Nuvalent (NUVL) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity File Number	001-40671
Entity Registrant Name	NUVALENT, INC.
Entity Central Index Key	0001861560
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5112298
Entity Address, Address Line One	One Broadway
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	357-7000
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	NUVL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		65,617,305
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,435,254

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 369,244	$ 335,387
Marketable securities	799,065	384,518
Prepaid expenses and other current assets	11,366	6,583
Total current assets	1,179,675	726,488
Other assets	9,183	5,896
Total assets	1,188,858	732,384
Current liabilities:
Accounts payable	15,934	9,274
Accrued expenses	35,198	22,549
Total current liabilities	51,132	31,823
Related party revenue share liability	16,600	0
Total liabilities	67,732	31,823
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	1,592,034	986,819
Accumulated other comprehensive income	1,373	31
Accumulated deficit	(472,289)	(286,296)
Total stockholders' equity	1,121,126	700,561
Total liabilities and stockholders' equity	1,188,858	732,384
Common Class A [Member]
Stockholders' equity:
Common stock	7	6
Common Class B [Member]
Stockholders' equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	140,000,000	140,000,000
Common stock, shares issued	65,495,380	58,629,896
Common stock, shares outstanding	65,495,380	58,629,896
Common Class B [Member]
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,435,254	5,435,254
Common stock, shares outstanding	5,435,254	5,435,254

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 60,551	$ 29,611	$ 148,351	$ 77,658
General and administrative	15,780	9,172	45,718	25,397
Total operating expenses	76,331	38,783	194,069	103,055
Loss from operations	(76,331)	(38,783)	(194,069)	(103,055)
Other income (expense)
Change in fair value of related party revenue share liability	(16,600)	0	(16,600)	0
Interest income and other income (expense), net	8,626	5,138	25,269	15,128
Total other income (expense), net	(7,974)	5,138	8,669	15,128
Loss before income taxes	(84,305)	(33,645)	(185,400)	(87,927)
Income tax provision	40	0	593	0
Net loss	$ (84,345)	$ (33,645)	$ (185,993)	$ (87,927)
Net loss per share attributable to Class A and Class B common stockholders, basic	$ (1.28)	$ (0.59)	$ (2.87)	$ (1.55)
Net loss per share attributable to Class A and Class B common stockholders, diluted	$ (1.28)	$ (0.59)	$ (2.87)	$ (1.55)
Weighted average shares of Class A and Class B common stock outstanding, basic	65,678,693	57,091,394	64,814,695	56,888,839
Weighted average shares of Class A and Class B common stock outstanding, diluted	65,678,693	57,091,394	64,814,695	56,888,839
Comprehensive loss:
Net loss	$ (84,345)	$ (33,645)	$ (185,993)	$ (87,927)
Other comprehensive income (loss)
Unrealized gains (losses) on marketable securities	2,944	227	1,342	(816)
Comprehensive loss	$ (81,401)	$ (33,418)	$ (184,651)	$ (88,743)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock [Member] Common Class A [Member]	Common stock [Member] Common Class B [Member]	Additional paid-in capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated deficit [Member]
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	$ 462,978	$ 5	$ 1	$ 623,543	$ (494)	$ (160,077)
Issuance of common stock upon exercise of stock options , Shares		82,989
Issuance of common stock upon exercise of stock options	619			619
Unrealized gains (losses) on marketable securities	192				192
Stock-based compensation expense	5,371			5,371
Net loss	(25,192)					(25,192)
Ending Balance , Shares at Mar. 31, 2023		51,316,690	5,435,254
Ending Balance at Mar. 31, 2023	443,968	$ 5	$ 1	629,533	(302)	(185,269)
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	462,978	$ 5	$ 1	623,543	(494)	(160,077)
Net loss	(87,927)
Ending Balance , Shares at Sep. 30, 2023		51,735,660	5,435,254
Ending Balance at Sep. 30, 2023	395,977	$ 5	$ 1	645,285	(1,310)	(248,004)
Beginning Balance , Shares at Dec. 31, 2022		51,233,701	5,435,254
Beginning Balance at Dec. 31, 2022	462,978	$ 5	$ 1	623,543	(494)	(160,077)
Net loss	(126,200)
Ending Balance , Shares at Dec. 31, 2023		58,629,896	5,435,254
Ending Balance at Dec. 31, 2023	700,561	$ 6	$ 1	986,819	31	(286,296)
Beginning Balance , Shares at Mar. 31, 2023		51,316,690	5,435,254
Beginning Balance at Mar. 31, 2023	443,968	$ 5	$ 1	629,533	(302)	(185,269)
Issuance of common stock upon exercise of stock options , Shares		202,210
Issuance of common stock upon exercise of stock options	1,469			1,469
Issuance of common stock under employee stock purchase plan, shares		6,575
Issuance of common stock under employee stock purchase plan	193			193
Unrealized gains (losses) on marketable securities	(1,235)				(1,235)
Stock-based compensation expense	5,848			5,848
Net loss	(29,090)					(29,090)
Ending Balance , Shares at Jun. 30, 2023		51,525,475	5,435,254
Ending Balance at Jun. 30, 2023	421,153	$ 5	$ 1	637,043	(1,537)	(214,359)
Issuance of common stock upon exercise of stock options , Shares		210,185
Issuance of common stock upon exercise of stock options	1,388			1,388
Unrealized gains (losses) on marketable securities	227				227
Stock-based compensation expense	6,854			6,854
Net loss	(33,645)					(33,645)
Ending Balance , Shares at Sep. 30, 2023		51,735,660	5,435,254
Ending Balance at Sep. 30, 2023	395,977	$ 5	$ 1	645,285	(1,310)	(248,004)
Beginning Balance , Shares at Dec. 31, 2023		58,629,896	5,435,254
Beginning Balance at Dec. 31, 2023	700,561	$ 6	$ 1	986,819	31	(286,296)
Issuance of common stock upon exercise of stock options , Shares		425,737
Issuance of common stock upon exercise of stock options	6,452			6,452
Unrealized gains (losses) on marketable securities	(1,349)				(1,349)
Stock-based compensation expense	13,857			13,857
Net loss	(44,482)					(44,482)
Ending Balance , Shares at Mar. 31, 2024		59,055,633	5,435,254
Ending Balance at Mar. 31, 2024	675,039	$ 6	$ 1	1,007,128	(1,318)	(330,778)
Beginning Balance , Shares at Dec. 31, 2023		58,629,896	5,435,254
Beginning Balance at Dec. 31, 2023	$ 700,561	$ 6	$ 1	986,819	31	(286,296)
Issuance of common stock upon exercise of stock options , Shares	1,110,247
Net loss	$ (185,993)
Ending Balance , Shares at Sep. 30, 2024		65,495,380	5,435,254
Ending Balance at Sep. 30, 2024	1,121,126	$ 7	$ 1	1,592,034	1,373	(472,289)
Beginning Balance , Shares at Mar. 31, 2024		59,055,633	5,435,254
Beginning Balance at Mar. 31, 2024	675,039	$ 6	$ 1	1,007,128	(1,318)	(330,778)
Issuance of common stock upon exercise of stock options , Shares		223,858
Issuance of common stock upon exercise of stock options	4,001			4,001
Issuance of common stock under employee stock purchase plan, shares		5,237
Issuance of common stock under employee stock purchase plan	292			292
Unrealized gains (losses) on marketable securities	(253)				(253)
Stock-based compensation expense	15,125			15,125
Net loss	(57,166)					(57,166)
Ending Balance , Shares at Jun. 30, 2024		59,284,728	5,435,254
Ending Balance at Jun. 30, 2024	637,038	$ 6	$ 1	1,026,546	(1,571)	(387,944)
Issuance of common stock upon public offering, net	540,076	$ 1		540,075
Issuance of common stock upon public offering, net, Shares		5,750,000
Issuance of common stock upon exercise of stock options , Shares		460,652
Issuance of common stock upon exercise of stock options	9,954			9,954
Unrealized gains (losses) on marketable securities	2,944				2,944
Stock-based compensation expense	15,459			15,459
Net loss	(84,345)					(84,345)
Ending Balance , Shares at Sep. 30, 2024		65,495,380	5,435,254
Ending Balance at Sep. 30, 2024	$ 1,121,126	$ 7	$ 1	$ 1,592,034	$ 1,373	$ (472,289)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (185,993)	$ (87,927)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	44,441	18,073
Net accretion on marketable securities	(9,736)	(8,017)
Change in fair value of related party revenue share liability	16,600	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,783)	712
Other assets	(3,287)	(839)
Accounts payable	6,580	2,676
Accrued expenses	13,114	5,792
Net cash used in operating activities	(123,064)	(69,530)
Cash flows from investing activities:
Purchases of marketable securities	(712,468)	(292,764)
Proceeds from maturities and sales of marketable securities	308,999	205,498
Net cash used in investing activities	(403,469)	(87,266)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	561,200	3,669
Payments of equity issuance costs	(188)	(90)
Payments of insurance costs financed by a third-party	(622)	(155)
Net cash provided by financing activities	560,390	3,424
Net increase (decrease) in cash and cash equivalents	33,857	(153,372)
Cash and cash equivalents at beginning of period	335,387	241,806
Cash and cash equivalents at end of period	369,244	88,434
Supplemental disclosure of noncash financing information:
Equity issuance costs	237	0
Insurance premium financed by a third-party	$ 0	$ 1,399,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 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	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (84,345)	$ (57,166)	$ (44,482)	$ (33,645)	$ (29,090)	$ (25,192)	$ (185,993)	$ (87,927)	$ (126,200)

Insider Trading Arrangements

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

Nature of Business

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Nuvalent, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer. The Company was founded in January 2017 as a Delaware corporation. The Company is headquartered in Cambridge, Massachusetts, and manages its business as one operating segment. All of the Company’s operations are in the United States. The Company is subject to risks similar to those of other pre-commercial stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of which are larger and better capitalized, the need for adequate financing to fund the development of its product candidates, the need to obtain and maintain adequate protection for the Company’s intellectual property, and the impact of public health emergencies, natural disasters and geopolitical events on the Company’s business. There can be no assurance that the Company’s research and development will be successful, that adequate protection for the Company’s intellectual property will be obtained and maintained, that any product candidates will receive required regulatory approval or that approved products, if any, will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products. The Company has incurred recurring losses since inception, including net losses of $ 186.0 million for the nine months ended September 30, 2024 , and $ 126.2 million for the year ended December 31, 2023. As of September 30, 2024, the Company had an accumulated deficit of $ 472.3 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date of issuance of these condensed consolidated financial statements.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), on file with the SEC. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Nuvalent Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, that are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The results for the period are not necessarily indicative of the results that may occur for future interim periods or the full fiscal year. Certain prior period amounts have been reclassified to conform with current period presentation. The accounting policies the Company used in preparing these condensed consolidated financial statements are substantially consistent with those applied in the Company’s Annual Report. Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in their tax rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements.

Marketable Securities

Marketable Securities	9 Months Ended
Marketable Securities	Sep. 30, 2024
Marketable Securities [Abstract]
Marketable Securities	3. Marketable Securities The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands): September 30, 2024 Amortized Gross Gross Fair Value Commercial paper $ 191,922 $ 33 $ ( 73 ) $ 191,882 Corporate bonds 408,501 1,490 ( 150 ) 409,841 Government and agency securities 120,338 141 ( 35 ) 120,444 U.S. treasury bills 76,931 2 ( 35 ) 76,898 $ 797,692 $ 1,666 $ ( 293 ) $ 799,065 December 31, 2023 Amortized Gross Gross Fair Value Commercial paper $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds 193,876 328 ( 255 ) 193,949 Government and agency securities 89,044 58 ( 75 ) 89,027 U.S. treasury bills 34,469 7 ( 14 ) 34,462 $ 384,487 $ 419 $ ( 388 ) $ 384,518 The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): September 30, 2024 Amortized Cost Fair Value Due within one year $ 627,229 $ 627,772 Due after one year through three years 170,463 171,293 $ 797,692 $ 799,065 The Company’s available-for-sale securities are classified as current assets as they are readily available to be converted to cash and for use in the Company’s current operations. There were no credit losses recorded during the three and nine months ended September 30, 2024 and 2023. Interest income for the three months ended September 30, 2024 and 2023 was $ 8.7 million and $ 5.0 million, respectively. Interest income for the nine months ended September 30, 2024 and 2023 was $ 25.3 million and $ 15.1 million, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 332,707 $ — $ — $ 332,707 Marketable securities: Commercial paper — 191,882 — 191,882 Corporate bonds — 409,841 — 409,841 Government and agency securities — 120,444 — 120,444 U.S. treasury bills — 76,898 — 76,898 $ 332,707 $ 799,065 $ — $ 1,131,772 Liabilities: Related party revenue share liability $ — $ — $ 16,600 $ 16,600 Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents $ 327,055 $ — $ — $ 327,055 Marketable securities: Commercial paper — 67,080 — 67,080 Corporate bonds — 193,949 — 193,949 Government and agency securities — 89,027 — 89,027 U.S. treasury bills — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573 Cash equivalents were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper, corporate bonds, government and agency securities and U.S. treasury bills were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the three and nine months ended September 30, 2024 and 2023 , there were no transfers in or out of Level 3. The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the nine months ended September 30, 2024, which represents a Level 3 measurement within the fair value hierarchy (in thousands): Estimated fair value as of December 31, 2023 $ — Change in fair value 16,600 Estimated fair value as of September 30, 2024 $ 16,600 The fair value of the related party revenue share liability was estimated using a discounted cash flow model to calculate the estimated payments that could become due upon commercialization. Assumptions in the model include but are not limited to the following: probability and timing of product approval, future product revenues and discount rate. Changes in fair value each reporting period are recognized as a component of other income (expense) in the statements of operations and comprehensive loss. Due to changes in certain assumptions related to the probability of product approval and the timing thereof, as well as the probability and timing of sales forecasts, the Company estimated the fair value of the related party revenue share liability to be $ 16.6 million as of September 30, 2024. The Company estimated the fair value of the related party revenue share liability to be de minimis as of December 31, 2023. See Note 9 for additional information regarding the revenue sharing agreement with Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund, IV, L.P. (collectively, “Deerfield”) , each an investor in the Company.

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued clinical and other research and development $ 13,649 $ 6,769 Accrued manufacturing 13,425 6,830 Accrued employee compensation and benefits 6,827 7,326 Accrued other 1,297 1,624 $ 35,198 $ 22,549

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	6. Equity In September 2024, the Company issued and sold 5,750,000 shares of its Class A common stock in an underwritten public offering, including the exercise in full by the underwriters of their option to purchase an additional 750,000 shares of the Company’s Class A common stock, at a public offering price of $ 100.00 per share (the “Public Offering”). Upon the closing of the Public Offering, the Company received net proceeds of $ 540.1 million, after deducting equity issuance costs of $ 0.4 million in addition to underwriting discounts and commissions.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development expenses $ 8,298 $ 3,016 $ 22,283 $ 8,222 General and administrative expenses 7,161 3,838 22,158 9,851 $ 15,459 $ 6,854 $ 44,441 $ 18,073 As of September 30, 2024, total unrecognized compensation cost related to equity-based awards was $ 146.4 million, which is expected to be recognized over a weighted average period of 2.6 years. 2021 equity incentive plan In July 2021, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), unrestricted stock awards, cash-based awards and dividend equivalent rights. Stock awards granted under the 2021 Plan with service-based vesting conditions generally vest over three - or four-year service periods, and stock options expire after ten years . As of September 30, 2024, 6,915,646 shares of Class A common stock remained available for future issuance under the 2021 Plan. 2021 employee stock purchase plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan, as amended and restated (the “ESPP”). The ESPP permits eligible employees to purchase shares of Class A common stock at a discount in accordance with the terms of the offering and consists of consecutive, overlapping 12-month offering periods, each consisting of two six-month purchase periods beginning in December and June of each year. During the nine months ended September 30, 2024, 5,237 shares were sold under the ESPP. As of September 30, 2024, 1,873,832 shares of Class A common stock remained available for issuance under the ESPP. Stock options The following table summarizes the Company’s option activity since December 31, 2023: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number Exercise Term Value of Shares Price (in years) (in thousands) Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Granted 1,446,701 $ 75.41 Exercised ( 1,110,247 ) $ 18.38 Cancelled or forfeited ( 150,914 ) $ 47.78 Outstanding as of September 30, 2024 8,220,295 $ 27.17 7.62 $ 617,588 Exercisable as of September 30, 2024 4,250,968 $ 14.07 6.90 $ 375,044 The aggregate intrinsic value of stock options exercised during the three months ended September 30, 2024 and 2023 was $ 32.5 million and $ 8.5 million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2023 was $ 72.6 million and $ 16.6 million, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the date of exercise. The weighted average grant-date fair value of stock options granted during the three months ended September 30, 2024 and 2023 was $ 51.79 per share and $ 32.24 per share, respectively. The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was $ 51.79 per share and $ 21.70 per share, respectively. RSUs The following table summarizes the Company’s RSU activity since December 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2023 — $ — Granted 710,041 $ 74.10 Vested — $ — Forfeited ( 26,300 ) $ 72.64 Outstanding as of September 30, 2024 683,741 $ 74.16

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	8. Net Loss Per Share The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are substantially identical, except with respect to voting and conversion. Class B common stock is nonvoting, and each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net loss per share. As a result, basic and diluted net loss per share of Class A common stock and share of Class B common stock are equivalent. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Options to purchase common stock 8,220,295 8,530,387 RSUs 683,741 — 8,904,036 8,530,387

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Revenue share The Company has revenue sharing agreements with Deerfield and the Company’s scientific founder to pay each of Deerfield and the scientific founder a fixed low single digit percentage rate of net sales of certain commercial products. The payment obligation expires on the later of 12 years from the first commercial sale in a country or the expiration of the last-to-expire patent in that country for both Deerfield and the Company’s scientific founder. The Company accounts for the liability with Deerfield at fair value with changes recognized in the consolidated statements of operations and comprehensive loss (see Note 4). The Company accounts for the obligation to the scientific founder as a contingent liability and has no t accrued any liability as of September 30, 2024 or December 31, 2023 under this agreement. The Company has not had any net sales and, as a result, has not paid any amounts under these agreements. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Recently issued accounting pronouncements	Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in their tax rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of the adoption of this guidance to be material to its consolidated financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
Marketable Securities (Tables)	Sep. 30, 2024
Marketable Securities [Abstract]
Summary of Marketable securities by Security	The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands): September 30, 2024 Amortized Gross Gross Fair Value Commercial paper $ 191,922 $ 33 $ ( 73 ) $ 191,882 Corporate bonds 408,501 1,490 ( 150 ) 409,841 Government and agency securities 120,338 141 ( 35 ) 120,444 U.S. treasury bills 76,931 2 ( 35 ) 76,898 $ 797,692 $ 1,666 $ ( 293 ) $ 799,065 December 31, 2023 Amortized Gross Gross Fair Value Commercial paper $ 67,098 $ 26 $ ( 44 ) $ 67,080 Corporate bonds 193,876 328 ( 255 ) 193,949 Government and agency securities 89,044 58 ( 75 ) 89,027 U.S. treasury bills 34,469 7 ( 14 ) 34,462 $ 384,487 $ 419 $ ( 388 ) $ 384,518
Summary of Contractual Maturities of Available-for-sale Debt Securities	The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): September 30, 2024 Amortized Cost Fair Value Due within one year $ 627,229 $ 627,772 Due after one year through three years 170,463 171,293 $ 797,692 $ 799,065

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 332,707 $ — $ — $ 332,707 Marketable securities: Commercial paper — 191,882 — 191,882 Corporate bonds — 409,841 — 409,841 Government and agency securities — 120,444 — 120,444 U.S. treasury bills — 76,898 — 76,898 $ 332,707 $ 799,065 $ — $ 1,131,772 Liabilities: Related party revenue share liability $ — $ — $ 16,600 $ 16,600 Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents $ 327,055 $ — $ — $ 327,055 Marketable securities: Commercial paper — 67,080 — 67,080 Corporate bonds — 193,949 — 193,949 Government and agency securities — 89,027 — 89,027 U.S. treasury bills — 34,462 — 34,462 $ 327,055 $ 384,518 $ — $ 711,573
Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability	The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the nine months ended September 30, 2024, which represents a Level 3 measurement within the fair value hierarchy (in thousands): Estimated fair value as of December 31, 2023 $ — Change in fair value 16,600 Estimated fair value as of September 30, 2024 $ 16,600

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued clinical and other research and development $ 13,649 $ 6,769 Accrued manufacturing 13,425 6,830 Accrued employee compensation and benefits 6,827 7,326 Accrued other 1,297 1,624 $ 35,198 $ 22,549

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-based compensation expenses	The Company recorded stock-based compensation expense within its condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development expenses $ 8,298 $ 3,016 $ 22,283 $ 8,222 General and administrative expenses 7,161 3,838 22,158 9,851 $ 15,459 $ 6,854 $ 44,441 $ 18,073
Summary of stock option activity	The following table summarizes the Company’s option activity since December 31, 2023: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number Exercise Term Value of Shares Price (in years) (in thousands) Outstanding as of December 31, 2023 8,034,755 $ 17.66 8.06 $ 449,403 Granted 1,446,701 $ 75.41 Exercised ( 1,110,247 ) $ 18.38 Cancelled or forfeited ( 150,914 ) $ 47.78 Outstanding as of September 30, 2024 8,220,295 $ 27.17 7.62 $ 617,588 Exercisable as of September 30, 2024 4,250,968 $ 14.07 6.90 $ 375,044
Summary of Restricted Stock Unit Activity	The following table summarizes the Company’s RSU activity since December 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2023 — $ — Granted 710,041 $ 74.10 Vested — $ — Forfeited ( 26,300 ) $ 72.64 Outstanding as of September 30, 2024 683,741 $ 74.16

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 Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Options to purchase common stock 8,220,295 8,530,387 RSUs 683,741 — 8,904,036 8,530,387

Nature of Business - Additional

Nature of Business - Additional Information (Detail) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Operating Segments \| Segment							1
Net loss	$ 84,345	$ 57,166	$ 44,482	$ 33,645	$ 29,090	$ 25,192	$ 185,993	$ 87,927	$ 126,200
Accumulated deficit	$ 472,289						$ 472,289		$ 286,296

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities by Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 797,692	$ 384,487
Gross Unrealized Gains	1,666	419
Gross Unrealized Losses	(293)	(388)
Fair Value	799,065	384,518
Commercial paper [Member]
Marketable Securities [Line Items]
Amortized Cost	191,922	67,098
Gross Unrealized Gains	33	26
Gross Unrealized Losses	(73)	(44)
Fair Value	191,882	67,080
Corporate bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	408,501	193,876
Gross Unrealized Gains	1,490	328
Gross Unrealized Losses	(150)	(255)
Fair Value	409,841	193,949
Government and agency securities [Member]
Marketable Securities [Line Items]
Amortized Cost	120,338	89,044
Gross Unrealized Gains	141	58
Gross Unrealized Losses	(35)	(75)
Fair Value	120,444	89,027
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	76,931	34,469
Gross Unrealized Gains	2	7
Gross Unrealized Losses	(35)	(14)
Fair Value	$ 76,898	$ 34,462

Marketable Securities - Summa_2

Marketable Securities - Summary of Contractual Maturities of Available-for-sale Debt Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 797,692	$ 384,487
Fair Value	799,065	$ 384,518
Due within one year [Member]
Marketable Securities [Line Items]
Amortized Cost	627,229
Fair Value	627,772
Due after one year through three years [Member]
Marketable Securities [Line Items]
Amortized Cost	170,463
Fair Value	$ 171,293

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable Securities [Abstract]
Marketable securities credit loss	$ 0	$ 0	$ 0	$ 0
Interest income	$ 8,700,000	$ 5,000,000	$ 25,300,000	$ 15,100,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Marketable securities	$ 799,065	$ 384,518
Fair Value Recurring [Member]
Assets:
Cash equivalents	332,707	327,055
Total assets	1,131,772	711,573
Fair Value Recurring [Member] \| Related Party Revenue Share Liability [Member]
Liabilities:
Total liabilities	16,600
Fair Value Recurring [Member] \| Commercial Paper [Member]
Assets:
Marketable securities	191,882	67,080
Fair Value Recurring [Member] \| Corporate bonds [Member]
Assets:
Marketable securities	409,841	193,949
Fair Value Recurring [Member] \| Government and agency securities [Member]
Assets:
Marketable securities	120,444	89,027
Fair Value Recurring [Member] \| U.S. treasury bills [Member]
Assets:
Marketable securities	76,898	34,462
Fair Value Recurring [Member] \| Fair value, inputs, level 1 [Member]
Assets:
Cash equivalents	332,707	327,055
Total assets	332,707	327,055
Fair Value Recurring [Member] \| Fair value, inputs, level 2 [Member]
Assets:
Total assets	799,065	384,518
Fair Value Recurring [Member] \| Fair value, inputs, level 2 [Member] \| Commercial Paper [Member]
Assets:
Marketable securities	191,882	67,080
Fair Value Recurring [Member] \| Fair value, inputs, level 2 [Member] \| Corporate bonds [Member]
Assets:
Marketable securities	409,841	193,949
Fair Value Recurring [Member] \| Fair value, inputs, level 2 [Member] \| Government and agency securities [Member]
Assets:
Marketable securities	120,444	89,027
Fair Value Recurring [Member] \| Fair value, inputs, level 2 [Member] \| U.S. treasury bills [Member]
Assets:
Marketable securities	76,898	$ 34,462
Fair Value Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Related Party Revenue Share Liability [Member]
Liabilities:
Total liabilities	$ 16,600

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value	$ (16,600)	$ 0	$ (16,600)	$ 0
Related Party Revenue Share Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value as of Ending Balance	16,600		16,600
Fair Value, Inputs, Level 3 [Member] \| Related Party Revenue Share Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value			16,600
Estimated fair value as of Ending Balance	$ 16,600		$ 16,600

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value transfers in or out of Level 3	$ 0	$ 0	$ 0	$ 0
Related Party Revenue Share Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value	$ 16,600		$ 16,600

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued clinical and other research and development	$ 13,649	$ 6,769
Accrued manufacturing	13,425	6,830
Accrued employee compensation and benefits	6,827	7,326
Accrued other	1,297	1,624
Total Accrued expenses	$ 35,198	$ 22,549

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Net proceeds from issuance of common stock in follow-on public offering after underwriting discounts and commission and offering costs		$ 561,200	$ 3,669
Public Offering [Member]
Class of Stock [Line Items]
Net proceeds from issuance of common stock in follow-on public offering after underwriting discounts and commission and offering costs	$ 540,100
Equity issuance costs	$ 400
Common Class A [Member] \| Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock upon public offering, net, Shares	5,750,000
Shares issued, price per share	$ 100	$ 100
Common Class A [Member] \| Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of common stock upon public offering, net, Shares	750,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 15,459	$ 6,854	$ 44,441	$ 18,073
Research and Development Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	8,298	3,016	22,283	8,222
General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,161	$ 3,838	$ 22,158	$ 9,851

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unrecognized compensation cost related to common stock options		$ 146.4		$ 146.4
Share based payment weighted average period				2 years 7 months 6 days
Weighted average grant-date fair value of stock options granted		$ 51.79	$ 32.24	$ 51.79	$ 21.7
Aggregate intrinsic value of stock options exercised		$ 32.5	$ 8.5	$ 72.6	$ 16.6
2021 Stock Option and Incentive Plan [Member]
Stock awards granted, expiration period	10 years
2021 Stock Option and Incentive Plan [Member] \| Common Class A [Member]
Shares available for future issuance		6,915,646		6,915,646
2021 Employee Stock Purchase Plan [Member]
Number of shares issued				5,237
2021 Employee Stock Purchase Plan [Member] \| Common Class A [Member]
Shares available for future issuance		1,873,832		1,873,832
Maximum [Member] \| 2021 Stock Option and Incentive Plan [Member]
Stock awards granted, vesting period	4 years
Minimum [Member] \| 2021 Stock Option and Incentive Plan [Member]
Stock awards granted, vesting period	3 years

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Beginning Balance, Number of Shares \| shares	8,034,755
Number of Shares, Granted \| shares	1,446,701
Number of Shares, Exercised \| shares	(1,110,247)
Number of Shares, Cancelled or forfeited \| shares	(150,914)
Ending Balance, Number of Shares \| shares	8,220,295	8,034,755
Number of Shares, Exercisable \| shares	4,250,968
Beginning Balance, Weighted Average Exercise Price \| $ / shares	$ 17.66
Weighted Average Exercise Price, Granted \| $ / shares	75.41
Weighted Average Exercise Price, Exercised \| $ / shares	18.38
Weighted Average Exercise Price, Cancelled or forfeited \| $ / shares	47.78
Ending Balance, Weighted Average Exercise Price \| $ / shares	27.17	$ 17.66
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 14.07
Weighted Average Contractual Term	7 years 7 months 13 days	8 years 21 days
Weighted Average Contractual Term, Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding Balance \| $	$ 617,588	$ 449,403
Aggregate Intrinsic Value, Exercisable \| $	$ 375,044

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, granted \| shares	710,041
Number of Shares, Forfeited \| shares	(26,300)
Outstanding as of September 30, 2024 \| shares	683,741
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 74.1
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	72.64
Weighted Average Grant Date Fair Value, Outstanding as of September 30, 2024 \| $ / shares	$ 74.16

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,904,036	8,530,387
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,220,295	8,530,387
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	683,741	0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued liability	$ 0	$ 0