Aura Biosciences (AURA) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	AURA BIOSCIENCES, INC.
Entity Central Index Key	0001501796
Entity File Number	001-40971
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0271970
Entity Address, Address Line One	80 Guest Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	500-8864
Entity Interactive Data Current	Yes
Entity Current Reporting Status	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AURA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		49,543,309

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,279	$ 41,063
Marketable securities	176,595	185,087
Restricted cash and deposits	0	19
Prepaid expenses and other current assets	9,375	5,625
Total current assets	212,249	231,794
Restricted cash and deposits, net of current portion	768	768
Right of use assets - operating lease	18,501	18,854
Other long-term assets	453	509
Property and equipment, net	3,054	3,150
Total Assets	235,025	255,075
Current liabilities:
Accounts payable	1,933	1,787
Short-term operating lease liability	2,741	2,687
Accrued expenses and other current liabilities	4,989	7,883
Total current liabilities	9,663	12,357
Long-term operating lease liability	16,579	16,870
Total Liabilities	26,242	29,227
Commitments and Contingencies (Note 12)
Stockholders Equity:
Common stock, $0.00001 par value, 150,000,000 authorized at March 31, 2024 and December 31, 2023, and 49,504,405 and 49,350,788 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Additional paid-in capital	515,779	512,617
Accumulated deficit	(307,014)	(287,308)
Accumulated other comprehensive loss	18	539
Total Stockholders' Equity	208,783	225,848
Total Liabilities and Stockholders Equity	$ 235,025	$ 255,075

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	49,504,405	49,350,788
Common stock, shares outstanding	49,504,405	49,350,788

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Expenses:
Research and development	$ 17,052	$ 14,405
General and administrative	5,261	5,039
Total operating expenses	22,313	19,444
Total operating loss	(22,313)	(19,444)
Other income (expense):
Interest income, including amortization and accretion income	2,685	1,991
Other income (expense)	(32)	(13)
Total other income	2,653	1,978
Loss before income taxes	(19,660)	(17,466)
Income tax benefit (provision),net	(46)	0
Net loss	$ (19,706)	$ (17,466)
Net loss per common share - basic	$ (0.4)	$ (0.46)
Net loss per common share - diluted	$ (0.4)	$ (0.46)
Weighted average common stock outstanding - basic	49,451,943	37,784,282
Weighted average common stock outstanding - diluted	49,451,943	37,784,282
Comprehensive loss:
Net loss	$ (19,706)	$ (17,466)
Other comprehensive items:
Unrealized gain (loss) on marketable securities	(521)	27
Total other comprehensive income (loss)	(521)	27
Total comprehensive loss	$ (20,227)	$ (17,439)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss Amount
Beginning Balance at Dec. 31, 2022	$ 195,583		$ 406,555	$ (210,900)	$ (72)
Beginning Balance, Shares at Dec. 31, 2022		37,771,918
Stock-based compensation expense	1,913		1,913
Stock option exercises	145		145
Stock option exercises, Shares		21,549
Employee stock purchase plan	56		56
Employee stock purchase plan ,Shares		6,635
Unrealized gain (loss) on marketable securities	27				27
Net loss	(17,466)			(17,466)
Ending Balance at Mar. 31, 2023	180,258		408,669	(228,366)	(45)
Ending Balance, Shares at Mar. 31, 2023		37,800,102
Beginning Balance at Dec. 31, 2023	225,848		512,617	(287,308)	539
Beginning Balance, Shares at Dec. 31, 2023		49,350,788
Stock-based compensation expense	2,909		2,909
Stock option exercises	158		158
Stock option exercises, Shares		51,180
Employee stock purchase plan	95		95
Employee stock purchase plan ,Shares		12,314
Vesting of restricted stock, Shares		90,123
Unrealized gain (loss) on marketable securities	(521)				(521)
Net loss	(19,706)			(19,706)
Ending Balance at Mar. 31, 2024	$ 208,783		$ 515,779	$ (307,014)	$ 18
Ending Balance, Shares at Mar. 31, 2024		49,504,405

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (19,706)	$ (17,466)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	306	328
Accretion on marketable securities	(1,506)	(1,004)
Stock-based compensation expense	2,909	1,913
Other	(5)	0
Non-cash lease expense	353	331
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(3,750)	2,292
Other long-term assets	56	(200)
Accounts payable	23	(1,881)
Accrued expenses and other liabilities	(2,895)	(506)
Operating lease liabilities	(237)	(219)
Net cash used in operating activities	(24,452)	(16,412)
Cash flows from investing activities:
Purchases of property and equipment	(88)	(109)
Purchase of marketable securities	(29,201)	(88,847)
Proceeds from sale of marketable securities	38,685	22,077
Net cash provided by (used in) investing activities	9,396	(66,879)
Cash flows from financing activities:
Proceeds from exercise of stock options	158	145
Proceeds from ESPP purchase	95	56
Net cash provided by (used in) financing activities	253	201
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,803)	(83,090)
Cash, cash equivalents and restricted cash at beginning of period	41,850	122,370
Cash, cash equivalents and restricted cash at end of period	27,047	39,280
Supplemental disclosure of cash flow information:
Purchases of property and equipment in accounts payable and accrued expenses and other liabilities	$ 122	$ 15

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - Reconciliation of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents, end of period	$ 26,279	$ 38,492
Short-term restricted cash, end of period	0	20
Long-term restricted cash, end of period	768	768
Cash, cash equivalents and restricted cash at end of period	$ 27,047	$ 39,280

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,706)	$ (17,466)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	None of our directors or officers, as defined in Rule 16a-1(f) under the Securities Act, adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408(c) of Regulation S-K, during the quarter ended March 31, 2024 .
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Aura Biosciences, Inc., or the Company or Aura, is a clinical-stage biotechnology company developing precision immunotherapies to treat solid tumors designed to preserve the function of the organ with cancer. Within these unaudited condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Aura refer to Aura Biosciences, Inc. and its subsidiaries on a consolidated basis. The Company’s proprietary platform is designed to enable the targeting of a broad range of solid tumors using Virus-Like Particles, or VLPs, that can be conjugated with drugs or loaded with nucleic acids to create Virus-Like Drug Conjugates, or VDCs. VDCs are a novel class of drugs with a dual mechanism of action that promote cancer cell death by both the delivery of the cytotoxic payload to generate acute necrosis and activation of a secondary immune mediated response. The Company’s initial focus is in ocular and urologic oncology, both areas of high unmet medical need where local targeted therapies may enable early intervention. The Company is evaluating the safety and efficacy of its lead candidate, bel-sar, as a potential vision-sparing therapy in an ongoing global Phase 3 CoMpass trial for the first-line treatment of adult patients with small choroidal melanoma and indeterminate lesions, or early-stage choroidal melanoma. Bel-sar is also being explored for choroidal metastases and cancers of the ocular surface and is in Phase 1 clinical development in bladder cancer. The Company envisions the potential for development of bel-sar in additional therapeutic areas. Aura’s headquarters are located in Boston, Massachusetts. The Company’s operations to date have consisted primarily of conducting research and development and raising capital. The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, the successful development and commercialization of products, fluctuations in operating results and financial risks, need for additional financing or alternative means of financial support or both to fund its current operating plan, protection of proprietary technology and patent risks, compliance with government regulations, dependence on key personnel, collaborative partners, contract development and manufacturing organizations and other third-parties, competition, customer demand, management of growth, and the effectiveness of marketing by the Company. Liquidity Through March 31, 2024, the Company has funded its operations primarily with proceeds from the initial and additional closings of its convertible preferred stock financings, and through its IPO, follow-on offerings and at-the-market offering, or ATM. On November 9, 2023, the Company issued and sold 11,000,000 shares of common stock at a price to the public of $ 9.00 per share for aggregate gross proceeds of $ 99.0 million, or the 2023 Follow-On Offering. The Company received approximately $ 92.6 million in net proceeds from the 2023 Follow-On Offering after deducting underwriting discounts and commissions and offering expenses. On December 5, 2022, the Company issued and sold 7,705,000 shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares at a price to the public of $ 12.00 per share for aggregate gross proceeds of $ 92.5 million, or the 2022 Follow-On Offering. The Company received approximately $ 86.7 million in net proceeds from the 2022 Follow-On Offering after deducting underwriting discounts, commissions and offering expenses. On November 1, 2022, the Company filed a shelf registration statement on Form S-3, or the 2022 Shelf, with the SEC in relation to the registration of up to an aggregate offering price of $ 250.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into the Open Market Sale Agreement SM , or Sales Agreement, with Jefferies LLC, or the Sales Agent, to provide for the offering, issuance and sale by the Company of up to an aggregate of $ 75.0 million of common stock from time to time in the ATM under the 2022 Shelf and subject to the limitations thereof. In connection with the 2023 Follow-On Offering, on November 6, 2023, the Company delivered written notice to Jefferies that the Company was suspending and terminating the prospectus related to the shares issuable in the ATM pursuant to the terms of the Sales Agreement. As of November 6, 2023, the Company had issued 993,996 shares of common stock at an average price of $ 12.50 under the ATM. On March 27, 2024, the Company filed a new shelf registration statement on Form S-3, or the 2024 Shelf, with the SEC in relation to the registration of up to an aggregate offering price of $ 350.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof, which superseded the 2022 Shelf. The 2024 Shelf included a prospectus supplement to provide for offerings in the ATM under the Sales Agreement. The Company issued no shares of common stock during the three months ended March 31, 2024 under the ATM . As of the issuance date of these unaudited condensed consolidated financial statements for the three months ended March 31, 2024, the Company expects that its cash and cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three months ended March 31, 2024 and 2023 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2024. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024. There have been no changes to the Company’s significant accounting policies except as noted below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance was adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this standard on January 1, 2023 and the standard did no t have a material impact on its results of operations, financial condition, and financial statement disclosures.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
Fair Value of Assets and Liabilities	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	3. Fair Value of Assets and Liabilities The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2024 and December 31, 2023 (in thousands): Description March 31, Quoted prices markets Significant Significant Financial assets Cash equivalents: Money market funds $ 25,808 $ 25,808 $ — $ — Marketable securities: U.S. Government agencies 176,098 — 176,098 — Asset-backed securities 497 — 497 — Total financial assets $ 202,403 $ 25,808 $ 176,595 $ — Description December 31, Quoted prices markets Significant Significant Financial assets Cash equivalents: Money market funds $ 40,551 $ 40,551 $ — $ — Marketable securities: Commercial paper 9,137 — 9,137 — Corporate bonds 6,187 — 6,187 — U.S. Government agencies 166,002 — 166,002 — Yankee bonds 2,982 — 2,982 — Asset-backed securities 779 — 779 — Total financial assets $ 225,638 $ 40,551 $ 185,087 $ —

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
Property and Equipment, Net	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Assets under construction $ 555 $ 391 IT equipment 289 289 Lab equipment 7,552 7,506 $ 8,396 $ 8,186 Less—accumulated depreciation ( 5,342 ) ( 5,036 ) Property and equipment, net $ 3,054 $ 3,150 Depreciation expense was $ 0.3 million and $ 0.3 million for the three months ended March 31, 2024 and 2023 , respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
Prepaid Expenses and Other Current Assets	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 1,258 $ 1,817 Prepaid research and development expenses 5,829 1,399 Other 2,288 2,409 Prepaid expenses and other current assets $ 9,375 $ 5,625

Marketable Securities

Marketable Securities	3 Months Ended
Marketable Securities	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	6. Marketable Securities Marketable securities consist of the following (in thousands): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government agencies 176,079 67 ( 48 ) $ 176,098 Asset-backed securities 498 — ( 1 ) $ 497 Total $ 176,577 $ 67 $ ( 49 ) $ 176,595 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 9,144 $ — $ ( 7 ) $ 9,137 Corporate bonds 6,186 3 ( 2 ) $ 6,187 U.S. Government agencies 165,453 563 ( 14 ) $ 166,002 Yankee bonds 2,985 — ( 3 ) $ 2,982 Asset-backed securities 780 — ( 1 ) $ 779 Total $ 184,548 $ 566 $ ( 27 ) $ 185,087 As of March 31, 2024, the unrealized losses on the Company’s investments in U.S. government agencies securities and asset-backed securities were caused by interest rate increases. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. The Company does not intend to sell the investments and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis. As of March 31, 2024, four marketable securities with contractual maturities of one year or less were in an unrealized loss position totaling $ 0.01 million. As of March 31, 2024 , the Company had marketable securities with a fair value of $ 58.7 million that had maturities of one to two year s. There were no impairments of the Company’s assets measured and carried at fair value dur ing the three months ended March 31, 2024 .

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
Accrued Expenses and Other Current Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued research and development expenses $ 2,509 $ 3,445 Accrued compensation 1,798 3,503 Other 682 935 Accrued expenses and other current liabilities $ 4,989 $ 7,883

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	8. Equity The Company had 150,000,000 authorized shares of common stock, par value $ 0.00001 per share, of which 49,504,405 and 49,350,788 shares were issued and outstanding at March 31, 2024 and December 31, 2023, respectively. In addition, the Company had 10,000,000 authorized shares of preferred stock, par value $ 0.00001 per share, all of which shares of preferred stock are undesignated. No authorized shares of preferred stock were issued and outstanding at March 31, 2024 and December 31, 2023. Financings On November 9, 2023, the Company issued and sold 11,000,000 shares of common stock at a price to the public of $ 9.00 per share for aggregate gross proceeds of $ 99.0 million in the 2023 Follow-On Offering. The Company received approximately $ 92.6 million in net proceeds from the 2023 Follow-On Offering after deducting underwriting discounts and commissions and offering expenses. On December 5, 2022, the Company issued and sold 7,705,000 shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares at a price to the public of $ 12.00 per share for aggregate gross proceeds of $ 92.5 million in the 2022 Follow-On Offering. The Company received approximately $ 86.7 million in net proceeds from the 2022 Follow-On Offering after deducting underwriting discounts, commissions and offering expenses. On November 1, 2022, the Company filed the 2022 Shelf with the SEC in relation to the registration of up to an aggregate offering price of $ 250.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into the Sales Agreement with the Sales Agent to provide for the offering, issuance and sale by the Company of up to an aggregate of $ 75.0 million of common stock from time to time in the ATM under the 2022 Shelf and subject to the limitations thereof. As of November 6, 2023, the Company had issued 993,996 shares of common stock at an average price of $ 12.50 under the ATM . On March 27, 2024, the Company filed the 2024 Shelf with the SEC in relation to the registration of up to an aggregate offering price of $ 350.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof, which superseded the 2022 Shelf. The 2024 Shelf included a prospectus supplement to provide for offerings in the ATM under the Sales Agreement. The Company issued no shares of common stock during the three months ended March 31, 2024 under the ATM.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation 2018 Stock Option and Incentive Plan On December 12, 2018, the Company adopted the Aura Biosciences, Inc. 2018 Equity Incentive Plan, or the 2018 Plan. The 2018 Plan will expire in 2028. Under the 2018 Plan, Aura may grant incentive stock options, non-qualified stock options, restricted and unrestricted stock awards and stock rights. The Board of Directors, or the Board, has determined not to make any further awards under the 2018 Plan as of November 2, 2021. However, the 2018 Plan will continue to govern outstanding equity awards granted thereunder. 2021 Stock Option and Incentive Plan The 2021 Stock Option and Incentive Plan, or the 2021 Plan, was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. The 2021 Plan permits the granting of both options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code and options that do not so qualify. The number of shares initially reserved for issuance under the 2021 Plan was 3,352,166 , which increased on January 1, 2022 and will continue to increase each January 1 thereafter, by 5 % of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee. The maximum number of shares of common stock that may be issued in the form of incentive stock options shall not exceed the initial limit, cumulatively increased on January 1, 2022 and on each January 1 thereafter by the lesser of the annual increase for such year or 3,352,166 shares of common stock. On January 1, 2024, the shares reserved for issuance was increased to 9,414,162 shares. With the transfer of the available options from the 2018 Plan to the 2021 Plan, there were 4,110,430 options and restricted stock units available for grant under the 2021 Plan at March 31, 2024. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan, or the ESPP, was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. A total of 335,217 shares of common stock were initially reserved for issuance under this plan, which increased on January 1, 2022 and will continue to increase each January 1 thereafter through January 1, 2031, by the least of (i) 335,217 shares of common stock, (ii) 1 % of the outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the ESPP. On January 1, 2024, the shares reserved for issuance was increased to 1,282,856 shares. The purchase price of the shares under the ESPP are at 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of March 31, 2024 , 1,270,542 shares were available to be issued under the ESPP. The Company recognized $ 0.03 million share-based compensation expense related to the ESPP for the three months ended March 31, 2024. Stock Options The Board is authorized to administer the 2021 Plan. In accordance with the provisions of the 2021 Plan, the Board determines the terms of Aura options and other awards issued pursuant thereto, including the following: ▪ which employees, directors and consultants shall be granted awards; ▪ the number of shares of common stock subject to options and other awards; ▪ the exercise price of each option, which generally shall not be less than fair market value of the common stock on the date of grant; ▪ the termination or cancellation provisions applicable to options; ▪ the terms and conditions of other awards, including conditions for repurchase, termination or cancellation, issue price and repurchase price; and ▪ all other terms and conditions upon which each award may be granted in accordance with the 2021 Plan. In addition, the Board may award restricted shares of common stock and restricted stock units to participants subject to such conditions and restrictions as it may determine. The Board or any committee to which the Board delegates authority may, with the consent of the affected plan participants, re-price or otherwise amend outstanding awards consistent with the terms of the 2021 Plan. The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2024: Options Weighted- Weighted- Aggregate Intrinsic Outstanding at December 31, 2023 5,030,351 $ 8.46 7.54 $ 10,353 Granted 1,085,500 7.83 Exercised ( 51,180 ) 3.10 Cancelled/Forfeited ( 107,783 ) 11.12 Outstanding at March 31, 2024 5,956,888 $ 8.34 7.69 $ 7,681 Exercisable at March 31, 2024 2,902,169 $ 7.37 6.34 $ 6,627 The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2024 and 2023 was $ 5.90 and $ 7.52 per share, respectively. The fair value of options vested during the three months ended March 31, 2024 and 2023 was $ 2.2 million and $ 1.2 million, respectively. The total intrinsic value of options exercised was $ 0.3 million and $ 0.1 million for the three months ended March 31, 2024 and 2023, respectively. The fair value of the stock options issued for the three months ended March 31, 2024 and 2023 was measured with the following weighted-average assumptions: Three Months Ended 2024 2023 Risk-free interest rate 3.84 % 3.53 % Expected term (years) 6.06 6.04 Expected volatility of the underlying stock 88.50 % 84.83 % Expected dividend rate — % — % Restricted Stock Units The Company has granted restricted stock units with service-based vesting conditions. Unvested restricted stock units may not be sold or transferred by the holder. A summary of the restricted stock units activity during the three months ended March 31, 2024 is as follows: Restricted Stock Units Weighted- Unvested at December 31, 2023 1,093,402 $ 10.27 Granted 731,925 7.83 Vested/Released ( 90,123 ) 10.08 Forfeited ( 44,662 ) 10.05 Unvested at March 31, 2024 1,690,542 $ 9.23 As a result of the 2021 Plan, the Company granted restricted stock units which vest in increments of 25 % annually over a period of four years . For the three months ended March 31, 2024, 90,123 restricted stock units vested with a fair value of $ 1.0 million. Stock-based Compensation Expense The Company recorded stock-based compensation expense as follows (in thousands): Three Months Ended 2024 2023 Research and development $ 1,478 $ 767 General and administrative 1,431 1,146 Total $ 2,909 $ 1,913 As of March 31, 2024, there was $ 18.8 million of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.74 years. As of March 31, 2024, there was $ 13.8 million of unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 3.31 years.

Common Stock Warrants

Common Stock Warrants	3 Months Ended
Common Stock Warrants	Mar. 31, 2024
Equity [Abstract]
Common Stock Warrants	10. Common Stock Warrants In February 2015 and May 2015, the Company issued warrants to purchase 1,650,098 and 887,536 shares of Series B convertible preferred stock, respectively, at an exercise price of $ 1.24235 per share (the “Series B Warrants” ). Each Series B Warrant was immediately exercisable and expires ten years from the original date of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity, the Series B Warrants were classified as a liability and were re-measured to fair value at each balance sheet date. A total of 173,827 of the Series B Warrants were outstanding and were converted into warrants to purchase 12,686 shares of common stock with an exercise price of $ 17.03 upon the completion of the IPO in November 2021. As a result, the 12,686 common stock warrants were converted into equity instruments and remain outstanding as of March 31, 2024 .

Compensation

Compensation	3 Months Ended
Compensation	Mar. 31, 2024
Retirement Benefits [Abstract]
Compensation	11. Compensation In January 2012, the Company adopted the Aura Biosciences 401(k) Profit Sharing Plan and Trust (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions of 100 % of the first 6 % of employee contributions. The Company made matching contributions in the amount of $ 0.2 million for the three months ended March 31, 2024 and 2023 , respectively.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Lease Commitments The Company has historically entered into lease arrangements for its facilities. The Company has one operating lease for its office and laboratory facility with required future minimum payments as of March 31, 2024 and one operating lease that was terminated in August 2022. On May 16, 2022, the Company entered into an office and laboratory lease in Boston, MA with an initial 10-year term and one renewal option to extend the lease for an additional seven years . The lease commenced on August 1, 2022 , and estimated payments due under the initial term total $ 35.2 million. The lease requires a letter of credit totaling $ 0.8 million which is classified as long-term restricted cash and deposits on the consolidated balance sheet. The landlord will reimburse the Company up to $ 0.5 million for certain costs related to expansion of the laboratory space. As of March 31, 2024, the Company has incurred $ 0.1 million of expenses related to the expansion, and has been reimbursed for $ 0.1 million of these expenses. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s leases for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Lease Cost Operating lease costs 868 881 Variable lease costs 361 309 Short-term lease costs — 2 Total lease costs $ 1,229 $ 1,192 Cash paid for amounts included in the measurement of lease liabilities—operating leases $ 751 $ 768 Weighted-average remaining lease term—operating leases (years) 8.34 9.34 Weighted-average discount rate—operating leases 10.71 % 10.71 % The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at March 31, 2024 (in thousands): Operating lease payments as of March 31, 2024 2024 $ 2,070 2025 3,306 2026 3,405 2027 3,507 2028 3,612 Thereafter 13,823 Total lease payments 29,723 Less: interest ( 10,403 ) Total lease liabilities at March 31, 2024 19,320 Less: current portion of lease liabilities 2,741 Lease liabilities, net of current portion $ 16,579 License Agreements The Company has entered into the following key agreements that relate to the core technology under development: Rakuten License and Supply Agreement In May 2024, the Company received notice from LI-COR, Inc., or LI-COR, that as of April 16, 2024, LI-COR assigned, and Rakuten Medical, Inc., or Rakuten, assumed, the 2014 Exclusive Agreement and the 2014 Non-Exclusive Agreement (each described below), each originally entered into by and between the Company and LI-COR. The 2014 Exclusive Agreement and 2014 Non-Exclusive Agreement were not otherwise modified by this assignment and assumption and remain in effect. 2014 Exclusive Agreement In January 2014, the Company entered into an Exclusive License and Supply Agreement, or the 2014 Exclusive Agreement, with LI-COR for the license of IRDye 700DC and related licensed patent (now expired) for the treatment and diagnosis of ocular cancers in humans, as amended in January 2016, July 2017, April 2018 and April 2019. The 2014 Exclusive Agreement required a one-time upfront license issue fee of $ 0.1 million and aggregate milestone payments of up to $ 0.2 million upon certain regulatory and development milestones. The Company is also required to pay Rakuten low-single digit royalties on net sales. The term of the 2014 Exclusive Agreement expires on a country-by-country basis, until the longer of (i) ten years from the first commercial sale of a licensed product in such country and (ii) the last to expire valid claim in such country . The Company recognized no expenses related to this agreement and related amendments for the three months ended March 31, 2024 and 2023, respectively. 2014 Non-Exclusive Agreement In December 2014, the Company entered into a Non-Exclusive License Agreement, or the 2014 Non-Exclusive Agreement, with LI-COR for the supply of IRDye 700DX to the Company for the treatment and diagnosis of non-ocular solid tumor cancers in humans. Under the 2014 Non-Exclusive Agreement, the Company paid a license issue fee of $ 0.03 million on the effective date. The Company must also pay Rakuten a non-refundable, non-creditable fee of $ 0.03 million per each licensed product upon pre-IND designation, as defined of such licensed product, aggregate milestone payments of up to $ 0.3 million upon certain regulatory and development milestones; and during the term, the Company must pay Rakuten a low-single digit percentage royalty on net sales. Rakuten receives 10% of all sublicensee income within 30 days of the Company’s receipt from the sublicensee. The 2014 Non-Exclusive Agreement also required the Company to make certain payments upon the achievement of specified development and commercial milestones of up to $ 0.4 million in aggregate . During the three months ended March 31, 2024 and 2023 , the Company recognized no milestones related to this agreement. Life Technologies Corporation License Agreements In December 2014, the Company entered into a non-exclusive, perpetual license agreement with Life Technologies Corporation, or the Life Technologies, which allows for five licensed products. Under this agreement the Company is required to pay an initial license fee of $ 0.1 million for each product. An annual development fee of $ 0.1 million is due within a year from payment of the initial license fee and due annually or earlier of (i) payment of a commercialization fee or (ii) all development work is terminated. The commercialization fee is a one-time, non-refundable, non-creditable fee of $ 0.3 million due upon receipt of approval of a licensed product. In the event of a change of control, there will be a change of control fee of $ 0.2 million. In January 2022, the Company entered into the First Amendment to the non-exclusive, perpetual license agreement with Life Technologies for use of the license in an additional indication. The cost of this amendment was a one-time fee of $ 0.05 million. During the three months ended March 31, 2024 and 2023 , the Company recognized $ 0.02 million of expenses related to this agreement, respectively. Effective in September 2022, the Company entered into a new non-exclusive, perpetual license agreement with Life Technologies for licensed products. Under this agreement, the Company is required to pay an initial license fee of $ 0.4 million for the first licensed product and $ 0.5 million for each additional licensed product. In addition, the agreement allows the Company the right to sublicense which would lead to a $ 0.2 million payment for each sublicense per licensed product and a $ 0.03 million payment for use of the cell line document package. In the event of a change of control, there will be a change of control fee of $ 0.5 million. During the three months ended March 31, 2024 and 2023, the Company recognized no expenses related to this agreement. National Institute of Health (NIH)-Collaboration Research and Development Agreement In July 2011, the Company entered into a Collaboration Research and Development Agreement, or CRADA, with Dr. John Schiller at the NIH, for a period of two years with the rights to an exclusive license to all technology generated within the collaboration. Under this agreement, the Company is required to make annual payments of $ 0.03 million to fund the research activities, the first payment of which was paid within 30 days of the effective date. Subsequent payments are due within 30 days of the anniversary of the effective date. This agreement was first amended in 2012, 2013, 2014, 2015, 2016, 2018 and in September of 2020. During the three months ended March 31, 2024 and 2023, the Company paid no research collaboration fees related to this agreement. A seventh amendment was made in October 2020, requiring payment of $ 0.04 million within 30 days of October 1, 2020, and another $ 0.03 million within 30 days of the 10th anniversary of the CRADA, which was paid in July 2021. This seventh amendment extended the term of the CRADA to September 30, 2022. The Company recognized no milestones related to this agreement and related amendments for the three months ended March 31, 2024 and 2023. An eighth amendment was effective in September 2022, requiring payment of $ 0.04 million within 30 days of November 1, 2022, and payment of another $ 0.03 million within 30 days of the 12th anniversary of the CRADA, which was in August 2023. This eighth amendment extended the term of the CRADA to September 30, 2024. During the three months ended March 31, 2024 and 2023, the Company recognized no expenses related to this agreement. National Institute of Health (NIH)-Exclusive Patent License Agreement In September 2013, the Company entered into an exclusive patent license agreement, or the NIH Exclusive License Agreement, with the NIH, that required the Company to pay a license issue royalty of $ 0.1 million and reimburse the NIH for any patent expenses incurred. Under the agreement, the Company is required to make low single-digit percentage royalty payments based on specified levels of annual net sales of licensed products subject to certain specified reductions. The Company is required to make development and regulatory milestone payments of up to $ 0.7 million in aggregate and sales milestone payments up to $ 0.6 million in the aggregate. The Company is also required to pay the NIH a mid-single to low teen-digit percentage of any sublicensing revenue the Company receives. Additionally, the Company’s payment obligations to the NIH are subject to an annual minimum royalty payment of low five figures. The Company recognized no patent licensing fees for the three months ended March 31, 2024 and 2023, respectively. In 2015, 2018 and 2019, the Company amended its exclusive patent license to include updates on the status of the commercial development and update/expand the list of licensed patents and patent applications. Each of those amendments required a $ 0.03 million payment that the Company paid. Inserm-Transfert License Agreement In November 2009, the Company entered into an exclusive, royalty-bearing patent license agreement with Inserm-Transfert of France. The agreement expires on a country by country basis based on the last to expire any patent encompassed within the scope of the patent rights or 10 years from the date of the first commercial sales by the Company, whichever is later. The IND filing milestone of € 0.01 million was accrued in 2016 and paid in 2017 by the Company. The milestones for the successful Phase I, II and III clinical trials are based on receiving a final report and achieving the primary endpoints defined in that trial, and those milestones have not been achieved as of March 31, 2024. Upon the sublicense by the Company of a product for which royalties are payable under the agreement, low- to mid-single-digit royalty payments would be due by the Company. The non-milestone payments in this agreement are subject to an anti-stacking clause. The Company did no t incur any expense in the three months ended March 31, 2024 and 2023. Clearside License Agreement In July 2019, the Company entered into an exclusive license agreement, or the Clearside License Agreement, with Clearside Biomedical, Inc., or Clearside, for the license of Clearside’s Suprachoroidal Microneedle Technology for use in the treatment of indeterminate lesions and choroidal tumors. Upon execution of the Clearside License Agreement, the Company paid Clearside an upfront payment of $ 0.1 million which was expensed as incurred. Under the Clearside License Agreement, the Company is required to pay milestones up to $ 21.0 million in the aggregate upon the achievement of specified regulatory and development milestones, and upon the achievement of certain commercial sales milestones. The Company is also required to pay low to mid-single digit royalties on net sales. If the Company sublicenses a product for which royalties are payable, then the Company is required to pay the greater of 20 % received or low single digit royalties on net sales . The Clearside License Agreement expires on a country-by-country basis upon the later of the last to expire patent or ten years from the date of the first commercial sale of a product . The Company recognized no expense related to this agreement and related amendments for the three months ended March 31, 2024 and 2023 .

Net Loss Per Share

Net Loss Per Share	3 Months Ended
Net Loss Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss per common share by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The Company has calculated basic and diluted net loss per share for the three months ended March 31, 2024 and 2023 as follows (in thousands, except share and per share data): Three Months Ended 2024 2023 Numerator: Net loss $ ( 19,706 ) $ ( 17,466 ) Denominator: Weighted-average common stock outstanding—basic and diluted 49,451,943 37,784,282 Net loss per common share—basic and diluted $ ( 0.40 ) $ ( 0.46 ) The following potentially dilutive securities were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been antidilutive: Three Months Ended 2024 2023 Stock options to purchase common stock 5,956,888 4,891,746 Restricted stock units that vest into common stock 1,690,542 566,064 Warrants to purchase common stock 12,686 12,686 Total potential dilutive shares 7,660,116 5,470,496

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes For the three months ended March 31, 2024 and 2023, the Company recorded a tax provision of $ 0.05 million and $ 0 million, resulting in an effective tax rate of 0.1 % and 0.0 %, respectively. The income tax provision for the three months ended March 31, 2024 is attributable to state income taxes. The difference in the statutory rate and the effective tax rate is primarily the result of the valuation allowance recorded against the Company’s net deferred tax assets. Due to the Company’s history of losses since inception, there is not enough positive evidence at this time to support a position that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not. As of March 31, 2024 , the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Subsequent events have been evaluated through the date of filing of the unaudited condensed consolidated financial statements. The Company has identified no subsequent events that require disclosure except as noted below. In May 2024, the Company received notice that LI-COR assigned and Rakuten assumed the 2014 Exclusive Agreement and the 2014 Non-Exclusive Agreement, as further described in Note 12 of these unaudited condensed consolidated financial statements .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three months ended March 31, 2024 and 2023 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2024. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024. There have been no changes to the Company’s significant accounting policies except as noted below.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance was adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this standard on January 1, 2023 and the standard did no t have a material impact on its results of operations, financial condition, and financial statement disclosures.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
Fair Value of Assets and Liabilities (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2024 and December 31, 2023 (in thousands): Description March 31, Quoted prices markets Significant Significant Financial assets Cash equivalents: Money market funds $ 25,808 $ 25,808 $ — $ — Marketable securities: U.S. Government agencies 176,098 — 176,098 — Asset-backed securities 497 — 497 — Total financial assets $ 202,403 $ 25,808 $ 176,595 $ — Description December 31, Quoted prices markets Significant Significant Financial assets Cash equivalents: Money market funds $ 40,551 $ 40,551 $ — $ — Marketable securities: Commercial paper 9,137 — 9,137 — Corporate bonds 6,187 — 6,187 — U.S. Government agencies 166,002 — 166,002 — Yankee bonds 2,982 — 2,982 — Asset-backed securities 779 — 779 — Total financial assets $ 225,638 $ 40,551 $ 185,087 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
Property and Equipment, Net (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Assets under construction $ 555 $ 391 IT equipment 289 289 Lab equipment 7,552 7,506 $ 8,396 $ 8,186 Less—accumulated depreciation ( 5,342 ) ( 5,036 ) Property and equipment, net $ 3,054 $ 3,150

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 1,258 $ 1,817 Prepaid research and development expenses 5,829 1,399 Other 2,288 2,409 Prepaid expenses and other current assets $ 9,375 $ 5,625

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
Marketable Securities (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	Marketable securities consist of the following (in thousands): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government agencies 176,079 67 ( 48 ) $ 176,098 Asset-backed securities 498 — ( 1 ) $ 497 Total $ 176,577 $ 67 $ ( 49 ) $ 176,595 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 9,144 $ — $ ( 7 ) $ 9,137 Corporate bonds 6,186 3 ( 2 ) $ 6,187 U.S. Government agencies 165,453 563 ( 14 ) $ 166,002 Yankee bonds 2,985 — ( 3 ) $ 2,982 Asset-backed securities 780 — ( 1 ) $ 779 Total $ 184,548 $ 566 $ ( 27 ) $ 185,087

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued research and development expenses $ 2,509 $ 3,445 Accrued compensation 1,798 3,503 Other 682 935 Accrued expenses and other current liabilities $ 4,989 $ 7,883

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Combined Stock Option Activity under 2018 Plan and 2021 Plan	The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2024: Options Weighted- Weighted- Aggregate Intrinsic Outstanding at December 31, 2023 5,030,351 $ 8.46 7.54 $ 10,353 Granted 1,085,500 7.83 Exercised ( 51,180 ) 3.10 Cancelled/Forfeited ( 107,783 ) 11.12 Outstanding at March 31, 2024 5,956,888 $ 8.34 7.69 $ 7,681 Exercisable at March 31, 2024 2,902,169 $ 7.37 6.34 $ 6,627
Schedule of Fair Value of Stock Options, Valuation Assumptions	The fair value of the stock options issued for the three months ended March 31, 2024 and 2023 was measured with the following weighted-average assumptions: Three Months Ended 2024 2023 Risk-free interest rate 3.84 % 3.53 % Expected term (years) 6.06 6.04 Expected volatility of the underlying stock 88.50 % 84.83 % Expected dividend rate — % — %
Schedule of Nonvested Restricted Stock Units Activity	A summary of the restricted stock units activity during the three months ended March 31, 2024 is as follows: Restricted Stock Units Weighted- Unvested at December 31, 2023 1,093,402 $ 10.27 Granted 731,925 7.83 Vested/Released ( 90,123 ) 10.08 Forfeited ( 44,662 ) 10.05 Unvested at March 31, 2024 1,690,542 $ 9.23
Summary of Stock-Based Compensation Expense	The Company recorded stock-based compensation expense as follows (in thousands): Three Months Ended 2024 2023 Research and development $ 1,478 $ 767 General and administrative 1,431 1,146 Total $ 2,909 $ 1,913

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Costs	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s leases for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Lease Cost Operating lease costs 868 881 Variable lease costs 361 309 Short-term lease costs — 2 Total lease costs $ 1,229 $ 1,192 Cash paid for amounts included in the measurement of lease liabilities—operating leases $ 751 $ 768 Weighted-average remaining lease term—operating leases (years) 8.34 9.34 Weighted-average discount rate—operating leases 10.71 % 10.71 %
Summary of Future Minimum Commitments of Operating Lease Liabilities	The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at March 31, 2024 (in thousands): Operating lease payments as of March 31, 2024 2024 $ 2,070 2025 3,306 2026 3,405 2027 3,507 2028 3,612 Thereafter 13,823 Total lease payments 29,723 Less: interest ( 10,403 ) Total lease liabilities at March 31, 2024 19,320 Less: current portion of lease liabilities 2,741 Lease liabilities, net of current portion $ 16,579

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
Net Loss Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share	The Company has calculated basic and diluted net loss per share for the three months ended March 31, 2024 and 2023 as follows (in thousands, except share and per share data): Three Months Ended 2024 2023 Numerator: Net loss $ ( 19,706 ) $ ( 17,466 ) Denominator: Weighted-average common stock outstanding—basic and diluted 49,451,943 37,784,282 Net loss per common share—basic and diluted $ ( 0.40 ) $ ( 0.46 )
Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following potentially dilutive securities were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been antidilutive: Three Months Ended 2024 2023 Stock options to purchase common stock 5,956,888 4,891,746 Restricted stock units that vest into common stock 1,690,542 566,064 Warrants to purchase common stock 12,686 12,686 Total potential dilutive shares 7,660,116 5,470,496

Description of Business - Addit

Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Mar. 27, 2024	Nov. 09, 2023	Nov. 06, 2023	Dec. 05, 2022	Nov. 01, 2022	Mar. 31, 2024
Description Of Business [Line Items]
Aggregate offering price	$ 350				$ 250
At-the-Market Offering
Description Of Business [Line Items]
Sale of common stock through agreement					$ 75
Common Stock \| Follow-On Offering
Description Of Business [Line Items]
Shares issued and sold		11,000,000		7,705,000
Share price		$ 9		$ 12
Proceeds from issuance of common stock		$ 99		$ 92.5
Net proceeds from follow-on offering		$ 92.6		$ 86.7
Common Stock \| At-the-Market Offering
Description Of Business [Line Items]
Shares issued and sold			993,996			0
Share price			$ 12.5
Common Stock \| 2023 Follow-On Offering
Description Of Business [Line Items]
Shares issued and sold		11,000,000
Share price		$ 9
Aggregate gross proceeds from follow-on offering		$ 99
Net proceeds from follow-on offering		$ 92.6

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting standards update [extensible list]	us-gaap:AccountingStandardsUpdate201613Member

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Financial assets	$ 202,403	$ 225,638
Money Market Funds
Assets
Financial assets	25,808	40,551
Commercial Paper
Assets
Financial assets		9,137
Corporate Bonds
Assets
Financial assets		6,187
U.S. Government Agencies
Assets
Financial assets	176,098	166,002
Yankee Bonds
Assets
Financial assets		2,982
Asset-Backed Securities
Assets
Financial assets	497	779
Level 1
Assets
Financial assets	25,808	40,551
Level 1 \| Money Market Funds
Assets
Financial assets	25,808	40,551
Level 2
Assets
Financial assets	176,595	185,087
Level 2 \| Commercial Paper
Assets
Financial assets		9,137
Level 2 \| Corporate Bonds
Assets
Financial assets		6,187
Level 2 \| U.S. Government Agencies
Assets
Financial assets	176,098	166,002
Level 2 \| Yankee Bonds
Assets
Financial assets		2,982
Level 2 \| Asset-Backed Securities
Assets
Financial assets	$ 497	$ 779

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,396	$ 8,186
Less—accumulated depreciation	(5,342)	(5,036)
Property and equipment, net	3,054	3,150
Assets Under Construction
Property Plant And Equipment [Line Items]
Property and equipment, gross	555	391
IT Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	289	289
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,552	$ 7,506

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 306	$ 328

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,258	$ 1,817
Prepaid research and development expenses	5,829	1,399
Other	2,288	2,409
Prepaid expenses and other current assets	$ 9,375	$ 5,625

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable securities [Line items]
Amortized Cost	$ 176,577	$ 184,548
Unrealized Gains	67	566
Unrealized Losses	(49)	(27)
Fair Value	176,595	185,087
Commercial Paper
Marketable securities [Line items]
Amortized Cost		9,144
Unrealized Losses		(7)
Fair Value		9,137
Corporate Bonds
Marketable securities [Line items]
Amortized Cost		6,186
Unrealized Gains		3
Unrealized Losses		(2)
Fair Value		6,187
U.S. Government Agencies
Marketable securities [Line items]
Amortized Cost	176,079	165,453
Unrealized Gains	67	563
Unrealized Losses	(48)	(14)
Fair Value	176,098	166,002
Yankee Bonds
Marketable securities [Line items]
Amortized Cost		2,985
Unrealized Losses		(3)
Fair Value		2,982
Asset-Backed Securities
Marketable securities [Line items]
Amortized Cost	498	780
Unrealized Losses	(1)	(1)
Fair Value	$ 497	$ 779

Marketable Securities - Additio

Marketable Securities - Additional Information (Details)	3 Months Ended
Marketable Securities - Additional Information (Details)	Mar. 31, 2024 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities \| Security	4
Unrealized losses of marketable securities with contractual maturities of one year or less	$ 10,000
Marketable securities fair value, maturities of one to two years	58,700,000
Impairments of asset	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 2,509	$ 3,445
Accrued compensation	1,798	3,503
Other	682	935
Accrued expenses and other current liabilities	$ 4,989	$ 7,883

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Mar. 27, 2024	Nov. 09, 2023	Nov. 06, 2023	Dec. 05, 2022	Nov. 01, 2022	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized						150,000,000	150,000,000
Common stock, par value						$ 0.00001	$ 0.00001
Common stock, shares issued						49,504,405	49,350,788
Common stock, shares outstanding						49,504,405	49,350,788
Preferred stock, shares authorized						10,000,000	10,000,000
Preferred stock, par value						$ 0.00001	$ 0.00001
Preferred stock, shares issued						0	0
Preferred stock, shares outstanding						0	0
Aggregate offering price	$ 350				$ 250
At-the-Market Offering
Class of Stock [Line Items]
Sale of common stock through agreement					$ 75
Common Stock \| Follow-On Offering
Class of Stock [Line Items]
Shares issued and sold		11,000,000		7,705,000
Share price		$ 9		$ 12
Proceeds from issuance of common stock		$ 99		$ 92.5
Net proceeds from follow-on offering		$ 92.6		$ 86.7
Common Stock \| At-the-Market Offering
Class of Stock [Line Items]
Shares issued and sold			993,996			0
Share price			$ 12.5

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024	Nov. 01, 2021	Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted	$ 5.9	$ 7.52
Fair value of options vested	$ 2,200	$ 1,200
Total intrinsic value of options exercised	300	100
Unrecognized compensation expense related to stock options	$ 18,800
Unrecognized compensation expense weighted average period	2 years 8 months 26 days
Share-based compensation expense	$ 2,909	$ 1,913
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 13,800
Unrecognized compensation expense weighted average period	3 years 3 months 21 days
Restricted stock units vesting increments	25%
Restricted stock units vesting duration	4 years
Number of awards vested	90,123
Restricted stock units vested with fair value	$ 1,000
2021 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			9,414,162	3,352,166
Common stock outstanding percentage	5%
Cumulative increase in shares of common stock	3,352,166
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	4,110,430
Number of shares reserved for issuance	1,270,542		1,282,856		335,217
Share-based compensation expense	$ 30
Percentage of the lower of the fair market value of common stock	85%
Common stock outstanding percentage	1%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of stock option activity under the 2018 Plan to 2021 Plan (Details) - 2021 Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Beginning balance	5,030,351
Options, Granted	1,085,500
Options, Exercised	(51,180)
Options, Cancelled/Forfeited	(107,783)
Options Outstanding, Ending balance	5,956,888	5,030,351
Options, Exercisable at March 31, 2024	2,902,169
Weighted Average Exercise Price, Beginning balance	$ 8.46
Weighted Average Exercise Price, Granted	7.83
Weighted Average Exercise Price, Exercised	3.1
Weighted Average Exercise Price, Cancelled/Forfeited	11.12
Weighted Average Exercise Price, Ending balance	8.34	$ 8.46
Weighted Average Exercise Price, Exercisable at March 31, 2024	$ 7.37
Weighted Average Remaining Contractual Term (years)	7 years 8 months 8 days	7 years 6 months 14 days
Weighted Average Remaining Contractual Term (years), Exercisable at March 31, 2024	6 years 4 months 2 days
Aggregate Intrinsic Value, Outstanding	$ 7,681	$ 10,353
Aggregate Intrinsic Value, Exercisable at March 31, 2024	$ 6,627

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Fair Value of Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.84%	3.53%
Expected term (years)	6 years 21 days	6 years 14 days
Expected volatility of the underlying stock	88.50%	84.83%
Expected dividend rate	0%	0%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance \| shares	1,093,402
Granted \| shares	731,925
Vested/Released \| shares	(90,123)
Forfeited \| shares	(44,662)
Ending Balance \| shares	1,690,542
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 10.27
Granted, Weighted-Average Grant Date Fair Value \| $ / shares	7.83
Vested/Released,Weighted-Average Grant Date Fair Value \| $ / shares	10.08
Forfeited, Weighted -Average Grant Date Fair Value \| $ / shares	10.05
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 9.23

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,909	$ 1,913
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,478	767
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,431	$ 1,146

Common Stock Warrants - Additio

Common Stock Warrants - Additional Information (Details) - Series B Warrants - Common Stock Warrants - $ / shares	1 Months Ended
	May 31, 2015	Feb. 28, 2015	Mar. 31, 2024	Nov. 02, 2021	Jun. 30, 2021
Class Of Warrant Or Right [Line Items]
Number of Warrants converted				12,686
Exercise price of warrants				$ 17.03
Warrants outstanding			12,686		173,827
Series B Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Number of warrants issued	887,536	1,650,098
Exercise price of warrants	$ 1.24235	$ 1.24235
Warrants expiration period	10 years	10 years

Compensation - Additional Infor

Compensation - Additional Information (Details) - 401(k) Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Matching contribution by employer, percentage	100%
Employer matching contribution, percent of employees contribution	6%
Matching contributions from employer	$ 0.2	$ 0.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) € in Thousands

1 Months Ended

3 Months Ended

May 16, 2022 USD ($)

Sep. 30, 2022 USD ($)

Aug. 31, 2022 OperatingLease

Jan. 31, 2022 USD ($)

Oct. 31, 2020 USD ($)

Jul. 31, 2019 USD ($)

Dec. 31, 2014 USD ($) LicensedProduct

Jan. 31, 2014 USD ($)

Sep. 30, 2013 USD ($)

Jul. 31, 2011 USD ($)

Nov. 30, 2009 EUR (€)

Mar. 31, 2024 USD ($) OperatingLease

Mar. 31, 2023 USD ($)

Lessee Lease Description [Line Items]

Estimated payments due

$ 29,723,000

Operating lease liabilities

19,320,000

Research and development expenses

17,052,000

$ 14,405,000

National Institute of Health

Lessee Lease Description [Line Items]

License issue royalty fee

$ 100,000

Sales milestone payments

600,000

Development and regulatory milestone payments

$ 700,000

Patent licensing reimbursement fees

30,000

Expenses for patent licensing fees

Royalty Bearing Patent License Agreement

Lessee Lease Description [Line Items]

Expenses

License agreement term

10 years

Royalty Bearing Patent License Agreement | IND Filings

Lessee Lease Description [Line Items]

Potential milestone payments | €

€ 10

Clearside

Lessee Lease Description [Line Items]

Expenses

Upfront payment

$ 100,000

Royalties on net sales

20%

License agreement expiration period

10 years

Clearside | Maximum

Lessee Lease Description [Line Items]

Aggregate milestones payment

$ 21,000,000

LI-COR, Inc. | 2014 Exclusive Agreement

Lessee Lease Description [Line Items]

One-time upfront license issuance fee

$ 100,000

Research and development expenses

License agreement term

10 years

LI-COR, Inc. | 2014 Exclusive Agreement | Maximum

Lessee Lease Description [Line Items]

Aggregate milestone payments

$ 200,000

LI-COR, Inc. | 2014 Non- Exclusive Agreement

Lessee Lease Description [Line Items]

License issue fee

$ 30,000

Milestone payments

LI-COR, Inc. | 2014 Non- Exclusive Agreement | Maximum

Lessee Lease Description [Line Items]

Payments for development and commercial milestones

$ 400,000

Life Technologies

Lessee Lease Description [Line Items]

Number of licensed products | LicensedProduct

Initial license fee

$ 100,000

Initial license fee for first licensed product

$ 400,000

Initial license fee for additional licensed product

500,000

Payment for sublicense

200,000

Payment for use of cell line document package

30,000

Annual development fee

100,000

Non-refundable, Non- creditable fee

300,000

Change of control fees

500,000

200,000

One time perpetual license agreement fee

$ 50,000

Expenses

20,000

Expense related to agreement including sublicense

Dr. John Schiller | 2014 Non- Exclusive Agreement

Lessee Lease Description [Line Items]

Required amendment payment

$ 40,000

Required amendment payment due period

30 days

Dr. John Schiller | Collaboration Research and Development Agreement

Lessee Lease Description [Line Items]

Annual development fee

$ 30,000

Expenses

Agreement term

2 years

First payment due

30 days

Subsequent payments due

30 days

Research collaboration fees

$ 0

Required amendment payment

$ 40,000

Required amendment payment due period

30 days

Dr. John Schiller | Collaboration Research and Development Agreement | 10th Anniversary

Lessee Lease Description [Line Items]

Required amendment payment

$ 30,000

Required amendment payment due period

30 days

Rakuten | 2014 Non- Exclusive Agreement

Lessee Lease Description [Line Items]

License issue fee

30,000

Rakuten | 2014 Non- Exclusive Agreement | Maximum

Lessee Lease Description [Line Items]

License issue fee

$ 300,000

Office and Laboratory Facility

Lessee Lease Description [Line Items]

Number of operating lease | OperatingLease

Number of operating lease terminated | OperatingLease

Estimated payments due

$ 35,200,000

Lease commencement date

Aug. 01, 2022

Operating lease, option to extend term

7 years

Letters of credit

$ 800,000

Maximum reimbursement cost

$ 500,000

Incurred of expenses related to expansion

$ 100,000

Reimbursed expenses

$ 100,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease costs	$ 868	$ 881
Variable lease costs	361	309
Short-term lease costs	0	2
Total lease costs	1,229	1,192
Cash paid for amounts included in the measurement of lease liabilities--operating leases	$ 751	$ 768
Weighted-average remaining lease term—operating leases (years)	8 years 4 months 2 days	9 years 4 months 2 days
Weighted-average discount rate—operating leases	10.71%	10.71%

Commitments and Contingencies-

Commitments and Contingencies- Summary of Future Minimum Commitments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating lease payments
2024	$ 2,070
2025	3,306
2026	3,405
2027	3,507
2028	3,612
Thereafter	13,823
Total lease payments	29,723
Less: interest	(10,403)
Total lease liabilities at March 31, 2024	19,320
Less: current portion of lease liabilities	2,741	$ 2,687
Lease liabilities, net of current portion	$ 16,579	$ 16,870

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (19,706)	$ (17,466)
Denominator:
Weighted average common stock outstanding - basic	49,451,943	37,784,282
Weighted average common stock outstanding - diluted	49,451,943	37,784,282
Net loss per common share - basic	$ (0.4)	$ (0.46)
Net loss per common share - diluted	$ (0.4)	$ (0.46)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	7,660,116	5,470,496
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	5,956,888	4,891,746
Restricted Stock Units that Vest into Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	1,690,542	566,064
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	12,686	12,686

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
Income Taxes - Additional Information (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	0.10%	0%
Tax Provision	$ 46,000	$ 0
Unrecognized income tax benefits that would reduce effective tax rate if recognized	$ 0