0000950170-24-092778 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false	false
Non-Rule 10b5-1 Arrangement Adopted	false	false
Rule 10b5-1 Arrangement Terminated	false	false
Non-Rule 10b5-1 Arrangement Terminated	false	false
Rule 10b5-1 Arrangement Modified	false	false
Non Rule 10b5-1 Arrangement Modified	false	false

Leases

6 Months Ended

Jun. 30, 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 and had an original term of 60 months, 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 $0.2 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively.

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 and six months ended June 30, 2024 and 2023, respectively, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	239	$	163	$	478	$	246
Short-term lease cost		24		21		48		43
Variable lease cost		32		15		63		29
Total lease cost	$	295	$	199	$	589	$	318

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


	As of June 30,
Year ending December 31,
2024 (remaining six months)	$	428
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,107
Less: amount representing interest		(2,708	)
Present value of lease liabilities		6,399
Less: current portion of lease liabilities		(383	)
Lease liabilities, noncurrent	$	6,016


	June 30,			December 31,
	2024			2023
Weighted-average remaining lease term (years) - operating leases		9.4			9.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free rate of interest	4.20%	3.50%
Expected term (years)	5 years 3 months 18 days	5 years 2 months 12 days
Expected stock price volatility	87.80%	88.60%
Maximum
Class Of Stock [Line Items]
Risk-free rate of interest	4.60%	4.20%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	93.50%	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.

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+ Details

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and Cash Equivalents	$ 99,490	$ 58,006
Marketable securities	274,306	145,463
Prepaid and other current assets	4,778	8,202
Total current assets	378,574	211,671
Restricted cash	1,000	1,000
Property and equipment, net	1,898	1,628
Right-of-use assets	6,296	6,526
Other long-term assets	4,693	5,032
Total assets	392,461	225,857
Current liabilities:
Accounts payable	1,577	4,662
Lease liabilities, current	383	280
Accrued and other current liabilities	8,422	10,391
Total current liabilities	10,382	15,333
Lease liabilities, noncurrent	6,016	6,216
Other long-term liabilities	20	46
Total liabilities	16,418	21,595
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023.	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at June 30, 2024 and December 31, 2023; 52,767,937 and 43,099,055 shares issued at June 30, 2024 and December 31, 2023, respectively, and 52,736,458 and 43,024,634 shares outstanding at June 30, 2024 and December 31, 2023, respectively.	5	4
Additional paid-in capital	577,946	368,707
Accumulated other comprehensive income (loss)	(184)	381
Accumulated deficit	(201,724)	(164,830)
Total stockholders' equity	376,043	204,262
Total liabilities and stockholders' equity	$ 392,461	$ 225,857

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 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 its 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 and six months ended June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases.
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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for all entities for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company operates as a single segment and does not expect ASU 2023-07 to have a material impact on its condensed financial statements.

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 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 its 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 and six months ended June 30, 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 June 30, 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 and six months ended June 30, 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 June 30, 2024 and December 31, 2023 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases.

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for all entities for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company operates as a single segment and does not expect ASU 2023-07 to have a material impact on its condensed financial statements

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 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):


	June 30, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	107,103	$	1	$	(73	)	$	107,031
U.S. government agency securities	1 or less		66,105		1		(71	)		66,035
U.S. Treasury securities	1-2		38,279		64		(24	)		38,319
U.S. government agency securities	1-2		63,003		6		(88	)		62,921
Total		$	274,490	$	72	$	(256	)	$	274,306


	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


	June 30, 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	$	87,093	$	(97	)	$	—	$	—	$	87,093	$	(97	)
U.S. government agency securities		115,991		(159	)		—		—		115,991		(159	)
Total	$	203,084	$	(256	)	$	—	$	—	$	203,084	$	(256	)


	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	)

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (36,894)	$ (25,152)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	248	172
Stock-based compensation	8,526	4,962
Accretion on marketable securities, net	(3,096)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	3,760	1,337
Accounts payable, accrued expenses and other liabilities	(4,964)	(350)
Right-of-use assets and lease liabilities, net	134	(431)
Net cash used in operating activities	(32,286)	(19,462)
Cash flows from investing activities:
Purchases of marketable securities	(189,197)	0
Sales and maturities of marketable securities	62,885	0
Purchases of property and equipment	(606)	(84)
Net cash used in investing activities	(126,918)	(84)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans	1,108	746
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	(420)	0
Net cash provided by financing activities	200,688	746
Net cash increase (decrease) for the period	41,484	(18,800)
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	100,490	233,413
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	99,490	232,413
Restricted cash	1,000	1,000
Total cash, cash equivalents and restricted cash	100,490	233,413
Supplemental disclosure of cash flow information:
Right-of-use asset obtained in exchange for lease liability	0	4,004
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued and other current liabilities	34	50
Vesting of options early exercised subject to repurchase	26	63
Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets	$ 0	$ 124

Marketable Securities

6 Months Ended

Jun. 30, 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):


	June 30, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	1 or less	$	107,103	$	1	$	(73	)	$	107,031
U.S. government agency securities	1 or less		66,105		1		(71	)		66,035
U.S. Treasury securities	1-2		38,279		64		(24	)		38,319
U.S. government agency securities	1-2		63,003		6		(88	)		62,921
Total		$	274,490	$	72	$	(256	)	$	274,306


	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):


	June 30, 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	$	87,093	$	(97	)	$	—	$	—	$	87,093	$	(97	)
U.S. government agency securities		115,991		(159	)		—		—		115,991		(159	)
Total	$	203,084	$	(256	)	$	—	$	—	$	203,084	$	(256	)


	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 June 30, 2024, there were 37 available-for-sale securities with an estimated fair value of $203.1 million in a gross unrealized loss position for less than 12 months. As of June 30, 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 $1.9 million as of June 30, 2024 and is included in prepaid and other current assets on the condensed balance sheet.

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 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):


	June 30, 2024		December 31, 2023
Accrued payroll and other employee benefits	$	2,226	$	5,117
Accrued research and development		5,451		4,848
Accrued legal and professional fees		120		132
Accrued other general and administrative fees		625		294
Total accrued and other current liabilities	$	8,422	$	10,391

Document and Entity Information - $ / shares	6 Months Ended
Document and Entity Information - $ / shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		52,806,137
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		6 Months Ended
Leases - Additional Information (Details) $ in Thousands	May 31, 2021 Renewal	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 ft²	Aug. 31, 2020 ft²
Lessee Lease Description [Line Items]
Operating lease cost		$ 239	$ 163	$ 478	$ 246
Lease liability paid		200	$ 600	300	$ 700
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]
Operating lease term of contract	60 months
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months					36 months
Expansion Lease Agreement [Member]
Lessee Lease Description [Line Items]
Operating lease term of contract						120 months
Operating lease cost				500
Security deposit		100		100
Long-term line of credit		1,000		1,000
Expansion Lease Agreement [Member] \| Minimum
Lessee Lease Description [Line Items]
Long-term line of credit		$ 500		$ 500

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Private Placement [Member]	Common Stock [Member]	Common Stock [Member] Private Placement [Member]	Additional Paid In Capital[Member]	Additional Paid In Capital[Member] Private Placement [Member]	Accumulated Other Comprehensive Gain (Loss)[Member]	Accumulated Deficit [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	376				376
Issuance of common stock under benefit plans, Shares			129,669
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, 2022	257,829		$ 4		353,521			(95,696)
Beginning balance (in shares) at Dec. 31, 2022			42,353,550
Net Income (Loss)	(25,152)
Ending balance at Jun. 30, 2023	238,572		$ 4		359,416			(120,848)
Ending balance (in shares) at Jun. 30, 2023			42,817,233
Beginning balance at Mar. 31, 2023	248,790		$ 4		356,362			(107,576)
Beginning balance (in shares) at Mar. 31, 2023			42,535,374
Issuance of common stock under benefit plans	494				494
Issuance of common stock under benefit plans, Shares			230,502
Vesting of shares of common stock subject to repurchase	31				31
Vesting of shares of common stock subject to repurchase, Share			51,357
Stock-based compensation	2,529				2,529
Net Income (Loss)	(13,272)							(13,272)
Ending balance at Jun. 30, 2023	238,572		$ 4		359,416			(120,848)
Ending balance (in shares) at Jun. 30, 2023			42,817,233
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 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 Pre Funded Warrants Under Private Placement	79,022				79,022
Issuance of common stock under benefit plans	484				484
Issuance of common stock under benefit plans, Shares			135,972
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
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
Net Income (Loss)	(36,894)
Ending balance at Jun. 30, 2024	376,043		$ 5		577,946		(184)	(201,724)
Ending balance (in shares) at Jun. 30, 2024			52,736,458
Beginning balance at Mar. 31, 2024	389,879		$ 5		572,902		(6)	(183,022)
Beginning balance (in shares) at Mar. 31, 2024			52,474,533
Issuance of common stock under benefit plans	624				$ 624
Issuance of common stock under benefit plans, Shares			246,887
Vesting of shares of common stock subject to repurchase	9
Vesting of shares of common stock subject to repurchase, Share			15,038		9
Stock-based compensation	4,411				$ 4,411
Unrealized loss on marketable securities available-for-sale, net	(178)						(178)
Net Income (Loss)	(18,702)							(18,702)
Ending balance at Jun. 30, 2024	$ 376,043		$ 5		$ 577,946		$ (184)	$ (201,724)
Ending balance (in shares) at Jun. 30, 2024			52,736,458

Equity Incentive Plans and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended June 30, 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		680,550		$	17.52
Exercised		(339,167	)	$	2.33
Cancelled		(17,389	)	$	8.26
Outstanding at June 30, 2024		8,600,436		$	10.97		8.1	$	50,366
Exercisable at June 30, 2024		3,896,013		$	9.19		7.3	$	30,787
Vested and expected to vest as of June 30, 2024		8,600,436		$	10.97		8.1	$	50,366

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

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


	Six Months Ended June 30,
	2024	2023
Risk-free rate of interest	4.2 - 4.6%	3.5 - 4.2%
Expected term (years)	5.3 - 6.1	5.2 - 6.1
Expected stock price volatility	87.8 - 93.5%	88.6 - 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expense	$	2,658	$	1,478	$	5,133	$	2,937
General and administrative expense		1,753		1,051		3,393		2,025
Total	$	4,411	$	2,529	$	8,526	$	4,962

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Other Funding Commitments

As of June 30, 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 June 30, 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.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Restricted Cash	$ 1.0	$ 1.0

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(18,702	)	$	(13,272	)	$	(36,894	)	$	(25,152	)
Denominator:
Weighted-average common shares outstanding		58,707,309			42,792,812			55,496,543			42,721,891
Less: weighted-average unvested restricted common stock subject to repurchase		—			(2,770	)		—			(3,095	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(38,597	)		(200,829	)		(47,720	)		(226,419	)
Weighted-average shares used to compute net loss per common share, basic and diluted		58,668,712			42,589,213			55,448,823			42,492,377
Net loss per share, basic and diluted	$	(0.32	)	$	(0.31	)	$	(0.67	)	$	(0.59	)

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 June 30,
	2024		2023
Unvested restricted common stock subject to repurchase		—		2,530
Unvested common stock upon early exercise of stock options		31,479		174,867
Options to purchase common stock		8,600,436		6,040,647
Estimated shares purchasable under the ESPP		20,105		19,851
		8,652,020		6,237,895

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			6 Months Ended
	Feb. 06, 2024	Feb. 01, 2024	Oct. 03, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, par value				$ 0.0001			$ 0.0001		$ 0.0001
Common stock, shares issued				52,767,937			52,767,937		43,099,055
Stock based compensation expense				$ 100		$ 200	$ 200	$ 300
Private Placement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of private placement					$ 120,558
Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Warrant excercised				0			0
February Two Thousand Twenty Four Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of private placement	$ 200,000
Offering expenses	$ 400
February Two Thousand Twenty Four Securities Purchase Agreement [Member] \| Private Placement [Member]
Class Of Stock [Line Items]
Share issued upon private placement, share		9,286,023
Share issued, price per share		$ 13.01
February Two Thousand Twenty Four Securities Purchase Agreement [Member] \| Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Warrants exercise price		$ 13.009
Warrants issued to purchase common stock		6,087,230
Common Stock [Member] \| Private Placement [Member]
Class Of Stock [Line Items]
Share issued upon private placement, share					9,286,023
Proceeds from issuance of private placement					$ 1
Common Stock [Member] \| Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Warrants exercise price		$ 0.001
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			0

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Total common stock reserved for future issuance		21,373,467		21,373,467		13,083,154
Unrecognized compensation cost related to options		$ 41.3		$ 41.3
Term of recognized expense				2 years 1 month 6 days
Fair market value of the common stock, percentage				85.00%
Purchase of common stock through payroll deduction				15.00%
Common stock, shares issued		52,767,937		52,767,937		43,099,055
Stock based compensation expense		$ 0.1	$ 0.2	$ 0.2	$ 0.3
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance		380,000		380,000
Increase in common stock				1.00%
Term of recognized expense				9 months 18 days
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	43,692	32,442
Increased decrease in stock reserve for future issuance	430,990
Unrecognized compensation expense		$ 0.2		$ 0.2
Employee Stock Option
Class Of Stock [Line Items]
Weighted average grant fair value				$ 13.41	$ 7.65
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance		5,570,000		5,570,000
Increase in common stock				5.00%
Total common stock available for future issuance		1,032,150		1,032,150
Common stock reserve for future issuance		4,537,850		4,537,850
Shares reserved for future issuance	2,154,952			5,169,104
Common Stock [Member] \| Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance		1,516,697		1,516,697
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.

Marketable Securities - Summary of Available-for-Sale Securities and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 274,490	$ 145,082
Unrealized gains	72	384
Unrealized losses	(256)	(3)
Estimated fair value	274,306	145,463
Unrealized losses less than 12 months, fair value	203,084	9,939
Unrealized losses less than 12 months, unrealized losses	(256)	(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	203,084	9,939
Unrealized losses on accumulated loss	(256)	(3)
U.S. government agency securities
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value	115,991	9,939
Unrealized losses less than 12 months, unrealized losses	(159)	(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	115,991	9,939
Unrealized losses on accumulated loss	(159)	(3)
Less than One Year \| U.S. government agency securities
Marketable Securities [Line Items]
Amortized cost	66,105	37,376
Unrealized gains	1	38
Unrealized losses	(71)	(3)
Estimated fair value	66,035	37,411
More than One Year \| U.S. government agency securities
Marketable Securities [Line Items]
Amortized cost	63,003	12,379
Unrealized gains	6	75
Unrealized losses	(88)	0
Estimated fair value	62,921	12,454
U.S. Treasury securities
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value	87,093
Unrealized losses less than 12 months, unrealized losses	(97)
Unrealized losses 12 months or greater, fair value	0
Unrealized losses 12 months or greater, unrealized losses	0
Unrealized losses on fair value	87,093
Unrealized losses on accumulated loss	(97)
U.S. Treasury securities \| Less than One Year
Marketable Securities [Line Items]
Amortized cost	107,103	76,481
Unrealized gains	1	153
Unrealized losses	(73)	0
Estimated fair value	107,031	76,634
U.S. Treasury securities \| More than One Year
Marketable Securities [Line Items]
Amortized cost	38,279	18,846
Unrealized gains	64	118
Unrealized losses	(24)	0
Estimated fair value	$ 38,319	$ 18,964

Equity Incentive Plans and Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June 30, 2024, 5,169,104 shares were available for future grant under the 2021 Plan.

A summary of the Company’s stock option activity for the period ended June 30, 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		680,550		$	17.52
Exercised		(339,167	)	$	2.33
Cancelled		(17,389	)	$	8.26
Outstanding at June 30, 2024		8,600,436		$	10.97		8.1	$	50,366
Exercisable at June 30, 2024		3,896,013		$	9.19		7.3	$	30,787
Vested and expected to vest as of June 30, 2024		8,600,436		$	10.97		8.1	$	50,366

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:


	Six Months Ended June 30,
	2024	2023
Risk-free rate of interest	4.2 - 4.6%	3.5 - 4.2%
Expected term (years)	5.3 - 6.1	5.2 - 6.1
Expected stock price volatility	87.8 - 93.5%	88.6 - 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expense	$	2,658	$	1,478	$	5,133	$	2,937
General and administrative expense		1,753		1,051		3,393		2,025
Total	$	4,411	$	2,529	$	8,526	$	4,962

The weighted-average grant date fair value of options granted for the six months ended June 30, 2024 and 2023 was $13.41 and $7.65 per share, respectively.

For the six months ended June 30, 2024 and 2023, forfeitures resulting in the reversal of compensation expenses were immaterial.

As of June 30, 2024, the unrecognized compensation cost related to outstanding employee and nonemployee options was $41.3 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.1 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 six months ended June 30, 2024 and 2023, the Company issued 43,692 and 32,442 shares, respectively, of common stock in connection with the ESPP. As of June 30, 2024, there were 1,516,697 shares available for future purchase under the ESPP.

The Company recognized compensation expense of $0.1 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively, related to the ESPP. As of June 30, 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 0.8 years.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30, 2024			December 31, 2023
Equipment	$	1,876		$	1,443
Computers and software		223			208
Leasehold improvements		469			402
Furniture and fixtures		382			382
		2,950			2,435
Less: accumulated depreciation		(1,052	)		(807	)
Total property and equipment, net	$	1,898		$	1,628

Net Loss Per Share (Additional Information) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares outstanding, Basic	58,668,712	42,589,213	55,448,823	42,492,377
Weighted average shares number of shares outstanding, Diluted	58,668,712	42,589,213	55,448,823	42,492,377

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	June 30, 2024		December 31, 2023
Accrued payroll and other employee benefits	$	2,226	$	5,117
Accrued research and development		5,451		4,848
Accrued legal and professional fees		120		132
Accrued other general and administrative fees		625		294
Total accrued and other current liabilities	$	8,422	$	10,391

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock options granted and outstanding	8,600,436	8,276,442
Total common stock reserved for future issuance	21,373,467	13,083,154
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	5,169,104	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 under the 2024 Private Placement	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

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

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


	June 30, 2024			December 31, 2023
Equipment	$	1,876		$	1,443
Computers and software		223			208
Leasehold improvements		469			402
Furniture and fixtures		382			382
		2,950			2,435
Less: accumulated depreciation		(1,052	)		(807	)
Total property and equipment, net	$	1,898		$	1,628

The Company recognized $0.1 million and $0.2 million in depreciation expense for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million in depreciation expense for the three and six months ended June 30, 2023, respectively.

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 2,226	$ 5,117
Accrued research and development	5,451	4,848
Accrued legal and professional fees	120	132
Accrued other general and administrative fees	625	294
Total accrued and other current liabilities	$ 8,422	$ 10,391

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 239	$ 163	$ 478	$ 246
Short-term lease cost	24	21	48	43
Variable lease cost	32	15	63	29
Total lease cost	$ 295	$ 199	$ 589	$ 318

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	52,767,937	43,099,055
Common stock, shares outstanding	52,736,458	43,024,634

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

Fair Value Measurements

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 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	$	99,490	$	99,490	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		145,350		—		145,350		—
U.S. government agency securities		128,956		—		128,956		—
Total marketable securities		274,306		—		274,306		—
Total	$	374,796	$	100,490	$	274,306	$	—


	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

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	June 30, 2024		December 31, 2023
Common stock options granted and outstanding		8,600,436		8,276,442
Shares available for future issuance under the 2021 Incentive Award Plan		5,169,104		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		21,373,467		13,083,154

Marketable Securities (Additional Information) (Details) $ in Thousands	Jun. 30, 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 \| Security	37
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value	$ 203,084	$ 9,939
Accrued interest available-for-sale securities	$ 1,900

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,411	$ 2,529	$ 8,526	$ 4,962
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,658	1,478	5,133	2,937
General And Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,753	$ 1,051	$ 3,393	$ 2,025

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:


	June 30, 2024		December 31, 2023
Common stock options granted and outstanding		8,600,436		8,276,442
Shares available for future issuance under the 2021 Incentive Award Plan		5,169,104		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		21,373,467		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 June 30, 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 and six months ended June 30, 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
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-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-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
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 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	$	99,490	$	99,490	$	—	$	—
Restricted cash:
Cash		1,000		1,000		—		—
Marketable securities:
U.S. Treasury securities		145,350		—		145,350		—
U.S. government agency securities		128,956		—		128,956		—
Total marketable securities		274,306		—		274,306		—
Total	$	374,796	$	100,490	$	274,306	$	—


	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	$	—

Fair Value Measurements - Summary of assets measured at fair value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	$ 274,306	$ 145,463
Fair Value Measurements Recurring
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	274,306	145,463
Total assets	374,796	204,469
Fair Value Measurements Recurring \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Total assets	100,490	59,006
Fair Value Measurements Recurring \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	274,306	145,463
Total assets	274,306	145,463
Fair Value Measurements Recurring \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Total assets	0	0
Fair Value Measurements Recurring \| Money Market Funds Member
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	99,490	58,006
Fair Value Measurements Recurring \| Money Market Funds Member \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	99,490	58,006
Fair Value Measurements Recurring \| Money Market Funds Member \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	0	0
Fair Value Measurements Recurring \| Money Market Funds Member \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	0	0
Fair Value Measurements Recurring \| Cash
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted cash	1,000	1,000
Fair Value Measurements Recurring \| Cash \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted cash	1,000	1,000
Fair Value Measurements Recurring \| Cash \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted cash	0	0
Fair Value Measurements Recurring \| Cash \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted cash	0	0
Fair Value Measurements Recurring \| U.S. Treasury securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	145,350	95,599
Fair Value Measurements Recurring \| U.S. Treasury securities \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Fair Value Measurements Recurring \| U.S. Treasury securities \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	145,350	95,599
Fair Value Measurements Recurring \| U.S. Treasury securities \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Fair Value Measurements Recurring \| U.S. government agency securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	128,956	49,864
Fair Value Measurements Recurring \| U.S. government agency securities \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	0	0
Fair Value Measurements Recurring \| U.S. government agency securities \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	128,956	49,864
Fair Value Measurements Recurring \| U.S. government agency securities \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Marketable securities	$ 0	$ 0

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss)	$ (18,702)	$ (18,192)	$ (13,272)	$ (11,880)	$ (36,894)	$ (25,152)
Denominator:
Weighted average common shares outstanding	58,707,309		42,792,812		55,496,543	42,721,891
Less: weighted-average unvested restricted common stock subject to repurchase	0		(2,770)		0	(3,095)
Less: weighted average unvested common stock issued upon early exercise of common stock options	(38,597)		(200,829)		(47,720)	(226,419)
Weighted - average shares used to compute net loss per common share - basic	58,668,712		42,589,213		55,448,823	42,492,377
Weighted - average shares used to compute net loss per common share - diluted	58,668,712		42,589,213		55,448,823	42,492,377
Net loss per share, basic	$ (0.32)		$ (0.31)		$ (0.67)	$ (0.59)
Net loss per share, diluted	$ (0.32)		$ (0.31)		$ (0.67)	$ (0.59)

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Entity Incorporation, Date of Incorporation	Aug. 02, 2018
Restricted cash	$ 1.0	$ 1.0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,702)	$ (18,192)	$ (13,272)	$ (11,880)	$ (36,894)	$ (25,152)

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-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))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-09(1)(d))
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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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
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 2,950	$ 2,435
Less: accumulated depreciation	(1,052)	(807)
Total property and equipment, net	1,898	1,628
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,876	1,443
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	223	208
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	469	402
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 382	$ 382

Net Loss Per Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(18,702	)	$	(13,272	)	$	(36,894	)	$	(25,152	)
Denominator:
Weighted-average common shares outstanding		58,707,309			42,792,812			55,496,543			42,721,891
Less: weighted-average unvested restricted common stock subject to repurchase		—			(2,770	)		—			(3,095	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(38,597	)		(200,829	)		(47,720	)		(226,419	)
Weighted-average shares used to compute net loss per common share, basic and diluted		58,668,712			42,589,213			55,448,823			42,492,377
Net loss per share, basic and diluted	$	(0.32	)	$	(0.31	)	$	(0.67	)	$	(0.59	)

Included in the weighted-average shares of common stock outstanding, both basic and diluted for the three and six months ended June 30, 2024 are weighted shares of 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 June 30,
	2024		2023
Unvested restricted common stock subject to repurchase		—		2,530
Unvested common stock upon early exercise of stock options		31,479		174,867
Options to purchase common stock		8,600,436		6,040,647
Estimated shares purchasable under the ESPP		20,105		19,851
		8,652,020		6,237,895

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining six months)	$ 428
2025	873
2026	899
2027	926
2028	954
Thereafter	5,027
Total minimum lease payments	9,107
Less: amount representing interest	(2,708)
Present value of lease liabilities	6,399
Less: current portion of lease liabilities	(383)	$ (280)
Lease liabilities, noncurrent	$ 6,016	$ 6,216
Weighted-average remaining lease term (years) - operating leases	9 years 4 months 24 days	9 years 10 months 24 days
Weighted-average incremental borrowing rate - operating leases	8.07%	8.07%

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Number of Outstanding Options, Beginning balance	8,276,442
Number of Outstanding Options, Granted	680,550
Number of Outstanding Options, Exercised	(339,167)
Cancelled	(17,389)
Number of Outstanding Options, Ending balance	8,600,436	8,276,442
Number of Outstanding Options, Exercisable	3,896,013
Number of Outstanding Options, Vested and expected to vest	8,600,436
Weighted- Average Exercise Price, Beginning balance	$ 10.07
Weighted- Average Exercise Price, Granted	17.52
Weighted- Average Exercise Price, Exercised	2.33
Weighted- Average Exercise Price, Cancelled	8.26
Weighted- Average Exercise Price, Ending balance	10.97	$ 10.07
Weighted- Average Exercise Price, Exercisable	9.19
Weighted- Average Exercise Price, Vested and expected to vest	$ 10.97
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 3 months 18 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, Ending balance	50,366	$ 40,420
Aggregate Intrinsic Value, Exercised	30,787
Aggregate Intrinsic Value, Vested and expected to vest	$ 50,366

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Components of Lease Cost

Components of lease cost for the three and six months ended June 30, 2024 and 2023, respectively, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	239	$	163	$	478	$	246
Short-term lease cost		24		21		48		43
Variable lease cost		32		15		63		29
Total lease cost	$	295	$	199	$	589	$	318

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 June 30,
Year ending December 31,
2024 (remaining six months)	$	428
2025		873
2026		899
2027		926
2028		954
Thereafter		5,027
Total minimum lease payments		9,107
Less: amount representing interest		(2,708	)
Present value of lease liabilities		6,399
Less: current portion of lease liabilities		(383	)
Lease liabilities, noncurrent	$	6,016


	June 30,			December 31,
	2024			2023
Weighted-average remaining lease term (years) - operating leases		9.4			9.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Condensed Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 17,997	$ 12,162	$ 35,199	$ 22,570
General and administrative	5,535	3,852	10,654	7,778
Total operating expenses	23,532	16,014	45,853	30,348
Loss from operations	(23,532)	(16,014)	(45,853)	(30,348)
Other income:
Interest and other income, net	4,830	2,742	8,959	5,196
Total other income	4,830	2,742	8,959	5,196
Net loss	(18,702)	(13,272)	(36,894)	(25,152)
Unrealized loss on marketable securities available-for-sale, net	(178)	0	(565)	0
Comprehensive loss	$ (18,880)	$ (13,272)	$ (37,459)	$ (25,152)
Net loss per share, basic	$ (0.32)	$ (0.31)	$ (0.67)	$ (0.59)
Net loss per share, diluted	$ (0.32)	$ (0.31)	$ (0.67)	$ (0.59)
Weighted - average shares used to compute net loss per common share - basic	58,668,712	42,589,213	55,448,823	42,492,377
Weighted - average shares used to compute net loss per common share - diluted	58,668,712	42,589,213	55,448,823	42,492,377

Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,652,020	6,237,895
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	2,530
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	31,479	174,867
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	8,600,436	6,040,647
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	20,105	19,851