0001689548-24-000088 | 10-Q | XBRL Viewer | Praxis Precision Medicines INC

Common Stock and Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Summary of Shares Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	June 30, 2024	December 31, 2023
Shares reserved for exercise of outstanding stock options	1,134,459	666,163
Shares reserved for exercise of pre-funded warrants related to the June 2023 Financing	—	470,000
Shares reserved for exercise of pre-funded warrants related to the January 2024 Financing	904,580	—
Shares reserved for exercise of pre-funded warrants related to the April 2024 Financing	221,238	—
Shares reserved for future awards under the 2020 Stock Option and Incentive Plan	936,662	148,264
Shares reserved for future awards under the 2020 Employee Stock Purchase Plan	115,883	53,111
Shares reserved for future awards under the 2024 Inducement Plan	112,249	—
Shares reserved for vesting of restricted stock units	101,462	47,145
Total shares of authorized common stock reserved for future issuance	3,526,533	1,384,683

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2023 Annual Report on Form 10-K, other than as noted below. Reverse Stock Split On November 28, 2023, the Company filed a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-15 reverse stock split of its common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on November 28, 2023 (the "Effective Time"). As a result of the Reverse Stock Split, every 15 shares of the Company's issued and outstanding common stock were automatically reclassified into one validly issued, fully-paid and non-assessable share of common stock. Any fractional post-split shares as a result of the Reverse Stock Split were rounded down to the nearest whole post-split share. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. All share amounts and per share amounts for the periods prior to the Effective Time disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the Reverse Stock Split on a retroactive basis. Marketable Securities Classification The Company may invest its excess cash in money market funds and debt instruments of the U.S. Treasury, financial institutions, corporations and U.S. government agencies with strong credit ratings and an investment grade rating at or above A-1 or P-1 by two of the three nationally recognized statistical rating organizations. The Company does not believe that it is exposed to more than a nominal amount of credit risk related to any marketable securities it may invest in. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity, and periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The Company classifies its investments in debt instruments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are included in the Company's condensed consolidated statements of operations. All of the Company's available-for-sale securities are available for use in its current operations. The Company classifies marketable securities as either cash equivalents, short-term, or long-term based on their stated maturity dates as it is more-likely-than-not that the Company will hold these assets through to their maturity dates. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. Financial statement disclosures for the three and six months ended June 30, 2024 and 2023 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ended December 31, 2024, any other interim periods, or any future year or period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued and prepaid research and development expense, collaboration revenue, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Common Stock Warrants The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in FASB ASC No. 480, Distinguishing Liabilities from Equity (ASC 480) and ASC No. 815, Derivatives and Hedging (ASC 815). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815. The Company determines the classification for its warrants at the time of issuance and updates its assessment, as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The calculation of weighted average number of common shares outstanding excludes shares of restricted common stock that are not vested but includes shares of common stock underlying pre-funded warrants. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and potential shares issuable under the 2020 ESPP are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. ASU No. 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments included in this ASU apply to all public entities that are required to report segment information in accordance with Topic 280, including those with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expenses categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company only has one reportable segment and this ASU impacts disclosures only. The Company has determined that the effects of adopting the amendments in ASU 2023-07 will only impact its disclosures and not have a material impact on its consolidated financial position and the results of its operations when such amendment is adopted. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. ASU No. 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and incomes taxes paid information. For public companies, the amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively. The Company has determined that the effects of adopting the amendments in ASU 2023-09 will only impact its disclosures and will not have a material impact on its consolidated financial position and the results of its operations when such amendment is adopted.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39620
Entity Registrant Name	PRAXIS PRECISION MEDICINES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5195942
Entity Address, Address Line One	99 High Street
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	300-8460
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PRAX
Security Exchange Name	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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,757,069
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001689548
Current Fiscal Year End Date	--12-31

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023
Unvested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested restricted stock units	$ 6.8	$ 6.8
Weighted-average period (in years)		2 years 3 months 10 days
Shares reserved for exercise of outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period (in years)		1 year 9 months 3 days
Unrecognized compensation expense related to unvested stock based awards	$ 22.0	$ 22.0
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in number of shares authorized to be issued (in shares)	870,000
Number of shares authorized (in shares)	130,000	130,000	1,000,000
2020 Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,970,833	1,970,833		661,240
2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	395,850	395,850		395,850
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	175,145	175,145		87,227

Common Stock and Preferred Stock - Summary of Common Stock Reserved For Future Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	3,526,533	1,384,683
Shares reserved for exercise of outstanding stock options
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	1,134,459	666,163
Pre-funded warrant \| June 2023 Follow-On Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	0	470,000
Pre-funded warrant \| January 2024 Follow-On Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	904,580	0
Pre-funded warrant \| April 2024 Follow-On Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	221,238	0
Share-based payment arrangement \| Shares reserved for future awards under the 2020 Stock Option and Incentive Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	936,662	148,264
Share-based payment arrangement \| Shares reserved for future awards under the 2020 Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	115,883	53,111
Share-based payment arrangement \| Shares reserved for future awards under the 2024 Inducement Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	112,249	0
Shares reserved for vesting of restricted stock units
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Total shares of authorized common stock reserved for future issuance (in shares)	101,462	47,145

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The Company categorizes financial assets measured at fair value based on a fair value hierarchy. The following fair value hierarchy is used to classify financial assets based on observable inputs and unobservable inputs used to value the financial assets:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets;

•Level 2: Quoted prices for similar assets in active markets, quoted prices in markets that are not active, or inputs which are unobservable, either directly or indirectly, for substantially the full term of the asset; or

•Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2024 (in thousands). The Company did not hold any financial assets measured at fair value on a recurring basis as of December 31, 2023.


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	35,120	$	—	$	—	$	35,120
Debt securities issued by U.S. government agencies	8,980		—		—		8,980
Corporate debt securities	—		4,270		—		4,270
Commercial paper	—		4,975		—		4,975
Available-for-sale marketable securities:
Debt securities issued by U.S. government agencies	178,087		—		—		178,087
Corporate debt securities	—		88,055		—		88,055
Commercial paper	—		14,488		—		14,488
Other debt securities	—		8,058		—		8,058
	$	222,187	$	119,846	$	—	$	342,033

- 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.

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+ Details

Collaboration License Agreements	6 Months Ended
Collaboration License Agreements	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Collaboration License Agreements	Collaboration and License Agreements UCB Option and License Agreement In December 2022, the Company entered into an Option and License Agreement (“the Collaboration Agreement”) with UCB Biopharma SRL (“UCB”) for the discovery of small molecule therapeutics as potential treatments of KCNT1-related epilepsies. Under the terms of the Collaboration Agreement, the Company has agreed to perform general biology-related research services as part of a mutually agreed upon research plan in exchange for a $5.0 million upfront payment. In addition, the Company provided UCB an exclusive option to in-license global development and commercialization rights to any resulting KCNT1 small molecule development candidate identified as part of the research plan. If UCB exercises its option to in-license global development and commercialization rights, the Collaboration Agreement stipulates that UCB will assume research, development, manufacturing and commercialization responsibilities and costs. Under the terms of the Collaboration Agreement, the Company will be eligible to receive an option fee and future success-based development and commercialization milestone payments, totaling up to $98.5 million, in addition to tiered royalties on net sales of any resulting products from the Collaboration Agreement. The Company concluded that UCB is a customer, and as such, the arrangement falls within the scope of Topic 606. At the commencement of the Collaboration Agreement, the Company identified one performance obligation, which was to perform the research services for UCB. The Company determined the transaction price to be $5.0 million, comprised of the upfront payment it received. The option provided to UCB was determined not to be a material right. The Company recognizes revenue for its research services performance obligation over time using an input method over the duration of the research services. During the three and six months ended June 30, 2024, the Company recognized $0.4 million and $0.8 million, respectively, in collaboration revenue related to the Collaboration Agreement in the condensed consolidated statement of operations. As of June 30, 2024, $1.8 million was included in deferred revenue in the condensed consolidated balance sheet, of which $1.2 million was classified as current. Tenacia Collaboration and License Agreement On January 4, 2024, the Company entered into an exclusive collaboration and license Agreement (“the License Agreement”) with Tenacia Biotechnology (Shanghai) Co., Ltd. (“Tenacia”), a China-based portfolio company of Bain Capital, which provides Tenacia an exclusive license to use certain intellectual property for the development and commercialization of ulixacaltamide and products containing ulixacaltamide in China, Hong Kong, Macau and Taiwan. Tenacia is solely responsible for the development and commercialization under the arrangement, with the exception of the associated manufacturing. The Company also entered into a Stock Purchase Agreement (“the Stock Purchase Agreement”) with BCPE Tenet Holdings Cayman, Ltd. (“BCPE”), a related party of Tenacia. Pursuant to the terms of the License Agreement, the Company was entitled to an up-front, non-refundable and non-creditable cash payment of $5.0 million, net of certain tax withholdings. In addition, the Company is eligible to receive $264.0 million in success-based development and commercialization milestone payments as well as tiered royalties on net sales. Pursuant to the terms of the Stock Purchase Agreement, the Company issued and sold 443,253 shares of its common stock to BCPE at a price per share of $22.5605 for aggregate gross proceeds of $10.0 million. The per share price was based on a 20% premium over the 30-day volume-weighted average price. Under the terms of the License Agreement, the Company granted to Tenacia an exclusive license to use certain intellectual property for the development and commercialization of ulixacaltamide and products containing ulixacaltamide in China, Hong Kong, Macau and Taiwan. Tenacia is solely responsible for the development and commercialization under the arrangement, with the exception of the associated manufacturing. The Company concluded that the License Agreement and the Stock Purchase Agreement is a combined arrangement since they were executed at the same time and in contemplation of each other with the same counterparty or a related party thereof and the combined arrangement falls within the scope of Topic 606. The Company’s obligations under the arrangement comprise a single promise, or one performance obligation, related to the exclusive development and commercialization license granted to Tenacia. Total proceeds associated with the combined arrangement at inception were $14.8 million consisting of the following: (i) $10.0 million gross proceeds from the sale of common stock under the Stock Purchase Agreement and (ii) $4.8 million, net of tax, related to the up-front payment under the License Agreement, both of which were received in January 2024. During the three and six months ended June 30, 2024, the Company had not achieved any development or sales milestones or earned any royalties under the License Agreement. The Company recorded the common stock sold to BCPE at its issuance date fair value of $38.95 per share, or $17.3 million in the aggregate, which exceeded the proceeds received which were calculated based on the 20% premium over the prior 30-day volume-weighted average price. Accordingly, there is no transaction price allocable to the performance obligation. The Company accounted for the excess of the fair value of the equity securities issued over the total proceeds received as consideration paid to a customer for which no distinct good or service was transferred in exchange. As a result, the transaction gives rise to negative revenue on a cumulative basis in the amount of $2.5 million, which was recorded in research and development expense in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2024. For agreements where the licenses are considered separate performance obligations or represent the only performance obligation, the Company recognizes revenue at the point in time that the Company effectively grants the license, as the licenses or assignments represent functional intellectual property. As of June 30, 2024, the Company did not have any receivables or deferred revenue related to the arrangement with Tenacia. The Company did not recognize any contract assets related to costs to obtain a contract with a customer or costs to fulfill a contract with a customer through June 30, 2024 because no qualifying costs were incurred. During the three and six months ended June 30, 2024, the Company did not recognize any revenue associated with the combined arrangement.

Nature of the Business	6 Months Ended
Nature of the Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for central nervous system ("CNS"), disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and both rare and more prevalent neurological disorders. The Company is applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using its understanding of shared biological targets and circuits in the brain. Each platform has multiple programs currently, with significant potential for additional program and indication expansion: •Cerebrum™, the Company's small molecule platform, utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies •Solidus™, the Company's antisense oligonucleotide, or ASO, platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology The Company's platforms utilize a deliberate, pragmatic and patient-guided approach, leveraging a suite of translational tools, including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, the Company has established a diversified, multimodal CNS portfolio with four clinical-stage product candidates across movement disorders and epilepsy. For the Company's most advanced product candidate under the Cerebrum™ platform, ulixacaltamide, two Phase 3 Essential3 clinical trials in essential tremor are ongoing. The Company is planning to conduct an interim analysis in the fourth quarter of 2024, with topline results anticipated shortly thereafter. Within the Company's PRAX-628 program, it announced positive results from its Photo-Paroxysmal Response ("PPR") study in the first quarter of 2024, and plans to initiate four studies to generate patient eligibility, efficacy, safety and pharmacokinetics (PK) data for the program. The Company intends to initiate an observational study of PRAX-628 in patients with epilepsy in the third quarter of 2024, as well as three efficacy studies. The first efficacy study will be an open label eight-week study in patients with focal onset seizures or generalized epilepsy to be initiated in the second half of 2024, with topline results expected in the first half of 2025. The Company also plans to initiate a double-blind, placebo-controlled, 12-week study in focal onset seizures in the fourth quarter of 2024, with topline results expected in the second half of 2025, and plans to initiate a third efficacy study in the first half of 2025. The Company's relutrigine (formerly known as PRAX-562) Phase 2 EMBOLD study was initiated in the first quarter of 2023, with two cohorts in SCN2A-DEE and SCN8A-DEE; topline results are expected for both cohorts in the third quarter of 2024. For the Company's most advanced product candidate under the Solidus™ platform, elsunersen (formerly known as PRAX-222), it shared results from Part 1 of the EMBRAVE study in the fourth quarter of 2023, and has initiated the first arm of the global confirmatory study in Brazil. It is currently completing multiple global regulatory interactions to further expand the pivotal phase of the program later in 2024. Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock, from the sale of common stock through an initial public offering and at-the-market offerings under its shelf registration statement, and from follow-on public offerings of common stock and pre-funded warrants to purchase common stock. From inception through June 30, 2024, the Company raised $1.0 billion in aggregate cash proceeds from these transactions, net of issuance costs. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Liquidity In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The Company has incurred recurring losses since its inception, including a net loss of $72.2 million for the six months ended June 30, 2024. In addition, as of June 30, 2024, the Company had an accumulated deficit of $726.2 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2024 of $433.8 million will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company's inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

Collaboration License Agreements - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 04, 2024 USD ($) obligation $ / shares shares	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) obligation
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation	1							1
Collaboration revenue			$ 357	$ 781	$ 788	$ 1,464
Current portion of deferred revenue			1,176		1,176		$ 1,392
UCB \| License
Disaggregation of Revenue [Line Items]
Upfront payment			1,800		1,800			$ 5,000
Milestone payments								98,500
Transaction price								$ 5,000
Collaboration revenue			400		800
Current portion of deferred revenue			$ 1,200		$ 1,200
Tenacia
Disaggregation of Revenue [Line Items]
Number of shares issued in transaction (in shares) \| shares	443,253
Sale of stock (in dollars per share) \| $ / shares	$ 22.5605		$ 38.95		$ 38.95
Proceeds from stock offerings, net of issuance costs	$ 10,000	$ 10,000
Sale of stock, volume-weighted average price, premium	20.00%				20.00%
Sale of stock, volume-weighted average price, duration	30 days				30 days
Proceeds from collaboration arrangement		14,800
Sale of stock, value transferred					$ 17,300
Sale of stock, value transferred in excess of consideration received					$ 2,500
Tenacia \| License
Disaggregation of Revenue [Line Items]
Upfront payment	$ 5,000	$ 4,800
Milestone payments	$ 264,000

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	Nov. 28, 2023
Income Statement [Abstract]
Stockholders' equity note, stock split, conversion ratio	0.0667

Summary of Significant Accounting Policies (Details)		6 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 28, 2023	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Stockholders' equity note, stock split, conversion ratio	0.0667
Number of reportable segments		1

Common Stock and Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions					3 Months Ended	6 Months Ended
	Apr. 02, 2024 USD ($) $ / shares shares	Jan. 16, 2024 USD ($) $ / shares shares	Nov. 28, 2023	Jun. 21, 2023 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Stockholders' equity note, stock split, conversion ratio			0.0667
Common stock, authorized (in shares)					150,000,000	150,000,000	150,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001	$ 0.0001
Treasury stock (in shares)					0	0	0
Issuance of common stock from exercise of pre-funded warrants (in shares)					622,123
Preferred stock, authorized (in shares)					10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001	$ 0.0001
Pre-funded warrant \| Maximum
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Maximum percentage of voting power						4.99%
Percentage of ownership held by sole owner and affiliates						9.99%
Percentage change in ownership						19.99%
Warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Change in ownership notice, term						61 days
June 2023 Public Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock, authorized (in shares)				4,296,646
Sale of stock (in dollars per share) \| $ / shares				$ 14.25
Proceeds from stock offerings, net of issuance costs \| $				$ 63.4
June 2023 Public Offering \| Pre-funded warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Sale of stock (in dollars per share) \| $ / shares				$ 14.2485
Warrants (in shares)				470,000
Issuance of common stock from exercise of pre-funded warrants (in shares)					469,981
June 2023 Public Offering \| Warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Warrants (in dollars per share) \| $ / shares				$ 0.0015
Over-Allotment Option
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Number of shares issued in transaction (in shares)	530,973	633,750		619,979
January 2024 Public Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Sale of stock (in dollars per share) \| $ / shares		$ 35.50
Proceeds from stock offerings, net of issuance costs \| $		$ 161.6
Sale of stock, shares, aggregate authorized amount (in shares)		3,802,025
January 2024 Public Offering \| Pre-funded warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Sale of stock (in dollars per share) \| $ / shares		$ 35.4999
Warrants (in shares)		1,056,725
Issuance of common stock from exercise of pre-funded warrants (in shares)					152,142
Class of warrant or right, outstanding					904,580	904,580
Class Of Warrants Or Rights, Exercised					152,145
January 2024 Public Offering \| Warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Warrants (in dollars per share) \| $ / shares		$ 0.0001
April 2024 Public Offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Sale of stock (in dollars per share) \| $ / shares	$ 56.50
Proceeds from stock offerings, net of issuance costs \| $	$ 216.0
Sale of stock, shares, aggregate authorized amount (in shares)	3,849,558
April 2024 Public Offering \| Pre-funded warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Sale of stock (in dollars per share) \| $ / shares	$ 56.4999
Warrants (in shares)	221,238
April 2024 Public Offering \| Warrant
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Warrants (in dollars per share) \| $ / shares	$ 0.0001

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Follow-On Offering
Stock issuance costs	$ 14,013	$ 10,836	$ 4,484
At-The-Market Offering
Stock issuance costs		$ 376		$ 560

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2024 Inducement Plan

In January 2024, the Board of Directors ("the Board") adopted the 2024 Inducement Plan (the "Inducement Plan") without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules ("Rule 5635(c)(4)"). In accordance with Rule 5635(c)(4), the Inducement Plan allows the Company to grant awards only to a newly hired employee who was not previously an employee or non-employee director or to an employee who is being rehired following a bona fide period of non-employment if such award is a material inducement to such employee entering into employment. The total shares of common stock initially authorized for issuance under the

Inducement Plan was 1,000,000. In June 2024, the common stock authorized for issuance under the Inducement Plan was reduced by 870,000 shares following stockholder approval of an increase in the shares available for grant under the 2020 Stock Option and Incentive Plan (the "2020 Plan"). The total number of shares of common stock authorized for issuance under the Inducement Plan as of June 30, 2024 was 130,000 shares.

2020 Stock Option and Incentive Plan

The total number of shares of common stock authorized for issuance under the 2020 Plan as of June 30, 2024 and December 31, 2023 was 1,970,833 shares and 661,240 shares, respectively.

2017 Stock Incentive Plan

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of June 30, 2024 and December 31, 2023 was 395,850 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.

2020 Employee Stock Purchase Plan

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of June 30, 2024 and December 31, 2023 was 175,145 shares and 87,227 shares, respectively.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity:


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	47,145	$	202.27
Issued	71,634	44.37
Vested	(11,805)	309.19
Forfeited	(5,512)	59.05
Unvested as of June 30, 2024	101,462	$	86.13

As of June 30, 2024, total unrecognized compensation cost related to unvested restricted stock units was $6.8 million, which is expected to be recognized over a weighted-average period of 2.28 years.

Stock Options

The following table summarizes the Company’s stock option activity:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding as of December 31, 2023	666,163	$	160.19
Granted	488,646	43.65
Exercised	(3,782)	38.75			$	41
Cancelled or Forfeited	(16,568)	134.35
Outstanding as of June 30, 2024	1,134,459	$	110.77	8.26	$	1,712
Exercisable as of June 30, 2024	715,308	$	130.91	7.84	$	950
Vested and expected to vest as of June 30, 2024	1,134,459	$	110.77	8.26	$	1,712

Valuation of Stock Options

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2024:


	Three Months Ended June 30,			Six Months Ended June 30,
	2024			2024
Risk-free interest rate	4.35		%	3.94		%
Expected term (in years)	6.00			6.01
Expected volatility	98.35		%	89.93		%
Expected dividend yield	—		%	—		%
Weighted average grant-date fair value per share	$	36.61		$	33.18

As of June 30, 2024, total unrecognized compensation cost related to unvested stock options was $22.0 million, which is expected to be recognized over a weighted-average period of 1.76 years.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	2,060	$	1,918	$	7,658	$	4,141
General and administrative	3,818		3,857		12,695		9,227
Total stock-based compensation expense	$	5,878	$	5,775	$	20,353	$	13,368

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Income Statement [Abstract]

Collaboration revenue

$ 357

$ 781

$ 788

$ 1,464

Operating expenses:

Research and development

27,260

25,614

54,244

51,118

General and administrative

10,585

10,127

25,918

23,397

Total operating expenses

37,845

35,741

80,162

74,515

Loss from operations

(37,488)

(34,960)

(79,374)

(73,051)

Other income:

Other income, net

4,811

648

7,144

1,284

Total other income

4,811

648

7,144

1,284

Net loss

$ (32,677)

$ (34,312)

$ (72,230)

$ (71,767)

Net loss per share attributable to common stockholders, basic (in dollars per share)

^[1]

$ (1.74)

$ (7.38)

$ (4.41)

$ (17.51)

Net loss per share attributable to common stockholders, diluted (in dollars per share)

^[1]

$ (1.74)

$ (7.38)

$ (4.41)

$ (17.51)

Weighted average common shares outstanding, basic (in shares)

^[1]

18,824,479

4,649,371

16,364,421

4,097,833

Weighted average common shares outstanding, diluted (in shares)

^[1]

18,824,479

4,649,371

16,364,421

4,097,833

[1]	Results have been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on November 28, 2023. See Note 2 for details.

Cash Equivalents and Marketable Securities - Contractual Maturity of Marketable Securities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Within one year	$ 224,961,000	$ 0
After one year through five years	81,952,000	0
Total available-for-sale securities	$ 306,913,000	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued external research and development expenses	$	7,353	$	2,957
Accrued personnel-related expenses	2,064		3,716
Accrued other expenses	641		743
Total accrued expenses	$	10,058	$	7,416

Common Stock and Preferred Stock

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Common Stock and Preferred Stock

Reverse Stock Split

On November 28, 2023, the Company filed a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-15 reverse stock split of its common stock. The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on November 28, 2023.

As a result of the Reverse Stock Split, every 15 shares of the Company's issued and outstanding common stock were automatically reclassified into one validly issued, fully-paid and non-assessable share of common stock. Any fractional post-split shares as a result of the Reverse Stock Split were rounded down to the nearest whole post-

split share. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. All share amounts and per share amounts for the period prior to the Effective Time disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the Reverse Stock Split on a retroactive basis.

Common Stock

As of June 30, 2024 and December 31, 2023, the authorized capital stock of the Company included 150,000,000 shares of common stock, $0.0001 par value.

As of June 30, 2024 and December 31, 2023, the Company did not hold any treasury shares.

Follow-On Public Offerings

June 2023 Public Offering

On June 21, 2023, the Company completed a public offering of: (i) an aggregate of 4,296,646 shares of its common stock at a public offering price of $14.25 per share, including the underwriters’ full exercise of their option to purchase 619,979 additional shares of common stock, and (ii) pre-funded warrants to purchase 470,000 shares of common stock at a public offering price of $14.2485 per share of common stock underlying the warrants. The purchase price per share for each pre-funded warrant represents the per share offering price for the common stock, less the $0.0015 per share exercise price for each underlying share. Total net proceeds generated from the offering were approximately $63.4 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company.

During the three months ended June 30, 2024, all pre-funded warrants associated with this offering were exercised via a cashless exercise, resulting in 469,981 shares of common stock issued. No cash proceeds associated with the exercise were received by the Company. As of June 30, 2024, there were no pre-funded warrants associated with this offering outstanding.

January 2024 Public Offering

On January 16, 2024, the Company completed a public offering of: (i) an aggregate of 3,802,025 shares of its common stock at a public offering price of $35.50 per share, including the underwriters' full exercise of their option to purchase 633,750 additional shares of commons stock, and (ii) pre-funded warrants to purchase 1,056,725 shares of common stock at a public offering price of $35.4999 per share of common stock underlying the warrants. The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, less the $0.0001 per share exercise price of each underlying share. Total net proceeds generated from the offering were approximately $161.6 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company.

The pre-funded warrants are exercisable at any time on or after the date of issuance at the option of the holder, subject to a beneficial ownership blocker that may limit exercisability. No holder may exercise any portion of the warrants that would cause the aggregate number of shares of common stock beneficially owned by such holder, together with its affiliates, to exceed 4.99% (or 9.99%) of the issued and outstanding common stock. A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99% by providing at least 61 days’ prior notice to the Company. The pre-funded warrants do not expire. The pre-funded warrants may be settled through either physical or net share settlement. Following the occurrence of certain fundamental transactions, the holders of the pre-funded warrants have the right to receive upon exercise of the warrants the same amount and kind of securities, cash, or property as they would have been entitled to receive if they had been holders of the common shares issuable under the warrants immediately prior to such transaction. During the three months ended June 30, 2024, 152,145 pre-funded warrants were exercised via a cashless exercise, resulting in 152,142 shares of common stock issued. No cash proceeds associated with the exercise were received by the Company. As of June 30, 2024, a total of 904,580 pre-funded warrants associated with this offering remained outstanding.

April 2024 Public Offering

On April 2, 2024 the Company completed a public offering of: (i) an aggregate of 3,849,558 shares of its common stock at a public offering price of $56.50 per share, including the underwriters' full exercise of their option to purchase 530,973 additional shares of common stock, and (ii) pre-funded warrants to purchase 221,238 shares of common stock at a public offering price of $56.4999 per share of common stock underlying the warrants. The purchase price per share for each pre-funded warrant represents the per share offering price for the common stock,

less the $0.0001 per share exercise price of each underlying share. Total net proceeds generated from the offering were approximately $216.0 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company.

The pre-funded warrants are exercisable at any time on or after the date of issuance at the option of the holder, subject to a beneficial ownership blocker that may limit exercisability. No holder may exercise any portion of the warrants that would cause the aggregate number of shares of common stock beneficially owned by such holder, together with its affiliates, to exceed 4.99% (or 9.99%) of the issued and outstanding common stock. A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99% by providing at least 61 days’ prior notice to the Company. The pre-funded warrants do not expire. The pre-funded warrants may be settled through either physical or net share settlement. Following the occurrence of certain fundamental transactions, the holders of the pre-funded warrants have the right to receive upon exercise of the warrants the same amount and kind of securities, cash, or property as they would have been entitled to receive if they had been holders of the common shares issuable under the warrants immediately prior to such transaction. As of June 30, 2024, none of the pre-funded warrants had been exercised and all remained outstanding.

The Company determined that the pre-funded warrants related to the June 2023, January 2024, and April 2024 public offerings are freestanding financial instruments because they are both legally detachable and separately exercisable from the common stock sold in the offering. As such, the Company evaluated the pre-funded warrants to determine whether they represent instruments that require liability classification pursuant to the guidance in ASC 480. However, the Company concluded that the pre-funded warrants are not a liability within the scope of ASC 480 due to their characteristics. Further, the Company determined that the pre-funded warrants do not meet the definition of a derivative under ASC 815 because they do not meet the criteria regarding no or little initial net investment. Accordingly, the Company assessed the pre-funded warrants relative to the guidance in ASC No. 815-40, Contracts in Entity’s Own Equity, to determine the appropriate treatment. The Company concluded that the pre-funded warrants are both indexed to its own stock and meet all other conditions for equity classification. Accordingly, the Company has classified the pre-funded warrants as permanent equity.

Shares Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	June 30, 2024	December 31, 2023
Shares reserved for exercise of outstanding stock options	1,134,459	666,163
Shares reserved for exercise of pre-funded warrants related to the June 2023 Financing	—	470,000
Shares reserved for exercise of pre-funded warrants related to the January 2024 Financing	904,580	—
Shares reserved for exercise of pre-funded warrants related to the April 2024 Financing	221,238	—
Shares reserved for future awards under the 2020 Stock Option and Incentive Plan	936,662	148,264
Shares reserved for future awards under the 2020 Employee Stock Purchase Plan	115,883	53,111
Shares reserved for future awards under the 2024 Inducement Plan	112,249	—
Shares reserved for vesting of restricted stock units	101,462	47,145
Total shares of authorized common stock reserved for future issuance	3,526,533	1,384,683

Preferred Stock

As of June 30, 2024 and December 31, 2023, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $0.0001 par value.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share

The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Outstanding stock options	1,134,459	674,279	1,134,459	674,279
Unvested restricted stock units	101,462	43,824	101,462	43,824
Potential shares issuable under the 2020 ESPP	7,395	10,758	7,395	10,758
	1,243,316	728,861	1,243,316	728,861

Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

The following is a summary of the Company's investment portfolio as of June 30, 2024 (in thousands). The Company did not hold any cash equivalents or marketable securities as of December 31, 2023.


	As of June 30, 2024
			Gross Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents:
Money market funds	$	35,120	$	—	$	—	$	35,120
Debt securities issued by U.S. government agencies	8,980		—		—		8,980
Corporate debt securities	4,270		—		—		4,270
Commercial paper	4,977		—		(2)		4,975
Available-for-sale marketable securities:
Debt securities issued by U.S. government agencies	178,097		—		(10)		178,087
Corporate debt securities	88,089		—		(34)		88,055
Commercial paper	14,499		—		(11)		14,488
Other debt securities	8,072		—		(14)		8,058
Total cash equivalents and marketable securities	$	342,104	$	—	$	(71)	$	342,033

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):


	June 30, 2024		December 31, 2023
Within one year	$	224,961	$	—
After one year through five years	81,952		—
Total	$	306,913	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Unvested restricted stock units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	47,145
Issued (in shares) \| shares	71,634
Vested (in shares) \| shares	(11,805)
Forfeited (in shares) \| shares	(5,512)
Ending balance (in shares) \| shares	101,462
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 202.27
Issued (in dollars per share) \| $ / shares	44.37
Vested (in dollars per share) \| $ / shares	309.19
Forfeitures (in dollars per shares) \| $ / shares	59.05
Unvested ending balance (in dollars per share) \| $ / shares	$ 86.13

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued external research and development expenses	$ 7,353	$ 2,957
Accrued personnel-related expenses	2,064	3,716
Accrued other expenses	641	743
Total accrued expenses	$ 10,058	$ 7,416

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured At Fair Value On A Recurring Basis


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	35,120	$	—	$	—	$	35,120
Debt securities issued by U.S. government agencies	8,980		—		—		8,980
Corporate debt securities	—		4,270		—		4,270
Commercial paper	—		4,975		—		4,975
Available-for-sale marketable securities:
Debt securities issued by U.S. government agencies	178,087		—		—		178,087
Corporate debt securities	—		88,055		—		88,055
Commercial paper	—		14,488		—		14,488
Other debt securities	—		8,058		—		8,058
	$	222,187	$	119,846	$	—	$	342,033

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock unit activity:


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	47,145	$	202.27
Issued	71,634	44.37
Vested	(11,805)	309.19
Forfeited	(5,512)	59.05
Unvested as of June 30, 2024	101,462	$	86.13

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding as of December 31, 2023	666,163	$	160.19
Granted	488,646	43.65
Exercised	(3,782)	38.75			$	41
Cancelled or Forfeited	(16,568)	134.35
Outstanding as of June 30, 2024	1,134,459	$	110.77	8.26	$	1,712
Exercisable as of June 30, 2024	715,308	$	130.91	7.84	$	950
Vested and expected to vest as of June 30, 2024	1,134,459	$	110.77	8.26	$	1,712

Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model


	Three Months Ended June 30,			Six Months Ended June 30,
	2024			2024
Risk-free interest rate	4.35		%	3.94		%
Expected term (in years)	6.00			6.01
Expected volatility	98.35		%	89.93		%
Expected dividend yield	—		%	—		%
Weighted average grant-date fair value per share	$	36.61		$	33.18

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	2,060	$	1,918	$	7,658	$	4,141
General and administrative	3,818		3,857		12,695		9,227
Total stock-based compensation expense	$	5,878	$	5,775	$	20,353	$	13,368

Cash Equivalents and Marketable Securities - Investment Profile (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, current	$ 206,736	$ 0
Cash equivalents, at carrying value and debt securities, available-for-sale, amortized cost	342,104
Cash equivalents and debt securities, available-for-sale, accumulated gross unrealized gain, current, before tax	0
Cash equivalents and debt securities, available-for-sale, accumulated gross unrealized loss, current, before tax	(71)
Cash equivalents and debt securities, available-for-sale, fair value disclosure	342,033
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, at carrying value	35,120
Cash equivalents, accumulated gross unrealized gain, current, before tax	0
Cash equivalents, accumulated gross unrealized loss, current, before tax	0
Cash equivalents, fair value disclosure	35,120
Debt securities issued by U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, at carrying value	8,980
Cash equivalents, accumulated gross unrealized gain, current, before tax	0
Cash equivalents, accumulated gross unrealized loss, current, before tax	0
Cash equivalents, fair value disclosure	8,980
Debt securities, available-for-sale, amortized cost, current	178,097
Debt securities, available-for-sale, accumulated gross unrealized gain, current, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, current, before tax	(10)
Debt securities, available-for-sale, current	178,087
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, at carrying value	4,270
Cash equivalents, accumulated gross unrealized gain, current, before tax	0
Cash equivalents, accumulated gross unrealized loss, current, before tax	0
Cash equivalents, fair value disclosure	4,270
Debt securities, available-for-sale, amortized cost, current	88,089
Debt securities, available-for-sale, accumulated gross unrealized gain, current, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, current, before tax	(34)
Debt securities, available-for-sale, current	88,055
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, at carrying value	4,977
Cash equivalents, accumulated gross unrealized gain, current, before tax	0
Cash equivalents, accumulated gross unrealized loss, current, before tax	(2)
Cash equivalents, fair value disclosure	4,975
Debt securities, available-for-sale, amortized cost, current	14,499
Debt securities, available-for-sale, accumulated gross unrealized gain, current, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, current, before tax	(11)
Debt securities, available-for-sale, current	14,488
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost, current	8,072
Debt securities, available-for-sale, accumulated gross unrealized gain, current, before tax	0
Debt securities, available-for-sale, accumulated gross unrealized loss, current, before tax	(14)
Debt securities, available-for-sale, current	$ 8,058

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued external research and development expenses	$	7,353	$	2,957
Accrued personnel-related expenses	2,064		3,716
Accrued other expenses	641		743
Total accrued expenses	$	10,058	$	7,416

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (32,677)	$ (39,553)	$ (34,312)	$ (37,455)	$ (72,230)	$ (71,767)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iv))
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2023 Annual Report on Form 10-K, other than as noted below. Reverse Stock Split On November 28, 2023, the Company filed a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-15 reverse stock split of its common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on November 28, 2023 (the "Effective Time"). As a result of the Reverse Stock Split, every 15 shares of the Company's issued and outstanding common stock were automatically reclassified into one validly issued, fully-paid and non-assessable share of common stock. Any fractional post-split shares as a result of the Reverse Stock Split were rounded down to the nearest whole post-split share. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. All share amounts and per share amounts for the periods prior to the Effective Time disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the Reverse Stock Split on a retroactive basis. Marketable Securities Classification The Company may invest its excess cash in money market funds and debt instruments of the U.S. Treasury, financial institutions, corporations and U.S. government agencies with strong credit ratings and an investment grade rating at or above A-1 or P-1 by two of the three nationally recognized statistical rating organizations. The Company does not believe that it is exposed to more than a nominal amount of credit risk related to any marketable securities it may invest in. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity, and periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The Company classifies its investments in debt instruments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are included in the Company's condensed consolidated statements of operations. All of the Company's available-for-sale securities are available for use in its current operations. The Company classifies marketable securities as either cash equivalents, short-term, or long-term based on their stated maturity dates as it is more-likely-than-not that the Company will hold these assets through to their maturity dates.
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. Financial statement disclosures for the three and six months ended June 30, 2024 and 2023 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ended December 31, 2024, any other interim periods, or any future year or period.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued and prepaid research and development expense, collaboration revenue, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.
Common Stock Warrants	Common Stock Warrants The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in FASB ASC No. 480, Distinguishing Liabilities from Equity (ASC 480) and ASC No. 815, Derivatives and Hedging (ASC 815). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815. The Company determines the classification for its warrants at the time of issuance and updates its assessment, as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The calculation of weighted average number of common shares outstanding excludes shares of restricted common stock that are not vested but includes shares of common stock underlying pre-funded warrants. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and potential shares issuable under the 2020 ESPP are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. ASU No. 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments included in this ASU apply to all public entities that are required to report segment information in accordance with Topic 280, including those with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expenses categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company only has one reportable segment and this ASU impacts disclosures only. The Company has determined that the effects of adopting the amendments in ASU 2023-07 will only impact its disclosures and not have a material impact on its consolidated financial position and the results of its operations when such amendment is adopted. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. ASU No. 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and incomes taxes paid information. For public companies, the amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively. The Company has determined that the effects of adopting the amendments in ASU 2023-09 will only impact its disclosures and will not have a material impact on its consolidated financial position and the results of its operations when such amendment is adopted.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (32,677)	$ (34,312)	$ (72,230)	$ (71,767)
Change in unrealized gain (loss) on marketable securities, net of tax	(74)	19	(71)	173
Comprehensive loss	$ (32,751)	$ (34,293)	$ (72,301)	$ (71,594)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	17,755,506	8,791,877
Common stock, outstanding (in shares)	17,755,506	8,791,877

Net Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Outstanding stock options	1,134,459	674,279	1,134,459	674,279
Unvested restricted stock units	101,462	43,824	101,462	43,824
Potential shares issuable under the 2020 ESPP	7,395	10,758	7,395	10,758
	1,243,316	728,861	1,243,316	728,861

Common shares issuable upon exercise of the pre-funded warrants that were sold in connection with the June 2023, January 2024, and April 2024 underwritten public offering are included in the calculation of basic weighted average number of common shares outstanding for the three and six months ended June 30, 2024. Consistent with the guidance in ASC 260-10-45-13, the underlying common shares are issuable for little to no consideration and there are no vesting conditions or contingencies associated with the warrants. Accordingly, the aggregate number of common shares underlying the pre-funded warrants have been considered outstanding for purposes of the calculation of basic net loss per share from the date of issuance.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In May 2021, the Company entered into a sublease agreement for office space located in Boston, Massachusetts that expires on January 31, 2026, with no option to renew or terminate early. The base rent increases by approximately 2% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within other non-current assets on the accompanying condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. This lease qualifies as an operating lease.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 145,143	$ 81,300
Marketable securities	206,736	0
Prepaid expenses and other current assets	4,837	3,580
Total current assets	356,716	84,880
Long-term marketable securities	81,952	0
Property and equipment, net	369	588
Operating lease right-of-use assets	1,610	2,064
Other non-current assets	416	416
Total assets	441,063	87,948
Current liabilities:
Accounts payable	8,195	5,815
Accrued expenses	10,058	7,416
Operating lease liabilities	1,191	1,126
Current portion of deferred revenue	1,176	1,392
Total current liabilities	20,620	15,749
Long-term liabilities:
Non-current portion of operating lease liabilities	755	1,369
Non-current portion of deferred revenue	588	1,161
Total liabilities	21,963	18,279
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized; 17,755,506 shares issued and outstanding as of June 30, 2024, and 8,791,877 shares issued and outstanding as of December 31, 2023	14	13
Additional paid-in capital	1,145,308	723,577
Accumulated other comprehensive loss	(71)	0
Accumulated deficit	(726,151)	(653,921)
Total stockholders’ equity	419,100	69,669
Total liabilities and stockholders’ equity	$ 441,063	$ 87,948

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,878	$ 5,775	$ 20,353	$ 13,368
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,060	1,918	7,658	4,141
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,818	$ 3,857	$ 12,695	$ 9,227

Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

The following is a summary of the Company's investment portfolio as of June 30, 2024 (in thousands). The Company did not hold any cash equivalents or marketable securities as of December 31, 2023.


	As of June 30, 2024
			Gross Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents:
Money market funds	$	35,120	$	—	$	—	$	35,120
Debt securities issued by U.S. government agencies	8,980		—		—		8,980
Corporate debt securities	4,270		—		—		4,270
Commercial paper	4,977		—		(2)		4,975
Available-for-sale marketable securities:
Debt securities issued by U.S. government agencies	178,097		—		(10)		178,087
Corporate debt securities	88,089		—		(34)		88,055
Commercial paper	14,499		—		(11)		14,488
Other debt securities	8,072		—		(14)		8,058
Total cash equivalents and marketable securities	$	342,104	$	—	$	(71)	$	342,033

As of June 30, 2024, the Company had 119 securities with a total fair market value of $227.0 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized.

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):


	June 30, 2024		December 31, 2023
Within one year	$	224,961	$	—
After one year through five years	81,952		—
Total	$	306,913	$	—

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and six months ended June 30, 2024 and 2023.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (72,230)	$ (71,767)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	219	212
Stock-based compensation expense	20,353	13,368
Non-cash operating lease expense	454	407
Amortization of premiums and discounts on marketable securities, net	(1,615)	47
Non-cash collaboration and license agreement expense	2,500	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,257)	4,822
Accounts payable	2,189	(6,662)
Accrued expenses	2,593	(2,533)
Operating lease liabilities	(549)	(490)
Deferred revenue	(789)	(1,464)
Other	(3)	0
Net cash used in operating activities	(48,135)	(64,060)
Cash flows from investing activities:
Purchases of marketable securities	(290,142)	0
Maturities of marketable securities	3,000	39,000
Net cash (used in) provided by investing activities	(287,142)	39,000
Cash flows from financing activities:
Payments of tax withholdings related to vesting of restricted stock units	(150)	(131)
Proceeds from exercise of stock options and employee stock purchase plan purchases	458	309
Net cash provided by financing activities	399,120	87,745
Increase in cash, cash equivalents and restricted cash	63,843	62,685
Cash, cash equivalents and restricted cash, beginning of period	81,716	62,031
Cash, cash equivalents and restricted cash, end of period	145,559	124,716
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	145,143	124,300
Restricted cash	416	416
Total cash, cash equivalents and restricted cash	145,559	124,716
Supplemental disclosures of non-cash activities:
Issuance costs from at-the-market offering included in accounts payable and accrued expenses	134	0
Offering costs from follow-on offering included in accounts payable	108	259
Follow-On Offering
Cash flows from financing activities:
Proceeds from stock offerings, net of issuance costs	377,744	63,439
License And Collaboration Agreement
Cash flows from financing activities:
Proceeds from stock offerings, net of issuance costs	14,765	0
At-The-Market Offering
Cash flows from financing activities:
Proceeds from stock offerings, net of issuance costs	$ 6,303	$ 24,128

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has concluded that no subsequent events have occurred that require disclosure.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Number of Shares
Beginning balance (in shares)	666,163
Granted (in shares)	488,646
Exercised (in shares)	(3,782)
Canceled or forfeited (in shares)	(16,568)
Ending balance (in shares)	1,134,459
Number of shares exercisable (in shares)	715,308
Vested and expected to vest (in shares)	1,134,459
Weighted Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 160.19
Granted (in dollars per share)	43.65
Exercised (in dollars per share)	38.75
Cancelled or forfeited (in dollars per share)	134.35
Ending balance (in dollars per share)	110.77
Exercisable (in dollars per share)	130.91
Vested and expected to vest (in dollars per share)	$ 110.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term outstanding	8 years 3 months 3 days
Weighted average remaining contractual term exercisable	7 years 10 months 2 days
Weighted average remaining contractual term vested and expected to vest	8 years 3 months 3 days
Aggregate intrinsic value exercised	$ 41
Aggregate intrinsic value outstanding	1,712
Aggregate intrinsic value exercisable	950
Aggregate intrinsic value vested and expected to vest	$ 1,712

Net Loss per Share - Summary of antidilutive securities excluded from computation of earnings per share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,243,316	728,861	1,243,316	728,861
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,134,459	674,279	1,134,459	674,279
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	101,462	43,824	101,462	43,824
Potential shares issuable under the 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,395	10,758	7,395	10,758

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
$ in Thousands

Total

Follow-On Offering

At-The-Market Offering

License And Collaboration Agreement

Common Stock

Follow-On Offering

Common Stock

At-The-Market Offering

Common Stock

License And Collaboration Agreement

Additional Paid-In Capital

Follow-On Offering

Additional Paid-In Capital

At-The-Market Offering

Additional Paid-In Capital

License And Collaboration Agreement

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Beginning balance (in shares) at Dec. 31, 2022

^[1]

3,292,163

Beginning balance at Dec. 31, 2022

$ 76,106

$ 5

^[1]

$ 606,918

$ (530,644)

$ (173)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

7,593

Issuance of common stock (in shares)

^[1]

560,253

Issuance of common stock

18,096

$ 1

^[1]

18,095

Vesting of restricted stock awards (in shares)

^[1]

11,516

Shares withheld for taxes for vesting of restricted stock units (in shares)

^[1]

(2,875)

Shares withheld for taxes for vesting of restricted stock units

(127)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

2,970

Issuance of common stock upon exercise of stock options

101

Change in unrealized gain on marketable securities, net of tax

154

Net loss

(37,455)

Ending balance (in shares) at Mar. 31, 2023

^[1]

3,864,027

Ending balance at Mar. 31, 2023

64,468

$ 6

^[1]

632,580

(568,099)

(19)

Beginning balance (in shares) at Dec. 31, 2022

^[1]

3,292,163

Beginning balance at Dec. 31, 2022

76,106

$ 5

^[1]

606,918

(530,644)

(173)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Change in unrealized gain on marketable securities, net of tax

173

Net loss

(71,767)

Ending balance (in shares) at Jun. 30, 2023

^[1]

8,569,348

Ending balance at Jun. 30, 2023

105,625

$ 13

^[1]

708,023

(602,411)

Beginning balance (in shares) at Mar. 31, 2023

^[1]

3,864,027

Beginning balance at Mar. 31, 2023

64,468

$ 6

^[1]

632,580

(568,099)

(19)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

5,775

Issuance of common stock (in shares)

^[1]

4,296,646

392,541

Issuance of common stock

$ 63,439

$ 6,032

$ 6

^[1]

$ 1

^[1]

$ 63,433

$ 6,031

Issuance of common stock under employee stock purchase plan (in shares)

^[1]

15,663

Issuance of common stock under employee stock purchase plan

208

Vesting of restricted stock awards (in shares)

^[1]

720

Shares withheld for taxes for vesting of restricted stock units (in shares)

^[1]

(249)

Shares withheld for taxes for vesting of restricted stock units

(4)

Change in unrealized gain on marketable securities, net of tax

Net loss

(34,312)

Ending balance (in shares) at Jun. 30, 2023

^[1]

8,569,348

Ending balance at Jun. 30, 2023

$ 105,625

$ 13

^[1]

708,023

(602,411)

Beginning balance (in shares) at Dec. 31, 2023

8,791,877

Beginning balance at Dec. 31, 2023

$ 69,669

$ 13

723,577

(653,921)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

14,475

Issuance of common stock (in shares)

3,802,025

209,852

443,253

Issuance of common stock

161,649

$ 6,169

$ 17,265

161,649

$ 6,169

$ 17,265

Vesting of restricted stock awards (in shares)

11,095

Shares withheld for taxes for vesting of restricted stock units (in shares)

(3,689)

Shares withheld for taxes for vesting of restricted stock units

(137)

Issuance of common stock upon exercise of stock options (in shares)

3,634

Issuance of common stock upon exercise of stock options

143

Change in unrealized gain on marketable securities, net of tax

Net loss

(39,553)

Ending balance (in shares) at Mar. 31, 2024

13,258,047

Ending balance at Mar. 31, 2024

$ 229,683

$ 13

923,141

(693,474)

Beginning balance (in shares) at Dec. 31, 2023

8,791,877

Beginning balance at Dec. 31, 2023

$ 69,669

$ 13

723,577

(653,921)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

3,782

Change in unrealized gain on marketable securities, net of tax

$ (71)

Net loss

$ (72,230)

Ending balance (in shares) at Jun. 30, 2024

17,755,506

Ending balance at Jun. 30, 2024

$ 419,100

$ 14

1,145,308

(726,151)

(71)

Beginning balance (in shares) at Mar. 31, 2024

13,258,047

Beginning balance at Mar. 31, 2024

229,683

$ 13

923,141

(693,474)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

$ 5,878

5,878

Issuance of common stock (in shares)

3,849,558

Issuance of common stock

$ 215,988

$ 1

$ 215,987

Issuance of common stock from exercise of pre-funded warrants (in shares)

622,123

Issuance of common stock under employee stock purchase plan (in shares)

25,146

Issuance of common stock under employee stock purchase plan

$ 311

311

Vesting of restricted stock awards (in shares)

726

Shares withheld for taxes for vesting of restricted stock units (in shares)

(242)

Shares withheld for taxes for vesting of restricted stock units

(13)

Issuance of common stock upon exercise of stock options (in shares)

148

Issuance of common stock upon exercise of stock options

Change in unrealized gain on marketable securities, net of tax

(74)

Net loss

$ (32,677)

(32,677)

Ending balance (in shares) at Jun. 30, 2024

17,755,506

Ending balance at Jun. 30, 2024

$ 419,100

$ 14

$ 1,145,308

$ (726,151)

$ (71)

[1]	Results have been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on November 28, 2023. See Note 2 for details.

Nature of the Business - Additional Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) platform candidate trial	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) platform candidate trial study cohort	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of platforms \| platform	2				2
Number of product candidates \| candidate	4				4
Number of clinical trials \| trial	2				2
Number of efficacy studies \| study					4
Number of cohorts \| cohort					2
Proceeds from issuance or sale of equity					$ 1,000,000
Net loss	$ 32,677	$ 39,553	$ 34,312	$ 37,455	72,230	$ 71,767
Accumulated deficit	726,151				726,151		$ 653,921
Cash, cash equivalents, and marketable securities	$ 433,800				$ 433,800

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On September 11, 2019, the Company entered into a Cooperation and License Agreement (the “License Agreement”) with RogCon Inc. (“RogCon”). Under the License Agreement, RogCon granted to the Company an exclusive, worldwide license under RogCon's intellectual property to research, develop and commercialize products for the treatment of all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any mutation of the SCN2A gene. Pursuant to the terms of the License Agreement, the Company will conduct, at its own cost and expense, the research and development activities assigned to it under the associated research plan. In addition, the Company is responsible for reimbursing RogCon for any costs associated with research and development activities RogCon performs at the request of the Company. One of the founders of RogCon became the Company's General Counsel in June 2020. The Company continues to reimburse RogCon for its out-of-pocket costs incurred for activities performed under the License Agreement. Expenses incurred during all periods presented were not material.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies - Additional Information (Details)	May 31, 2021
Office Space in Boston Massachusetts
Loss Contingencies [Line Items]
Percentage increase in annual base rent	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 342,033,000	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	222,187,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	119,846,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	35,120,000
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	35,120,000
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Debt securities issued by U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,980,000
Available-for-sale marketable securities	178,087,000
Debt securities issued by U.S. government agencies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,980,000
Available-for-sale marketable securities	178,087,000
Debt securities issued by U.S. government agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Debt securities issued by U.S. government agencies \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,270,000
Available-for-sale marketable securities	88,055,000
Corporate Debt Securities [Member] \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Corporate Debt Securities [Member] \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,270,000
Available-for-sale marketable securities	88,055,000
Corporate Debt Securities [Member] \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,975,000
Available-for-sale marketable securities	14,488,000
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,975,000
Available-for-sale marketable securities	14,488,000
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale marketable securities	0
Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale marketable securities	8,058,000
Other debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale marketable securities	0
Other debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale marketable securities	8,058,000
Other debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale marketable securities	$ 0

Cash Equivalents and Marketable Securities - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of securities \| security	119		119
Securities, unrealized loss position, fair value	$ 227,000,000.0		$ 227,000,000.0
Other-than-temporary impairment loss, debt securities, available-for-sale	$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation - Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.35%	3.94%
Expected term (in years)	6 years	6 years 3 days
Expected volatility	98.35%	89.93%
Expected dividend yield	0.00%	0.00%
Shares reserved for exercise of outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 36.61	$ 33.18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details