0000950170-24-035047 | 10-K | XBRL Viewer

Stock-Based Compensation Expense

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

9. Stock-Based Compensation Expense

The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and the 2022 Employment Inducement Award Plan (“Inducement Award Plan”). The Company previously granted equity-based awards under its 2005 Equity Incentive Plan (“2005 Plan”) and 2016 Equity Incentive Plan ("2016 Plan”).

The 2020 Plan provides for grant of incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, performance awards and other share and cash-based awards to employees and consultants and members of the Board of Directors of the Company and its subsidiary.

The initial number of shares of the Company’s common stock that may be issued under the 2020 Plan is 2,100,000 shares plus the number of shares of the Company’s common stock underlying outstanding awards under the 2005 Plan and 2016 Plan as of the effective date of the 2020 Plan that expire, lapse or are terminated, exchanged for cash, surrendered, repurchased, canceled or forfeited following the effective date of the 2020 Plan. The number of shares available under the 2020 Plan will automatically increase on January 1st of each year from 2021 to 2030 by the lesser of (i) 4% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares determined by the Company’s Board of Directors. However, no more than 8,800,000 shares may be issued under the 2020 Plan pursuant to the exercise of incentive stock options. On January 1, 2023, the shares available for grant under the 2020 Plan was automatically increased by 1,273,106. As of December 31, 2023, the Company had 1,544,538 shares available for issuance under the 2020 Plan. On January 1, 2024, the shares available for grant under the 2020 Plan was automatically increased by 2,288,582.

In February 2022, the Company’s Board of Directors adopted the Company’s 2022 Employment Inducement Award Plan (“Inducement Award Plan,” and together with the 2020 Plan, 2016 Plan and 2005 Plan, the “Plans”), which was adopted by the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules (“Rule 5635(c)(4)”), and currently allows for the granting of up to 2,763,002 shares of the Company's common stock. The Inducement Award Plan provides for the grant of non-qualified stock options, stock appreciation rights, performance units, restricted stock awards, restricted stock units and stock grants. In accordance with Rule 5635(c)(4), awards made under the Inducement Award Plan may only be made to a newly hired employee who has not previously been a member of the Board, or any employee who is being rehired following a bona fide period of non-employment by the Company or a subsidiary, as a material inducement to the employee’s entering into employment with the Company or its subsidiary. In June 2022, the Inducement Award Plan was amended to increase the shares authorized for issuance thereunder to 1,473,002 shares and amended again in the same month to increase the shares authorized for issuance to 1,703,002. In September 2022, the Inducement Award Plan was amended to increase the shares authorized for issuance to 1,813,002 shares. On December 9, 2022, the Inducement Award Plan was amended and restated to increase the shares authorized for issuance to 2,413,002 shares. The amended and restated Inducement Award Plan was amended in October 2023 to add another 350,000 shares to the shares authorized for issuance, for a current overall limit of 2,763,002 shares. During the year-ended December 31, 2023, the Company granted options to purchase 630,000 shares of common stock to certain executives. There were 320,000 shares remaining available for issuance under the Inducement Award Plan as of December 31, 2023.

All stock option grants are nonqualified stock options except for option grants to employees granted, under the 2020 Plan, 2016 Plan or 2005 Plan intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Stock options may not be granted under the 2020 Plan at less than the fair market value of the Company’s common stock on the date of grant. Vesting periods of awards are determined by the Board of Directors or its compensation committee. Vesting periods of awards granted to date range from vesting upon grant to vesting over a four-year period. Vesting conditions are generally based on continued service. Additionally, the Company has granted certain awards which vest upon the achievement of certain financing and revenue milestones. Stock options granted under the Plans expire no more than 10 years from the date of grant.

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development	$	1,176	$	850
General and administrative		4,711		4,597
Total	$	5,887	$	5,447

For the year ended December 31, 2023, approximately $255,000 of the stock-based compensation expense is recorded as a liability.

The Company has granted options to purchase 1,648,002 shares of common stock that vest as to one-third of options, in each case, upon the achievement of three distinct market capitalization targets during the five-year performance period following the date of grant, provided that no more than one-third of the option may vest prior to the first anniversary of the date of grant, no more than two-thirds of the option may vest prior to the second anniversary of the date of grant and the option may not become fully vested prior to the third anniversary of the date of grant, subject to continued service on each applicable vesting date and certain exceptions in the context of a change in control transaction. The Company has accounted for these awards as market-based condition awards and therefore, stock-based compensation recorded during the year ended December 31, 2023 was $2.0 million.

A summary of the restricted stock unit activity under the Plans for the year ended December 31, 2023 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2022		28,212		$	4.78
Granted		115,790		$	2.85
Vested		(7,041	)	$	4.78
Forfeited		(31,913	)	$	2.97
Restricted stock units outstanding as of December 31, 2023		105,048		$	3.20

The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2023:


	Year Ended December 31,
	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	254		2.9
Stock options		7,107		2.3
Total	$	7,361

The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, or a Monte Carlo simulation in the case of the options granted to certain executive officers with performance grants, with the following weighted-average assumptions:


	Year Ended December 31,
	2023			2022
Risk-free interest rate		3.9	%		2.7	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.1			6.0
Expected volatility		82.7	%		81.3	%

A summary of the stock option activity under the Plans for the year ended December 31, 2023 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2022		4,311,333		$	7.07		8.2	$	378
Granted		1,860,647			2.93
Exercised		(57,377	)		1.75
Cancelled		(404,623	)		8.44
Outstanding at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334
Exercisable at December 31, 2023		1,775,214		$	8.75		6.6	$	1,579
Vested and expected to vest at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334

During the preparation of the Company’s annual financial statements, the Company determined that 356,083 stock options and 154,926 restricted stock units and any related forfeitures, exercises or cancellations of such awards were incorrectly included in the respective roll-forward tables in each quarterly report on Form 10-Q filed in 2023 since the awards did not meet the grant date criteria under ASC 718 Compensation – Stock Compensation. The Company concluded that the error was immaterial. Since the grant date criteria were not met as of December 31, 2023, these awards have been excluded from the restricted stock unit and stock option activity tables immediately above.

The weighted-average fair value of options granted to employees, directors and non-employees during the years ended December 31, 2023 and 2022 was $2.13 and $3.40, respectively.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was approximately $0.1 million and $5,000, respectively.

2020 Employee Stock Purchase Plan

In April 2020, the Company’s Board of Directors adopted the Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”). The 2020 ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. The Company initially reserved 150,000 shares of common stock for issuance under the 2020 ESPP. In addition, the number of shares available for issuance under the 2020 ESPP will be annually increased on January 1st of each year from 2021 to 2030 by the lesser of (i) 0.5% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Company’s Board of Directors, provided that no more than 987,500 shares of common stock may be issued under the 2020 ESPP.

On January 1, 2023, the shares available for grant under the 2020 ESPP was automatically increased by 159,138. On January 1, 2024, the shares available for grant under the 2020 ESPP was automatically increased by 286,072. The 2020 ESPP permits eligible participants to purchase common stock through payroll deductions of up to a specified percentage of their eligible compensation. The purchase price of the shares, in the absence of a contrary designation, will be 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of December 31, 2023, no shares have been issued under the 2020 ESPP.

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	8 years 2 months 12 days	1 year 3 months 18 days
Weighted-average discount rate	6.60%	8.20%

Stock-Based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development	$	1,176	$	850
General and administrative		4,711		4,597
Total	$	5,887	$	5,447

Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity under the Plans for the year ended December 31, 2023 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2022		28,212		$	4.78
Granted		115,790		$	2.85
Vested		(7,041	)	$	4.78
Forfeited		(31,913	)	$	2.97
Restricted stock units outstanding as of December 31, 2023		105,048		$	3.20

Schedule of Unrecognized Stock-Based Compensation

The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2023:


	Year Ended December 31,
	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	254		2.9
Stock options		7,107		2.3
Total	$	7,361

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers


	Year Ended December 31,
	2023			2022
Risk-free interest rate		3.9	%		2.7	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.1			6.0
Expected volatility		82.7	%		81.3	%

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the year ended December 31, 2023 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2022		4,311,333		$	7.07		8.2	$	378
Granted		1,860,647			2.93
Exercised		(57,377	)		1.75
Cancelled		(404,623	)		8.44
Outstanding at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334
Exercisable at December 31, 2023		1,775,214		$	8.75		6.6	$	1,579
Vested and expected to vest at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 22,353	$ 32,550
Short-term investments	80,400	65,344
Prepaid expenses and other current assets	2,068	2,935
Total current assets	104,821	100,829
Property and equipment, net	2,043	2,243
Operating lease right-of-use assets	33,233	2,223
Restricted cash	1,392	1,392
Other assets	1,111	3,281
Total assets	142,600	109,968
Current liabilities:
Accounts payable	3,131	2,616
Accrued expenses and other current liabilities	9,374	9,030
Operating lease liabilities	5,434	1,549
Deferred revenue	1,658	1,275
Total current liabilities	19,597	14,470
Total operating lease liability, net of current portion	21,447	667
Deferred revenue, net of current portion	12,136	14,077
Total liabilities	53,180	29,214
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2023 and 2022; no shares issued and outstanding at December 31, 2023 and 2022
Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2023 and 2022; 57,214,550 and 31,827,659 shares issued and outstanding at December 31, 2023 and 2022, respectively	57	32
Additional paid-in capital	400,685	329,387
Accumulated other comprehensive income, net of tax	33	10
Accumulated deficit	(311,355)	(248,675)
Total stockholders’ equity	89,420	80,754
Total liabilities and stock and stockholders’ equity	$ 142,600	$ 109,968

Consolidated Statements of Stockholders' Equity (Parenthetical) (audited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Issuance cost	$ 3,482	$ 4,244
ATM
Issuance cost	$ 172

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and employee related expenses	$ 4,670	$ 2,975
Third-party research and development expenses	3,473	3,435
Lease-related costs		1,961
Other	1,231	659
Total accrued expenses and other current liabilities	$ 9,374	$ 9,030

Collaboration Agreement

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreement

10. Collaboration Agreement

On May 31, 2021, and as amended on September 26, 2022, we entered into the LianBio License Agreement with LianBio to develop and commercialize LYR-210 in Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore and Thailand. Under the terms of the LianBio License Agreement, the Company received an upfront payment of $12.0 million and is eligible to receive up to $135.0 million in future payments based upon the achievement of specified development, regulatory and commercialization milestones. Upon commercialization on a region-by-region basis, the Company will be entitled to receive low double-digit royalties based on net sales of LYR-210 in the licensed territories.

LianBio will be responsible for the clinical development and commercialization of LYR-210 in the licensed territories, and the Company will retain all rights to LYR-210 in all other geographies. As part of the LianBio License Agreement, LianBio will also have the first right to obtain development and commercial rights in the licensed territories to the Company’s LYR-220 product candidate.

LianBio announced that in October 2023 its Board of Directors commenced a comprehensive strategic review of its business. The LianBio Board ultimately concluded that selling off assets and winding down operations was the best way to realize maximum shareholder value. LianBio reported that a substantial portion of the wind down activities, including fulfillment of transition service obligations under its existing agreements and gradual cessation of currently active clinical trials, will be completed by the end of 2024. LianBio announced in 2024 that it was further reducing the size of its workforce to approximately 50 employees with plans to reduce that number further over the course of 2024. LianBio stated it will maintain a core group of employees necessary to implement an orderly wind down and support its efforts to maximize the value of its remaining business and assets including the collaboration with the Company. Due to these developments, the future of the Company’s collaboration with LianBio is uncertain as LianBio continues its wind down, while seeking a third party to acquire LianBio’s rights under the LianBio License Agreement.

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), which includes determining whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities, or ASC 606. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, LianBio, is a customer. At the commencement of the arrangement, the Company identified the following material promises: (1) license to develop and commercialize LYR-210, (2) manufacturing activities related to the clinical supply of LYR-210, (3) a non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure, and (4) the Company’s performance of the development activities related to the global Phase 3 clinical trial. The Company determined that the license to develop and commercialize LYR-210, the manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure represent a single performance obligation because of the specialized nature of the LYR-210 manufacturing process whereby the license cannot be separated from the manufacturing activities related to the supply of LYR-210 and the right to manufacture LYR-210 is only available if there is a supply failure. For the purposes of ASC 606, the Company determined there were two distinct performance obligations: (1) the license to develop and commercialize LYR-210, manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure (“Combined Performance Obligation”), and (2) the Company’s performance of the development activities related to the global Phase 3 clinical trial (“Development Activities Performance Obligation”).

Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of December 31, 2023, as all milestone amounts were fully constrained based on the probability of achievement.

The Company and LianBio amended the LianBio License Agreement on September 26, 2022, to allow, among other things, LianBio to conduct its own Phase 3 clinical trial and adjust certain future milestones. The amendment also requires both parties to negotiate a supply agreement prior to December 31, 2022. There was a side letter executed on December 27, 2022 which extended the negotiations of a supply agreement until March 31, 2023. The amendment did not

result in any change in the Company’s determination of its performance obligations under the arrangement and all future milestones remain constrained from the transaction price. The Company has determined that the contract modification did not have a material impact on the allocation of the transaction price to the two performance obligations.

Additionally, the Company determined that LianBio’s right of first refusal to obtain development and commercial rights in the licensed territories to LYR-220 is an option as any agreement would be negotiated at arm’s length and as a result does not provide a material right to LianBio and as such, is not considered a performance obligation.

The Company will recognize the revenue associated with the Combined Performance Obligation as the clinical supply of LYR-210 is delivered. The Company recognizes revenue associated with the Development Activities Performance Obligation as the development activities are performed using an input method, according to the costs incurred as to the development activities related to the global Phase 3 clinical trial and the costs expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheet and will be recognized as the clinical supply of LYR-210 is delivered and over the remaining time it takes to conduct the global Phase 3 clinical trial, respectively.

In February 2022, the Company achieved a development milestone of $5.0 million for dosing the first patient in the U.S., and the related cash amount was received in April 2022. In accordance with ASC 606, the Company has updated its determination of the transaction price for this previously constrained amount from $12.0 million to $17.0 million, allocated the development milestones to each of the performance obligations previously identified in the agreement in accordance with the original revenue allocation percentages, and is recognizing the revenue under the revenue recognition model previously developed for each performance obligation. The following table reflects the change in the transaction price (in thousands):


	As of December 31, 2023
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,373	$	3,489	$	11,862
Development Activities Performance Obligation		3,627		1,511		5,138
Total	$	12,000	$	5,000	$	17,000

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of December 31, 2023
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352
Milestone		—		—			—
Revenue recognized		—		(1,558	)		(1,558	)
Deferred revenue at December 31, 2023	$	11,748	$	2,046		$	13,794


	As of December 31, 2022
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2021	$	8,259	$	3,456		$	11,715
Milestone		3,489		1,511			5,000
Revenue recognized		—		(1,363	)		(1,363	)
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352

Development and regulatory milestone fees, which are a type of variable consideration, are recognized as revenue to the extent that it is probable that a significant reversal will not occur. Note that the allocated deferred revenue

associated with the clinical supply agreement has been recorded as long term deferred revenue given the potential uncertainty of delivery within the next twelve months.

There were no milestones achieved during the year ended December 31, 2023. During the year ended December 31, 2022, the Company achieved a milestone, which resulted in the receipt of $5.0 million of cash.

The Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied. No royalty revenue has been earned as of December 31, 2023.

Entities affiliated with Perceptive Advisors, LLC are shareholders of both the Company and LianBio. Additionally, two of the Company’s directors are Managing Directors at Perceptive Advisors, LLC and one of these directors is also the Executive Chairman of LianBio’s board of directors.

Leases - Additional Information (Details)			1 Months Ended		12 Months Ended
Leases - Additional Information (Details)	Dec. 21, 2023 USD ($)	Jul. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²	May 31, 2022 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Apr. 30, 2021
Lessee Lease Description [Line Items]
Initial base rent					$ 2,000,000	$ 1,100,000
Operating lease right-of-use assets			$ 33,233,000		33,233,000	2,223,000
Restricted cash			1,392,000		1,392,000	1,392,000
Lessee, Operating Lease, Option to Extend				one additional five-year term
Operating lease cost					$ 1,966,000	$ 1,115,000
Watertown Lease
Lessee Lease Description [Line Items]
Operating lease right-of-use assets		$ 4,900,000
Extended lease term		2027-04
Lessee, Operating Lease, Existence of Option to Extend [true false]					true
Waltham Lease
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 600,000
Payments for tenant improvements	8,300,000
Clinical Supply Agreement
Lessee Lease Description [Line Items]
Operating lease cost					$ 0
Clinical Supply Agreement \| Watertown Lease
Lessee Lease Description [Line Items]
Operating lease period							5 years
Operating Lease, renewal term							1 year
Office and Laboratory \| Waltham Lease
Lessee Lease Description [Line Items]
Initial base rent				$ 2,200,000
Percentage of annual rent increment				3.00%
Area of property \| ft²				29,000
Payments for tenant improvements	5,900,000
Office and Laboratory \| Waltham Sublease
Lessee Lease Description [Line Items]
Initial base rent			$ 1,800,000
Percentage of annual rent increment			3.00%		3.00%
Area of property \| ft²			24,000		24,000
Certificate of Deposits \| Watertown Lease
Lessee Lease Description [Line Items]
Restricted cash		$ 300,000
Letter of Credit \| Watertown Lease
Lessee Lease Description [Line Items]
Secured debt obligations		$ 300,000
Letter of Credit \| Waltham Lease
Lessee Lease Description [Line Items]
Restricted cash	$ 1,100,000
Letter of Credit \| Waltham Sublease
Lessee Lease Description [Line Items]
Restricted cash			$ 600,000		$ 600,000

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating losses	$ (62,680,000)	$ (55,278,000)
Deferred tax assets, valuation allowance income tax expense (benefit)	0	0
Income Tax Expense (Benefit)	59,000	13,000
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	0
Valuation allowance	59,956,000	40,512,000
Increase in valuation allowance	(19,500,000)	(14,200,000)
U.S. federal jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 23,700,000
Operating loss carryforwards limitations on use	offset future income tax liabilities and expire at various dates through 2037
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 4,200,000	1,400,000
U.S. federal jurisdiction \| Minimum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	104,600,000
State jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 48,300,000
Operating loss carryforwards limitations on use	offset future income tax liabilities and expire at various dates through 2043
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 1,100,000	400,000
State jurisdiction \| IRC 382
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		125,800,000
Deferred Tax Assets, Tax Credit Carryforwards, Research		$ 2,800,000
Massachusetts \| IRC 382
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 121,200,000

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended December 31, 2023, none of our directors or "officers" (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:


Name & Title	Date Adopted	Character of Trading Arrangement(1)		Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement	Duration (2)	Other Material Terms	Date Terminated
Maria Palasis, Ph.D., President & Chief Executive Officer	December 21, 2023	Rule 10b5-1 Trading Arrangement	(3)	Up to 92,487 shares to be sold	August 1, 2024 and March 14, 2025	(4)	N/A

The trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

The trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. The trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule. The arrangement also provided or provides for automatic expiration in the event of death or a personal bankruptcy filing.

Complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in December 2023.

Dr. Palasis adopted this trading arrangement for shares subject to option agreements that are scheduled to expire in 2025.

On March 18, 2024, the Company’s Board of Directors granted 275,000 restricted stock units to Dr. Waksal, which will vest in a single installment on January 31, 2025, and an option to purchase 500,000 shares of the Company’s common stock to Dr. Palasis, which vests in 48 equal monthly installments commencing on January 31, 2024. In addition, on March 21, 2024, the Company’s Board of Directors granted 385,000 performance-based restricted stock units to Dr. Waksal and a performance-based option to purchase 550,000 shares of the Company’s common stock to Dr. Palasis. Each of these performance-based awards will vest in a single installment on January 31, 2028, subject to the achievement by the Company of certain specified strategic milestones within specified timeframes, with potential accelerated vesting in connection with a change in control or qualifying termination of the executive officer’s employment.

Maria Palasis Ph D [Member]

Trading Arrangements, by Individual

Name

Maria Palasis, Ph.D

Title

President & Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 21, 2023

Arrangement Duration

225 days

Aggregate Available

92,487

Trd Arr Expiration Date

March 14, 2025

Directors or Officers [Member]

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

Rule 10b5-1Arrangement Modified

false

Non Rule 10b5-1Arrangement Modified

false

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Dec. 31, 2023 shares
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	23,905,324
Option to Exercise Stock Warrants
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	15,786,924
Stock Options and Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	7,679,566
Employee stock purchase plan
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	438,834

- 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.

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+ Details

Stock-Based Compensation Expense - Additional Information (Details) - USD ($)						1 Months Ended		12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Sep. 03, 2022	Jun. 30, 2022	Jun. 01, 2022	Oct. 31, 2023	Apr. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 09, 2022	Feb. 28, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								1,860,647
Shares of common stock reserved for future issuances								23,905,324
Stock-based compensation expense recorded as liability								$ 255,000
Stock-based compensation expense								$ 5,887,000	$ 5,447,000
Weighted-average fair value of options granted to employees, directors and consultants								$ 2.13	$ 3.40
Aggregate intrinsic value of stock options exercised								$ 100,000	$ 5,000
Restricted stock units outstanding shares, Granted								115,790
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								356,083
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested stock options expected to be recognized over a weighted-average period								2 years 10 months 24 days
Restricted stock units outstanding shares, Granted								154,926
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period								4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option expiration period								10 years
Certain Executives
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								630,000
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances							2,100,000
Maximum number of common shares issued							8,800,000
Percentage of common shares increase automatically in each year							4.00%
Increase in Shares available for grant		1,273,106
Number of shares available for future grant								1,544,538
2020 Plan \| Subsequent Events
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in Shares available for grant	2,288,582
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								0
Shares of common stock reserved for future issuances							150,000
Maximum number of common shares issued		159,138					987,500
Annual increase in number of shares available for issuance as percentage of outstanding shares common stock on final day of immediately preceding fiscal year							0.50%
Purchase price of shares as percentage lower of fair market value of common stock							85.00%
2020 ESPP \| Subsequent Events
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of common shares issued	286,072
Market-Based Condition Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								1,648,002
Stock-based compensation expense								$ 2,000,000
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances						2,763,002				2,413,002	2,763,002
Increase in Shares available for grant			1,813,002	1,703,002	1,473,002	350,000
Number of shares available for future grant								320,000

Organization, Going Concern and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation	Nov. 21, 2005
Fund raised for operations	$ 416,100
Net Income (Loss)	(62,680)	$ (55,278)
Accumulated deficit	(311,355)	(248,675)
Cash and cash equivalents	22,353	32,550
Short-term investments	$ 80,400	$ 65,344

- Definition

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

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Investments [Abstract]

Schedule of Fair Value of Available-for-sale Investments by Type of Security

The fair value of available-for-sale investments by type of security was as follows:


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

Investments:
U.S. treasury bills	$	76,881	$	37	$	—		$	76,918
U.S. Government Agency and foreign national bank securities		3,486		—		(4	)	$	3,482
Total investments	$	80,367	$	37	$	(4	)	$	80,400


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

Investments:
U.S. treasury bills	$	2,966	$	—	$	—		$	2,966
Corporate Bonds and U.S. Government Agency Securities		62,368		14		(4	)		62,378
Total investments	$	65,334	$	14	$	(4	)	$	65,344

- 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

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 80,400,000			$ 65,344,000
Financial assets, fair value	0
Financial liabilities, fair value	$ 0
Fair Value, Inputs, Level 2 [Member] \| US Treasury Bills \| Error Correction
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		$ 58,244,000	$ 22,671,000
Cash equivalents		$ 15,937,000

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Principles of Consolidation

The consolidated financial statements include the accounts of Lyra Therapeutics, Inc. and its wholly owned subsidiary Lyra Therapeutics Security Corporation. All intercompany transactions and balances have been eliminated.

The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of revenue recognition, operating lease right-of-use assets, operating lease liabilities, accrued expenses, valuation of share-based awards and realization of its deferred tax assets. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment, which is the business of developing targeted medicines to address ears, nose, and throat, or ENT diseases.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2023, and December 31, 2022, other comprehensive loss consisted of unrealized gains and losses, net of taxes from its short-term investments.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash held in banks, amounts held in money market funds, and highly liquid debt securities. Cash equivalents are stated at cost, which approximates market value.

Restricted Cash

The Company had restricted cash of approximately $1.4 million as of December 31, 2023 and 2022, respectively. These balances were held as restricted at the Company’s financial institution to secure the Company’s letters of credit for its facility leases.

The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash, cash

equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	22,353	$	32,550
Restricted cash		1,392		1,392
Total	$	23,745	$	33,942

Short-term Investments

Investments in marketable securities are classified as available-for-sale. Available-for-sale securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses, net of taxes on available-for-sale securities are reported as a separate component of stockholders’ equity. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.

The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the consolidated statements of operations and comprehensive loss. The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on the consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss as a separate component of stockholders' equity. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the consolidated statements of operations and comprehensive loss. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Other Assets

The Company includes certain items within other assets on the consolidated balance sheets. The Company had other assets of approximately $1.1 million as of December 31, 2023 primarily comprised of long-term deposits for the Company's clinical trial agreements. The Company had other assets of $3.3 million as of December 31, 2022 which was primarily comprised of long-term deposits for the Company's clinical trial agreements as well as prepaid rent related to our new facility lease in Waltham which was reclassified to a right-of-use asset upon possession of the space.

Concentrations Of Credit Risk And Off Balance Sheet Risk

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains all its cash and cash equivalents, and short-term investments at two accredited financial institutions, in amounts that exceed federally insured limits.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Significant Suppliers

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the drug product and associated applicator related to these programs. These programs could be adversely affected by a significant interruption in the supply of the materials required to manufacture the drug product and associated applicator.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at a measurement date. ASC Topic 820, Fair Value Measurements (“ASC 820”), establishes a three-level valuation hierarchy for instruments measured at fair value that prioritizes the inputs used to measure fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy established by ASC 820 in order of priority are as follows:

Level 1 -Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 -Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3 -Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any financial instruments or other items at fair value.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheet and related gains or losses are reflected in the consolidated statement of operations and comprehensive loss. Repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred, while costs of major additions and betterments are capitalized.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. The Company continually evaluates long-lived assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Recoverability is measured by comparing the book values of the assets to the expected future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. In October of 2022, the Company terminated an agreement with a contract manufacturer organization, or CMO. Prior to termination, the Company had funded certain leasehold improvements at the CMO’s facility that the Company does not anticipate receiving the benefit of in the future and has accordingly impaired the respective assets. Additionally, the Company recognized $1.6 million and $1.3 million related to loss on impairment of long-lived research and development assets for the periods ended December 31, 2023 and 2022, respectively, both related to the agreement termination referred to above based on specific facts and circumstances in the respective periods. This impairment evaluation related to the net book value of leasehold improvement and laboratory equipment assets held at the CMO.

The Company also assesses its right-of-use assets for impairment annually. There are no indicators of impairment of the right-of-use assets as of December 31, 2023 and 2022.

Leases

Under ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company’s operating leases are recognized on its consolidated balance sheets as other noncurrent assets, other current liabilities and other noncurrent liabilities. The Company does not have any finance leases.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease payments made prior to commencement and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

The Company separates lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option.

Accrued Research and Development Expenses

As part of the process of preparing the Company's consolidated financial statements, the Company is required to estimate its accrued research and development expenses. This process involves reviewing purchase orders and open contracts, communicating with the Company's personnel to identify services that have been performed on its behalf, and estimating the level of service performed and the associated cost incurred for the services when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company's service providers invoice the Company monthly in arrears for services performed, on a pre-determined schedule, or when contractual milestones are met; however, some require advance payments. The Company makes estimates of its accrued expenses as of each balance sheet date in its consolidated financial statements based on facts and circumstances known to the Company at that time. The Company periodically confirms the accuracy of its estimates with the service providers and make adjustments if necessary. The significant estimates in the Company's accrued research and development expenses include the following costs incurred for services in connection with research and development activities for which the Company has not yet been invoiced:

•

vendors in connection with preclinical development activities;

•

vendors in connection with the testing of preclinical and clinical trial materials;

•

Contract research organizations ("CROs") in connection with preclinical and clinical studies; and

•

investigative sites in connection with clinical trials.

The Company contracts with CROs to conduct clinical and other research and development services on its behalf. The Company bases its expenses related to CROs on its estimates of the services received and efforts expended pursuant to quotes and contracts with them. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company's CROs will exceed the level of services provided and result in a prepayment of the research and development expense. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company's estimate, the Company adjusts the accrual or amount of prepaid expense accordingly. Non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.

Although the Company does not expect its estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to our prior estimates of accrued research and development expenses.

Revenue Recognition

Under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good or service relative to the option exercise price. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct.

The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for

performance obligations requires significant judgment. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the SSP for performance obligations by evaluating whether changes in the key assumptions used to determine the SSP will have a significant effect on the allocation of arrangement consideration between multiple performance obligations.

If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed its revenue generating arrangement in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist.

The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time, and if over time recognition is based on the use of an output or input method.

The Company has not recognized any product revenue to date since its product candidates are in development.

On May 31, 2021, and amended on September 26, 2022, the Company entered into a License and Collaboration Agreement, or, the LianBio License Agreement, with LianBio Inflammatory Limited, or LianBio, to develop and commercialize LYR-210 in Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore and Thailand. See Note 10 for further discussion of the arrangement.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses include salaries and benefits, materials and supplies, preclinical and clinical trial expenses, manufacturing expenses, stock-based compensation expense, depreciation of equipment, contract services, potential impairment charges related to research and development assets, and other outside expenses. Costs of certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.

The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patents Costs

Patent Costs

The Company expenses patent application and related legal costs as incurred and classifies such costs as general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.

Accounting for Stock-Based Compensation

The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, non-employees and directors to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees.

The Black-Scholes option-pricing model uses the following inputs: the fair value of the Company’s common stock, the expected volatility of the Company’s common stock, the expected term of the Company’s stock options, the risk-free interest rate for a period that approximates the expected term of the Company’s stock options, and the Company’s expected dividend yield. Prior to our IPO in 2020, the Company has historically been a private company and lacks company-specific historical and implied volatility data. Therefore, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to it, including stage of product development, life science industry focus, length of trading history, and similar vesting provisions. The historical volatility data is calculated based on a period of time commensurate with the expected term assumption. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available or until circumstances change, such that the identified entities are no longer representative companies. In the latter case, more suitable, similar entities whose share prices are publicly available would be utilized in the calculation.

The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. For options granted to non-employees, the Company utilizes the contractual term of the share-based payment as the basis for the expected term assumption. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid cash dividends and has no current plans to pay any cash dividends on its common stock. The Company’s policy is to recognize forfeitures as they occur.

The Company expenses the fair value of its stock-based compensation awards to employees, non-employees and directors on a straight-line basis over the requisite service period, which is generally the vesting period. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date.

Income Taxes

11. Income Taxes

The Company records a provision or benefit for income taxes on pre-tax income or loss based on its estimated effective tax rate for the year. During the years ended December 31, 2023 and 2022, the Company recorded net operating losses of approximately $62.7 million and $55.3 million, respectively, and, since it maintains a full valuation allowance on its deferred tax assets, the Company did not record an income tax benefit for the years ended December 31, 2023 and 2022.

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2023			2022
Income tax computed at federal statutory tax rate		21.0	%		21.0	%
Permanent differences		(2.1	)%		(1.4	)%
State taxes, net of federal benefit		6.7	%		4.9	%
Research and development and other tax credits		5.2	%		4.4	%
Change in deferred tax asset valuation allowance		(31.0	)%		25.8	%
Loss of Attributes - IRC 382 Ownership Change		0.5	%		(54.7	)%
Other		(0.3	)%		—
		—	%		—	%

Net deferred tax assets as of December 31, 2023 and 2022 consist of the following (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	29,999		$	25,154
Research and development credits		5,026			1,751
Stock-based compensation		1,132			1,295
Operating lease liabilities		7,466			583
Capitalized research & experimental expenditures		19,036			9,076
Deferred revenue		3,768			2,763
Other		920			474
Total gross deferred tax assets		67,347			41,096
Less: valuation allowance		(59,956	)		(40,512	)
Total deferred tax assets		7,391			584
Deferred tax liabilities:
Operating lease right-of-use assets		(7,391	)		(584	)
Total deferred tax liabilities		(7,391	)		(584	)
Net deferred taxes	$	—		$	—

As of December 31, 2023, the Company had U.S. federal net operating loss carryforwards of approximately $23.7 million which may be able to offset future income tax liabilities and expire at various dates through 2037 and approximately $104.6 million of federal net operating loss carryforwards that may be carried forward indefinitely. As a result of the IRC 382 study performed during the prior year the Company wrote off $125.8 million of state net operating losses and $2.8 million of state research and development credits. The Company updated their 382 study in the current year given the changes to the Massachusetts apportionment to single sales resulting in a reduced amount of $121.2 million. As of December 31, 2023, the Company had state net operating loss carryforwards of approximately $48.3 million which may be available to offset future income tax liabilities and expire at various dates through 2043.

As of December 31, 2023 and 2022, the Company had federal research and development tax credit carryforwards of approximately $4.2 million and $1.4 million, respectively, available to reduce future tax liabilities which expire at various dates through 2043. As of December 31, 2023 and 2022, the Company had state research and development tax credit carryforwards of approximately $1.1 million and $0.4 million, respectively, available to reduce future tax liabilities which expire at various dates through 2038. The Company has generated research credits but has not conducted a study to document the qualified activity. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance.

Under the provisions of the IRC, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. The Company had performed an IRC 382 study during the prior year which resulted in identifying three separate ownership changes that occurred on March 31, 2006, January 17, 2020, and April 13, 2022. We performed an update assessment to our 382 analysis in conjunction with the December 31, 2023 annual audit noting no additional ownership change. For these reasons, in the event we experience a change of control, we may not be able to utilize a material portion of the NOLs or research and development credit carryforwards even if we attain profitability.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, the Company has recorded a valuation allowance against its deferred tax assets at December 31, 2023 and 2022 because the Company’s management has determined that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets primarily due to its history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and, as a result, a valuation allowance of approximately $60 million and $40.5 million,

respectively, has been established at December 31, 2023 and 2022. Management reevaluates the positive and negative evidence at each reporting period. The valuation allowance decreased by approximately $19.5 million during the year ended December 31, 2023 due primarily to the generation of net operating losses compared to the decrease by approximately $14.2 million during the year ended December 31, 2022 due primarily to the write-off of net operating losses and research and development credits as a result of the IRC 382 study.

The Company has recorded adjustments to deferred tax assets for unrecognized tax benefits as of December 31, 2023 and 2022. The Company’s policy is to record interest and penalties related to uncertain tax positions as part of its income tax provision. As of December 31, 2023 and 2022, the Company had not accrued interest or penalties related to uncertain tax positions and no such amounts have been recognized in the Company’s statement of operations and comprehensive loss. In many cases, the Company’s uncertain tax positions are related to years that remain subject to examination by relevant tax authorities. The statute of limitations for federal and state tax authorities is closed for years prior to December 31, 2020. However, since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

Net Loss per Share

The Company has reported losses since inception and has computed basic net loss per share by dividing its net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, warrants to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive, basic, and diluted loss per share have been the same.

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2023			2022
Numerator:
Net loss	$	(62,680	)	$	(55,278	)
Net loss attributable to common stockholders	$	(62,680	)	$	(55,278	)
Denominator:
Weighted-average common shares—basic and diluted		49,804,283			30,235,689
Net loss per share attributable to common stockholders—basic and diluted	$	(1.26	)	$	(1.83	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2023		2022
Stock options		5,709,980		4,311,333
Restricted stock units		105,048		28,212
Stock warrants		10,030,575		—
Total		15,845,603		4,339,545

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company adopted this standard as of January 1, 2023, with no material impact on its consolidated financial statements.

In November 2023 the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. This standard requires disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its

composition for other segment items to reconcile to segment profit or loss and the title and position of the entity's CODM. The amendments in this update also expand the interim segment disclosure requirements. All disclosure requirements under this standard are also required for public entities with a single reportable segment. This standard is 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 the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the potential impact that this new standard will have on our consolidated financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and footnotes.

Organization, Going Concern and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Going Concern and Basis of Presentation

1. Organization, Going Concern and Basis of Presentation

Lyra Therapeutics, Inc. (the “Company”) is a clinical-stage biotechnology company focused on the development and commercialization of therapies for the localized treatment of patients with chronic rhinosinusitis, or CRS. The Company’s proprietary technology is designed to consistently deliver medicines directly to the affected tissue for sustained periods with a single administration. The Company’s product candidates, LYR-210 and LYR-220, are bioabsorbable polymeric matrices designed to be administered in a brief, non-invasive, in-office procedure and intended to deliver six months of continuous anti-inflammatory drug therapy to the sinonasal passages for the treatment of CRS. The Company was incorporated as a Delaware corporation on November 21, 2005 and is located in Watertown, Massachusetts. On July 16, 2018, the Company formerly changed its name from 480 Biomedical, Inc. to Lyra Therapeutics, Inc.

The Company is subject to risks common to companies in the therapeutics and pharmaceutical industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, reliance on third party manufacturers, ability to transition from pilot-scale manufacturing to large-scale production of products and the need to obtain adequate additional financing to fund the development of its product candidates.

Going Concern

From inception through December 31, 2023, the Company has raised an aggregate of $416.1 million to fund its operations primarily from the equity financings, government grants and its License and Collaboration Agreement with LianBio discussed in Note 10.

The Company has incurred recurring net losses since inception and has an accumulated deficit of approximately $311.4 million at December 31, 2023. The Company expects to continue to generate operating losses for the foreseeable future. At December 31, 2023 the Company had approximately $22.4 million of cash and cash equivalents and $80.4 million of short-term investments, and, due to an expected increase in certain expenditures, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these consolidated financial statements are issued.

Management has concluded that there is substantial doubt regarding its ability to continue as a going concern based on its analysis under applicable accounting standards.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) assuming the Company will continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The Company expects to incur increased costs as it progresses its product candidates through clinical development. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it plans to finance its operations through a combination of equity or debt financings, collaboration agreements, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to obtain funding as and when needed would have a negative impact on the Company’s financial condition and ability to pursue its business strategies. If the Company is unable to obtain funding when needed, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Basis of Presentation

Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (62,680)	$ (55,278)
Net loss attributable to common stockholders	$ (62,680)	$ (55,278)
Denominator:
Weighted-average common shares outstanding-basic	49,804,283	30,235,689
Weighted-average common shares outstanding-diluted	49,804,283	30,235,689
Net loss per share attributable to common stockholders-basic	$ (1.26)	$ (1.83)
Net loss per share attributable to common stockholders-diluted	$ (1.26)	$ (1.83)

- Definition

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

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+ Details

Common Stock Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Weighted average remaining contractual term		4 years 3 months 18 days
Aggregate intrinsic value		$ 15.7
Common Warrants [Member]
Class of Warrant or Right [Line Items]
Weighted average exercise price	$ 2.673
Weighted average remaining contractual term	4 years 10 months 24 days
Aggregate intrinsic value	$ 25.7
Pre Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Weighted average exercise price	$ 0.001
Weighted average remaining contractual term	3 years 11 months 1 day
Aggregate intrinsic value	$ 30.2

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,964	$ 6,417
Accumulated depreciation	(1,921)	(4,174)
Property and equipment, net	2,043	2,243
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,736	5,022
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	105	675
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	662	323
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 461	$ 397

Common Stock Warrants - Summary of Warrant Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Number of shares Underlying Warrants Outstanding	15,786,924	5,000,000
Number of shares Underlying Warrants Exercisable	15,786,924	5,000,000
Warrant One
Class of Warrant or Right [Line Items]
Issue Date	Apr. 13, 2022
Exercise Price	$ 0.001
Expiration Date	Apr. 12, 2027
Number of shares Underlying Warrants Outstanding	5,000,000	5,000,000
Number of shares Underlying Warrants Exercisable	5,000,000	5,000,000
Warrant Two
Class of Warrant or Right [Line Items]
Issue Date	May 31, 2023
Exercise Price	$ 0.001
Expiration Date	May 31, 2028
Number of shares Underlying Warrants Outstanding	756,349
Number of shares Underlying Warrants Exercisable	756,349
Warrant Three
Class of Warrant or Right [Line Items]
Issue Date	May 31, 2023
Exercise Price	$ 2.673
Expiration Date	Nov. 30, 2028
Number of shares Underlying Warrants Outstanding	10,030,575	0
Number of shares Underlying Warrants Exercisable	10,030,575	0

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On February 12, 2024, the Company executed a trade against the ATM Sales Agreement for a total of 1,041,666 shares at $4.80 per share for net proceeds of $4.8 million. These net proceeds were not included in the cash & cash equivalents balance as of December 31, 2023.

On March 1, 2024, one of the Company's investors exercised warrants of restricted shares for a total of 1,424,272 shares at $2.67 per share for net proceeds of $3.8 million. These net proceeds were not included in the cash & cash equivalents balance as of December 31, 2023.

Collaboration Agreement - Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at December 31, 2022	$ 15,352	$ 11,715
Milestone		5,000
Revenue recognized	(1,558)	(1,363)
Deferred revenue at December 31, 2023	13,794	15,352
Combined Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at December 31, 2022	11,748	8,259
Milestone		3,489
Deferred revenue at December 31, 2023	11,748	11,748
Development Activities Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at December 31, 2022	3,604	3,456
Milestone		1,511
Revenue recognized	(1,558)	(1,363)
Deferred revenue at December 31, 2023	$ 2,046	$ 3,604

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (62,680)	$ (55,278)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,887	5,447
Depreciation expense	278	1,067
Loss on impairment of long-lived assets	1,592	1,316
Net amortization of premium on short-term investments	(3,496)	(492)
Changes in assets and liabilities:
Prepaid expenses and other current assets	867	(764)
Operating lease right-of-use assets	(5,137)	(868)
Other assets	210	(574)
Accounts payable	450	(2,411)
Accrued expenses and other current liabilities	1,491	4,772
Operating lease liabilities	(1,208)	763
Deferred revenue	(1,558)	3,637
Net cash used in operating activities	(63,304)	(43,385)
Cash flows from investing activities:
Purchases of property and equipment	(1,047)	(164)
Proceeds from maturities of investments	110,886
Purchase of investments	(122,423)	(64,842)
Net cash used in investing activities	(12,584)	(65,006)
Cash flows from financing activities:
Proceeds from sale of common stock, warrants and pre-funded warrants	69,242	100,495
Payment of issuance costs	(3,654)	(4,246)
Proceeds from exercise of stock options	103	8
Net cash provided by financing activities	65,691	96,257
Net decrease in cash, cash equivalents and restricted cash	(10,197)	(12,134)
Cash and cash equivalents and restricted cash, beginning of period	33,942	46,076
Cash and cash equivalents and restricted cash, end of period	23,745	33,942
Supplemental disclosure of non-cash financing and investing activities:
Property and equipment purchases included in accounts payable and accrued expenses	623
Prepaid expenses for right-of-use asset included in operating lease liabilities	2,786	1,960
Modification of lease agreement	4,931	$ 1,928
Right-of-use asset in exchange for lease liability	$ 18,156

Short-term Investments - Additional Information (Details)	Dec. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Debt Securities, Available-for-Sale [Abstract]
Debt securities, held \| Security	2	4
Debt securities, unrealized loss position	$ 3,500,000	$ 3,900,000
Debt securities, hold	0	0
Short-term investments	$ 80,400,000	$ 65,344,000

Stock-Based Compensation Expense - Schedule of Unrecognized Stock-Based Compensation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 7,361
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 254
Period of recognition (years)	2 years 10 months 24 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 7,107
Period of recognition (years)	2 years 3 months 18 days

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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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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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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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 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,887	$ 5,447
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,176	850
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,711	$ 4,597

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Segment Information

Comprehensive Loss

Cash and Cash Equivalents

Restricted Cash

equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	22,353	$	32,550
Restricted cash		1,392		1,392
Total	$	23,745	$	33,942

Short-term Investments

Other Assets

Concentrations of Credit Risk and Off-Balance Sheet Risk

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Significant Suppliers

Fair Value of Financial Instruments

Level 1 -Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 -Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Impairment of Long-Lived Assets

The Company also assesses its right-of-use assets for impairment annually. There are no indicators of impairment of the right-of-use assets as of December 31, 2023 and 2022.

Leases

Accrued Research and Development Expenses

•

vendors in connection with preclinical development activities;

•

vendors in connection with the testing of preclinical and clinical trial materials;

•

Contract research organizations ("CROs") in connection with preclinical and clinical studies; and

•

investigative sites in connection with clinical trials.

Revenue Recognition

The Company has not recognized any product revenue to date since its product candidates are in development.

Research and Development Costs

Patent Costs

Accounting for Stock-Based Compensation

Income Taxes

The Company accounts for income taxes using the liability method in accordance with ASC Topic 740, Income Taxes (“ASC 740”). The difference between the financial statement and tax basis of the assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed using the tax laws and rates that are expected to apply for periods in which such differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will more likely than not be realized.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Net Loss per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2023			2022
Numerator:
Net loss	$	(62,680	)	$	(55,278	)
Net loss attributable to common stockholders	$	(62,680	)	$	(55,278	)
Denominator:
Weighted-average common shares—basic and diluted		49,804,283			30,235,689
Net loss per share attributable to common stockholders—basic and diluted	$	(1.26	)	$	(1.83	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2023		2022
Stock options		5,709,980		4,311,333
Restricted stock units		105,048		28,212
Stock warrants		10,030,575		—
Total		15,845,603		4,339,545

Recently Issued Accounting Pronouncements

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2023			2022
Income tax computed at federal statutory tax rate		21.0	%		21.0	%
Permanent differences		(2.1	)%		(1.4	)%
State taxes, net of federal benefit		6.7	%		4.9	%
Research and development and other tax credits		5.2	%		4.4	%
Change in deferred tax asset valuation allowance		(31.0	)%		25.8	%
Loss of Attributes - IRC 382 Ownership Change		0.5	%		(54.7	)%
Other		(0.3	)%		—
		—	%		—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2023 and 2022 consist of the following (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	29,999		$	25,154
Research and development credits		5,026			1,751
Stock-based compensation		1,132			1,295
Operating lease liabilities		7,466			583
Capitalized research & experimental expenditures		19,036			9,076
Deferred revenue		3,768			2,763
Other		920			474
Total gross deferred tax assets		67,347			41,096
Less: valuation allowance		(59,956	)		(40,512	)
Total deferred tax assets		7,391			584
Deferred tax liabilities:
Operating lease right-of-use assets		(7,391	)		(584	)
Total deferred tax liabilities		(7,391	)		(584	)
Net deferred taxes	$	—		$	—

Common Stock Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding and Exercisable and Warrant Activity

The following table represents a summary of the warrants outstanding and exercisable as of December 31, 2023, all of which are equity-classified:


	Number of Common Warrants		Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value
Outstanding at January 1, 2022		—		—		$	—		—	$	—
Pre-funded warrants issued		—		5,000,000			—		—		—
Outstanding at December 31, 2022		—		5,000,000			—		4.3	$	15.7
Common warrants issued		10,030,575		—			2.673		—		—
Pre-funded warrants issued		—		2,408,188			0.001		—		—
Pre-funded warrants exercised		—		(1,651,423	)		0.001		—		—
Pre-funded warrants cancelled		—		(416	)	$	0.001		—		—
Outstanding at December 31, 2023		10,030,575		5,756,349

The weighted average exercise price, weighted average remaining contractual term, and aggregate intrinsic value for the common warrants were $2.673, 4.9 years and $25.7 million, respectively, at December 31, 2023. The weighted average exercise price, remaining contractual term, and aggregate intrinsic value for the Pre-funded warrants were $0.001, 3.92 and $30.2 million, respectively, at December 31, 2023.

The following summarizes warrant activity during the years ended December 31, 2023 and 2022:


				Number of Shares Underlying Warrants
				Year ended December 31,
Issue Date	Exercise Price		Expiration Date	2023		2022
April 13, 2022	$	0.001	April 12, 2027		5,000,000		5,000,000
May 31, 2023	$	0.001	May 31, 2028		756,349		—
May 31, 2023	$	2.673	November 30, 2028		10,030,575		0
Total Outstanding and Exercisable					15,786,924		5,000,000

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-Sale [Line Items]
Depreciation expense	$ 278	$ 1,067
Loss on impairment of long-lived research and development assets	1,592	1,316
Contract Termination
Long-Lived Assets Held-for-Sale [Line Items]
Loss on impairment of long-lived research and development assets	$ 1,600	$ 1,300

Collaboration Agreement (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Change in the Transaction Price

The following table reflects the change in the transaction price (in thousands):


	As of December 31, 2023
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,373	$	3,489	$	11,862
Development Activities Performance Obligation		3,627		1,511		5,138
Total	$	12,000	$	5,000	$	17,000

Schedule of Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of December 31, 2023
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352
Milestone		—		—			—
Revenue recognized		—		(1,558	)		(1,558	)
Deferred revenue at December 31, 2023	$	11,748	$	2,046		$	13,794


	As of December 31, 2022
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2021	$	8,259	$	3,456		$	11,715
Milestone		3,489		1,511			5,000
Revenue recognized		—		(1,363	)		(1,363	)
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352

Common Stock Warrants

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Common Stock Warrants

8. Common Stock Warrants

The following table represents a summary of the warrants outstanding and exercisable as of December 31, 2023, all of which are equity-classified:


	Number of Common Warrants		Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value
Outstanding at January 1, 2022		—		—		$	—		—	$	—
Pre-funded warrants issued		—		5,000,000			—		—		—
Outstanding at December 31, 2022		—		5,000,000			—		4.3	$	15.7
Common warrants issued		10,030,575		—			2.673		—		—
Pre-funded warrants issued		—		2,408,188			0.001		—		—
Pre-funded warrants exercised		—		(1,651,423	)		0.001		—		—
Pre-funded warrants cancelled		—		(416	)	$	0.001		—		—
Outstanding at December 31, 2023		10,030,575		5,756,349

The following summarizes warrant activity during the years ended December 31, 2023 and 2022:


				Number of Shares Underlying Warrants
				Year ended December 31,
Issue Date	Exercise Price		Expiration Date	2023		2022
April 13, 2022	$	0.001	April 12, 2027		5,000,000		5,000,000
May 31, 2023	$	0.001	May 31, 2028		756,349		—
May 31, 2023	$	2.673	November 30, 2028		10,030,575		0
Total Outstanding and Exercisable					15,786,924		5,000,000

Stock-Based Compensation Expense - Summary of Stock Option Activity Under Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding December 31, 2022	4,311,333
Shares, Granted	1,860,647
Shares, Exercised	(57,377)
Shares, Cancelled	(404,623)
Shares, Outstanding at December 31, 2023	5,709,980	4,311,333
Shares, Exercisable at December 31, 2023	1,775,214
Shares, Vested and expected to vest at December 31, 2023	5,709,980
Weighted Average Exercise Price, Outstanding December 31, 2022	$ 7.07
Weighted Average Exercise Price, Granted	2.93
Weighted Average Exercise Price, Exercised	1.75
Weighted Average Exercise Price, Cancelled	8.44
Weighted Average Exercise Price, Outstanding December 31, 2023	5.68	$ 7.07
Weighted Average Exercise Price, Exercisable at December 31, 2023	8.75
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2023	$ 5.68
Outstanding, Weighted Average Remaining Contractual Life (in years)	8 years	8 years 2 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	6 years 7 months 6 days
Vested and expected to vest, Weighted Average Remaining Contractual Life (in years)	8 years
Aggregate Intrinsic Value, Outstanding	$ 6,334	$ 378
Aggregate Intrinsic Value, Exercisable at December 31, 2023	1,579
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2023	$ 6,334

Consolidated Statements of Stockholders' Equity (audited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income, Net of Tax	Accumulated Deficit
Balance at Dec. 31, 2021	$ 34,316	$ 13	$ 227,700		$ (193,397)
Balance, Shares at Dec. 31, 2021		13,007,178
Exercise of common stock options	8		8
Exercise of common stock options, Shares		2,718
Issuance of common stock and pre-funded warrants, net of issuance costs	96,251	$ 19	96,232
Issuance of common stock and pre-funded warrants, net of issuance costs, Shares		18,815,159
Issuance of common stock upon RSU vesting, shares		2,604
Unrealized gain on available-for-sale securities	10			$ 10
Stock-based compensation	5,447		5,447
Net Income (Loss)	(55,278)				(55,278)
Balance at Dec. 31, 2022	80,754	$ 32	329,387	10	(248,675)
Balance, Shares at Dec. 31, 2022		31,827,659
Exercise of common stock options	$ 103		103
Exercise of common stock options, Shares	57,377	57,897
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 46,518	$ 18	46,500
Issuance of common stock and pre-funded warrants, net of issuance costs, Shares		17,652,962
Issuance of common stock upon RSU vesting, shares		7,041
Shares issued under ATM, net of issuance costs of $172	$ 19,068	$ 6	19,062
Shares issued under ATM, net of issuance costs, Shares	6,017,568	6,017,568
Exercise of pre-funded warrants	$ 2	$ 1	1
Exercise of pre-funded warrants, Shares		1,651,423
Unrealized gain on available-for-sale securities	23			23
Stock-based compensation	5,632		5,632
Net Income (Loss)	(62,680)				(62,680)
Balance at Dec. 31, 2023	$ 89,420	$ 57	$ 400,685	$ 33	$ (311,355)
Balance, Shares at Dec. 31, 2023		57,214,550

Stock-Based Compensation Expense - Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers (Details)		12 Months Ended
	May 25, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.74%	3.90%	2.70%
Expected term (in years)	5 years 6 months	6 years 1 month 6 days	6 years
Expected volatility	81.93%	82.70%	81.30%

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 80,400	$ 65,344
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20,147	29,669
Short-term investments	80,400	65,344
Fair Value, Recurring [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	11,167	22,580
Fair Value, Recurring [Member] \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		7,089
Fair Value, Recurring [Member] \| US Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,980
Short-term investments	76,918	2,966
Fair Value, Recurring [Member] \| Corporate Bonds and U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		62,378
Fair Value, Recurring [Member] \| U.S. Government Agency and foreign national bank securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,482
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	11,167	24,678
Short-term investments		7,698
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	11,167	22,580
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,098
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		2,966
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds and U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		4,732
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,980	4,991
Short-term investments	80,400	57,646
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,991
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,980
Short-term investments	76,918
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds and U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		$ 57,646
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Government Agency and foreign national bank securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 3,482

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Assumptions Used in Black Scholes Model

The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	2.67
Fair value of common stock	$	2.57
Volatility		81.93	%
Expected term	5.5 years
Risk-free interest rate		3.74	%

Schedule of Common Stock Reserved for Future Issuances

The Company has reserved for future issuances the following shares of common stock as of December 31, 2023:


	As of December 31, 2023
Option to exercise stock warrants		15,786,924
Stock options and restricted stock units		7,679,566
Employee stock purchase plan		438,834
Total		23,905,324

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property Plant And Equipment

Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

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


	December 31,
	2023			2022
Property and equipment:
Laboratory equipment	$	2,736		$	5,022
Computer software and equipment		105			675
Office furniture and fixtures		662			323
Leasehold improvements		461			397
	$	3,964		$	6,417
Accumulated depreciation		(1,921	)		(4,174	)
Property and equipment, net	$	2,043		$	2,243

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (62,680)	$ (55,278)

- Definition

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

+ References

+ Details

Collaboration Agreement - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	May 31, 2021	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payments receivable	$ 135,000,000
Collaboration revenue			$ 1,558,000	$ 1,363,000
Combined performance obligation			8,400,000
Development activities performance obligation			$ 3,600,000
Deferred revenue, description			Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of December 31, 2023, as all milestone amounts were fully constrained based on the probability of achievement.
Clinical Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 12,000,000
Upfront payment recognition in future periods to settlement of obligation			$ 12,000,000
Milestone Achievements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		$ 5,000,000	0	$ 5,000,000
Upfront payment recognition in future periods to settlement of obligation		5,000,000	5,000,000
Combined performance obligation		3,500,000	3,489,000
Development activities performance obligation			1,511,000
Pre-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		12,000,000	12,000,000
Combined performance obligation			8,373,000
Development activities performance obligation			3,627,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		$ 17,000,000	17,000,000
Combined performance obligation			11,862,000
Development activities performance obligation			$ 5,138,000

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Payroll and employee related expenses	$	4,670	$	2,975
Third-party research and development expenses		3,473		3,435
Lease-related costs		—		1,961
Other		1,231		659
Total accrued expenses and other current liabilities	$	9,374	$	9,030

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

12. Leases

Watertown Lease

In August 2007, the Company entered into an operating lease, as amended, for office and laboratory space in Watertown, Massachusetts. The lease includes certain rent escalations. In July 2023, the Company amended the lease to extend the expiration of the lease term from April 2024 to April 2027. Under the terms of the amended lease, the Company no longer has the right to terminate the lease after January 1, 2024. The Company has accounted for the amendment as a lease modification and changes to the right of use asset and liability was reflected within the consolidated balance sheet as of December 31, 2023. The impact to the right of use asset as of the lease amendment date was $4.9 million.

The Company maintains a letter of credit of approximately $0.3 million securing its obligations under the operating lease which is secured by approximately $0.3 million, which are included as restricted cash in the consolidated balance sheets. Rent expense is recognized on a straight-line basis over the terms of occupancy.

Waltham Lease

In May 2022, the Company executed a lease agreement located at 880 Winter Street in Waltham, Massachusetts. The leased premises comprise approximately 29,000 square feet of office and lab space, and the lease provides for base rent of $2.2 million per year, which will increase 3% per year over the noncancellable term ending on June 30, 2033. The Company has the option to extend the lease for one additional five-year term and is responsible for its share of real estate taxes, maintenance, and other operating expenses applicable to the leased premises. The Company did not include the option to extend the lease for the additional five-year term in its evaluation of the right-of-use asset and lease liability.

Upon lease commencement on December 21, 2023, following substantial completion of construction to prepare the premises for the Company’s use, the Company recorded the lease as a component of its operating lease right-of-use asset and operating lease liabilities. The improvements to prepare the leased premises for the Company’s intended use were funded by (i) the landlord, through a tenant allowance of $5.9 million and (ii) approximately $8.3 million funded by the Company. The Company recorded a right-of-use asset upon lease commencement in the amount of $27.6 million. In connection with the lease, a security deposit was delivered to the landlord in the form of an irrevocable standby letter of credit collateralized by $1.1 million of deposits with the financial institution which is recorded as restricted cash.

Waltham Sublease

In December 2023, the Company executed a sublease agreement for additional laboratory and office space located at 880 Winter Street in Waltham, Massachusetts. The subleased premises comprise approximately 24,000 square feet, and the sublease provides for base rent of $1.8 million per year, which will increase 3% per year over the noncancellable term ending on November 30, 2032. The Company is also responsible for its share of real estate taxes, maintenance, and other operating expenses applicable to the subleased premises.

Upon sublease commencement on January 3, 2024, the Company will record the sublease as a component of its operating lease right-of-use asset and operating lease liabilities. In connection with the lease, a security deposit was delivered to the landlord in the form of an irrevocable standby letter of credit collateralized by $0.6 million of deposits with the financial institution.

Embedded Leases

In April 2021, the Company entered into a clinical supply agreement with a CMO for clinical production of the Company’s product candidates at an existing facility and a facility under construction. The Company concluded that this clinical supply agreement contains embedded operating leases as the clean rooms in the existing facility and the new facility are designated for the Company’s exclusive use during the term of the agreement and the clinical supply agreement contains fixed commitments and variable costs related to production and material costs in excess of the fixed commitment specified in the agreement. The Company determined that it did not control the new facility during construction and, thus, the lease did not fall in the scope of “build-to-suit” accounting. The term of the clinical supply agreement is five years and will automatically renew for additional successive terms of one year unless either party gives notice of nonrenewal.

The lease period for the existing facility is less than 12 months and the Company has elected to apply the practical expedient in ASC Topic 842, Leases (“ASC 842”), to not recognize a lease liability or right-of-use asset but instead, recognize lease payments as an expense on a straight-line basis over the lease term and variable lease payments that do not depend on an index or rate, as an expense in the period in which the variable lease costs are incurred based on performance or usage in accordance with the clinical supply agreement. In October 2022, the Company terminated the agreement with the contract manufacturing organization.

The components of lease cost recorded in the Company’s consolidated financial statements were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Lease Cost:
Operating lease cost	$	1,966	$	1,115
Variable lease cost		1,202		3,931
Total lease cost	$	3,168	$	5,046

Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building and variable lease costs associated with the Company’s CMO embedded lease arrangement. During the year ended December 31, 2023, the Company did not record any cost related to the CMO embedded lease.

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:


	As of December 31, 2023
Weighted-average remaining lease term (in years)		8.2
Weighted-average discount rate		6.6	%


	As of December 31, 2022
Weighted-average remaining lease term (in years)		1.3
Weighted-average discount rate		8.2	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2023 were as follows (in thousands):


Year ending December 31,
2024	$	7,387
2025		4,275
2026		4,592
2027		3,173
2028		2,489
Thereafter		12,147
Total maturities		34,063
Less: Imputed interest		(7,182	)
Present value of operating lease liability		26,881
Less: Current portion of operating lease liability		(5,434	)
Total operating lease liability, net of current portion	$	21,447

Total rent expense under the Company's leases amounted to $2.0 million for the year ended December 31, 2023 and $1.1 million for the year ended December 31, 2022.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2023			2022
Income tax computed at federal statutory tax rate		21.0	%		21.0	%
Permanent differences		(2.1	)%		(1.4	)%
State taxes, net of federal benefit		6.7	%		4.9	%
Research and development and other tax credits		5.2	%		4.4	%
Change in deferred tax asset valuation allowance		(31.0	)%		25.8	%
Loss of Attributes - IRC 382 Ownership Change		0.5	%		(54.7	)%
Other		(0.3	)%		—
		—	%		—	%

Net deferred tax assets as of December 31, 2023 and 2022 consist of the following (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	29,999		$	25,154
Research and development credits		5,026			1,751
Stock-based compensation		1,132			1,295
Operating lease liabilities		7,466			583
Capitalized research & experimental expenditures		19,036			9,076
Deferred revenue		3,768			2,763
Other		920			474
Total gross deferred tax assets		67,347			41,096
Less: valuation allowance		(59,956	)		(40,512	)
Total deferred tax assets		7,391			584
Deferred tax liabilities:
Operating lease right-of-use assets		(7,391	)		(584	)
Total deferred tax liabilities		(7,391	)		(584	)
Net deferred taxes	$	—		$	—

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 18, 2024	Mar. 01, 2024	Feb. 12, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Restricted stock units granted				115,790
Common stock shares issued				57,214,550	31,827,659
Restricted Stock Units
Subsequent Event [Line Items]
Restricted stock units granted				154,926
Subsequent Events
Subsequent Event [Line Items]
Number of shares sold under ATM sale agreement			1,041,666
Sale of stock price per share			$ 4.8
Net proceeds			$ 4.8
Warrants of restricted shares exercised		1,424,272
Warrants exercise price, per share		$ 2.67
Net proceeds from warrant exercises		$ 3.8
Subsequent Events \| Dr. Palasis
Subsequent Event [Line Items]
Common stock shares issued	500,000
Subsequent Events \| Restricted Stock Units \| Dr. Waksal
Subsequent Event [Line Items]
Restricted stock units granted	275,000
Subsequent Events \| Performance-based Restricted Stock Units \| Dr. Waksal
Subsequent Event [Line Items]
Restricted stock units granted	385,000
Common stock shares issued	550,000

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 7,387
2025	4,275
2026	4,592
2027	3,173
2028	2,489
Thereafter	12,147
Total maturities	34,063
Less: Imputed interest	(7,182)
Present value of operating lease liability	26,881
Less: Current portion of operating lease liability	(5,434)	$ (1,549)
Total operating lease liability, net of current portion	$ 21,447	$ 667

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Cost:
Operating lease cost	$ 1,966	$ 1,115
Variable lease cost	1,202	3,931
Total lease cost	$ 3,168	$ 5,046

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
Document And Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Entity File Number	001-39273
Entity Registrant Name	Lyra Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1700838
Entity Address, Address Line One	480 Arsenal Way
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	393-4600
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LYRA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 143,245,604
Entity Common Stock, Shares Outstanding		59,743,123
Documents Incorporated by Reference	None.
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001327273
Document Fiscal Period Focus	FY
Auditor Name	BDO USA, P.C.
Auditor Location	Boston, Massachusetts
Auditor Firm ID	243

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5 years
Computer software and equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3 years
Office furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	7 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	57,214,550	31,827,659
Common stock shares outstanding	57,214,550	31,827,659
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock shares outstanding	0	0
Preferred stock shares issued	0	0

Short-term Investments - Schedule of Fair Value of Available-For-Sale Investments by Type of Security (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 80,367	$ 65,334
Unrealized Gains	37	14
Unrealized Losses	(4)	(4)
Fair Value	80,400	65,344
US Treasury Bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	76,881	2,966
Unrealized Gains	37
Fair Value	76,918	2,966
U.S. Government Agency and foreign national bank securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,486
Unrealized Losses	(4)
Fair Value	$ 3,482
Corporate Bonds and U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		62,368
Unrealized Gains		14
Unrealized Losses		(4)
Fair Value		$ 62,378

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Collaboration revenue	$ 1,558	$ 1,363
Operating expenses:
Research and development	48,029	38,797
General and administrative	19,057	17,556
Loss on impairment of long-lived assets	1,592	1,316
Total operating expenses	68,678	57,669
Loss from operations	(67,120)	(56,306)
Other income:
Interest income	4,499	1,041
Total other income	4,499	1,041
Loss before income tax expense	(62,621)	(55,265)
Income tax expense	(59)	(13)
Net loss	(62,680)	(55,278)
Other comprehensive income:
Unrealized holding gain on short-term investments, net of tax	23	10
Comprehensive loss	$ (62,657)	$ (55,268)
Net loss per share -basic	$ (1.26)	$ (1.83)
Net loss per share -diluted	$ (1.26)	$ (1.83)
Weighted-average common shares outstanding-basic	49,804,283	30,235,689
Weighted-average common shares outstanding-diluted	49,804,283	30,235,689

Preferred and Common Stock - Schedule of Assumptions Used in Black Scholes Model (Details) - $ / shares		12 Months Ended
	May 25, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 2.67
Fair value of common stock	$ 2.57
Volatility	81.93%	82.70%	81.30%
Expected term	5 years 6 months	6 years 1 month 6 days	6 years
Risk-free interest rate	3.74%	3.90%	2.70%

- 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

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Company match percentage	3.00%	3.00%
Match cost	$ 0.4	$ 0.3
Maximum contribution employee percentage	6.00%	6.00%

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2023
Assets:
Cash equivalents
Money market funds	$	11,167	$	11,167	$	—	$	—
U.S. treasury bills		8,980		—		8,980		—
Total cash equivalents	$	20,147	$	11,167	$	8,980	$	—
Short-term investments:
U.S. treasury bills		76,918		—		76,918		—
U.S. Government Agency and foreign national bank securities		3,482		—		3,482		—
Total Short-term investments	$	80,400	$	—	$	80,400	$	—


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2022
Assets:
Cash equivalents
Money market funds	$	22,580	$	22,580	$	—	$	—
Corporate debt securities		7,089		2,098		4,991		—
Total cash equivalents	$	29,669	$	24,678	$	4,991	$	—
Short-term investments:
US treasury bills		2,966		2,966		—		—
Corporate Bonds and U.S. Government Agency Securities		62,378		4,732		57,646		—
Total Short-term investments	$	65,344	$	7,698	$	57,646	$	—

As of December 31, 2023, the Company’s cash equivalents were invested in money market funds and U.S. treasury bills, which were valued based on Level 1 and Level 2 inputs, respectively. As of December 31, 2023, the Company's short-term investments consisted of U.S. treasury bills which were valued based on Level 2 inputs and U.S. Government Agency Securities and foreign national bank securities, which were valued based on Level 2 inputs.

As of December 31, 2022, the Company’s cash equivalents were invested in money market funds and certain corporate debt securities, which were valued based on Level 1 inputs, and other corporate debt securities which were valued based on Level 2 inputs. As of December 31, 2022, the Company's short-term investments consisted of U.S. treasury bills and certain corporate bonds which were valued based on Level 1 inputs and other Corporate Bonds and U.S. Government Agency Securities, which were valued based on Level 2 inputs. During the preparation of the Company’s annual financial statements, the Company identified an immaterial error in the Company’s historical financial statements whereby the Company misclassified U.S. treasury bills considered to be short-term investments of $22,671 and $58,244 at June 30, 2023 and September 30, 2023, respectively, as a Level 1 investment instead of as a Level 2 investment and misclassified U.S. treasury bills considered to be cash equivalents of $15,937 at September 30, 2023 as a Level 1 investment instead of as a Level 2 investment.

In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data for Level 2 investments. All available-for-sale securities have contractual maturities of less than one year. The Company did not have any financial assets or liabilities during any of the periods presented in the accompanying consolidated financial statements that required Level 3 inputs.

The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

- Definition

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

+ References + Details

Common Stock Warrants - Summary of Warrants Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance	5,000,000
Number of Warrants Outstanding, Ending Balance	15,786,924	5,000,000
Weighted Average Remaining Contractual Term of Warrants Outstanding		4 years 3 months 18 days
Aggregate intrinsic Value of Warrants Outstanding		$ 15.7
Common Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Issued	10,030,575
Number of Warrants Outstanding, Ending Balance	10,030,575
Weighted Average Exercise Price of Warrants Issued	$ 2.673
Weighted Average Remaining Contractual Term of Warrants Outstanding	4 years 10 months 24 days
Aggregate intrinsic Value of Warrants Outstanding	$ 25.7
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance	5,000,000
Number of Warrants Issued	2,408,188	5,000,000
Number of Warrants Exercised	(1,651,423)
Number of Warrants Cancelled	(416)
Number of Warrants Outstanding, Ending Balance	5,756,349	5,000,000
Weighted Average Exercise Price of Warrants Issued	$ 0.001
Weighted Average Exercise Price of Warrants Exercised	0.001
Weighted Average Exercise Price of Warrants Cancelled	$ 0.001
Weighted Average Remaining Contractual Term of Warrants Outstanding	3 years 11 months 1 day
Aggregate intrinsic Value of Warrants Outstanding	$ 30.2

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 29,999	$ 25,154
Research and development credits	5,026	1,751
Stock-based compensation	1,132	1,295
Operating lease liabilities	7,466	583
Capitalized research & experimental expenditures	19,036	9,076
Deferred revenue	3,768	2,763
Other	920	474
Total gross deferred tax assets	67,347	41,096
Less: valuation allowance	(59,956)	(40,512)
Total deferred tax assets	7,391	584
Operating lease right-of-use assets	(7,391)	(584)
Total deferred tax liabilities	$ (7,391)	$ (584)

Preferred and Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred and Common Stock

7. Preferred and Common Stock

The Company has 10,000,000 shares of undesignated preferred stock, par value $0.001 per share. There were no shares issued or outstanding as of December 31, 2023 and 2022.

The holders of common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors.

The Company currently has an effective shelf registration statement on Form S-3 (No. 333-256020) filed with the SEC on May 11, 2021 (“Form S-3”), under which it may offer from time to time in one or more offerings any combination of common and preferred stock, debt securities, warrants and units of up to $250.0 million in the aggregate. As of December 31, 2023, the Company sold 6,017,568 shares resulting in net proceeds of $19.1 million.

On May 11, 2021, the Company entered into an Open Market Sales Agreement (“2021 ATM Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of its common stock, from time to time, with aggregate gross sales proceeds of up to $50.0 million, through an at-the-market equity offering program under which Jefferies will act as the Company’s sales agent. The offering of the Company's shares of common stock pursuant to the 2021 ATM Agreement will terminate upon the earlier of (i) the sale of all shares of common stock subject to the 2021 ATM Agreement and (ii) the termination of the 2021 ATM Agreement as permitted therein. As of March 27, 2023, the Company terminated the 2021 ATM Agreement with Jefferies.

September 2023 Financing

On September 1, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor") pursuant to which the Company may offer and sell, from time to time through Cantor, shares of the Company's common stock for aggregate gross proceeds of up to $50.0 million. The offering and sale of up to $50.0 million of the common shares has been registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to the Company's Registration Statement on Form S-3 (File No. 333-256020) (the "Registration Statement"), which was originally filed with the Securities and Exchange Commission ("SEC") on May 11, 2021,
and declared effective by the SEC on May 20, 2021, the base prospectus contained within the Registration Statement, and a prospectus supplement relating to the shares that was filed with the SEC on September 1, 2023 (the "Prospectus Supplement").

Pursuant to the Sales Agreement, Cantor may sell the shares in sales deemed to be "at the market offerings" as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company has no obligation to sell any of the shares under the Sales Agreement and may at any time suspend or terminate the offering of the shares pursuant to the Sales Agreement upon notice to Cantor and subject to other conditions. Cantor will act as sales agent and will use commercially reasonable efforts to sell on the Company's behalf all of the shares requested to be sold by the Company, on mutually agreed terms between Cantor and the Company.

The Sales Agreement contains customary representations, warranties and agreements by the Company, and indemnification obligations of the Company and Cantor and other obligations of the parties. Under the terms of the Sales Agreement, the Company has agreed to pay Cantor a commission equal to 3.0% of the aggregate gross proceeds from any shares sold through it pursuant to the Sales Agreement. In addition, the Company has agreed to reimburse certain expenses incurred by Cantor in connection with the Sales Agreement.

On October 2, 2023, the Company sold an aggregate of 3,017,568 shares of common stock under the Sales Agreement, at a weighted average price of $3.71 per share, which generated net proceeds of $10.9 million. On November 15, 2023, the Company sold an aggregate of 3,000,000 shares of common stock under the Sales Agreement, at a weighted average price of $2.88 per share, which generated net proceeds of $8.2 million.

May 2023 Financing

On May 25, 2023, the Company entered into the Purchase Agreement, with the purchasers, pursuant to which the Company agreed to sell securities to the Investors in a private placement (the “Private Placement”). The Purchase Agreement provided for the sale and issuance by the Company of:

17,652,962 shares of the Company’s common stock and accompanying warrants to purchase up to 8,826,481 shares of the Company’s common stock (Purchase Warrants), with an exercise price of $2.67 per share, for aggregate gross proceeds of $44.0 million. Each Purchase Warrant became exercisable on November 30, 2023, and expire on November 30, 2028. Additionally, the Company issued Pre-Funded Warrants to purchase 2,408,188 shares of the Company’s common stock (Pre-Funded Warrants), with an exercise price of $0.001 per share, and accompanying purchase warrants to purchase up to 1,204,094 shares of the Company’s common stock (Purchase Warrants), with an exercise price of $2.673 per share, for aggregate gross proceeds of $6.0 million. In total 10,030,575 Purchase Warrants were issued and 2,408,188 Pre-Funded Warrants were issued. The Pre-Funded Warrants are immediately exercisable and expire on May 31, 2028.

The closing of the Private Placement occurred on May 31, 2023. The Company filed a shelf registration statement on Form S-3 with the SEC on June 28, 2023, and it was declared effective on July 7, 2023.

The Company received an aggregate of $50.0 million in gross proceeds, or $46.5 million after deducting issuance costs. The Company has allocated the net proceeds among the common stock, the Purchase Warrants and the Pre-Funded Warrants using the relative fair value method for each of the above transactions. The Company has allocated $30.5 million to the shares of common stock, $4.2 million to the Pre-Funded Warrants and $12 million to the Purchase Warrants. During the preparation of the Company’s annual financial statements, the Company identified an immaterial error in the Company’s historical financial statements whereby the Company omitted this disclosure in the interim financial statements for the quarter ended June 30, 2023 and incorrectly disclosed an allocation of $11.5 million instead of $12 million to the Purchased Warrants and failed to disclose the allocation of $4.2 million to the Pre-Funded Warrants in the interim financial statements for the quarter ended September 30, 2023. These immaterial errors have been corrected within these consolidated financial statements.

The Company has determined the fair value of the common shares based upon the Company’s common stock price on the date of the transaction applied to the number of shares of common stock issued. The fair value of the Pre-Funded Warrants was determined based on the Company’s common stock price on the date of the transaction, less the $0.001 per share exercise price of the warrants, applied to the number of Pre-Funded Warrants. The fair value of the Purchase Warrants was determined using the Black-Scholes model applied to the number of Purchase Warrants. The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	2.67
Fair value of common stock	$	2.57
Volatility		81.93	%
Expected term	5.5 years
Risk-free interest rate		3.74	%

The Company’s outstanding warrants are freestanding instruments and are classified within stockholders’ equity since the warrants are indexed to the Company’s common stock and meet the equity classification criteria.

There were no warrants issued in the May 2023 Financing exercised during the year ended December 31, 2023.

April 2022 Financing

On April 13, 2022, the Company announced the closing of its private placement of common stock (or, in lieu thereof, Pre-Funded Warrants to purchase common stock), resulting in gross proceeds of approximately $100.5 million (“April 2022 Financing”). The Company received approximately $96.3 million in net proceeds after deducting estimated offering costs of $4.2 million. Pursuant to the securities purchase agreement, (i) certain investors purchased an aggregate of 18,815,159 shares of common stock at $4.22 per share for gross proceeds to the Company of $79.4 million and (ii) certain investors purchased Pre-Funded Warrants to purchase an aggregate of 5,000,000 shares of common stock, with the exercise price of $0.001 per share for gross proceeds of $21.1 million to the Company. The warrants are exercisable on or after April 13, 2022 and expire on April 12, 2027.

The Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Pre-Funded Warrants

are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such Pre-Funded Warrants do not provide any guarantee of value or return. The Company valued the Pre-Funded Warrants at issuance, concluding that their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the common stock and Pre-Funded Warrants, of which $19.7 million was allocated to the Pre-Funded Warrants and recorded as a component of additional paid-in capital. There were 1,651,423 Pre-Funded Warrants issued in the April 2022 Financing exercised as of December 31, 2023.

The Company has reserved for future issuances the following shares of common stock as of December 31, 2023:


	As of December 31, 2023
Option to exercise stock warrants		15,786,924
Stock options and restricted stock units		7,679,566
Employee stock purchase plan		438,834
Total		23,905,324

- 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
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-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)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-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
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units outstanding, Beginning Balance \| shares	28,212
Restricted stock units outstanding shares, Granted \| shares	115,790
Restricted stock units outstanding shares, Vested \| shares	(7,041)
Restricted stock units outstanding shares, Forfeited \| shares	(31,913)
Restricted stock units outstanding, Ending Balance \| shares	105,048
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 4.78
Weighted Average Grant Date Fair Value, Granted \| $ / shares	2.85
Weighted Average Grant Date Fair Value, Vested \| $ / shares	4.78
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	2.97
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 3.2

Collaboration Agreement - Summary of Change in the Transaction Price (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 28, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	$ 8,400
Development Activities Performance Obligation	3,600
Pre-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	8,373
Development Activities Performance Obligation	3,627
Total	12,000	$ 12,000
Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	3,489	3,500
Development Activities Performance Obligation	1,511
Total	5,000	5,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	11,862
Development Activities Performance Obligation	5,138
Total	$ 17,000	$ 17,000

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2023
Assets:
Cash equivalents
Money market funds	$	11,167	$	11,167	$	—	$	—
U.S. treasury bills		8,980		—		8,980		—
Total cash equivalents	$	20,147	$	11,167	$	8,980	$	—
Short-term investments:
U.S. treasury bills		76,918		—		76,918		—
U.S. Government Agency and foreign national bank securities		3,482		—		3,482		—
Total Short-term investments	$	80,400	$	—	$	80,400	$	—


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2022
Assets:
Cash equivalents
Money market funds	$	22,580	$	22,580	$	—	$	—
Corporate debt securities		7,089		2,098		4,991		—
Total cash equivalents	$	29,669	$	24,678	$	4,991	$	—
Short-term investments:
US treasury bills		2,966		2,966		—		—
Corporate Bonds and U.S. Government Agency Securities		62,378		4,732		57,646		—
Total Short-term investments	$	65,344	$	7,698	$	57,646	$	—

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Accounting Policies [Line Items]
Restricted cash	$ 1,392,000	$ 1,392,000
Other assets	1,100,000	3,300,000
Loss on impairment of long-lived assets	1,592,000	1,316,000
Operating lease right-of-use assets	33,233,000	2,223,000
Impairment of the right-of-use assets	0	0
Lease liabilities	5,434,000	1,549,000
Contract Termination
Accounting Policies [Line Items]
Loss on impairment of long-lived assets	1,600,000	$ 1,300,000
ASC 842
Accounting Policies [Line Items]
Operating lease right-of-use assets	$ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets
Lease liabilities			$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities
Finance lease liability	$ 0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities

Short-term Investments

12 Months Ended

Dec. 31, 2023

Short-Term Investments [Abstract]

Short-term Investments

4. Short-term Investments

The fair value of available-for-sale investments by type of security was as follows:


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

Investments:
U.S. treasury bills	$	76,881	$	37	$	—		$	76,918
U.S. Government Agency and foreign national bank securities		3,486		—		(4	)	$	3,482
Total investments	$	80,367	$	37	$	(4	)	$	80,400


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

Investments:
U.S. treasury bills	$	2,966	$	—	$	—		$	2,966
Corporate Bonds and U.S. Government Agency Securities		62,368		14		(4	)		62,378
Total investments	$	65,334	$	14	$	(4	)	$	65,344

The Company held two debt securities that were in an unrealized loss position as of December 31, 2023. The aggregated fair value of debt securities in an unrealized loss position was $3.5 million. As of December 31, 2023, the Company did not hold debt securities in a continuous unrealized loss position for more than 12 months.

The Company held four debt securities that were in an unrealized loss position as of December 31, 2022. The aggregated fair value of debt securities in an unrealized loss position was $3.9 million. As of December 31, 2022, the Company did not hold debt securities in a continuous unrealized loss position for more than 12 months.

The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on the consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss as a separate component of stockholders' equity. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the consolidated statements of operations and comprehensive loss. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The unrealized losses at December 31, 2023 are attributable to changes in interest rates.

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

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


	December 31,
	2023			2022
Property and equipment:
Laboratory equipment	$	2,736		$	5,022
Computer software and equipment		105			675
Office furniture and fixtures		662			323
Leasehold improvements		461			397
	$	3,964		$	6,417
Accumulated depreciation		(1,921	)		(4,174	)
Property and equipment, net	$	2,043		$	2,243

The Company recognized approximately $0.3 million and $1.1 million of depreciation expense for the years ended December 31, 2023 and 2022, respectively.

In October of 2022, the Company terminated an agreement with a contract manufacturer organization, or CMO. Prior to termination, the Company had funded certain leasehold improvements at the CMO’s facility that the Company does not anticipate receiving the benefit of in the future and has accordingly impaired the respective assets. Additionally, the Company recognized $1.6 million and $1.3 million related to loss on impairment of long-lived research and development assets for the periods ended December 31, 2023 and 2022, respectively, both related to the agreement termination referred to above based on specific facts and circumstances in the respective periods. This impairment evaluation related to the net book value of leasehold improvement and laboratory equipment assets held at the CMO.

Retirement Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plan

13. Retirement Plan

The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make any contributions to the 401(k) Plan. For the years ended December 31, 2023 and 2022, the Company made a discretionary match that matches 50%, up to 6% employee contribution, and therefore a maximum of 3% of employees’ salary. Matching contributions are fully vested at the time of contribution. The Company matched $0.4 million and $0.3 million of employee 401(k) contributions for the years ended December 31, 2023 and 2022, respectively, which is included in the statements of operations and comprehensive loss.

Preferred and Common Stock - Additional Information (Details)							3 Months Ended		12 Months Ended
	Nov. 15, 2023 USD ($) $ / shares shares	Oct. 02, 2023 USD ($) $ / shares shares	Sep. 01, 2023 USD ($)	May 25, 2023 USD ($) $ / shares shares	Apr. 13, 2022 USD ($) $ / shares shares	May 11, 2021 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares shares	May 05, 2020 $ / shares shares
Class Of Stock [Line Items]
Common stock shares authorized \| shares									200,000,000	200,000,000
Common stock par value \| $ / shares									$ 0.001	$ 0.001
Preferred Stock, Shares Authorized \| shares									10,000,000	10,000,000	10,000,000
Preferred stock, par value \| $ / shares									$ 0.001	$ 0.001	$ 0.001
Common stock, voting rights									The holders of common stock are entitled to one vote for each share held.
Number of common stock voting rights \| Vote									1
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares									6,017,568
Common stock shares issued \| shares									57,214,550	31,827,659
Stock and warrants to be issued during period value preferred stock and warrants						$ 250,000,000.0
Issuance of stock, value									$ 19,068,000
Preferred stock shares issued \| shares									0	0
Preferred stock shares outstanding \| shares									0	0
Pre-funded warrants exercised \| shares									0
Private Placement
Class Of Stock [Line Items]
Shares issued and sold, public offering price \| $ / shares					$ 4.22
Gross proceeds from private placement					$ 100,500,000
Net proceeds from private placement					96,300,000
Estimated offering costs					$ 4,200,000
Net proceeds from sale of warrants				$ 12,000,000
2021 ATM Agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock						$ 50,000,000.0
Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock \| shares				8,826,481
Warrants exercise price, per share \| $ / shares				$ 2.67
Net proceeds from issuance of preferred stock allocated to warrants				$ 46,500,000
Net proceeds from private placement				50,000,000
Net proceeds from sale of warrants				$ 44,000,000
Sales Agreement
Class Of Stock [Line Items]
Net proceeds	$ 8,200,000	$ 10,900,000
Cantor Fitzgerald & Co.
Class Of Stock [Line Items]
Percentage of aggregate commission			3.00%
Pre Funded Warrants
Class Of Stock [Line Items]
Warrants exercise price, per share \| $ / shares				$ 0.001
Net proceeds from sale of warrants				$ 4,200,000					$ 19,700,000
Pre-funded warrants exercised \| shares									1,651,423
Pre Funded Warrants \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares					5,000,000
Warrants exercise price, per share \| $ / shares					$ 0.001
Gross proceeds for warrant exercises					$ 21,100,000
Pre Funded Warrants \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock \| shares				2,408,188					2,408,188
Warrants exercise price, per share \| $ / shares				$ 0.001
Class of warrant or right, expiration description									The Pre-Funded Warrants are immediately exercisable and expire on May 31, 2028.
Net proceeds from sale of warrants				$ 6,000,000
Common Stock
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares	3,000,000	3,017,568							6,017,568
Net proceeds				$ 30,500,000
Issuance of stock, value									$ 6,000
Common Stock \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares					18,815,159
Gross proceeds from issuance of common stock					$ 79,400,000
Common Stock \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares				17,652,962
Common Stock \| Sales Agreement
Class Of Stock [Line Items]
Shares issued and sold, public offering price \| $ / shares	$ 2.88	$ 3.71
Common Stock \| Maximum \| Cantor Fitzgerald & Co. \| Controlled Equity Offering Sales Agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock			$ 50,000,000
Gross proceeds under agreement			$ 50,000,000
Stock warrants \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock \| shares				1,204,094					10,030,575
Warrants exercise price, per share \| $ / shares				$ 2.673
Class of warrant or right, expiration description									Each Purchase Warrant became exercisable on November 30, 2023, and expire on November 30, 2028.
Error Correction
Class Of Stock [Line Items]
Immaterial Error Correction									During the preparation of the Company’s annual financial statements, the Company identified an immaterial error in the Company’s historical financial statements whereby the Company omitted this disclosure in the interim financial statements for the quarter ended June 30, 2023 and incorrectly disclosed an allocation of $11.5 million instead of $12 million to the Purchased Warrants and failed to disclose the allocation of $4.2 million to the Pre-Funded Warrants in the interim financial statements for the quarter ended September 30, 2023.
Error Correction \| Private Placement
Class Of Stock [Line Items]
Net proceeds from sale of warrants							$ 12,000,000
Error Correction \| Pre Funded Warrants
Class Of Stock [Line Items]
Net proceeds from sale of warrants							$ 4,200,000
Error Correction \| Common Stock \| Purchase Agreement
Class Of Stock [Line Items]
Adjustments to additional paid in capital, sale of common stock and warrants								$ 11,500,000

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory tax rate	21.00%	21.00%
Permanent differences	(2.10%)	(1.40%)
State taxes, net of federal benefit	6.70%	4.90%
Research and development and other tax credits	5.20%	4.40%
Change in deferred tax asset valuation allowance	(31.00%)	25.80%
Loss of Attributes - IRC 382 Ownership Change	0.50%	(54.70%)
Other	(0.30%)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet

A reconciliation of the cash, cash

equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	22,353	$	32,550
Restricted cash		1,392		1,392
Total	$	23,745	$	33,942

Property Plant And Equipment

Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

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


	December 31,
	2023			2022
Property and equipment:
Laboratory equipment	$	2,736		$	5,022
Computer software and equipment		105			675
Office furniture and fixtures		662			323
Leasehold improvements		461			397
	$	3,964		$	6,417
Accumulated depreciation		(1,921	)		(4,174	)
Property and equipment, net	$	2,043		$	2,243

Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2023			2022
Numerator:
Net loss	$	(62,680	)	$	(55,278	)
Net loss attributable to common stockholders	$	(62,680	)	$	(55,278	)
Denominator:
Weighted-average common shares—basic and diluted		49,804,283			30,235,689
Net loss per share attributable to common stockholders—basic and diluted	$	(1.26	)	$	(1.83	)

Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2023		2022
Stock options		5,709,980		4,311,333
Restricted stock units		105,048		28,212
Stock warrants		10,030,575		—
Total		15,845,603		4,339,545

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	15,845,603	4,339,545
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	5,709,980	4,311,333
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	105,048	28,212
Stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	10,030,575

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Cost

The components of lease cost recorded in the Company’s consolidated financial statements were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Lease Cost:
Operating lease cost	$	1,966	$	1,115
Variable lease cost		1,202		3,931
Total lease cost	$	3,168	$	5,046

Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:


	As of December 31, 2023
Weighted-average remaining lease term (in years)		8.2
Weighted-average discount rate		6.6	%


	As of December 31, 2022
Weighted-average remaining lease term (in years)		1.3
Weighted-average discount rate		8.2	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2023 were as follows (in thousands):


Year ending December 31,
2024	$	7,387
2025		4,275
2026		4,592
2027		3,173
2028		2,489
Thereafter		12,147
Total maturities		34,063
Less: Imputed interest		(7,182	)
Present value of operating lease liability		26,881
Less: Current portion of operating lease liability		(5,434	)
Total operating lease liability, net of current portion	$	21,447

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 22,353	$ 32,550
Restricted cash	1,392	1,392
Total	$ 23,745	$ 33,942

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Payroll and employee related expenses	$	4,670	$	2,975
Third-party research and development expenses		3,473		3,435
Lease-related costs		—		1,961
Other		1,231		659
Total accrued expenses and other current liabilities	$	9,374	$	9,030