0000950170-24-056971 | 10-Q | XBRL Viewer

Print Document

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	52,521,050	43,099,055
Common stock, shares outstanding	52,474,533	43,024,634

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Accrued payroll and other employee benefits	$	1,041	$	5,117
Accrued research and development		3,893		4,848
Accrued legal and professional fees		221		132
Accrued other general and administrative fees		312		294
Total accrued and other current liabilities	$	5,467	$	10,391

Commitments and Contingencies	3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Other Funding Commitments As of March 31, 2024, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties. Litigation The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of March 31, 2024, and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Other Funding Commitments

As of March 31, 2024, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of March 31, 2024, and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Components of Lease Cost

Components of lease cost for the three months ended March 31, 2024 and 2023, respectively, were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	239	$	83
Short-term lease cost		24		22
Variable lease cost		32		14
Total lease cost	$	295	$	119

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

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


	As of March 31,
Year ending December 31,
2024 (remaining nine months)	$	638
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,317
Less: amount representing interest		(2,830	)
Present value of lease liabilities		6,487
Less: current portion of lease liabilities		(370	)
Lease liabilities, noncurrent	$	6,117


	March 31,			December 31,
	2024			2023
Weighted-average remaining lease term (years) - operating leases		9.7			9.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.1	$ 0.1

Marketable Securities (Additional Information) (Details) $ in Thousands	Mar. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($)
Marketable Securities [Abstract]
Number of available-for-sale security in gross unrealized loss position for less than 12 months \| Security	6
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value	$ 29,009	$ 9,939
Accrued interest available-for-sale securities	$ 1,500

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class Of Stock [Line Items]
Risk-free rate of interest	4.20%
Expected stock price volatility	88.60%
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free rate of interest		3.50%
Expected term (years)	6 years	6 years
Expected stock price volatility		89.20%
Maximum
Class Of Stock [Line Items]
Risk-free rate of interest		4.20%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility		89.70%

- 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

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

9. Leases

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

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

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

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

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

Cash paid for amounts included in the measurement of lease liabilities was $0.1 million for each of the three months ended March 31, 2024 and 2023.

The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the condensed statements of operations and comprehensive loss. Components of lease cost for the three months ended March 31, 2024 and 2023, respectively, were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	239	$	83
Short-term lease cost		24		22
Variable lease cost		32		14
Total lease cost	$	295	$	119

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


	As of March 31,
Year ending December 31,
2024 (remaining nine months)	$	638
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,317
Less: amount representing interest		(2,830	)
Present value of lease liabilities		6,487
Less: current portion of lease liabilities		(370	)
Lease liabilities, noncurrent	$	6,117


	March 31,			December 31,
	2024			2023
Weighted-average remaining lease term (years) - operating leases		9.7			9.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 17,203	$ 10,408
General and administrative	5,119	3,926
Total operating expenses	22,322	14,334
Loss from operations	(22,322)	(14,334)
Other income:
Interest and other income, net	4,130	2,454
Total other income	4,130	2,454
Net loss	(18,192)	(11,880)
Unrealized loss on marketable securities available-for-sale, net	(387)	0
Comprehensive loss	$ (18,579)	$ (11,880)
Net loss per share, basic	$ (0.35)	$ (0.28)
Net loss per share, diluted	$ (0.35)	$ (0.28)
Weighted average Number of shares outstanding, Basic	52,228,934	42,394,623
Weighted average shares number of shares outstanding, Diluted	52,228,934	42,394,623

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,115	$ 2,433
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,475	1,460
General And Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,640	$ 973

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:


	March 31, 2024		December 31, 2023
Common stock options granted and outstanding		8,347,499		8,276,442
Shares available for future issuance under the 2021 Incentive Award Plan		5,668,928		3,677,313
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,516,697		1,129,399
Pre-Funded Warrants issued and outstanding under the 2024 Private Placement		6,087,230		—
Total common stock reserved for future issuance		21,620,354		13,083,154

On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of March 31, 2024, no shares of common stock were issued and sold pursuant to the Sales Agreement since inception.

Private Placement

On February 1, 2024, the Company entered into a securities purchase agreement (the February 2024 SPA) for a private placement of 9,286,023 shares of the Company's common stock at a price of $13.01 per share (the 2024 Private Placement). The February 2024 SPA also included pre-funded warrants (the 2024 Pre-Funded Warrants) to purchase an aggregate of 6,087,230 shares of common stock at a purchase price of $13.009 per pre-funded warrant.

Each pre-funded warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The 2024 Private Placement closed on February 6, 2024 and the Company received gross proceeds of approximately $200 million, before deducting offering expenses of $0.4 million. On March 19, 2024, the Company filed a registration statement on Form S-3 with the SEC registering the resale of the shares of common stock issued, or underlying the pre-funded warrants issued, in the 2024 Private Placement. There were no exercises of the 2024 Pre-Funded Warrants during the three months ended March 31, 2024. The 2024 Pre-funded Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders' equity.

- 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

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2021
Class of Stock [Line Items]
Common stock options granted and outstanding	8,347,499	8,276,442
Total common stock reserved for future issuance	21,620,354	13,083,154	380,000
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	5,668,928	3,677,313
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares available for future issuance	1,516,697	1,129,399
2024 Private Placement [Member]
Class of Stock [Line Items]
Pre-Funded Warrants issued and outstanding	6,087,230	0

- 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

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (18,192)	$ (11,880)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	122	83
Stock-based compensation	4,115	2,433
Accretion on marketable securities, net	(1,229)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(43)	1,530
Accounts payable, accrued expenses and other liabilities	(6,906)	(2,022)
Right-of-use assets and lease liabilities, net	105	9
Net cash used in operating activities	(22,028)	(9,847)
Cash flows from investing activities:
Purchases of marketable securities	(11,791)	0
Sales and maturities of marketable securities	30,000	0
Purchases of property and equipment	(136)	(41)
Net cash provided by (used in) investing activities	18,073	(41)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans	484	376
Proceeds from issuance of common stock and pre-funded warrants from Private Placement	200,000	0
Payments of issuance costs for common stock and pre-funded warrants from Private Placement	(169)	0
Net cash provided by financing activities	200,315	376
Net cash increase (decrease) for the period	196,360	(9,512)
Cash, cash equivalents and restricted cash at beginning of the period	59,006	252,213
Cash, cash equivalents and restricted cash at end of the period	255,366	242,701
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	254,366	241,701
Restricted cash	1,000	1,000
Total cash, cash equivalents and restricted cash	255,366	242,701
Supplemental disclosure of cash flow information:
Purchases of equipment included in accounts payable and accrued and other current liabilities	9	0
Vesting of options early exercised subject to repurchase	17	32
Issuance costs for common stock and pre-funded warrants from Private Placement included in accounts payable and accrued liabilities	$ 251	$ 0

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining nine months)	$ 638
2025	873
2026	899
2027	926
2028	954
Thereafter	5,027
Total minimum lease payments	9,317
Less: amount representing interest	(2,830)
Present value of lease liabilities	6,487
Less: current portion of lease liabilities	(370)	$ (280)
Lease liabilities, noncurrent	$ 6,117	$ 6,216
Weighted-average remaining lease term (years) - operating leases	9 years 8 months 12 days	9 years 10 months 24 days
Weighted-average incremental borrowing rate - operating leases	8.07%	8.07%

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

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

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


	March 31, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	63,024	$	33	$	—		$	63,057
U.S. government agency securities	1 or less		36,588		16		(23	)		36,581
U.S. Treasury securities	1-2		21,998		17		(53	)		21,962
U.S. government agency securities	1-2		6,492		4		—			6,496
Total		$	128,102	$	70	$	(76	)	$	128,096


	December 31, 2023
	Maturity (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


	March 31, 2024
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities	$	12,204	$	(53	)	$	—	$	—	$	12,204	$	(53	)
U.S. government agency securities	$	16,805	$	(23	)	$	—	$	—	$	16,805	$	(23	)
Total	$	29,009	$	(76	)	$	—	$	—	$	29,009	$	(76	)


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

Fair Value Measurements - Summary of assets measured at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	$ 0	$ 0
Marketable securities	128,096	145,463
Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	383,462	204,469
Marketable securities	128,096	145,463
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	255,366	59,006
Marketable securities	0	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	128,096	145,463
Marketable securities	128,096	145,463
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Money Market Funds [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	0	0
Money Market Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	254,366	58,006
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	254,366	58,006
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	0	0
Cash [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted Cash	1,000	1,000
Cash [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted Cash	1,000	1,000
Cash [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted Cash	0	0
Cash [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted Cash	0	0
US Treasury Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	0	0
US Treasury Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	85,019	95,599
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	85,019	95,599
US Government Corporations and Agencies Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	0	0
US Government Corporations and Agencies Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	43,077	49,864
US Government Corporations and Agencies Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
US Government Corporations and Agencies Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	$ 43,077	$ 49,864

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Organization	Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018. The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at March 31, 2024 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Fair Value Measurements	Fair Value Measurements The Company measures cash equivalents and available-for-sale debt securities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for sale debt securities are valued using observable inputs from similar assets, or from observable data in markets that are not active. These assets are classified as Level 2.
Marketable Securities	Marketable Securities Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders' equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management's view that the entire portfolio is available and the Company may use the proceeds from sale of these investments to fund current operations, as necessary.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2024 and December 31, 2023 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard effective January 1, 2024, which did not have a material impact on the Company's condensed financial statements. Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed financial statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity Incentive Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

7. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

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

The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan, consisting of 4,537,850 shares reserved under the 2021 Plan and 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan. The 2021 Plan share reserve increased by the number of shares under the 2020 Plan that were repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2024, the shares available for grant under the 2021 Plan were increased by 2,154,952. As of March 31, 2024, 5,668,928 shares were available for future grant under the 2021 Plan.

A summary of the Company’s stock option activity for the period ended March 31, 2024 was as follows (in thousands, except share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,276,442		$	10.07		8.3	$	40,420
Granted		169,500		$	19.93
Exercised		(92,280	)	$	1.81
Cancelled		(6,163	)	$	13.64
Outstanding at March 31, 2024		8,347,499		$	10.36		8.1	$	56,838
Exercisable at March 31, 2024		3,657,819		$	8.60		7.4	$	32,237
Vested and expected to vest as of March 31, 2024		8,347,499		$	10.36		8.1	$	56,838

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2024	2023
Risk-free rate of interest	4.2%	3.5 - 4.2%
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Expected stock price volatility	88.6%	89.2 - 89.7 %
Dividend yield	—	—

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


	Three Months Ended March 31,
	2024		2023
Research and development expense	$	2,475	$	1,460
General and administrative expense		1,640		973
Total	$	4,115	$	2,433

The weighted-average grant date fair value of options granted for the three months ended March 31, 2024 and 2023 was $15.10 and $6.51 per share, respectively.

For the three months ended March 31, 2024 and 2023, forfeitures resulting in the reversal of compensation expenses were immaterial.

As of March 31, 2024, the unrecognized compensation cost related to outstanding employee and nonemployee options was $39.1 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.3 years.

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors and stockholders approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2024, the number of shares reserved for issuance under the ESPP was increased by 430,990 shares.

The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the three months ended March 31, 2024 and 2023, the Company issued 43,692 and 32,442 shares, respectively, of common stock in connection with the ESPP. As of March 31, 2024, there were 1,516,697 shares available for future purchase under the ESPP.

The Company recognized compensation expense of $0.1 million for each of the three months ended March 31, 2024 and 2023, related to the ESPP. As of March 31, 2024, the remaining unrecognized compensation expense related to the ESPP was $0.2 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.0 years.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options prior to the IPO. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying condensed balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2024 and December 31, 2023, 46,517 and 74,421 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of March 31, 2024 and December 31, 2023, early exercise liability was $29 thousand and $46 thousand, respectively, presented in other long-term liabilities on the condensed balance sheets.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	March 31, 2024			December 31, 2023
Equipment	$	1,478		$	1,443
Computers and software		208			208
Leasehold improvements		451			402
Furniture and fixtures		382			382
		2,519			2,435
Less: accumulated depreciation		(926	)		(807	)
Total property and equipment, net	$	1,593		$	1,628

Marketable Securities

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

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


	March 31, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	63,024	$	33	$	—		$	63,057
U.S. government agency securities	1 or less		36,588		16		(23	)		36,581
U.S. Treasury securities	1-2		21,998		17		(53	)		21,962
U.S. government agency securities	1-2		6,492		4		—			6,496
Total		$	128,102	$	70	$	(76	)	$	128,096


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


	March 31, 2024
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities	$	12,204	$	(53	)	$	—	$	—	$	12,204	$	(53	)
U.S. government agency securities	$	16,805	$	(23	)	$	—	$	—	$	16,805	$	(23	)
Total	$	29,009	$	(76	)	$	—	$	—	$	29,009	$	(76	)


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

As of March 31, 2024, there were six available-for-sale securities with an estimated fair value of $29.0 million in a gross unrealized loss position for less than 12 months. As of March 31, 2024, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized loss is due to market factors and interest rate fluctuations. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis.

Accrued interest on the Company's available-for-sale securities was $1.5 million as of March 31, 2024 and is included in prepaid and other current assets on the condensed balance sheet.

Net Loss Per Share - Schedule of Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,396,929	6,357,982
Unvested Restricted Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	3,175
Unvested Common Stock Upon Early Exercise of Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	46,517	225,581
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,347,499	6,126,093
Estimated Shares Purchasable under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,913	3,133

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 30, 2021
Class Of Stock [Line Items]
Total common stock reserved for future issuance		21,620,354		13,083,154	380,000
Increase in common stock		1.00%
Unrecognized compensation cost related to options		$ 39,100
Term of recognized expense		2 years 3 months 18 days
Fair market value of the common stock, percentage		85.00%
Purchase of common stock through payroll deduction		15.00%
Common stock, shares issued		52,521,050		43,099,055
Liability of early exercise options, shares		46,517		74,421
Liability of early exercise options		$ 29		$ 46
Stock based compensation expense		$ 100	$ 100
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance		1,516,697
Term of recognized expense		1 year
Employee Stock Purchase Plan Description		the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.
Common stock, shares issued		43,692	32,442
Increased decrease in stock reserve for future issuance	430,990
Unrecognized compensation expense		$ 200
Employee Stock Purchase Plan [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Employee Stock Purchase Plan Description		The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year.
Employee Stock Option
Class Of Stock [Line Items]
Weighted average grant fair value		$ 15.1	$ 6.51
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance		5,570,000
Increase in common stock		5.00%
Total common stock available for future issuance		1,032,150
Common stock reserve for future issuance		4,537,850
Shares reserved for future issuance	2,154,952	5,668,928

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 239	$ 83
Short-term lease cost	24	22
Variable lease cost	32	14
Total lease cost	$ 295	$ 119

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Entity incorporation, date of incorporation	Aug. 02, 2018
Restricted cash	$ 1,000	$ 1,000
Common stock, shares issued	52,521,050	43,099,055
Stock option exercised	92,280
Accumulated deficit	$ 183,022	$ 164,830

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Accrued payroll and other employee benefits	$	1,041	$	5,117
Accrued research and development		3,893		4,848
Accrued legal and professional fees		221		132
Accrued other general and administrative fees		312		294
Total accrued and other current liabilities	$	5,467	$	10,391

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value of assets measured

The following tables show the Company’s cash, cash equivalents, marketable securities and restricted cash measured at fair value as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	254,366	$	254,366	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		85,019		—		85,019		—
U.S. government agency securities		43,077		—		43,077		—
Total marketable securities		128,096		—		128,096		—
Total	$	383,462	$	255,366	$	128,096	$	—


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

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

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


	March 31, 2024			December 31, 2023
Equipment	$	1,478		$	1,443
Computers and software		208			208
Leasehold improvements		451			402
Furniture and fixtures		382			382
		2,519			2,435
Less: accumulated depreciation		(926	)		(807	)
Total property and equipment, net	$	1,593		$	1,628

The Company recognized $0.1 million and $0.1 million in depreciation expense for the three months ended March 31, 2024 and 2023, respectively.

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ (18,192)	$ (11,880)
Denominator:
Weighted average common shares outstanding	52,275,451	42,690,767
Less: weighted-average unvested restricted common stock subject to repurchase	0	(3,274)
Less: weighted average unvested common stock issued upon early exercise of common stock options	(46,517)	(292,870)
Weighted average Number of shares outstanding, Basic	52,228,934	42,394,623
Weighted average shares number of shares outstanding, Diluted	52,228,934	42,394,623
Net loss per share, basic	$ (0.35)	$ (0.28)
Net loss per share, diluted	$ (0.35)	$ (0.28)

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 2,519	$ 2,435
Less: accumulated depreciation	(926)	(807)
Total property and equipment, net	1,593	1,628
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,478	1,443
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	208	208
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	451	402
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 382	$ 382

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,192)	$ (11,880)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

The following tables show the Company’s cash, cash equivalents, marketable securities and restricted cash measured at fair value as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents:
Cash and money market funds	$	254,366	$	254,366	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		85,019		—		85,019		—
U.S. government agency securities		43,077		—		43,077		—
Total marketable securities		128,096		—		128,096		—
Total	$	383,462	$	255,366	$	128,096	$	—


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

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

- 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

Condensed Statements of Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Private Placement [Member] \| Common Stock [Member]
Payments of Stock Issuance Costs	$ 0.2

Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended March 31, 2024 was as follows (in thousands, except share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,276,442		$	10.07		8.3	$	40,420
Granted		169,500		$	19.93
Exercised		(92,280	)	$	1.81
Cancelled		(6,163	)	$	13.64
Outstanding at March 31, 2024		8,347,499		$	10.36		8.1	$	56,838
Exercisable at March 31, 2024		3,657,819		$	8.60		7.4	$	32,237
Vested and expected to vest as of March 31, 2024		8,347,499		$	10.36		8.1	$	56,838

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

The fair value of stock options was estimated using the following assumptions:


	Three Months Ended March 31,
	2024	2023
Risk-free rate of interest	4.2%	3.5 - 4.2%
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Expected stock price volatility	88.6%	89.2 - 89.7 %
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
Research and development expense	$	2,475	$	1,460
General and administrative expense		1,640		973
Total	$	4,115	$	2,433

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss	$	(18,192	)	$	(11,880	)
Denominator:
Weighted-average common shares outstanding		52,275,451			42,690,767
Less: weighted-average unvested restricted common stock subject to repurchase		—			(3,274	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(46,517	)		(292,870	)
Weighted-average shares used to compute net loss per common share, basic and diluted		52,228,934			42,394,623
Net loss per share, basic and diluted	$	(0.35	)	$	(0.28	)

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

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


	As of March 31,
	2024		2023
Unvested restricted common stock subject to repurchase		—		3,175
Unvested common stock upon early exercise of stock options		46,517		225,581
Options to purchase common stock		8,347,499		6,126,093
Estimated shares purchasable under the ESPP		2,913		3,133
		8,396,929		6,357,982

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Feb. 06, 2024	Feb. 01, 2024	Oct. 03, 2022	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, shares issued				52,521,050	43,099,055
Common stock, par value				$ 0.0001	$ 0.0001
ATM Sales Agreement [Member]
Class Of Stock [Line Items]
Aggregate common stock offering price			$ 150,000
Commission for agent on sales			3.00%
Common stock, shares issued				0
February 2024 Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of private placement	$ 200,000
Offering expenses	$ 400
Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Warrants exercised				0
Pre-funded Warrants [Member] \| February 2024 Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Warrants issued to purchase common stock		6,087,230
Warrants exercise price		$ 13.009
Private Placement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of private placement				$ 120,558
Private Placement [Member] \| February 2024 Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Shares issued upon private placement, shares		9,286,023
Shares issued, price per share		$ 13.01
Common Stock [Member] \| Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Warrants exercise price		$ 0.001
Common Stock [Member] \| Private Placement [Member]
Class Of Stock [Line Items]
Shares issued upon private placement, shares				9,286,023
Proceeds from issuance of private placement				$ 1

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Number of Outstanding Options, Beginning balance	8,276,442
Number of Outstanding Options, Granted	169,500
Number of Outstanding Options, Exercised	(92,280)
Cancelled	(6,163)
Number of Outstanding Options, Ending balance	8,347,499	8,276,442
Number of Outstanding Options, Exercisable	3,657,819
Number of Outstanding Options, Vested and expected to vest	8,347,499
Weighted- Average Exercise Price, Beginning balance	$ 10.07
Weighted- Average Exercise Price, Granted	19.93
Weighted- Average Exercise Price, Exercised	1.81
Weighted- Average Exercise Price, Cancelled	13.64
Weighted- Average Exercise Price, Ending balance	10.36	$ 10.07
Weighted- Average Exercise Price, Exercisable	8.6
Weighted- Average Exercise Price, Vested and expected to vest	$ 10.36
Weighted- Average Remaining Contractual Term	8 years 1 month 6 days	8 years 3 months 18 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 4 months 24 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 1 month 6 days
Aggregate Intrinsic Value, Beginning balance	$ 40,420
Aggregate Intrinsic Value, Exercised	32,237
Aggregate Intrinsic Value, Ending balance	56,838	$ 40,420
Aggregate Intrinsic Value, Vested and expected to vest	$ 56,838

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]	Accumulated Deficit [Member]	Private Placement [Member]	Private Placement [Member] Common Stock [Member]	Private Placement [Member] Additional Paid-in Capital [Member]
Beginning balance at Dec. 31, 2022	$ 257,829	$ 4	$ 353,521		$ (95,696)
Beginning balance (in shares) at Dec. 31, 2022		42,353,550
Issuance of common stock under benefit plans, Shares		129,669
Issuance of common stock under benefit plans	376		376
Vesting of shares of common stock subject to repurchase	32		32
Vesting of shares of common stock subject to repurchase, Share		52,155
Stock-based compensation	2,433		2,433
Net Income (Loss)	(11,880)				(11,880)
Ending balance at Mar. 31, 2023	248,790	$ 4	356,362		(107,576)
Ending balance (in shares) at Mar. 31, 2023		42,535,374
Beginning balance at Dec. 31, 2023	204,262	$ 4	368,707	$ 381	(164,830)
Beginning balance (in shares) at Dec. 31, 2023		43,024,634
Issuance of pre-funded warrants, net of issuance costs						$ 79,022		$ 79,022
Issuance of common stock under Private Placement, net of issuance costs, Shares							9,286,023
Issuance of common stock under Private Placement, net of issuance costs						$ 120,558	$ 1	$ 120,557
Issuance of common stock under benefit plans, Shares		135,972
Issuance of common stock under benefit plans	484		484
Vesting of shares of common stock subject to repurchase	17		17
Vesting of shares of common stock subject to repurchase, Share		27,904
Stock-based compensation	4,115		4,115
Unrealized loss on marketable securities available-for-sale, net	(387)			(387)
Net Income (Loss)	(18,192)				(18,192)
Ending balance at Mar. 31, 2024	$ 389,879	$ 5	$ 572,902	$ (6)	$ (183,022)
Ending balance (in shares) at Mar. 31, 2024		52,474,533

Marketable Securities - Summary of Available-for-Sale Securities and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 128,102	$ 145,082
Unrealized gains	70	384
Unrealized losses	(76)	(3)
Estimated fair value	128,096	145,463
Unrealized losses less than 12 months, fair value	29,009	9,939
Unrealized losses less than 12 months, unrealized losses	(76)	(3)
Unrealized losses 12 months or greater, fair value	0	0
Unrealized losses 12 months or greater, unrealized losses	0	0
Unrealized losses on fair value	29,009	9,939
Unrealized losses on accumulated loss	(76)	(3)
U.S. Government Agency Securities [Member]
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value	16,805	9,939
Unrealized losses less than 12 months, unrealized losses	(23)	(3)
Unrealized losses 12 months or greater, fair value	0	0
Unrealized losses 12 months or greater, unrealized losses	0	0
Unrealized losses on fair value	16,805	9,939
Unrealized losses on accumulated loss	(23)	(3)
U.S. Government Agency Securities [Member] \| Less than One Year [Member]
Marketable Securities [Line Items]
Amortized cost	36,588	37,376
Unrealized gains	16	38
Unrealized losses	(23)	(3)
Estimated fair value	36,581	37,411
U.S. Government Agency Securities [Member] \| More than One Year [Member]
Marketable Securities [Line Items]
Amortized cost	6,492	12,379
Unrealized gains	4	75
Unrealized losses	0	0
Estimated fair value	6,496	12,454
US Treasury Securities [Member]
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value	12,204
Unrealized losses less than 12 months, unrealized losses	(53)
Unrealized losses 12 months or greater, fair value	0
Unrealized losses 12 months or greater, unrealized losses	0
Unrealized losses on fair value	12,204
Unrealized losses on accumulated loss	(53)
US Treasury Securities [Member] \| Less than One Year [Member]
Marketable Securities [Line Items]
Amortized cost	63,024	76,481
Unrealized gains	33	153
Unrealized losses	0	0
Estimated fair value	63,057	76,634
US Treasury Securities [Member] \| More than One Year [Member]
Marketable Securities [Line Items]
Amortized cost	21,998	18,846
Unrealized gains	17	118
Unrealized losses	(53)	0
Estimated fair value	$ 21,962	$ 18,964

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

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


	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss	$	(18,192	)	$	(11,880	)
Denominator:
Weighted-average common shares outstanding		52,275,451			42,690,767
Less: weighted-average unvested restricted common stock subject to repurchase		—			(3,274	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(46,517	)		(292,870	)
Weighted-average shares used to compute net loss per common share, basic and diluted		52,228,934			42,394,623
Net loss per share, basic and diluted	$	(0.35	)	$	(0.28	)

Included in the weighted-average shares of common stock outstanding, both basic and diluted for the three months ended March 31, 2024 is a total of 6,087,230 common stock issuable upon the exercise of the 2024 Pre-Funded Warrants issued under the 2024 Private Placement (described in Note 6). The 2024 Pre-Funded Warrants are exercisable at any time for nominal consideration, and therefore these shares are considered outstanding for the purpose of calculating basic and diluted net loss per share.


	As of March 31,
	2024		2023
Unvested restricted common stock subject to repurchase		—		3,175
Unvested common stock upon early exercise of stock options		46,517		225,581
Options to purchase common stock		8,347,499		6,126,093
Estimated shares purchasable under the ESPP		2,913		3,133
		8,396,929		6,357,982

Net Loss Per Share (Additional Information) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares outstanding, Basic	52,228,934	42,394,623
Weighted average shares number of shares outstanding, Diluted	52,228,934	42,394,623
Private Placement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares outstanding, Basic	6,087,230
Weighted average shares number of shares outstanding, Diluted	6,087,230

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Organization

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

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at March 31, 2024 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Summary of Significant Accounting Policies

During the three months ended March 31, 2024, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Fair Value Measurements

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

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

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

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

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

Marketable Securities

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

Restricted Cash

Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2024 and December 31, 2023 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock, unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be antidilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

Commitments and Contingencies

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

Recently Issued Accounting Pronouncements

On August 5, 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-06, “Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. For smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard effective January 1, 2024, which did not have a material impact on the Company's condensed financial statements.

Issued Accounting Pronouncements Not Yet Adopted

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

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	March 31, 2024		December 31, 2023
Common stock options granted and outstanding		8,347,499		8,276,442
Shares available for future issuance under the 2021 Incentive Award Plan		5,668,928		3,677,313
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,516,697		1,129,399
Pre-Funded Warrants issued and outstanding under the 2024 Private Placement		6,087,230		—
Total common stock reserved for future issuance		21,620,354		13,083,154

Document and Entity Information - $ / shares	3 Months Ended
Document and Entity Information - $ / shares	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	TYRA BIOSCIENCES, INC.
Entity Central Index Key	0001863127
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40800
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476348
Entity Address, Address Line One	2656 State Street
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	619
Local Phone Number	728-4760
Entity Common Stock, Shares Outstanding		52,539,804
Entity Listing, Par Value Per Share	$ 0.0001
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Transition Report	false
Document Quarterly Report	true

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	May 31, 2021 Renewal	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023	Mar. 31, 2022 ft²	Aug. 31, 2020 ft²
Lessee Lease Description [Line Items]
Operating lease cost		$ 239	$ 83
Lease liability paid		100	$ 100
Present value of lease liabilities		$ 6,487
Weighted-average incremental borrowing rate - operating leases		8.07%		8.07%
First Amendment [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Area of Lease \| ft²					8,331	4,734
First Amendment [Member] \| Office Building [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months				36 months
Expansion Lease Agreement [Member]
Lessee Lease Description [Line Items]
Operating lease cost		$ 500
Operating lease term of contract					120 months
Security deposit		100
Long-term line of credit		1,000
Expansion Lease Agreement [Member] \| Minimum
Lessee Lease Description [Line Items]
Long-term line of credit		$ 500

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 1,041	$ 5,117
Accrued research and development	3,893	4,848
Accrued legal and professional fees	221	132
Accrued other general and administrative fees	312	294
Total accrued and other current liabilities	$ 5,467	$ 10,391

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 254,366	$ 58,006
Marketable securities	128,096	145,463
Prepaid and other current assets	8,316	8,202
Total current assets	390,778	211,671
Restricted cash	1,000	1,000
Property and equipment, net	1,593	1,628
Right-of-use asset	6,412	6,526
Other long-term assets	4,958	5,032
Total assets	404,741	225,857
Current liabilities:
Accounts payable	2,879	4,662
Lease liabilities, current	370	280
Accrued and other current liabilities	5,467	10,391
Total current liabilities	8,716	15,333
Lease liabilities, noncurrent	6,117	6,216
Other long-term liabilities	29	46
Total liabilities	14,862	21,595
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023.	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2024 and December 31, 2023; 52,521,050 and 43,099,055 shares issued at March 31, 2024 and December 31, 2023, respectively, and 52,474,533 and 43,024,634 shares outstanding at March 31, 2024 and December 31, 2023, respectively.	5	4
Additional paid-in capital	572,902	368,707
Accumulated other comprehensive income (loss)	(6)	381
Accumulated deficit	(183,022)	(164,830)
Total stockholders' equity	389,879	204,262
Total liabilities and stockholders' equity	$ 404,741	$ 225,857