0000950170-24-097042 | 10-Q | XBRL Viewer

Collaboration Agreement (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	As of June 30, 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 June 30, 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		—		(1,130	)		(1,130	)
Deferred revenue at June 30, 2024	$	11,748	$	916		$	12,664

Stock-Based Compensation Expense

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

9. Stock-Based Compensation Expense

The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and its 2022 Employment Inducement Award Plan (“Inducement Award Plan”). The Company previously granted equity-based awards under its 2005 Equity Incentive Plan (“2005 Plan”) and 2016 Equity Incentive Plan (“2016 Plan” and together with the 2020 Plan, the Inducement Award Plan and the 2005 Plan, the “Plans”). The Company also maintains the 2020 Employee Stock Purchase Plan (the “ESPP”).

A summary of the restricted stock unit activity under the Plans for the six months ended June 30, 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		(194,636	)	$	4.28
Restricted stock units outstanding as of June 30, 2024		867,472		$	5.56

A summary of the stock option activity under the Plans for the six months ended June 30, 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		2,605,002			4.89
Exercised		(1,002	)		3.96
Cancelled		(1,268,147	)		4.56
Outstanding at June 30, 2024		7,045,833		$	5.59		8.0	$	—

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 and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Risk-free interest rate		4.4	%		3.8	%		4.2	%		3.7	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected term (in years)		5.7			6.1			6.0			6.0
Expected volatility		111.5	%		82.0	%		80.5	%		82.9	%

The weighted-average fair value of options granted to employees, directors and non-employees during the three months ended June 30, 2024 and 2023 was $1.19 and $2.24, respectively. The weighted-average fair value of options granted to employees, directors and non-employees during the six months ended June 30, 2024 and 2023 was $2.80 and $2.07, 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 June 30,					Six Months Ended June 30,
	2024			2023		2024		2023
Research and development	$	(290	)	$	287	$	413	$	571
General and administrative		1,414			1,067		2,873		2,393
Total	$	1,124		$	1,354	$	3,286	$	2,964

For the period ended June 30, 2024, approximately $15,000 of the stock-based compensation expense was recorded as a liability. For the period ended June 30, 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 $7.5 million at June 30, 2024 and is expected to be recognized over a weighted average period of approximately 3.05 years. Unrecognized share-based compensation related to restricted stock units amounted to $2.6 million at June 30, 2024 and is expected to be recognized over a weighted average period of approximately 2.3 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 as of June 30, 2024 has recognized approximately $112,000 of expense, which is included in stock-based compensation expense. As of June 30, 2024, there is $1.4 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 June 30, 2024.

As of June 30, 2024, there were 1,531,693 shares available for grant under the 2020 Plan and 635,917 shares available for grant under the Inducement Award Plan.

As of June 30, 2024, there are a total of 724,906 shares available for issuance, no awards outstanding under the 2020 ESPP and no shares have been issued under the 2020 ESPP.

Impairment of Right of Use Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Asset Impairment Charge [Line Item]
Impairment of ROU asset	$ 22,836	$ 22,836
Impairment Of Right Of Use Asset
Asset Impairment Charge [Line Item]
Impairment of ROU asset	$ 22,800	$ 22,800

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,131)	$ (22,452)	$ (15,618)	$ (16,255)	$ (70,583)	$ (31,873)

- Definition

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

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+ Details

Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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		(194,636	)	$	4.28
Restricted stock units outstanding as of June 30, 2024		867,472		$	5.56

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the six months ended June 30, 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		2,605,002			4.89
Exercised		(1,002	)		3.96
Cancelled		(1,268,147	)		4.56
Outstanding at June 30, 2024		7,045,833		$	5.59		8.0	$	—

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Risk-free interest rate		4.4	%		3.8	%		4.2	%		3.7	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected term (in years)		5.7			6.1			6.0			6.0
Expected volatility		111.5	%		82.0	%		80.5	%		82.9	%

The weighted-average fair value of options granted to employees, directors and non-employees during the three months ended June 30, 2024 and 2023 was $1.19 and $2.24, respectively.

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 June 30,					Six Months Ended June 30,
	2024			2023		2024		2023
Research and development	$	(290	)	$	287	$	413	$	571
General and administrative		1,414			1,067		2,873		2,393
Total	$	1,124		$	1,354	$	3,286	$	2,964

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Jun. 30, 2024 shares
Class of Stock [Line Items]
Shares of common stock reserved for future issuances	19,412,124
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	10,080,915
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.

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-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024, other comprehensive loss consisted of unrealized losses, net of taxes from its short-term investments.

Restricted Cash

The Company had restricted cash of approximately $2.0 million as of June 30, 2024 and approximately $1.4 million as of December 31, 2023. These balances were held as of June 30, 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:


	June 30,		December 31,
	2024		2023
Cash and cash equivalents	$	31,905	$	22,353
Restricted cash		1,992		1,392
Total	$	33,897	$	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 and Six Months Ended June 30,
	2024		2023
Stock options		7,045,833		5,871,813
Common stock warrants		8,606,303		10,030,575
Restricted stock units		867,472		243,703
Total		16,519,608		16,146,091

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 Chief Operating Decision Maker, “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 to 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.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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:


	June 30,		December 31,
	2024		2023
Cash and cash equivalents	$	31,905	$	22,353
Restricted cash		1,992		1,392
Total	$	33,897	$	23,745

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


	Three and Six Months Ended June 30,
	2024		2023
Stock options		7,045,833		5,871,813
Common stock warrants		8,606,303		10,030,575
Restricted stock units		867,472		243,703
Total		16,519,608		16,146,091

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 31,905	$ 22,353
Restricted cash	1,992	1,392
Total	$ 33,897	$ 23,745

Restructuring and Other Related Charges - Summary of Restructuring Liability Activities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Accruals	$ 3,127
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Accruals	6,450,469
Cash Payments	(3,323,316)
Restructuring reserve, ending balance	3,127,153
2024 Restructuring Plan \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Accruals	4,706,249
Cash Payments	(2,783,091)
Restructuring reserve, ending balance	1,923,158
2024 Restructuring Plan \| Retention Costs
Restructuring Cost and Reserve [Line Items]
Accruals	823,821
Restructuring reserve, ending balance	823,821
2024 Restructuring Plan \| Other Costs
Restructuring Cost and Reserve [Line Items]
Accruals	920,399
Cash Payments	(540,225)
Restructuring reserve, ending balance	$ 380,174

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss			$ (70,583)	$ (31,873)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			3,286	2,964
Depreciation expense			281	261
Impairment of property and equipment	$ 1,883	$ 1,592	1,883	1,592	$ 1,600
Write-off of deferred financing costs			140
Impairment of right-of-use assets	22,836		22,836
Net amortization of premium on short-term investments			(1,608)	(1,352)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			131	1,135
Operating lease right-of-use assets			227	803
Other assets			1,111	(2,527)
Accounts payable			1,818	3,189
Accrued expenses and other current liabilities			(2,502)	(2,928)
Restructuring Liability			3,127
Operating lease liabilities			(1,453)	(528)
Deferred revenue			(1,130)	(868)
Net cash used in operating activities			(42,436)	(30,132)
Cash flows from investing activities:
Purchases of property and equipment			(2,345)	(116)
Purchases of short-term investments			(35,141)	(29,930)
Maturity of short-term investments			81,519	34,800
Net cash provided by investing activities			44,033	4,754
Cash flows from financing activities:
Proceeds from sale of common stock, purchase warrants and pre-funded warrants, net of issuance costs			8,819	50,000
Payment of deferred offering costs			(267)	(2,912)
Proceeds from exercise of stock options			3	101
Net cash provided by financing activities			8,555	47,189
Net increase in cash, cash equivalents and restricted cash			10,152	21,811
Cash, cash equivalents and restricted cash, beginning of period			23,745	33,942	33,942
Cash, cash equivalents and restricted cash, end of period	$ 33,897	$ 55,753	33,897	55,753	$ 23,745
Supplemental disclosure of non-cash financing and investing activities:
Property and equipment purchases included in accounts payable			64	54
Other assets included in accounts payable and other current liabilities				505
Right of Use Asset in Exchange for Lease Liability			13,667
Prepaid expenses for right-of-use asset included in operating lease liabilities			440
Deferred offering costs included in accounts payable and accrued expenses			$ 23	$ 420

Preferred and Common Stock (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024:


	As of June 30, 2024
Pre-funded warrants		—
Common stock warrants		8,606,303
Stock options and restricted stock units		10,080,915
Employee stock purchase plan		724,906
Total		19,412,124

Impairment of Right of Use Assets - Schedule of Fair Value Determination of Right of Use Assets Using Discounted Cash Flow Methodology (Details) - Discounted Cash Flow Technique	6 Months Ended
	Jun. 30, 2024
Asset Impairment Charge [Line Item]
Expected Sublease Rent Increases	3.00%
Maximum
Asset Impairment Charge [Line Item]
Discount Rate	10.50%
Term (years)	9 years 1 month 17 days
Minimum
Asset Impairment Charge [Line Item]
Discount Rate	9.50%
Term (years)	2 years 11 months 15 days

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 35,593	$ 80,400
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,624	20,147
Short-term investments	35,593	80,400
Fair Value, Recurring [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,624	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	35,593	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	8,624	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	8,624	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	$ 35,593	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

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 01, 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		65,456,735
Amendment Flag	false
Entity Central Index Key	0001327273
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Collaboration revenue	$ 598	$ 458	$ 1,130	$ 868
Operating expenses:
Research and development	13,264	10,799	31,502	23,395
General and administrative	5,139	4,570	10,957	9,697
Impairment of property and equipment	1,883	1,592	1,883	1,592
Impairment of right-of-use assets	22,836		22,836
Restructuring and other related charges	6,450		6,450
Total operating expenses	49,572	16,961	73,628	34,684
Loss from operations	(48,974)	(16,503)	(72,498)	(33,816)
Other income:
Interest income	855	897	1,941	1,969
Total other income	855	897	1,941	1,969
Loss before income tax expense	(48,119)	(15,606)	(70,557)	(31,847)
Income tax expense	(12)	(12)	(26)	(26)
Net loss	(48,131)	(15,618)	(70,583)	(31,873)
Unrealized holding loss on short-term investments, net of tax	(29)	(15)	(37)	(37)
Comprehensive loss	$ (48,160)	$ (15,633)	$ (70,620)	$ (31,910)
Net loss per share attributable to common stockholders- basic	$ (0.74)	$ (0.36)	$ (1.09)	$ (0.79)
Net loss per share attributable to common stockholders- diluted	$ (0.74)	$ (0.36)	$ (1.09)	$ (0.79)
Weighted-average common shares outstanding-basic	65,459,678	43,676,387	64,739,520	40,273,472
Weighted-average common shares outstanding-diluted	65,459,678	43,676,387	64,739,520	40,273,472

Organization, Restructuring, Going Concern and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Restructuring, Going Concern and Basis of Presentation

1. Organization, Restructuring, 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.

Restructuring

On May 16, 2024, the Company reported that topline results from the Company’s Phase 3 ENLIGHTEN 1 trial evaluating LYR-210, a bioabsorbable sinonasal implant (7500µg mometasone furoate), as a six-month treatment of chronic rhinosinusitis (CRS). ENLIGHTEN 1 did not meet its primary endpoint of demonstrating statistically significant improvement compared to sham control in the composite score of the three cardinal symptoms (3CS) of CRS (nasal obstruction, nasal discharge, facial pain/pressure) at 24 weeks. ENLIGHTEN 1 is one of two Phase 3 clinical trials evaluating LYR-210. ENLIGHTEN 2, the second pivotal Phase 3 trial of LYR-210 in CRS, is ongoing, with enrollment expected to be completed in the second half of 2024 and topline results expected in the first half of 2025.

In connection with the ENLIGHTEN 1 trial failing to meet its primary endpoint, on May 16, 2024, the Board of Directors of the Company (the “Board of Directors”) approved a reduction in the Company’s workforce impacting 87 employees, which occurred during May and June 2024. In connection with the reduction in force, the Company stopped manufacturing and commercialization efforts for LYR-210, as well as development efforts for LYR-220 in an effort to reduce operating expenses. Furthermore, the Company is currently in the process of marketing all three of its leased properties for sub-leasing arrangements.

The Company has recorded a restructuring charge in the amount of $6.5 million primarily related to severance and retention costs as further discussed in Note 4. The Company has also recorded an impairment charge for the write-down of property and equipment of $1.9 million and right-of-use assets in the amount of $22.8 million as further discussed in Notes 5 and 6.

Going Concern

The failure of the Company’s Phase 3 ENLIGHTEN 1 trial to meet its primary endpoint, which resulted in the Company’s restructuring during the second quarter of 2024, provides significant uncertainty regarding the Company’s ability to meet its business plans and conduct its future operations. The Company has incurred recurring net operating losses every year since inception and has an accumulated deficit of approximately $381.9 million at June 30, 2024. The Company expects to continue to generate operating losses for the foreseeable future. At June 30, 2024, the Company had approximately $31.9 million of cash and cash equivalents and $35.6 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.

From inception through June 30, 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, $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 were net 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 were gross proceeds from the exercise of common stock warrants.

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 is currently considering various operational and strategic options in light of the failure of the ENLIGHTEN 1 trial to meet its primary endpoint, including additional clinical trials, the sale of assets, or a strategic business combination. The Board of Directors has not decided on a specific plan other than to reduce operating expenses in order to manage its cash position. The Company is attempting to sublease all of its leased locations, and, may also seek to negotiate an early termination of its leases with its landlords. The Company may be unable to sublease its locations on favorable terms or at all. In addition, the Company may not be able to obtain an early termination of its leases with its landlords on favorable terms or at all.

The Company will continue to evaluate its headcount of employees and may further reduce its workforce, which will result in additional severance and retention costs, which may impact the Company’s ability to meet objectives. If the Company decides to pursue any form of growth strategy in the future, it will need additional financing to support its continuing operations. Until 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

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On July 19, 2024, we received a written notice (the “Notice”) from The Nasdaq Stock Market, LLC (“Nasdaq”) notifying us that for the last 30 consecutive business days, the bid price for our common stock, par value $0.001 per share, had closed below the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Market as set forth in Nasdaq Listing Rule 5450(a)(1) (“the Minimum Bid Price Requirement”). The Notice has no effect at this time on the listing of our common stock, which continues to trade on The Nasdaq Global Market under the symbol “LYRA.”

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), we have a period of 180 calendar days, or until January 15, 2025 (the “Compliance Date”) to regain compliance with the Minimum Bid Price Requirement. To regain compliance with the Minimum Bid Price Requirement, the closing bid price of the common stock must be at least $1.00 per share for a minimum of 10 consecutive business days prior to the Compliance Date.

Impairment of Right of Use Assets (Tables)

6 Months Ended

Jun. 30, 2024

Asset Impairment Charges [Abstract]

Schedule of Fair Value Determination of Right of Use Assets Using Discounted Cash Flow Methodology

The Company has engaged a valuation specialist to perform a fair value determination of the right-of-use assets using a discounted cash flow methodology, which included the following range of assumptions:


Discount Rate	9.5-10.5%
Term (years)	2.96-9.13
Expected Sublease Rent Increases		3.0	%

Property and Equipment and Related Impairment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Impairment of property and equipment	$ 1,883	$ 1,592	$ 1,883	$ 1,592	$ 1,600

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,124	$ 1,354	$ 3,286	$ 2,964
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	(290)	287	413	571
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,414	$ 1,067	$ 2,873	$ 2,393

Leases (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost:
Operating lease cost	$	1,877	$	444	$	3,736	$	888
Variable lease cost	$	586		248		1,258		494
Total lease cost	$	2,463	$	692	$	4,994	$	1,382

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 June 30, 2024
Weighted-average remaining lease term (in years)		7.9
Weighted-average discount rate		6.20	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of June 30, 2024 were as follows (in thousands):


Period ended December 31,
From July 1, 2024 to December 31, 2024		3,532
2025		6,121
2026		6,494
2027		5,131
2028		4,507
Thereafter		20,652
Total maturities		46,437
Less: Imputed interest		(9,689	)
Present value of operating lease liability		36,748
Less: current portion of operating lease liability		(4,269	)
Total operating lease liability, net of current portion	$	32,479

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	16,519,608	16,146,091	16,519,608	16,146,091
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	7,045,833	5,871,813	7,045,833	5,871,813
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	10,030,575	8,606,303	10,030,575
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	867,472	243,703	867,472	243,703

Common Stock Warrants - Summary of Warrants Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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 4 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	(5,756,349)
Weighted Average Exercise Price of Warrants Outstanding, Beginning Balance	$ 0.001
Weighted Average Exercise Price of Warrants Exercised	$ 0.001
Weighted Average Remaining Contractual Term of Warrants Outstanding		3 years 11 months 1 day
Aggregate intrinsic Value of Warrants Outstanding, Beginning Balance	$ 30,200
Aggregate intrinsic Value of Warrants Exercised	$ 37,770
Minimum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date		Apr. 30, 2027
Maximum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date		May 31, 2028

Restructuring and Other Related Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

4. Restructuring and Other Related Charges

In connection with the ENLIGHTEN 1 trial failing to meet its primary endpoint, on May 16, 2024, the Board of Directors approved a reduction in the Company’s workforce, impacting 87 employees, which occurred during May and June 2024. The Company incurred costs related to employee termination benefits and other costs associated with the restructuring mainly during the second quarter of 2024, with the remainder of the costs to be incurred through May 1, 2025. These amounts are recorded as restructuring and other related charges within our consolidated statements of operations and comprehensive loss as they are incurred. For the three and six months ended June 30, 2024, restructuring and other related charges were $6.5 million, which consisted of $4.7 million of severance costs, $0.8 million of accrued retention costs, and $1.0 million of other costs.

Restructuring liability activities during the three and six months ended June 30, 2024:


	January 1,							June 30,
	2024		Accruals		Cash Payments			2024
2024 Restructuring Plan
Severance Costs	$	—	$	4,706,249	$	(2,783,091	)	$	1,923,158
Retention Costs		—		823,821		—			823,821
Other Costs		—		920,399		(540,225	)		380,174
Total	$	—	$	6,450,469	$	(3,323,316	)	$	3,127,153

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Issuance cost		$ 3,332
ATM
Issuance cost	$ 150

Organization, Restructuring, Going Concern and Basis of Presentation - Additional Information (Details) $ in Thousands				2 Months Ended	3 Months Ended	6 Months Ended
	Mar. 22, 2024 USD ($)	May 25, 2023 USD ($)	Apr. 13, 2022 USD ($)	Jun. 30, 2024 USD ($) Employee	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) Lease	Dec. 31, 2023 USD ($)
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation						Nov. 21, 2005
Restructuring charge					$ 6,450	$ 6,450
Impairment charge for write-down of property and equipment						1,900
Impairment Of Right Of Use Asset					22,836	22,836
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				$ (381,938)	(381,938)	(381,938)	$ (311,355)
Cash and cash equivalents				31,905	31,905	31,905	22,353
Short-term investments				$ 35,593	$ 35,593	35,593	$ 80,400
Proceeds from government contracts						16,800
Gross proceeds for warrant exercises						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
Number of leased properties marketed for sublease arrangements \| Lease						3
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
Private Placement \| Pre Funded Warrants
Organization And Basis Of Presentation [Line Items]
Gross proceeds for warrant exercises			$ 21,100
Controlled Equity Offering Sales Agreement
Organization And Basis Of Presentation [Line Items]
Net proceeds						$ 23,900
Employee Severance [Member]
Organization And Basis Of Presentation [Line Items]
Number of employees reduced \| Employee				87
Common Stock
Organization And Basis Of Presentation [Line Items]
Net proceeds		$ 30,500

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
	June 30,		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	$	8,624	$	8,624
Total cash equivalents	$	8,624	$	8,624	$	—	$	—
Short-term investments:
U.S. treasury bills		35,593				35,593
Total Short-term investments	$	35,593	$	—	$	35,593	$	—


			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	$	—

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. 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 included within accrued liabilities and other current liabilities.

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Jun. 30, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	7 years 10 months 24 days
Weighted-average discount rate	6.20%

Collaboration Agreement

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreement

10. 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 June 30, 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 February 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 June 30, 2024. The following table reflects the transaction price (in thousands):


	As of June 30, 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 June 30, 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		—		(1,130	)		(1,130	)
Deferred revenue at June 30, 2024	$	11,748	$	916		$	12,664

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. As of June 30, 2024, the parties still have not completed their negotiations of the clinical supply agreement. At this point, it is uncertain whether such an agreement will be completed. In view of the uncertainty around the completion of the clinical supply agreement, the Company may decide to recognize such payments as revenue on an accelerated schedule.

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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 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

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:


	June 30,		December 31,
	2024		2023
Cash and cash equivalents	$	31,905	$	22,353
Restricted cash		1,992		1,392
Total	$	33,897	$	23,745

Net Loss per Share


	Three and Six Months Ended June 30,
	2024		2023
Stock options		7,045,833		5,871,813
Common stock warrants		8,606,303		10,030,575
Restricted stock units		867,472		243,703
Total		16,519,608		16,146,091

Recently Issued Accounting Pronouncements

Restructuring and Other Related Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring Liability Activities

Restructuring liability activities during the three and six months ended June 30, 2024:


	January 1,							June 30,
	2024		Accruals		Cash Payments			2024
2024 Restructuring Plan
Severance Costs	$	—	$	4,706,249	$	(2,783,091	)	$	1,923,158
Retention Costs		—		823,821		—			823,821
Other Costs		—		920,399		(540,225	)		380,174
Total	$	—	$	6,450,469	$	(3,323,316	)	$	3,127,153

Property and Equipment and Related Impairment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property Plant And Equipment

Property and equipment consist of the following (in thousands) as of June 30, 2024 and December 31, 2023:


	June 30,			December 31,
	2024			2023
Property and equipment:
Laboratory equipment	$	4,169		$	2,736
Computer software and equipment		160			105
Office furniture and fixtures		934			662
Leasehold improvements		485			461
Total	$	5,748		$	3,964
Less: Accumulated depreciation		(2,200	)		(1,921	)
Less: Impairment		(1,883	)		—
Property and equipment, net	$	1,665		$	2,043

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance income tax expense (benefit)	$ 12,000	$ 12,000	$ 26,000	$ 26,000

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Jun. 30, 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	65,455,735	57,214,550
Common stock shares outstanding	65,455,735	57,214,550

Restructuring and Other Related Charges (Additional Information) (Details) $ in Millions	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2024 Employee	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other related charges		$ 6.5	$ 6.5
Severance costs			4.7
Accrued retention costs			0.8
Other costs			$ 1.0
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees reduced \| Employee	87

- Definition

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

+ References + Details

Preferred and Common Stock - Additional Information (Details)						3 Months Ended	6 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 shares	Jun. 30, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 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
Gross proceeds for warrant exercises							$ 3,800,000
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
Aggregate gross proceeds from issuance of warrants				$ 4,200,000			$ 19,700,000
Number of warrants exercised \| shares							5,756,349
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

Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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			(5,756,349	)	$	0.001			$	37,770
Outstanding at June 30, 2024		8,606,303		$	2.673		4.40	$	30,527	November 30, 2028		—		$	—		—	$	—		—

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 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

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost:
Operating lease cost	$ 1,877	$ 444	$ 3,736	$ 888
Variable lease cost	586	248	1,258	494
Total lease cost	$ 2,463	$ 692	$ 4,994	$ 1,382

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

Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 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	(194,636)
Restricted stock units outstanding, Ending Balance \| shares	867,472
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	4.28
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 5.56

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company records a provision or benefit for income taxes on pre-tax income or loss based on its estimated effective tax rate for the year. 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 $12,000 for the three months ended June 30, 2024 and June 30, 2023 and $26,000 for the six months ended June 30, 2024 and June 30, 2023, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: 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

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

12. Leases

Watertown Lease

In August 2007, the Company entered into an operating lease, as amended, for office and laboratory space in Watertown, Massachusetts. The lease includes certain rent escalations. In July 2023, the Company amended the lease to extend the expiration of the lease term from April 2024 to April 2027. Under the terms of the amended lease, the Company no longer has the right to terminate the lease after January 1, 2024.

The Company 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.

The Company also has two leases for two separate spaces in the same building at 880 Winter Street in Waltham, Massachusetts. The Company refers to the first lease as the “Waltham Lease” and the second lease arrangement as the “Waltham

Sublease” as the Company, as a tenant, is subleasing space from under an existing lease arrangement whereby the lessee to the headlease has agreed to sublease the space to the Company under a sublease agreement.

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost:
Operating lease cost	$	1,877	$	444	$	3,736	$	888
Variable lease cost	$	586		248		1,258		494
Total lease cost	$	2,463	$	692	$	4,994	$	1,382

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 June 30, 2024
Weighted-average remaining lease term (in years)		7.9
Weighted-average discount rate		6.20	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of June 30, 2024 were as follows (in thousands):


Period ended December 31,
From July 1, 2024 to December 31, 2024		3,532
2025		6,121
2026		6,494
2027		5,131
2028		4,507
Thereafter		20,652
Total maturities		46,437
Less: Imputed interest		(9,689	)
Present value of operating lease liability		36,748
Less: current portion of operating lease liability		(4,269	)
Total operating lease liability, net of current portion	$	32,479

The Company evaluated the above leases for impairment indicators and determined that the right-of-use asset is impaired. Additional details are included within Note 6 above.

Preferred and Common Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Preferred and Common Stock

7. Preferred and Common Stock

The Company has 10,000,000 shares of undesignated preferred stock, par value $0.001 per share. There were no shares issued or outstanding as of June 30, 2024 or June 30, 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 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 June 30, 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. All Pre-Funded Warrants issued in the April 2022 Financing were exercised as of June 30, 2024.

The Company has reserved for future issuances the following shares of common stock as of June 30, 2024:


	As of June 30, 2024
Pre-funded warrants		—
Common stock warrants		8,606,303
Stock options and restricted stock units		10,080,915
Employee stock purchase plan		724,906
Total		19,412,124

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss on impairment of long-lived assets	$ 1,883	$ 1,592	$ 1,883	$ 1,592	$ 1,600
Paid to the contract manufacture	$ 400		$ 400

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, 2022	80,754	$ 32	329,387	10	(248,675)
Balance, Shares at Dec. 31, 2022		31,827,659
Net Income (Loss)	(31,873)
Balance at Jun. 30, 2023	98,577	$ 50	379,102	(27)	(280,548)
Balance, Shares at Jun. 30, 2023		49,545,039
Balance at Mar. 31, 2023	66,091	$ 32	331,001	(12)	(264,930)
Balance, Shares at Mar. 31, 2023		31,836,815
Issuance of common stock and pre-fundedwarrants, net of issuance costs	46,668	$ 18	46,650
Issuance of common stock and pre-funded warrants, net of issuance costs, Shares		17,652,962
Exercise of common stock options	97		97
Exercise of common stock options, Shares		55,262
Unrealized loss on available-for-sale securities	(15)			(15)
Stock-based compensation	1,354		1,354
Net Income (Loss)	(15,618)				(15,618)
Balance at Jun. 30, 2023	98,577	$ 50	379,102	(27)	(280,548)
Balance, Shares at Jun. 30, 2023		49,545,039
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
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
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, Shares	1,002
Net Income (Loss)	$ (70,583)
Balance at Jun. 30, 2024	30,977	$ 65	412,854	(4)	(381,938)
Balance, Shares at Jun. 30, 2024		65,455,735
Balance at Mar. 31, 2024	77,504	$ 61	411,225	25	(333,807)
Balance, Shares at Mar. 31, 2024		60,964,775
Exercise of common stock options, Shares		84
Exercise of pre-funded warrants	8	$ 4	4
Exercise of pre-funded warrants, Shares		4,490,876
Unrealized loss on available-for-sale securities	(29)			(29)
Stock-based compensation	1,625		1,625
Net Income (Loss)	(48,131)				(48,131)
Balance at Jun. 30, 2024	$ 30,977	$ 65	$ 412,854	$ (4)	$ (381,938)
Balance, Shares at Jun. 30, 2024		65,455,735

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
From July 1, 2024 to December 31, 2024	$ 3,532
2025	6,121
2026	6,494
2027	5,131
2028	4,507
Thereafter	20,652
Total maturities	46,437
Less: Amount representing interest	(9,689)
Present value of operating lease liability	36,748
Less: current portion of operating lease liability	(4,269)	$ (5,434)
Total operating lease liability, net of current portion	$ 32,479	$ 21,447

Stock-Based Compensation Expense - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					2,605,002
Shares of common stock reserved for future issuances	19,412,124		19,412,124		19,412,124
RSUs granted					984,929
Common stock shares issued	65,455,735		65,455,735		65,455,735		57,214,550
Stock-based compensation expense			$ 1,124,000	$ 1,354,000	$ 3,286,000	$ 2,964,000
Exercise price per share, granted					$ 4.89
Weighted-average fair value of options granted to employees, directors and non-employees			$ 1.19	$ 2.24	$ 2.8	$ 2.07
Stock-based compensation expense recorded as liability	$ 15,000		$ 15,000	$ 0	$ 15,000	$ 0
Shares probable to vest					27,869
Risk-free interest rate			4.40%	3.80%	4.20%	3.70%
Volatility			111.50%	82.00%	80.50%	82.90%
Expected term			5 years 8 months 12 days	6 years 1 month 6 days	6 years	6 years
Number of awards outstanding	7,045,833		7,045,833		7,045,833		5,709,980
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense	$ 7,500,000		$ 7,500,000		$ 7,500,000
Unrecognized share based compensation amount recognition term					3 years 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense	2,600,000		2,600,000		$ 2,600,000
Unrecognized share based compensation amount recognition term					2 years 3 months 18 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	1,400,000		$ 1,400,000		$ 1,400,000
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	$ 112,000,000
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					1,531,693
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					635,917
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					0
Shares available for issuance	724,906		724,906		724,906
Number of awards outstanding	0		0		0

Collaboration Agreement - Summary of Transaction Price (Details) $ in Thousands	Jun. 30, 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

Property and Equipment and Related Impairment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 5,748	$ 3,964
Accumulated depreciation	(2,200)	(1,921)
Property and equipment, net	1,665	2,043
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,169	2,736
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	160	105
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	934	662
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 485	$ 461

Collaboration Agreement - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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 June 30, 2024, as all milestone amounts were fully constrained based on the probability of achievement.
Combined performance obligation		$ 8,400,000		$ 8,400,000
Development activities performance obligation		3,600,000		3,600,000
Collaboration revenue		598,000	$ 458,000	1,130,000	$ 868,000
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		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		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		17,000,000
Combined performance obligation		11,862,000		11,862,000
Development activities performance obligation		$ 5,138,000		$ 5,138,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial assets, fair value	$ 0	$ 0
Financial liabilities, fair value	$ 0	$ 0

Property and Equipment and Related Impairment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment and Related Impairment

5. Property and Equipment and Related Impairment

Property and equipment consist of the following (in thousands) as of June 30, 2024 and December 31, 2023:


	June 30,			December 31,
	2024			2023
Property and equipment:
Laboratory equipment	$	4,169		$	2,736
Computer software and equipment		160			105
Office furniture and fixtures		934			662
Leasehold improvements		485			461
Total	$	5,748		$	3,964
Less: Accumulated depreciation		(2,200	)		(1,921	)
Less: Impairment		(1,883	)		—
Property and equipment, net	$	1,665		$	2,043

During the second quarter of 2024 and as a result of the Company’s Phase 3 ENLIGHTEN 1 trial failing to meet its primary endpoint, the Company performed a recoverability test for its property and equipment. The Company concluded that the undiscounted cash flows associated with its property and equipment was less than the carrying value of the property and equipment. The Company compared the fair value of the property and equipment to the carrying value and recorded an impairment charge in the amount of $1.9 million which is included as an impairment of property and equipment in the accompanying consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024. The Company determined fair market value of the equipment based on a third-party appraisal of the equipment through use of publicly available used equipment quotes. The equipment was valued as of May 15, 2024.

Subsequent Events - Additional Information (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock par value	$ 0.001	$ 0.001

Collaboration Agreement - Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	$ 13,794	$ 15,352
Revenue recognized	(1,130)	(1,558)
Deferred revenue at ending	12,664	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	(1,130)	(1,558)
Deferred revenue at ending	$ 916	$ 2,046

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 31,905	$ 22,353
Short-term investments	35,593	80,400
Prepaid expenses and other current assets	1,937	2,068
Total current assets	69,435	104,821
Property and equipment, net	1,665	2,043
Operating lease right-of-use assets	21,490	33,233
Restricted cash	1,992	1,392
Other assets		1,111
Total assets	94,582	142,600
Current liabilities:
Accounts payable	4,971	3,131
Restructuring liability	3,127
Accrued expenses and other current liabilities	6,095	9,374
Operating lease liabilities	4,269	5,434
Deferred revenue	814	1,658
Total current liabilities	19,276	19,597
Operating lease liabilities, net of current portion	32,479	21,447
Deferred revenue, net of current portion	11,850	12,136
Total liabilities	63,605	53,180
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2024 and December 31, 2023; 65,455,735 and 57,214,550 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	65	57
Additional paid-in capital	412,854	400,685
Accumulated other comprehensive income (loss), net of tax	(4)	33
Accumulated deficit	(381,938)	(311,355)
Total stockholders’ equity	30,977	89,420
Total liabilities and stockholders’ equity	$ 94,582	$ 142,600

Impairment of Right of Use Assets

6 Months Ended

Jun. 30, 2024

Asset Impairment Charges [Abstract]

Impairment of Right of Use Assets

6. Impairment of Right-of-Use Assets

In connection with the Company’s Phase 3 ENLIGHTEN 1 trial failing to meet its primary endpoint, in May 2024, the Company engaged a commercial real estate broker to market the Company’s three leased properties for sublease arrangements. As of the June 30, 2024 financial statements, the Company has not sublet any of its leased properties. Based upon these impairment indicators, the Company has performed a recoverability test over its right-of-use asset and concluded the right-of-use assets are impaired. As a result, the Company has recorded an impairment charge in the amount of $22.8 million, which is included as an impairment of right-of-use asset in the accompanying consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024. The right-of-use asset was valued as of May 15, 2024.


Discount Rate	9.5-10.5%
Term (years)	2.96-9.13
Expected Sublease Rent Increases		3.0	%

Stock-Based Compensation Expense - Summary of Stock Option Activity Under Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding December 31, 2023	5,709,980
Shares, Granted	2,605,002
Shares, Exercised	(1,002)
Shares, Cancelled	(1,268,147)
Shares, Outstanding at June 30, 2024	7,045,833	5,709,980
Weighted Average Exercise Price, Outstanding December 31, 2023	$ 5.68
Weighted Average Exercise Price, Granted	4.89
Weighted Average Exercise Price, Exercised	3.96
Weighted Average Exercise Price, Cancelled	4.56
Weighted Average Exercise Price, Outstanding at June 30, 2024	$ 5.59	$ 5.68
Outstanding, Weighted Average Remaining Contractual Life (in years)	8 years	8 years
Aggregate Intrinsic Value, Outstanding		$ 6,334

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.40%	3.80%	4.20%	3.70%
Expected term (in years)	5 years 8 months 12 days	6 years 1 month 6 days	6 years	6 years
Expected volatility	111.50%	82.00%	80.50%	82.90%

Leases - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²	May 31, 2022 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Lease	Jun. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Restricted cash		$ 1,392		$ 1,992		$ 1,992
Lessee, Operating Lease, Option to Extend			one additional five-year term
Operating lease cost				$ 1,877	$ 444	$ 3,736	$ 888
Number of leased properties marketed for sublease arrangements \| Lease						3
Watertown Lease
Lessee Lease Description [Line Items]
Extended lease term	2027-04
Lessee, Operating Lease, Existence of Option to Extend [true false]						true
Waltham Lease
Lessee Lease Description [Line Items]
Number of leases \| Lease						2
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

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


			Fair Value Measurements at Reporting Date Using
	June 30,		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	$	8,624	$	8,624
Total cash equivalents	$	8,624	$	8,624	$	—	$	—
Short-term investments:
U.S. treasury bills		35,593				35,593
Total Short-term investments	$	35,593	$	—	$	35,593	$	—


			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 June 30, 2024, the Company’s cash equivalents were invested in money market funds, which were valued based on Level 1 inputs. As of June 30, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Common Stock Warrants

6 Months Ended

Jun. 30, 2024

Warrants and Rights Note Disclosure [Abstract]

Common Stock Warrants

8. Common Stock Warrants

The following table represents a summary of the warrants outstanding and exercisable as of June 30, 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			(5,756,349	)	$	0.001			$	37,770
Outstanding at June 30, 2024		8,606,303		$	2.673		4.40	$	30,527	November 30, 2028		—		$	—		—	$	—		—