0001689375-24-000047 | 10-Q | XBRL Viewer

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Laboratory equipment	$	14,328	$	12,596
Furniture and fixtures	2,241		2,228
Computer equipment	431		431
Leasehold improvements	1,932		1,859
Total property and equipment	18,932		17,114
Less: accumulated depreciation	(7,588)		(5,923)
Property and equipment, net	$	11,344	$	11,191

Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following are summaries of the Company's marketable securities at June 30, 2024 and December 31, 2023 (in thousands).


June 30, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	214,143	$	2	$	(212)	$	213,933
Corporate debt securities	45,176		23		(51)		45,148
Total securities with a maturity of one year or less	$	259,319	$	25	$	(263)	$	259,081

U.S. government agency securities and treasuries	14,555		—		(79)		14,476
Corporate debt securities	10,947		—		(11)		10,936
Total securities with a maturity of more than one year	$	25,502	$	—	$	(90)	$	25,412
Total available-for-sale securities	$	284,821	$	25	$	(353)	$	284,493


December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	235,500	$	127	$	(41)	$	235,586
Corporate debt securities	25,466		—		(29)		25,437
Total securities with a maturity of one year or less	$	260,966	$	127	$	(70)	$	261,023

U.S. government agency securities and treasuries	15,537		45		—		15,582
Corporate debt securities	7,669		93		—		7,762
Total securities with a maturity of more than one year	$	23,206	$	138	$	—	$	23,344
Total available-for-sale securities	$	284,172	$	265	$	(70)	$	284,367

As of June 30, 2024, the Company had 46 marketable securities with a total fair market value of $252.3 million in an unrealized loss position. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and therefore classifies all securities as available for sale.

The Company believes that any unrealized losses associated with the decline in value of its securities are temporary and believes that it is more likely than not that it will be able to hold its debt securities to maturity and that there was no material change in the credit risk of the above instruments since January 1, 2024. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recognized.

As of June 30, 2024 and December 31, 2023, $1.4 million and $1.7 million, respectively, of accrued interest receivable was included in prepaid expenses and other current assets.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40969
Entity Registrant Name	ENTRADA THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3983399
Entity Address, Address Line One	One Design Center Place
Entity Address, Address Line Two	Suite 17-500
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		37,199,550
Entity Central Index Key	0001689375
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Stock-based compensation
Vesting of early exercised options (in shares)	7,923		14,745
Unvested early exercises of stock options	$ 0.1		$ 0.1
Future awards under the 2021 Employee Stock Purchase Plan
Stock-based compensation
Stock authorized for issuance (in shares)	1,153,675		839,539
Exercise of outstanding stock options
Stock-based compensation
Weighted-average grant-date fair value of stock options granted (in dollars per share)	$ 9.62	$ 8.49
Unrecognized compensation cost	$ 20.0
Unrecognized compensation cost, weighted-average period for recognition	2 years 2 months 4 days
Vesting of outstanding restricted stock
Stock-based compensation
Unrecognized compensation cost	$ 24.2
Unrecognized compensation cost, weighted-average period for recognition	3 years 1 month 28 days
Future awards under the 2021 Stock Option and Incentive Plan
Stock-based compensation
Stock authorized for issuance (in shares)	7,520,961		6,336,068
2016 Stock Plan
Stock-based compensation
Stock authorized for issuance (in shares)	1,856,782		2,044,585

Common Stock and Preferred Stock - Schedule of Shares Reserved for Future Issuance under Equity Compensation Plans (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock
Shares of common stock reserved for issuance (in shares)	10,531,418	9,220,192
Future awards under the 2021 Stock Option and Incentive Plan
Class of Stock
Shares of common stock reserved for issuance (in shares)	1,784,890	1,697,832
Exercise of outstanding stock options
Class of Stock
Shares of common stock reserved for issuance (in shares)	5,580,320	5,414,360
Vesting of outstanding restricted stock
Class of Stock
Shares of common stock reserved for issuance (in shares)	2,012,533	1,268,461
Future awards under the 2021 Employee Stock Purchase Plan
Class of Stock
Shares of common stock reserved for issuance (in shares)	1,153,675	839,539

- Definition

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

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+ Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Laboratory equipment	$	14,328	$	12,596
Furniture and fixtures	2,241		2,228
Computer equipment	431		431
Leasehold improvements	1,932		1,859
Total property and equipment	18,932		17,114
Less: accumulated depreciation	(7,588)		(5,923)
Property and equipment, net	$	11,344	$	11,191

Depreciation expense for the three months ended June 30, 2024 and 2023 was $0.9 million and $0.7 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $1.8 million and $1.3 million, respectively.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2021 Plan

The total remaining shares of common stock authorized for issuance under the 2021 Stock Option and Incentive Plan (the "2021 Plan") increased from 6,336,068 as of December 31, 2023 to 7,520,961 as of June 30, 2024 primarily due to the automatic annual increase provision of the 2021 Plan.

2016 Plan

The total remaining shares of common stock authorized for issuance under the 2016 Stock Incentive Plan as of June 30, 2024 and December 31, 2023 were 1,856,782 shares and 2,044,585 shares, respectively.

2021 Employee Stock Purchase Plan

The total remaining shares of common stock authorized for issuance under the 2021 Employee Stock Purchase Plan (the "2021 ESPP") increased from 839,539 as of December 31, 2023 to 1,153,675 as of June 30, 2024 due to the automatic annual increase provision of the 2021 ESPP.

Stock-Based Compensation

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	2,014	$	1,418	$	3,627	$	2,716
General and administrative expenses	2,608		1,701		4,728		3,158
Total	$	4,622	$	3,119	$	8,355	$	5,874

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 during the six months ended June 30, 2024 and 2023:


	June 30, 2024		June 30, 2023
Risk‑free interest rate	4.16	%	4.00	%
Expected volatility	75	%	72	%
Expected dividend yield	—		—
Expected term (in years)	6.00		5.98

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 7,923 and 14,745 unvested shares related to early exercises of stock options as of June 30, 2024 and December 31, 2023, respectively. As of both June 30, 2024 and December 31, 2023, the liability associated with the unvested early exercise of stock options was less than $0.1 million.

Stock Options

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2024:


	Number of Shares	Weighted‑ Average Exercise Price

Outstanding as of December 31, 2023	5,414,360	$	11.42
Granted	660,200	14.06
Exercised	(197,043)	6.65
Forfeited	(297,197)	14.13
Outstanding as of June 30, 2024	5,580,320	$	11.76
Exercisable as of June 30, 2024(1)	3,451,080	$	10.22

(1)This represents the number of vested and unvested options exercisable as of June 30, 2024.

The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2024 and 2023 was $9.62 per share and $8.49 per share, respectively. As of June 30, 2024, there was $20.0 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.18 years.

Restricted Stock Units

During the six months ended June 30, 2024, restricted stock units ("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.

A summary of restricted stock activity during the six months ended June 30, 2024 is as follows:


	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2023	1,268,461	$	13.83
Granted	1,007,490	$	13.81
Vested	(143,948)	$	11.93
Forfeited	(119,470)	$	13.93
Unvested as of June 30, 2024	2,012,533	$	13.95

As of June 30, 2024, there was $24.2 million of unrecognized stock-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of 3.16 years.

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of 90 days or less at the date of purchase to be cash equivalents. At June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, restricted cash represents collateral provided for a letter of credit issued as a security deposit in connection with the Company’s lease of its corporate facilities located at One Design Center Place, Boston, Massachusetts. 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):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	185,253	$	67,602
Restricted cash	3,950		3,950
Total cash, cash equivalents and restricted cash	$	189,203	$	71,552

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

From time to time, our officers (as defined in Rule 16a–1(f)) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended June 30, 2024, our officers and directors took the following actions with respect to 10b5-1 trading arrangements:

Trading Arrangement

Name (Title)

Action

Date

Type of Trading Arrangement

Nature of Trading Arrangement

Aggregate Maximum Number of Shares that may be Sold

Expiration Date

Nathan Dowden (President and Chief Operating Officer)

Adopt

5/8/2024

Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

Sale of the Company's common stock pursuant to the terms of the plan

28,508(1)

6/30/2025

(1)For purposes of this disclosure, the shares included in this table reflect the aggregate maximum number of shares that may be sold under the 10b5-1 trading arrangement. The 10b5-1 trading arrangement covers RSUs, shares underlying stock options exercisable, and shares held by the officer. The actual number of shares that may be sold under the 10b5-1 trading arrangement will be calculated as RSU vesting to satisfy tax withholding obligations pursuant to the Company’s non-discretionary sell-to-cover requirement occurs.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Nathan Dowden [Member]

Trading Arrangements, by Individual

Name

Nathan Dowden

Title

President and Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

5/8/2024

6/30/2025

418 days

28,508

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Employee compensation and benefits	$ 3,585	$ 6,660
External research and development expenses	5,566	2,894
General and administrative professional service expenses	948	767
Other	900	1,004
Total accrued expenses and other current liabilities	$ 10,999	$ 11,325

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid‑in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balances (in shares) at Dec. 31, 2022		31,394,767
Beginning balances at Dec. 31, 2022	$ 212,554	$ 3	$ 402,893	$ (2,057)	$ (188,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		18,344
Issuance of common stock upon exercise of stock options	129		129
Vesting of early exercised options (in shares)		10,153
Vesting of early exercised options	26		26
Vesting of restricted stock units (in shares)		91,859
Issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs (in shares)		1,618,613
Issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs	19,407		19,407
Stock‑based compensation	2,755		2,755
Other comprehensive income (loss)	1,415			1,415
Net income (loss)	(6,674)				(6,674)
Ending balances (in shares) at Mar. 31, 2023		33,133,736
Ending balances at Mar. 31, 2023	229,612	$ 3	425,210	(642)	(194,959)
Beginning balances (in shares) at Dec. 31, 2022		31,394,767
Beginning balances at Dec. 31, 2022	212,554	$ 3	402,893	(2,057)	(188,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	1,052
Net income (loss)	(32,602)
Ending balances (in shares) at Jun. 30, 2023		33,205,693
Ending balances at Jun. 30, 2023	206,908	$ 3	428,797	(1,005)	(220,887)
Beginning balances (in shares) at Dec. 31, 2022		31,394,767
Beginning balances at Dec. 31, 2022	$ 212,554	$ 3	402,893	(2,057)	(188,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised options (in shares)	14,745
Ending balances (in shares) at Dec. 31, 2023	33,437,296	33,437,296
Ending balances at Dec. 31, 2023	$ 242,360	$ 3	437,132	195	(194,970)
Beginning balances (in shares) at Mar. 31, 2023		33,133,736
Beginning balances at Mar. 31, 2023	229,612	$ 3	425,210	(642)	(194,959)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		46,175
Issuance of common stock upon exercise of stock options	257		257
Vesting of early exercised options (in shares)		9,468
Vesting of early exercised options	25		25
Purchase of common stock under the employee stock purchase plan (in shares)		16,314
Purchase of common stock under the employee stock purchase plan	186		186
Stock‑based compensation	3,119		3,119
Other comprehensive income (loss)	(363)			(363)
Net income (loss)	(25,928)				(25,928)
Ending balances (in shares) at Jun. 30, 2023		33,205,693
Ending balances at Jun. 30, 2023	$ 206,908	$ 3	428,797	(1,005)	(220,887)
Beginning balances (in shares) at Dec. 31, 2023	33,437,296	33,437,296
Beginning balances at Dec. 31, 2023	$ 242,360	$ 3	437,132	195	(194,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		30,888
Issuance of common stock upon exercise of stock options	206		206
Vesting of early exercised options (in shares)		3,411
Vesting of early exercised options	13		13
Vesting of restricted stock units (in shares)		132,458
Stock‑based compensation	3,733		3,733
Other comprehensive income (loss)	(441)			(441)
Net income (loss)	23,496				23,496
Ending balances (in shares) at Mar. 31, 2024		33,604,053
Ending balances at Mar. 31, 2024	$ 269,367	$ 3	441,084	(246)	(171,474)
Beginning balances (in shares) at Dec. 31, 2023	33,437,296	33,437,296
Beginning balances at Dec. 31, 2023	$ 242,360	$ 3	437,132	195	(194,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	197,043
Vesting of early exercised options (in shares)	7,923
Other comprehensive income (loss)	$ (524)
Net income (loss)	$ 78,527
Ending balances (in shares) at Jun. 30, 2024	37,172,496	37,172,496
Ending balances at Jun. 30, 2024	$ 429,925	$ 4	546,693	(329)	(116,443)
Beginning balances (in shares) at Mar. 31, 2024		33,604,053
Beginning balances at Mar. 31, 2024	269,367	$ 3	441,084	(246)	(171,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		166,155
Issuance of common stock upon exercise of stock options	1,104		1,104
Vesting of early exercised options (in shares)		3,411
Vesting of early exercised options	13		13
Vesting of restricted stock units (in shares)		11,490
Purchase of common stock under the employee stock purchase plan (in shares)		20,384
Purchase of common stock under the employee stock purchase plan	263		263
Issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs (in shares)		3,367,003
Issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs	99,608	$ 1	99,607
Stock‑based compensation	4,622		4,622
Other comprehensive income (loss)	(83)			(83)
Net income (loss)	$ 55,031				55,031
Ending balances (in shares) at Jun. 30, 2024	37,172,496	37,172,496
Ending balances at Jun. 30, 2024	$ 429,925	$ 4	$ 546,693	$ (329)	$ (116,443)

Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted net (income) loss per share attributable to common stockholders

The following table illustrates the determination of basic and diluted net income (loss) per share for each period presented (in thousands, except share and per share date):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	55,031	$	(25,928)	$	78,527	$	(32,602)
Denominator:
Weighted‑average common shares outstanding, basic	34,180,549		33,163,320		33,838,811		32,770,989
Effect of dilutive securities	1,326,480		—		1,309,410		—
Weighted‑average common shares outstanding, diluted	35,507,029		33,163,320		35,148,221		32,770,989

Net income (loss) per share, basic	$	1.61	$	(0.78)	$	2.32	$	(0.99)
Net income (loss) per share, diluted	$	1.55	$	(0.78)	$	2.23	$	(0.99)

Schedule of antidilutive securities excluded from computation of net loss per share

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested restricted common stock	30,200	708,234	82,880	708,234
Unvested shares from early exercises	—	34,120		34,120
Stock options to purchase common stock	3,768,987	5,369,626	3,809,263	5,369,626
	3,799,187	6,111,980	3,892,143	6,111,980

Common Stock and Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			6 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Feb. 28, 2023	Jun. 30, 2024	Dec. 31, 2023
Class of Stock
Common stock, shares, authorized (in shares)	150,000,000			150,000,000	150,000,000
Common stock, par value per share (in dollars per share)	$ 0.0001			$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000			10,000,000	10,000,000
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001			$ 0.0001	$ 0.0001
Preferred stock shares issued (in shares)	0			0	0
Preferred stock shares outstanding (in shares)	0			0	0
Vertex Agreement
Class of Stock
Number of shares purchases in equity investment (in shares)			1,618,613
Net proceeds from issuance of common stock			$ 26.3
Offering price per share (in dollars per share)			$ 16.26
Sales Agreement
Class of Stock
Number of shares purchases in equity investment (in shares)				0
Sales Agreement \| Maximum
Class of Stock
Aggregate ofering price		$ 150.0
Securities Purchase Agreement \| Pre-Funded Warrant
Class of Stock
Offering price per share (in dollars per share)	$ 14.8499			$ 14.8499
Securities Purchase Agreement \| Common Stock
Class of Stock
Number of shares purchases in equity investment (in shares)	3,367,003
Offering price per share (in dollars per share)	$ 14.85			$ 14.85
Securities Purchase Agreement \| Common Stock \| Pre-Funded Warrant
Class of Stock
Net proceeds from issuance of common stock	$ 99.6
Class of warrant or right, number of securities called by warrants or rights (in shares)	3,367,003			3,367,003
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.0001			$ 0.0001

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
License agreement with a third-party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payment obligation	$ 1.0

Nature of the Business	6 Months Ended
Nature of the Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Organization Entrada Therapeutics, Inc. ("Entrada" or the "Company") is a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines which engage intracellular targets that have long been considered inaccessible. The Company’s Endosomal Escape Vehicle ("EEV™")-therapeutics are designed to enable the efficient delivery of a wide range of therapeutics into a variety of organs and tissues, resulting in an improved therapeutic index. 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 earlier 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 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 condensed consolidated financial statements are issued. Since its inception, the Company has incurred significant net losses. As of June 30, 2024, the Company had an accumulated deficit of $116.4 million. To date, the Company has funded its operations primarily through the sale of equity securities and collaboration payments. Other than the recognition of revenue related to collaboration payments, 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 $469.7 million as of June 30, 2024 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 condensed 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. In June 2024, the Company entered into a securities purchase agreement with a limited number of investors relating to a registered direct offering (the “June 2024 Offering”) of 3,367,003 shares of the Company’s common stock at a purchase price of $14.85 per share and, in lieu of common stock to certain investors who so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 3,367,003 shares of Common Stock at a purchase price of $14.8499 per Pre-Funded Warrant, which represents the price per share at which the shares of common stock were sold to the investors in the June 2024 Offering, minus $0.0001, which is the exercise price of each Pre-Funded Warrant. The June 2024 Offering was made pursuant to the shelf registration statement on Form S-3 (File No. 333-268099) previously filed by the Company with the Securities and Exchange Commission (the “SEC”) on November 1, 2022 and declared effective by the SEC on November 7, 2022. The aggregate net proceeds from the sale of common stock and Pre-Funded Warrants in the June 2024 Offering were approximately $99.6 million, after deducting offering expenses payable by the Company. The Company will receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company's commitments, including significant license agreements, are disclosed in Note 10 Commitments and Contingencies in the audited financial statements for the year ended December 31, 2023, and notes thereto, included in the Annual Report. Since the date of those financial statements, there have been no material changes to its commitments except those discussed below. Concurrently with the Company entering into and later amending the Vertex Agreement, the Company entered into a sublicense agreement with Vertex, which was amended in October 2023 (the "Sublicense Agreement"). Pursuant to the Sublicense Agreement, the Company granted to Vertex an exclusive sublicense under certain intellectual property licensed to the Company under the Ohio State Innovation Foundation (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 in Note 12, Collaboration and License Agreements, in our Annual Report, are in consideration for the rights granted under both the Vertex Agreement and Sublicense Agreement. Pursuant to the OSIF License Agreement, in July 2024, the Company paid Ohio State Innovation Foundation ("OSIF") a sublicense fee of $1.0 million. The sublicense fee was recorded in accrued expenses and other current liabilities as of June 30, 2024 and recorded in research and development expenses for the six months ended June 30, 2024. No other sublicense fees were owed to OSIF as of June 30, 2024. If the Company receives any additional sublicensing consideration, it will owe additional fees to OSIF pursuant to the terms of the OSIF License Agreement. For more information on the terms of the license agreement with OSIF, see “Business—Intellectual property— License agreement with The Ohio State University” and Note 10, Commitments and Contingencies, to our consolidated financial statements included elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Collaboration revenue	$ 94,694	$ 18,170	$ 153,814	$ 43,430
Operating expenses:
Research and development	32,035	26,300	60,643	49,402
General and administrative	9,236	8,169	18,635	16,107
Total operating expenses	41,271	34,469	79,278	65,509
Income (loss) from operations	53,423	(16,299)	74,536	(22,079)
Other income:
Interest and other income	4,366	4,218	8,580	6,875
Total other income	4,366	4,218	8,580	6,875
Income (loss) before provision for income taxes	57,789	(12,081)	83,116	(15,204)
Provision for income taxes	(2,758)	(13,847)	(4,589)	(17,398)
Net income (loss)	$ 55,031	$ (25,928)	$ 78,527	$ (32,602)
Net income (loss) per share, basic (in dollars per share)	$ 1.61	$ (0.78)	$ 2.32	$ (0.99)
Net income (loss) per share, diluted (in dollars per share)	$ 1.55	$ (0.78)	$ 2.23	$ (0.99)
Weighted-average common shares outstanding, basic (in shares)	34,180,549	33,163,320	33,838,811	32,770,989
Weighted-average common shares outstanding, diluted (in shares)	35,507,029	33,163,320	35,148,221	32,770,989
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities	$ (83)	$ (363)	$ (524)	$ 1,052
Total other comprehensive (loss) income	(83)	(363)	(524)	1,052
Total comprehensive income (loss)	$ 54,948	$ (26,291)	$ 78,003	$ (31,550)

Marketable Securities - Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Total available-for-sale securities	$ 284,821	$ 284,172
Unrealized Gains (Losses)
Unrealized Gains	25	265
Unrealized Losses	(353)	(70)
Fair Value
Marketable securities	284,493	284,367
One Year or Less
Amortized Cost
Total securities with a maturity of one year or less	259,319	260,966
Unrealized Gains (Losses)
Unrealized Gains	25	127
Unrealized Losses	(263)	(70)
Fair Value
Total securities with a maturity of one year or less	259,081	261,023
One to Two Years
Amortized Cost
Total securities with a maturity of more than one year	25,502	23,206
Unrealized Gains (Losses)
Unrealized Gains	0	138
Unrealized Losses	(90)	0
Fair Value
Total securities with a maturity of more than one year	25,412	23,344
U.S. government agency securities and treasuries \| One Year or Less
Amortized Cost
Total securities with a maturity of one year or less	214,143	235,500
Unrealized Gains (Losses)
Unrealized Gains	2	127
Unrealized Losses	(212)	(41)
Fair Value
Total securities with a maturity of one year or less	213,933	235,586
U.S. government agency securities and treasuries \| One to Two Years
Amortized Cost
Total securities with a maturity of more than one year	14,555	15,537
Unrealized Gains (Losses)
Unrealized Gains	0	45
Unrealized Losses	(79)	0
Fair Value
Total securities with a maturity of more than one year	14,476	15,582
Corporate debt securities \| One Year or Less
Amortized Cost
Total securities with a maturity of one year or less	45,176	25,466
Unrealized Gains (Losses)
Unrealized Gains	23	0
Unrealized Losses	(51)	(29)
Fair Value
Total securities with a maturity of one year or less	45,148	25,437
Corporate debt securities \| One to Two Years
Amortized Cost
Total securities with a maturity of more than one year	10,947	7,669
Unrealized Gains (Losses)
Unrealized Gains	0	93
Unrealized Losses	(11)	0
Fair Value
Total securities with a maturity of more than one year	$ 10,936	$ 7,762

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Employee compensation and benefits	$	3,585	$	6,660
External research and development expenses	5,566		2,894
General and administrative professional service expenses	948		767
Other	900		1,004
Total accrued expenses and other current liabilities	$	10,999	$	11,325

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company records income tax expense in any interim period based on the estimated effective tax rate for the fiscal year for those tax jurisdictions in which the Company can reliably estimate the effective tax rate. The calculation of the estimated effective tax rate requires an estimate of pre-tax income by tax jurisdiction as well as total tax expense for the fiscal year. Accordingly, the annual estimated effective tax rate is subject to adjustment if there are changes to the initial estimates of total tax expense or pre-tax income. Provision for Income Taxes The Company recorded income tax expense of $2.8 million for the three months ended June 30, 2024 and $13.8 million for the three months ended June 30, 2023. The Company recorded income tax expense of $4.6 million for the six months ended June 30, 2024 and $17.4 million for the six months ended June 30, 2023. For all periods, the income tax expense recorded was driven largely by the projected current tax liabilities associated with the tax recognition of payments received pursuant to the Vertex Agreement. Despite the collaboration revenue, the Company continues to maintain a valuation allowance against all remaining deferred tax assets. The Company believes that it is more likely than not that it will not realize a future tax benefit of these attributes as the Company expects to continue to generate operating losses. Ultimate realization of any deferred tax asset is dependent on the Company’s ability to generate sufficient future taxable income in the appropriate tax jurisdiction before the expiration of carryforward periods, if any. The Company recognizes interest and penalties owed to taxing authorities as part of the provision for income taxes. The Company currently anticipates that there will be no change in its unrecognized tax benefits in the next twelve months. As of June 30, 2024, the Company had no unrecognized tax benefits. The Company has not yet conducted a study of its research and development credit carryforwards. Such a study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amount is being presented as an uncertain tax position.

- Definition

The entire disclosure for income tax.

+ References

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

Common Stock and Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

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


	June 30, 2024	December 31, 2023
Exercise of outstanding stock options	5,580,320	5,414,360
Vesting of outstanding restricted stock	2,012,533	1,268,461
Future awards under the 2021 Stock Option and Incentive Plan	1,784,890	1,697,832
Future awards under the 2021 Employee Stock Purchase Plan	1,153,675	839,539
Total shares of authorized common stock reserved for future issuance	10,531,418	9,220,192

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of 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):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	185,253	$	67,602
Restricted cash	3,950		3,950
Total cash, cash equivalents and restricted cash	$	189,203	$	71,552

Restrictions on Cash and Cash Equivalents


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	185,253	$	67,602
Restricted cash	3,950		3,950
Total cash, cash equivalents and restricted cash	$	189,203	$	71,552

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation
Share-based compensation expense	$ 4,622	$ 3,119	$ 8,355	$ 5,874
Research and development expenses
Stock-based compensation
Share-based compensation expense	2,014	1,418	3,627	2,716
General and administrative expenses
Stock-based compensation
Share-based compensation expense	$ 2,608	$ 1,701	$ 4,728	$ 3,158

- Definition

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 284,493	$ 284,367
Cash	500	500
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		67,102
Total	469,246	351,469
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	160,800
Fair Value, Recurring \| U.S. government agency securities and treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	23,953
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		67,102
Total	160,800	67,102
Fair Value, Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	160,800
Fair Value, Recurring \| Level 1 \| U.S. government agency securities and treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Total	308,446	284,367
Fair Value, Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair Value, Recurring \| Level 2 \| U.S. government agency securities and treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	23,953
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Total	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair Value, Recurring \| Level 3 \| U.S. government agency securities and treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair Value, Recurring \| U.S. government agency securities and treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	228,409	251,168
Fair Value, Recurring \| U.S. government agency securities and treasuries \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Fair Value, Recurring \| U.S. government agency securities and treasuries \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	228,409	251,168
Fair Value, Recurring \| U.S. government agency securities and treasuries \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	56,084	33,199
Fair Value, Recurring \| Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Fair Value, Recurring \| Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	56,084	33,199
Fair Value, Recurring \| Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 0	$ 0

Net Income (Loss) per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities excluded from common stock
Antidilutive securities excluded from common stock (in shares)	3,799,187	6,111,980	3,892,143	6,111,980
Unvested restricted common stock
Antidilutive securities excluded from common stock
Antidilutive securities excluded from common stock (in shares)	30,200	708,234	82,880	708,234
Unvested shares from early exercises
Antidilutive securities excluded from common stock
Antidilutive securities excluded from common stock (in shares)	0	34,120		34,120
Stock options to purchase common stock
Antidilutive securities excluded from common stock
Antidilutive securities excluded from common stock (in shares)	3,768,987	5,369,626	3,809,263	5,369,626

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following are summaries of the Company's marketable securities at June 30, 2024 and December 31, 2023 (in thousands).


June 30, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	214,143	$	2	$	(212)	$	213,933
Corporate debt securities	45,176		23		(51)		45,148
Total securities with a maturity of one year or less	$	259,319	$	25	$	(263)	$	259,081

U.S. government agency securities and treasuries	14,555		—		(79)		14,476
Corporate debt securities	10,947		—		(11)		10,936
Total securities with a maturity of more than one year	$	25,502	$	—	$	(90)	$	25,412
Total available-for-sale securities	$	284,821	$	25	$	(353)	$	284,493


December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	235,500	$	127	$	(41)	$	235,586
Corporate debt securities	25,466		—		(29)		25,437
Total securities with a maturity of one year or less	$	260,966	$	127	$	(70)	$	261,023

U.S. government agency securities and treasuries	15,537		45		—		15,582
Corporate debt securities	7,669		93		—		7,762
Total securities with a maturity of more than one year	$	23,206	$	138	$	—	$	23,344
Total available-for-sale securities	$	284,172	$	265	$	(70)	$	284,367

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Oct. 31, 2023	Feb. 28, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 94,694		$ 18,170	$ 153,814	$ 43,430
Vertex
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Strategic collaboration agreement, term		4 years
Milestone payment	$ 17,500			$ 75,000
Stock Issued		$ 19,400
Revenue			94,700			152,800
Vertex \| Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from issuance of common stock		$ 26,300
Number of shares purchases in equity investment (in shares)		1,618,613
Consideration amount		$ 485,000
Vertex \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Up-front payment		223,700
Revenue, remaining performance obligation, amount		232,000	70,900			70,900		$ 125,800
Premium		$ 6,900
Vertex \| Collaboration service revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			7,500			9,600
Vertex \| Recognition of upfront and milestone payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 87,200			$ 17,400

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Employee compensation and benefits	$	3,585	$	6,660
External research and development expenses	5,566		2,894
General and administrative professional service expenses	948		767
Other	900		1,004
Total accrued expenses and other current liabilities	$	10,999	$	11,325

Nature of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Stock-based compensation
Accumulated deficit	$ 116,443	$ 194,970
Cash, cash equivalents, and short-term investments	$ 469,700
Securities Purchase Agreement \| Pre-Funded Warrant
Stock-based compensation
Offering price per share (in dollars per share)	$ 14.8499
Securities Purchase Agreement \| Common Stock
Stock-based compensation
Number of shares purchases in equity investment (in shares)	3,367,003
Offering price per share (in dollars per share)	$ 14.85
Securities Purchase Agreement \| Common Stock \| Pre-Funded Warrant
Stock-based compensation
Class of warrant or right, number of securities called by warrants or rights (in shares)	3,367,003
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.0001
Net proceeds from issuance of common stock	$ 99,600

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy for assets and liabilities measured at fair value on recurring basis

The following tables present the Company’s fair value hierarchy for its assets 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 June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	160,800	$	—	$	—	$	160,800
U.S. government agency securities and treasuries(2)	$	—	$	23,953	$	—	$	23,953
Marketable securities:
U.S. government agency securities and treasuries	—		228,409		—		228,409
Corporate bonds	—		56,084		—		56,084
Total	$	160,800	$	308,446	$	—	$	469,246


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	67,102	$	—	$	—	$	67,102
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	251,168	$	—	$	251,168
Corporate bonds	—		33,199		—		33,199
Total	$	67,102	$	284,367	$	—	$	351,469

(1)The cash equivalent amounts above do not include $0.5 million of cash related to checking accounts included in cash and cash equivalents as of June 30, 2024 and December 31, 2023. These amounts are excluded as no valuation is needed for cash in checking accounts.

(2)The amortized cost of debt securities classified as cash equivalents approximated fair value.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 55,031	$ 23,496	$ (25,928)	$ (6,674)	$ 78,527	$ (32,602)

- Definition

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

+ References

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

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

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

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited 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"). The condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted, as is permitted by GAAP. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position as of June 30, 2024, and results of operations for the interim periods ended June 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2023 and 2022, and the notes thereto, included in the Annual Report.
Common Stock Warrants	Common Stock Warrants The Company’s common stock warrants are evaluated pursuant to ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies its freestanding warrants as (i) liabilities, if the warrant terms allow settlement of the warrant exercise in cash, or (ii) equity, if the warrant terms only allow settlement in shares of common stock. Please refer to Note 8 below for the application to the Company’s pre-funded warrants.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs	$ 392

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	37,190,149	33,461,771
Common stock, shares, outstanding (in shares)	37,172,496	33,437,296

Collaboration and License Agreements	6 Months Ended
Collaboration and License Agreements	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements Vertex Agreement - Overview The Company and Vertex closed their Strategic Collaboration and License Agreement in February 2023, as amended in October 2023 (the "Vertex Agreement"), pursuant to which the Company granted Vertex an exclusive worldwide license to research, develop, manufacture and commercialize VX-670, the Company’s intracellular EEV-based therapeutic candidate for the treatment of myotonic dystrophy type 1 ("DM1"), 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. In October 2023, the Company and Vertex amended the Vertex Agreement to clarify a milestone and related payment terms. The Vertex Agreement provides for a four-year global research collaboration under which Entrada will continue to perform preclinical development of the Company's partnered candidate VX-670 pursuant to the mutually agreed-upon research plan (the "Research Plan"). The Research Plan is overseen by a Joint Research Committee ("JRC") as detailed in the Vertex Agreement. Pursuant to the terms of the Vertex Agreement, the JRC may amend the Research Plan to include additional DM1-related research activities with a goal of identifying other EEV-based therapeutic product candidates for the potential treatment of DM1. Vertex is obligated to reimburse the Company’s research expenses incurred in performing activities under the Research Plan. 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 the Stock Purchase Agreement. Under the terms of the Vertex Agreement, the Company is 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. In October 2023, the Company achieved a milestone pursuant to the Vertex Agreement related to preclinical IND-enabling Good Laboratory Practices ("GLP") toxicology studies of VX-670 that triggered a $17.5 million milestone payment, which the Company received in the fourth quarter of 2023. In the first quarter of 2024, the Company achieved a milestone related to the clinical advancement of VX-670, which triggered a $75.0 million payment. The Company received this payment in the second quarter of 2024. 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 Agreement - Accounting Analysis The Company determined that the Vertex Agreement should be accounted for in accordance with ASC 606 as Vertex was deemed to be a customer. The Company assessed the promised goods and services under the Vertex Agreement in accordance with ASC 606. At inception, the Vertex Agreement included one performance obligation which was the combination of the exclusive license and the performance of the research activities for VX-670 ("Performance Obligation One"). The Company concluded that the license is not distinct from the research and development services for VX-670 during the research collaboration as Vertex cannot fully exploit the value of the license without receipt of such services. The Company also determined that Vertex's ability to engage Entrada to perform work on additional EEV-based therapeutic candidates for the potential treatment of DM1 through the JRC represented customer options. The Company concluded that these customer options do not represent a material right as these services will be reimbursed by Vertex at a price that represents standalone selling price for such services. In the second quarter of 2023, pursuant to the terms of the Vertex Agreement, Vertex amended the Research Plan (the "Amended Research Plan") to engage the Company to perform work on additional EEV-based therapeutic candidates for the potential treatment of DM1 ("Performance Obligation Two"). Such work is treated as a separate contract for accounting purposes and represents a separate performance obligation as the activities are distinct from the research activities for VX-670. Determination of Transaction Price At the commencement of the arrangement, the Vertex Agreement had a fixed transaction price of $232.0 million, primarily consisting of the $223.7 million upfront fee plus a premium of $6.9 million related to the 1,618,613 shares sold to Vertex under the Stock Purchase Agreement when measured at fair value on the date of issuance. The shares issued to Vertex pursuant to the Stock Purchase Agreement were unregistered and therefore considered restricted securities at the time of issuance. As a result, the fair value of the shares issued to Vertex of $19.4 million was calculated using the closing price of the Company's unrestricted shares of common stock on February 8, 2023, adjusted to reflect a discount for lack of marketability ("DLOM") due to the shares issued being unregistered and therefore subject to related sale restrictions. The Company is also entitled to reimbursement of costs incurred associated with the delivery of services under the Research Plan. The Company utilized the most likely amount approach to estimate the expected cost reimbursement. The Company concluded that these amounts do not require a constraint and are included in the transaction price at inception. The Company considers this estimate at each reporting date and updates the estimate based on information available. In October 2023, the Company achieved a milestone related to preclinical IND-enabling GLP toxicology studies of VX-670, which triggered a $17.5 million payment. In the first quarter of 2024, the Company achieved a milestone related to the clinical advancement of VX-670, which triggered a $75.0 million payment. The Company received this payment in the second quarter of 2024. No additional milestones were deemed probable of being achieved as of June 30, 2024 and, therefore, all remaining milestone payments were fully constrained and excluded from the transaction price as of June 30, 2024. The Company re-evaluates the probability of achievement of development milestones and any related constraint at each period end, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue in the period of adjustment. Allocation and Recognition As of June 30, 2024, the transaction price for the combination of the exclusive license and the performance of the research activities for VX-670 primarily consists of (i) the upfront payment, (ii) the equity premium paid by Vertex (iii) the milestone achieved in October 2023, (iv) the milestone achieved in the first quarter of 2024 and (v) reimbursement of costs incurred in connection with the delivery of services under the Amended Research Plan associated with VX-670. The transaction price for the work on additional EEV-based therapeutic candidates consists of the reimbursement of costs incurred in connection with the delivery of services under the Amended Research Plan associated with such work. The Company recognizes revenue associated with both performance obligations as the related research and development services are provided using an input method, according to the costs incurred as related to the respective research services and the costs expected to be incurred in the future to satisfy the performance obligations in accordance with the Amended Research Plan. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligations. The estimated costs associated with the remaining effort required to complete the performance obligations in accordance with the research plans may change, which may materially impact revenue recognition. The Company regularly evaluates and, when necessary, updates the costs associated with the remaining effort pursuant to the performance obligations under the Vertex Agreement and records any necessary adjustment to revenue for the change in estimate. The amounts received that have not yet been recognized as revenue are deferred on the Company’s consolidated balance sheet and will be recognized over the remaining research and development period until the performance obligation is satisfied. The performance obligations have not been fully satisfied as of June 30, 2024. During the three months ended June 30, 2024, the Company recognized $94.7 million in revenue under the Vertex Agreement, including $7.5 million of cost reimbursements and $87.2 million from amounts that were recorded in deferred revenue as of March 31, 2024. During the six months ended June 30, 2024, the Company recognized $152.8 million in revenue under the Vertex Agreement, including $9.6 million of cost reimbursements, $17.4 million related to a cumulative catch-up adjustment for the milestone achieved in the first quarter of 2024, and $125.8 million from amounts that were recorded in deferred revenue as of December 31, 2023. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligations recorded in deferred revenue at June 30, 2024 is $70.9 million. The Company will recognize the deferred revenue related to the research and development services based on a cost input method, over the remaining term of the Amended Research Plan.

Common Stock and Preferred Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock and Preferred Stock

Common Stock

As of June 30, 2024 and December 31, 2023, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 150,000,000 shares of common stock, par value $0.0001 per share.

In February 2023, in connection with the closing of the Vertex Agreement (as defined in Note 12, Collaboration and License Agreements), the Company and Vertex also closed their Stock Purchase Agreement (the "Stock Purchase Agreement") for the sale and issuance of 1,618,613 shares of Entrada's common stock (the “Shares”) to Vertex for an aggregate purchase price of approximately $26.3 million or $16.26 per share. See Note 12, Collaboration and License Agreements, for further discussion of the Company's accounting for the Shares sold in connection with the closing of the Vertex Agreement.

In September 2023, the Company entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC, acting as the Company's agent and/or principal (the "Sales Agent"), with respect to an "at the market offering" program under which the Company may, from time to time, at its sole discretion, issue and sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent. During the six months ended June 30, 2024, there have been no sales of common stock pursuant to the Sales Agreement.

In June 2024, the Company entered into a securities purchase agreement with a limited number of investors relating to a registered direct offering (the “June 2024 Offering”) of 3,367,003 shares of the Company’s common stock at a purchase price of $14.85 per share and, in lieu of common stock to certain investors who so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 3,367,003 shares of Common Stock at a purchase price of $14.8499 per Pre-Funded Warrant, which represents the price per share at which the shares of common stock were sold to the investors in the June 2024 Offering, minus $0.0001, which is the exercise price of each Pre-Funded Warrant. The June 2024 Offering was made pursuant to the shelf registration statement on Form S-3 (File No. 333-268099) previously filed by the Company with the Securities and Exchange Commission (the “SEC”) on November 1, 2022 and declared effective by the SEC on November 7, 2022. The aggregate net proceeds from the sale of common stock and Pre-Funded Warrants in the June 2024 Offering were approximately $99.6 million, after deducting offering expenses payable by the Company. The Company will receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants.

The Pre-Funded Warrants were evaluated pursuant to ASC 480 and ASC 815. The Company classified the Pre-Funded Warrants as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date at fair value. The Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable, are immediately exercisable, do not embody an obligation for the Company to repurchase its common shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. The Company valued the Pre-Funded Warrants at issuance, concluding their sales price approximated their fair value.

Shares Reserved for Future Issuance

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


	June 30, 2024	December 31, 2023
Exercise of outstanding stock options	5,580,320	5,414,360
Vesting of outstanding restricted stock	2,012,533	1,268,461
Future awards under the 2021 Stock Option and Incentive Plan	1,784,890	1,697,832
Future awards under the 2021 Employee Stock Purchase Plan	1,153,675	839,539
Total shares of authorized common stock reserved for future issuance	10,531,418	9,220,192

Preferred Stock

As of June 30, 2024 and December 31, 2023, the Company was authorized to issue 10,000,000 shares of undesignated preferred stock, par value $0.0001 per share, in one or more series and to fix the rights, preferences, privileges and restrictions thereof. As of June 30, 2024 and December 31, 2023, there were no shares of undesignated preferred stock issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 185,253	$ 67,602
Marketable securities	284,493	284,367
Collaboration receivable	7,674	5,878
Prepaid expenses and other current assets	12,116	11,924
Total current assets	489,536	369,771
Property and equipment, net	11,344	11,191
Restricted cash	3,950	3,950
Right-of-use assets, operating leases	76,386	81,490
Other non-current assets	747	2,790
Total assets	581,963	469,192
Current liabilities:
Accounts payable	1,635	3,277
Accrued expenses and other current liabilities	10,999	11,325
Income taxes payable	4,111	4,024
Operating lease obligations, current portion	8,567	7,909
Deferred revenue, current portion	60,497	132,261
Total current liabilities	85,809	158,796
Operating lease obligations, net of current portion	55,876	60,321
Deferred revenue, net of current portion	10,353	7,715
Total liabilities	152,038	226,832
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, par value $0.0001; 150,000,000 shares authorized; 37,190,149 shares issued and 37,172,496 shares outstanding as of June 30, 2024 and 33,461,771 shares issued and 33,437,296 shares outstanding as of December 31, 2023	4	3
Additional paid‑in capital	546,693	437,132
Accumulated other comprehensive (loss) income	(329)	195
Accumulated deficit	(116,443)	(194,970)
Total stockholders’ equity	429,925	242,360
Total liabilities and stockholders’ equity	$ 581,963	$ 469,192
Common stock, shares, issued (in shares)	37,190,149	33,461,771

Net Income (Loss) per Share - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ 55,031	$ 23,496	$ (25,928)	$ (6,674)	$ 78,527	$ (32,602)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	34,180,549		33,163,320		33,838,811	32,770,989
Effect of dilutive securities (in shares)	1,326,480		0		1,309,410	0
Weighted-average common shares outstanding, diluted (in shares)	35,507,029		33,163,320		35,148,221	32,770,989
Net income (loss) per share, basic (in dollars per share)	$ 1.61		$ (0.78)		$ 2.32	$ (0.99)
Net income (loss) per share, diluted (in dollars per share)	$ 1.55		$ (0.78)		$ 2.23	$ (0.99)

- Definition

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

+ References

+ Details

- Definition

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.

+ References

+ Details

- Definition

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

+ References

+ Details

Stock-Based Compensation - Restricted Stock Awards (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Unvested balance, at beginning of period (in shares) \| shares	1,268,461
Granted (in shares) \| shares	1,007,490
Vested (in shares) \| shares	(143,948)
Forfeited (in shares) \| shares	(119,470)
Unvested balance, at end of period (in shares) \| shares	2,012,533
Weighted‑ Average Grant‑Date Fair Value
Beginning of period (in dollars per share) \| $ / shares	$ 13.83
Granted (in dollars per share) \| $ / shares	13.81
Vested (in dollars per share) \| $ / shares	11.93
Forfeited (in dollars per share) \| $ / shares	13.93
End of period (in dollars per share) \| $ / shares	$ 13.95

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


	Fair Value Measurements at June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	160,800	$	—	$	—	$	160,800
U.S. government agency securities and treasuries(2)	$	—	$	23,953	$	—	$	23,953
Marketable securities:
U.S. government agency securities and treasuries	—		228,409		—		228,409
Corporate bonds	—		56,084		—		56,084
Total	$	160,800	$	308,446	$	—	$	469,246


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	67,102	$	—	$	—	$	67,102
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	251,168	$	—	$	251,168
Corporate bonds	—		33,199		—		33,199
Total	$	67,102	$	284,367	$	—	$	351,469

(2)The amortized cost of debt securities classified as cash equivalents approximated fair value.

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements as of and for the three and six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the "SEC") on March 13, 2024 (the "Annual Report"), except as described below. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited 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"). The condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted, as is permitted by GAAP. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position as of June 30, 2024, and results of operations for the interim periods ended June 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2023 and 2022, and the notes thereto, included in the Annual Report. Common Stock Warrants The Company’s common stock warrants are evaluated pursuant to ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies its freestanding warrants as (i) liabilities, if the warrant terms allow settlement of the warrant exercise in cash, or (ii) equity, if the warrant terms only allow settlement in shares of common stock. Please refer to Note 8 below for the application to the Company’s pre-funded warrants. Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

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

Stock-Based Compensation - Stock Option Valuation (Details) - Exercise of outstanding stock options	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Assumptions used to determine the fair value of stock options granted
Risk‑free interest rate	4.16%	4.00%
Expected volatility	75.00%	72.00%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years	5 years 11 months 23 days

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,758	$ 13,847	$ 4,589	$ 17,398

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 78,527	$ (32,602)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation expense	1,844	1,271
Stock‑based compensation expense	8,355	5,874
Amortization/(accretion) of marketable securities	(4,298)	(1,928)
Changes in operating assets and liabilities:
Collaboration receivable	(1,796)	(3,744)
Prepaid expenses and other current assets	(192)	10,884
Right-of-use assets, operating leases	5,104	6,881
Other non-current assets	2,043	(9,311)
Accounts payable	(1,541)	(3,846)
Accrued expenses and other current liabilities	(906)	(943)
Income tax payable	87	7,359
Operating lease liabilities	(3,787)	(8,743)
Deferred revenue	(69,126)	197,156
Net cash provided by operating activities	14,314	168,308
Cash flows from investing activities:
Purchases of property and equipment	(1,884)	(3,190)
Purchases of marketable securities	(207,627)	(241,897)
Maturities of marketable securities	211,275	91,386
Net cash provided by (used in) investing activities	1,764	(153,701)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,310	386
Proceeds from issuance of common stock under the employee stock purchase plan	263	186
Net cash provided by financing activities	101,573	19,979
Net increase in cash, cash equivalents, and restricted cash	117,651	34,586
Cash, cash equivalents, and restricted cash at beginning of period	71,552	49,107
Cash, cash equivalents, and restricted cash at end of period	189,203	83,693
Supplemental cash flow disclosures:
Purchases of property and equipment included in accounts payable and accrued expenses	321	889
Right-of-use assets obtained in exchange from operating lease liabilities	0	77,584
Right-of-use assets surrendered as part of lease modification	0	7,761
Transfer of deposits for equipment from operating to investing cash flows	0	617
Vesting of options early exercised subject to repurchase	26	51
Deferred offering costs included in accrued expenses	392	0
Registered Direct Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	100,000	0
Vertex Agreement
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 0	$ 19,407

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	2,014	$	1,418	$	3,627	$	2,716
General and administrative expenses	2,608		1,701		4,728		3,158
Total	$	4,622	$	3,119	$	8,355	$	5,874

Schedule of assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted


	June 30, 2024		June 30, 2023
Risk‑free interest rate	4.16	%	4.00	%
Expected volatility	75	%	72	%
Expected dividend yield	—		—
Expected term (in years)	6.00		5.98

Summary of the stock option activity

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2024:


	Number of Shares	Weighted‑ Average Exercise Price

Outstanding as of December 31, 2023	5,414,360	$	11.42
Granted	660,200	14.06
Exercised	(197,043)	6.65
Forfeited	(297,197)	14.13
Outstanding as of June 30, 2024	5,580,320	$	11.76
Exercisable as of June 30, 2024(1)	3,451,080	$	10.22

(1)This represents the number of vested and unvested options exercisable as of June 30, 2024.

Summary of unvested restricted stock

A summary of restricted stock activity during the six months ended June 30, 2024 is as follows:


	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2023	1,268,461	$	13.83
Granted	1,007,490	$	13.81
Vested	(143,948)	$	11.93
Forfeited	(119,470)	$	13.93
Unvested as of June 30, 2024	2,012,533	$	13.95

Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

The computation of basic net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the Pre-Funded Warrants issued in connection with the Company’s registered direct offering in June 2024 as the Pre-Funded Warrants are exercisable for nominal cash consideration.

The computation of diluted net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding and potential dilutive common shares outstanding during the period as determined by using the treasury stock method.

The following table illustrates the determination of basic and diluted net income (loss) per share for each period presented (in thousands, except share and per share date):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	55,031	$	(25,928)	$	78,527	$	(32,602)
Denominator:
Weighted‑average common shares outstanding, basic	34,180,549		33,163,320		33,838,811		32,770,989
Effect of dilutive securities	1,326,480		—		1,309,410		—
Weighted‑average common shares outstanding, diluted	35,507,029		33,163,320		35,148,221		32,770,989

Net income (loss) per share, basic	$	1.61	$	(0.78)	$	2.32	$	(0.99)
Net income (loss) per share, diluted	$	1.55	$	(0.78)	$	2.23	$	(0.99)


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested restricted common stock	30,200	708,234	82,880	708,234
Unvested shares from early exercises	—	34,120		34,120
Stock options to purchase common stock	3,768,987	5,369,626	3,809,263	5,369,626
	3,799,187	6,111,980	3,892,143	6,111,980

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18,932		$ 18,932		$ 17,114
Less: accumulated depreciation	(7,588)		(7,588)		(5,923)
Property and equipment, net	11,344		11,344		11,191
Depreciation expense	900	$ 700	1,844	$ 1,271
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	14,328		14,328		12,596
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	2,241		2,241		2,228
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	431		431		431
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,932		$ 1,932		$ 1,859

Marketable Securities - Additional Information (Details)	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of securities \| security	46
Market value of marketable securities	$ 252,300,000
Allowance for credit loss	0
Interest receivable	$ 1,400,000	$ 1,700,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 185,253	$ 67,602
Restricted cash	3,950	3,950
Total cash, cash equivalents and restricted cash	$ 189,203	$ 71,552	$ 83,693	$ 49,107

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024
Number of Shares
Outstanding at beginning of period (in shares)	5,414,360
Granted (in shares)	660,200
Exercised (in shares)	(197,043)
Forfeited (in shares)	(297,197)
Outstanding at end period (in shares)	5,580,320
Exercisable (in shares)	3,451,080
Weighted‑ Average Exercise Price
Outstanding at beginning period (in dollars per share)	$ 11.42
Granted (in dollars per share)	14.06
Exercised (in dollars per share)	6.65
Forfeited (in dollars per share)	14.13
Outstanding at end period (in dollars per share)	11.76
Exercisable (in dollars per share)	$ 10.22