0001689375-23-000019 | 10-K | XBRL Viewer

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40969
Entity Registrant Name	ENTRADA THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3983399
Entity Address, Address Line One	6 Tide Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	520-9158
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TRDA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 274.4
Entity Common Stock, Shares Outstanding		33,076,359
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2023 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant's fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001689375
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 45,157	$ 291,064
Marketable securities	143,555	0
Prepaid expenses and other current assets	21,163	7,636
Total current assets	209,875	298,700
Property and equipment, net	7,681	6,261
Restricted cash	3,950	0
Right-of-use assets, operating leases	25,340
Other non-current assets	5,210	872
Total assets	252,056	305,833
Current liabilities:
Accounts payable	5,990	706
Accrued expenses and other current liabilities	7,576	6,013
Operating lease obligations, current portion	8,406	0
Total current liabilities	21,972	6,719
Operating lease obligations, non-current	17,530
Deferred rent, net of current portion		396
Total liabilities	39,502	7,115
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, par value $0.0001; 150,000,000 shares authorized; 31,448,508 shares issued and 31,394,767 shares outstanding as of December 31, 2022 and 31,336,092 shares issued and 31,224,336 shares outstanding as of December 31, 2021	3	3
Additional paid‑in capital	402,893	392,384
Accumulated other comprehensive loss	(2,057)	0
Accumulated deficit	(188,285)	(93,669)
Total stockholders’ equity	212,554	298,718
Total liabilities and stockholders’ equity	$ 252,056	$ 305,833

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares, authorized (in shares)	150,000,000	150,000,000
Common stock, shares, issued (in shares)	31,448,508	31,336,092
Common stock, shares, outstanding (in shares)	31,394,767	31,224,336

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 66,609	$ 35,926
General and administrative	30,639	15,201
Total operating expenses	97,248	51,127
Loss from operations	(97,248)	(51,127)
Other income (expense):
Interest and other income (expense), net	2,632	(31)
Total other income (expense), net	2,632	(31)
Net loss	$ (94,616)	$ (51,158)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (3.02)	$ (8.16)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (3.02)	$ (8.16)
Weighted-average common shares outstanding, basic (in shares)	31,293,312	6,267,776
Weighted-average common shares outstanding, diluted (in shares)	31,293,312	6,267,776
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax of $0	$ (2,057)	$ 0
Total other comprehensive loss	(2,057)	0
Total comprehensive loss	$ (96,673)	$ (51,158)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Statement [Abstract]
Unrealized loss on marketable securities, tax	$ 0

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid‑in Capital	Accumulated other comprehensive loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020	85,299,885
Beginning balance at Dec. 31, 2020	$ 81,658
Redeemable Convertible Preferred Stock
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $420 (in shares)	53,522,099
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $420	$ 115,831
Conversion of redeemable convertible preferred stock upon initial public offering (in shares)	(138,821,984)
Conversion of redeemable convertible preferred stock upon initial public offering	$ (197,489)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020		1,244,139
Beginning balance at Dec. 31, 2020	(41,490)	$ 0	$ 1,021	$ 0	$ (42,511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock upon initial public offering (in shares)		19,185,183
Conversion of redeemable convertible preferred stock upon initial public offering	197,489	$ 2	197,487
Issuance of common stock from initial public offering, net of issuance costs of $18,034 (in shares)		10,436,250
Issuance of common stock from initial public offering, net of issuance costs of $18,034	190,691	$ 1	190,690
Issuance of common stock upon exercise of stock options (in shares)		223,838
Issuance of common stock upon exercise of stock options	$ 410		410
Vesting of restricted common stock (in shares)		11,537
Vesting of early exercised options (in shares)	111,756	123,389
Vesting of early exercised options	$ 250		250
Stock‑based compensation	2,526		2,526
Total other comprehensive loss	0
Net loss	$ (51,158)				(51,158)
Ending balance (in shares) at Dec. 31, 2021	31,224,336	31,224,336
Ending balance at Dec. 31, 2021	$ 298,718	$ 3	392,384	0	(93,669)
Ending balance (in shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		84,526
Issuance of common stock upon exercise of stock options	$ 195		195
Vesting of early exercised options (in shares)	53,741	58,015
Vesting of early exercised options	$ 135		135
Purchase of common stock under the employee stock purchase plan (in shares)		27,890
Purchase of common stock under the employee stock purchase plan	284		284
Stock‑based compensation	9,895		9,895
Total other comprehensive loss	(2,057)			(2,057)
Net loss	$ (94,616)				(94,616)
Ending balance (in shares) at Dec. 31, 2022	31,394,767	31,394,767
Ending balance at Dec. 31, 2022	$ 212,554	$ 3	$ 402,893	$ (2,057)	$ (188,285)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (94,616)	$ (51,158)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,895	1,117
Loss on disposal of property and equipment	0	74
Stock‑based compensation expense	9,895	2,526
Amortization of premiums and discounts on marketable securities, net	151	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(14,022)	(6,733)
Right-of-use assets, operating leases	7,651
Other non-current assets	(4,338)	(331)
Accounts payable	5,287	(715)
Accrued expenses and other current liabilities	1,762	3,962
Deferred rent	0	396
Operating lease liabilities	(7,451)
Net cash used in operating activities	(93,786)	(50,862)
Cash flows from investing activities:
Purchases of property and equipment	(2,887)	(4,580)
Purchases of marketable securities	(221,977)	0
Maturities of marketable securities	76,214	0
Net cash used in investing activities	(148,650)	(4,580)
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	115,831
Proceeds from issuance of common stock upon initial public offering, net of issuance costs	0	190,691
Proceeds from exercise of stock options	195	410
Proceeds from the early exercise of stock options	0	529
Proceeds from issuance of common stock under the employee stock purchase plan	284	0
Net cash provided by financing activities	479	307,461
Net (decrease) increase in cash, cash equivalents and restricted cash	(241,957)	252,019
Cash, cash equivalents and restricted cash at beginning of year	291,064	39,045
Cash, cash equivalents and restricted cash at end of year	49,107	291,064
Supplemental cash flow disclosures:
Purchases of property and equipment included in accounts payable and accrued expenses	88	155
Conversion of preferred stock to common stock upon initial public offering	0	197,489
Vesting of options early exercised subject to repurchase	135	250
Recognition of right-of-use asset upon adoption of ASC 842	32,991
Transfer of deposits for equipment from operating to investing cash flows	$ 495	$ 0

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 420
Stock issuance costs	$ 18,034

Nature of the Business	12 Months Ended
Nature of the Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Organization Entrada Therapeutics, Inc. (Entrada or the Company) aims to transform the lives of patients by establishing Endosomal Escape Vehicle (EEVTM) therapeutics as a new class of medicines and become the world’s foremost intracellular therapeutics company. The Company was incorporated in Delaware on September 22, 2016 and its principal offices are located in Boston, Massachusetts. Liquidity and Capital Resources Since its inception, the Company has devoted substantially all of its resources to its research and development efforts relating to its proprietary, highly versatile and modular EEV platform (EEV Platform), advancing development of its portfolio of programs and general and administrative support for these operations, including raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, technical risks associated with the successful research, development and manufacturing of therapeutic candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Therapeutic candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. In November 2021, the Company completed its initial public offering (IPO) in which the Company issued and sold 10,436,250 shares of its common stock, including 1,361,250 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $20.00 per share, for aggregate gross proceeds of $208.7 million. The Company received $190.7 million in net proceeds, after deducting underwriting discounts and offering expenses payable. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 19,185,183 shares of the Company’s common stock. In accordance with Accounting Standards Codification (ASC) 205-40, Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has incurred net losses since its inception, including net losses of $94.6 million and $51.2 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had an accumulated deficit of $188.3 million. To date, the Company has funded its operations primarily through the sale of equity securities. The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future. The Company expects that its cash, cash equivalents, and marketable securities of $188.7 million as of December 31, 2022, along with the $250.0 million of total cash received in connection with the Vertex Agreement, will be sufficient to fund its operations and capital expenditure requirements for at least the next twelve months from the date of issuance of these consolidated financial statements. The Company will need additional financing to support its continuing operations and pursue its business strategy and may pursue additional cash resources through a combination of equity offerings, debt financings, collaborations, strategic alliances, licensing, or other arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed or on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

Principles of Consolidation

The accompanying consolidated financial statements include those of the Company and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to accrual and prepayment of research and development expenses and stock-based compensation. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Segment Information

The Company manages its operations as a single segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and making operating decisions. All of the Company's long-lived assets are located in the United States.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits. The Company’s marketable securities primarily consist of corporate bonds and U.S. government agency securities and treasuries, and potentially subject the Company to concentrations of credit risk. Our cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations

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

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. At December 31, 2022 and 2021 cash and cash equivalents include standard checking accounts and money market account funds that invest primarily in U.S. government-backed securities and treasuries.

As of December 31, 2022, restricted cash represents collateral provided for a letter of credit issued as a security deposit in connection with the Company’s lease of its future corporate facilities located at One Design Center Place, Boston, Massachusetts. As of December 31, 2021, the Company had no restricted cash. 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 (in thousands):


	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	45,157	$	291,064
Restricted cash	3,950		—
Total cash, cash equivalents and restricted cash	$	49,107	$	291,064

Marketable Securities

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

The Company reviews investments in marketable securities for other-than-temporary impairment whenever the fair value of the investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers whether it has an intent to sell, or whether it is more likely than not that the Company will be required to sell, the investment before recovery of the investment’s amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, the severity and duration of the impairment and changes in value subsequent to the end of the period. To date, the Company has not recorded any credit losses on its available-for-sale securities.

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (ASC 820), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the assets or liability and are developed based on the best information available under the circumstances. ASC 820 identifies fair value as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered value hierarchy that distinguishes between the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

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

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

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the years ended December 31, 2022 and 2021. The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term nature.

Property and Equipment

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


			Estimated Useful Life
Laboratory equipment			5 years
Computer equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of estimated useful life or remaining lease term

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in other income (expense), net. Expenditures for repairs and maintenance that do not improve or extend the life of the respective assets are expensed in operations as incurred.

Leases

Effective January 1, 2022, the Company adopted ASC 842 using the required modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (ASC 840).

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable.

Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. Prospectively, the Company adjusts the right-of-use assets for straight-line rent expense or any incentives received and remeasures the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date.

Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease. The Company assesses its right-of-use assets for impairment in a manner consistent with its assessment for long-lived assets held and used in operations.

Prior to January 1, 2022, the Company accounted for leases pursuant to ASC 840, Leases. At lease inception, the Company determined if an arrangement was an operating or capital lease. For operating leases, the Company recognized rent expense, inclusive of rent escalations, holidays and lease incentives, on a straight-line basis over the lease term. The difference between rent expense recorded and the amount paid was recorded as deferred rent. The Company classified deferred rent as current and non-current liabilities based on the portion of the deferred rent that was scheduled to mature within the next twelve months.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets, which consist primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the

impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2022 and 2021.

Deferred Offering Costs

The Company capitalizes incremental legal, professional accounting and other third-party fees that are incurred in the course of preparing for a financing as other non-current assets until the offering is consummated. At the time of the completion of the offering, the costs are reclassified as a reduction of the proceeds of the financing as part of additional paid-in-capital. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Contingencies

The Company records liabilities for legal and other contingencies when information available to the Company indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Legal costs in connection with legal and other contingencies are expensed as costs are incurred. No liabilities for legal and other contingencies were accrued as of December 31, 2022 and 2021.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations (CROs), business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Research and Development Expenses

Research and development costs are charged to expense as incurred. Research and development costs consist of direct and allocated costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, third-party license fees related to technology with no alternative future use, laboratory supplies, depreciation, manufacturing expenses, preclinical expenses, consulting and other contracted services. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the goods are delivered or the related services are performed or until it is no longer expected that the goods will be delivered or the services rendered.

The Company has entered into various research and development related contracts with third parties. These agreements are cancellable with prior written notice, and related fees are recorded as research and development expenses as incurred. The Company records accrued liabilities and prepaid expenses for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities and prepaid expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued and prepaid balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Stock-Based Compensation

The Company’s stock-based compensation program allows for grants of stock options and restricted stock awards. Grants are awarded to employees and non-employees, including the Company’s board of directors.

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

The Company’s stock-based compensation awards are subject to service-based vesting conditions. Compensation expense related to awards to employees, directors and non-employees with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term.

Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. The Company determines the expected volatility using the historical volatility of a peer group of comparable publicly traded companies with comparable characteristics and with historical share price information that approximates the expected term of the stock-based awards. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted to employees and non-employees whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur.

Prior to the Company’s IPO, there was no public market for its common stock, and consequently, the estimated fair value of its common stock was determined by the board of directors as of the date of each option grant, with input from management, considering third-party valuations of its common stock as well as its board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation through the date of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (Practice Aid). The Practice Aid identifies various available methods for allocating the enterprise value across classes of series of capital stock in determining the fair value of the Company’s common stock at each valuation date.

Subsequent to the Company’s IPO, the fair value of the common stock underlying the stock-based awards is the closing price of the Company’s common stock on the date of grant.

The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Income Taxes

Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes (ASC 740), which provides for deferred taxes using an asset and liability approach. The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by first evaluating the tax position to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes.

Net Loss per Share

The Company follows the two-class method when computing net loss per share, as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund the losses of the Company.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. Given that the Company recorded a net loss for each of the periods presented, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be antidilutive and are, therefore, excluded from the diluted net loss per share calculation.

Comprehensive Loss

Comprehensive loss includes net loss and other comprehensive loss. For the year ended December 31, 2022, comprehensive loss consists of net loss and changes in unrealized gains and losses on marketable securities. Comprehensive loss was equal to net loss for the year ended December 31, 2021.

Emerging Growth Company Status

The Company qualifies as an “emerging growth company” (EGC), as defined in the Jumpstart Our Business Startups Act (JOBS Act) and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to avail itself of the extended transition period and, therefore, while the Company is an EGC it will not be subject to new or revised accounting standards the same time that they become applicable to other public companies that are not EGCs, unless it chooses to early adopt a new or revised accounting standard. As a result of this election, the consolidated financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates.

Recently Adopted Accounting Pronouncements

ASU No. 2016-02, Leases (Topic 842)

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes all existing lease guidance. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. The new standard requires lessees to recognize an operating lease with a term greater than one year on their balance sheets as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. Lessees are required to classify leases as either finance or operating leases. If the lease is effectively a financed-purchase by the lessee, the lease is classified as a financing lease; otherwise the lease is classified as an operating lease. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. Topic 842 provides accounting guidance for transactions that meet specific criteria for a leaseback

transaction. If the criteria are not met, the transaction is considered a “failed sale” and the transaction must be accounted for as a financing arrangement. For EGCs, such as the Company, ASU 2016-02, as amended, is effective for annual reporting periods beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted.

Effective January 1, 2022, the Company adopted ASC 842 using the modified retrospective approach and utilizing the effective date as its date of initial application. As a result of the adoption of ASC 842, the Company recorded (i) an operating lease liability of $33.4 million determined using an incremental borrowing rate as of the effective adoption date and (ii) an operating lease right-of-use asset of $33.0 million, net of the unamortized balance of prepaid/accrued rent as of the transition date. There was no impact to the Company’s results of operations and cash flows from operations.

ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends certain aspects of the existing guidance to improve consistent application. For EGCs, such as the Company, ASU 2019-12 is effective beginning January 1, 2022, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2022. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations upon adoption.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. 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 its consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires that credit losses for financial instruments measured at amortized cost be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. For EGCs, such as the Company, the new standard will be effective beginning January 1, 2023. For public entities, the standard was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this ASU may have on its financial position and results of operations upon adoption.

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable SecuritiesThe following is a summary of the Company's marketable securities at December 31, 2022 (in thousands). The Company did not have any marketable securities as of December 31, 2021.


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	100,555	$	—	$	1,159	$	99,396
Corporate debt securities	41,615		—		774		40,841
Total securities with a maturity of one year or less	$	142,170	$	—	$	1,933	$	140,237

U.S. government agency securities and treasuries	—		—		—		—
Corporate debt securities	3,442		—		124		3,318
Total securities with a maturity of greater than one year	$	3,442	$	—	$	124	$	3,318
Total available-for-sale securities	$	145,612	$	—	$	2,057	$	143,555

As of December 31, 2022, the Company had 32 marketable securities with a total fair market value of $143.6 million in an unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase and believes that it is more likely than not that it will be able to hold its debt securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity.

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the year ended December 31, 2022.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents:(1)
Money market funds	$	44,907	$	—	$	—	$	44,907
Marketable securities:
U.S. government agency securities and treasuries	—		99,396		—		99,396
Corporate debt securities	—		44,159		—		44,159
Total	$	44,907	$	143,555	$	—	$	188,462


	Fair Value Measurements at
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents:(1)
Money market funds	$	290,814	—		—		$	290,814
Total	$	290,814	$	—	$	—	$	290,814

(1)The cash equivalent amounts above do not include $0.3 million of cash related to checking accounts included in cash and cash equivalents as of December 31, 2022 and December 31, 2021. These amounts are excluded as no valuation is needed for cash in checking accounts.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company measures its debt securities at fair value on a recurring basis using inputs

that are observable or can be corroborated by observable market data and classifies those instruments within Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following at December 31 (in thousands):


	2022		2021
Laboratory equipment	$	8,335	$	5,988
Furniture and fixtures	161		96
Computer equipment	43		37
Leasehold improvements	1,859		1,556
Construction in progress	584		—
Total property and equipment	10,982		7,677
Less: Accumulated depreciation	(3,301)		(1,416)
Property equipment, net	$	7,681	$	6,261

Depreciation expense for the years ended December 31, 2022 and 2021 was $1.9 million and $1.1 million, respectively.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at December 31 (in thousands):


	2022		2021
Employee compensation and benefits	$	5,063	$	4,077
External research and development expenses	1,157		1,032
General and administrative professional service expenses	925		419
Other	431		485
Total accrued expenses and other current liabilities	$	7,576	$	6,013

Common Stock and Preferred Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock and Preferred Stock

Common Stock

As of both December 31, 2022 and December 31, 2021, the Company’s certificate of incorporation, as amended and restated effective upon the completion of the IPO, authorized the Company to issue 150,000,000 shares of common stock, par value $0.0001 per share. The holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of common stock do not have any cumulative voting rights. Holders of common stock are entitled to receive ratably any dividends declared by the board of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred stock. Common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund provisions. In the event of liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock.

Shares Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance at December 31:


	2022	2021
Exercise of outstanding stock options	5,028,850	3,461,870
Outstanding restricted stock	463,964	—
Future awards under the 2021 Plan	1,976,758	2,843,255
Future awards under the 2021 ESPP	563,115	278,762
Total shares of authorized common stock reserved for future issuance	8,032,687	6,583,887

Preferred Stock

As of both December 31, 2022 and December 31, 2021, the Company was authorized to issue 10,000,000 shares of undesignated preferred stock, $0.0001 par value, in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting, or the designation of, such series, any or all of which may be greater than the rights of common stock. As of both December 31, 2022 and December 31, 2021, there were no shares of undesignated preferred stock issued or outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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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
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-Based Compensation

2021 Plan

In September 2021 the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Plan, which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The 2021 Plan allows the board of directors to grant incentive stock options or non-qualified stock options, restricted stock, restricted stock units and other equity awards to the Company’s officers, employees, directors and other key persons. In addition, the 2021 Plan includes a provision that allows for an automatic annual increase of 4% in the number of shares of common stock available for issuance under the 2021 Plan. Upon the adoption of the 2021 Plan, the Company ceased granting awards under the 2016 Plan. The total number of shares of common stock authorized for issuance under the 2021 Plan as of December 31, 2022 was 5,262,917 shares and was 3,986,270 shares as of December 31, 2021.

As of December 31, 2022, the Company had issued stock options and restricted stock units (RSUs) under the 2021 Plan. Both stock options and RSUs issued are comprised of service-based awards granted to employees. Vesting of stock options is subject to the recipient’s continued employment or service. Stock options and RSUs typically vest over a four-year period.

2016 Plan

Prior to the adoption of the 2021 Plan, the 2016 Plan provided for the Company to grant incentive stock options or non-qualified stock options, restricted stock, restricted stock units and other equity awards to employees, directors and consultants of the Company. The 2016 Plan was administered by the board of directors of the Company or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. The 2016 Plan allows for early exercise of all stock option grants if authorized by the board of directors at the time of grant. The shares of common stock issued from the early exercise of stock options are restricted and continue to vest over the original service based vesting condition of the original stock option award. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination.

The 2016 Plan will continue to govern the outstanding equity awards granted thereunder. The total number of shares of common stock authorized for issuance under the 2016 Plan as of December 31, 2022 and 2021 was 2,206,655 shares and 2,318,855 shares, respectively. As of both dates, all shares of common stock authorized for issuance under the 2016 Plan relate to outstanding stock options.

2021 Employee Stock Purchase Plan

In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the ESPP, which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The ESPP is administered by the person or persons appointed by the Company’s board

of directors for such purpose. The ESPP initially provided participating employees with the opportunity to purchase up to an aggregate of 278,762 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the lesser of (i) 1% of the outstanding number of shares of our common stock of the immediately preceding December 31, (ii) 557,524 shares or (iii) such number of shares as determined by the ESPP administrator. The total number of shares of common stock authorized for issuance under the 2021 ESPP as of December 31, 2022 and 2021 was 563,115 shares and 278,762 shares, respectively.

Compensation expense for discounted purchases under the 2021 ESPP is measured using the Black Scholes model to computer the fair value of the lookback provision plus the purchase discount and is recognized as compensation expense over the course of the offering period.

Stock-Based Compensation

The Company recognized equity-based compensation expense in the consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands):


	Year Ended December 31,
	2022		2021
Stock Options	$	8,648	$	2,526
Restricted Stock Units	1,106		—
ESPP	141		—
Total	$	9,895	$	2,526

Stock-based compensation expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Year Ended December 31,
	2022		2021
Research and development expenses	$	4,166	$	878
General and administrative expenses	5,729		1,648
Total	$	9,895	$	2,526

Stock Option Valuation

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted for the years then ended:


	December 31, 2022	December 31, 2021
Risk‑free interest rate	2.20%	1.15%
Expected volatility	71%	73%
Expected dividend yield	—	—
Expected term (in years)	6.04	6.01

Early Exercise of Unvested Stock Options

Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding shares until those shares vest according to their respective vesting schedules. Cash received from employee exercises of unvested options is included in current liabilities on the balance sheet. Amounts recorded are reclassified to common stock and additional paid-in capital as the shares vest. Vesting can occur in the year of exercise and thereafter. There were 53,741 and 111,756 unvested shares related to early exercises of stock options as of December 31, 2022 and December 31, 2021, respectively. In the years ended December 31, 2022 and 2021, the liability associated with the unvested early exercise of stock options was $0.2 million and less than $0.3 million, respectively.

Stock Options

The following table summarizes the Company’s stock option activity since December 31, 2021:


	Number of Shares	Weighted‑Average Exercise Price		Weighted‑Average Contractual Term	Aggregate Intrinsic Value(2)
				(in years)	(in thousands)
Outstanding as of December 31, 2021	3,461,870	$	10.38
Granted	1,736,387	11.70
Exercised	(84,526)	2.30
Forfeited	(84,881)	11.57
Outstanding as of December 31, 2022	5,028,850	$	10.95	8.52	$	20,905
Exercisable as of December 31, 2022(1)	2,597,046	$	7.77	7.93	$	17,323

(1)This represents the number of vested and unvested options exercisable as of December 31, 2022.

(2)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of December 31, 2022.

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022 and 2021 was $1.0 million and $2.8 million, while the company received $0.2 million and $0.9 million in proceeds for the exercise of these options, respectively.

The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2022 and 2021 was $7.51 per share and $9.39 per share, respectively. As of December 31, 2022, there was $24.7 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.82 years.

Restricted Stock Units

During the year ended December 31, 2022, RSUs were granted to employees with vesting conditions based on continued service over time. Accordingly, stock-based compensation expense for such awards is recognized using a straight-line attribution model over the vesting term of each RSU. The fair value of each RSU is based on the closing price of the Company's common stock on the date of grant. For the majority of RSUs, the restricted stock vests over a four-year period, with 25% of the shares vesting on each anniversary of the grant date.

A summary of restricted stock activity during the year ended December 31, 2022 is as follows:


	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2021	—	$	—
Issued	479,445	12.24
Forfeited	(15,481)	11.77
Unvested as of December 31, 2022	463,964	$	12.26

As of December 31, 2022, there was $4.6 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average remaining vesting period of 3.21 years. No restricted stock units vested during either of the years ended December 31, 2022 or 2021.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2022 and 2021, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each period, due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022	2021
Federal statutory income tax rate	21.0%	21.0%
State income taxes, net of federal benefit	5.5	6.1
Federal and state research and development tax credits	5.0	3.9
Non-deductible items	(1.4)	(0.3)
Change in deferred tax asset valuation allowance	(30.1)	(30.7)
Effective income tax rate	—%	—%

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	32,148	$	25,124
Research and development tax credit carryforwards	7,679		3,237
Intangible assets	1,142		761
Capitalized research and development expenses	15,747		—
Lease liability	7,031		—
Stock compensation	1,109		430
Other	34		137
Total deferred tax assets	64,890		29,689
Deferred tax liabilities:
Property and equipment	(298)		(261)
Right-of-use asset	(6,869)		—
Prepaid expenses	(304)		(485)
Total deferred tax liabilities	(7,471)		(746)
Valuation allowance	(57,419)		(28,943)
Net deferred tax assets	$	—	$	—

As of December 31, 2022, the Company had federal net operating loss carryforwards of $119.3 million, which may be available to offset future taxable income, of which $3.2 million of the total net operating loss carryforwards expire at various dates beginning in 2036, while the remaining $116.1 million do not expire but are limited in their usage to an annual deduction equal to 80% of annual taxable income. In addition, as of December 31, 2022, the Company had state net operating loss carryforwards of $112.1 million, which may be available to offset future taxable income and expire at various dates beginning in 2036. As of December 31, 2022, the Company also had federal and state research and development tax credit carryforwards of $5.5 million and $2.8 million, respectively, which may be available to reduce future tax liabilities and expire at various dates beginning in 2039 and 2035, respectively.

Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 and Section 383 of the Internal Revenue Code of 1986 (Code), and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized

annually to offset future taxable income and tax liabilities. In general, an ownership change, as defined by Section 382 of the Code, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 5% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382 of the Code, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards may be subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before their utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets, which consist primarily of net operating loss carryforwards and research and development tax credit carryforwards. Management has considered the Company’s history of cumulative net losses incurred since inception, estimated future taxable income, and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of federal and state net deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2022 and 2021. The Company reevaluates the positive and negative evidence at each reporting period.

The valuation allowance increased by $28.5 million and $15.7 million for the year ending December 31, 2022 and 2021, respectively. The increase in the valuation allowance for deferred tax assets during the years ended December 31, 2022 and 2021 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards.

The Company assesses the uncertainty in its income tax positions to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement with the relevant taxing authority. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its consolidated statements of operations. As of December 31, 2022 and 2021, the Company had not recorded any reserves for uncertain tax positions or related interest and penalties.

In 2017, the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) was signed into law. Among other provisions, the 2017 Tax Act requires taxpayers to capitalize and amortize research and experimental (R&E) expenditures under Section 174 for tax years beginning after December 31, 2021. As such, the rule noted became effective for the Company during the year ended December 31, 2022 and resulted in the capitalization of certain R&E costs within its tax provision. The Company will amortize such costs for tax purposes over 5 years if the R&E was performed in the United States and over 15 years if the R&E was performed outside the United States.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. Due to net operating losses incurred, the Company’s tax returns from inception to date are subject to examination by the taxing authorities.

- Definition

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

+ References

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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn 2017, the Company entered into an option agreement with Ohio State Innovation Foundation (OSIF), an affiliate of The Ohio State University (OSU), in which the Company obtained an option (OSIF Option Agreement) to license all patents and patent applications specified in the agreement, involving work related to specified invention disclosures, and arising out of that sponsored research agreement entered into between the Company and OSIF pursuant to which the Company sponsored certain discovery programs conducted by the third party. In 2018, the Company entered into a definitive license agreement with OSIF (OSIF License Agreement) in which OSIF granted the Company an exclusive worldwide, sublicensable license to certain intellectual property under certain patent rights to research, develop, and otherwise commercialize a product generated from the licensed intellectual property. The Company concluded the assets acquired did not meet the accounting definition of a business as inputs, but no processes or outputs were acquired with the licenses. As the inputs that were acquired along with the licenses do not constitute a “business,” the transaction has been accounted for as an asset acquisition under ASC 730. As of the date of the license agreement, the assets acquired had no alternative future use and the assets had not reached a stage of technological feasibility. Should the Company pursue specified research, development, and commercial activities related to the above technology, the Company would be obligated to make milestone payments up to $2.6 million for each of the first three licensed products to achieve each milestone. The triggering of these milestone payments was not considered probable as of December 31, 2022 and 2021. In addition, OSIF will receive tiered royalty payments on the applicable licensed program and platform products at a percentage ranging in single-digit royalties of net sales subject to reductions and offsets in certain circumstances, as well as a royalty on sublicensed consideration of up to 15% of non-royalty sublicensing consideration. The Company concluded any milestone or royalty payments under the agreement were not probable as of December 31, 2022 and 2021. For the years ended December 31, 2022 and 2021, the Company reimbursed OSIF for patent costs of $0.2 million and $0.1 million, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company’s operating lease activity is comprised of non-cancelable facility leases for office and laboratory space in Boston, Massachusetts.

6 Tide Street Lease

The Company entered into an operating lease for office and laboratory space at 6 Tide Street in Boston, Massachusetts in February 2020, and entered into subsequent amendments in 2021 (6 Tide Street Lease). The amendments run co-terminus with the existing lease. As of December 31, 2022, the Company had a total of 42,046 square feet licensed at this facility. The Company has the option to terminate the lease and amendments after November 30, 2023 without penalty. At the adoption of ASC 842, the Company concluded that it is not reasonably certain that it will exercise its option to terminate the lease early. Therefore, lease payments through November 2025 are included in the right-of-use asset and lease liabilities in the condensed consolidated balance sheets. See Note 14, Subsequent Events, for more information on the term of our 6 Tide Street Lease.

The Company paid a security deposit of $0.8 million, which is recorded as a component of other non-current assets in the accompanying condensed consolidated balance sheets.

The components of operating lease cost were as follows (in thousands):


	Year ended December 31, 2022
Operating lease cost	$	8,774
Variable lease cost	—
Total lease cost	$	8,774

Supplemental information related to operating leases was as follows:


Other information	Year ended December 31, 2022
Operating cash flows used for operating leases (in thousands)	$	8,574
Weighted average remaining lease term	2.9 years
Weighted average discount rate	3.81%

Future payments due under operating leases as of December 31, 2022 were as follows (in thousands):


Maturity of Lease Liability	As of December 31, 2022
2023	9,219
2024	9,494
2025	8,650
Thereafter	—
Total lease payments	$	27,363
Less: imputed interest	(1,427)
Present value of operating lease liabilities	$	25,936

IDB Lease

On March 16, 2022, the Company and IDB 17-19 Drydock Limited Partnership, as landlord (Landlord), entered into a lease agreement (IDB Lease) with respect to approximately 81,442 square feet of office and laboratory space (Premises) in Boston, Massachusetts, which, when available for occupancy, will become the Company’s new consolidated headquarters location and supplement its existing space in Massachusetts.

The term of the IDB Lease commences the date upon which the Landlord tenders possession of the Premises to the Company following the Landlord’s substantial completion of the initial build-out of the Premises (Commencement Date) and shall continue for a period of approximately 10 years, unless earlier terminated in accordance with the terms of the IDB Lease. The Company has (i) the option to extend the IDB Lease for an additional period of five (5) years, and (ii) a right of first offer on adjacent space to the Premises, subject to the terms and conditions of the IDB Lease. As these options are not reasonably certain of occurring, they will not be included in the initial calculation of the Company's right-of-use asset upon lease commencement.

The initial fixed rental rate is $0.5 million per month, which is for a 12 month period during which the base rent is payable for 65,000 square feet, and will increase 3% per annum thereafter for the entire 81,442 square feet leased. Base rent becomes due upon the earlier of (i) the Company’s occupancy of the Premises for use in its regular operations, or (ii) 10 months following the Commencement Date, provided that in the event the Landlord’s build-out of the Premises is not complete on such date, base rent becomes due upon substantial completion of such build-out. Under the terms of the IDB Lease, the Landlord will provide an allowance in an amount not to exceed $19.5 million (calculated at a rate of $240.00 per rentable square foot of the Premises) toward the cost of completing tenant improvements for the Premises. In addition, the Company has the right to require the Landlord to provide an additional contribution in an amount not to exceed $1.6 million (calculated at a rate of $20.00 per rentable square foot of the Premises) toward the cost of tenant improvements to the Premises, which amount shall be repaid by the Company in an amount of equal monthly payments of principal and interest as would be necessary to repay a loan in the full amount of the additional contribution used by the Company, subject to an 8% annual interest charge, on a level direct reduction basis over a 120 month period. The Company will be required to pay its share of operating expenses, taxes and any other expenses payable under the IDB Lease. In connection with the execution of the IDB Lease, the Company executed a cash-collateralized letter of credit, which may be reduced in the future subject to reduction requirements specified in the IDB Lease therein. The cash of $4.0 million collateralizing the letter of credit is classified as restricted cash on the Company's condensed consolidated balance sheets.

The Company concluded that the improvements resulting from both the Landlord's build-out and the tenant improvements are the Landlord's assets for accounting purposes. Costs incurred by the Company related to the tenant improvements up to the Landlord's allowance are pass-through costs and will be reimbursed. Costs incurred by the Company related to the tenant improvements in excess of the Landlord's allowance will be treated as prepaid rent and will increase the right-of-use asset once the accounting commencement date occurs. As of December 31, 2022, the Company had incurred $21.2 million of refundable pass-through costs, of which $9.8 million was reimbursed by the Landlord as of December 31, 2022, and $4.3 million of prepaid rent amounts. Net pass-through cost associated with the IDB Lease are included in other current assets as the Company expects receive the remaining reimbursement for such costs in the next 12 months. Prepaid rent amounts associated with the IDB Lease are included in other non-current assets. The accounting commencement date, which has not occurred as of December 31, 2022, will occur when both the Landlord's build-out and the tenant improvements are substantially complete. The Company will assess the classification of the IDB Lease at the accounting commencement date and measure the right-of-use asset and lease liability. As the accounting commencement date had not occurred as of December 31, 2022, the IDB Lease is excluded from the table above.

IDB Sublease

In December 2022, the Company entered into a sublease agreement to sublease a portion of the office and laboratory space leased under the IDB Lease to a third-party (subtenant). The term of the sublease will commence at the later of (i) the date the subleased space is available for use by the subtenant, (ii) the date that IDB 17-19 Drydock Limited Partnership delivers its executed consent to the sublease, or (iii) March 1, 2023. The sublease term is 3 years and neither party has an option to extend the lease. The initial fixed rental rate is approximately $0.2 million per month, and will increase 3% per annum thereafter. The sublessee is obligated to pay its ratable portion of operating expenses during the sublease term. The Company received a letter of credit of $0.5 million in place of a security deposit. As of December 31, 2022, no amounts have been drawn on the letter of credit. The sublease accounting commencement date, which has not occurred as of December 31, 2022, will occur when the subleased space is available to the subtenant for use in their operations.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company has a defined-contribution plan under Section 401(k) of the Code (401(k) Plan). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. In 2022, the Company began making contributions to the Plan. The Company's contributions were $0.7 million during the year ended December 31, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2022		2021
Numerator:
Net loss attributable to common stockholders	$	(94,616)	$	(51,158)
Denominator:
Weighted‑average common shares outstanding, basic and diluted	31,293,312		6,267,776
Net loss per share attributable to common stockholders, basic and diluted	$	(3.02)	$	(8.16)

Common Stock Equivalents

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


	Year Ended December 31,
	2022	2021
Unvested restricted common stock	463,964	—
Unvested shares from early exercises	53,741	111,756
Stock options to purchase common stock	5,028,850	3,461,870
	5,546,555	3,573,626

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events For the year ended December 31, 2022, subsequent events were evaluated through the date on which these consolidated financial statements were issued to determine if such events should be reflected in these consolidated financial statements. Vertex License Agreement On December 7, 2022, the Company and Vertex Pharmaceuticals Incorporated (Vertex) entered into a Strategic Collaboration and License Agreement (the Vertex Agreement) pursuant to which the Company granted Vertex an exclusive worldwide license to research, develop, manufacture and commercialize ENTR-701, the Company’s intracellular Endosomal Escape Vehicle (“EEV”)-based therapeutic candidate for the treatment of myotonic dystrophy type 1 (“DM1”) that targets expanded CUG repeats in DM1 protein kinase (DMPK) mRNA transcripts, as well as any additional EEV-based therapeutic candidates that may be identified by the Company for the potential treatment of DM1 in the course of the parties’ global research collaboration. On February 8, 2023, following the expiration of the waiting period and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, Entrada and Vertex closed the Vertex Agreement. The Vertex Agreement provides for a four-year global research collaboration under which Vertex will fund the Company’s continued pre-clinical development of ENTR-701, as well as additional DM1-related research activities with a goal of identifying other EEV-based therapeutic product candidates for the potential treatment of DM1. Other than the Company’s efforts under this research collaboration, Vertex will be responsible for global development, manufacturing and commercialization of the licensed products. Pursuant to the Vertex Agreement, the Company received an upfront payment of $223.7 million, and Vertex made an equity investment of $26.3 million by purchasing 1,618,613 shares of the Company's common stock, pursuant to a stock purchase agreement between the Company and Vertex. The Company will be eligible to receive up to $485.0 million upon the achievement of certain research, development, regulatory and commercial milestones. The Company will also receive tiered royalties, from the mid to high single digits based on potential future net sales of licensed products as set forth in the Vertex Agreement. The term of the Vertex Agreement will expire in its entirety upon expiration of the royalty term as set forth in the Vertex Agreement. Vertex may terminate the Vertex Agreement for convenience by providing adequate written notice to the Company. The Company may terminate the Vertex Agreement under certain specified circumstances, including in the event Vertex or any of its affiliates or sublicensees challenges directly or indirectly in a legal or administrative proceeding the patentability, enforceability, or validity of any licensed patent as set forth in the Vertex Agreement. Either party may terminate the Vertex Agreement for an uncured material breach by the other party or upon the bankruptcy or insolvency of the other party. Neither party may assign the agreement without the prior written consent of the other party, except that a party may assign its rights and obligations to an affiliate or third party that acquires all or substantially all of the business or assets to which the Vertex Agreement relates and agrees in writing to be bound by the terms of the Vertex Agreement. Vertex Sublicense Agreement Concurrently with the execution of the Vertex Agreement, on December 7, 2022, the Company entered into a sublicense agreement (the Sublicense Agreement) with Vertex. Pursuant to the Sublicense Agreement, the Company granted to Vertex an exclusive sublicense under certain intellectual property licensed to the Company under the OSIF License Agreement, dated December 14, 2018, by and between Company and OSIF, as amended. See Note 10, Commitments and Contingencies, for further discussion of the OSIF License Agreement. The material terms of the Sublicense Agreement mirror those of the Vertex Agreement, and the payments described in connection with the Vertex Agreement above are in consideration for the rights granted under both the Vertex Agreement and Sublicense Agreement. The Sublicense Agreement became effective on February 8, 2023, concurrently with the Vertex Agreement becoming effective. Pursuant to the OSIF License Agreement, upon the Sublicense Agreement closing on February 8, 2023, the Company became obligated to pay OSIF a sublicense fee of up to a mid-seven digits dollar amount. 6 Tide Street Amendment In January 2023, the Company entered into an amendment to the 6 Tide Street lease pursuant to which the term for a portion of the leased space will expire on November 30, 2023 at the latest. The term for the remainder of the lease will end on November 30, 2025. Following the amendment, the fixed rental payment will be approximately $0.8 million per month through November 30, 2023, and $0.5 million per month after November 30, 2023. See Note 11, Leases, for further information on the 6 Tide Street lease.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

The accompanying consolidated financial statements include those of the Company and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Segment Information

Concentrations of Credit Risk and Off-Balance Sheet Risk

Cash, Cash Equivalents, and Restricted Cash


	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	45,157	$	291,064
Restricted cash	3,950		—
Total cash, cash equivalents and restricted cash	$	49,107	$	291,064

Marketable Securities

Fair Value Measurements

As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered value hierarchy that distinguishes between the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

Property and Equipment

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


			Estimated Useful Life
Laboratory equipment			5 years
Computer equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of estimated useful life or remaining lease term

Leases

Impairment of Long-Lived Assets

impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Deferred Offering Costs

Contingencies

ContingenciesThe Company records liabilities for legal and other contingencies when information available to the Company indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Legal costs in connection with legal and other contingencies are expensed as costs are incurred.

Indemnification Agreements

Indemnification AgreementsIn the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations (CROs), business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited.

Research and Development Expenses

Patent Costs

Stock-Based Compensation

Subsequent to the Company’s IPO, the fair value of the common stock underlying the stock-based awards is the closing price of the Company’s common stock on the date of grant.

Income Taxes

Net Loss per Share

Comprehensive Loss

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU No. 2016-02, Leases (Topic 842)

ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents

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 (in thousands):


	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	45,157	$	291,064
Restricted cash	3,950		—
Total cash, cash equivalents and restricted cash	$	49,107	$	291,064

Schedule of Cash and Cash Equivalents


	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	45,157	$	291,064
Restricted cash	3,950		—
Total cash, cash equivalents and restricted cash	$	49,107	$	291,064

Summary of Estimated Useful Life

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


			Estimated Useful Life
Laboratory equipment			5 years
Computer equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of estimated useful life or remaining lease term

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following is a summary of the Company's marketable securities at December 31, 2022 (in thousands). The Company did not have any marketable securities as of December 31, 2021.


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	100,555	$	—	$	1,159	$	99,396
Corporate debt securities	41,615		—		774		40,841
Total securities with a maturity of one year or less	$	142,170	$	—	$	1,933	$	140,237

U.S. government agency securities and treasuries	—		—		—		—
Corporate debt securities	3,442		—		124		3,318
Total securities with a maturity of greater than one year	$	3,442	$	—	$	124	$	3,318
Total available-for-sale securities	$	145,612	$	—	$	2,057	$	143,555

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents:(1)
Money market funds	$	44,907	$	—	$	—	$	44,907
Marketable securities:
U.S. government agency securities and treasuries	—		99,396		—		99,396
Corporate debt securities	—		44,159		—		44,159
Total	$	44,907	$	143,555	$	—	$	188,462


	Fair Value Measurements at
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents:(1)
Money market funds	$	290,814	—		—		$	290,814
Total	$	290,814	$	—	$	—	$	290,814

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following at December 31 (in thousands):


	2022		2021
Laboratory equipment	$	8,335	$	5,988
Furniture and fixtures	161		96
Computer equipment	43		37
Leasehold improvements	1,859		1,556
Construction in progress	584		—
Total property and equipment	10,982		7,677
Less: Accumulated depreciation	(3,301)		(1,416)
Property equipment, net	$	7,681	$	6,261

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Current Liabilities

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at December 31 (in thousands):


	2022		2021
Employee compensation and benefits	$	5,063	$	4,077
External research and development expenses	1,157		1,032
General and administrative professional service expenses	925		419
Other	431		485
Total accrued expenses and other current liabilities	$	7,576	$	6,013

Common Stock and Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance at December 31:


	2022	2021
Exercise of outstanding stock options	5,028,850	3,461,870
Outstanding restricted stock	463,964	—
Future awards under the 2021 Plan	1,976,758	2,843,255
Future awards under the 2021 ESPP	563,115	278,762
Total shares of authorized common stock reserved for future issuance	8,032,687	6,583,887

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based compensation expense

The Company recognized equity-based compensation expense in the consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands):


	Year Ended December 31,
	2022		2021
Stock Options	$	8,648	$	2,526
Restricted Stock Units	1,106		—
ESPP	141		—
Total	$	9,895	$	2,526


	Year Ended December 31,
	2022		2021
Research and development expenses	$	4,166	$	878
General and administrative expenses	5,729		1,648
Total	$	9,895	$	2,526

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model


	December 31, 2022	December 31, 2021
Risk‑free interest rate	2.20%	1.15%
Expected volatility	71%	73%
Expected dividend yield	—	—
Expected term (in years)	6.04	6.01

Summary of the Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2021:


	Number of Shares	Weighted‑Average Exercise Price		Weighted‑Average Contractual Term	Aggregate Intrinsic Value(2)
				(in years)	(in thousands)
Outstanding as of December 31, 2021	3,461,870	$	10.38
Granted	1,736,387	11.70
Exercised	(84,526)	2.30
Forfeited	(84,881)	11.57
Outstanding as of December 31, 2022	5,028,850	$	10.95	8.52	$	20,905
Exercisable as of December 31, 2022(1)	2,597,046	$	7.77	7.93	$	17,323

(1)This represents the number of vested and unvested options exercisable as of December 31, 2022.

Summary of Unvested Restricted Stock

A summary of restricted stock activity during the year ended December 31, 2022 is as follows:


	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2021	—	$	—
Issued	479,445	12.24
Forfeited	(15,481)	11.77
Unvested as of December 31, 2022	463,964	$	12.26

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022	2021
Federal statutory income tax rate	21.0%	21.0%
State income taxes, net of federal benefit	5.5	6.1
Federal and state research and development tax credits	5.0	3.9
Non-deductible items	(1.4)	(0.3)
Change in deferred tax asset valuation allowance	(30.1)	(30.7)
Effective income tax rate	—%	—%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	32,148	$	25,124
Research and development tax credit carryforwards	7,679		3,237
Intangible assets	1,142		761
Capitalized research and development expenses	15,747		—
Lease liability	7,031		—
Stock compensation	1,109		430
Other	34		137
Total deferred tax assets	64,890		29,689
Deferred tax liabilities:
Property and equipment	(298)		(261)
Right-of-use asset	(6,869)		—
Prepaid expenses	(304)		(485)
Total deferred tax liabilities	(7,471)		(746)
Valuation allowance	(57,419)		(28,943)
Net deferred tax assets	$	—	$	—

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Cost

The components of operating lease cost were as follows (in thousands):


	Year ended December 31, 2022
Operating lease cost	$	8,774
Variable lease cost	—
Total lease cost	$	8,774

Supplemental information related to operating leases was as follows:


Other information	Year ended December 31, 2022
Operating cash flows used for operating leases (in thousands)	$	8,574
Weighted average remaining lease term	2.9 years
Weighted average discount rate	3.81%

Schedule of Maturity of Lease Liability

Future payments due under operating leases as of December 31, 2022 were as follows (in thousands):


Maturity of Lease Liability	As of December 31, 2022
2023	9,219
2024	9,494
2025	8,650
Thereafter	—
Total lease payments	$	27,363
Less: imputed interest	(1,427)
Present value of operating lease liabilities	$	25,936

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2022		2021
Numerator:
Net loss attributable to common stockholders	$	(94,616)	$	(51,158)
Denominator:
Weighted‑average common shares outstanding, basic and diluted	31,293,312		6,267,776
Net loss per share attributable to common stockholders, basic and diluted	$	(3.02)	$	(8.16)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share


	Year Ended December 31,
	2022	2021
Unvested restricted common stock	463,964	—
Unvested shares from early exercises	53,741	111,756
Stock options to purchase common stock	5,028,850	3,461,870
	5,546,555	3,573,626

Nature of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from issuance of common stock		$ 0	$ 190,691
Net loss		94,616	51,158
Accumulated deficit		188,285	$ 93,669
Cash and cash equivalents		188,700
Proceeds received in connection with the agreement		$ 250,000
IPO
Subsidiary, Sale of Stock [Line Items]
Aggregate shares issued and sold (in shares)	10,436,250
Stock price (in dollars per share)	$ 20.00
Gross proceeds from issuance of common stock	$ 208,700
Net proceeds from issuance of common stock	$ 190,700
Redeemable convertible preferred stock, shares issued upon conversion (in shares)	19,185,183
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	1,361,250

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2022 segment
Accounting Policies [Abstract]
Number of segments	1

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 45,157	$ 291,064
Restricted cash	3,950	0
Total cash, cash equivalents and restricted cash	$ 49,107	$ 291,064	$ 39,045

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment losses	$ 0	$ 0

Summary of Significant Accounting Policies - Contingencies (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Accrued liabilities for legal and other contingencies	$ 0	$ 0

Summary of Significant Accounting Policies - Recently Adopted and Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Commitments and Contingencies
Present value of operating lease liabilities	$ 25,936
Right-of-use assets, operating leases	$ 25,340
Accounting Standards Update 2016-02
Commitments and Contingencies
Present value of operating lease liabilities		$ 33,400
Right-of-use assets, operating leases		$ 33,000

Marketable Securities - Amortized Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
Total securities with a maturity of one year or less	$ 142,170
Total securities with a maturity of greater than one year	3,442
Total available-for-sale securities	145,612
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	2,057
Fair Value
Total securities with a maturity of one year or less	140,237
Total securities with a maturity of greater than one year	3,318
Marketable securities	143,555	$ 0
One Year or Less
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	1,933
One to Two Years
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	124
U.S. government agency securities and treasuries
Amortized Cost
Total securities with a maturity of one year or less	100,555
Total securities with a maturity of greater than one year	0
Fair Value
Total securities with a maturity of one year or less	99,396
Total securities with a maturity of greater than one year	0
U.S. government agency securities and treasuries \| One Year or Less
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	1,159
U.S. government agency securities and treasuries \| One to Two Years
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	0
Corporate debt securities
Amortized Cost
Total securities with a maturity of one year or less	41,615
Total securities with a maturity of greater than one year	3,442
Fair Value
Total securities with a maturity of one year or less	40,841
Total securities with a maturity of greater than one year	3,318
Corporate debt securities \| One Year or Less
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	774
Corporate debt securities \| One to Two Years
Unrealized Gains (Losses)
Unrealized Gains	0
Unrealized Losses	$ 124

Marketable Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) security position
Investments, Debt and Equity Securities [Abstract]
Number of securities \| security	32
Market value of marketable securities	$ 143,600,000
Number of securities in a continuous unrealized loss position for more than twelve months \| position	0
Impairment, debt securities, available-for-sale	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Marketable securities	$ 143,555	$ 0
Cash related to checking accounts	300	300
Fair Value, Recurring
Assets:
Total	188,462	290,814
Fair Value, Recurring \| U.S. government agency securities and treasuries
Assets:
Marketable securities	99,396
Fair Value, Recurring \| Corporate debt securities
Assets:
Marketable securities	44,159
Fair Value, Recurring \| Money market funds
Assets:
Cash equivalents	44,907	290,814
Fair Value, Recurring \| Level 1
Assets:
Total	44,907	290,814
Fair Value, Recurring \| Level 1 \| U.S. government agency securities and treasuries
Assets:
Marketable securities	0
Fair Value, Recurring \| Level 1 \| Corporate debt securities
Assets:
Marketable securities	0
Fair Value, Recurring \| Level 1 \| Money market funds
Assets:
Cash equivalents	44,907	290,814
Fair Value, Recurring \| Level 2
Assets:
Total	143,555	0
Fair Value, Recurring \| Level 2 \| U.S. government agency securities and treasuries
Assets:
Marketable securities	99,396
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Assets:
Marketable securities	44,159
Fair Value, Recurring \| Level 2 \| Money market funds
Assets:
Cash equivalents	0	0
Fair Value, Recurring \| Level 3
Assets:
Total	0	0
Fair Value, Recurring \| Level 3 \| U.S. government agency securities and treasuries
Assets:
Marketable securities	0
Fair Value, Recurring \| Level 3 \| Corporate debt securities
Assets:
Marketable securities	0
Fair Value, Recurring \| Level 3 \| Money market funds
Assets:
Cash equivalents	$ 0	$ 0

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 10,982	$ 7,677
Less: Accumulated depreciation	(3,301)	(1,416)
Property equipment, net	7,681	6,261
Depreciation expense	1,895	1,117
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	8,335	5,988
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	161	96
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	43	37
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,859	1,556
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 584	$ 0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities
Employee compensation and benefits	$ 5,063	$ 4,077
External research and development expenses	1,157	1,032
General and administrative professional service expenses	925	419
Other	431	485
Total accrued expenses and other current liabilities	$ 7,576	$ 6,013

Common Stock and Preferred Stock - Narrative (Details)	Dec. 31, 2022 vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Equity [Abstract]
Common stock, shares, authorized (in shares)	150,000,000	150,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Number of votes \| vote	1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0

Common Stock and Preferred Stock - Schedule of Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class of Stock
Total shares of authorized common stock reserved for future issuance (in shares)	8,032,687	6,583,887
Future awards under the 2021 Plan
Class of Stock
Total shares of authorized common stock reserved for future issuance (in shares)	1,976,758	2,843,255
Exercise of outstanding stock options
Class of Stock
Total shares of authorized common stock reserved for future issuance (in shares)	5,028,850	3,461,870
Outstanding restricted stock
Class of Stock
Total shares of authorized common stock reserved for future issuance (in shares)	463,964	0
Future awards under the 2021 ESPP
Class of Stock
Total shares of authorized common stock reserved for future issuance (in shares)	563,115	278,762

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Future awards (in shares)		8,032,687	6,583,887
Vesting of early exercised options (in shares)		53,741	111,756
Unvested early exercises of stock options		$ 200	$ 300
Proceeds from exercise of stock options		$ 195	$ 410
ESPP
Stock-based compensation
Future awards (in shares)		563,115	278,762
Stock Options
Stock-based compensation
Future awards (in shares)		5,028,850	3,461,870
Aggregate intrinsic value of stock options exercised		$ 1,000	$ 2,800
Proceeds from exercise of stock options		$ 200	$ 900
Weighted-average grant-date fair value of stock options granted (in dollars per share)		$ 7.51	$ 9.39
Unrecognized compensation cost		$ 24,700
Unrecognized compensation cost, weighted-average period for recognition		2 years 9 months 25 days
Outstanding restricted stock
Stock-based compensation
Vesting period		4 years
Future awards (in shares)		463,964	0
Unrecognized compensation cost		$ 4,600
Unrecognized compensation cost, weighted-average period for recognition		3 years 2 months 15 days
Restricted stock units, vested (in shares)		0	0
Outstanding restricted stock \| Tranche One
Stock-based compensation
Vesting percentage		25.00%
Outstanding restricted stock \| Tranche Two
Stock-based compensation
Vesting percentage		25.00%
Outstanding restricted stock \| Tranche Three
Stock-based compensation
Vesting percentage		25.00%
Outstanding restricted stock \| Tranche Four
Stock-based compensation
Vesting percentage		25.00%
2021 Plan
Stock-based compensation
Shares annual increase as percentage		4.00%
Stock authorized for issuance (in shares)		5,262,917	3,986,270
Vesting period		4 years
2016 Stock Plan
Stock-based compensation
Stock authorized for issuance (in shares)		2,206,655	2,318,855
2021 Employee Stock Purchase Plan \| ESPP
Stock-based compensation
Shares annual increase as percentage	1.00%
Stock authorized for issuance (in shares)	278,762
Shares remaining available for future issuance (in shares)	557,524

Stock Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Share-based compensation expense	$ 9,895	$ 2,526
Research and development expenses
Stock-based compensation
Share-based compensation expense	4,166	878
General and administrative expenses
Stock-based compensation
Share-based compensation expense	5,729	1,648
Stock Options
Stock-based compensation
Share-based compensation expense	8,648	2,526
Restricted Stock Units
Stock-based compensation
Share-based compensation expense	1,106	0
ESPP
Stock-based compensation
Share-based compensation expense	$ 141	$ 0

Stock Based Compensation - Stock Option Valuation (Details) - Stock Options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assumptions used to determine the fair value of stock options granted
Risk-free interest rate (as percentage)	2.20%	1.15%
Expected volatility (as percentage)	71.00%	73.00%
Expected dividend yield (as percentage)	0.00%	0.00%
Expected term (in years)	6 years 14 days	6 years 3 days

Stock Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	3,461,870
Granted (in shares) \| shares	1,736,387
Exercised (in shares) \| shares	(84,526)
Forfeited (in shares) \| shares	(84,881)
Outstanding at end period (in shares) \| shares	5,028,850
Exercisable (in shares) \| shares	2,597,046
Weighted‑Average Exercise Price
Outstanding at beginning period (in dollars per share) \| $ / shares	$ 10.38
Granted (in dollars per share) \| $ / shares	11.70
Exercised (in dollars per share) \| $ / shares	2.30
Forfeited (in dollars per share) \| $ / shares	11.57
Outstanding at end period (in dollars per share) \| $ / shares	10.95
Exercisable (in dollars per share) \| $ / shares	$ 7.77
Weighted‑Average Contractual Term
Outstanding (in years)	8 years 6 months 7 days
Exercisable (in years)	7 years 11 months 4 days
Aggregate Intrinsic Value
Outstanding \| $	$ 20,905
Exercisable \| $	$ 17,323

Stock Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Unvested balance, at beginning of period (in shares) \| shares	0
Issued (in shares) \| shares	479,445
Forfeited (in shares) \| shares	(15,481)
Unvested balance, at end of period (in shares) \| shares	463,964
Weighted‑ Average Grant‑Date Fair Value
Unvested balance at beginning of period (in dollars per share) \| $ / shares	$ 0
Issued (in dollars per share) \| $ / shares	12.24
Forfeited (in dollars per share) \| $ / shares	11.77
Unvested balance at end of period (in dollars per share) \| $ / shares	$ 12.26

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax benefits	$ 0	$ 0
Net operating loss carryforwards subject to expiration	3,200,000
Net operating loss carryforwards limited in usage	$ 116,100,000
Annual deduction in relation to taxable income (as percent)	80.00%
Uncertain tax position	$ 0
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	28,500,000	$ 15,700,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	119,300,000
Tax credit carryforwards	5,500,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	112,100,000
Tax credit carryforwards	$ 2,800,000

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	5.50%	6.10%
Federal and state research and development tax credits	5.00%	3.90%
Non-deductible items	(1.40%)	(0.30%)
Change in deferred tax asset valuation allowance	(30.10%)	(30.70%)
Effective income tax rate	0.00%	0.00%

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 32,148	$ 25,124
Research and development tax credit carryforwards	7,679	3,237
Intangible assets	1,142	761
Capitalized research and development expenses	15,747	0
Lease liability	7,031	0
Stock compensation	1,109	430
Other	34	137
Total deferred tax assets	64,890	29,689
Deferred tax liabilities:
Property and equipment	(298)	(261)
Right-of-use asset	(6,869)	0
Prepaid expenses	(304)	(485)
Total deferred tax liabilities	(7,471)	(746)
Valuation allowance	(57,419)	(28,943)
Net deferred tax assets	$ 0	$ 0

Commitment and Contingencies - Narrative (Details) - License agreement with a third-party $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) product	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Potential milestone payment obligation	$ 2.6
Number of licensed products \| product	3
Patent costs	$ 0.2	$ 0.1
Maximum
Other Commitments [Line Items]
Non-royalty sublicensed consideration (as percent)	15.00%

Leases - Narrative (Details)		1 Months Ended	12 Months Ended
Leases - Narrative (Details)	Mar. 16, 2022 USD ($) sqft $ / sqft	Dec. 31, 2022 USD ($) sqft	Dec. 31, 2022 USD ($) sqft	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Number of square feet \| sqft	65,000
Security deposit		$ 800,000	$ 800,000
Term of contract	10 years
Lease term	5 years
Fixed monthly rental payments	$ 500,000
Rental expenses annual increase	3.00%
Period following the commencement date where base rent will become due			10 months
Tenant improvements allowance	$ 19,500,000
Calculated rentable square foot of premises \| $ / sqft	240.00
Operating leases additional allowance	$ 1,600,000
Tenant allowance rentable square foot of premises per annum \| $ / sqft	20.00
Interest rate for additional improvements allowance	8.00%
Level direct reduction basis, term			120 months
Restricted cash		4,000,000	$ 4,000,000	$ 0
Refundable pass-through costs		21,200,000	21,200,000
Pass-through costs reimbursed by landlord		9,800,000	9,800,000
Prepaid rent		$ 4,300,000	$ 4,300,000
Sublease term		3 years	3 years
Sublease income		$ 200,000
Sublease fixed rental rate, percentage increase per annum		3.00%
Letter of credit received in place of a security deposit		$ 500,000	$ 500,000
Massachusetts
Commitments and Contingencies
Number of square feet \| sqft		42,046	42,046
Massachusetts \| IDB
Commitments and Contingencies
Number of square feet \| sqft	81,442

Leases - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases [Abstract]
Operating lease cost	$ 8,774
Variable lease cost	0
Total lease cost	$ 8,774

Leases - Cash flow information (Details) $ in Thousands	12 Months Ended
Leases - Cash flow information (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Operating cash flows used for operating leases	$ 8,574
Weighted average remaining lease term	2 years 10 months 24 days
Weighted average discount rate	3.81%

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Maturity of Lease Liability
2023	$ 9,219
2024	9,494
2025	8,650
Thereafter	0
Total lease payments	27,363
Less: imputed interest	(1,427)
Present value of operating lease liabilities	$ 25,936

Employee Benefit Plan (Details) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) $ in Millions	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Company's contributions to the plan	$ 0.7

Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (94,616)	$ (51,158)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	31,293,312	6,267,776
Weighted-average common shares outstanding, diluted (in shares)	31,293,312	6,267,776
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (3.02)	$ (8.16)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (3.02)	$ (8.16)

- Definition

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

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

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+ Details

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net Loss per Share
Antidilutive securities excluded from common stock (in shares)	5,546,555	3,573,626
Unvested restricted common stock
Net Loss per Share
Antidilutive securities excluded from common stock (in shares)	463,964	0
Unvested shares from early exercises
Net Loss per Share
Antidilutive securities excluded from common stock (in shares)	53,741	111,756
Stock Options
Net Loss per Share
Antidilutive securities excluded from common stock (in shares)	5,028,850	3,461,870

Subsequent Events (Details) - USD ($) $ in Millions		11 Months Ended	24 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Dec. 07, 2022	Nov. 30, 2023	Nov. 30, 2025
Subsequent Event [Line Items]
Vertex agreement, term	4 years
Vertex \| License
Subsequent Event [Line Items]
Up-front payment	$ 223.7
Consideration amount	485.0
Private Placement \| Vertex
Subsequent Event [Line Items]
Equity investment in common stock	$ 26.3
Number of shares purchases in equity investment (in shares)	1,618,613
Forecast
Subsequent Event [Line Items]
Fixed rental payments			$ 0.5
Subsequent Event
Subsequent Event [Line Items]
Fixed rental payments		$ 0.8