Elevation Oncology (ELEV) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Transition Report	false
Securities Act File Number	001-40523
Entity Registrant Name	Elevation Oncology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1771427
Entity Address, Address Line One	101 Federal Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	716
Local Phone Number	371-1125
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ELEV
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		59,119,055
Entity Central Index Key	0001783032
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,202	$ 49,255
Marketable securities, available for sale	54,868	33,852
Prepaid expenses and other current assets	2,253	4,857
Total current assets	105,323	87,964
Property and equipment, net	39	59
Other non-current assets	940	1,068
Total assets	106,302	89,091
Current liabilities:
Accounts payable	2,631	507
Accrued expenses	3,295	3,638
Total current liabilities	5,926	4,145
Non-current liabilities:
Long-term debt, net of discount	31,021	30,137
Total liabilities	36,947	34,282
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued or outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 59,181,409 and 42,470,264 shares issued as of September 30, 2024 and December 31, 2023, respectively; 59,119,055 and 42,422,531 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	6	4
Additional paid-in capital	299,343	250,825
Accumulated other comprehensive income	128	9
Treasury stock, 62,354 and 47,733 shares as of September 30, 2024 and December 31, 2023, respectively; at cost	(103)	(59)
Accumulated deficit	(230,019)	(195,970)
Total stockholders' equity	69,355	54,809
Total liabilities and stockholders' equity	$ 106,302	$ 89,091

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
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	59,181,409	42,470,264
Common stock, shares outstanding	59,119,055	42,422,531
Treasury Stock, Common, Shares	62,354	47,733

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 9,388	$ 7,422	$ 21,950	$ 20,743
General and administrative	3,841	3,498	12,111	11,649
Restructuring charges	0	0	0	5,107
Total operating expenses	13,229	10,920	34,061	37,499
Loss from operations	(13,229)	(10,920)	(34,061)	(37,499)
Interest income (expense), net	360	295	988	(285)
Loss on extinguishment of debt	0	0	(942)	0
Total other income (expense), net	360	295	46	(285)
Loss before income taxes	(12,869)	(10,625)	(34,015)	(37,784)
Income tax expense	12	11	34	21
Net loss	$ (12,881)	$ (10,636)	$ (34,049)	$ (37,805)
Net loss per share
Net loss per share, basic (in dollars per share)	$ (0.22)	$ (0.23)	$ (0.60)	$ (1.14)
Net loss per share, diluted (in dollars per share)	$ (0.22)	$ (0.23)	$ (0.60)	$ (1.14)
Weighted average common shares outstanding, basic (in shares)	59,108,724	46,842,489	56,655,302	33,040,434
Weighted average common shares outstanding, diluted (in shares)	59,108,724	46,842,489	56,655,302	33,040,434
Other comprehensive income:
Unrealized gain on marketable securities	$ 154	$ 1	$ 119	$ 160
Total other comprehensive income	154	1	119	160
Total comprehensive loss	$ (12,727)	$ (10,635)	$ (33,930)	$ (37,645)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Stockholders equity, Beginning balance at Dec. 31, 2022	$ 2	$ 199,492	$ (35)	$ (161)	$ (150,266)	$ 49,032
Stockholders equity, Beginning balance (in shares) at Dec. 31, 2022	23,312,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon stock option exercises		1,496				$ 1,496
Issuance of common stock upon stock option exercises (in shares)	1,264,899					1,264,899
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs	$ 2	46,501				$ 46,503
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs (in shares)	17,810,000
Stock-based compensation		3,051				3,051
Vesting of restricted common stock		1				1
Vesting of restricted common stock (in shares)	3,946
Vesting of restricted stock units, net of withholding			(22)			(22)
Vesting of restricted stock units, net of withholding (in shares)	23,367
Unrealized gain on marketable securities				160		160
Net Income (Loss)					(37,805)	(37,805)
Stockholders equity, Ending balance at Sep. 30, 2023	$ 4	250,541	(57)	(1)	(188,071)	62,416
Stockholders equity, Ending balance (in shares) at Sep. 30, 2023	42,414,741
Stockholders equity, Beginning balance at Jun. 30, 2023	$ 4	249,668	(54)	(2)	(177,435)	72,181
Stockholders equity, Beginning balance (in shares) at Jun. 30, 2023	42,381,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon stock option exercises		30				30
Issuance of common stock upon stock option exercises (in shares)	25,000
Stock-based compensation		843				843
Vesting of restricted stock units, net of withholding			(3)			(3)
Vesting of restricted stock units, net of withholding (in shares)	7,789
Unrealized gain on marketable securities				1		1
Net Income (Loss)					(10,636)	(10,636)
Stockholders equity, Ending balance at Sep. 30, 2023	$ 4	250,541	(57)	(1)	(188,071)	62,416
Stockholders equity, Ending balance (in shares) at Sep. 30, 2023	42,414,741
Stockholders equity, Beginning balance at Dec. 31, 2023	$ 4	250,825	(59)	9	(195,970)	54,809
Stockholders equity, Beginning balance (in shares) at Dec. 31, 2023	42,422,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon at-the-market offering, net of issuance costs	$ 1	44,206				44,207
Issuance of common stock upon at-the-market offering, net of issuance costs (in shares)	11,625,295
Issuance of common stock upon stock option exercises		499				$ 499
Issuance of common stock upon stock option exercises (in shares)	379,425					379,425
Issuance of common stock upon exercise of common warrants		450				$ 450
Issuance of common stock upon exercise of common warrants (in shares)	200,000
Issuance of warrants upon amendment of debt facility		261				261
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs	$ 1	(1)
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs (in shares)	4,439,836
Stock-based compensation		3,103				3,103
Vesting of restricted stock units, net of withholding			(44)			(44)
Vesting of restricted stock units, net of withholding (in shares)	51,968
Unrealized gain on marketable securities				119		119
Net Income (Loss)					(34,049)	(34,049)
Stockholders equity, Ending balance at Sep. 30, 2024	$ 6	299,343	(103)	128	(230,019)	69,355
Stockholders equity, Ending balance (in shares) at Sep. 30, 2024	59,119,055
Stockholders equity, Beginning balance at Jun. 30, 2024	$ 5	298,178	(101)	(26)	(217,138)	80,918
Stockholders equity, Beginning balance (in shares) at Jun. 30, 2024	54,654,495
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon stock option exercises		12				12
Issuance of common stock upon stock option exercises (in shares)	12,478
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs	$ 1	(1)
Issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions and offering costs (in shares)	4,439,836
Stock-based compensation		1,154				1,154
Vesting of restricted stock units, net of withholding			(2)			(2)
Vesting of restricted stock units, net of withholding (in shares)	12,246
Unrealized gain on marketable securities				154		154
Net Income (Loss)					(12,881)	(12,881)
Stockholders equity, Ending balance at Sep. 30, 2024	$ 6	$ 299,343	$ (103)	$ 128	$ (230,019)	$ 69,355
Stockholders equity, Ending balance (in shares) at Sep. 30, 2024	59,119,055

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (34,049)	$ (37,805)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	3,103	3,051
Non-cash interest expense	373	517
Amortization of premium and interest on marketable securities	(1,064)	(379)
Depreciation expense	19	29
Loss on extinguishment of debt	942	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	2,731	(1,328)
Accounts payable	2,125	(2,721)
Accrued expenses	(342)	(5,363)
Net cash used in operating activities	(26,162)	(43,999)
Investing activities
Purchase of marketable securities	(60,533)	(39,717)
Proceeds from sales and maturities of marketable securities	40,700	44,700
Net cash (used in) provided by investing activities	(19,833)	4,983
Financing activities
Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs	44,207	0
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs	0	46,503
Proceeds from issuance of common stock upon stock option exercises	499	1,496
Proceeds from issuance of common stock upon exercise of common warrants	450	0
Common stock repurchase	(44)	(22)
Payment of debt extinguishment costs	(170)	0
Net cash provided by financing activities	44,942	47,977
(Decrease) increase in cash and cash equivalents	(1,053)	8,961
Cash and cash equivalents, beginning of period	49,255	45,917
Cash and cash equivalents, end of period	48,202	54,878
Supplemental disclosure of cash flow information
Cash paid for interest	2,681	2,277
Cash paid for taxes	$ 47	$ 26

Nature of Business

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2024
Nature of Business
Nature of Business	1. Nature of Business Elevation Oncology, Inc. (the “Company”), which was formerly known as 14ner Oncology, Inc., was incorporated under the laws of the State of Delaware on April 29, 2019 (“Inception”). The Company is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The Company is leveraging its antibody-drug conjugate (“ADC”) expertise to advance a novel pipeline, initially targeting two validated targets in oncology, Claudin 18.2 and HER3. The Company‘s lead candidate, EO-3021, is a potential best-in-class ADC designed to target Claudin 18.2 and is currently being evaluated in a Phase 1 clinical trial in patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2 including gastric, gastroesophageal junction, pancreatic or esophageal cancers. In addition to its monotherapy approach, the Company plans to expand its ongoing Phase 1 clinical trial to evaluate EO-3021 in combination with ramucirumab, a VEGFR2 inhibitor, and dostarlimab, a PD-1 inhibitor. Additionally, the Company expects to nominate a development candidate for its second program, a HER3-targeting ADC for the treatment of patients with solid tumors that overexpress HER3. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development of its product candidates will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. Liquidity The Company has incurred recurring net losses since inception and has funded its operations to date through the proceeds from the sale of convertible preferred stock, proceeds from public offerings of common stock and warrants, and borrowings under a debt facility. The Company incurred net losses of $12.9 million and $10.6 million for the three months ended September 30, 2024 and 2023, respectively, and $34.0 million and $37.8 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had an accumulated deficit of $230.0 million and cash, cash equivalents, and marketable securities totaling $103.1 million. The Company expects that its cash, 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 date of the condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
Basis of Presentation and Significant Accounting Policies	Sep. 30, 2024
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Principles of Consolidation The condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiary, Elevation Oncology Securities Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated interim financial statements have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2023 condensed consolidated balance sheet was derived from the December 31, 2023 audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2024. The accompanying condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”). Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accruals for research and development expenses and the assumptions used in the valuation of share-based compensation awards. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2024 and December 31, 2023, cash equivalents consisted of money market funds. The Company places its cash with high-credit-quality financial institutions domiciled in the United States, which are insured by the Federal Deposit Insurance Corporation (“FDIC”). Deferred Financing Costs The incremental cost, including the fair value of warrants, directly associated with obtaining debt financing is capitalized as deferred financing costs upon the issuance of the debt and amortized over the term of the related debt agreement using the effective-interest method with such amortized amounts included as a component of interest expense in the condensed consolidated statements of operations. Unamortized deferred financing costs are presented on the condensed consolidated balance sheets as a direct deduction from the carrying amount of the related debt obligation. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. During the three months ended September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 79% and 81% of its research and development expense, respectively. During the nine months ended September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 72% and 69% of its research and development expense, respectively. As of September 30, 2024 and December 31, 2023, the Company had one and two vendor(s) that accounted for approximately 78% and 39% of total accounts payable, respectively. Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Non-observable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying amount of the Company’s accounts payable approximates fair value due to its short-term nature. The carrying value of the Company’s long-term debt approximates its fair value due to its variable interest rate. Marketable Securities, Available For Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company may classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in interest income (expense), net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not realized any losses on its marketable securities to date. When the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the condensed consolidated statements of operations. Credit losses are recognized through the use of an allowance for credit losses account in the condensed consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the condensed consolidated statements of operations. There were no credit losses recorded during the nine months ended September 30, 2024 and 2023. Comprehensive Income The Company’s only element of other comprehensive income is unrealized gains and losses on available-for-sale marketable securities. Patent Costs The legal and professional costs incurred by the Company to maintain its patent rights are expensed and included as part of general and administrative expenses. As of September 30, 2024 and 2023, the Company has determined that these expenses have not met the criteria to be capitalized. Recently Issued but Not Yet Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements of Fina

Fair Value Measurements of Financial Assets	9 Months Ended
Fair Value Measurements of Financial Assets	Sep. 30, 2024
Fair Value Measurements of Financial Assets
Fair Value Measurements of Financial Assets	3. Fair Value Measurements of Financial Assets The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): As of September 30, 2024 Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 34,070 $ — $ — $ 34,070 Total $ 34,070 $ — $ — $ 34,070 Marketable Securities: Corporate debt securities $ — $ 24,312 $ — $ 24,312 Commercial paper — 1,976 — 1,976 U.S. Government debt securities — 28,580 — 28,580 Total $ — $ 54,868 $ — $ 54,868 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 45,287 $ — $ — $ 45,287 Total $ 45,287 $ — $ — $ 45,287 Marketable Securities: Corporate debt securities $ — $ 4,571 $ — $ 4,571 Commercial paper — 12,442 — 12,442 U.S. Government debt securities — 16,839 — 16,839 Total $ — $ 33,852 $ — $ 33,852 There were no transfers into or out of Level 3 during the nine months ended September 30, 2024 and 2023.

Marketable Securities

Marketable Securities	9 Months Ended
Marketable Securities	Sep. 30, 2024
Marketable Securities.
Marketable Securities	4. Marketable Securities The following table summarizes the Company’s marketable securities (in thousands): As of September 30, 2024 Amortized Unrealized Unrealized Fair Cost gains losses value Marketable Securities: Corporate debt securities $ 24,241 $ 71 $ — $ 24,312 Commercial paper 1,972 4 — 1,976 U.S. Government debt securities 28,527 53 — 28,580 Total $ 54,740 $ 128 $ — $ 54,868 As of December 31, 2023 Amortized Unrealized Unrealized Fair Cost gains losses value Marketable Securities: Corporate debt securities $ 4,569 $ 3 $ (1) $ 4,571 Commercial paper 12,444 — (2) 12,442 U.S. Government debt securities 16,830 9 — 16,839 Total $ 33,843 $ 12 $ (3) $ 33,852

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2024
Accrued Expenses
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued compensation $ 1,709 $ 2,393 Accrued preclinical and clinical trial costs 1,000 756 Accrued professional services 123 17 Accrued consulting 96 68 Accrued restructuring charges — 3 Accrued other 367 401 Total accrued expenses $ 3,295 $ 3,638

Restructuring Charges

Restructuring Charges	9 Months Ended
Restructuring Charges	Sep. 30, 2024
Restructuring Charges.
Restructuring Charges	6. Restructuring Charges On January 6, 2023, the Company announced a pipeline prioritization and realignment of resources to advance its EO-3021 product candidate. The Company paused further investment in the clinical development of its seribantumab product candidate and realigned its resources to focus on advancing EO-3021 and other pipeline programs. The Company intends to pursue further development of seribantumab only in collaboration with a partner. Concurrently with this announcement, the Board of Directors of the Company (the “Board”) approved a reduction of the Company’s workforce across all areas of the Company. The workforce reduction was substantially completed in January 2023 and was fully completed in April 2023. These actions reflect the Company’s determination to refocus its strategic priorities around EO-3021 and other pipeline programs. Additionally, on January 5, 2023, the Company and the former President and Chief Executive Officer (the “former CEO”) of the Company, entered into a Separation Agreement (the “Separation Agreement”) following the mutual agreement between the Board and the former CEO regarding his departure from his positions with the Company. Pursuant to the Separation Agreement, the former CEO ceased his role as the Company’s President and CEO and resigned as a director of the Board, effective January 5, 2023. The reprioritization and realignment of resources included total restructuring charges of approximately $5.1 million, which included $1.6 million of one-time termination and contractual termination benefits for severance, healthcare and related benefits. The one-time termination benefits were recorded in January 2023 under the provisions of Accounting Standards Codification (“ASC”) 420, Exit or Disposal Cost Obligation Compensation-Nonretirement Postemployment Benefits All restructuring charges were paid as of January 2024.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt
Debt	7. Debt K2 HealthVentures Loan and Security Agreement In July 2022, the Company entered into a loan and security agreement (as amended, the “Loan Agreement”) with K2 HealthVentures LLC (together with its affiliates, “K2HV”, and together with any other lender from time to time party thereto, the “Lenders”), as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $50.0 million principal in term loans (the “Term Loan”) consisting of a first tranche of $30.0 million funded at closing and a subsequent second tranche of up to $20.0 million upon the Company’s request before March 1, 2025, subject to review by the Lenders of certain information from the Company and discretionary approval by the Lenders. In connection with entering into the Loan Agreement, the Company also issued to K2HV a warrant to purchase shares of common stock (see Note 8), which was an incremental cost to the Loan Agreement; thus, the allocated fair value of the warrant was recorded as part of the debt issuance cost . In March 2024, the Company entered into an amendment to the Loan Agreement with K2HV (the “Loan Agreement Amendment”), pursuant to which: . The Term Loan will mature on August 1, 2026, with interest-only payments until June 1, 2026 The Company may prepay, at its option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the Term Loan, subject to a prepayment premium as follows: 3% of the loan amounts prepaid if such prepayment occurs in the first year after funding; 2% if such prepayment occurs in the second year after funding; 1% if such prepayment occurs in the third year after funding; and 0% thereafter. The Lenders may elect at any time following the closing and prior to the full repayment of the Term Loan to convert any portion of the principal amount of the Term Loan then outstanding, up to an aggregate of $3.25 million in principal amount, into shares of the Company’s common stock, $0.0001 par value per share, and a warrant to purchase an equal number of shares of the Company’s common stock (the “Conversion Warrant”), at a conversion price of $2.25, subject to customary 19.99% Nasdaq beneficial ownership limitations (the “Conversion Election”). The Company also granted registration rights to the Lenders with respect to shares received upon such conversion. Further, the Lenders may elect to invest up to $5.0 million in future equity financings of the Company, provided such investment is limited to no more than 10% of the total amount raised in such equity financing. The Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, dispose of assets, make changes to the Company’s business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. The Loan Agreement also contains covenants requiring that the Company maintain cash, cash equivalents and marketable securities balance of at least $25.0 million so long as the Company’s total market capitalization is less than $250.0 million. As security for its obligations under the Loan Agreement, the Company granted the Lenders a first priority security interest on substantially all of the Company’s assets (other than intellectual property), subject to certain exceptions. The Company analyzed the Loan Agreement Amendment under ASC 470-50 to determine if extinguishment accounting was applicable. Under ASC 470-50-40-10, debt instruments are considered to be substantially different if a modification or an exchange affects the terms of a conversion option, from which the change in the fair value of the conversion option is at least 10% of the carrying amount of the original debt instrument immediately before the modification or exchange. Since the change of the fair value of the conversion option exceeded 10% upon the execution of the Loan Agreement Amendment, the Company determined the modification to be substantive, and extinguishment accounting was applicable. In accordance with the extinguishment accounting guidance, the Company recorded $0.9 million as loss on extinguishment of debt, which represents unamortized debt issuance costs of the original loan as of the amendment date (including the unamortized allocated fair value of the warrant issued to K2HV in connection with entering into the Loan Agreement), new lender fees, and the fair value of the Amendment Warrant upon issuance. As of September 30, 2024, the effective interest rate is 12.29% for the first tranche of the Term Loan. The book value of debt approximates its fair value given the variable interest rate. Long-term debt and the unamortized discount balances are as follows (in thousands): September 30, 2024 December 31, 2023 Outstanding principal amount $ 30,000 $ 30,000 Add: accreted liability of final payment fee 1,021 686 Less: unamortized debt discount, long-term — (549) Long-term debt, net of discount $ 31,021 $ 30,137 The Company’s total interest expenses were $1.0 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively. Total interest expenses were $3.0 million and $3.1 million for the nine months ended September 30, 2024 and 2023, respectively. Interest expense is recorded in the Interest income (expense), net line item in the condensed consolidated statement of operations. The following Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Interest paid or accrued $ 892 $ 891 $ 2,666 $ 2,569 Non-cash amortization of debt discount (including warrants) — 55 38 158 Non-cash accrued back-end fee 105 125 335 359 $ 997 $ 1,071 $ 3,039 $ 3,086 Scheduled future principal payments on total outstanding debt, as of September 30, 2024, are as follows (in thousands): Year Ending December 31, 2024 (remainder of the year) $ — 2025 — 2026 30,000 $ 30,000

K2 Warrant and Amendment Warran

K2 Warrant and Amendment Warrant	9 Months Ended
K2 Warrant and Amendment Warrant	Sep. 30, 2024
K2 Warrant and Amendment Warrant
K2 Warrant	8. K2 Warrant and Amendment Warrant In connection with the Loan Agreement (see Note 7), the Company issued a warrant to purchase 339,725 shares of the Company’s common stock with an exercise price of $1.3246 (the “K2 Warrant”). In connection with the Loan Agreement Amendment executed March 2024 (see Note 7), the Company issued an additional warrant to purchase 55,249 shares of the Company’s common stock, with an exercise price per warrant of $2.7150 (the “Amendment Warrant”). Additionally, pursuant to the Conversion Election, the Lenders may receive the Conversion Warrant (see Note 7). K2HV may from time to time exercise the K2 Warrant, Amendment Warrant, or Conversion Warrant (after the Conversion Election), in whole or in part, by delivering to the Company the original copy of the respective warrant, together with a duly executed notice of exercise. The Company also granted registration rights to the Lenders with respect to shares issuable upon exercise of the K2 Warrant, Amendment Warrant, and Conversion Warrant (after the Conversion Election). All 394,974 shares subject to the K2 Warrant and Amendment Warrant are outstanding as of September 30, 2024. Shares Initial Recognition Date Exercise Price Expiration Date K2 Warrant 339,725 July 27, 2022 $ 1.3246 July 27, 2032 Amendment Warrant 55,249 March 1, 2024 2.7150 March 1, 2034 Total warrants outstanding 394,974 The allocated fair value upon issuance of the K2 Warrant and Amendment Warrant was estimated to be approximately $0.4 million and $0.3 million, respectively, and was recorded as additional paid-in capital on the Company’s condensed consolidated balance sheets. The fair value of the K2 Warrant and Amendment Warrant was estimated using a Black-Scholes option-pricing model with the following assumptions: K2 Warrant Amendment Warrant Stock price $1.41 $5.01 Strike price $1.32 $2.72 Volatility (annual) 75.30% 105.00% Risk-free rate 2.74% 4.10% Estimated time to expiration (years) 10 10 Dividend yield —% —%

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity
Equity	9. Equity Preferred Stock The Company has authorized preferred stock amounting to 10,000,000 shares as of September 30, 2024 and December 31, 2023. Common Stock The Company has authorized common stock amounting to 500,000,000 shares of $0.0001 par value as of September 30, 2024 and December 31, 2023. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Board, if any. No dividends have been declared or paid At-the-Market Offering In July 2022, the Company entered into the Sales Agreement (the “2022 Sales Agreement”) with Cowen and Company, LLC (“Cowen”), under which the Company was permitted to offer and sell, from time to time, shares of common stock having aggregate gross proceeds of up to $50.0 million (the “2022 ATM Shares”) at market prices (the “2022 ATM Facility”). The Company agreed to pay Cowen a commission of up to 3% of the gross proceeds of any sales of the 2022 ATM Shares pursuant to the 2022 Sales Agreement. During the nine months ended September 30, 2024, the Company sold 11,625,295 of the 2022 ATM Shares pursuant to the 2022 Sales Agreement, with net proceeds of approximately $44.2 million after deducting $1.4 million of issuance costs. In May 2024, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with TD Securities (USA) LLC (“TD Cowen”), under which the Company may offer and sell, from time to time, shares of common stock having aggregate gross proceeds of up to $75.0 million (the “2024 ATM Shares”) at market prices (the “2024 ATM Facility”). The Company will pay TD Cowen a commission of up to 3% of the gross proceeds of any sales of the 2024 ATM Shares pursuant to the 2024 Sales Agreement. As of September 30, 2024, the Company has not sold any 2024 ATM Shares pursuant to the 2024 Sales Agreement. June 2023 Public Offering On June 8, 2023, the Company entered into an Underwriting Agreement (the “Purchase Agreement”) with SVB Securities LLC and Cowen, as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 17,810,000 shares of its common stock, par value $0.0001 per share (each a “Share” and collectively the “Shares”), pre-funded warrants to purchase 4,440,000 shares of its common stock (the “Pre-Funded Warrants”) and common stock warrants (the “Common Warrants” and collectively with the Pre-Funded Warrants, the “Warrants”) to purchase 22,250,000 shares of its common stock to the Underwriters. Each full share was sold together with one Common Warrant at the public offering price of $2.25 per share, less underwriting discounts and commissions. Each full Pre-Funded Warrant was sold together with one Common Warrant at a public offering price of $2.2499 per Pre-Funded Warrant, which represents the per Share and Common Warrant public offering price less a $0.0001 per share exercise price for each such Pre-Funded Warrant. The Common Warrants are exercisable at any time after the date of issuance and have an exercise price of $2.25 per share, subject to adjustment. The Common Warrants expire five years from the date of issuance. The Pre-Funded Warrants were exercisable at any time after the date of issuance and had no expiration date. The aggregate exercise price of the Pre-Funded Warrants, except for a nominal exercise price of $0.0001 per share of common stock, was pre-funded to the Company and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per share of common stock) was required for the exercise of the Pre-Funded Warrants. The offering closed on June 13, 2023, and the Company received gross proceeds of $50.1 million before deducting underwriting discounts, commissions and offering expenses. As of the close of the offering, the Company issued 17,810,000 shares of common stock and Common Warrants to purchase 17,810,000 shares of common stock for a total consideration of $40.1 million and 4,440,000 shares of common stock and Pre-Funded Warrants to purchase 4,440,000 shares of common stock for a total consideration of $10.0 million. The terms and conditions of the Warrants are as noted and governed by the agreements entered into with the holders on June 13, 2023. Underwriting discount and commissions and other offering expenses of approximately $3.6 million incurred directly related to the offering were reflected as a reduction in additional paid-in capital. As of September 30, 2024, Common Warrants for 200,000 shares have been exercised and all of the Pre-Funded Warrants have been exercised. The Pre-Funded Warrants were exercised by means of cashless exercise, resulting in the issuance of 4,439,836 shares. The following is a summary of warrants outstanding pursuant to the purchase agreement as of September 30, 2024: Shares Initial Recognition Date Exercise Price Expiration Date Common Warrants 22,050,000 June 13, 2023 $ 2.2500 June 13, 2028 Pre-Funded Warrants — June 13, 2023 $ 0.0001 None The fair value of the Warrants issued to the Investors in the offering was approximately $35.6 million. The fair value of the Common Warrants was measured using a Monte Carlo simulation model with the following assumptions: Stock price $1.65 Strike price $2.25 Volatility (annual) 110.00% Risk-free rate 3.93% Estimated time to expiration (years) 5 Dividend yield —% Total proceeds were allocated between the Shares and Warrants on a relative fair value basis given both securities are equity classified.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	10. Stock-Based Compensation Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Research and development $ 327 $ 184 $ 867 $ 485 General and administrative 827 659 2,236 2,566 Stock-based compensation expense included in operating expenses $ 1,154 $ 843 $ 3,103 $ 3,051 2021 Equity Incentive Plan The Company has two equity incentive plans: the 2019 Equity Incentive Plan (“2019 Plan”) and the 2021 Equity Incentive Plan (“2021 Plan”). New awards can only be granted under the 2021 Plan, under which the Company is able to issue equity awards to employees, board members, consultants and advisors. The 2021 Plan became effective on June 24, 2021, the date the prospectus related to the Company’s initial public offering (“IPO”) was deemed effective by the SEC. The 2021 Plan authorizes the award of stock options, restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), cash awards, performance awards and stock bonus awards. The Company initially reserved 1,483,445 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2021 Plan, for issuance pursuant to awards granted under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan will increase automatically on January 1 of 2022 through 2031 by the number of shares equal to the lesser of 5% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31, or a number as may be determined by the Company’s Board in any particular year. As such, 2,121,127 shares were added to the 2021 Plan in January 2024. As of September 30, 2024, 561,770 shares remained available for future issuance under the 2021 Plan. 2021 Employee Stock Purchase Plan The Company has adopted the Employee Stock Purchase Plan (“ESPP”) which became effective June 24, 2021, the date the prospectus related to the Company’s IPO was deemed effective by the SEC, to enable eligible employees to purchase shares of its common stock with accumulated payroll deductions at a discount beginning on a date to be determined by the Board or compensation committee. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. The Company initially reserved 228,222 shares of its common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP will increase automatically on January 1 of 2022 through 2031 by the number of shares equal to the lesser of 1% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31 (rounded to the nearest whole share) or a number of shares as may be determined by the Board in any particular year. As such, 424,225 shares were added to the ESPP in January 2024. As of September 30, 2024, no offering periods have commenced, and 1,117,631 shares remained available for future issuance under the ESPP. The aggregate number of shares issued over the term of the ESPP, subject to stock splits, recapitalizations or similar events, may not exceed 4,564,440 shares of the Company’s common stock. Stock Options The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2024: Weighted- Weighted- average Aggregate average remaining contractual intrinsic value Options exercise price term (in years) (in thousands) Outstanding at December 31, 2023 4,178,194 $ 2.98 8.22 $ 11 Granted 2,702,050 2.94 Exercised (379,425) 1.31 Cancelled (251,931) 4.43 Outstanding at September 30, 2024 6,248,888 $ 3.01 4.44 $ 2 Vested at September 30, 2024 2,607,444 $ 3.54 $ — Vested and expected to vest at September 30, 2024 6,248,888 $ 3.01 4.44 $ 2 The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2023: Weighted- Weighted- average Aggregate average remaining contractual intrinsic value Options exercise price term (in years) (in thousands) Outstanding at December 31, 2022 4,408,274 $ 3.44 8.52 $ 350 Granted 2,367,139 1.10 Exercised (1,264,899) 1.18 Cancelled (1,074,995) 2.67 Outstanding at September 30, 2023 4,435,519 $ 3.02 8.48 $ 25 Vested at September 30, 2023 2,807,686 $ 3.27 5.55 $ 22 Vested and expected to vest at September 30, 2023 4,435,519 $ 3.02 8.48 $ 25 The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was $2.00 and $0.65 per share, respectively. The fair value of each stock option was estimated using a Black-Scholes option-pricing model with the following assumptions: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Risk-free interest rate 3.46 - 4.15 % 4.02 - 4.20 % 3.46 - 4.65 % 3.67 - 4.24 % Volatility 75 - 76 % 72 - 73 % 72 - 76 % 72 - 74 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (years) 6 6 6 - 7 2 - 7 The fair value of options that vested during the nine months ended September 30, 2024 and 2023 was $6.1 million and $5.0 million, respectively. The Company recorded stock-based compensation expense associated with stock option awards of $0.9 million and $0.6 million during the three months ended September 30, 2024 and 2023, respectively, and $2.3 million and $2.5 million during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $6.2 million of total unrecognized compensation cost related to unvested stock-based awards, which the Company expects to recognize over a remaining weighted-average period of 2.6 years. Restricted Common Stock The terms of the 2019 Plan permitted certain option holders to exercise options before their options were vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement and are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the lesser of the price paid by the purchaser or the fair value of the shares at the time of repurchase. Such shares are not deemed to be issued for accounting purposes until they vest and are therefore excluded from shares outstanding until the repurchase right lapses and the shares are no longer subject to the repurchase feature. The liability is reclassified as common stock and additional paid-in capital as the shares vest and the repurchase right lapses. As of March 31, 2023, all the shares issued as a result of early exercise were fully vested. The Company has no such liabilities from the early exercise in the accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The Company recorded no stock-based compensation expense associated with restricted common stock during the nine months ended September 30, 2024 and 2023. Restricted Stock Units The Company issues RSUs to employees that generally vest over a four-year period with 25% of awards vesting after one year and then quarterly thereafter. Any unvested shares will be forfeited upon termination of services. The fair value of an RSU is equal to the fair market value price of the Company’s common stock on the date of grant. RSU expense is amortized straight-line over the vesting period. The following table summarizes activity related to RSUs: Weighted- average grant date Number of shares fair value Unvested at December 31, 2023 155,797 $ 8.25 Granted 437,025 $ 2.77 Vested (66,589) $ 9.48 Cancelled (27,400) $ 2.28 Unvested at September 30, 2024 498,833 $ 3.61 The Company recorded stock-based compensation expense associated with RSU awards of $0.3 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.8 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total unrecognized expense related to all RSUs was $1.6 million, which the Company expects to recognize over a weighted-average period of 2.3 years. In connection with the vesting of RSUs, the Company adopted a net settlement method whereby shares of common stock are withheld to satisfy tax withholding and remittance obligations. As of September 30, 2024, the Company withheld 62,354 shares, which are held in Treasury Stock, for $0.1 million.

Asset Purchase and License Agre

Asset Purchase and License Agreements	9 Months Ended
Asset Purchase and License Agreements	Sep. 30, 2024
Asset Purchase and License Agreements
Asset Purchase and License Agreements	11. Asset Purchase and License Agreements CSPC License Agreement In July 2022, the Company entered into a license agreement (the “CSPC License Agreement”) with CSPC Megalith Biopharmaceutical Co., Ltd., a subsidiary of CSPC Pharmaceutical Group Limited (the “Licensor”), with an effective date of July 27, 2022 (the “Effective Date”), pursuant to which the Licensor granted to the Company a worldwide exclusive right and license (outside of the People’s Republic of China, Hong Kong, Taiwan and Macau) under certain patents identified in the CSPC License Agreement (the “Licensed Patents”) and know-how (collectively, the “Licensed IP”) to develop and commercialize products (“Licensed Products”) containing EO-3021 (SYSA1801) (the “Licensed Compound”) in the treatment of cancer (the “Field”). Subject to certain conditions set forth in the CSPC License Agreement, the Company may grant sublicenses (including the right to grant further sublicenses) to its rights under the CSPC License Agreement to any of its affiliates or any third party. Either party to the CSPC License Agreement may assign its rights under the CSPC License Agreement (i) in connection with the sale or transfer of all or substantially all of its assets to a third party, (ii) in the event of a merger or consolidation with a third party or (iii) to an affiliate; in each case contingent upon the assignee assuming in writing all of the obligations of its assignor under the CSPC License Agreement. Under the terms of CSPC License Agreement, the Company paid to the Licensor a one-time upfront license fee of $27.0 million, and is required to pay to the Licensor milestone payments of up to $148.0 million following the achievement of certain development and regulatory milestones and additional milestone payments of up to approximately $1.0 billion following the achievement of certain commercial milestones. During the Term (as defined below), the Company is also required to pay to the Licensor (i) royalties ranging from mid-single digits through low double digits on net sales of each Licensed Product and (ii) a percentage of non-royalty sublicense income received by the Company of up to an aggregate of $50.0 million. Under the terms of the CSPC License Agreement, the development of the Licensed Compound and the first Licensed Product will be governed by a clinical development plan, including anticipated timeline goals in connection with the clinical trials for the first Licensed Product (the “Development Plan”). The Development Plan may be amended by a joint steering committee established by the Company and the Licensor. The Company will purchase Licensed Products for any clinical or commercial supply from the Licensor under the terms of a supply agreement. Until the Company has completed the first Phase 2 clinical trial for the first Licensed Product in the United States, the Licensor shall supply the Licensed Compound to the Company for clinical purposes as the Company requests, but only to the extent necessary for the Company to conduct such clinical trial, at no cost to the Company. The CSPC License Agreement will expire automatically upon the expiration of the last royalty term of the last Licensed Product (the “Term”), with each royalty term expiring on a country-by-country basis upon the later of: (i) the expiration or abandonment of the last-to-expire Licensed Patent covering a Licensed Product; (ii) 10 years after the date of first commercial sale in the applicable country; and (iii) expiration of regulatory exclusivity for the Licensed Product in the applicable country. Following the expiration of the Term, the License will become non-exclusive and fully-paid. The CSPC License Agreement may be terminated by the Company for any reason upon 180 days prior written notice to the Licensor. The Licensor may terminate the CSPC License Agreement if the Company or any sublicensee commences an action challenging the Licensed Patents or following the occurrence of certain change of control transactions. Either party may terminate the CSPC License Agreement (i) for an uncured material breach of the CSPC License Agreement by the other party or (ii) if, at any time, the other party undergoes certain bankruptcy, insolvency or dissolution proceedings. Merrimack Asset Purchase Agreement In May 2019, the Company entered into an asset purchase agreement with Merrimack Pharmaceuticals, Inc. (the “previous sponsor”), pursuant to which it acquired all rights and interest to patents, know-how and inventory for assets related to seribantumab, a fully humanized immunoglobulin G2 monoclonal antibody against HER3. Pursuant to the asset purchase agreement, the Company made an upfront, non-refundable payment of $3.5 million at closing. If the Company succeeds in finding a partner to develop and commercialize seribantumab, the Company may be obligated to pay the previous sponsor up to $54.5 million in development, regulatory and sales milestone payments. Under the terms of the asset purchase agreement, the Company assumed the rights and obligations of the following collaboration and license agreements previously held by the previous sponsor: ● Dyax— The Company assumed all rights and obligations provided for under the amended and restated collaboration agreement executed between Dyax Corp. (“Dyax”) and the previous sponsor (the “Dyax Agreement”). Pursuant to the Dyax Agreement, Dyax utilized its proprietary phage technology to identify antibodies that would bind to targets of interest to the previous sponsor. Additionally, Dyax granted to the previous sponsor a world-wide, non-exclusive, royalty free right to use and make any and all of the antibodies identified by Dyax for certain research purposes. Seribantumab was identified as a result of the research activities performed under the Dyax Agreement. Pursuant to the terms of the Dyax Agreement, the Company may be obligated to pay Dyax milestone payments of up to approximately $9.3 million if certain development and regulatory milestones are achieved. In addition, Dyax is entitled to mid-single digit royalties based on net sales of seribantumab. The Company’s obligation to pay royalties to Dyax continues on a product-by-product and country-by-country basis until the later of a specified number of years after the first commercial sale in such country and the expiration of the patent rights covering seribantumab in such country. The Dyax Agreement will remain in effect, unless earlier terminated, for so long as the Company continues to develop or commercialize seribantumab. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement in its entirety or on a product-by-product basis at any time upon 90 days’ prior written notice. ● Ligand Pharmaceuticals— The Company assumed all rights and obligations provided for under the amended commercial license agreement executed between Selexis SA (“Selexis”) and the previous sponsor (the “Selexis Agreement”). Pursuant to the Selexis Agreement, the Company received non-exclusive rights to technology for use in the manufacture of seribantumab and may be required to make milestone payments of up to approximately €0.9 million, per licensed product, if certain development and regulatory milestones are achieved. Additionally, Selexis may have the right to obtain a royalty of the greater of €0.2 million annually and less than one percent on net sales of seribantumab. The obligation to pay royalties with respect to each product sold in a country continues until the expiration of the patent rights covering the product in such country. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement at any time upon 60 days ’ prior written notice. In November 2021, the Selexis agreement was assigned to Ligand Pharmaceuticals Incorporated. ● National Institute of Health —The Company assumed certain obligations provided for under the amended commercial license agreement executed between the U.S. Public Health Service, a division of the U.S. Department of Health and Human Services (the “NIH”) and the previous sponsor (the “NIH Agreement”). If certain development and regulatory milestones are achieved, the Company may be obligated to pay NIH milestone payments of up to approximately $0.4 million per licensed product. The Company evaluated the asset purchase agreement with the previous sponsor under ASC Topic 805 , Business Combinations, HER3-ADC Technology License In September 2024, the Company entered into a license agreement for certain technology for worldwide use in its HER3-ADC program. If this technology is part of a development candidate that is successfully developed and commercialized in the future, the Company would potentially be obligated to pay up to $365.5 million in development, regulatory and commercial milestones and tiered royalties in the low to mid-single digit percentages on net sales of the respective product. The agreement will remain in effect, unless earlier terminated, on a country-by-country basis, until the last to expire of any royalty term for each product in such country. For the three and nine months ended September 30, 2024, the Company incurred $2.5 million under this agreement, which was recorded as research and development expenses in the condensed consolidated statement of operations. The expenses incurred are recorded to accounts payable and accrued expenses on the condensed consolidated balance sheet as of September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies The Company, from time to time, may be involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business. The Company was not a defendant in any lawsuits as of September 30, 2024.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
Net Loss Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net loss $ (12,881) $ (10,636) $ (34,049) $ (37,805) Weighted average common stock outstanding, basic and diluted 59,108,724 46,842,489 56,655,302 33,040,434 Net loss per share, basic and diluted $ (0.22) $ (0.23) $ (0.60) $ (1.14) As discussed in Note 9, as part of its June 2023 underwritten public offering, the Company issued and sold pre-funded warrants to purchase 4.4 million shares of its common stock, which were exercisable immediately and each of which was exercisable for one share of the Company’s common stock. The exercise price of each pre-funded warrant was $0.0001 per share of common stock. As the $0.0001 price per share represents nominal consideration and the pre-funded warrants were immediately exercisable with no further vesting conditions or contingencies associated with them, the weighted average common stock outstanding, basic and diluted, and net loss per share, basic and diluted, for three and nine months ended September 30, 2023 as previously disclosed have been adjusted to reflect the impact of the pre-funded warrants. As of September 30, 2024, all of the pre-funded warrants have been exercised. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2024 2023 Outstanding Stock Options 6,248,888 4,435,519 Unvested RSUs 498,833 183,960 K2 Warrant and Amendment Warrant 394,974 339,725 Common Warrants 22,050,000 22,250,000 Conversion Warrant 1,444,444 — Convertible Debt (as-converted to common stock) 1,444,444 1,444,444 32,081,583 28,653,648

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,881)	$ (10,636)	$ (34,049)	$ (37,805)

Insider Trading Arrangements

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

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Basis of Presentation and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiary, Elevation Oncology Securities Corporation. All significant intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements	Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated interim financial statements have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2023 condensed consolidated balance sheet was derived from the December 31, 2023 audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2024. The accompanying condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”).
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accruals for research and development expenses and the assumptions used in the valuation of share-based compensation awards. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2024 and December 31, 2023, cash equivalents consisted of money market funds. The Company places its cash with high-credit-quality financial institutions domiciled in the United States, which are insured by the Federal Deposit Insurance Corporation (“FDIC”).
Deferred Financing Costs	Deferred Financing Costs The incremental cost, including the fair value of warrants, directly associated with obtaining debt financing is capitalized as deferred financing costs upon the issuance of the debt and amortized over the term of the related debt agreement using the effective-interest method with such amortized amounts included as a component of interest expense in the condensed consolidated statements of operations. Unamortized deferred financing costs are presented on the condensed consolidated balance sheets as a direct deduction from the carrying amount of the related debt obligation.
Concentrations of Credit Risk and Significant Suppliers	Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. During the three months ended September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 79% and 81% of its research and development expense, respectively. During the nine months ended September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 72% and 69% of its research and development expense, respectively. As of September 30, 2024 and December 31, 2023, the Company had one and two vendor(s) that accounted for approximately 78% and 39% of total accounts payable, respectively.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Non-observable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying amount of the Company’s accounts payable approximates fair value due to its short-term nature. The carrying value of the Company’s long-term debt approximates its fair value due to its variable interest rate.
Marketable Securities, Available for Sale	Marketable Securities, Available For Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company may classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in interest income (expense), net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not realized any losses on its marketable securities to date. When the fair value is below the amortized cost of a marketable security, an estimate of expected credit losses is made. The credit-related impairment amount is recognized in the condensed consolidated statements of operations. Credit losses are recognized through the use of an allowance for credit losses account in the condensed consolidated balance sheet and subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the condensed consolidated statements of operations. There were no credit losses recorded during the nine months ended September 30, 2024 and 2023.
Comprehensive Income	Comprehensive Income The Company’s only element of other comprehensive income is unrealized gains and losses on available-for-sale marketable securities.
Patent Costs	Patent Costs The legal and professional costs incurred by the Company to maintain its patent rights are expensed and included as part of general and administrative expenses. As of September 30, 2024 and 2023, the Company has determined that these expenses have not met the criteria to be capitalized.
Recently Issued but Not Yet Adopted Accounting Pronouncements	Recently Issued but Not Yet Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Assets (Tables)	9 Months Ended
Fair Value Measurements of Financial Assets (Tables)	Sep. 30, 2024
Fair Value Measurements of Financial Assets
Schedule of fair value measurements of financial assets	The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): As of September 30, 2024 Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 34,070 $ — $ — $ 34,070 Total $ 34,070 $ — $ — $ 34,070 Marketable Securities: Corporate debt securities $ — $ 24,312 $ — $ 24,312 Commercial paper — 1,976 — 1,976 U.S. Government debt securities — 28,580 — 28,580 Total $ — $ 54,868 $ — $ 54,868 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 45,287 $ — $ — $ 45,287 Total $ 45,287 $ — $ — $ 45,287 Marketable Securities: Corporate debt securities $ — $ 4,571 $ — $ 4,571 Commercial paper — 12,442 — 12,442 U.S. Government debt securities — 16,839 — 16,839 Total $ — $ 33,852 $ — $ 33,852

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
Marketable Securities (Tables)	Sep. 30, 2024
Marketable Securities.
Schedule of marketable securities	The following table summarizes the Company’s marketable securities (in thousands): As of September 30, 2024 Amortized Unrealized Unrealized Fair Cost gains losses value Marketable Securities: Corporate debt securities $ 24,241 $ 71 $ — $ 24,312 Commercial paper 1,972 4 — 1,976 U.S. Government debt securities 28,527 53 — 28,580 Total $ 54,740 $ 128 $ — $ 54,868 As of December 31, 2023 Amortized Unrealized Unrealized Fair Cost gains losses value Marketable Securities: Corporate debt securities $ 4,569 $ 3 $ (1) $ 4,571 Commercial paper 12,444 — (2) 12,442 U.S. Government debt securities 16,830 9 — 16,839 Total $ 33,843 $ 12 $ (3) $ 33,852

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2024
Accrued Expenses
Schedule of accrued expenses	Accrued expenses consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued compensation $ 1,709 $ 2,393 Accrued preclinical and clinical trial costs 1,000 756 Accrued professional services 123 17 Accrued consulting 96 68 Accrued restructuring charges — 3 Accrued other 367 401 Total accrued expenses $ 3,295 $ 3,638

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt
Schedule of long term debt and unamortized discount balances	September 30, 2024 December 31, 2023 Outstanding principal amount $ 30,000 $ 30,000 Add: accreted liability of final payment fee 1,021 686 Less: unamortized debt discount, long-term — (549) Long-term debt, net of discount $ 31,021 $ 30,137
Schedule of interest expense	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Interest paid or accrued $ 892 $ 891 $ 2,666 $ 2,569 Non-cash amortization of debt discount (including warrants) — 55 38 158 Non-cash accrued back-end fee 105 125 335 359 $ 997 $ 1,071 $ 3,039 $ 3,086
Schedule of future principal payments	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Interest paid or accrued $ 892 $ 891 $ 2,666 $ 2,569 Non-cash amortization of debt discount (including warrants) — 55 38 158 Non-cash accrued back-end fee 105 125 335 359 $ 997 $ 1,071 $ 3,039 $ 3,086

K2 Warrant and Amendment Warr_2

K2 Warrant and Amendment Warrant (Tables)	9 Months Ended
K2 Warrant and Amendment Warrant (Tables)	Sep. 30, 2024
K2 Warrant and Amendment Warrant
Schedule of warrant outstanding	Shares Initial Recognition Date Exercise Price Expiration Date K2 Warrant 339,725 July 27, 2022 $ 1.3246 July 27, 2032 Amendment Warrant 55,249 March 1, 2024 2.7150 March 1, 2034 Total warrants outstanding 394,974
Schedule of fair value assumptions	K2 Warrant Amendment Warrant Stock price $1.41 $5.01 Strike price $1.32 $2.72 Volatility (annual) 75.30% 105.00% Risk-free rate 2.74% 4.10% Estimated time to expiration (years) 10 10 Dividend yield —% —%

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2024
Class of Warrant or Right [Line Items]
Schedule of warrant outstanding	Shares Initial Recognition Date Exercise Price Expiration Date K2 Warrant 339,725 July 27, 2022 $ 1.3246 July 27, 2032 Amendment Warrant 55,249 March 1, 2024 2.7150 March 1, 2034 Total warrants outstanding 394,974
Common Warrants and Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Schedule of warrant outstanding	Shares Initial Recognition Date Exercise Price Expiration Date Common Warrants 22,050,000 June 13, 2023 $ 2.2500 June 13, 2028 Pre-Funded Warrants — June 13, 2023 $ 0.0001 None
Schedule of fair value assumptions	Stock price $1.65 Strike price $2.25 Volatility (annual) 110.00% Risk-free rate 3.93% Estimated time to expiration (years) 5 Dividend yield —%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Stock-Based Compensation
Schedule of stock-based compensation expense	Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Research and development $ 327 $ 184 $ 867 $ 485 General and administrative 827 659 2,236 2,566 Stock-based compensation expense included in operating expenses $ 1,154 $ 843 $ 3,103 $ 3,051
Summary of stock option activity	The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2024: Weighted- Weighted- average Aggregate average remaining contractual intrinsic value Options exercise price term (in years) (in thousands) Outstanding at December 31, 2023 4,178,194 $ 2.98 8.22 $ 11 Granted 2,702,050 2.94 Exercised (379,425) 1.31 Cancelled (251,931) 4.43 Outstanding at September 30, 2024 6,248,888 $ 3.01 4.44 $ 2 Vested at September 30, 2024 2,607,444 $ 3.54 $ — Vested and expected to vest at September 30, 2024 6,248,888 $ 3.01 4.44 $ 2 The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2023: Weighted- Weighted- average Aggregate average remaining contractual intrinsic value Options exercise price term (in years) (in thousands) Outstanding at December 31, 2022 4,408,274 $ 3.44 8.52 $ 350 Granted 2,367,139 1.10 Exercised (1,264,899) 1.18 Cancelled (1,074,995) 2.67 Outstanding at September 30, 2023 4,435,519 $ 3.02 8.48 $ 25 Vested at September 30, 2023 2,807,686 $ 3.27 5.55 $ 22 Vested and expected to vest at September 30, 2023 4,435,519 $ 3.02 8.48 $ 25
Schedule of assumptions used in estimation of fair value	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Risk-free interest rate 3.46 - 4.15 % 4.02 - 4.20 % 3.46 - 4.65 % 3.67 - 4.24 % Volatility 75 - 76 % 72 - 73 % 72 - 76 % 72 - 74 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (years) 6 6 6 - 7 2 - 7
Summary of restricted stock units activity	The following table summarizes activity related to RSUs: Weighted- average grant date Number of shares fair value Unvested at December 31, 2023 155,797 $ 8.25 Granted 437,025 $ 2.77 Vested (66,589) $ 9.48 Cancelled (27,400) $ 2.28 Unvested at September 30, 2024 498,833 $ 3.61

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
Net Loss Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of computation of basic and diluted net loss per share	The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net loss $ (12,881) $ (10,636) $ (34,049) $ (37,805) Weighted average common stock outstanding, basic and diluted 59,108,724 46,842,489 56,655,302 33,040,434 Net loss per share, basic and diluted $ (0.22) $ (0.23) $ (0.60) $ (1.14)
Schedule of antidilutive securities excluded from computation of diluted net loss per share	September 30, 2024 2023 Outstanding Stock Options 6,248,888 4,435,519 Unvested RSUs 498,833 183,960 K2 Warrant and Amendment Warrant 394,974 339,725 Common Warrants 22,050,000 22,250,000 Conversion Warrant 1,444,444 — Convertible Debt (as-converted to common stock) 1,444,444 1,444,444 32,081,583 28,653,648

Nature of Business (Details)

Nature of Business (Details)	9 Months Ended
Nature of Business (Details)	Sep. 30, 2024
Nature of Business
Date of Incorporation	Apr. 29, 2019

Nature Of Business - Liquidity

Nature Of Business - Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Nature of Business
Net loss	$ 12,881	$ 10,636	$ 34,049	$ 37,805
Accumulated deficit	230,019		230,019		$ 195,970
Cash, Cash Equivalents And Marketable Securities	$ 103,100		$ 103,100

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - Major suppliers - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts payable
Product Information [Line Items]
Number of vendors			1		2
Accounts payable \| Supplier Concentration Risk
Product Information [Line Items]
Concentration risk			78%		39%
Research and development
Product Information [Line Items]
Number of vendors	2	2	2	2
Research and development \| Supplier Concentration Risk
Product Information [Line Items]
Concentration risk	79%	81%	72%	69%

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers into (out of) Level 3, Assets	$ 0	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	34,070		$ 45,287
Marketable Securities	54,868		33,852
Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	24,312		4,571
Recurring \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,976		12,442
Recurring \| U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	28,580		16,839
Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	34,070		45,287
Level 1 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	34,070		45,287
Marketable Securities	0		0
Level 1 \| Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 1 \| Recurring \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 1 \| Recurring \| U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 1 \| Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	34,070		45,287
Level 2 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0		0
Marketable Securities	54,868		33,852
Level 2 \| Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	24,312		4,571
Level 2 \| Recurring \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,976		12,442
Level 2 \| Recurring \| U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	28,580		16,839
Level 2 \| Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0		0
Level 3 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0		0
Marketable Securities	0		0
Level 3 \| Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 3 \| Recurring \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 3 \| Recurring \| U.S. Government debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0		0
Level 3 \| Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 0		$ 0

Marketable Securities - Fair Va

Marketable Securities - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 54,740	$ 33,843
Unrealized gains	128	12
Unrealized losses	0	(3)
Fair value	54,868	33,852
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	24,241	4,569
Unrealized gains	71	3
Unrealized losses	0	(1)
Fair value	24,312	4,571
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	1,972	12,444
Unrealized gains	4	0
Unrealized losses	0	(2)
Fair value	1,976	12,442
U.S. Government debt securities
Marketable Securities [Line Items]
Amortized Cost	28,527	16,830
Unrealized gains	53	9
Unrealized losses	0	0
Fair value	$ 28,580	$ 16,839

Accrued Expenses - Schedule (De

Accrued Expenses - Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses
Accrued compensation	$ 1,709	$ 2,393
Accrued preclinical and clinical trial costs	1,000	756
Accrued professional services	96	68
Accrued consulting	123	17
Accrued restructuring charges	0	3
Accrued other	367	401
Total accrued expenses	$ 3,295	$ 3,638

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 06, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,100	$ 0	$ 0	$ 0	$ 5,107
Stock-based compensation		$ 1,154	$ 843	$ 3,103	$ 3,051
One-Time Stock-Based Compensation Charge
Restructuring Cost and Reserve [Line Items]
Stock-based compensation	500
Employee severance, benefits and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,600

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2024	Jul. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Loan Agreement Amendment Fee Paid	$ (200)				$ (170)	$ 0
Common stock, par value			$ 0.0001		$ 0.0001		$ 0.0001
Loss on extinguishment of debt			$ 0	$ 0	$ 942	0
K2 HealthVentures LLC \| Maximum
Debt Instrument [Line Items]
Investment from lenders in future equity financings		$ 5,000
Percent of equity investment from lenders		10%
Term loan \| K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount		$ 50,000
Interest rate (as a percent)		7.95%
Interest only payments term		30 months
Period of interest and principal payments		3 months
Threshold interest rate		3.20%
End of term charge (as a percent)		6.45%
Principal amount for debt conversion		$ 3,250
Common stock, par value		$ 0.0001
Conversion price		$ 2.25
Nasdaq beneficial ownership limitations, percentage		19.99%
Loss on extinguishment of debt					900
Interest expense			$ 997	$ 1,071	$ 3,039	$ 3,086
Term loan \| K2 HealthVentures LLC \| Repayment in first year after funding
Debt Instrument [Line Items]
Percent of prepayment premium		3%
Term loan \| K2 HealthVentures LLC \| Repayment in second year after funding
Debt Instrument [Line Items]
Percent of prepayment premium		2%
Term loan \| K2 HealthVentures LLC \| Repayment in third year after funding
Debt Instrument [Line Items]
Percent of prepayment premium		1%
Term loan \| K2 HealthVentures LLC \| Repayment after third year of funding
Debt Instrument [Line Items]
Percent of prepayment premium		0%
Term loan \| K2 HealthVentures LLC \| Minimum
Debt Instrument [Line Items]
Cash, cash equivalents and marketable securities balances to be maintained		$ 25,000
Term loan \| K2 HealthVentures LLC \| Maximum
Debt Instrument [Line Items]
Total market capitalization		250,000
Term loan tranche one \| K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount		30,000
Effective interest rate			12.29%		12.29%
Term loan tranche two \| K2 HealthVentures LLC
Debt Instrument [Line Items]
Principal amount		$ 20,000

Debt- Long term debt and unamor

Debt- Long term debt and unamortized discount balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, net of discount	$ 31,021	$ 30,137
Term loan \| K2 HealthVentures LLC
Debt Instrument [Line Items]
Outstanding principal amount	30,000	30,000
Add: accreted liability of final payment fee	1,021	686
Less: unamortized debt discount, long term	0	(549)
Long-term debt, net of discount	$ 31,021	$ 30,137

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - Term loan - K2 HealthVentures LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of interest expense
Interest paid or accrued	$ 892	$ 891	$ 2,666	$ 2,569
Non-cash amortization of debt discount (including warrants)	0	55	38	158
Non-cash accrued back-end fee	105	125	335	359
Interest expense	$ 997	$ 1,071	$ 3,039	$ 3,086

Debt - Future principal payment

Debt - Future principal payments schedule (Details) - Term loan - K2 HealthVentures LLC $ in Thousands	Sep. 30, 2024 USD ($)
Future principal payments schedule
2024 (remainder of the year)	$ 0
2025	0
2026	30,000
Total	$ 30,000

K2 Warrant and Amendment Warr_3

K2 Warrant and Amendment Warrant - Narrative (Details) - $ / shares	Sep. 30, 2024	Jul. 31, 2022	Jul. 22, 2022
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants	394,974
Warrant outstanding	394,974
K2 HealthVentures LLC
Class of Warrant or Right [Line Items]
Warrant outstanding	394,974
K2 Warrant
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants	339,725
Warrants exercise price	$ 1.3246
K2 Warrant \| K2 HealthVentures LLC
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants		339,725
Warrants exercise price		$ 1.3246
K2 Warrant Amendment
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants	55,249
Warrants exercise price	$ 2.7150
K2 Warrant Amendment \| K2 HealthVentures LLC
Class of Warrant or Right [Line Items]
Number of shares purchased by warrants			55,249
Warrants exercise price			$ 2.7150

K2 Warrant and Amendment Warr_4

K2 Warrant and Amendment Warrant - Fair value assumptions (Details)	Sep. 30, 2024 USD ($) $ / shares
K2 Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of warrants issued \| $	$ 400,000
K2 Warrant \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	1.41
K2 Warrant \| Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	1.32
K2 Warrant \| Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	75.30
K2 Warrant \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	2.74
K2 Warrant \| Estimated time to expiration (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $	10
K2 Warrant Amendment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of warrants issued \| $	$ 300,000
K2 Warrant Amendment \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	5.01
K2 Warrant Amendment \| Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	2.72
K2 Warrant Amendment \| Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	105
K2 Warrant Amendment \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	4.10
K2 Warrant Amendment \| Estimated time to expiration (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $	10

Equity - Narrative (Details)

Equity - Narrative (Details)	9 Months Ended
Equity - Narrative (Details)	Sep. 30, 2024 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Equity
Preferred stock, shares authorized \| shares	10,000,000	10,000,000
Common stock, shares authorized \| shares	500,000,000	500,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Number of votes per common stock \| Vote	1
Dividends declared	$ 0
Dividends paid	$ 0

Equity - At-the-Market Offering

Equity - At-the-Market Offering (Details) - USD ($)		1 Months Ended		9 Months Ended
Equity - At-the-Market Offering (Details) - USD ($)	Jun. 13, 2023	May 31, 2024	Jul. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 08, 2023
Class of Stock [Line Items]
Common stock, par value				$ 0.0001		$ 0.0001
Number of securities called by warrants or rights				394,974
Warrants expiration term							5 years
Gross proceeds				$ 44,207,000	$ 0
Issuance of common stock upon exercise of common warrants				$ 450,000
Common Warrant
Class of Stock [Line Items]
Public offering price				$ 2.2500
Pre-funded Warrant
Class of Stock [Line Items]
Public offering price				$ 0.0001
Issuance of common stock upon exercise of common warrants				$ 4,439,836
June 2023 Public Offering \| SVB Securities LLC and Cowen and Company, LLC
Class of Stock [Line Items]
Aggregate number of shares to issue and sell							17,810,000
Common stock, par value							$ 0.0001
Number of common warrants per share							1
Public offering price							$ 2.25
Gross proceeds from warrants issuance	$ 50,100,000
Underwriting discount and commissions and other offering expenses	$ 3,600,000
June 2023 Public Offering \| SVB Securities LLC and Cowen and Company, LLC \| Common Warrant
Class of Stock [Line Items]
Number of securities called by warrants or rights	17,810,000						22,250,000
Gross proceeds from warrants issuance	$ 40,100,000
Issuance of common stock and warrants for purchase of common stock	17,810,000
June 2023 Public Offering \| SVB Securities LLC and Cowen and Company, LLC \| Pre-funded Warrant
Class of Stock [Line Items]
Number of securities called by warrants or rights	4,440,000						4,440,000
Public offering price							$ 2.2499
Number of common warrant per prefunded warrant							1
Nominal amount of warrant exercise price							$ 0.0001
Gross proceeds from warrants issuance	$ 10,000,000
Issuance of common stock and warrants for purchase of common stock	4,440,000
At-The-Market offering \| Cowen and Company, LLC
Class of Stock [Line Items]
Gross proceeds			$ 50,000,000
Commission fee percentage			3%
Issuance of common stock upon at-the-market offering, net of issuance costs (in shares)				11,625,295
Stock issuance costs				$ 1,400,000
Principal amount				$ 44,200,000
At-The-Market offering \| TD Cowen
Class of Stock [Line Items]
Gross proceeds		$ 75,000,000
Commission fee percentage		3%
Issuance of common stock upon at-the-market offering, net of issuance costs (in shares)				0

Equity - Warrants outstanding (

Equity - Warrants outstanding (Details)	Sep. 30, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Warrant outstanding	394,974
Common Warrant
Class of Warrant or Right [Line Items]
Warrant outstanding	22,050,000
Warrant exercised	200,000
Warrants exercise price \| $ / shares	$ 2.2500
Pre-funded Warrant
Class of Warrant or Right [Line Items]
Warrants exercise price \| $ / shares	$ 0.0001

Equity - Fair value assumptions

Equity - Fair value assumptions (Details) - Common Warrants and Pre-Funded Warrants $ in Millions	Sep. 30, 2024 USD ($) $ / shares Y
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of Common Warrants and Pre-Funded Warrants \| $	$ 35.6
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.65
Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	2.25
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.1000
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0393
Estimated time to expiration (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| Y	5
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 1,154	$ 843	$ 3,103	$ 3,051
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	327	184	867	485
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 827	$ 659	$ 2,236	$ 2,566

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock incentive plans (Details) - shares	1 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Jun. 24, 2021
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized			1,483,445
Shares available for issuance		561,770
Additional number of shares authorized (as a percent)		5%
Additional number of shares authorized	2,121,127
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		1,117,631	228,222
Additional number of shares authorized	424,225
2021 Employee Stock Purchase Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		4,564,440
Additional number of shares authorized (as a percent)		1%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding at beginning of period (in shares)	4,178,194	4,408,274	4,408,274
Granted (in shares)	2,702,050	2,367,139
Exercised (in shares)	(379,425)	(1,264,899)
Cancelled (in shares)	(251,931)	(1,074,995)
Outstanding at end of period (in shares)	6,248,888	4,435,519	4,178,194	4,408,274
Vested at end of period (in shares)	2,607,444	2,807,686
Vested and expected to vest at end of period (in shares)	6,248,888	4,435,519
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 2.98	$ 3.44	$ 3.44
Granted (in dollars per share)	2.94	1.10
Exercised (in dollars per share)	1.31	1.18
Cancelled (in dollars per share)	4.43	2.67
Outstanding at end of period (in dollars per share)	3.01	3.02	$ 2.98	$ 3.44
Vested at end of period (in dollars per share)	3.54	3.27
Vested and expected to vest at end of period (in dollars per share)	$ 3.01	$ 3.02
Weighted-average remaining contractual term and Aggregate intrinsic value
Outstanding at end of period (in years)	4 years 5 months 8 days	8 years 5 months 23 days	8 years 2 months 19 days	8 years 6 months 7 days
Vested at end of period (in years)		5 years 6 months 18 days
Vested and expected to vest at end of period (in years)	4 years 5 months 8 days	8 years 5 months 23 days
Outstanding at beginning of period (in dollars)	$ 11	$ 350	$ 350
Outstanding at end of period (in dollars)	2	25	$ 11	$ 350
Vested at end of period (in dollars)	0	22
Vested and expected to vest at end of period (in dollars)	$ 2	$ 25
Weighted average grant-date fair value of stock options granted	$ 2	$ 0.65

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair value assumptions
Risk-free interest rate, Minimum			3.46%
Risk-free interest rate, Maximum			4.65%
Volatility, Minimum			72%
Volatility, Maximum			76%
Stock-based compensation expense	$ 1,154	$ 843	$ 3,103	$ 3,051
Minimum
Fair value assumptions
Expected term (years)			6 years
Maximum
Fair value assumptions
Expected term (years)			7 years
Employee Stock Option
Fair value assumptions
Risk-free interest rate, Minimum	3.46%			3.67%
Risk-free interest rate, Maximum	4.15%			4.24%
Volatility, Minimum	75%			72%
Volatility, Maximum	76%			74%
Dividend yield	0%	0%	0%	0%
Expected term (years)	6 years	6 years
Fair value of options vested			$ 6,100	$ 5,000
Stock-based compensation expense	$ 900	$ 600	2,300	$ 2,500
Unrecognized compensation cost	$ 6,200		$ 6,200
Expected remaining weighted-average period for recognition			2 years 7 months 6 days
Employee Stock Option \| Minimum
Fair value assumptions
Expected term (years)				2 years
Employee Stock Option \| Maximum
Fair value assumptions
Expected term (years)				7 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,154	$ 843	$ 3,103	$ 3,051
Unvested restricted stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 0	$ 0

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Weighted-average grant date fair value
Stock-based compensation expense	$ 1,154	$ 843	$ 3,103	$ 3,051
Treasury stock, common (in shares)	62,354		62,354		47,733
Treasury stock, common, value	$ 103		$ 103		$ 59
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Vesting percentage			25%
Number of shares
Unvested at beginning of period (in shares)			155,797
Granted (in shares)			437,025
Vested (in shares)			(66,589)
Cancelled (in shares)			(27,400)
Unvested at end of period (in shares)	498,833		498,833
Weighted-average grant date fair value
Unvested at beginning of period (in dollars per share)			$ 8.25
Granted (in dollars per share)			2.77
Vested (in dollars per share)			9.48
Cancelled (in dollars per share)			2.28
Unvested at end of period (in dollars per share)	$ 3.61		$ 3.61
Stock-based compensation expense	$ 300	$ 200	$ 800	$ 600
Unrecognized compensation cost	$ 1,600		$ 1,600
Expected remaining weighted-average period for recognition			2 years 3 months 18 days

Asset Purchase and License Ag_2

Asset Purchase and License Agreements - License Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		$ 9,388	$ 7,422	$ 21,950	$ 20,743
CSPC License Agreement \| CSPC Megalith Biopharmaceutical Co., Ltd
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee	$ 27,000
Term of agreement (in years)	10 years
Number of days written prior notice to terminate agreement	180 days
CSPC License Agreement \| CSPC Megalith Biopharmaceutical Co., Ltd \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and regulatory milestone payments	$ 148,000
Commercial milestone payments	1,000,000
Payments as percentage of non-royalty sublicense income	$ 50,000
HER3-ADC Technology License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development				2,500
HER3-ADC Technology License \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Commercial milestone payments		$ 365,500		$ 365,500

Asset Purchase and License Ag_3

Asset Purchase and License Agreements - Merrimack Asset Purchase Agreement (Details) $ in Thousands, € in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2019 USD ($)	May 31, 2019 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Research and development			$ 9,388	$ 7,422	$ 21,950	$ 20,743
Dyax
Asset Acquisition [Line Items]
Number of days written prior notice to terminate agreement	90 days	90 days
Selexis
Asset Acquisition [Line Items]
Milestone payments payable \| €		€ 0.2
Number of days written prior notice to terminate agreement	60 days	60 days
Percentage of royalty on net sales of licensed products	1%	1%
Asset Purchase Agreement relating to Seribantumab
Asset Acquisition [Line Items]
Upfront payment	$ 3,500
Milestone payments payable	54,500
Research and development	3,500
Milestone payments paid					$ 0		$ 0
Maximum \| Dyax
Asset Acquisition [Line Items]
Milestone payments payable	9,300
Maximum \| Selexis
Asset Acquisition [Line Items]
Milestone payments payable, per licensed product \| €		€ 0.9
Maximum \| National Institute of Health
Asset Acquisition [Line Items]
Milestone payments payable	$ 400

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 13, 2023	Jun. 08, 2023
Earnings Per Share, Basic And Diluted [Line Items]
Net Income (Loss)	$ (12,881)	$ (10,636)	$ (34,049)	$ (37,805)
Weighted average common stock outstanding, basic (in shares)	59,108,724	46,842,489	56,655,302	33,040,434
Weighted average common stock outstanding, diluted (in shares)	59,108,724	46,842,489	56,655,302	33,040,434
Net loss per share, basic (in dollars per share)	$ (0.22)	$ (0.23)	$ (0.60)	$ (1.14)
Net loss per share, diluted (in dollars per share)	$ (0.22)	$ (0.23)	$ (0.60)	$ (1.14)
Number of securities called by warrants or rights	394,974		394,974
June 2023 Public Offering \| SVB Securities LLC and Cowen and Company, LLC
Earnings Per Share, Basic And Diluted [Line Items]
Number of Common Warrants Per Share						1
June 2023 Public Offering \| SVB Securities LLC and Cowen and Company, LLC \| Pre-funded Warrant
Earnings Per Share, Basic And Diluted [Line Items]
Number of securities called by warrants or rights					4,440,000	4,440,000
Nominal amount of warrant exercise price						$ 0.0001

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	32,081,583	28,653,648
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	6,248,888	4,435,519
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	498,833	183,960
K2 Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	394,974	339,725
Common Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	22,050,000	22,250,000
Conversion Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,444,444	0
Convertible debt (as-converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,444,444	1,444,444