stock Compensation		(375	)		827
Research credits		(3,345	)		(2,093	)
Change in valuation allowance		17,915			12,466
Provision for income taxes	$	—		$	2

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	14,126		$	11,596
Capitalized research and development		16,906			7,097
Tax credits		6,412			2,958
Stock compensation		2,871			1,016
Other, net		2,248			1,090
Total deferred tax assets		42,563			23,757
Valuation allowance		(40,920	)		(23,085	)
Deferred tax assets, net of valuation allowance		1,643			672
Deferred tax liabilities:
Depreciation		(266	)		(151	)
Right of use assets		(1,377	)		(521	)
Total deferred tax liabilities		(1,643	)		(672	)
Net deferred tax assets / (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023 and 2022, respectively (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance at January 1	$	1,574	$	1,142
Additions related to current year positions		605		366
Additions related to prior year positions		827		66
Ending balance at December 31	$	3,006	$	1,574

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,006	$ 251,213
Marketable securities	145,463	0
Prepaid and other current assets	8,202	6,075
Total current assets	211,671	257,288
Restricted cash	1,000	1,000
Property and equipment, net	1,628	1,077
Right-of-use asset	6,526	2,466
Other long-term assets	5,032	4,350
Total assets	225,857	266,181
Current liabilities:
Accounts payable	4,662	1,145
Lease liabilities, current	280	140
Accrued and other current liabilities (including related party amounts of $0 and $59, respectively)	10,391	4,416
Total current liabilities	15,333	5,701
Lease liabilities, noncurrent	6,216	2,482
Other long-term liabilities	46	169
Total liabilities	21,595	8,352
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; no shares issued and outstanding at December 31, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at December 31, 2023 and December 31, 2022; 43,055,393 and 42,634,459 shares issued at December 31, 2023 and December 31, 2022, respectively, and 42,928,884 and 42,353,550 shares outstanding at December 31, 2023 and December 31, 2022, respectively.	4	4
Additional paid-in capital	368,707	353,521
Accumulated other comprehensive income	381	0
Accumulated deficit	(164,830)	(95,696)
Total stockholders' equity	204,262	257,829
Total liabilities and stockholders' equity	$ 225,857	$ 266,181

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 301,737	$ 4	$ 342,104		$ (40,371)
Beginning balance (in shares) at Dec. 31, 2021		41,441,135
Issuance of common stock for stock option exercises (Shares)		98,276
Issuance of common stock for stock option exercises	632		632
Vesting of shares of common stock subject to repurchase	197		197
Vesting of shares of common stock subject to repurchase, Shares		814,139
Stock-based compensation	10,588		10,588
Net Income (Loss)	(55,325)				(55,325)
Ending balance at Dec. 31, 2022	$ 257,829	$ 4	353,521		(95,696)
Ending balance (in shares) at Dec. 31, 2022		42,353,550
Issuance of common stock for stock option exercises (Shares)	408,209
Issuance of common stock under benefit plans	$ 1,537		1,537
Issuance of common stock under benefit plans, Shares		464,596
Vesting of shares of common stock subject to repurchase	124		124
Vesting of shares of common stock subject to repurchase, Shares		206,488
Stock-based compensation	13,525		13,525
Unrealized gain on marketable securities available-for-sale, net	384
Unrealized gain on marketable securities available-for-sale, net	381			$ 381
Net Income (Loss)	(69,134)				(69,134)
Ending balance at Dec. 31, 2023	$ 204,262	$ 4	$ 368,707	$ 381	$ (164,830)
Ending balance (in shares) at Dec. 31, 2023		43,024,634

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (69,134)	$ (55,325)
Denominator:
Weighted average common shares outstanding	42,882,832	42,627,825
Less: weighted-average unvested restricted common stock subject to repurchase	(2,393)	(269,174)
Less: weighted average unvested common stock issued upon early exercise of common stock options	(175,563)	(474,746)
Weighted - average shares used to compute net loss per common share - basic	42,704,876	41,883,904
Weighted - average shares used to compute net loss per common share - diluted	42,704,876	41,883,904
Net loss per share, basic	$ (1.62)	$ (1.32)
Net loss per share, diluted	$ (1.62)	$ (1.32)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes


	Year Ended December 31,
	2023			2022
Expected tax benefit at statutory rate	$	(14,518	)	$	(11,618	)
State income tax, net of federal benefit		(67	)		(58	)
Officers compensation		389			598
Permanent items and other		1			(120	)
Stock Compensation		(375	)		827
Research credits		(3,345	)		(2,093	)
Change in valuation allowance		17,915			12,466
Provision for income taxes	$	—		$	2

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	14,126		$	11,596
Capitalized research and development		16,906			7,097
Tax credits		6,412			2,958
Stock compensation		2,871			1,016
Other, net		2,248			1,090
Total deferred tax assets		42,563			23,757
Valuation allowance		(40,920	)		(23,085	)
Deferred tax assets, net of valuation allowance		1,643			672
Deferred tax liabilities:
Depreciation		(266	)		(151	)
Right of use assets		(1,377	)		(521	)
Total deferred tax liabilities		(1,643	)		(672	)
Net deferred tax assets / (liabilities)	$	—		$	—

The Company has established a valuation allowance against its net deferred tax assets due to the uncertainty surrounding the realization of such assets. The Company periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced. The Company has recorded a full valuation allowance of $40.9 million as of December 31, 2023 as management cannot conclude that it is more likely than not that certain deferred tax assets will be realized primarily due to the history of losses from inception. The Company increased its valuation allowance by approximately $17.8 million during the year ended December 31, 2023.

At December 31, 2023, the Company had federal and state tax loss carry forwards of approximately $58.0 million and $44.1 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017, for U.S. income tax purposes, net operating losses generated after December 31, 2017 can be carried forward indefinitely, but are limited to 80% utilization against future taxable income each year. Of the amount of federal and state net operating loss carryforwards, $45.9 million and $1.2 million, respectively, can be carried forward indefinitely. Unless previously utilized, certain state net operating losses will begin to expire in 2038.

In accordance with the 2017 Tax Cuts and Jobs Act, research and experimental (R&E) expenses under Internal Revenue Code (IRC) Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of five years for domestic expenses and 15 years for foreign expenses. The Company has capitalized R&E expenses in its current tax provision pursuant to the IRC Section 174.

At December 31, 2023, the Company has federal and California research and development tax credits of $6.4 million and $2.0 million, respectively. The federal research and development tax credits begin to expire in 2038 unless previously utilized. The California research and development tax credits carry forward indefinitely.

Pursuant to the IRC Sections 382 and 383, annual use of the Company’s NOL and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes have occurred or occurs in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities.

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023 and 2022, respectively (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance at January 1	$	1,574	$	1,142
Additions related to current year positions		605		366
Additions related to prior year positions		827		66
Ending balance at December 31	$	3,006	$	1,574

Due to the existence of the valuation allowance, future recognition of previously unrecognized tax benefits will not impact the Company’s effective tax rate. The Company is subject to taxation in the United States and various state jurisdictions. All of the Company’s tax years from inception are subject to examination by federal and state tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense.

The Company had no accrued interest or penalties related to income tax matters in the Company’s balance sheet as of December 31, 2023 and has not recognized interest or penalties in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022. Further, the Company is not currently under examination by any federal, state or local tax authority.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (69,134)	$ (55,325)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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-SubTopic 20
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-Section 50
-Paragraph 7
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (a)
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-Paragraph 2
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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 14,126	$ 11,596
Capitalized research and development	16,906	7,097
Tax credits	6,412	2,958
Stock compensation	2,871	1,016
Other, net	2,248	1,090
Total deferred tax assets	42,563	23,757
Valuation allowance	(40,920)	(23,085)
Deferred tax assets, net of valuation allowance	1,643	672
Deferred tax liabilities:
Depreciation	(266)	(151)
Right of use assets	(1,377)	(521)
Total deferred tax liabilities	(1,643)	(672)
Net deferred tax assets / (liabilities)	$ 0	$ 0

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 708	$ 322
Short-term lease cost	61	81
Variable lease cost	79	56
Total lease cost	$ 848	$ 459

Marketable Securities - Summary of Available-for-Sale Securities and Gross Unrealized Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Total	$ 145,082
Unrealized gain on marketable securities available-for-sale, net	384
Unrealized losses	(3)
Estimated fair value	145,463
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value	9,939
Unrealized losses less than 12 months	(3)
Greater than 12 months, Fair value	0
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(3)
Unrealized losses on fair value	9,939
U.S. Government Agency Securities
Marketable Securities [Line Items]
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value	9,939
Unrealized losses less than 12 months	(3)
Greater than 12 months, Fair value	0
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	(3)
Unrealized losses on fair value	9,939
More than One year \| US Treasury Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Total	18,846
Unrealized gain on marketable securities available-for-sale, net	118
Unrealized losses	0
Estimated fair value	18,964
More than One year \| U.S. Government Agency Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Total	12,379
Unrealized gain on marketable securities available-for-sale, net	75
Unrealized losses	0
Estimated fair value	12,454
Less than one year \| US Treasury Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Total	76,481
Unrealized gain on marketable securities available-for-sale, net	153
Unrealized losses	0
Estimated fair value	76,634
Less than one year \| U.S. Government Agency Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Total	37,376
Unrealized gain on marketable securities available-for-sale, net	38
Unrealized losses	(3)
Estimated fair value	$ 37,411

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31, 2023			December 31, 2022
Equipment	$	1,443		$	1,119
Computers and software		208			181
Leasehold improvements		402			156
Furniture and fixtures		382			82
		2,435			1,538
Less: accumulated depreciation		(807	)		(461	)
Total property and equipment, net	$	1,628		$	1,077

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares issued			43,099,055	42,634,459
Unrecognized compensation cost related to options			$ 40,600
Forfeitures resulted in the reversal of compensation expense			$ 200	$ 200
Performance-based stock options, outstanding			8,276,442	5,890,869
Term of recognized expense			2 years 4 months 24 days
Total common stock reserved for future issuance			13,083,154	10,989,684
Liability of early exercise options, shares			74,421	277,081
Liability of early exercise options			$ 100	$ 200
Incremental stock based compensation recorded due to terminations				2,000
Accelerate expense or compensation cost expense recognized due to termination				1,200
Stock compensation expense related to modification of options				800
2020 Plan
Class Of Stock [Line Items]
Total common stock available for future issuance			1,032,150
2021 Plan
Class Of Stock [Line Items]
Common stock reserve for future issuance			4,537,850
Shares reserved for future issuance			3,677,313
Total common stock reserved for future issuance			5,570,000
Increase in common stock			5.00%
Restricted Stock [Member]
Class Of Stock [Line Items]
Share-Based Payment Arrangement, Expense, Tax Benefit			$ 5	$ 300
Common stock, shares issued			2,820,560
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares			3,828	491,342
Employee Stock Option
Class Of Stock [Line Items]
Weighted average grant fair value			$ 9.96	$ 5.62
Performance Shares [Member]
Class Of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares			90,832
Performance-based stock options, outstanding			0
Performance-based stock options, Expense recognized			$ 900	$ 1,200
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Share-Based Payment Arrangement, Expense, Tax Benefit			$ 500	$ 400
Common stock, shares issued			56,387	45,919
Unrecognized compensation expense			$ 300
Term of recognized expense			1 year 1 month 6 days
Increased decrease in stock reserve for future issuance	1,231,705	805,361
Total common stock reserved for future issuance			380,000
Increase in common stock			1.00%
Employee Stock Purchase Plan Description			the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the 2021 Employee Stock Purchase Plan was increased to 805,361 shares and on January 1, 2023, the number of shares reserved for issuance was increased to 1,231,705 shares.
Common Stock \| Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance			1,129,399
Employee Stock Purchase Plan Description			The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is twenty-four months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year.
Purchase of common stock through payroll deduction			15.00%
Fair market value of the common stock, percentage			85.00%

Organization and Summary of Significant Accounting Policies(Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018. The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $164.8 million and cash, cash equivalents and marketable securities of $203.5 million as of December 31, 2023. From its inception through December 31, 2023, the Company has financed its operations primarily through the sale of common stock and private placements of its convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements.
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the nature of the instruments held in the depository institutions.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2023, the Company had cash and cash equivalents balances deposited at major financial institutions.
Marketable Securities	Marketable Securities Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest income. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available and the Company may use the proceeds from sale of these investments to fund current operations, as necessary.
Allowance for Credit Losses	Allowance for Credit Losses The Company regularly reviews its portfolio for declines in fair value. For investments in an unrealized loss position, the Company assesses whether the decline is based on credit losses or other factor. As part of this assessment, the Company considers the cause of the impairment, the creditworthiness of the security issuers, current market conditions, the number of securities in unrealized loss position, the severity of the losses, whether it will be required or will intend to sell the investment before recovery of its amortized cost basis. If fair value decline is determined to be due to a credit-related factor, the amortized cost basis is written down to fair value through net loss. If fair value decline is not due to credit-related factors, a loss is recorded in other comprehensive income or loss. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized costs basis of the investment. Uncollectible accrued interest receivables associated with an impaired marketable security are reversed against interest income upon identification of the impairment.
Fair Value Measurements	Fair Value Measurements The Company measures cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for-sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of December 31, 2023 and 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the balance sheets.
Property and Equipment	Property and Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years December 31, 2023 and 2022.
Accrued Research and Development Expense	Accrued Research and Development Expense Research and development expenses consist of external and internal costs associated with the Company’s research and development activities, including its discovery and research efforts and the preclinical and clinical development of its product candidates. Research and development costs are expensed in the period incurred. The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations, clinical sites and other vendors and consultants. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. The Company holds discussions with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Nonrefundable advance payments for goods and services, including fees for process development, are deferred and recognized as expense in the period that the related goods are consumed, or services are performed.
Patent Costs	Patent Costs The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.
Leases	Leases The Company has operating leases for office and lab space. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset (ROU) upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROUs are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. The Company excludes short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election. Certain adjustments to the ROU may be required for items such as payments made at or before the commencement date, initial direct costs paid or lease incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate (IBR), determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components. Operating ROU assets are reflected in ROU assets in the accompanying balance sheets. Operating lease liabilities are reflected in leases liabilities, current and noncurrent in the accompanying balance sheets.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee equity awards, estimated in accordance with the applicable accounting guidance, and, for those awards subject only to service conditions, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes stock-based compensation expense for awards with performance conditions when it is probable that the condition will be met, and the award will vest. If the achievement of performance conditions is no longer deemed probable, previously recognized compensation cost is reversed. For awards with performance and service conditions, the Company begins recording share-based compensation when achieving the performance criteria is probable and recognizes the costs using the accelerated attribution method. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and Company's own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2023 and 2022, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2023, the Company had no accrued interest or penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of two components: net loss and other comprehensive income or loss. Other comprehensive income (loss) refers to gains or losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income consists of unrealized gains and losses on marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options and outstanding stock options under the Company’s equity incentive plan and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
Segment Reporting	Segment Reporting The Company operates and manages its business as one operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States.
Related Parties	Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer, at which point van den Boom & Associates was considered a related party under FASB ASC 850. Ms. van den Boom resigned as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates was no longer considered a related party.
Capitalized Software Implementation Costs	Capitalized Software Implementation Costs The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid and other current assets, and other long-term assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Recently Adopted and Issued Accounting Principles	Recently Adopted Accounting Principles In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. The standard amended the impairment model requiring that credit losses be reported using an expected losses model rather than the incurred losses model. For available-for-sale debt securities with expected credit losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted ASU 2016-13, and related updates, using modified retrospective approach on January 1, 2023. The adoption had an immaterial impact on the Company's financial statements and related disclosures. Issued Accounting Pronouncements Not Yet Adopted On August 5, 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company is evaluating the impact the adoption will have on the financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 5,117	$ 2,854
Accrued research and development	4,848	1,028
Accrued legal and professional fees	132	94
Accrued other general and administrative fees	294	440
Total accrued and other current liabilities	$ 10,391	$ 4,416

Leases (Additional Information) (Details) $ in Thousands	1 Months Ended	12 Months Ended
Leases (Additional Information) (Details) $ in Thousands	May 31, 2021 Renewal	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 ft²	Aug. 31, 2020 ft²
Lessee, Lease, Description [Line Items]
Operating lease liability		$ 6,496
Operating lease cost		708	$ 322
Lease liability paid		800	$ 300
First Amendment [Member] \| Original Lease [Member]
Lessee, Lease, Description [Line Items]
Area of lease \| ft²				8,331	4,734
First Amendment [Member] \| Office and Laboratory Facilities [Member] \| Original Lease [Member]
Lessee, Lease, Description [Line Items]
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months			36 months
Expansion Lease Agreement [Member]
Lessee, Lease, Description [Line Items]
Operating lease term of contract				120 months
Security Deposit		100
Long-term line of credit		1,000
Operating lease cost		500
Expansion Lease Agreement [Member] \| Minimum
Lessee, Lease, Description [Line Items]
Long-term line of credit		$ 500

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 13,525	$ 10,588
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,337	4,914
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,188	$ 5,674

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,574	$ 1,142
Additions related to current year positions	605	366
Additions related to prior year positions	827	66
Ending balance	$ 3,006	$ 1,574

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

On February 1, 2024, the Company entered into a securities purchase agreement (the February 2024 SPA) for a private placement of 9,286,023 shares of the Company's common stock at a price of $13.01 per share (the 2024 PIPE). The February 2024 SPA also included pre-funded warrants to purchase an aggregate of 6,087,230 shares of common stock in lieu of shares of common stock at a purchase price of $13.009 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The 2024 PIPE closed on February 6, 2024 and the Company received gross proceeds of approximately $200 million, before deducting offering expenses.

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ (69,134)	$ (55,325)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	353	296
Stock-based compensation	13,525	10,588
Accretion on marketable securities, net	(1,247)	0
Loss on disposal of property and equipment	4	3
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,823)	(8,238)
Accounts payable, accrued expenses and other liabilities (including related party amounts of $0 and $17, respectively)	9,369	2,357
Right-of-use assets and lease liabilities, net	(186)	34
Net cash used in operating activities	(50,139)	(50,285)
Cash flows from investing activities:
Purchases of marketable securities	(143,835)	0
Purchases of property and equipment	(770)	(559)
Net cash used in investing activities	(144,605)	(559)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans	1,537	632
Net cash provided by financing activities	1,537	632
Net cash decrease for the period	(193,207)	(50,212)
Cash, cash equivalents and restricted cash at beginning of the period	252,213	302,425
Cash, cash equivalents and restricted cash at end of the period	59,006	252,213
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	58,006	251,213
Restricted cash	1,000	1,000
Total cash, cash equivalents and restricted cash	59,006	252,213
Supplemental disclosure of cash flow information:
Right-of-use asset obtained in exchange for lease liability	4,405	1,572
Non-cash investing and financing activities:
Purchases of equipment included in accounts payable and accrued expenses	125	0
Vesting of options early exercised subject to repurchase	$ 124	$ 197

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free rate of interest	3.50%	1.60%
Expected term (years)	5 years 2 months 12 days	5 years 1 month 6 days
Expected stock price volatility	86.20%	82.30%
Maximum
Class Of Stock [Line Items]
Risk-free rate of interest	4.70%	4.30%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	92.30%	90.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 772
2025	873
2026	899
2027	926
2028	954
Thereafter	5,027
Total minimum lease payments	9,451
Less: amount representing interest	(2,955)
Present value of lease liabilities	6,496
Less: current portion of lease liabilities	(280)	$ (140)
Lease liabilities, noncurrent	$ 6,216	$ 2,482
Weighted-average remaining lease term (years) - operating leases	9 years 10 months 24 days	10 years 6 months
Weighted-average incremental borrowing rate - operating leases	8.07%	6.50%

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018. The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions.

Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $164.8 million and cash, cash equivalents and marketable securities of $203.5 million as of December 31, 2023. From its inception through December 31, 2023, the Company has financed its operations primarily through the sale of common stock and private placements of its convertible preferred stock.

As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the nature of the instruments held in the depository institutions.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2023, the Company had cash and cash equivalents balances deposited at major financial institutions.

Marketable Securities

Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest income. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available and the Company may use the proceeds from sale of these investments to fund current operations, as necessary.

Allowance for Credit Losses

The Company regularly reviews its portfolio for declines in fair value. For investments in an unrealized loss position, the Company assesses whether the decline is based on credit losses or other factor. As part of this assessment, the Company considers the cause of the impairment, the creditworthiness of the security issuers, current market conditions, the number of securities in unrealized loss position, the severity of the losses, whether it will be required or will intend to sell the investment before recovery of its amortized cost basis. If fair value decline is determined to be due to a credit-related factor, the amortized cost basis is written down to fair value through net loss. If fair value decline is not due to credit-related factors, a loss is recorded in other comprehensive income or loss. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate.

We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized costs basis of the investment. Uncollectible accrued interest receivables associated with an impaired marketable security are reversed against interest income upon identification of the impairment.

Fair Value Measurements

The Company measures cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for-sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2.

Restricted Cash

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of December 31, 2023 and 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the balance sheets.

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).

Impairment of Long-Lived Assets

The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years December 31, 2023 and 2022.

Accrued Research and Development Expense

Research and development expenses consist of external and internal costs associated with the Company’s research and development activities, including its discovery and research efforts and the preclinical and clinical development of its product candidates. Research and development costs are expensed in the period incurred.

The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations, clinical sites and other vendors and consultants. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. The Company holds discussions with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Nonrefundable advance payments for goods and services, including fees for process development, are deferred and recognized as expense in the period that the related goods are consumed, or services are performed.

Patent Costs

The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.

Leases

The Company has operating leases for office and lab space. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset (ROU) upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease.

Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROUs are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. The Company excludes short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election.

Certain adjustments to the ROU may be required for items such as payments made at or before the commencement date, initial direct costs paid or lease incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate (IBR), determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components.

Operating ROU assets are reflected in ROU assets in the accompanying balance sheets. Operating lease liabilities are reflected in leases liabilities, current and noncurrent in the accompanying balance sheets.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee equity awards, estimated in accordance with the applicable accounting guidance, and, for those awards subject only to service conditions, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes stock-based compensation expense for awards with performance conditions when it is probable that the condition will be met, and the award will vest. If the achievement of performance conditions is no longer deemed probable, previously recognized compensation cost is reversed. For awards with performance and service conditions, the Company begins recording share-based compensation when achieving the performance criteria is probable and recognizes the costs using the accelerated attribution method. The Company recognizes forfeitures as they occur.

The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the

simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and Company's own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

As of December 31, 2023 and 2022, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate.

The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2023, the Company had no accrued interest or penalties.

Comprehensive Loss

Comprehensive loss consists of two components: net loss and other comprehensive income or loss. Other comprehensive income (loss) refers to gains or losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income consists of unrealized gains and losses on marketable securities.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options and outstanding stock options under the Company’s equity incentive plan and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

Segment Reporting

The Company operates and manages its business as one operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States.

Related Parties

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance.

The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer, at which point van den Boom & Associates was considered a related party under FASB ASC 850. Ms. van den Boom resigned as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates was no longer considered a related party.

Capitalized Software Implementation Costs

The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid and other current assets, and other long-term assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

Recently Adopted Accounting Principles

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. The standard amended the impairment model requiring that credit losses be reported using an expected losses model rather than the incurred losses model. For available-for-sale debt securities with expected credit losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted ASU 2016-13, and related updates, using modified retrospective approach on January 1, 2023. The adoption had an immaterial impact on the Company's financial statements and related disclosures.

Issued Accounting Pronouncements Not Yet Adopted

On August 5, 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company is evaluating the impact the adoption will have on the financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Organization and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated deficit	$ (164,830,000)	$ (95,696,000)
Cash, cash equivalents and marketable securities	203,500,000
Dividend yield	$ 0
Dividend payment description	The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.
Restricted cash	$ 1,000,000	1,000,000
Penalties and interest accrued	0
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Impairement loss	$ 0	$ 0
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Options granted contractual term	10 years
Property, plant and equipment, useful life	7 years

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023			2022
Numerator:
Net loss	$	(69,134	)	$	(55,325	)
Denominator:
Weighted-average common shares outstanding		42,882,832			42,627,825
Less: weighted-average unvested restricted common stock subject to repurchase		(2,393	)		(269,174	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(175,563	)		(474,746	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,704,876			41,883,904
Net loss per share, basic and diluted	$	(1.62	)	$	(1.32	)

Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding


	As of December 31,
	2023		2022
Unvested restricted common stock subject to repurchase		—		3,828
Unvested common stock upon early exercise of stock options		74,421		277,081
Options to purchase common stock		8,276,442		5,890,869
Estimated shares purchasable under the ESPP		27,035		19,481
		8,377,898		6,191,259

Equity Incentive Plans and Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum [Member]
Class Of Stock [Line Items]
Risk-free rate of interest	3.50%	1.60%
Maximum [Member]
Class Of Stock [Line Items]
Risk-free rate of interest	4.70%	4.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Cost

Components of lease cost for the years ended December 31, 2023 and 2022, respectively, follows (in thousands):


	Year Ended December 31,
	2023		2022
Operating lease cost	$	708	$	322
Short-term lease cost		61		81
Variable lease cost		79		56
Total lease cost	$	848	$	459

Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of December 31,
Year ending December 31,
2024	$	772
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,451
Less: amount representing interest		(2,955	)
Present value of lease liabilities		6,496
Less: current portion of lease liabilities		(280	)
Lease liabilities, noncurrent	$	6,216


	December 31,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		9.9			10.5
Weighted-average incremental borrowing rate - operating leases		8.07	%		6.50	%

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

7. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Equity Incentive Plan (the 2020 Plan).

The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan, consisting of 4,537,850 shares reserved under 2021 Plan and 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan. The 2021 Plan share reserve increases by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. As of December 31, 2023, 3,677,313 shares were authorized for issuance under the 2021 Plan.

A summary of the Company’s stock option activity for the year ended December 31, 2023 is as follows (in thousands, except share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		3,196,639		$	13.26
Exercised		(408,209	)	$	2.80
Cancelled		(402,857	)	$	11.13
Outstanding at December 31, 2023		8,276,442		$	10.07		8.3	$	40,420
Exercisable at December 31, 2023		3,180,912		$	8.30		7.5	$	22,393
Vested and expected to vest as of December 31, 2023		8,276,442		$	10.07		8.3	$	40,420

As of December 31, 2023, there were no outstanding and unvested performance-based stock options.

Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions (excluding option modifications):


	Year Ended December 31,
	2023	2022
Risk-free rate of interest	3.5 - 4.7%	1.6 - 4.3%
Expected term (years)	5.2 - 6.1	5.1 - 6.1
Expected stock price volatility	86.2 - 92.3%	82.3 - 90.4 %
Dividend yield	—	—

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expense	$	8,337	$	4,914
General and administrative expense		5,188		5,674
Total	$	13,525	$	10,588

The weighted-average grant date fair value of options granted for the years ended December 31, 2023 and 2022 was $9.96 and $5.62 per share, respectively.

During the year ended December 31, 2023, 90,832 performance-based stock options vested upon the achievement of the related performance conditions. The Company recorded $0.9 million and $1.2 million of compensation expense relating to the vested performance-based stock options for the years ended December 31, 2023 and December 31, 2022, respectively.

For the years ended December 31, 2023 and 2022 forfeitures resulted in the reversal of compensation expense totaling $0.2 million, for each period.

As of December 31, 2023, the unrecognized compensation cost related to options was $40.6 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.4 years.

Option Modifications

During the year ended December 31, 2022, two executive officers' options were modified. The changes resulted in the recognition of additional stock-based compensation expense of $2.0 million recorded within general and administrative expenses, including $1.2 million related to accelerated vesting pursuant to the executive’s original employment agreement and incremental stock-based compensation expense of $0.8 resulting from modified option terms. There were no option modifications during the year ended December 31, 2023.

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP was subsequently approved by the stockholders on September 7, 2021. The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the 2021 Employee Stock Purchase Plan was increased to 805,361 shares and on January 1, 2023, the number of shares reserved for issuance was increased to 1,231,705 shares.

The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is twenty-four months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the years ended December 31, 2023 and 2022, the Company issued 56,387 and 45,919 shares, respectively, of common stock in connection with the ESPP. As of December 31, 2023, there were 1,129,399 shares available for future purchase under the ESPP.

During the years ended December 31, 2023 and 2022, the Company recognized compensation expense of $0.5 million and $0.4 million, respectively, related to the ESPP. As of December 31, 2023, the remaining unrecognized compensation expense related to the ESPP was $0.3 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.1 years.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted was recorded as a liability for the early exercise of stock options on the accompanying balance sheets and is transferred into common stock and additional paid-in capital as the shares vest. As of December 31, 2023 and 2022, 74,421 and 277,081 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of December 31, 2023 and 2022, the Company recorded $0.1 million and $0.2 million, respectively, associated with early exercised stock options in other long-term liabilities.

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
General and administrative including related party amounts	$ 0	$ 765

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 03, 2022	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares issued		43,099,055	42,634,459
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
ATM Sales Agreement
Class of Stock [Line Items]
Common stock, shares issued		0
Commission for agent on sales	3.00%
Aggregate offering price	$ 150,000
Restricted Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued		2,820,560
Common Stock, Par or Stated Value Per Share		$ 0.0001
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares		3,828	491,342
Share-Based Payment Arrangement, Expense, Tax Benefit		$ 5	$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options Abstract

Summary of Stock Options Activity

A summary of the Company’s stock option activity for the year ended December 31, 2023 is as follows (in thousands, except share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		3,196,639		$	13.26
Exercised		(408,209	)	$	2.80
Cancelled		(402,857	)	$	11.13
Outstanding at December 31, 2023		8,276,442		$	10.07		8.3	$	40,420
Exercisable at December 31, 2023		3,180,912		$	8.30		7.5	$	22,393
Vested and expected to vest as of December 31, 2023		8,276,442		$	10.07		8.3	$	40,420

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the following assumptions (excluding option modifications):


	Year Ended December 31,
	2023	2022
Risk-free rate of interest	3.5 - 4.7%	1.6 - 4.3%
Expected term (years)	5.2 - 6.1	5.1 - 6.1
Expected stock price volatility	86.2 - 92.3%	82.3 - 90.4 %
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expense	$	8,337	$	4,914
General and administrative expense		5,188		5,674
Total	$	13,525	$	10,588

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	5,117	$	2,854
Accrued research and development		4,848		1,028
Accrued legal and professional fees		132		94
Accrued other general and administrative fees		294		440
Total accrued and other current liabilities	$	10,391	$	4,416

Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Related party transaction, accounts payable, accrued expenses and other liabilities	$ 0	$ 12

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	December 31, 2023		December 31, 2022
Common stock options granted and outstanding		8,276,442		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		3,677,313		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,129,399		759,442
Total common stock reserved for future issuance		13,083,154		10,989,684

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Other Funding Commitments

As of December 31, 2023, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of December 31, 2023, and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

10. Leases

The Company has operating leases for its office and laboratory space, including its corporate headquarters.

In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, with an option to extend for two additional 36 month periods.

In March 2022, the Company entered into a lease agreement for approximately 8,331 square feet of additional office and laboratory space at 2676 State Street in Carlsbad, California (the Expansion Lease). The Expansion Lease commenced for accounting purposes when the Company gained access to the premises in May 2023. The Company's obligation for payment of base rent began on the date the landlord delivered possession of the Expansion Lease premises in November 2023. The landlord completed improvements on the Expansion Lease premises, and the Company paid $0.5 million of these costs prior to the Expansion Lease commencement. The Company has concluded that the landlord is the accounting owner of these improvements, and therefore this payment has been included in the calculation of the right-of-use asset and lease liability. The Company is entitled to certain rent abatement for delays related to the landlord's delivery of the Expansion Lease premises to the Company. The Expansion Lease has a lease term of 120 months, starting on the day the landlord delivered possession of the Expansion Lease premises. The Company has an option to renew the Expansion Lease for two additional 36 month periods. The Original Lease was also amended to have the same lease expiration as the Expansion Lease.

The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options.

In connection with the Company's lease agreements, the Company paid security deposits of $0.1 million and is required to maintain a letter of credit of $1.0 million until 2027 at which time it can be reduced to $0.5 million throughout the end of the lease term.

Cash paid for amounts included in the measurement of lease liabilities was $0.8 million and $0.3 million for the years ended December 31, 2023 and 2022, respectively.

The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development expenses and general and administrative expenses in the statements of operations and comprehensive loss. Components of lease cost for the years ended December 31, 2023 and 2022, respectively, follows (in thousands):


	Year Ended December 31,
	2023		2022
Operating lease cost	$	708	$	322
Short-term lease cost		61		81
Variable lease cost		79		56
Total lease cost	$	848	$	459

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of December 31,
Year ending December 31,
2024	$	772
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,451
Less: amount representing interest		(2,955	)
Present value of lease liabilities		6,496
Less: current portion of lease liabilities		(280	)
Lease liabilities, noncurrent	$	6,216


	December 31,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		9.9			10.5
Weighted-average incremental borrowing rate - operating leases		8.07	%		6.50	%

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Transition Report	false
Entity File Number	001-40800
Entity Registrant Name	TYRA BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476348
Entity Address, Address Line One	2656 State Street
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	619
Local Phone Number	728-4760
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,521,050
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001863127
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Certain sections of the registrant’s definitive proxy statement for the 2024 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Ex Transition Period	false
Entity Public Float			$ 267.4
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.4	$ 0.3

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued and other related parties	$ 0	$ 59
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	43,099,055	42,634,459
Common stock, shares outstanding	43,024,634	42,353,550

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Number of Outstanding Options, Beginning balance	5,890,869
Number of Outstanding Options, Granted	3,196,639
Number of Outstanding Options, Exercised	(408,209)
Number of Outstanding Options, Cancelled	(402,857)
Number of Outstanding Options, Ending balance	8,276,442	5,890,869
Number of Outstanding Options, Exercisable	3,180,912
Number of Outstanding Options, Vested and expected to vest	8,276,442
Weighted- Average Exercise Price, Beginning balance	$ 7.91
Weighted- Average Exercise Price, Granted	13.26
Weighted- Average Exercise Price, Exercised	2.8
Weighted- Average Exercise Price, Forfeited	11.13
Weighted- Average Exercise Price, Ending balance	10.07	$ 7.91
Weighted- Average Exercise Price, Exercisable	8.3
Weighted- Average Exercise Price, Vested and expected to vest	$ 10.07
Weighted- Average Remaining Contractual Term	8 years 3 months 18 days	8 years 9 months 18 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 6 months
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 3 months 18 days
Aggregate Intrinsic Value, Beginning balance	$ 13,492
Aggregate Intrinsic Value, Ending balance	40,420	$ 13,492
Aggregate Intrinsic Value, Exercisable	22,393
Aggregate Intrinsic Value, Vested and expected to vest	$ 40,420

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 62,518	$ 43,008
General and administrative (including related party amounts of $0 and $765, respectively)	17,427	15,919
Total operating expenses	79,945	58,927
Loss from operations	(79,945)	(58,927)
Other income (expense):
Interest income	10,850	3,652
Other expense	(39)	(50)
Total other income, net	10,811	3,602
Net loss	(69,134)	(55,325)
Unrealized gain on marketable securities available-for-sale	381	0
Comprehensive loss	$ (68,753)	$ (55,325)
Net loss per share, basic	$ (1.62)	$ (1.32)
Net loss per share, diluted	$ (1.62)	$ (1.32)
Weighted - average shares used to compute net loss per common share - basic	42,704,876	41,883,904
Weighted - average shares used to compute net loss per common share - diluted	42,704,876	41,883,904

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected tax benefit at statutory rate	$ (14,518)	$ (11,618)
State income tax, net of federal benefit	(67)	(58)
Officers compensation	389	598
Permanent items and other	1	(120)
Stock Compensation	(375)	827
Research credits	(3,345)	(2,093)
Change in valuation allowance	17,915	12,466
Provision for income taxes	$ 0	$ 2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

The following table shows the Company's cash, cash equivalents, marketable securities, and restricted cash measured at fair value as of December 31, 2023 and 2022 as follows (in thousands):


	Year Ended December 31, 2023
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	58,006	$	58,006	$	—	$	—
Restricted cash:
Money market funds		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		95,599		—		95,599		—
U.S. government agency securities		49,864		—		49,864		—
Total marketable securities		145,463		—		145,463		—
Total	$	204,469	$	59,006	$	145,463	$	—



	Year Ended December 31, 2022
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	251,213	$	251,213	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Total	$	252,213	$	252,213	$	—	$	—

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax assets, valuation allowance	$ 40,920,000	$ 23,085,000
Change in valuation allowance	$ 17,800,000
Percentage of federal net operating losses used to offset of future taxable income	80.00%
Penalties and interest accrued	$ 0
Domestic Country [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	58,000,000
Net operating loss carryforwards	45,900,000
Tax credit carryforward	$ 6,400,000
Research and development credit carryforwards under internal revenue code description	The federal research and development tax credits begin to expire in 2038 unless previously utilized.
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	$ 44,100,000
Net operating loss carryforwards	$ 1,200,000
Net operating loss carryforwards, expire date	Unless previously utilized, certain state net operating losses will begin to expire in 2038. In accordance with the 2017 Tax Cuts and Jobs Act, research and experimental (R&E) expenses under Internal Revenue Code (IRC) Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of five years for domestic expenses and 15 years for foreign expenses. The Company has capitalized R&E expenses in its current tax provision pursuant to the IRC Section 174.
Tax credit carryforward	$ 2,000,000
Research and development credit carryforwards under internal revenue code description	The California research and development tax credits carry forward indefinitely.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:


	December 31, 2023		December 31, 2022
Common stock options granted and outstanding		8,276,442		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		3,677,313		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,129,399		759,442
Total common stock reserved for future issuance		13,083,154		10,989,684

On October 3, 2022, the Company entered into the Sales Agreement with the Agent, under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of December 31, 2023, no shares of common stock were issued and sold pursuant to the Sales Agreement.

Restricted Stock

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $0.0001 per share to certain founders of the Company. The Company maintains a repurchase right whereby the shares of founders stock are released from such repurchase right over a period of time of continued service by the recipient. Certain founder shares were subject to repurchase by the Company and were not deemed to be outstanding, for accounting purposes, until those shares vested. There were no unvested founders shares as of December 31, 2023.

For the years ended December 31, 2023 and 2022, 3,828 and 491,342 shares vested in each period and the Company recognized $5 thousand and $0.3 million of related stock-based compensation expense for each period, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Feb. 06, 2024	Feb. 01, 2024
Private Placement [Member]
Subsequent Event [Line Items]
Shares issued upon private placement, shares		9,286,023
Shares issued, price per share		$ 13.01
Proceeds from issuance of private placement	$ 200
Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Warrants issued to purchase common stock		6,087,230
Warrant [Member] \| Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Warrants exercise price		$ 13.009
Common Stock [Member] \| Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Warrants exercise price		$ 0.001

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Summary of Available-for-Sale Securities and Gross Unrealized Losses

The following table summarizes the Company's marketable securities accounted for as available-for-sale securities (in thousands, except years):


	Year Ended December 31, 2023
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	76,481	$	153	$	—		$	76,634
U.S. government agency securities	1 or less		37,376		38		(3	)		37,411
U.S. Treasury securities	1-2		18,846		118		—			18,964
U.S. government agency securities	1-2		12,379		75		—			12,454
Total		$	145,082	$	384	$	(3	)	$	145,463


	Year Ended December 31, 2023
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. government agency securities	$	9,939	$	(3	)	$	—	$	—	$	9,939	$	(3	)
Total	$	9,939	$	(3	)	$	—	$	—	$	9,939	$	(3	)

Marketable Securities (Additional Information) (Details) $ in Thousands	Dec. 31, 2023 USD ($) Security
Marketable Securities [Line Items]
Number of available-for-sale security in gross unrealized loss position for less than 12 months \| Security	1
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value	$ 9,939
Accrued interest available-for-sale securities	$ 700

Marketable Securities

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following table summarizes the Company's marketable securities accounted for as available-for-sale securities (in thousands, except years):


	Year Ended December 31, 2023
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	76,481	$	153	$	—		$	76,634
U.S. government agency securities	1 or less		37,376		38		(3	)		37,411
U.S. Treasury securities	1-2		18,846		118		—			18,964
U.S. government agency securities	1-2		12,379		75		—			12,454
Total		$	145,082	$	384	$	(3	)	$	145,463

The following table presents fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of December 31, 2023, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	Year Ended December 31, 2023
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. government agency securities	$	9,939	$	(3	)	$	—	$	—	$	9,939	$	(3	)
Total	$	9,939	$	(3	)	$	—	$	—	$	9,939	$	(3	)

As of December 31, 2023, there was one available-for-sale security with an estimated fair value of $9.9 million in a gross unrealized loss position for less than 12 months. As of December 31, 2023, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized loss is due to market factors and interest rate increases. Additionally, the Company does not intend to sell the security nor is it more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis.

Accrued interest on the Company's available-for-sale securities was $0.7 million as of December 31, 2023 and is included in prepaid and other current assets on the balance sheets.

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31, 2023			December 31, 2022
Equipment	$	1,443		$	1,119
Computers and software		208			181
Leasehold improvements		402			156
Furniture and fixtures		382			82
		2,435			1,538
Less: accumulated depreciation		(807	)		(461	)
Total property and equipment, net	$	1,628		$	1,077

The Company recognized $0.4 million and $0.3 million in depreciation expense for the years ended December 31, 2023 and 2022, respectively.

Employee Benefits

12 Months Ended

Dec. 31, 2023

Employee Benefits

12. Employee Benefits

The Company offers a 401(k) plan (401(k) Plan) for all employees who have met certain eligibility requirements. Under the 401(k) Plan, employees may elect to contribute a portion of their eligible compensation, subject to certain limitations. The Company did not make any matching employer contributions to the 401(k) Plan for the years ended December 31, 2023 and 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,377,898	6,191,259
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	3,828
Unvested Common Stock Exercise Of Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	74,421	277,081
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,276,442	5,890,869
Estimated shares purchasable under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	27,035	19,481

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured

The following table shows the Company's cash, cash equivalents, marketable securities, and restricted cash measured at fair value as of December 31, 2023 and 2022 as follows (in thousands):


	Year Ended December 31, 2023
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	58,006	$	58,006	$	—	$	—
Restricted cash:
Money market funds		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		95,599		—		95,599		—
U.S. government agency securities		49,864		—		49,864		—
Total marketable securities		145,463		—		145,463		—
Total	$	204,469	$	59,006	$	145,463	$	—



	Year Ended December 31, 2022
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	251,213	$	251,213	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Total	$	252,213	$	252,213	$	—	$	—

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock options granted and outstanding	8,276,442	5,890,869
Total common stock reserved for future issuance	13,083,154	10,989,684
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	3,677,313	4,339,373
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares available for future issuance	1,129,399	759,442

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Assets measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets On Recurring Basis Line Items
Fair Value	$ 0	$ 0
Marketable securities	145,463	0
Money market funds
Fair Value Assets On Recurring Basis Line Items
Fair Value	0	0
US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Fair Value	0
U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Fair Value	0
Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	204,469	252,213
Marketable securities	145,463
Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	58,006	251,213
Restricted Cash	1,000
Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	95,599
Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	49,864
Fair Value, Recurring [Member] \| Cash [Member]
Fair Value Assets On Recurring Basis Line Items
Restricted Cash		1,000
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	59,006	252,213
Marketable securities	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	58,006	251,213
Restricted Cash	1,000
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| Cash [Member]
Fair Value Assets On Recurring Basis Line Items
Restricted Cash		1,000
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	145,463	0
Marketable securities	145,463
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	0	0
Restricted Cash	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	95,599
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	49,864
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| Cash [Member]
Fair Value Assets On Recurring Basis Line Items
Restricted Cash		0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Restricted Cash	$ 0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Cash [Member]
Fair Value Assets On Recurring Basis Line Items
Restricted Cash		$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 2,435	$ 1,538
Less: accumulated depreciation	(807)	(461)
Total property and equipment, net	1,628	1,077
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,443	1,119
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	208	181
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	402	156
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 382	$ 82

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	5,117	$	2,854
Accrued research and development		4,848		1,028
Accrued legal and professional fees		132		94
Accrued other general and administrative fees		294		440
Total accrued and other current liabilities	$	10,391	$	4,416