89bio (ETNB) 10-Q7 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	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	89bio, Inc.
Entity Central Index Key	0001785173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		106,126,338
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ETNB
Security Exchange Name	NASDAQ
Entity File Number	001-39122
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4946844
Entity Address, Address Line One	655 Montgomery Street
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	432-9270
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 91,411	$ 316,161
Marketable securities	332,363	262,709
Prepaid and other current assets	32,432	14,664
Total current assets	456,206	593,534
Operating lease right-of-use assets	1,760	2,293
Property and equipment, net	17	46
Other assets	314	396
Total assets	458,297	596,269
Current liabilities:
Accounts payable	19,490	8,585
Accrued expenses	18,898	20,530
Operating lease liabilities, current	743	496
Total current liabilities	39,131	29,611
Operating lease liabilities, noncurrent	1,281	1,817
Warrant liability	487	0
Term loan, noncurrent, net	35,544	24,795
Other noncurrent liabilities	3,752	3,740
Total liabilities	80,195	59,963
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.001 par value: 200,000,000 shares authorized; 106,126,338 and 93,269,377 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	106	93
Additional paid-in capital	1,082,884	993,455
Accumulated other comprehensive income	1,269	190
Accumulated deficit	(706,157)	(457,432)
Total stockholders’ equity	378,102	536,306
Total liabilities and stockholders’ equity	$ 458,297	$ 596,269

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	106,126,338	93,269,377
Common stock, shares outstanding	106,126,338	93,269,377

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - 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	$ 141,441	$ 31,417	$ 233,734	$ 88,638
General and administrative	10,497	7,928	28,917	21,360
Total operating expenses	151,938	39,345	262,651	109,998
Loss from operations	(151,938)	(39,345)	(262,651)	(109,998)
Interest expense	(2,362)	(959)	(4,099)	(3,928)
Interest income and other, net	5,431	5,579	18,460	11,972
Net loss before income tax	(148,869)	(34,725)	(248,290)	(101,954)
Income tax expense	(204)	0	(435)	0
Net loss	(149,073)	(34,725)	(248,725)	(101,954)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	1,962	41	1,079	(200)
Foreign currency translation adjustments	(10)	6	0	3
Total other comprehensive income (loss)	1,952	47	1,079	(197)
Comprehensive loss	$ (147,121)	$ (34,678)	$ (247,646)	$ (102,151)
Net loss per share, basic	$ (1.39)	$ (0.45)	$ (2.46)	$ (1.5)
Net loss per share, diluted	$ (1.39)	$ (0.45)	$ (2.46)	$ (1.5)
Weighted-average shares used to compute net loss per share, basic	107,075,197	76,336,050	100,940,155	67,962,848
Weighted-average shares used to compute net loss per share, diluted	107,075,197	76,336,050	100,940,155	67,962,848

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	ATM Facility	Common Stock	Common Stock Public Offerings	Common Stock ATM Facility	Additional Paid-in Capital	Additional Paid-in Capital Public Offerings	Additional Paid-in Capital ATM Facility	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 151,832		$ 51			$ 467,374			$ (350)	$ (315,243)
Beginning balance, shares at Dec. 31, 2022			50,560,590
Issuance of common stock	296,817	$ 13,422		$ 19	$ 1		$ 296,798	$ 13,421
Issuance of common stock, shares				19,461,538	968,000
Issuance of common stock upon exercise of common stock warrants	8,960		$ 2			8,958
Issuance of common stock upon exercise of common stock warrants, shares			1,682,500
Issuance of common stock upon exercise of stock options	185					185
Issuance of common stock upon exercise of stock options, shares			61,408
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(693)					(693)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			133,669
Issuance of common stock warrants in connection with term loan	482					482
Stock-based compensation	3,551					3,551
Net Income (Loss)	(28,836)									(28,836)
Other comprehensive income (loss)	110								110
Ending balance at Mar. 31, 2023	445,830		$ 73			790,076			(240)	(344,079)
Ending balance, shares at Mar. 31, 2023			72,867,705
Beginning balance at Dec. 31, 2022	151,832		$ 51			467,374			(350)	(315,243)
Beginning balance, shares at Dec. 31, 2022			50,560,590
Net Income (Loss)	(101,954)
Other comprehensive income (loss)	(197)
Ending balance at Sep. 30, 2023	410,209		$ 75			827,878			(547)	(417,197)
Ending balance, shares at Sep. 30, 2023			75,638,516
Beginning balance at Mar. 31, 2023	445,830		$ 73			790,076			(240)	(344,079)
Beginning balance, shares at Mar. 31, 2023			72,867,705
Issuance of common stock		23,667			$ 1			23,666
Issuance of common stock, shares					1,200,539
Issuance of common stock upon exercise of common stock warrants	6,630		$ 1			6,629
Issuance of common stock upon exercise of common stock warrants, shares			1,245,070
Issuance of common stock upon exercise of stock options	327					327
Issuance of common stock upon exercise of stock options, shares			107,832
Issuance of common stock under employee stock purchase plan	142					142
Issuance of common stock under employee stock purchase plan, Shares			13,927
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			31,527
Stock-based compensation	4,137					4,137
Net Income (Loss)	(38,393)									(38,393)
Other comprehensive income (loss)	(354)								(354)
Ending balance at Jun. 30, 2023	441,986		$ 75			824,977			(594)	(382,472)
Ending balance, shares at Jun. 30, 2023			75,466,600
Issuance of common stock upon exercise of stock options	117					117
Issuance of common stock upon exercise of stock options, shares			27,372
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(1,597)					(1,597)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			144,544
Stock-based compensation	4,381					4,381
Net Income (Loss)	(34,725)									(34,725)
Other comprehensive income (loss)	47								47
Ending balance at Sep. 30, 2023	410,209		$ 75			827,878			(547)	(417,197)
Ending balance, shares at Sep. 30, 2023			75,638,516
Beginning balance at Dec. 31, 2023	536,306		$ 93			993,455			190	(457,432)
Beginning balance, shares at Dec. 31, 2023			93,269,377
Issuance of common stock		$ 21,049			$ 2			$ 21,047
Issuance of common stock, shares					1,396,888
Issuance of common stock upon exercise of common stock warrants	1,798					1,798
Issuance of common stock upon exercise of common stock warrants, shares			337,713
Issuance of common stock upon exercise of stock options	7					7
Issuance of common stock upon exercise of stock options, shares			1,626
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(1,229)					(1,229)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			194,120
Stock-based compensation	4,998					4,998
Net Income (Loss)	(51,681)									(51,681)
Other comprehensive income (loss)	(709)								(709)
Ending balance at Mar. 31, 2024	510,539		$ 95			1,020,076			(519)	(509,113)
Ending balance, shares at Mar. 31, 2024			95,199,724
Beginning balance at Dec. 31, 2023	536,306		$ 93			993,455			190	(457,432)
Beginning balance, shares at Dec. 31, 2023			93,269,377
Net Income (Loss)	(248,725)
Other comprehensive income (loss)	1,079
Ending balance at Sep. 30, 2024	378,102		$ 106			1,082,884			1,269	(706,157)
Ending balance, shares at Sep. 30, 2024			106,126,338
Beginning balance at Mar. 31, 2024	510,539		$ 95			1,020,076			(519)	(509,113)
Beginning balance, shares at Mar. 31, 2024			95,199,724
Issuance of common stock upon exercise of common stock warrants	47,151		$ 9			47,142
Issuance of common stock upon exercise of common stock warrants, shares			8,854,576
Issuance of common stock upon cashless exercise of pre-funded warrants			$ 1			(1)
Issuance of common stock upon cashless exercise of pre-funded warrants, shares			799,906
Issuance of common stock upon exercise of stock options	54					54
Issuance of common stock upon exercise of stock options, shares			26,355
Issuance of common stock under employee stock purchase plan	178					178
Issuance of common stock under employee stock purchase plan, Shares			26,125
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(39)					(39)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			8,490
Stock-based compensation	5,169					5,169
Net Income (Loss)	(47,971)									(47,971)
Other comprehensive income (loss)	(164)								(164)
Ending balance at Jun. 30, 2024	514,917		$ 105			1,072,579			(683)	(557,084)
Ending balance, shares at Jun. 30, 2024			104,915,176
Issuance of common stock upon exercise of common stock warrants	5,258		$ 1			5,257
Issuance of common stock upon exercise of common stock warrants, shares			987,500
Issuance of common stock upon exercise of stock options	82					82
Issuance of common stock upon exercise of stock options, shares			18,022
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement	(904)					(904)
Issuance of common stock upon vesting of restricted stock units, net of tax withholding for net share settlement, shares			205,640
Issuance of common stock warrants in connection with term loan	608					608
Stock-based compensation	5,262					5,262
Net Income (Loss)	(149,073)									(149,073)
Other comprehensive income (loss)	1,952								1,952
Ending balance at Sep. 30, 2024	$ 378,102		$ 106			$ 1,082,884			$ 1,269	$ (706,157)
Ending balance, shares at Sep. 30, 2024			106,126,338

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (248,725)	$ (101,954)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	15,429	12,069
Net accretion of discounts on investments in marketable securities	(7,887)	(4,297)
Amortization of debt discount and accretion of deferred debt costs	505	695
Loss on extinguishment of debt	1,503	1,208
Noncash operating lease expense	533	125
Depreciation	29	34
Changes in operating assets and liabilities:
Prepaid and other assets	(17,199)	(3,238)
Accounts payable	11,021	(1,599)
Accrued expenses	(1,175)	2,189
Operating lease liabilities	(289)	(125)
Other noncurrent liabilities	12
Net cash used in operating activities	(246,243)	(94,893)
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities	252,375	157,428
Purchases of marketable securities	(313,063)	(216,804)
Net cash used in investing activities	(60,688)	(59,376)
Cash flows from financing activities:
Proceeds from issuance of common stock in public offerings, net of issuance costs		296,817
Payments of deferred offering costs	(116)
Proceeds from issuance of common stock in at-the-market public offerings, net of issuance costs	21,049	37,089
Proceeds from term loan facility, net of issuance costs	9,349	24,363
Proceeds from issuance of common stock upon exercise of common stock warrants	54,207	15,590
Proceeds from issuance of common stock upon exercise of stock options	143	629
Proceeds from issuance of common stock under employee stock purchase plan	178	142
Payments for taxes related to net share settlement upon vesting of restricted stock units	(2,629)	(2,290)
Repayment of term loan		(21,400)
Net cash provided by financing activities	82,181	350,940
Net change in cash and cash equivalents	(224,750)	196,671
Cash and cash equivalents at beginning of period	316,161	55,255
Cash and cash equivalents at end of period	91,411	251,926
Supplemental disclosures of cash information:
Cash paid for interest	2,053	1,913
Cash paid for amounts included in the measurement of lease liabilities	506	139
Supplemental disclosures of noncash information:
Issuance of common stock warrants in connection with term loan	$ 608	$ 482

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	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (149,073)	$ (47,971)	$ (51,681)	$ (34,725)	$ (38,393)	$ (28,836)	$ (248,725)	$ (101,954)

Insider Trading Arrangements

Insider Trading Arrangements - shares		3 Months Ended
Insider Trading Arrangements - shares	Jul. 01, 2024	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans On July 1, 2024 , Quoc Le-Nguyen , Chief Technical Operations Officer of the Company , entered into a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K). Mr. Le-Nguyen’s plan provides for the sale of up to 64,708 shares of the Company’s common stock. The trading arrangement terminates on July 15, 2025 , or upon the earlier sale of all shares pursuant to the trading arrangement. During the fiscal quarter ended September 30, 2024, no other director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case as defined in Item 408(a) of Regulation S-K).
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
Quoc Le-Nguyen
Trading Arrangements, by Individual
Name	Quoc Le-Nguyen
Title	Chief Technical Operations Officer of the Company
Adoption Date	July 1, 2024
Expiration Date	July 15, 2025
Aggregate Available	64,708

Organization and Liquidity

Organization and Liquidity	9 Months Ended
Organization and Liquidity	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	1. Organization and Liquidity Description of Business 89bio, Inc. (“89bio” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company’s lead product candidate, pegozafermin, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21 (“FGF21”), is currently being developed for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), previously known as nonalcoholic steatohepatitis, and for the treatment of severe hypertriglyceridemia (“SHTG”). 89bio was formed as a Delaware corporation in June 2019 to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018. Liquidity The Company has incurred significant losses and negative cash flows from operations since inception and had an accumulated deficit of $ 706.2 million as of September 30, 2024. The Company has historically financed its operations primarily through the sale of equity securities, including warrants, and from borrowings under term loan facilities. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue from commercial products. The Company expects operating losses to continue and increase for the foreseeable future as the Company progresses its clinical development activities for its product candidates. The Company believes its existing cash, cash equivalents and marketable securities of $ 423.8 million as of September 30, 2024 will be sufficient to fund its planned operating expense and capital expenditure requirements for a period of at least one year from the date of the issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023 and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of that date and, due to its summary nature, does not include all the disclosures required by U.S. GAAP in audited financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on March 1, 2024. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiary in Israel, the functional currency has been determined to be the U.S. Dollar. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accruals for uncertain tax positions, accrued research and development expenses and the valuation of stock options. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial instruments measured and recorded at fair value on a recurring basis consist of cash equivalents and marketable securities and common stock warrants issued in connection with a term loan facility that do not meet all of the criteria for equity classification. Financial Instruments Not Carried at Fair Value The Company’s financial instruments, including cash, other current assets, accounts payable and accrued expenses are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds, commercial paper and U.S. government treasury securities and are carried at fair value. Marketable Securities The Company invests its excess cash in marketable securities with high credit ratings including money market funds, commercial paper, securities issued by the U.S. government and its agencies and corporate debt securities. The Company accounts for all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for accretion of premiums and amortization of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income and other, net. Realized gains and losses from the sale of marketable securities, if any, are determined on a specific identification basis and are also included in interest income and other, net. The Company’s marketable securities are classified as current assets, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary, even though the stated maturity date may be one year or more beyond the current balance sheet date. The Company periodically assesses its marketable securities for impairment. For marketable securities in an unrealized loss position, this assessment first takes into account the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the marketable security’s amortized cost basis is written down to fair value through interest income and other, net. For marketable securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in interest income and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in interest income and other, net. Income Taxes The Company accounts for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Interest and penalties related to unrecognized tax benefits are included within income tax expense. For the three and nine months ended September 30, 2024, the Company recorded income tax expense related to its foreign operations in Israel of $ 0.2 million and $ 0.4 million , respectively. Basic and Diluted Net Loss per Share Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company’s pre-funded warrants issued in July 2022 and December 2023, are included in the calculation of basic and diluted net loss per share, even if they are antidilutive. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted-average participating securities by the sum of the total weighted-average common shares and participating securities (the “two-class method”). Shares of the Company’s common stock warrants participate in any dividends that may be declared by the Company and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted loss per share is computed after considering the dilutive effect of stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and common stock warrants, except where such non-participating securities would be anti-dilutive. As the Company incurred net losses for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. Recently Adopted Accounting Standards The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the nine months ended September 30, 2024 that had a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures required by Topic 280 to be included in interim periods. All disclosure requirements under this ASU are also required for public entities with a single reportable segment. The ASU is effective for the Company’s annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company expects to adopt ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024 and in the interim periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The ASU is effective for the Company’s annual periods beginning on January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company expects to adopt ASU 2023-09 in its Annual Report on Form 10-K for the year ending December 31, 2025 and in annual periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy for the periods indicated (in thousands): September 30, 2024 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Assets: Money market funds Level 1 $ 25,447 $ — $ — $ 25,447 Commercial paper Level 2 58,250 44 ( 1 ) 58,293 U.S. government bonds Level 2 192,065 929 ( 5 ) 192,989 Agency bonds Level 2 60,421 251 ( 2 ) 60,670 Corporate debt securities Level 2 4,636 35 ( 3 ) 4,668 U.S. Treasury securities Level 2 25,711 13 — 25,724 Agency discount securities Level 2 3,963 4 — 3,967 Total cash equivalents and marketable securities $ 370,493 $ 1,276 $ ( 11 ) $ 371,758 Classified as: Cash equivalents $ 39,395 Marketable securities 332,363 Total cash equivalents and marketable securities $ 371,758 December 31, 2023 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Assets: Money market funds Level 1 $ 493 $ — $ — $ 493 Commercial paper Level 2 94,261 — ( 55 ) 94,206 U.S. government bonds Level 2 137,976 250 ( 142 ) 138,084 Agency bonds Level 2 45,481 152 ( 44 ) 45,589 Corporate debt securities Level 2 3,177 — ( 12 ) 3,165 U.S. Treasury securities Level 2 71,754 36 ( 1 ) 71,789 Agency discount securities Level 2 7,975 1 — 7,976 Total cash equivalents and marketable securities $ 361,117 $ 439 $ ( 254 ) $ 361,302 Classified as: Cash equivalents $ 98,593 Marketable securities 262,709 Total cash equivalents and marketable securities $ 361,302 The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices when available. If quoted market prices are not available, the fair value for the security is estimated under the market or income approach using pricing models with market observable inputs. The following table summarizes the estimated fair value of investments in marketable securities by effective contractual maturity dates as of September 30, 2024 (in thousands): Within one year $ 306,129 After one year through two years 65,629 Total cash equivalents and marketable securities $ 371,758 As of September 30, 2024, the Company’s marketable securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. All of the fixed-rate debt securities in a loss position are investment-grade debt securities. The Company has the intent and ability to hold such securities until recovery of the unrealized losses. Based on the Company’s assessment, the unrealized losses as of September 30, 2024 were immaterial and not related to increased credit risks associated with specific securities. No allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Warrant Liability As of September 30, 2024, the Company’s only financial liability measured at fair value on a recurring basis relates to warrants to purchase up to 311,996 shares of the Company’s common stock issued in connection with the Term Loan (See Note 6). The number of warrants that become exercisable is contingent on subsequent loan advances by the Company under the Term Loan facility. As such, the warrants are not considered to be indexed to the Company’s own stock and were accounted for as a liability. The Company recorded the fair value of the warrants upon issuance using a probability-weighted scenario analysis with a Black-Scholes valuation model and is required to revalue the warrants at each reporting date with any changes in fair value recorded on the consolidated statements of operations and comprehensive loss until the exercise contingencies are resolved. The valuation of the warrants is considered under Level 3 of the fair value hierarchy, taking into account the likelihood of the warrants becoming exercisable and the fair value of the underlying common stock of the Company. The warrants had a fair value of $ 0.5 million as of the issuance date and September 30, 2024, based on a Black-Scholes valuation with the following assumptions: risk-free interest rate of 3.8 %, no dividends, expected volatility of 88.1 % and expected term of 10.0 years.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
Balance Sheet Components	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Prepaid and other current assets consist of the following as of the periods presented (in thousands): September 30, December 31, Prepaid research and development $ 28,762 $ 11,579 Prepaid taxes 373 614 Prepaid other 2,810 2,471 Deferred debt issuance costs 487 — Total prepaid and other current assets $ 32,432 $ 14,664 Accrued expenses consist of the following as of the periods presented (in thousands): September 30, December 31, Accrued research and development expenses $ 11,583 $ 13,017 Accrued employee and related expenses 5,251 6,248 Accrued professional and legal fees 1,607 1,110 Accrued other expenses 457 155 Total accrued expenses $ 18,898 $ 20,530

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of Fatty Acid Synthase, under which the Company did not develop product candidates, and all rights associated with the program are being returned to Teva. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $ 6.0 million. Under each license agreement, the Company is required to pay Teva $ 2.5 million upon the achievement of a specified clinical development milestone, and additional payments totaling up to $ 65.0 million upon achievement of certain commercial milestones. Each milestone payment shall be payable once, upon the first occurrence of the applicable milestone. The Company is also obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to their glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. In the fourth quarter of 2023, the Company made a $ 2.5 million milestone payment to Teva following the achievement of a clinical development milestone under the FGF21 program in SHTG. As of September 30, 2024, the timing and likelihood of achieving any remaining milestones are uncertain. Milestone payment obligations will be recognized when payment becomes probable and reasonably estimable, which is generally upon achievement of the applicable milestone. BiBo Collaboration Agreement On April 4, 2024 , the Company entered into a collaboration agreement (the “Collaboration Agreement”) with BiBo Biopharma Engineering Co., Ltd., a company incorporated under the laws of the People’s Republic of China (“BiBo”), pursuant to which BiBo will construct a production facility specifically designed to supply the Company with pegozafermin for commercialization, if approved (the “Production Facility”). Pursuant to the Collaboration Agreement, BiBo will build the Production Facility at BiBo’s facility in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone to manufacture the bulk active ingredient (the “Drug Substance”) required to produce pegozafermin for commercial supply. The platform is expected to provide the Company with manufacturing capacity to meet its commercial needs. Under the Collaboration Agreement, the Company is required to pay BiBo an aggregate of $ 135.0 million (exclusive of applicable value-added tax) toward the construction of the Production Facility (collectively, the “Payment”), of which $ 81.0 million (net of applicable value-added tax) in milestone payments were paid during the three months ended September 30, 2024 and recorded in “Research and Development” in the consolidated statements of operations and comprehensive loss. The remainder of the Payment will become payable upon achievement of certain specified milestones, of which up to an additional $ 40.5 million of the Payment could become payable by the end of 2024. If the actual costs of the Production Facility are substantially greater than the estimated budget, the parties will negotiate a means of allocating such cost overruns.

Term Loan Facility

Term Loan Facility	9 Months Ended
Term Loan Facility	Sep. 30, 2024
Debt Disclosure [Abstract]
Term Loan Facility	6. Term Loan Facility Existing Loan Agreement In January 2023, the Company entered into a Loan and Security Agreement (the “Existing Loan Agreement”) with the lender parties thereto (the “Lenders”), K2 HealthVentures LLC as administrative agent and Ankura Trust Company, LLC as collateral agent. The Existing Loan Agreement provided for a term loan facility with a maximum aggregate principal of $ 100.0 million, consisting of up to four separate delayed-draw term loans (“Initial Term Loan”). Upon execution of the agreement, the Company drew $ 25.0 million pursuant to the Existing Loan Agreement. An additional $ 25.0 million expired undrawn and $ 50.0 million available at the Lenders’ discretion lapsed upon refinancing of the debt (discussed below). Additionally, the Lenders may elect to convert up to an aggregate of $ 7.5 million of the principal amount of the Initial Term Loan then outstanding into shares of the Company’s common stock at a conversion price of $ 12.6943 per share. Notwithstanding the debt refinancing transaction, this conversion right remains outstanding under the Loan Agreement (as defined below). The Initial Term Loan bore interest equal to the greater of (i) 8.45 % and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.25 % and provided for interest-only payments through February 1, 2025. Upon prepayment or maturity, the Company was required to pay an end of term fee equal to 5.95 % of the aggregate principal amount of term loans advanced. In connection with the debt refinancing transaction, the Lenders agreed to defer the payment of the existing end of term fee of $ 1.5 million to its originally scheduled maturity date of January 1, 2027 . In connection with the advance of the Initial Term Loan, the Company issued warrants to purchase 51,204 shares of the Company’s common stock, which remain outstanding as of September 30, 2024. The warrants became exercisable from the date of issuance and have a term of ten year s with an exercise price of $ 9.76 per share of common stock. The Company also issued to the Lenders warrants to purchase 153,611 shares of common stock that were contingently exercisable upon funding of delayed-draw term loans. These contingently exercisable warrants were either forfeited upon expiration of the respective delayed-draw period or cancelled in connection with the debt refinancing transaction. Amended Loan Agreement I n September 2024, the Company entered into an amendment to the Existing Loan Agreement (the “Amendment” and the Existing Loan Agreement, as amended by the Amendment, the “Loan Agreement”) increasing the maximum aggregate principal amount in delayed-draw term loans to $ 150.0 million (the “Term Loan”) from $ 100.0 million. The Loan Agreement consists of (i) a first tranche of $ 70.0 million, of which $ 35.0 million was funded at closing (including the refinancing of the existing $ 25.0 million principal balance outstanding) and of which an additional $ 35.0 million is available through June 30, 2025, (ii) a second tranche of $ 30.0 million available to be funded upon the achievement of a specific clinical development milestone through December 31, 2025, and (iii) a third tranche of up to $ 50.0 million upon the Company’s request, subject to review by the Lenders of certain information from the Company and discretionary approval by the Lenders. The obligations of the Company under the Loan Agreement are secured by substantially all of the assets of the Company, excluding intellectual property. The Loan Agreement contains customary representations and warranties, restricts certain activities and includes customary events of default, including payment default, breach of covenants, change of control, and material adverse effects. In addition, commencing January 1, 2026, the Company is required to maintain minimum unrestricted cash, cash equivalents and marketable securities equal to 5.0 times the average change in cash, cash equivalents and marketable securities measured over the trailing three-month period. As of September 30, 2024, the Company was in compliance with all covenants of the Loan Agreement. Borrowings under the Loan Agreement mature on October 1, 2028 and provide for interest-only payments until January 1, 2027, which can be extended to January 1, 2028 upon achievement of a clinical milestone. Consecutive equal payments of principal and interest are due once the interest-only period has lapsed. The Term Loan bears interest equal to the greater of (i) 8.95 % and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.75 %. On the date the debt was refinanced and on September 30, 2024, the stated interest rate on the outstanding Term Loan was 9.75 %. An end of term fee of 5.95 % of the aggregate principal amount of term loans advanced is also payable. The Company has the option to prepay the entire outstanding balance of borrowings under the Loan Agreement, subject to a prepayment fee ranging from 1.0 % to 3.0 % depending on the timing of such prepayment. In connection with the Amendment, the Company issued warrants to purchase up to 406,951 shares of the Company’s common stock at an exercise price of $ 7.3719 per share that expire 10 years from the date of issuance. Of the 406,951 shares underlying the warrants issued, 94,955 shares were immediately exercisable upon the advance of $ 35.0 million at closing (including the refinancing of the existing $ 25.0 million principal balance outstanding) and met the criteria for equity classification. The remaining 311,996 shares become exercisable in proportion to future advances of term loans and were liability classified and subject to remeasurement at each reporting period (see Note 3). In addition to the conversion right carried over from the Initial Term Loan, the Lenders may elect to convert up to an additional aggregate of $ 5.0 million of the principal amount of the Term Loan then outstanding into shares of the Company’s common stock at a conversion price of $ 9.5835 per share. The Company evaluated the debt refinancing to determine if it was an extinguishment or a modification of the debt. Due to the addition of a substantive conversion feature (it is reasonably possible that the conversion feature may be exercised and affect the manner of the debt instrument’s settlement), the Company determined that the refinancing was an extinguishment of debt. The Company measured the loss on extinguishment of debt based on the difference between the net carrying amount of the extinguished debt and the reacquisition price of the new debt, which included $ 0.7 million for amendment fees paid to the lender. The Company recorded a loss on extinguishment of debt in the amount of $ 1.5 million as a component of “Interest Expense” in the consolidated statements of operations and comprehensive loss for the three months ended September 30, 2024. The Company assessed the embedded conversion feature and concluded that bifurcation and separate accounting as a derivative liability were not required because the feature is indexed to the Company’s own stock and meets the criteria for equity classification. The immediately exercisable warrants to purchase 94,955 shares of the Company’s common stock issued to the Lenders had a fair value of $ 0.6 million and was recorded as debt discount with a corresponding entry to additional paid-in capital. The contingently exercisable warrants to purchase 311,996 shares of the Company’s common stock had a fair value of $ 0.5 million at issuance and was recorded as deferred debt issuance costs within other current assets with a corresponding entry to warrant liability (see Note 3). The deferred debt issuance costs will be amortized to interest expense over the respective delayed-draw term loan commitment periods under the Loan Agreement. The expected repayments of principal amounts due on borrowings as of September 30, 2024 are as follows (in thousands): 2024 (remaining three months) $ — 2025 — 2026 — 2027 18,280 2028 16,720 Total principal outstanding 35,000 Plus accumulated accretion of end of term fees 1,152 Less unamortized debt discount ( 608 ) Total net carrying value 35,544 Term loan, current — Term loan, noncurrent, net $ 35,544

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock Reserved for Issuance The Company had the following shares of common stock reserved for future issuance, on an as-if-converted basis, as of the periods presented: September 30, December 31, Stock options outstanding 7,454,242 4,686,577 RSUs and PSUs outstanding 1,155,462 987,550 Shares available for future grants under equity incentive plans 3,132,175 1,790,684 Shares available for future issuance under the employee stock purchase plan 2,114,176 1,207,607 Warrants to purchase common stock outstanding 517,078 10,412,806 Pre-funded warrants to purchase common stock outstanding 1,081,081 1,881,081 Conversion feature related to outstanding term loan 1,112,546 590,816 Total available for future issuance 16,566,760 21,557,121 At-the-Market (“ATM”) Offerings In March 2021, the Company entered into an ATM sales agreement (as amended, the “Sales Agreement”) with Leerink Partners LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which the Company may offer and sell shares up to $ 75.0 million of its common stock (the “2021 ATM Facility”) from time to time pursuant to an effective registration statement. The Sales Agents are entitled to compensation at a commission of up to 3.0 % of the aggregate gross sales price per share sold under the Sales Agreement. In February 2023, the Company entered into an amendment to the Sales Agreement, establishing a new ATM facility with an aggregate offering amount of up to $ 150.0 million of its common stock (the “2023 ATM Facility”) pursuant to an effective registration statement. During the nine months ended September 30, 2023, the Company sold 2,168,539 shares of its common stock under its 2021 ATM Facility and 2023 ATM Facility and received net proceeds of $ 37.1 million. During the nine months ended September 30, 2024, the Company sold 1,396,888 shares of its common stock under the 2023 ATM Facility resulting in net proceeds of $ 21.0 million. There were no sales under the 2023 ATM Facility for the three months ended September 30, 2024. As of September 30, 2024 , there was $ 104.4 million remaining for future sales under the 2023 ATM Facility. Underwritten Public Offerings In March 2023, the Company completed an underwritten public offering of its common stock. The Company sold 19,461,538 shares of its common stock at a public offering price of $ 16.25 per share and received net proceeds of $ 296.8 million, net of underwriting discounts and commissions of $ 19.0 million and other offering costs of $ 0.5 million. Common Stock Warrants As of September 30, 2024, the Company’s outstanding warrants to purchase shares of its common stock were as follows: Shares of Exercise Price Expiration Warrant issued in connection with term loan (SVB) 25,000 $ 22.06 June 30, 2025 Warrant issued in connection with term loan (SVB) 33,923 19.12 May 28, 2031 Warrants issued in connection with term loan facility 51,204 9.76 January 27, 2033 Warrants issued in connection with amended term loan facility 406,951 7.3719 September 30, 2034 Pre-funded warrants issued in connection with public offerings 1,081,081 0.001 Do not expire Total outstanding 1,598,159 Warrants to purchase 2,927,570 shares of common stock were exercised during the nine months ended September 30, 2023, generating $ 15.6 million in cash proceeds. Warrants to purchase 10,179,789 shares of common stock were exercised during the nine months ended September 30, 2024, generating $ 54.2 million in cash proceeds.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation Equity Incentive Plans The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 8— Stock-Based Compensation of the Company’s Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended December 31, 2023. On September 23, 2024, the Company’s board of directors approved the Amended and Restated 2023 Inducement Plan (the “Amended and Restated 2023 Inducement Plan”) to increase the number of shares reserved for issuance under the 2023 Inducement Plan from 1,500,000 shares of the Company’s common stock to 2,500,000 without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Equity Incentive Plans Activity Stock Options The following table summarizes stock option activity under the Company’s equity incentive plans for the nine months ended September 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2023 4,686,577 $ 14.11 7.9 $ 11,712 Granted 3,108,400 9.65 Exercised ( 46,003 ) 3.08 Forfeited ( 294,732 ) 12.47 Balance outstanding as of September 30, 2024 7,454,242 $ 12.38 8.0 $ 5,484 Exercisable as of September 30, 2024 2,957,728 $ 14.90 6.5 $ 4,568 The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended 2024 2023 Expected term (years) 5.5 – 6.1 5.5 – 6.1 Expected volatility 86.5 – 91.5 % 91.6 – 99.2 % Risk-free interest rate 3.5 – 4.6 % 3.4 – 4.6 % Expected dividend — — As of September 30, 2024 , total unrecognized stock-based compensation expense related to unvested stock options was $ 31.4 million, which is expected to be recognized over a weighted-average period of 2.8 years. RSU and PSUs The following table summarizes RSU and PSU activity for the nine months ended September 30, 2024: RSUs PSUs Number of Weighted-Average Number of Weighted-Average Balance outstanding as of December 31, 2023 688,382 $ 10.72 299,168 $ 5.96 Granted 681,950 9.90 192,000 9.98 Vested ( 479,157 ) 8.95 ( 159,168 ) 7.00 Forfeited ( 52,713 ) 8.72 ( 15,000 ) 9.98 Balance outstanding as of September 30, 2024 838,462 $ 11.19 317,000 $ 7.68 As of September 30, 2024 , total unrecognized stock-based compensation expense related to RSUs and PSUs was $ 8.9 million, which is expected to be recognized over a weighted-average period of 1.6 years. Stock-Based Compensation The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development $ 2,327 $ 1,938 $ 6,984 $ 5,136 General and administrative 2,935 2,443 8,445 6,933 Total stock-based compensation $ 5,262 $ 4,381 $ 15,429 $ 12,069

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	9. Net Loss Per Share The following table presents the weighted-average shares outstanding used to calculate basic and diluted net loss per share for the periods indicated: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Common stock 105,994,116 75,536,050 99,508,709 67,162,848 Pre-funded warrants 1,081,081 800,000 1,431,446 800,000 Total 107,075,197 76,336,050 100,940,155 67,962,848 The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: September 30, 2024 2023 Stock options outstanding 7,454,242 4,679,027 RSUs and PSUs outstanding 1,155,462 987,550 Warrants to purchase common stock 517,078 10,412,805 Conversion feature related to outstanding term loan 1,112,546 590,816 ESPP shares issuable 26,522 9,758 Total 10,265,850 16,679,956

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023 and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of that date and, due to its summary nature, does not include all the disclosures required by U.S. GAAP in audited financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on March 1, 2024.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiary in Israel, the functional currency has been determined to be the U.S. Dollar.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accruals for uncertain tax positions, accrued research and development expenses and the valuation of stock options. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial instruments measured and recorded at fair value on a recurring basis consist of cash equivalents and marketable securities and common stock warrants issued in connection with a term loan facility that do not meet all of the criteria for equity classification. Financial Instruments Not Carried at Fair Value The Company’s financial instruments, including cash, other current assets, accounts payable and accrued expenses are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds, commercial paper and U.S. government treasury securities and are carried at fair value.
Marketable Securities	Marketable Securities The Company invests its excess cash in marketable securities with high credit ratings including money market funds, commercial paper, securities issued by the U.S. government and its agencies and corporate debt securities. The Company accounts for all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. These marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The cost of debt securities is adjusted for accretion of premiums and amortization of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income and other, net. Realized gains and losses from the sale of marketable securities, if any, are determined on a specific identification basis and are also included in interest income and other, net. The Company’s marketable securities are classified as current assets, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary, even though the stated maturity date may be one year or more beyond the current balance sheet date. The Company periodically assesses its marketable securities for impairment. For marketable securities in an unrealized loss position, this assessment first takes into account the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the marketable security’s amortized cost basis is written down to fair value through interest income and other, net. For marketable securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in interest income and other, net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in interest income and other, net.
Income Taxes	Income Taxes The Company accounts for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Interest and penalties related to unrecognized tax benefits are included within income tax expense. For the three and nine months ended September 30, 2024, the Company recorded income tax expense related to its foreign operations in Israel of $ 0.2 million and $ 0.4 million , respectively.
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company’s pre-funded warrants issued in July 2022 and December 2023, are included in the calculation of basic and diluted net loss per share, even if they are antidilutive. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted-average participating securities by the sum of the total weighted-average common shares and participating securities (the “two-class method”). Shares of the Company’s common stock warrants participate in any dividends that may be declared by the Company and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted loss per share is computed after considering the dilutive effect of stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and common stock warrants, except where such non-participating securities would be anti-dilutive. As the Company incurred net losses for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.
Recent Adopted And Accounting Pronouncements	Recently Adopted Accounting Standards The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the nine months ended September 30, 2024 that had a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures required by Topic 280 to be included in interim periods. All disclosure requirements under this ASU are also required for public entities with a single reportable segment. The ASU is effective for the Company’s annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company expects to adopt ASU 2023-07 in its Annual Report on Form 10-K for the year ending December 31, 2024 and in the interim periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The ASU is effective for the Company’s annual periods beginning on January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company expects to adopt ASU 2023-09 in its Annual Report on Form 10-K for the year ending December 31, 2025 and in annual periods thereafter. The Company is in the process of evaluating the requirements of this update, which is expected to result in expanded disclosures within the consolidated financial statements upon adoption.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy for the periods indicated (in thousands): September 30, 2024 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Assets: Money market funds Level 1 $ 25,447 $ — $ — $ 25,447 Commercial paper Level 2 58,250 44 ( 1 ) 58,293 U.S. government bonds Level 2 192,065 929 ( 5 ) 192,989 Agency bonds Level 2 60,421 251 ( 2 ) 60,670 Corporate debt securities Level 2 4,636 35 ( 3 ) 4,668 U.S. Treasury securities Level 2 25,711 13 — 25,724 Agency discount securities Level 2 3,963 4 — 3,967 Total cash equivalents and marketable securities $ 370,493 $ 1,276 $ ( 11 ) $ 371,758 Classified as: Cash equivalents $ 39,395 Marketable securities 332,363 Total cash equivalents and marketable securities $ 371,758 December 31, 2023 Valuation Amortized Unrealized Unrealized Fair Hierarchy Cost Gains Losses Value Assets: Money market funds Level 1 $ 493 $ — $ — $ 493 Commercial paper Level 2 94,261 — ( 55 ) 94,206 U.S. government bonds Level 2 137,976 250 ( 142 ) 138,084 Agency bonds Level 2 45,481 152 ( 44 ) 45,589 Corporate debt securities Level 2 3,177 — ( 12 ) 3,165 U.S. Treasury securities Level 2 71,754 36 ( 1 ) 71,789 Agency discount securities Level 2 7,975 1 — 7,976 Total cash equivalents and marketable securities $ 361,117 $ 439 $ ( 254 ) $ 361,302 Classified as: Cash equivalents $ 98,593 Marketable securities 262,709 Total cash equivalents and marketable securities $ 361,302
Schedule of Contractual Maturities of Estimated Fair Value of Investments in Marketable Securities	The following table summarizes the estimated fair value of investments in marketable securities by effective contractual maturity dates as of September 30, 2024 (in thousands): Within one year $ 306,129 After one year through two years 65,629 Total cash equivalents and marketable securities $ 371,758

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid and other current assets consist of the following as of the periods presented (in thousands): September 30, December 31, Prepaid research and development $ 28,762 $ 11,579 Prepaid taxes 373 614 Prepaid other 2,810 2,471 Deferred debt issuance costs 487 — Total prepaid and other current assets $ 32,432 $ 14,664
Schedule of Accrued Expenses	Accrued expenses consist of the following as of the periods presented (in thousands): September 30, December 31, Accrued research and development expenses $ 11,583 $ 13,017 Accrued employee and related expenses 5,251 6,248 Accrued professional and legal fees 1,607 1,110 Accrued other expenses 457 155 Total accrued expenses $ 18,898 $ 20,530

Term Loan Facility (Tables)

Term Loan Facility (Tables)	9 Months Ended
Term Loan Facility (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Repayment of Principal Amounts	The expected repayments of principal amounts due on borrowings as of September 30, 2024 are as follows (in thousands): 2024 (remaining three months) $ — 2025 — 2026 — 2027 18,280 2028 16,720 Total principal outstanding 35,000 Plus accumulated accretion of end of term fees 1,152 Less unamortized debt discount ( 608 ) Total net carrying value 35,544 Term loan, current — Term loan, noncurrent, net $ 35,544

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Shares of Common Stock Available for Future Issuance	The Company had the following shares of common stock reserved for future issuance, on an as-if-converted basis, as of the periods presented: September 30, December 31, Stock options outstanding 7,454,242 4,686,577 RSUs and PSUs outstanding 1,155,462 987,550 Shares available for future grants under equity incentive plans 3,132,175 1,790,684 Shares available for future issuance under the employee stock purchase plan 2,114,176 1,207,607 Warrants to purchase common stock outstanding 517,078 10,412,806 Pre-funded warrants to purchase common stock outstanding 1,081,081 1,881,081 Conversion feature related to outstanding term loan 1,112,546 590,816 Total available for future issuance 16,566,760 21,557,121
Schedule of Outstanding Warrants to Purchase Shares of Common Stock	As of September 30, 2024, the Company’s outstanding warrants to purchase shares of its common stock were as follows: Shares of Exercise Price Expiration Warrant issued in connection with term loan (SVB) 25,000 $ 22.06 June 30, 2025 Warrant issued in connection with term loan (SVB) 33,923 19.12 May 28, 2031 Warrants issued in connection with term loan facility 51,204 9.76 January 27, 2033 Warrants issued in connection with amended term loan facility 406,951 7.3719 September 30, 2034 Pre-funded warrants issued in connection with public offerings 1,081,081 0.001 Do not expire Total outstanding 1,598,159

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity under the Company’s equity incentive plans for the nine months ended September 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2023 4,686,577 $ 14.11 7.9 $ 11,712 Granted 3,108,400 9.65 Exercised ( 46,003 ) 3.08 Forfeited ( 294,732 ) 12.47 Balance outstanding as of September 30, 2024 7,454,242 $ 12.38 8.0 $ 5,484 Exercisable as of September 30, 2024 2,957,728 $ 14.90 6.5 $ 4,568
Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model	The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended 2024 2023 Expected term (years) 5.5 – 6.1 5.5 – 6.1 Expected volatility 86.5 – 91.5 % 91.6 – 99.2 % Risk-free interest rate 3.5 – 4.6 % 3.4 – 4.6 % Expected dividend — —
Summary of Restricted Stock Unit Activity	The following table summarizes RSU and PSU activity for the nine months ended September 30, 2024: RSUs PSUs Number of Weighted-Average Number of Weighted-Average Balance outstanding as of December 31, 2023 688,382 $ 10.72 299,168 $ 5.96 Granted 681,950 9.90 192,000 9.98 Vested ( 479,157 ) 8.95 ( 159,168 ) 7.00 Forfeited ( 52,713 ) 8.72 ( 15,000 ) 9.98 Balance outstanding as of September 30, 2024 838,462 $ 11.19 317,000 $ 7.68
Summary of Stock-Based Compensation Expense	The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development $ 2,327 $ 1,938 $ 6,984 $ 5,136 General and administrative 2,935 2,443 8,445 6,933 Total stock-based compensation $ 5,262 $ 4,381 $ 15,429 $ 12,069

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]
Schedule of Weighted-average Shares Outstanding Used to Calculate Basic and Diluted Net Loss Per Share	The following table presents the weighted-average shares outstanding used to calculate basic and diluted net loss per share for the periods indicated: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Common stock 105,994,116 75,536,050 99,508,709 67,162,848 Pre-funded warrants 1,081,081 800,000 1,431,446 800,000 Total 107,075,197 76,336,050 100,940,155 67,962,848
Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss	The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: September 30, 2024 2023 Stock options outstanding 7,454,242 4,679,027 RSUs and PSUs outstanding 1,155,462 987,550 Warrants to purchase common stock 517,078 10,412,805 Conversion feature related to outstanding term loan 1,112,546 590,816 ESPP shares issuable 26,522 9,758 Total 10,265,850 16,679,956

Organization and Liquidity - Ad

Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jun. 30, 2019
Accumulated deficit	$ (706,157)	$ (457,432)
Cash and cash equivalents and short term available-for-sale securities	$ 423,800

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Income tax expense	$ 204	$ 0	$ 435	$ 0
Israel
Summary Of Significant Accounting Policies [Line Items]
Income tax expense	$ 200		$ 400

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	$ 371,758
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	370,493	$ 361,117
Short-term investments, Gross Unrealized Holding Gains	1,276	439
Short-term investments, Gross Unrealized Holding Losses	(11)	(254)
Short-term investments, Aggregated Fair Value	371,758	361,302
Total cash equivalents and marketable securities	371,758	361,302
Recurring \| Marketable securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	332,363	262,709
Recurring \| Cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	39,395	98,593
Recurring \| Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	25,447	493
Short-term investments, Aggregated Fair Value	25,447	493
Recurring \| Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	58,250	94,261
Short-term investments, Gross Unrealized Holding Gains	44
Short-term investments, Gross Unrealized Holding Losses	(1)	(55)
Short-term investments, Aggregated Fair Value	58,293	94,206
Recurring \| Level 2 \| U.S. government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	192,065	137,976
Short-term investments, Gross Unrealized Holding Gains	929	250
Short-term investments, Gross Unrealized Holding Losses	(5)	(142)
Short-term investments, Aggregated Fair Value	192,989	138,084
Recurring \| Level 2 \| Agency bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	60,421	45,481
Short-term investments, Gross Unrealized Holding Gains	251	152
Short-term investments, Gross Unrealized Holding Losses	(2)	(44)
Short-term investments, Aggregated Fair Value	60,670	45,589
Recurring \| Level 2 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	4,636	3,177
Short-term investments, Gross Unrealized Holding Gains	35
Short-term investments, Gross Unrealized Holding Losses	(3)	(12)
Short-term investments, Aggregated Fair Value	4,668	3,165
Recurring \| Level 2 \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	25,711	71,754
Short-term investments, Gross Unrealized Holding Gains	13	36
Short-term investments, Gross Unrealized Holding Losses		(1)
Short-term investments, Aggregated Fair Value	25,724	71,789
Recurring \| Level 2 \| Agency discount securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	3,963	7,975
Short-term investments, Gross Unrealized Holding Gains	4	1
Short-term investments, Aggregated Fair Value	$ 3,967	$ 7,976

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contractual Maturities of Financial Assets Measured at Fair Value (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Within one year	$ 306,129
After one year through two years	65,629
Total cash equivalents and marketable securities	$ 371,758

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants to purchase common stock \| shares	311,996
Fair value of warrants	$ 487	$ 0
Measurement Input, Expected Dividend Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of warrant assumptions, dividends	$ 0
Valuation Technique, Option Pricing Model \| Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair measurement input	0.038
Valuation Technique, Option Pricing Model \| Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair measurement input	0.881
Valuation Technique, Option Pricing Model \| Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair measurement input	10 years

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 28,762	$ 11,579
Prepaid taxes	373	614
Prepaid other	2,810	2,471
Deferred debt issuance costs	487
Total prepaid and other current assets	$ 32,432	$ 14,664

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 11,583	$ 13,017
Accrued employee and related expenses	5,251	6,248
Accrued professional and legal fees	1,607	1,110
Accrued other expenses	457	155
Total accrued expenses	$ 18,898	$ 20,530

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 04, 2024	Apr. 30, 2018	Dec. 31, 2023	Sep. 30, 2024
Collaboration Agreement [Member]
Loss Contingencies [Line Items]
Aggregate payment of production facility	$ 135
Collaboration Agreement [Member] \| BiBo Biopharma Engineering Co., Ltd.
Loss Contingencies [Line Items]
Additional percentage of milestones payment payable upon achievement	$ 40.5
Collaboration Agreement [Member] \| Research and Development \| BiBo Biopharma Engineering Co., Ltd.
Loss Contingencies [Line Items]
Milestone payments				$ 81
BiBo Collaboration Agreement [Member]
Loss Contingencies [Line Items]
Agreement date	Apr. 04, 2024
Teva Agreement [Member]
Loss Contingencies [Line Items]
Nonrefundable upfront payment		$ 6
Payment upon achievement of certain clinical and commercial milestones		65
Asset transfer and license agreement, termination period after written notice				120 days
Asset transfer and license agreement, termination period notice of breach				60 days
Asset transfer and license agreement termination notice period if bankruptcy petition filed				60 days
Milestone payments			$ 2.5
Teva Agreement [Member] \| Teva's Development Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones		$ 2.5

Term Loan Facility - Additional

Term Loan Facility - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares	311,996		311,996		311,996
Debt discount	$ 608		$ 608		$ 608
Warrants issued with term loan			$ 608	$ 482
Loss on extinguishment of debt					$ (1,503)	$ (1,208)
2023 Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount		$ 100,000
Line of credit facility, available borrowing capacity		50,000
Line of credit facility, expired unused		25,000
Term fees		$ 1,500
Line of credit facility, maturity date					Jan. 01, 2027
Warrants to purchase common stock \| shares	153,611	51,204	153,611		153,611
Warrant term		10 years
Warrant exercise price \| $ / shares		$ 9.76
Debt instrument, basis spread on variable rate		1.25%
Percentage of fee on loan		5.95%
Conversion price per share \| $ / shares		$ 12.6943
Loss on extinguishment of debt					$ 1,500
2023 Loan Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate		8.45%
2023 Loan Agreement \| Maximum
Debt Instrument [Line Items]
Debt Instrument face amount		$ 100,000
Conversion of principal amount		7,500
2023 Loan Agreement \| Tranche One
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 25,000
2024 Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount	$ 150,000		$ 150,000		150,000
Line of credit facility, current borrowing capacity	$ 25,000		$ 25,000		$ 25,000
Warrants to purchase common stock \| shares	406,951		406,951		406,951
Warrant term	10 years		10 years		10 years
Warrant exercise price \| $ / shares	$ 7.3719		$ 7.3719		$ 7.3719
Line of credit facility fully drawn amount	$ 35,000
Debt instrument, maturity date					Oct. 01, 2028
Debt instrument, maturity date, description					Borrowings under the Loan Agreement mature on October 1, 2028 and provide for interest-only payments until January 1, 2027, which can be extended to January 1, 2028 upon achievement of a clinical milestone.
Debt instrument, interest rate	9.75%
Debt instrument, basis spread on variable rate	1.75%
Percentage of fee on loan	5.95%
Conversion price per share \| $ / shares	$ 9.5835		$ 9.5835		$ 9.5835
Warrants issued with term loan	$ 600
Minimum unrestriced cash and cash equivalents to three month average cash and cash equivalents multiplier					5
Amendment fees paid to the lender	$ 700		$ 700		$ 700
Contingently exercisable warrants \| shares	311,996		311,996		311,996
Fair value of exercisable warrants	$ 500		$ 500		$ 500
2024 Loan Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate	8.95%
Prepayment fee percentage					1%
2024 Loan Agreement \| Maximum
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares	406,951		406,951		406,951
Prepayment fee percentage					3%
Conversion of principal amount	$ 5,000
2024 Loan Agreement \| Tranche One
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 70,000		$ 70,000		$ 70,000
Warrants to purchase common stock \| shares	94,955		94,955		94,955
2024 Loan Agreement \| Tranche One
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 35,000		$ 35,000		$ 35,000
2024 Loan Agreement \| Tranche Two
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000		$ 30,000		$ 30,000
Warrants to purchase common stock \| shares	311,996		311,996		311,996
2024 Loan Agreement \| Tranche Three
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000		$ 50,000		$ 50,000

Term Loan Facility - Schedule o

Term Loan Facility - Schedule of Repayment of Principal Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining three months)	$ 0
2025	0
2026	0
2027	18,280
2028	16,720
Total principal outstanding	35,000
Plus accumulated accretion of end of term fees	1,152
Less: unamortized debt discount	(608)
Total net carry value	35,544
Term loan, current	0
Total term loan, non-current, net	$ 35,544	$ 24,795

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares of Common Stock Available for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Total available for future issuance	16,566,760	21,557,121
Stock Options Outstanding
Class Of Stock [Line Items]
Total available for future issuance	7,454,242	4,686,577
Rsus And Psus Outstanding
Class Of Stock [Line Items]
Total available for future issuance	1,155,462	987,550
Equity Incentive Plan
Class Of Stock [Line Items]
Total available for future issuance	3,132,175	1,790,684
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total available for future issuance	2,114,176	1,207,607
Warrants To Purchase Common Stock
Class Of Stock [Line Items]
Total available for future issuance	517,078	10,412,806
Pre-funded Warrants To Purchase Common Stock
Class Of Stock [Line Items]
Total available for future issuance	1,081,081	1,881,081
Conversion Feature Related To Outstanding Term Loan
Class Of Stock [Line Items]
Total available for future issuance	1,112,546	590,816

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2021	Sep. 30, 2024	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary Sale Of Stock [Line Items]
Offering costs						$ 116,000
Proceeds from issuance of common stock upon exercise of common stock warrants						$ 54,207,000	$ 15,590,000
Warrants outstanding				1,598,159		1,598,159
Public Offerings
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses		$ 296,800,000
Shares issued and sold		19,461,538
Offering price per share		$ 16.25			$ 16.25
Underwriting discounts and commissions		$ 19,000,000
Offering costs		$ 500,000
Public Offerings \| Common Stock
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold					19,461,538
Public Offering
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase common stock exercised						10,179,789	2,927,570
Proceeds from issuance of common stock upon exercise of common stock warrants						$ 54,200,000	$ 15,600,000
2021 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Selling commission per shares sold percentage			3%
Maximum value of common stock to be issued under agreement			$ 75,000,000
2023 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses						$ 21,000,000
Sales under the agreement				$ 0
Maximum value of common stock to be issued under agreement	$ 150,000,000
Shares issued and sold						1,396,888
Common stock remaining for future sales						$ 104,400,000
2021 ATM Facility and 2023 ATM Facility
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses							$ 37,100,000
Shares issued and sold							2,168,539

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	1,598,159
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	25,000
Warrant exercise price \| $ / shares	$ 22.06
Warrant expiration date	Jun. 30, 2025
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	33,923
Warrant exercise price \| $ / shares	$ 19.12
Warrant expiration date	May 28, 2031
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	51,204
Warrant exercise price \| $ / shares	$ 9.76
Warrant expiration date	Jan. 27, 2033
Warrants Amended Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	406,951
Warrant exercise price \| $ / shares	$ 7.3719
Warrant expiration date	Sep. 30, 2034
Pre-funded Warrants
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	1,081,081
Warrant exercise price \| $ / shares	$ 0.001
Expiration Date	Do not expire

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 23, 2024	Sep. 22, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance	16,566,760			21,557,121
Restricted Stock Units (RSUs") and Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized weighted average period	1 year 7 months 6 days
Total Unrecognised expense	$ 8.9
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized weighted average period	2 years 9 months 18 days
Unrecognized unvested stock option	$ 31.4
Amended and Restated 2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance		2,500,000	1,500,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2023 Inducement Plan and 2019 Equity Incentive Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Outstanding, Beginning Balance \| shares	4,686,577
Granted \| shares	3,108,400
Exercised \| shares	(46,003)
Forfeited \| shares	(294,732)
Outstanding, Ending Balance \| shares	7,454,242	4,686,577
Exercisable as of June 30, 2024 \| shares	2,957,728
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 14.11
Weighted Average Exercise Price, Granted \| $ / shares	9.65
Weighted Average Exercise Price, Exercised \| $ / shares	3.08
Weighted Average Exercise Price, Forfeited \| $ / shares	12.47
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	12.38	$ 14.11
Weighted Average Exercise Price, Exercisable as of June 30, 2024 \| $ / shares	$ 14.9
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years), Outstanding	8 years	7 years 10 months 24 days
Weighted Average Remaining Contractual Term (In years), Exercisable as of June 30, 2024	6 years 6 months
Aggregate Intrinsic Value
Aggregate Intrinsic Value \| $	$ 5,484	$ 11,712
Aggregate Intrinsic Value, Exercisable as of June 30, 2024 \| $	$ 4,568

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	86.50%	91.60%
Expected volatility, maximum	91.50%	99.20%
Risk-free interest rate, minimum	3.50%	3.40%
Risk-free interest rate, maximum	4.60%	4.60%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs")
Number of RSUs
Outstanding, Beginning Balance \| shares	688,382
Granted \| shares	681,950
Vested \| shares	(479,157)
Forfeited \| shares	(52,713)
Outstanding, Ending Balance \| shares	838,462
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 10.72
Weighted Average Grant Date Fair Value Outstanding, Granted \| $ / shares	9.9
Weighted Average Grant Date Fair Value Outstanding, Vested \| $ / shares	8.95
Weighted Average Grant Date Fair Value Outstanding, Forfeited \| $ / shares	8.72
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 11.19
Performance Shares (PSUs)
Number of RSUs
Outstanding, Beginning Balance \| shares	299,168
Granted \| shares	192,000
Vested \| shares	(159,168)
Forfeited \| shares	(15,000)
Outstanding, Ending Balance \| shares	317,000
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 5.96
Weighted Average Grant Date Fair Value Outstanding, Granted \| $ / shares	9.98
Weighted Average Grant Date Fair Value Outstanding, Vested \| $ / shares	7
Weighted Average Grant Date Fair Value Outstanding, Forfeited \| $ / shares	9.98
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 7.68

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of 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
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,262	$ 4,381	$ 15,429	$ 12,069
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,327	1,938	6,984	5,136
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,935	$ 2,443	$ 8,445	$ 6,933

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Weighted-average Shares Outstanding Used to Calculate Basic and Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	107,075,197	76,336,050	100,940,155	67,962,848
Weighted-average shares used to compute net loss per share, diluted	107,075,197	76,336,050	100,940,155	67,962,848
Common Stock
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	105,994,116	75,536,050	99,508,709	67,162,848
Weighted-average shares used to compute net loss per share, diluted	105,994,116	75,536,050	99,508,709	67,162,848
Pre-funded Warrants
The Weighted-average Shares Outstanding Used To Calculate Basic And Diluted Net Loss Per Share [Line Items]
Weighted-average shares used to compute net loss per share, basic	1,081,081	800,000	1,431,446	800,000
Weighted-average shares used to compute net loss per share, diluted	1,081,081	800,000	1,431,446	800,000

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	10,265,850	16,679,956
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	7,454,242	4,679,027
RSUs and PSUs Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	1,155,462	987,550
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	517,078	10,412,805
Conversion Feature Related To Outstanding Term Loan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	1,112,546	590,816
ESPP shares issuable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	26,522	9,758