0001628280-24-046862 | 10-Q | XBRL Viewer

Net loss per share

9 Months Ended

Sep. 30, 2024

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:



Net loss	$	(27,398)	$	(21,994)	$	(74,123)	$	(87,021)

Denominator:
Weighted-average common shares outstanding	113,613,488		92,217,234		108,665,095		91,844,221

Net loss per share, basic and diluted	$	(0.24)	$	(0.24)	$	(0.68)	$	(0.95)

The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive. Diluted net loss per share, therefore, does not differ from basic net loss per share for the periods presented.

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares calculated on a weighted-average basis for the period outstanding):



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023

Stock options	19,928,621	17,618,318	19,776,654	16,210,430
Restricted stock units	4,417,556	96,367	3,962,232	51,336
Unvested restricted stock	122,548	527,932	206,276	702,412
Employee stock purchase plan	99,144	105,842	77,266	89,520
Total	24,567,869	18,348,459	24,022,428	17,053,698

Investments - Amortized and Fair Value of our Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Amortized cost	$ 88,795	$ 40,490
Gross unrealized gains	134	2
Gross unrealized losses	(1)	0
Fair market value	88,928	40,492
Cash equivalents
Assets
Fair market value	55	15,195
Short-term investments
Assets
Fair market value	88,873	25,297
Money market funds
Assets
Amortized cost	55	1,158
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	55	1,158
U.S. treasuries
Assets
Amortized cost	88,740	39,332
Gross unrealized gains	134	2
Gross unrealized losses	(1)	0
Fair market value	$ 88,873	$ 39,334

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 411

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):



	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	55	$	—	$	—	$	55

U.S. treasuries	6,900		81,973		—		88,873


Total assets	$	6,955	$	81,973	$	—	$	88,928
Liabilities:



Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750



	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Debt Securities:
Money market funds	$	1,158	$	—	$	—	$	1,158

U.S. treasuries	15,929		23,405		—		39,334


Total assets	$	17,087	$	23,405	$	—	$	40,492
Liabilities:
Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750

Fair value measurements - Narratives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Escrow deposit	$ 15.0	$ 15.0

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Amortized and Fair Value of Our Investments

The amortized cost and fair value of investments are as follows (in thousands):



	September 30, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	55	$	—	$	—	$	55

U.S. treasuries	88,740		134		(1)		88,873
Total	$	88,795	$	134	$	(1)	$	88,928
Classified as:
Cash equivalents							$	55
Short-term investments							88,873

Total							$	88,928



	December 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	1,158	$	—	$	—	$	1,158

U.S. treasuries	39,332		2		—		39,334
Total	$	40,490	$	2	$	—	$	40,492
Classified as:
Cash equivalents							$	15,195
Short-term investments							25,297

Total							$	40,492

Fair value measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurements

The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy.

If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):



	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	55	$	—	$	—	$	55

U.S. treasuries	6,900		81,973		—		88,873


Total assets	$	6,955	$	81,973	$	—	$	88,928
Liabilities:



Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750



	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Debt Securities:
Money market funds	$	1,158	$	—	$	—	$	1,158

U.S. treasuries	15,929		23,405		—		39,334


Total assets	$	17,087	$	23,405	$	—	$	40,492
Liabilities:
Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750

The Company reviews trading activity and pricing for its available-for-sale securities as of the measurement date.

There was no change to the value of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30, 2024. The contingent consideration liability is related to the acquisition of Totient, Inc. and is included in accrued expenses on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The fair value estimate is based on a probability-weighted approach. The contingent consideration of $15.0 million held in escrow shall be paid upon the achievement of the milestone of either entering into agreements meeting certain financial criteria with third parties using, or relating to, Totient technology or the first commercial sale of a Totient product. The contingent consideration held in escrow is included in restricted cash on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023.

The carrying amount of long-term debt approximates fair value.

There are significant judgments, assumptions and estimates inherent in the determination of the fair value of each of the instruments described above. In the future, depending on the valuation approaches used and the expected timing and weighting of each, the inputs described above, or other inputs, may have a greater or lesser impact on the Company’s estimates of fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Stock-based compensation - Stock Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	17,104,505
Granted (in shares)	5,427,651
Exercised (in shares)	(1,587,730)
Canceled/Forfeited (in shares)	(1,188,691)
Expired (in shares)	(190,581)
Ending balance (in shares)	19,565,154	17,104,505
Exercisable (in shares)	7,090,754
Weighted Average Exercise Price per Share
Beginning balance (in usd per share)	$ 3.03
Granted (in usd per share)	4.24
Exercised (in usd per share)	2.16
Canceled/Forfeited (in usd per share)	3.12
Expired (in usd per share)	7.28
Ending balance (in usd per share)	3.39	$ 3.03
Exercisable, weighted average price (in usd per share)	$ 3.54
Weighted Average Remaining Contractual Term (in years)	8 years 2 months 12 days	8 years 3 months 18 days
Exercisable, weighted average remaining contractual term (in years)	7 years
Intrinsic value, shares outstanding	$ 21,553	$ 30,661
Intrinsic value, exercised	3,596
Exercisable, aggregate intrinsic value	$ 9,735

Property and equipment, net - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.5	$ 2.7	$ 7.6	$ 8.0
Impairment of assets held for sale	1.1
Current assets held for sale	$ 0.5		$ 0.5

Revenue recognition	9 Months Ended
Revenue recognition	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Contract balances Contract liabilities are recorded as deferred revenue when cash payments are received or due in advance of the satisfaction of performance obligations. As of September 30, 2024 and December 31, 2023, contract liabilities were $1.8 million and $4.1 million, respectively. During the three and nine months ended September 30, 2024, the Company recognized $0.8 million and $3.0 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period. During the three and nine months ended September 30, 2023, the Company recognized no revenue and $0.4 million revenue, respectively, that had been included in deferred revenue at the beginning of the period. Concentration Risk During the three and nine months ended September 30, 2024, two partners represented 100% of total revenue under drug creation agreements. During the three and nine months ended September 30, 2023, two partners represented approximately 100% and 92% of total revenue under drug creation agreements, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Net loss per share - Company’s Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss, basic	$ (27,398)	$ (21,994)	$ (74,123)	$ (87,021)
Net loss, diluted	$ (27,398)	$ (21,994)	$ (74,123)	$ (87,021)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	113,613,488	92,217,234	108,665,095	91,844,221
Weighted-average common shares outstanding, diluted (in shares)	113,613,488	92,217,234	108,665,095	91,844,221
Net loss per share, basic (in usd per share)	$ (0.24)	$ (0.24)	$ (0.68)	$ (0.95)
Net loss per share, diluted (in usd per share)	$ (0.24)	$ (0.24)	$ (0.68)	$ (0.95)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Stock-based compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Issuance price (in usd per share)			$ 3.82		$ 3.82
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized for issuance (in shares)	4,654,384
Shares available for grant (in shares)			4,047,067		4,047,067
2023 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for employee (in shares)			1,887,000		1,887,000
Stock options \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of shares granted (in usd per share)			$ 2.33	$ 1.39	$ 3.05	$ 1.43
Share based compensation expense not yet recognized, options			$ 25.4		$ 25.4
Share based compensation expense not yet recognized, recognition period (in years)					2 years 3 months 18 days
Stock options \| 2020 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)					25.00%
Stock options \| 2020 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)					25.00%
Stock options \| 2020 Plan \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)					25.00%
Stock options \| 2020 Plan \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)					25.00%
Unvested restricted stock \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized, recognition period (in years)					4 months 24 days
Share based compensation expense not yet recognized other than options			0.2		$ 0.2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized, recognition period (in years)					1 year 7 months 6 days
Share based compensation expense not yet recognized other than options			$ 7.7		$ 7.7
Weighted-average grant date fair value of restricted stock units (in usd per share)			$ 3.57		$ 3.95
Aggregate grant date fair value of restricted stock units vested			$ 0.2	$ 0.1	$ 0.3	$ 0.1
Granted (in shares)					2,538,737
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)					1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)					4 years
Restricted stock award with market conditions
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized, recognition period (in years)		1 year 3 months 18 days
Granted (in shares)		1,500,000
Grant-date fair value		$ 5.5
Volatility rate (as a percent)		97.00%
Risk-free interest rate		4.50%

Property and equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net

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



	September 30,		December 31,
	2024		2023

Lab Equipment	$	29,006	$	32,098
Software	171		171
Furniture, Fixtures and Other	6,208		6,001
Leasehold Improvements	27,048		27,049
Total Cost	62,433		65,319
Less accumulated depreciation and amortization	(30,059)		(23,991)
Property and equipment, net	$	32,374	$	41,328

During the three and nine months ended September 30, 2024, the Company recognized $2.5 million and $7.6 million, respectively of depreciation expense. During the three and nine months ended September 30, 2023, the Company recognized $2.7 million and $8.0 million, respectively, of depreciation expense.

During the third quarter of 2024, the Company determined certain laboratory equipment met all of the prescribed criteria required to classify it as held-for-sale. The Company determined the carrying value exceeded the fair value less costs to sell each asset, which resulted in a write down of $1.1 million for the three months ended September 30, 2024, presented within research and development expense on the condensed consolidated statement of operations and comprehensive loss. As of September 30, 2024, $0.5 million of lab equipment is classified as current assets held-for-sale within prepaid expenses and other current assets on the condensed consolidated balance sheet as the disposal is expected to be consummated within one year of the balance sheet date.

Stock-based compensation - Determination of Fair Value (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assumptions and Methodology
Risk-free interest rate, minimum (as a percent)	3.70%	4.10%	3.70%	3.40%
Risk-free interest rate, maximum (as a percent)	4.40%	4.30%	4.60%	4.30%
Dividend Yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Minimum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years	5 years 9 months 18 days	5 years 6 months	5 years 3 months 18 days
Volatility (as a percent)	82.00%	80.00%	81.00%	79.00%
Maximum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Volatility (as a percent)	84.00%	81.00%	84.00%	81.00%

Net loss per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Company’s Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:



Net loss	$	(27,398)	$	(21,994)	$	(74,123)	$	(87,021)

Denominator:
Weighted-average common shares outstanding	113,613,488		92,217,234		108,665,095		91,844,221

Net loss per share, basic and diluted	$	(0.24)	$	(0.24)	$	(0.68)	$	(0.95)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023

Stock options	19,928,621	17,618,318	19,776,654	16,210,430
Restricted stock units	4,417,556	96,367	3,962,232	51,336
Unvested restricted stock	122,548	527,932	206,276	702,412
Employee stock purchase plan	99,144	105,842	77,266	89,520
Total	24,567,869	18,348,459	24,022,428	17,053,698

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	114,190,554	93,087,675
Common stock, shares, outstanding (in shares)	114,190,554	93,087,675

UNAUDITED 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
Revenues
Technology development revenue	$ 1,701	$ 744	$ 3,869	$ 5,380
Total revenues	1,701	744	3,869	5,380
Operating expenses
Research and development	17,985	11,029	45,482	35,798
Selling, general and administrative	9,256	9,505	27,346	28,508
Depreciation and amortization	3,355	3,513	10,155	10,515
Goodwill impairment	0	0	0	21,335
Total operating expenses	30,596	24,047	82,983	96,156
Operating loss	(28,895)	(23,303)	(79,114)	(90,776)
Other income (expense)
Interest expense	(130)	(229)	(456)	(806)
Other income, net	1,664	1,572	5,496	4,613
Total other income, net	1,534	1,343	5,040	3,807
Loss before income taxes	(27,361)	(21,960)	(74,074)	(86,969)
Income tax expense	(37)	(34)	(49)	(52)
Net loss	$ (27,398)	$ (21,994)	$ (74,123)	$ (87,021)
Net loss per share: basic (in usd per share)	$ (0.24)	$ (0.24)	$ (0.68)	$ (0.95)
Net loss per share: diluted (in usd per share)	$ (0.24)	$ (0.24)	$ (0.68)	$ (0.95)
Weighted-average common shares outstanding: basic (in shares)	113,613,488	92,217,234	108,665,095	91,844,221
Weighted-average common shares outstanding: diluted (in shares)	113,613,488	92,217,234	108,665,095	91,844,221
Comprehensive loss:
Net loss	$ (27,398)	$ (21,994)	$ (74,123)	$ (87,021)
Foreign currency translation adjustments	161	78	157	22
Unrealized gain on investments	204	9	131	39
Comprehensive loss	$ (27,033)	$ (21,907)	$ (73,835)	$ (86,960)
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]			License and Service [Member]	License and Service [Member]

Stock-based compensation - Unvested Rollforward (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restricted Stock
Nonvested, Number of Shares
Beginning balance, unvested (in shares)		374,208
Vested (in shares)		(237,136)
Forfeitures (in shares)		(37,886)
Ending balance, unvested (in shares)	99,186	99,186
Restricted stock units
Nonvested, Number of Shares
Beginning balance, unvested (in shares)		2,198,334
Granted (in shares)		2,538,737
Vested (in shares)		(126,217)
Forfeitures (in shares)		(262,197)
Ending balance, unvested (in shares)	4,348,657	4,348,657
Weighted Average Grant Date Fair Value
Beginning balance unvested (in usd per share)		$ 1.42
Granted (in usd per share)	$ 3.57	3.95
Vested (in usd per share)		1.98
Forfeitures (in usd per share)		1.58
Ending balance unvested (in usd per share)	$ 2.87	$ 2.87

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40646
Entity Registrant Name	ABSCI CORP
Entity Incorporation, State	DE
Entity Tax Identification Number	85-3383487
Entity Address, Street	18105 SE Mill Plain Blvd
Entity Address, City	Vancouver
Entity Address, State	WA
Entity Address, Postal Zip Code	98683
City Area Code	360
Local Phone Number	949-1041
Title of each class	Common Stock. $0.0001 par value
Trading Symbol(s)	ABSI
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,855,759
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001672688

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Share-based Compensation

Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	2,010		978		$	5,577	$	3,414
Selling, general and administrative	3,498		1,575		8,824		4,859
Total stock-based compensation expense	$	5,508	$	2,553	$	14,401	$	8,273

Schedule of Stock Option Activity

Activity for stock options is shown below:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2023	17,104,505	$	3.03	8.3	$	30,661
Granted	5,427,651	4.24
Exercised	(1,587,730)	2.16			3,596
Canceled/Forfeited	(1,188,691)	3.12
Expired	(190,581)	7.28
Outstanding at September 30, 2024	19,565,154	3.39		8.2	$	21,553
Exercisable at September 30, 2024	7,090,754	$	3.54	7.0	$	9,735

Schedule of Determination of Fair Value

The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Expected term (in years)	6.0-6.1	5.8-6.1	5.5-6.1	5.3-6.1
Volatility	82%-84%	80%-81%	81%-84%	79%-81%
Risk-free interest rate	3.7%-4.4%	4.1%-4.3%	3.7%-4.6%	3.4%-4.3%
Dividend Yield	—%	—%	—%	—%

Schedule of Non-vested Share Activity

Activity for restricted shares is shown below:


			Number of shares
Unvested as of December 31, 2023			374,208

Forfeitures			(37,886)
Vested			(237,136)
Unvested as of September 30, 2024			99,186

Activity for restricted stock units is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	2,198,334	$	1.42
Granted	2,538,737	3.95
Vested	(126,217)	1.98
Forfeitures	(262,197)	1.58
Unvested as of September 30, 2024	4,348,657	$	2.87

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 loss	$ (27,398)	$ (24,750)	$ (21,975)	$ (21,994)	$ (41,672)	$ (23,355)	$ (74,123)	$ (87,021)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Revenue recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue recognition (Details) $ in Millions	Sep. 30, 2024 USD ($) partner	Sep. 30, 2023 USD ($) partner	Sep. 30, 2024 USD ($) partner	Sep. 30, 2023 USD ($) partner	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Contract liabilities	$ 1.8		$ 1.8		$ 4.1
Revenue recognized from customer contract liability	$ 0.8		$ 3.0	$ 0.4
Drug Creation Revenue \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Collaborative Arrangement and Arrangement Other than Collaborative
Number of partners (partner) \| partner	2	2	2	2
Concentration risk (as a percent)	100.00%	100.00%	100.00%	92.00%

UNAUDITED 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	$ (74,123)	$ (87,021)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	10,155	10,515
Stock-based compensation	14,384	8,237
Goodwill impairment	0	21,335
Accretion of discount on short-term investments	(2,961)	(2,275)
Other	1,320	(479)
Changes in operating assets and liabilities:
Receivables under development arrangements	739	723
Prepaid expenses and other current assets	(992)	1,460
Operating lease right-of-use assets and liabilities	(635)	(635)
Other long-term assets	(72)	(255)
Accounts payable	161	(380)
Accrued expenses and other liabilities	(1,055)	(839)
Deferred revenue	(2,359)	(100)
Net cash used in operating activities	(55,438)	(49,714)
Cash Flows From Investing Activities
Purchases of property and equipment	(381)	(843)
Investment in short-term investments	(159,483)	(122,196)
Proceeds from maturities of short-term investments	99,000	185,897
Proceeds from sales of property and equipment	244	128
Net cash (used in) provided by investing activities	(60,620)	62,986
Cash Flows From Financing Activities
Principal payments on long-term debt	(2,489)	(2,168)
Principal payments on finance lease obligations	(578)	(1,805)
Proceeds from issuance of common stock, net of issuance costs	84,607	725
Net cash provided by (used in) financing activities	81,540	(3,248)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(34,518)	10,024
Cash, cash equivalents and restricted cash - Beginning of year	89,667	76,842
Cash, cash equivalents, and restricted cash - End of period	55,149	86,866
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Right-of-use assets obtained in exchange for operating lease obligation	433	0
Property and equipment purchases included in accounts payable	$ 8	$ 0

Net loss per share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	24,567,869	18,348,459	24,022,428	17,053,698
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	19,928,621	17,618,318	19,776,654	16,210,430
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,417,556	96,367	3,962,232	51,336
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	122,548	527,932	206,276	702,412
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	99,144	105,842	77,266	89,520

Fair value measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Debt Securities:	$ 88,928	$ 40,492
Money market funds
Assets:
Debt Securities:	55	1,158
U.S. treasuries
Assets:
Debt Securities:	88,873	39,334
Fair Value, Recurring
Assets:
Total assets	88,928	40,492
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	55	1,158
Fair Value, Recurring \| U.S. treasuries
Assets:
Debt Securities:	88,873	39,334
Level 1 \| Fair Value, Recurring
Assets:
Total assets	6,955	17,087
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	55	1,158
Level 1 \| Fair Value, Recurring \| U.S. treasuries
Assets:
Debt Securities:	6,900	15,929
Level 2 \| Fair Value, Recurring
Assets:
Total assets	81,973	23,405
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	0	0
Level 2 \| Fair Value, Recurring \| U.S. treasuries
Assets:
Debt Securities:	81,973	23,405
Level 3 \| Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Level 3 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasuries
Assets:
Debt Securities:	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 38,195	$ 72,362
Restricted cash	15,799	16,193
Short-term investments	88,873	25,297
Receivables under development arrangements, net	1,500	2,189
Prepaid expenses and other current assets	5,777	4,537
Total current assets	150,144	120,578
Operating lease right-of-use assets	4,223	4,490
Property and equipment, net	32,374	41,328
Intangibles, net	45,726	48,253
Restricted cash, long-term	1,155	1,112
Other long-term assets	1,609	1,537
TOTAL ASSETS	235,231	217,298
Current liabilities:
Accounts payable	1,672	1,503
Accrued expenses	18,248	19,303
Long-term debt	3,274	3,258
Operating lease obligations	1,573	1,679
Financing lease obligations	140	641
Deferred revenue	1,781	3,174
Total current liabilities	26,688	29,558
Long-term debt, net of current portion	2,155	4,660
Operating lease obligations, net of current portion	4,847	5,643
Finance lease obligations, net of current portion	0	76
Deferred tax liability, net	175	186
Deferred revenue, long-term	0	966
Other long-term liabilities	31	33
TOTAL LIABILITIES	33,896	41,122
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 114,190,554 and 93,087,675 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	11	9
Additional paid-in capital	681,691	582,699
Accumulated deficit	(480,618)	(406,495)
Accumulated other comprehensive income (loss)	251	(37)
TOTAL STOCKHOLDERS' EQUITY	201,335	176,176
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 235,231	$ 217,298

Stock-based compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

The Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) and the 2023 Inducement Plan (the “2023 Inducement Plan”). On January 1, 2024, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 4,654,384 shares pursuant to an automatic annual increase. As of September 30, 2024, 4,047,067 shares were available for future grant under the 2021 Plan. As of September 30, 2024, 1,887,000 shares were available for future grant under the 2023 Inducement Plan.



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	2,010		978		$	5,577	$	3,414
Selling, general and administrative	3,498		1,575		8,824		4,859
Total stock-based compensation expense	$	5,508	$	2,553	$	14,401	$	8,273

Stock options

Stock options generally vest either 25% after one year from the date of the grant with the remainder vesting monthly over the following three-year period or ratably over three years in three equal installments. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for stock options is shown below:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2023	17,104,505	$	3.03	8.3	$	30,661
Granted	5,427,651	4.24
Exercised	(1,587,730)	2.16			3,596
Canceled/Forfeited	(1,188,691)	3.12
Expired	(190,581)	7.28
Outstanding at September 30, 2024	19,565,154	3.39		8.2	$	21,553
Exercisable at September 30, 2024	7,090,754	$	3.54	7.0	$	9,735

The aggregate intrinsic value of outstanding stock options as of September 30, 2024 was calculated based on the Company’s closing stock price of $3.82 per share as reported on the Nasdaq Global Select Market on such date.

The weighted-average grant date fair value of stock options granted during the three and nine months ended September 30, 2024 was $2.33 and $3.05, respectively, per share. The weighted-average grant date fair value of stock options granted during the three and nine months ended September 30, 2023 was $1.39 and $1.43, respectively, per share. As of September 30, 2024, total unrecognized stock-based compensation related to stock options was $25.4 million, which the Company expects to recognize over a remaining weighted average period of 2.3 years.

Determination of fair value

The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Expected term (in years)	6.0-6.1	5.8-6.1	5.5-6.1	5.3-6.1
Volatility	82%-84%	80%-81%	81%-84%	79%-81%
Risk-free interest rate	3.7%-4.4%	4.1%-4.3%	3.7%-4.6%	3.4%-4.3%
Dividend Yield	—%	—%	—%	—%

Restricted stock

In connection with certain business combinations and as compensation for other service relationships, the Company has issued shares of restricted stock that vest over time subject to continued service by the stockholder. Shares of restricted stock that have not yet vested are subject to the Company’s right of repurchase or forfeiture by the stockholder. Activity for restricted shares is shown below:


			Number of shares
Unvested as of December 31, 2023			374,208

Forfeitures			(37,886)
Vested			(237,136)
Unvested as of September 30, 2024			99,186

As of September 30, 2024, there was $0.2 million of unrecognized compensation expense related to the outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 0.4 years.

Restricted stock units

Restricted stock units subject to time-based vesting generally vest ratably over a term of 1-4 years. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for restricted stock units is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	2,198,334	$	1.42
Granted	2,538,737	3.95
Vested	(126,217)	1.98
Forfeitures	(262,197)	1.58
Unvested as of September 30, 2024	4,348,657	$	2.87

The weighted-average grant date fair value of restricted stock units granted during the three and nine months ended September 30, 2024 was $3.57 and $3.95, respectively, per share. The aggregate grant date fair value of restricted stock units vested during the three and nine months ended September 30, 2024 was $0.2 million and $0.3 million, respectively. The aggregate grant date fair value of restricted stock units vested during the three and nine months ended September 30, 2023 was less than $0.1 million. As of September 30, 2024, there was $7.7 million of unrecognized compensation expense related to the outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 1.6 years. Fair value of restricted stock units subject to time-based vesting is calculated based on the Company’s closing stock price per share as reported on the Nasdaq Global Select Market on the date of grant.

Restricted stock unit award with market conditions

In March 2024, the Company granted 1,500,000 performance restricted stock units to its Founder and Chief Executive Officer that contained market conditions (the “2024 Market Award”). Subject to the holder’s continued service, the 2024 Market Award provided for vesting in tranches once the Company’s closing stock price meets or exceeds certain thresholds established by the Company’s Compensation Committee of the Board of Directors. The original grant-date fair value of the 2024 Market Award of $5.5 million was determined using a Monte Carlo simulation model using an expected volatility of 97% and risk-free rate of 4.5%. The stock-based compensation expense is being recognized over the derived service period for each tranche over periods up to 1.3 years. As of September 30, 2024, none of the stock price thresholds for the 2024 Market Award had been met resulting in no shares vesting. Any unvested tranches of the 2024 Market Award will expire in March 2027 if the vesting conditions are not met.

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment
Total Cost	$ 62,433	$ 65,319
Less accumulated depreciation and amortization	(30,059)	(23,991)
Property and equipment, net	32,374	41,328
Lab Equipment
Property, Plant and Equipment
Total Cost	29,006	32,098
Software
Property, Plant and Equipment
Total Cost	171	171
Furniture, Fixtures and Other
Property, Plant and Equipment
Total Cost	6,208	6,001
Leasehold Improvements
Property, Plant and Equipment
Total Cost	$ 27,048	$ 27,049

Organization and nature of operations	9 Months Ended
Organization and nature of operations	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Absci Corporation (the “Company”) is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Absci leverages its integrated drug creation platform (the “Integrated Drug Creation Platform”) to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics important to development and therapeutic benefit. The Company was organized in the State of Oregon in August 2011 as a limited liability company and converted to a limited liability company (“LLC”) in Delaware in April 2016. In October 2020, the Company converted from a Delaware LLC to a Delaware corporation. The Company’s headquarters are located in Vancouver, Washington. Unaudited interim financial information The Company prepared its interim condensed consolidated financial statements that accompany these notes in conformity with accounting principles generally accepted in the United States (US GAAP), consistent in all material respects with those applied in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from its estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in the Company’s opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 where the Company includes additional information about its critical accounting estimates.

Investments - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Investments - Narratives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Proceeds from maturities of debt securities	$ 43.0	$ 54.0	$ 132.1	$ 189.9
Non-marketable equity investment	$ 1.2		$ 1.2

Property and equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

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



	September 30,		December 31,
	2024		2023

Lab Equipment	$	29,006	$	32,098
Software	171		171
Furniture, Fixtures and Other	6,208		6,001
Leasehold Improvements	27,048		27,049
Total Cost	62,433		65,319
Less accumulated depreciation and amortization	(30,059)		(23,991)
Property and equipment, net	$	32,374	$	41,328

Stock-based compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 5,508	$ 2,553	$ 14,401	$ 8,273
Research and development
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	2,010	978	5,577	3,414
Selling, general and administrative
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 3,498	$ 1,575	$ 8,824	$ 4,859

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	$ 570,454	$ (295,929)	$ (120)
Beginning balance (in shares) at Dec. 31, 2022		92,411,103
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	229		229
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		171,899
Stock-based compensation	2,652		2,652
Forfeiture of common stock (in shares)		(101,030)
Foreign currency translation adjustments	(14)				(14)
Unrealized (loss) gain on investments	39				39
Net loss	(23,355)			(23,355)
Ending balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Ending balance (in shares) at Mar. 31, 2023		92,481,972
Beginning balance at Dec. 31, 2022	274,414	$ 9	570,454	(295,929)	(120)
Beginning balance (in shares) at Dec. 31, 2022		92,411,103
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	22
Unrealized (loss) gain on investments	39
Net loss	(87,021)
Ending balance at Sep. 30, 2023	196,416	$ 9	579,416	(382,950)	(59)
Ending balance (in shares) at Sep. 30, 2023		92,936,980
Beginning balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Beginning balance (in shares) at Mar. 31, 2023		92,481,972
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	116		116
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		108,621
Stock-based compensation	3,041		3,041
Foreign currency translation adjustments	(42)				(42)
Unrealized (loss) gain on investments	(9)				(9)
Net loss	(41,672)			(41,672)
Ending balance at Jun. 30, 2023	215,399	$ 9	576,492	(360,956)	(146)
Ending balance (in shares) at Jun. 30, 2023		92,590,593
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	380		380
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		346,387
Stock-based compensation	2,544		2,544
Foreign currency translation adjustments	78				78
Unrealized (loss) gain on investments	9				9
Net loss	(21,994)			(21,994)
Ending balance at Sep. 30, 2023	196,416	$ 9	579,416	(382,950)	(59)
Ending balance (in shares) at Sep. 30, 2023		92,936,980
Beginning balance at Dec. 31, 2023	$ 176,176	$ 9	582,699	(406,495)	(37)
Beginning balance (in shares) at Dec. 31, 2023	93,087,675	93,087,675
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, net of issuance costs of $411	$ 80,827	$ 2	80,825
Issuance of common shares, net of issuance costs (in shares)		19,205,000
Issuance of shares under stock plans, net of shares withheld for tax payments	1,630		1,630
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		706,247
Stock-based compensation	3,544		3,544
Foreign currency translation adjustments	(47)				(47)
Unrealized (loss) gain on investments	(48)				(48)
Net loss	(21,975)			(21,975)
Ending balance at Mar. 31, 2024	240,107	$ 11	668,698	(428,470)	(132)
Ending balance (in shares) at Mar. 31, 2024		112,998,922
Beginning balance at Dec. 31, 2023	$ 176,176	$ 9	582,699	(406,495)	(37)
Beginning balance (in shares) at Dec. 31, 2023	93,087,675	93,087,675
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	$ 157
Unrealized (loss) gain on investments	131
Net loss	(74,123)
Ending balance at Sep. 30, 2024	$ 201,335	$ 11	681,691	(480,618)	251
Ending balance (in shares) at Sep. 30, 2024	114,190,554	114,190,554
Beginning balance at Mar. 31, 2024	$ 240,107	$ 11	668,698	(428,470)	(132)
Beginning balance (in shares) at Mar. 31, 2024		112,998,922
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	760		760
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		483,455
Stock-based compensation	5,353		5,353
Forfeiture of common stock (in shares)		(37,886)
Foreign currency translation adjustments	43				43
Unrealized (loss) gain on investments	(25)				(25)
Net loss	(24,750)			(24,750)
Ending balance at Jun. 30, 2024	221,488	$ 11	674,811	(453,220)	(114)
Ending balance (in shares) at Jun. 30, 2024		113,444,491
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	1,390		1,390
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		746,063
Stock-based compensation	5,490		5,490
Foreign currency translation adjustments	161				161
Unrealized (loss) gain on investments	204				204
Net loss	(27,398)			(27,398)
Ending balance at Sep. 30, 2024	$ 201,335	$ 11	$ 681,691	$ (480,618)	$ 251
Ending balance (in shares) at Sep. 30, 2024	114,190,554	114,190,554

Collaborative Arrangements	9 Months Ended
Collaborative Arrangements	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangements	Collaborative Arrangements As of September 30, 2024, the Company has collaborative arrangements with PrecisionLife and Memorial Sloan Kettering Cancer Center that involve joint research and development activities and for which the parties are exposed to significant risks and rewards dependent on the commercial success of such activities. The Company performs research and development activities to co-develop therapeutics under the collaborative arrangements. These arrangements include rights for the parties to share in the potential value created by the programs, as well as cost sharing which may result in payments between the collaborators. The Company’s accounting policy is to present cost sharing payments to and from the Company’s collaborators within research and development expense on the condensed consolidated statements of operations and comprehensive loss. The Company did not have cost sharing payments related to such agreements during the three and nine months ended September 30, 2024 and 2023.

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

Investments

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Investments

Cash equivalents, marketable securities and deposits are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

The amortized cost and fair value of investments are as follows (in thousands):



	September 30, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	55	$	—	$	—	$	55

U.S. treasuries	88,740		134		(1)		88,873
Total	$	88,795	$	134	$	(1)	$	88,928
Classified as:
Cash equivalents							$	55
Short-term investments							88,873

Total							$	88,928



	December 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	1,158	$	—	$	—	$	1,158

U.S. treasuries	39,332		2		—		39,334
Total	$	40,490	$	2	$	—	$	40,492
Classified as:
Cash equivalents							$	15,195
Short-term investments							25,297

Total							$	40,492

Investments held as of September 30, 2024 have a remaining maturity of less than one year. Proceeds from maturities of available-for-sale securities were $43.0 million and $132.1 million for the three and nine months ended September 30, 2024, respectively. Proceeds from maturities of available-for-sale securities were $54.0 million and $189.9 million for the three and nine months ended September 30, 2023, respectively. Unrealized gains and losses on securities were primarily due to changes in interest rates.

The Company holds a non-marketable equity investment with a carrying value of $1.2 million which is classified as other long-term assets on the condensed consolidated balance sheets.