0000950170-24-050535 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	60,964,775	57,214,550
Common stock shares outstanding	60,964,775	57,214,550

Common Stock Warrants

3 Months Ended

Mar. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Common Stock Warrants

5. Common Stock Warrants

The following table represents a summary of the warrants outstanding and exercisable as of March 31, 2024, all of which are equity-classified:


	Number of Common Warrants			Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value		Expiration Date	Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value		Expiration Date
Outstanding at December 31, 2023		10,030,575		$	2.673		4.90	$	25,700	November 30, 2028		5,756,349		$	0.001		3.92	$	30,200	April 2027-May 2028
Exercised		(1,424,272	)	$	2.673			$	5,052			(1,255,500	)	$	0.001			$	7,808
Outstanding at March 31, 2024		8,606,303		$	2.673		4.65	$	30,527	November 30, 2028		4,500,849		$	0.001		3.67	$	27,991	April 2027-May 2028

Commitments and Contingencies	3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies On May 10, 2023, the Company filed a complaint in the Superior Court of the State of Delaware against a former contract manufacturer alleging breach of contract. The Company alleged in its complaint that the former contract manufacturer breached the Master Clinical Supply Agreement (“MCSA”). The Company’s complaint sought monetary damages and the return of equipment and materials that the Company owned. On July 20, 2023, the same contract manufacturer filed an answer and amended counterclaims to the Company’s May 10, 2023 complaint (the “Litigation”). Due to the legal proceeding and termination of agreement with this manufacturer, the Company recognized $1.6 million loss on impairment of long-lived assets during the year-ended December 31, 2023. On November 2, 2023, the Company entered into a settlement and release agreement, related to the Litigation, pursuant to which each of the Company and the contract manufacturer provided broad mutual releases of all claims relating to or arising out of the MCSA, including without limitation, all claims brought in the Litigation or that could have been brought in the Litigation. The Company and the former contract manufacturer agreed to jointly file a Stipulation of Dismissal with prejudice relating to the Litigation. The Company has a remaining liability of $0.4 million to be paid to the contract manufacturer during 2024.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

On May 10, 2023, the Company filed a complaint in the Superior Court of the State of Delaware against a former contract manufacturer alleging breach of contract. The Company alleged in its complaint that the former contract manufacturer breached the Master Clinical Supply Agreement (“MCSA”). The Company’s complaint sought monetary damages and the return of equipment and materials that the Company owned. On July 20, 2023, the same contract manufacturer filed an answer and amended counterclaims to the Company’s May 10, 2023 complaint (the “Litigation”). Due to the legal proceeding and termination of agreement with this manufacturer, the Company recognized $1.6 million loss on impairment of long-lived assets during the year-ended December 31, 2023.

On November 2, 2023, the Company entered into a settlement and release agreement, related to the Litigation, pursuant to which each of the Company and the contract manufacturer provided broad mutual releases of all claims relating to or arising out of the MCSA, including without limitation, all claims brought in the Litigation or that could have been brought in the Litigation. The Company and the former contract manufacturer agreed to jointly file a Stipulation of Dismissal with prejudice relating to the Litigation. The Company has a remaining liability of $0.4 million to be paid to the contract manufacturer during 2024.

Organization, Going Concern and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended
	Mar. 22, 2024	May 25, 2023	Apr. 13, 2022	Mar. 31, 2024	Dec. 31, 2023
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation				Nov. 21, 2005
Fund raised for operations				$ 424,800
Proceeds from issuance of redeemable convertible preferred stock				162,100
Proceeds from issuance initial public offering				57,300
Accumulated deficit				(333,807)	$ (311,355)
Cash and cash equivalents				15,799	22,353
Short-term investments				71,319	$ 80,400
Proceeds from government contracts				16,800
Exercise of common stock warrants				3,800
Proceeds from license and collaboration agreement				17,000
Stock and warrants to be issued during period value preferred stock and warrants	$ 300,000
Private Placement
Organization And Basis Of Presentation [Line Items]
Net proceeds from private placement			$ 96,300	96,300
Private Placement \| Purchase Agreement
Organization And Basis Of Presentation [Line Items]
Net proceeds from private placement		$ 50,000
Net proceeds from issuance of preferred stock allocated to warrants		46,500		46,500
Controlled Equity Offering Sales Agreement
Organization And Basis Of Presentation [Line Items]
Net proceeds				$ 23,900
Common Stock
Organization And Basis Of Presentation [Line Items]
Net proceeds		$ 30,500

Preferred and Common Stock - Additional Information (Details)						3 Months Ended
	Mar. 22, 2024 USD ($)	Feb. 14, 2024 USD ($) shares	Sep. 01, 2023 USD ($)	May 25, 2023 USD ($) $ / shares shares	Apr. 13, 2022 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Mar. 31, 2023 shares	May 05, 2020 $ / shares shares
Class of Stock [Line Items]
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
Preferred stock, shares issued \| shares						0	0	0
Preferred stock, shares outstanding \| shares						0	0	0
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
Stock and warrants to be issued during period value preferred stock and warrants	$ 300,000,000
ATM Agreement
Class of Stock [Line Items]
Issuance of common stock \| shares		1,041,666
Net proceeds		$ 4,800,000
Cantor Fitzgerald & Co.
Class of Stock [Line Items]
Percentage of aggregate commission			3.00%
Controlled Equity Offering Sales Agreement
Class of Stock [Line Items]
Net proceeds						$ 23,900,000
Private Placement
Class of Stock [Line Items]
Aggregate gross proceeds from issuance of warrants				$ 12,000,000
Gross proceeds from private placement					$ 100,500,000
Net proceeds from private placement					96,300,000	96,300,000
Estimated offering costs					$ 4,200,000
Shares issued and sold, public offering price \| $ / shares					$ 4.22
Private Placement \| Purchase Agreement
Class of Stock [Line Items]
Warrants to purchase common shares \| shares				8,826,481
Warrants exercise price, per share \| $ / shares				$ 2.67
Aggregate gross proceeds from issuance of warrants				$ 44,000,000
Net proceeds from private placement				50,000,000
Net proceeds from issuance of preferred stock allocated to warrants				46,500,000		$ 46,500,000
Pre Funded Warrants
Class of Stock [Line Items]
Warrants exercise price, per share \| $ / shares						$ 0.001	$ 0.001
Aggregate gross proceeds from issuance of warrants				$ 4,200,000		$ 19,700,000
Number of warrants exercised \| shares						1,255,500
Number of warrants exercised \| shares						2,906,923
Pre Funded Warrants \| Private Placement
Class of Stock [Line Items]
Issuance of common stock \| shares					5,000,000
Warrants exercise price, per share \| $ / shares					$ 0.001
Gross proceeds for warrant exercises					$ 21,100,000
Pre Funded Warrants \| Private Placement \| Purchase Agreement
Class of Stock [Line Items]
Warrants to purchase common shares \| shares				2,408,188		2,408,188
Warrants exercise price, per share \| $ / shares				$ 0.001
Aggregate gross proceeds from issuance of warrants				$ 6,000,000
Class of warrant or right, expiration description						The Pre-Funded Warrants are immediately exercisable and expire on May 31, 2028.
Common Stock
Class of Stock [Line Items]
Issuance of common stock \| shares						1,041,666
Net proceeds				$ 30,500,000
Common Stock \| Private Placement
Class of Stock [Line Items]
Issuance of common stock \| shares					18,815,159
Gross proceeds from issuance of common stock					$ 79,400,000
Common Stock \| Private Placement \| Purchase Agreement
Class of Stock [Line Items]
Issuance of common stock \| shares				17,652,962
Common Stock \| Maximum \| Controlled Equity Offering Sales Agreement \| Cantor Fitzgerald & Co.
Class of Stock [Line Items]
Gross proceeds under agreement	75,000,000		$ 50,000,000
Proceeds to be occured from future issuance of common stock	$ 75,000,000		$ 50,000,000
Purchase Warrants \| Private Placement \| Purchase Agreement
Class of Stock [Line Items]
Warrants to purchase common shares \| shares				1,204,094		10,030,575
Warrants exercise price, per share \| $ / shares				$ 2.673		$ 2.673
Class of warrant or right, expiration description						Each Purchase Warrant became exercisable on November 30, 2023, and expires on November 30, 2028.
Number of warrants exercised \| shares						1,424,272

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 71,319	$ 80,400
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,079	20,147
Short-term investments	71,319	80,400
Fair Value, Recurring [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,079	11,167
Fair Value, Recurring [Member] \| U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		8,980
Short-term investments	71,319	76,918
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	12,079	11,167
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	12,079	11,167
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
Short-term investments	$ 71,319	80,400
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. 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] \| 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

Stock-Based Compensation Expense - Additional Information (Details) - USD ($)		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		2,346,602
Shares of common stock reserved for future issuances		23,909,135
RSUs granted		984,929
Common stock shares issued		60,964,775		57,214,550
Shares available for issuance		724,906
Stock-based compensation expense		$ 2,162,000	$ 1,610,000
Exercise price per share, granted		$ 5.24
Weighted-average fair value of options granted to employees, directors and non-employees		$ 3.64	$ 2
Stock-based compensation expense recorded as liability		$ 281,000	$ 0
Shares probable to vest		27,869
Risk-free interest rate		4.10%	3.70%
Volatility		77.10%	83.30%
Expected term		6 years	6 years
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense		$ 12,500,000
Unrecognized share based compensation amount recognition term		3 years 2 months 15 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense		$ 3,900,000
Unrecognized share based compensation amount recognition term		2 years 7 months 6 days
Performance-Based Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years 9 months 18 days
Unrecognized stock compensation expense to be recognized		$ 1,500,000
2024 Performance Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		4.26%
Volatility		76.82%
Expected dividend yield		0.00%
Expected term		6 years
2024 Performance Option \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		183,333
2024 PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 12,000
2024 PSUs \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares probable to vest		128,333
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		761,474
2020 Plan \| 2024 Performance Option \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		550,000
Exercise price per share, granted		$ 6.07
2020 Plan \| 2024 PSUs \| Executive Chair
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted		385,000
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		200,800
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					438,834
Maximum number of common shares issued	286,072

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

. 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 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 comprises approximately 29,000 square feet of office and lab space, and the lease initially 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 measurement of the right-of-use asset and lease liability.

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 lab 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 recorded the sublease as a component of its operating lease right-of-use asset and operating lease liabilities. In connection with the sublease, a security deposit was delivered to the sublandlord in the form of an irrevocable standby letter of credit collateralized by $0.6 million of deposits with the financial institution which is recorded as restricted cash.

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


	Three Months Ended March 31,
	2024		2023
Lease Cost:
Operating lease cost	$	1,859	$	444
Variable lease cost		672		246
Total lease cost	$	2,531	$	690

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.

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


	As of March 31, 2024
Weighted-average remaining lease term (in years)		8.1
Weighted-average discount rate		6.25	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2024 were as follows (in thousands):

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Collaboration revenue	$ 532	$ 410
Operating expenses:
Research and development	18,238	12,596
General and administrative	5,818	5,127
Total operating expenses	24,056	17,723
Loss from operations	(23,524)	(17,313)
Other income:
Interest income	1,086	1,072
Total other income	1,086	1,072
Loss before income tax expense	(22,438)	(16,241)
Income tax expense	(14)	(14)
Net loss	(22,452)	(16,255)
Unrealized holding loss on short-term investments, net of tax	(8)	(22)
Comprehensive loss	$ (22,460)	$ (16,277)
Net loss per share attributable to common stockholders- basic	$ (0.35)	$ (0.44)
Net loss per share attributable to common stockholders- diluted	$ (0.35)	$ (0.44)
Weighted-average common shares outstanding-basic	64,011,360	36,832,747
Weighted-average common shares outstanding-diluted	64,011,360	36,832,747

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,162	$ 1,610
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	703	284
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,459	$ 1,326

Stock-Based Compensation Expense

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

6. Stock-Based Compensation Expense

The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and its 2022 Inducement 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” and together with the 2020 Plan, the Inducement Award Plan and the 2005 Plan, the “Plans”).

A summary of the restricted stock unit activity under the Plans for the three months ended March 31, 2024 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2023		105,048		$	3.20
Granted		984,929		$	5.49
Vested		(27,869	)	$	3.29
Forfeited		(1,079	)	$	4.61
Restricted stock units outstanding as of March 31, 2024		1,061,029		$	5.33

A summary of the stock option activity under the Plans for the three months ended March 31, 2024 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334
Granted		2,346,602			5.24
Exercised		(918	)		3.90
Cancelled		(1,890	)		5.63
Outstanding at March 31, 2024		8,053,774		$	5.55		8.4	$	12,871

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 certain options granted to executive officers, with the following weighted-average assumptions for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.1	%		3.7	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.0			6.0
Expected volatility		77.1	%		83.3	%

The weighted-average fair value of options granted to employees, directors and non-employees during the three months ended March 31, 2024 and 2023 was $3.64 and $2.00, respectively.

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


	Three Months Ended March 31,
	2024		2023
Research and development	$	703	$	284
General and administrative		1,459		1,326
Total	$	2,162	$	1,610

For the period ended March 31, 2024, approximately $281,000 of the stock-based compensation expense was recorded as a liability. For the period ended March 31, 2023, the Company did not record any stock-based compensation expense as a liability.

Unrecognized share-based compensation related to stock-based options amounted to $12.5 million at March 31, 2024 and is expected to be recognized over a weighted average period of approximately 3.21 years. Unrecognized share-based compensation related to restricted stock units amounted to $3.9 million at March 31, 2024 and is expected to be recognized over a weighted average period of approximately 2.6 years.

In March 2024, the Company granted options to purchase 550,000 shares of common stock at an exercise price of $6.07 per share to its Chief Executive Officer (“2024 Performance Option”) and granted 385,000 RSUs to its Executive Chair (“2024 PSUs”), each with performance-based vesting conditions under the 2020 Plan. Vesting of the 2024 Performance Option and the 2024 PSUs are based on the achievement of various clinical and regulatory milestones during the specified periods.

For the performance-based stock awards, the Company measures stock compensation expense based on the fair value of the award on the grant date and then once the Company determines the performance criteria is probable of achievement, recognizes such amount over the vesting term of the award, which is approximately 3.8 years. The Company determined the fair value of the 2024 Performance Option using the Black-Scholes option-pricing model using the following inputs: risk-free interest rate of 4.26%, volatility of 76.82%, expected dividend yield 0%, and expected term of 6.0 years.

The Company measured the 2024 PSUs based on the fair value of the Company’s stock on the date of grant.

As of March 31, 2024, the Company has determined that 183,333 shares of common stock subject to the 2024 Performance Option and 128,333 shares of common stock underlying the 2024 PSUs are probable to vest and has recognized approximately $12 thousand of expense, which is included in stock-based compensation expense. As of March 31, 2024, there is $1.5 million of unrecognized stock compensation expense to be recognized in connection with all of the performance-based awards that are deemed to be probable as of March 31, 2024.

As of March 31, 2024, there were 761,474 shares available for grant under the 2020 Plan and 200,800 shares available for grant under the Inducement Award Plan.

In April 2020, the Board of Directors adopted the Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”). As of December 31, 2023, the Company reserved 438,834 shares of common stock for issuance under the 2020 ESPP and on January 1, 2024, the shares available for issuance under the 2020 ESPP were automatically increased by 286,072. As of March 31, 2024, there are a total of 724,906 shares available for issuance under the 2020 ESPP and no shares have been issued under the 2020 ESPP.

Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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	105,048
Restricted stock units outstanding shares, Granted \| shares	984,929
Restricted stock units outstanding shares, Vested \| shares	(27,869)
Restricted stock units outstanding shares, Forfeited \| shares	(1,079)
Restricted stock units outstanding, Ending Balance \| shares	1,061,029
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 3.2
Weighted Average Grant Date Fair Value, Granted \| $ / shares	5.49
Weighted Average Grant Date Fair Value, Vested \| $ / shares	3.29
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	4.61
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 5.33

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (22,452)	$ (16,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,162	1,610
Depreciation expense	136	284
Net amortization of premium on short-term investments	(933)	(726)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(257)	843
Operating lease right-of-use assets	(824)	398
Other assets	568	(2,446)
Accounts payable	(560)	3,295
Accrued expenses and other current liabilities	827	(2,318)
Operating lease liabilities	(590)	(125)
Deferred revenue	(532)	(410)
Net cash used in operating activities	(22,455)	(15,850)
Cash flows from investing activities:
Purchases of property and equipment	(2,149)	(45)
Purchases of short-term investments	(20,525)	(4,440)
Maturity of short-term investments	30,531	9,800
Net cash provided by investing activities	7,857	5,315
Cash flows from financing activities:
Proceeds from sale of common stock, purchase warrants and pre-funded warrants, net of issuance costs	8,810
Payment of deferred offering costs	(169)
Proceeds from exercise of stock options	3	4
Net cash provided by financing activities	8,644	4
Net decrease in cash, cash equivalents and restricted cash	(5,954)	(10,531)
Cash, cash equivalents and restricted cash, beginning of period	23,745	33,942
Cash, cash equivalents and restricted cash, end of period	17,791	$ 23,411
Supplemental disclosure of non-cash financing and investing activities:
Property and equipment purchases included in accounts payable	350
Right of Use Asset in Exchange for Lease Liability	13,667
Prepaid expenses for right-of-use asset included in operating lease liabilities	688
Deferred offering costs included in accounts payable and accrued expense	$ 121

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Cost:
Operating lease cost	$ 1,859	$ 444
Variable lease cost	672	246
Total lease cost	$ 2,531	$ 690

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

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
	March 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2024
Assets:
Cash equivalents
Money market funds	$	12,079	$	12,079	$	—		—
Total cash equivalents	$	12,079	$	12,079	$	—	$	—
Short-term investments:
U.S. treasury bills		71,319		—		71,319		—
Total Short-term investments	$	71,319	$	—	$	71,319	$	—


			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:

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	$	—

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 15,799	$ 22,353
Restricted cash	1,992	1,392
Total	$ 17,791	$ 23,745

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on March 22, 2024. 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”). In management’s opinion, these unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements for the periods presented.

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 three months ended March 31, 2024 and 2023, other comprehensive income (loss) consisted of unrealized gains and losses, net of taxes from its short-term investments.

Restricted Cash

The Company had restricted cash of approximately $2.0 million as of March 31, 2024 and approximately $1.4 million as of December 31, 2023. These balances were held as of March 31, 2024 at one of the Company’s financial institutions 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:


	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	15,799	$	22,353
Restricted cash		1,992		1,392
Total	$	17,791	$	23,745

Net Loss per Share

The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has included pre-funded warrants in its computation of basic net loss per share based on the nominal exercise price.

The Company applies the two-class method to calculate its basic and diluted net loss per share, as the Company has issued shares that meet the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities contractually entitle the holders of such shares to participate in dividends, but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. Additionally, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

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 (in common stock equivalent shares):


	Three Months Ended March 31,
	2024		2023
Stock options		8,053,774		5,495,826
Common stock warrants		8,606,303		—
Restricted stock units		1,061,029		260,616
Total		17,721,106		5,756,442

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 effective 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.

Effective January 1, 2024, the Company, as required, adopted ASU No. 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”) Improvements to Reportable Segment Disclosure for its annual financial statements and notes thereto for the year ending December 31, 2024 to be included in its 2024 Annual Report on Form 10-K. The Company is not required to adopt the standard for interim periods until the first quarter of 2025.

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 Company will include the required disclosure information in the notes to the financial statements for the year ending December 31, 2024 included in its 2024 Annual Report on Form 10-K and is required apply ASU No. 2023-07 on a retrospective basis. The adoption of ASU No. 2023-07 will include expanded disclosure for its 2024 financial statements, but the Company does not expect that there will be a material impact to the financial statements and related 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.

Effective January 1, 2023, the Company adopted Accounting Standards Update (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. 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 adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Collaboration Agreement

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreement

7. Collaboration Agreement

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 March 31, 2024, 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, 2023. There was a side letter executed on December 27, 2022 which extended the negotiations of a supply agreement. 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.

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 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.

There were no changes in the transaction price from December 31, 2023 to March 31, 2024. The following table reflects the transaction price (in thousands):


	As of March 31, 2024
	Post-Milestone
Combined Performance Obligation	$	11,862
Development Activities Performance Obligation		5,138
Total	$	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 March 31, 2024
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352
Revenue recognized		—		(1,558	)		(1,558	)
Deferred revenue at December 31, 2023		11,748		2,046			13,794
Revenue recognized		—		(532	)		(532	)
Deferred revenue at March 31, 2024	$	11,748	$	1,514		$	13,262

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.

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.

Preferred and Common Stock (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuances

The Company has reserved for future issuances the following shares of common stock as of March 31, 2024:


	As of March 31, 2024
Pre-funded warrants		4,500,849
Common stock warrants		8,606,303
Stock options and restricted stock units		10,077,077
Employee stock purchase plan		724,906
Total		23,909,135

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


			Fair Value Measurements at Reporting Date Using
	March 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2024
Assets:
Cash equivalents
Money market funds	$	12,079	$	12,079	$	—		—
Total cash equivalents	$	12,079	$	12,079	$	—	$	—
Short-term investments:
U.S. treasury bills		71,319		—		71,319		—
Total Short-term investments	$	71,319	$	—	$	71,319	$	—


			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:

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	$	—

As of March 31, 2024, the Company’s cash equivalents were invested in money market funds, which were valued based on Level 1 inputs. As of March 31, 2024, the Company's short-term investments consisted of U.S. treasury bills which were valued based on Level 2 inputs. 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. 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, accrued expenses and deferred revenue approximate their fair values due to the short-term nature of these liabilities and as such these are considered Level 1 in the fair value hierarchy.

- 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

Collaboration Agreement - Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	$ 13,794	$ 15,352
Revenue recognized	(532)	(1,558)
Deferred revenue at ending	13,262	13,794
Combined Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	11,748	11,748
Deferred revenue at ending	11,748	11,748
Development Activities Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	2,046	3,604
Revenue recognized	(532)	(1,558)
Deferred revenue at ending	$ 1,514	$ 2,046

Stock-Based Compensation Expense - Summary of Stock Option Activity Under Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding December 31, 2023	5,709,980
Shares, Granted	2,346,602
Shares, Exercised	(918)
Shares, Cancelled	(1,890)
Shares, Outstanding at March 31, 2024	8,053,774	5,709,980
Weighted Average Exercise Price, Outstanding December 31, 2023	$ 5.68
Weighted Average Exercise Price, Granted	5.24
Weighted Average Exercise Price, Exercised	3.9
Weighted Average Exercise Price, Cancelled	5.63
Weighted Average Exercise Price, Outstanding at March 31, 2024	$ 5.55	$ 5.68
Outstanding, Weighted Average Remaining Contractual Life (in years)	8 years 4 months 24 days	8 years
Aggregate Intrinsic Value, Outstanding	$ 12,871	$ 6,334

Leases - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²	May 31, 2022 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Restricted cash		$ 1,392		$ 1,992
Lessee, Operating Lease, Option to Extend			one additional five-year term
Operating lease cost				$ 1,859	$ 444
Watertown Lease
Lessee Lease Description [Line Items]
Extended lease term	2027-04
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Office and Laboratory \| Waltham Lease
Lessee Lease Description [Line Items]
Initial base rent			$ 2,200
Area of property \| ft²			29,000
Percentage of annual rent increment			3.00%
Office and Laboratory \| Waltham Sublease
Lessee Lease Description [Line Items]
Initial base rent		$ 1,800
Area of property \| ft²		24,000
Percentage of annual rent increment		3.00%
Certificate of Deposits \| Watertown Lease
Lessee Lease Description [Line Items]
Restricted cash	$ 300
Letter of Credit \| Watertown Lease
Lessee Lease Description [Line Items]
Restricted cash	$ 300
Letter of Credit \| Waltham Lease
Lessee Lease Description [Line Items]
Restricted cash			$ 1,100
Letter of Credit \| Waltham Sublease
Lessee Lease Description [Line Items]
Restricted cash		$ 600

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Restricted cash	$ 1,992	$ 1,392
Pre Funded Warrants
Accounting Policies [Line Items]
Common stock par value	$ 0.001	$ 0.001

Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding and Exercisable

The following table represents a summary of the warrants outstanding and exercisable as of March 31, 2024, all of which are equity-classified:


	Number of Common Warrants			Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value		Expiration Date	Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value		Expiration Date
Outstanding at December 31, 2023		10,030,575		$	2.673		4.90	$	25,700	November 30, 2028		5,756,349		$	0.001		3.92	$	30,200	April 2027-May 2028
Exercised		(1,424,272	)	$	2.673			$	5,052			(1,255,500	)	$	0.001			$	7,808
Outstanding at March 31, 2024		8,606,303		$	2.673		4.65	$	30,527	November 30, 2028		4,500,849		$	0.001		3.67	$	27,991	April 2027-May 2028

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	15,799	$	22,353
Restricted cash		1,992		1,392
Total	$	17,791	$	23,745

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


	Three Months Ended March 31,
	2024		2023
Stock options		8,053,774		5,495,826
Common stock warrants		8,606,303		—
Restricted stock units		1,061,029		260,616
Total		17,721,106		5,756,442

Preferred and Common Stock

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Preferred and Common Stock

4. 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 March 31, 2024 or 2023.

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 “Board of Directors”).

The Company currently has an effective shelf registration statement on Form S-3 (No. 333-278163) filed with the SEC on March 22, 2024 (“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 $300.0 million in the aggregate.

September 2023 Financing

On September 1, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the "Original 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 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.

Pursuant to the Original 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 Original Sales Agreement and may at any time suspend or terminate the offering of the shares pursuant to the Original 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 Original 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 Original 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 Original Sales Agreement. In addition, the Company has agreed to reimburse certain expenses incurred by Cantor in connection with the Original Sales Agreement. On February 14, 2024, the Company issued 1,041,666 shares under the Company’s ATM agreement with net proceeds of $4.8 million.

On March 22, 2024, the Company amended and restated the Controlled Equity Offering 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 $75.0 million. The offering and sale of up to $75.0 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. 333-278163) (the "Registration Statement"), which was originally filed with the Securities and Exchange Commission on March 22, 2024, the base prospectus contained within the Registration Statement, and a prospectus supplement relating to the shares that was filed with the SEC on March 22, 2024 (the "Prospectus Supplement").

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 expires 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 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 $12.0 million to the Purchase Warrants.

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.

A total of 1,424,272 Purchase Warrants were exercised related to the May 2023 financing as of March 31, 2024 at a purchase price of $2.673 per share.

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 (the “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 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 2,906,923 Pre-Funded Warrants issued in the April 2022 Financing exercised as of March 31, 2024.

The Company has reserved for future issuances the following shares of common stock as of March 31, 2024:


	As of March 31, 2024
Pre-funded warrants		4,500,849
Common stock warrants		8,606,303
Stock options and restricted stock units		10,077,077
Employee stock purchase plan		724,906
Total		23,909,135

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//505/tableOfContent

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+ Details

Collaboration Agreement - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
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 March 31, 2024, as all milestone amounts were fully constrained based on the probability of achievement.
Combined performance obligation		$ 8,400,000
Development activities performance obligation		3,600,000
Collaboration revenue		532,000	$ 410,000
Change in transaction price		0
Clinical Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		12,000,000
Milestone Achievements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation	$ 5,000,000
Combined performance obligation	3,500,000
Development activities performance obligation		1,500,000
Collaboration revenue	$ 5,000,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		17,000,000
Combined performance obligation		11,862,000
Development activities performance obligation		$ 5,138,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial assets, fair value	$ 0	$ 0
Financial liabilities, fair value	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,452)	$ (16,255)

- Definition

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

+ References

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

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2024. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below.

Comprehensive Loss

Restricted Cash


	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	15,799	$	22,353
Restricted cash		1,992		1,392
Total	$	17,791	$	23,745

Net Loss per Share


	Three Months Ended March 31,
	2024		2023
Stock options		8,053,774		5,495,826
Common stock warrants		8,606,303		—
Restricted stock units		1,061,029		260,616
Total		17,721,106		5,756,442

Recently Issued Accounting Pronouncements

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
ATM
Issuance cost	$ 150

Collaboration Agreement (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Transaction Price

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


	As of March 31, 2024
	Post-Milestone
Combined Performance Obligation	$	11,862
Development Activities Performance Obligation		5,138
Total	$	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 March 31, 2024
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2022	$	11,748	$	3,604		$	15,352
Revenue recognized		—		(1,558	)		(1,558	)
Deferred revenue at December 31, 2023		11,748		2,046			13,794
Revenue recognized		—		(532	)		(532	)
Deferred revenue at March 31, 2024	$	11,748	$	1,514		$	13,262

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Lease Cost

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


	Three Months Ended March 31,
	2024		2023
Lease Cost:
Operating lease cost	$	1,859	$	444
Variable lease cost		672		246
Total lease cost	$	2,531	$	690

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 March 31, 2024
Weighted-average remaining lease term (in years)		8.1
Weighted-average discount rate		6.25	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2024 were as follows (in thousands):


Period ended December 31,
From April 1, 2024 to December 31, 2024		5,126
2025		6,121
2026		6,494
2027		5,131
2028		4,507
Thereafter		20,653
Total maturities		48,032
Less: Imputed interest		(10,172	)
Present value of operating lease liability		37,860
Less: current portion of operating lease liability		(4,504	)
Total operating lease liability, net of current portion	$	33,356

Common Stock Warrants - Summary of Warrants Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Common Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance	10,030,575
Number of Warrants Exercised	(1,424,272)
Number of Warrants Outstanding, Ending Balance	8,606,303
Weighted Average Exercise Price of Warrants Outstanding, Beginning Balance	$ 2.673
Weighted Average Exercise Price of Warrants Exercised	2.673
Weighted Average Exercise Price of Warrants Outstanding, Ending Balance	$ 2.673
Weighted Average Remaining Contractual Term of Warrants Outstanding	4 years 7 months 24 days	4 years 10 months 24 days
Aggregate intrinsic Value of Warrants Outstanding, Beginning Balance	$ 25,700
Aggregate intrinsic Value of Warrants Exercised	5,052
Aggregate intrinsic Value of Warrants Outstanding, Ending Balance	$ 30,527
Expiration Date	Nov. 30, 2028	Nov. 30, 2028
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance	5,756,349
Number of Warrants Exercised	(1,255,500)
Number of Warrants Outstanding, Ending Balance	4,500,849
Weighted Average Exercise Price of Warrants Outstanding, Beginning Balance	$ 0.001
Weighted Average Exercise Price of Warrants Exercised	0.001
Weighted Average Exercise Price of Warrants Outstanding, Ending Balance	$ 0.001
Weighted Average Remaining Contractual Term of Warrants Outstanding	3 years 8 months 1 day	3 years 11 months 1 day
Aggregate intrinsic Value of Warrants Outstanding, Beginning Balance	$ 30,200
Aggregate intrinsic Value of Warrants Exercised	7,808
Aggregate intrinsic Value of Warrants Outstanding, Ending Balance	$ 27,991
Minimum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date	Apr. 30, 2027	Apr. 30, 2027
Maximum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date	May 31, 2028	May 31, 2028

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 Certain Options Granted to Executive Officers (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.10%	3.70%
Expected term (in years)	6 years	6 years
Expected volatility	77.10%	83.30%

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss, net of tax	Accumulated Deficit
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	4		4
Exercise of common stock options, Shares		2,115
Issuance of common stock upon RSU vesting, shares		7,041
Unrealized loss on available-for-sale securities	(22)			(22)
Stock-based compensation	1,610		1,610
Net Income (Loss)	(16,255)				(16,255)
Balance at Mar. 31, 2023	66,091	$ 32	331,001	(12)	(264,930)
Balance, Shares at Mar. 31, 2023		31,836,815
Balance at Dec. 31, 2023	89,420	$ 57	400,685	33	(311,355)
Balance, Shares at Dec. 31, 2023		57,214,550
Exercise of common stock options	$ 3		3
Exercise of common stock options, Shares	918	918
Shares issued under ATM, net of issuance costs of $150	$ 4,850	$ 1	4,849
Shares issued under ATM, net of issuance costs, Shares		1,041,666
Exercise of pre-funded warrants	2	$ 1	1
Exercise of pre-funded warrants, Shares		1,255,500
Exercise of common stock warrants	3,808	$ 2	3,806
Exercise of common stock warrants, Shares		1,424,272
Issuance of common stock upon RSU vesting, shares		27,869
Unrealized loss on available-for-sale securities	(8)			(8)
Stock-based compensation	1,881		1,881
Net Income (Loss)	(22,452)				(22,452)
Balance at Mar. 31, 2024	$ 77,504	$ 61	$ 411,225	$ 25	$ (333,807)
Balance, Shares at Mar. 31, 2024		60,964,775

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	17,721,106	5,756,442
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	8,053,774	5,495,826
Common 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	8,606,303
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	1,061,029	260,616

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	. 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. Given the Company’s uncertainty regarding future taxable income, the Company maintains a full valuation allowance on its deferred tax assets. The Company recorded an income tax expense of $14,000 for the three months ended March 31, 2024 and March 31, 2023.

- 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
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-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
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-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
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-Name Accounting Standards Codification
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-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
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-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

Collaboration Agreement - Summary of Transaction Price (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	$ 8,400
Development activities performance obligation	3,600
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

Organization, Going Concern and Basis of Presentation

3 Months Ended

Mar. 31, 2024

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 nasal implants designed to be administered in a simple, 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 March 31, 2024, the Company has raised an aggregate of $424.8 million to fund its operations, of which $162.1 million were gross proceeds from sales of redeemable convertible preferred stock, $96.3 million were net proceeds from the April 2022 Financing (as defined below), $46.5 million were net proceeds from the May 2023 Financing (as defined below), $57.3 million were net proceeds from the Company’s initial public offering, $23.9 million of ATM proceeds related to the Company’s Controlled Equity Offering Agreement (the “Original Sales Agreement”) dated September 1, 2023, $16.8 million were gross proceeds from government contracts, $17.0 million were gross proceeds from the LianBio License Agreement, and $3.8 million from the exercise of common stock warrants. Further, the Company currently has an effective shelf registration statement on Form S-3 (No. 333-278163) filed with the SEC on March 22, 2024 (“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 $300.0 million in the aggregate.

The Company has incurred recurring net operating losses every year since inception and has an accumulated deficit of approximately $333.8 million at March 31, 2024. The Company expects to continue to generate operating losses for the foreseeable future. At March 31, 2024, the Company had approximately $15.8 million of cash and cash equivalents and $71.3 million of short-term investments. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these condensed consolidated financial statements are issued.

The accompanying condensed 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

Stock-Based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity under the Plans for the three months ended March 31, 2024 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2023		105,048		$	3.20
Granted		984,929		$	5.49
Vested		(27,869	)	$	3.29
Forfeited		(1,079	)	$	4.61
Restricted stock units outstanding as of March 31, 2024		1,061,029		$	5.33

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the three months ended March 31, 2024 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		5,709,980		$	5.68		8.0	$	6,334
Granted		2,346,602			5.24
Exercised		(918	)		3.90
Cancelled		(1,890	)		5.63
Outstanding at March 31, 2024		8,053,774		$	5.55		8.4	$	12,871

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 Certain Options Granted to Executive Officers


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.1	%		3.7	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.0			6.0
Expected volatility		77.1	%		83.3	%

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):


	Three Months Ended March 31,
	2024		2023
Research and development	$	703	$	284
General and administrative		1,459		1,326
Total	$	2,162	$	1,610

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	Apr. 15, 2024
Cover [Abstract]
Entity Registrant Name	Lyra Therapeutics, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		60,964,859
Amendment Flag	false
Entity Central Index Key	0001327273
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39273
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
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LYRA
Security Exchange Name	NASDAQ

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
From April 1, 2024 to December 31, 2024	$ 5,126
2025	6,121
2026	6,494
2027	5,131
2028	4,507
Thereafter	20,653
Total maturities	48,032
Less: Amount representing interest	(10,172)
Present value of operating lease liability	37,860
Less: current portion of operating lease liability	(4,504)	$ (5,434)
Total operating lease liability, net of current portion	$ 33,356	$ 21,447

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Loss on impairment of long-lived assets	$ 1.6
Paid to the contract manufacture		$ 0.4

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Mar. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	8 years 1 month 6 days
Weighted-average discount rate	6.25%

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance income tax expense (benefit)	$ 14,000	$ 14,000

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Mar. 31, 2024 shares
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	23,909,135
Pre-Funded Warrants
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	4,500,849
Common stock warrants
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	8,606,303
Stock Options and Restricted Stock Units
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	10,077,077
Employee stock purchase plan
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	724,906

- 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/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.4-08(d))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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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Reference 8: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,799	$ 22,353
Short-term investments	71,319	80,400
Prepaid expenses and other current assets	2,325	2,068
Total current assets	89,443	104,821
Property and equipment, net	3,783	2,043
Operating lease right-of-use assets	45,626	33,233
Restricted cash	1,992	1,392
Other assets	683	1,111
Total assets	141,527	142,600
Current liabilities:
Accounts payable	2,844	3,131
Accrued expenses and other current liabilities	10,057	9,374
Operating lease liabilities	4,504	5,434
Deferred revenue	1,319	1,658
Total current liabilities	18,724	19,597
Operating lease liabilities, net of current portion	33,356	21,447
Deferred revenue, net of current portion	11,943	12,136
Total liabilities	64,023	53,180
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 60,964,775 and 57,214,550 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	61	57
Additional paid-in capital	411,225	400,685
Accumulated other comprehensive income, net of tax	25	33
Accumulated deficit	(333,807)	(311,355)
Total stockholders’ equity	77,504	89,420
Total liabilities and stockholders’ equity	$ 141,527	$ 142,600