0000950170-23-057424 | 10-Q | XBRL Viewer

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable, accrued liabilities and the current portion of operating lease liabilities approximate fair value due to the short-term nature of those instruments.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	389,534	$	—	$	—	$	389,534
Marketable securities:
U.S. government and agency debt securities		23,381		11,910		—		35,291
Commercial paper		—		64,764		—		64,764
Corporate debt securities		—		7,139		—		7,139
Total assets measured at fair value	$	412,915	$	83,813	$	—	$	496,728


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	183,353	$	—	$	—	$	183,353
Marketable securities:
U.S. government and agency debt securities		44,777		12,485		—		57,262
Commercial paper		—		55,188		—		55,188
Corporate debt securities		—		42,002		—		42,002
Total assets measured at fair value	$	228,130	$	109,675	$	—	$	337,805

Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value. The Company estimates the fair value of its commercial paper, corporate debt securities and U.S. government and agency debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs.

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (53,027)	$ (38,543)	$ (35,625)	$ (29,344)	$ (30,372)	$ (43,042)	$ (127,195)	$ (102,758)
Denominator:
Weighted-average common shares outstanding, basic	46,691,000			27,646,000			35,428,000	26,841,000
Weighted-average common shares outstanding, diluted	46,691,000			27,646,000			35,428,000	26,841,000
Net loss per share, basic	$ (1.14)			$ (1.06)			$ (3.59)	$ (3.83)
Net loss per share, diluted	$ (1.14)			$ (1.06)			$ (3.59)	$ (3.83)

- Definition

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

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- 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.

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- Definition

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

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Acquisitions of Assets - Additional Information (Details) shares in Millions	1 Months Ended					9 Months Ended
	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($) Agreements shares	Nov. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2023 USD ($) Milestones	Oct. 31, 2023 USD ($)
Amgen Inc.
Business Acquisition [Line Items]
Number of license agreements \| Agreements		2
BlackThorn Merger Agreement
Business Acquisition [Line Items]
Contingent consideration, milestone payment settled in cash					$ 10,000,000
Number of milestone achieved \| Milestones						0
Contingent consideration deemed due or payable						$ 0
BlackThorn Merger Agreement \| BlackThorn Therapeutics, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Milestone payment due							$ 90,000,000
BlackThorn Merger Agreement \| navacaprant
Business Acquisition [Line Items]
Contingent consideration, milestone payment					90,000,000
Milestone payment due description						milestone payment of $90.0 million that will become due upon dosing the first patient in the Phase 3 clinical trial for navacaprant,
BlackThorn Merger Agreement \| navacaprant \| Maximum \| Development and Regulatory Approval Milestones
Business Acquisition [Line Items]
Contingent consideration					365,000,000
BlackThorn Merger Agreement \| navacaprant \| Maximum \| Sales-based Milestones
Business Acquisition [Line Items]
Contingent consideration					450,000,000
BlackThorn Merger Agreement \| NMRA-511 \| Maximum \| Development and Regulatory Approval Milestones
Business Acquisition [Line Items]
Contingent consideration					100,000,000
BlackThorn Merger Agreement \| NMRA-511 \| Maximum \| Sales-based Milestones
Business Acquisition [Line Items]
Contingent consideration					$ 100,000,000
BlackThorn Carveout Plan
Business Acquisition [Line Items]
Contingent consideration deemed due or payable						$ 0
Asset acquisition compensation						$ 1,800,000
Syllable Merger Agreement \| Syllable Life Sciences, Inc
Business Acquisition [Line Items]
Number of milestone achieved \| Milestones						0
Contingent consideration deemed due or payable						$ 0
Syllable Merger Agreement \| Syllable Life Sciences, Inc \| Maximum \| Development Milestones
Business Acquisition [Line Items]
Contingent consideration				$ 5,000,000
Alairion Merger Agreement \| Alairion, Inc
Business Acquisition [Line Items]
Number of milestone achieved \| Milestones						0
Alairion Merger Agreement \| Alairion, Inc \| Achievement of Specified Commercialization Events
Business Acquisition [Line Items]
Contingent consideration, milestone payment			$ 135,000,000
Alairion Merger Agreement \| Alairion, Inc \| Maximum \| Achievement of Specified Development Events
Business Acquisition [Line Items]
Contingent consideration, milestone payment			33,500,000
Alairion Carveout Plan
Business Acquisition [Line Items]
Asset acquisition compensation						$ 0
Alairion Carveout Plan \| Maximum
Business Acquisition [Line Items]
Milestone payments			$ 3,000,000
Amgen Inc. Licenses \| Amgen Inc.
Business Acquisition [Line Items]
Number of milestone achieved \| Milestones						0
Contingent consideration deemed due or payable						$ 0
Amgen Inc. Licenses \| Amgen Inc. \| Series A-2
Business Acquisition [Line Items]
Upfront consideration transferred shares \| shares		20.0
Acquisition date fair value of shares transferred		$ 157,000,000
Amgen Inc. Licenses \| Amgen Inc. \| Maximum \| Case One
Business Acquisition [Line Items]
Contingent consideration payable in cash		360,000,000
Amgen Inc. Licenses \| Amgen Inc. \| Maximum \| Commercial Milestone Payment \| Case Two
Business Acquisition [Line Items]
Contingent consideration payable in cash		$ 360,000,000
Vanderbilt License
Business Acquisition [Line Items]
Number of milestone achieved \| Milestones						0
Contingent consideration deemed due or payable						$ 0
Vanderbilt License \| Maximum \| Achievement of Specified Development Events
Business Acquisition [Line Items]
Contingent consideration payable in cash	$ 42,400,000
Vanderbilt License \| Maximum \| Achievement of Specified Commercialization Events
Business Acquisition [Line Items]
Contingent consideration payable in cash	380,000,000
Vanderbilt License \| Vanderbilt IPR&D Assets
Business Acquisition [Line Items]
Upfront cash payment	$ 13,000,000

Acquisitions of Assets

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions of Assets

BlackThorn Therapeutics, Inc.

In June 2020, the Company entered into an agreement and plan of merger (BlackThorn Merger Agreement) to acquire all of the equity interests of BlackThorn Therapeutics, Inc. (BlackThorn), which became effective in September 2020. The Company acquired BlackThorn for its in-process research and development programs, including an antagonist of the Kappa Opioid Receptor (navacaprant (NMRA-140)) for the treatment of major depressive disorders and an antagonist of the Vasopressin 1a Receptor (NMRA-511) for the treatment of agitation in Alzheimer's disease. The Company also gained access to a cloud-based computational psychiatry and data platform that was being developed to support drug target identification, patient stratification and objective clinical trial endpoints. Both navacaprant and NMRA-511 were exclusively licensed to BlackThorn by The Scripps Research Institute (TSRI). The acquisition was accounted for as an acquisition of assets.

The BlackThorn Merger Agreement requires the Company to pay the former stockholders of BlackThorn contingent consideration (i) with respect to navacaprant, in the form of development and regulatory approval milestones of up to an aggregate amount of $365.0 million, which includes a milestone payment of $90.0 million that will become due upon dosing the first patient in the Phase 3 clinical trial for navacaprant, and sales-based milestones of up to an aggregate amount of $450.0 million and (ii) with respect to NMRA-511, in

the form of development and regulatory approval milestones of up to an aggregate amount of $100.0 million, and sales-based milestones of up to an aggregate amount of $100.0 million (BlackThorn Milestones). At the Company’s sole discretion, the BlackThorn Milestone payments may be settled in cash or shares of the Company, or a combination of both, subject to the provisions of the BlackThorn Merger Agreement, other than one development milestone in the amount of $10.0 million, which must be settled in cash. None of the BlackThorn Milestones were subject to liability classification and/or derivative accounting and any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. The Company expects to settle the $90.0 million Phase 3 navacaprant dosing milestone in the fourth quarter of 2023 (see Note 14). None of the other Blackthorn Milestones have been achieved and no such amounts were deemed due or payable as of September 30, 2023.

BlackThorn Carveout Plan

The BlackThorn Merger Agreement required that the Company establish a carveout plan (the BlackThorn Carveout Plan), pursuant to which each BlackThorn stock option holder as of immediately prior to the closing date was allocated a certain number of units (the BlackThorn Carveout Units) based on the number of shares underlying the outstanding options held by each participant at that time. Each BlackThorn Carveout Unit represents a right to receive a portion of the BlackThorn Milestone payment (the BlackThorn Carveout Payments) upon the later of (i) the achievement of a BlackThorn Milestone and (ii) the vesting of the BlackThorn Carveout Unit.

The BlackThorn Carveout Units vest based on time-based schedules that mirror the vesting schedules for the original option awards held by each participant. As of the closing date in September 2020, a portion of the BlackThorn Carveout Units corresponding to the pre-acquisition service periods were fully vested (Vested Carveout Units). The remainder of the BlackThorn Carveout Units vest subject to the continued service of the participants.

The Vested Carveout Units represent contingent consideration for the acquisition as they are attributable to pre-acquisition services rendered by the participants and continuing service is not required for the participants to receive future payments upon a BlackThorn Milestone being achieved. The Company will recognize the contingent consideration obligation for the Vested Carveout Units when the contingency is resolved, and the consideration becomes payable. The BlackThorn Carveout Units that were unvested as of the closing date are dependent on the continued service of participants and were deemed to be a compensation arrangement. The Company recognizes compensation starting from the time payment becomes probable over each participant’s service period.

The Company expects to settle the Phase 3 navacaprant dosing milestone in the fourth quarter of 2023. As of September 30, 2023, none of the other BlackThorn Milestones had been achieved, and no contingent consideration obligation related to the BlackThorn Milestones was deemed due or payable (see Note 14) and the Company recorded $1.8 million of compensation related to the BlackThorn Carveout Units with a corresponding offset to accrued liabilities.

Syllable Life Sciences, Inc.

In September 2020, the Company entered into an agreement and plan of merger (Syllable Merger Agreement) to acquire all of the outstanding equity of Syllable Life Sciences, Inc. (Syllable). The Company acquired Syllable to gain access the rights granted to Syllable under an exclusive license agreement (as amended, the Harvard License Agreement) with President and Fellows of Harvard College (Harvard) and an associated behavior analysis machine learning and computer vision software tool which Syllable was developing to identify and quantify behavior as an indicator of neurological conditions. The transaction was accounted for as an acquisition of assets.

The former stockholders of Syllable are entitled to contingent consideration in the form of development milestones of up to an aggregate of $5.0 million (Syllable Milestones). At the Company’s sole discretion, the Syllable Milestone payments may be settled, in cash or shares equity of the Company, or a combination of both, subject to the provisions of the Syllable Merger Agreement and were not subject to liability classification and/or derivative accounting. Any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. As of September 30, 2023, none of the Syllable Milestones had been achieved and no such amounts were deemed due or payable.

Alairion, Inc.

In November 2020, the Company entered into an agreement and plan of merger (Alairion Merger Agreement) to acquire all of the outstanding equity of Alairion, Inc. (Alairion). The acquisition of Alairion allowed the Company to expand its program pipeline by gaining rights to two preclinical stage research and development programs focused on the treatment of sleep disorders, an H1 receptor antagonist program (the H1 Program) and a GABA receptor positive allosteric modulator program (the GABA Program). The acquisition

also provided the Company with access to a license for software that records sleep and related drug discovery and optimization technology platform. The transaction was accounted for as an acquisition of assets.

The holders of Alairion common stock outstanding as of immediately prior to the closing date received non-transferable rights to future milestone payments of up to $33.5 million upon the achievement of specified development events and $135.0 million upon the achievement of specified commercialization events related to the H1 Program and the GABA Program (the Alairion Milestones).

The Alairion Milestone payments may be settled, at the Company’s sole discretion, in cash or shares of the Company, or a combination of both, subject to the provisions of the Alairion Merger Agreement. None of the Alairion Milestones were subject to liability classification and/or derivative accounting and any such contingent consideration will be recognized when the contingency is resolved, and the consideration becomes payable. As of September 2023, none of the Alairion Milestones have been recognized. In March 2022, the Company paused the active program acquired from Alairion while it assesses pre-IND feedback received from the FDA and considers alternative options for that program.

Alairion Carveout Plan

The Alairion Merger Agreement also required the Company to establish a carveout plan (the Alairion Carveout Plan) pursuant to which a portion of the payments under the Alairion Milestones, up to $3.0 million (the Alairion Carveout Payments), are reserved for participants under the Alairion Carveout Plan. Participants in the Alairion Carveout Plan are comprised of former Alairion employees, several of whom were retained as employees or consultants of the Company post-acquisition. Under the Alairion Carveout Plan, the Company granted the participants retention units, each representing a right to receive future payments upon the completion of Phase 2 clinical studies with respect to either the H1 Program or the GABA Program and achievement of the related Alairion Milestone, subject to the continued service of the participant until such time and were deemed to be a compensation arrangement. The retention units are forfeited if a participant’s service is terminated prior to the receipt of results from the Phase 2 clinical studies associated with the H1 Program and GABA Program. The Company will recognize such compensation starting from the time payment becomes probable over each participant’s service period. As of September 30, 2023, it was not probable that Phase 2 clinical studies would be achieved, and no compensation related to the Alairion Carveout Plan had been recorded.

Amgen Inc. Licenses

In September 2021, the Company entered into two license agreements with Amgen Inc. (Amgen) pursuant to which it obtained exclusive, worldwide licenses to develop, manufacture, use, commercialize and distribute products containing compounds that are directed to, in one case, CK1δ, and in the other case, glucocerebrocidase (GCase), both for the treatment of neurodegenerative diseases (the Amgen License Agreements) and related know-how and clinical material (collectively, the Amgen IPR&D Assets). Concurrently, the Company also executed a research collaboration agreement as well as a stock purchase agreement with Amgen. Both agreements were deemed to be separate transactions and not accounted for as part of the acquisition of assets. The Company accounted for these transactions as acquisitions of assets.

The total upfront consideration transferred to Amgen of 20.0 million shares of the Company's Series A-2 convertible preferred stock, with an acquisition date fair value of $157.0 million was allocated to the Amgen IPR&D Assets.

Under these two license agreements, Amgen is eligible to receive contingent consideration up to an aggregate of $360.0 million in commercial milestone payments per product payable in cash with a compound directed to CK1δ and up to an aggregate of $360.0 million in commercial milestone payments per product payable in cash with a compound directed to GCase, in each case, upon the achievement of certain sales thresholds and single digit royalties on potential future net sales, related to CK1δ or GCase (the Amgen Milestones). Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable. As of September 30, 2023, none of the Amgen Milestones had been achieved and no such amounts were deemed due or payable.

In addition, until a specified period of time following the achievement of the first successful Phase 2 clinical trial for any licensed product, if the Company chooses to sell, transfer, sublicense or divest rights to a licensed product in certain major markets, Amgen has a period of time to enter into an agreement with the Company for such rights. The Company determined that these rights of first negotiation were not freestanding instruments from the Amgen License Agreements and did not meet the definition of a derivative.

Vanderbilt License

In February 2022, the Company and Vanderbilt University (Vanderbilt) entered into a license agreement (Vanderbilt License Agreement). Pursuant to the Vanderbilt License Agreement, as amended, the Company obtained an exclusive, worldwide royalty-bearing, sublicensable (subject to certain restrictions) license under certain patent rights and a non-exclusive, worldwide, royalty-bearing, sublicensable (subject to certain restrictions) license under certain know-how covering small molecule positive allosteric modulators (PAMs) predominantly of the muscarinic acetylcholine receptor subtype 4 (M4) to develop, manufacture, and commercialize products, processes and services covered by such patent rights or that incorporate or use such know-how, for any and uses (the Vanderbilt IPR&D Assets). Concurrently, the Company also executed a sponsored research agreement (see Note 8) with Vanderbilt. The sponsored research agreement was deemed to be separate transactions and not accounted for as part of the acquisition of assets. The acquisition of Vanderbilt IPR&D Assets became effective in February 2022.

The licensed patent rights are subject to Vanderbilt’s right to use the patent rights for research, internal non-commercial use, and educational purposes. The Company intends to develop the PAMs for the treatment of schizophrenia and other neuropsychiatric disorders. The Company has agreed to use commercially reasonable efforts to develop and commercialize licensed products, and to achieve certain development milestones.

The Company paid Vanderbilt a non-refundable, non-creditable upfront cash payment of $13.0 million for the Vanderbilt IPR&D Assets, which was immediately recognized as acquired in-process research and development expense in the condensed consolidated statement of operations and comprehensive loss as it was determined to have no alternative future use as of the acquisition date. Under the Vanderbilt License Agreement, Vanderbilt is eligible to receive contingent consideration payable in cash up to an aggregate of $42.4 million upon the achievement of specified development milestones and up to an aggregate of $380.0 million upon the achievement of commercial milestone events as well as tiered royalties at mid-single digit percentages on potential future net sales, subject to specified reductions for the lack of patent coverage, generic entry and payment obligations for third-party licenses (the Vanderbilt Milestones). In addition, the Company is obligated to pay Vanderbilt low-double-digit percentage of sublicense income it receives for sublicenses entered into before the achievement of a specified event. Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable. As of September 30, 2023, none of the Vanderbilt Milestones had been achieved and no such amounts were deemed due and payable (see Note 14).

In addition, the Company also has an exclusive option, exercisable for a specified period of time, to negotiate an exclusive license to certain patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research pursuant to a sponsored research agreement the between the Company and Vanderbilt, which was entered into at the same time as the Vanderbilt License Agreement. The Company determined that the right to negotiate was not a freestanding instrument from the Vanderbilt License Agreement and did not meet the definition of a derivative.

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2023

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the period indicated:


	September 30, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	389,534	$	—	$	—		$	389,534
Total cash equivalents	$	389,534	$	—	$	—		$	389,534
Marketable securities:
U.S. government and agency debt securities	$	35,504	$	1	$	(214	)	$	35,291
Commercial paper		64,850		4		(90	)		64,764
Corporate debt securities		7,151		1		(13	)		7,139
Total marketable securities		107,505		6		(317	)		107,194
Total cash equivalents and marketable securities	$	497,039	$	6	$	(317	)	$	496,728

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the period indicated:

The Company’s marketable securities by contractual maturity (in thousands):


	September 30, 2023
Within one year	$	97,281
After one year through two years		9,913
Total marketable securities	$	107,194


	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	183,353	$	—	$	—		$	183,353
Total cash equivalents	$	183,353	$	—	$	—		$	183,353
Marketable securities:
U.S. government and agency debt securities	$	57,534	$	—	$	(272	)	$	57,262
Commercial paper		55,425		—		(237	)		55,188
Corporate debt securities		42,267		1		(266	)		42,002
Total marketable securities	$	155,226	$	1	$	(775	)	$	154,452
Total cash equivalents and marketable securities	$	338,579	$	1	$	(775	)	$	337,805

The Company’s marketable securities by contractual maturity were (in thousands):


	December 31, 2022
Within one year	$	130,941
After one year through two years		23,511
Total marketable securities	$	154,452

As of September 30, 2023, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of September 30, 2023, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at September 30, 2023 (see Note 4).

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 20, 2023	Sep. 19, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding				0		104,417,000
Shares reserved for potential future issuances	29,734,000		29,734,000
Amgen Research and Collaboration Agreement
Class of Stock [Line Items]
Maximum additional financing in equity securities			$ 100,000,000
Common Stock
Class of Stock [Line Items]
Number of convertible preferred stock automatically converted into shares of common stock					104,417,415
Vesting of restricted stock	(297,000)	(48,000)
Common Stock \| Service Conditions
Class of Stock [Line Items]
Vesting of restricted stock			1,249,708
Common Stock \| Performance Conditions
Class of Stock [Line Items]
Vesting of restricted stock			637,240
Additional Shares of Capital Stock
Class of Stock [Line Items]
Shares reserved for potential future issuances	0		0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (127,195)	$ (102,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development		13,000
Stock-based compensation	11,189	5,506
Net accretion and amortization of investments in marketable securities	(3,068)	(243)
Noncash operating lease expense	2,469	1,323
Depreciation and amortization	502	447
Change in fair value of convertible preferred stock warrants		(261)
Other noncash expenses	54	227
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,274)	(1,561)
Other assets		7,623
Accounts payable	1,331	1,863
Accrued liabilitie	8,646	(8,651)
Operating lease liabilities	(2,490)	(1,045)
Net cash used in operating activities	(111,836)	(84,530)
Investing activities:
Purchases of marketable securities	(89,000)	(178,274)
Cash paid for an acquisition of assets		(13,000)
Proceeds from sales and maturities of marketable securities	139,783	31,779
Purchases of property and equipment	(73)	(488)
Net cash provided by (used in) investing activities	50,710	(159,983)
Financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	232,565
Proceeds from exercise of stock options	2,517	2,616
Proceeds from Issuance of Common Stock	810
Proceeds from issuance of convertible preferred stock, net of issuance cost		87,244
Repurchase of unvested early exercised shares	(491)
Payments for offering costs	(2,984)	(950)
Net cash provided by financing activities	232,417	88,910
Net change in cash and cash equivalents and restricted cash	171,291	(155,603)
Cash and cash equivalents and restricted cash at beginning of year	242,206	409,372
Cash and cash equivalents and restricted cash at end of year	413,497	253,769
Components of cash and restricted cash:
Cash and cash equivalents	412,284	252,509
Restricted Cash	1,213	1,260
Total cash and cash equivalents and restricted cash	413,497	253,769
Supplemental disclosure of noncash investing and financing activities:
Purchases of property and equipment included in accounts payable		20
Conversion of preferred stock into common stock upon completion of initial public offering	843,687
Offering costs related to initial public offering included in accounts payable and accrued liabilities	$ 2,963	$ 184

Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


		September 30, 2023			December 31, 2022
	(in thousands)
Prepaid research and development costs ($3.1 million and $11.9 million from related party in 2023 and 2022, respectively)	$		13,950	$		13,484
Prepaid other			1,552			1,618
Other receivables			668			919
Total prepaid expenses and other current assets	$		16,170	$		16,021

Accrued Liabilities

Accrued liabilities consisted of the following:


		September 30, 2023			December 31, 2022
	(in thousands)
Compensation and benefits	$		9,581	$		8,400
Accrued clinical trial and preclinical costs			5,497			652
Professional services			3,870			1,187
Accrued research and development services			4,024			889
Other			375			408
Total accrued liabilities	$		23,347	$		11,536

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Other Commitments

The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any non-cancelable and non-refundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 41,601	$ 22,549	$ 103,855	$ 68,226
Acquired in-process research and development				13,000
General and administrative	15,263	8,053	34,239	23,926
Total operating expenses	56,864	30,602	138,094	105,152
Loss from operations	(56,864)	(30,602)	(138,094)	(105,152)
Other income (expense):
Interest income	3,838	1,406	10,965	2,276
Other income (expense), net	(1)	(148)	(66)	118
Total other income	3,837	1,258	10,899	2,394
Net loss	(53,027)	(29,344)	(127,195)	(102,758)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	137	(284)	463	(1,154)
Comprehensive loss	$ (52,890)	$ (29,628)	$ (126,732)	$ (103,912)
Net loss per share, basic	$ (1.14)	$ (1.06)	$ (3.59)	$ (3.83)
Net loss per share, diluted	$ (1.14)	$ (1.06)	$ (3.59)	$ (3.83)
Weighted-average shares outstanding, basic	46,691,000	27,646,000	35,428,000	26,841,000
Weighted-average shares outstanding, diluted	46,691,000	27,646,000	35,428,000	26,841,000

Cash Equivalents and Marketable Securities - Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 497,039	$ 338,579
Gross Unrealized Gain	6	1
Gross Unrealized Loss	(317)	(775)
Estimated Fair Value	496,728	337,805
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	389,534	183,353
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	389,534	183,353
Cash Equivalents \| Money Market Funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	389,534	183,353
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	389,534	183,353
Marketable Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	107,505	155,226
Gross Unrealized Gain	6	1
Gross Unrealized Loss	(317)	(775)
Estimated Fair Value	107,194	154,452
Marketable Securities \| U.S Government and Agency Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	35,504	57,534
Gross Unrealized Gain	1	0
Gross Unrealized Loss	(214)	(272)
Estimated Fair Value	35,291	57,262
Marketable Securities \| Corporate Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	7,151	42,267
Gross Unrealized Gain	1	1
Gross Unrealized Loss	(13)	(266)
Estimated Fair Value	7,139	42,002
Marketable Securities \| Commercial Paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	64,850	55,425
Gross Unrealized Gain	4
Gross Unrealized Loss	(90)	(237)
Estimated Fair Value	$ 64,764	$ 55,188

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2023 $ / shares
Fair Value Disclosures [Abstract]
Net asset value per share	$ 1

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482134/820-10-35-54B

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 35
-Paragraph 59
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482134/820-10-35-59

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480555/946-210-45-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-7

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

+ Details

Organization and Liquidity

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Liquidity

Description of Business

Neumora Therapeutics, Inc. (the Company), was originally incorporated in the State of Delaware in November 2019, and is headquartered in Watertown, Massachusetts.

The Company is a clinical-stage biopharmaceutical company founded to confront the global brain disease crisis by taking a fundamentally different approach to the way treatments for brain diseases are developed. The Company’s therapeutic pipeline currently consists of seven clinical and preclinical neuroscience programs that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases.

As of September 30, 2023, the Company has devoted a significant portion of its financial resources and efforts to building its organization, acquiring technologies and companies, executing clinical and preclinical studies, conducting research and development, identifying and developing potential product candidates, building its precision neuroscience tools, organizing and staffing the Company, business planning, establishing, maintaining and protecting its intellectual property portfolio, raising capital and providing general and administrative support for these operations. The Company has not generated revenue from the sale of products.

The Company is progressing the development of its pipeline with the planned initiation of multiple clinical trials across its programs over the next 12 to 18 months to support numerous anticipated data readouts. The Company’s most advanced product candidate, navacaprant (NMRA-140), is a novel once-daily oral kappa opioid receptor (KOR) antagonist that is being developed for the treatment of major depressive disorder (MDD). The Company has initiated a pivotal Phase 3 program for navacaprant monotherapy in patients with moderate to severe MDD and anticipates releasing topline results for the KOASTAL-1 study in the second half of 2024.

Reverse Stock Split

On September 8, 2023, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and convertible preferred stock on a 7.8463-for-1 basis (the “Reverse Stock Split”). The par value and authorized shares of the common stock and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All share data and per share data amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Reverse Stock Split.

Initial Public Offering

On September 19, 2023, the Company completed its initial public offering (IPO), pursuant to which it issued and sold an aggregate of 14,710,000 shares of its common stock at a price to the public of $17.00 per share, resulting in net proceeds of $226.6 million, after deducting underwriting discounts and commissions of $17.5 million and other offering expenses of $6.0 million. Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 104,417,415 shares of common stock (see Note 9).

In connection with the completion of its IPO, on September 19, 2023, the Company’s certificate of incorporation was amended and restated to authorize 700,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 shares of preferred stock, par value of $0.0001 per share.

Liquidity

The Company has incurred net losses and negative cash flows from operations since inception and as of September 30, 2023, had an accumulated deficit of $594.7 million. As of September 30, 2023, the Company had cash, cash equivalents and marketable securities of $519.5 million, which are available to fund future operations. The Company believes that its existing cash, cash equivalents and marketable securities as of September 30, 2023 will be sufficient to support operations for at least the next 12 months from the date these condensed consolidated financial statements were available to be issued.

The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its precision neuroscience approach and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, as well as hires additional personnel, protects its intellectual property and grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including to complete the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties, including clinical failure which can impact the Company’s ability to secure

additional funding. The Company expects to finance its cash needs through a combination of public or private equity offerings or debt financings or other capital sources, which may include strategic collaborations or other arrangements with third parties, or other sources of financing. However, there is no guarantee that any of these financing or opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders.

Preferred Stock Warrants	9 Months Ended
Preferred Stock Warrants	Sep. 30, 2023
Equity [Abstract]
Preferred Stock Warrants	10. Preferred Stock Warrants In connection with the BlackThorn acquisition in September 2020, the Company issued preferred stock warrants to purchase up to 292,193 shares of Series A-1 convertible preferred stock with an exercise price of $10.60 per share. In December 2022, 210,481 preferred stock warrants were exercised and the remaining 81,712 preferred stock warrants expired as of December 31, 2022. As a result, in December 2022, the Company issued 157,371 shares of Series A-1 convertible preferred stock, including 104,563 to a related party, upon the exercise and net exercise of preferred stock warrants.

Cash Equivalents and Marketable Securities - Summary of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-Sale Securities, Debt Maturities [Abstract]
Within one year	$ 97,281	$ 130,941
After one year through two years	9,913	23,511
Total marketable securities	$ 107,194	$ 154,452

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development costs ($11.9 million, $3.1 million from related party in 2022 and 2023 respectively)	$ 13,950	$ 13,484
Prepaid other	1,552	1,618
Other receivables	668	919
Total prepaid expenses and other current assets	$ 16,170	$ 16,021

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0001885522
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2023
Entity Registrant Name	NEUMORA THERAPEUTICS, INC.
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Securities Act File Number	001-41802
Entity Tax Identification Number	84-4367680
Entity Address, Address Line One	490 Arsenal Way
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	857
Local Phone Number	760-0900
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	NMRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		152,703,316

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	389,534	$	—	$	—	$	389,534
Marketable securities:
U.S. government and agency debt securities		23,381		11,910		—		35,291
Commercial paper		—		64,764		—		64,764
Corporate debt securities		—		7,139		—		7,139
Total assets measured at fair value	$	412,915	$	83,813	$	—	$	496,728


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	183,353	$	—	$	—	$	183,353
Marketable securities:
U.S. government and agency debt securities		44,777		12,485		—		57,262
Commercial paper		—		55,188		—		55,188
Corporate debt securities		—		42,002		—		42,002
Total assets measured at fair value	$	228,130	$	109,675	$	—	$	337,805

Strategic License and Research and Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2021	Nov. 30, 2015	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid research and development costs				$ 16,170,000		$ 16,170,000		$ 16,021,000
Research and development expenses				41,601,000	$ 22,549,000	103,855,000	$ 68,226,000
2015 TSRI License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones achieved				0		0
Accrued Royalties				0		$ 0
2015 TSRI License Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and regulatory milestone payments			$ 1,500,000
Commercial milestone payments			$ 3,500,000
Amgen Research and Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement termination description						The term of the agreement is up to five years, although it will terminate after three years if the Company and Amgen do not mutually agree upon a compensation structure for years four and five. If the parties do not reach an agreement at least 30 days prior to the end of year three, the Amgen Collaboration Agreement will automatically terminate upon its third anniversary. Further, either party can terminate the Amgen Collaboration Agreement upon material uncured breach or bankruptcy by the other party, in which case all amounts that have become due through the date of termination are non-refundable.
Research and collaboration agreement quarterly payments for first two year						$ 50,000,000
Prepaid research and development costs				3,100,000		3,100,000		$ 11,900,000
Research and development expenses				$ 8,100,000	$ 6,100,000	24,400,000	$ 20,400,000
Research and collaboration agreement quarterly payments		$ 6,300,000
Amgen Research and Collaboration Agreement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and collaboration agreement quarterly payments for third year						$ 12,500,000
Amgen Research and Collaboration Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of the agreement						5 years
Vanderbilt Research Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and collaboration agreement quarterly payments	$ 1,700,000
Research agreement initial date						2023-02
Research agreement extended date						2023-09

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11.

Stock-Based Compensation

2023 Equity Incentive Plan

In September 2023, the Company adopted the 2023 Equity Incentive Plan (the 2023 Plan) that became effective in connection with the Company’s IPO. The 2023 Plan provides for the grant of stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company.

Awards granted under the 2023 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100% of the estimated fair value on the date of grant and typically vest over a four-year period although may be granted with different vesting terms. The 2023 Plan initially reserved 16,373,061 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance under the 2023 Plan.

2023 Employee Share Purchase Plan

In September 2023, the Company adopted the 2023 Employee Share Purchase Plan (the 2023 ESPP) that became effective in connection with the Company’s IPO. The 2023 ESPP initially reserved 1,526,984 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance under the 2023 ESPP.

2020 Equity Incentive Plan

In January 2020, the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan) that provides for the grant of stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2020 Plan was suspended in connection with the Company’s IPO and no further grants will be made under the 2020 Plan. The 2020 Plan continues to govern the terms and conditions of outstanding awards granted under the 2020 Plan.

2015 Equity Incentive Plan

Upon the closing of the BlackThorn acquisition in September 2020, the Company assumed BlackThorn’s 2015 Equity Incentive Plan (the 2015 Plan, and collectively with the 2020 Plan and 2023 Plan, the Plans), pursuant to which outstanding stock options previously granted under the 2015 Plan converted into stock options to purchase common stock of the Company, which remain subject to the terms and conditions of the 2015 Plan. The 2015 Plan was suspended in connection with the closing of the acquisition of BlackThorn in September 2020.

Stock Option Activity


	Outstanding Stock Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands, except per share amounts and years)
Outstanding as of December 31, 2022		8,570		$	3.79		8.2	$	24,085
Granted		7,351			7.59
Exercised		(870	)		2.90
Canceled and forfeited		(1,189	)		3.50
Expired		(216	)		3.18
Outstanding as of September 30, 2023		13,646		$	5.92		8.5	$	113,854
Vested as of September 30, 2023		3,035		$	3.97		6.1	$	30,762
Exercisable as of September 30, 2023		3,258		$	3.87		6.2	$	33,349

The stock option activity table above excludes options granted to purchase 446,068 shares of common stock that were originally granted with market conditions to one of the Company’s executives.

Early Exercise of Employee Stock Options

The Company’s Plans allow for certain employees to exercise their stock options prior to vesting into shares of restricted common stock. The proceeds from early exercised stock options are recorded as liabilities in the condensed consolidated balance sheets at the time of exercise and reclassified to common stock and additional paid-in capital as the underlying stock options vest and the Company’s repurchase right lapses. As of September 30, 2023, the Company had issued 1,004,607 shares of restricted common stock upon the early exercise of unvested stock options, of which 808,867 shares had vested and 122,987 unvested shares had been repurchased, such that 72,753 shares or restricted stock remained outstanding and unvested.

Restricted Stock Activity

The Company’s Plans allow for the grant of restricted common stock and restricted stock units to certain employees, executives, non-employee scientific advisors, and third-party service providers. The restrictions lapse over time primarily according to service-based vesting conditions of each award. In the event of a voluntary or involuntary termination of the holder’s continuous provision of services to the Company, any unvested portion of the restricted stock award is automatically forfeited.

The following table summarizes the Company’s restricted stock activity:


	Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value Per Share		Shares of Restricted Stock Units		Weighted- Average Grant Date Fair Value Per Share
	(in thousands, except per share amounts)
Outstanding and unvested as of December 31, 2022		2,902		$	0.90		—	$	—
Granted		509			8.93		353		17.00
Vested		(1,908	)		0.88		—		—
Forfeited		(42	)		1.18		—		—
Outstanding and unvested as of September 30, 2023		1,461		$	3.71		353	$	17.00

The restricted stock activity table above excludes 254,896 shares of restricted common stock issued to certain of the Company’s scientific advisors which vest based on the achievement of certain performance conditions to be separately defined and approved by the Company’s board of directors. As the performance conditions had not been determined as of September 30, 2023, the criteria for establishing a grant date, and accordingly a measurement date, were not met as of that date.

Award with Market and Performance Conditions

In June 2021, the Company granted stock options to purchase 446,068 shares of its common stock to one of its executive officers with an exercise price of $2.52 per share that contained both market and service conditions (the Market Award). Subject to the holder’s continued service, the Market Award provided for vesting in four equal tranches once the Company’s stock price exceeded certain thresholds. The original grant-date fair value of the Market Award of $0.9 million was determined using a Monte Carlo simulation model using an expected volatility of 100.0% and risk-free rate of 1.6%.

In January 2022, the Company amended the terms of the Market Award such that the award would vest in three modified tranches. One tranche of 223,034 stock options was based on a performance condition and two tranches of 111,517 stock options each were based on revised Company stock price thresholds and/or vesting schedules, subject to the holder’s continued service. The modification resulting in a performance-based tranche was determined to be a probable-to-improbable modification and the modification resulting in two revised market-based tranches were determined to be probable-to-probable modifications. The modification resulted in $0.3 million in total incremental expense.

In June 2023, the Company amended the terms such that vesting schedule for the two tranches of 111,517 stock options each that were based on the Company stock price thresholds would instead vest monthly over 3 years, subject to the holder’s continued service. The modification of the two market-based tranches were deemed to be probable-to-probable modifications. The modification resulted in $0.1 million in total incremental expense.

The unrecognized original grant-date fair value, together with incremental expense, is recognized as compensation for each tranche over the requisite service period. For the three and nine months ended September 30, 2023 stock-based compensation related to the tranches was $0.3 million, and includes expense recognized for the performance-based tranche as the performance condition was met upon the completion of the Company’s IPO. For the three and nine months ended September 30, 2022, stock-based compensation related to the tranches was not material, and no expense was recognized for the performance-based tranche as the performance condition was not probable of being met.

Awards with Performance Conditions

In 2020, the Company approved 700,965 stock options and 892,136 restricted common stock to certain of the Company’s scientific advisors, which vest based on the achievement of performance conditions to be determined and continued service to the Company.

In December 2022 and January 2023, the Company’s board of directors established performance conditions for 337,738 stock options and 63,724 stock options, respectively, such that the criteria for establishing a grant date, and accordingly a measurement date, were met for these performance stock options and the remaining 299,503 stock options with performance conditions to be established were cancelled in July 2023 because certain of the Company’s scientific advisors were terminated. Further, as of September 30, 2023, the performance conditions for 382,344 restricted common stock were established, 254,896 restricted common stock with performance conditions to be established were cancelled in July 2023 because certain of the Company’s scientific advisors were terminated and the performance conditions for the remaining 254,896 restricted common stock have yet to be established.

As of September 30, 2023, it was probable that certain of the development related milestones would be met for the performance stock options and performance restricted stock that were granted and for which expense was recognized using the accelerated attribution method. For the three and nine months ended September 30, 2023, the Company recognized expense related to these awards with performance conditions that were probable of being met of $0.4 million and $0.9 million, respectively.

Award Modification

In August 2023, the Company accelerated unvested stock options and extended the post-termination exercise period for such award in connection with the resignation of a member of its board of directors in connection with the IPO. The modification resulted in the recognition of $0.9 million in stock-based compensation.

Stock-Based Compensation

The following table summarizes total stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)
Research and development	$	2,184	$		929	$		5,142	$		2,564
General and administrative		4,267			1,172			6,047			2,942
Total stock-based compensation	$	6,451	$		2,101	$		11,189	$		5,506

As of September 30, 2023, there was $63.0 million and $11.0 million of unrecognized stock-based compensation related to stock options and restricted stock awards outstanding, respectively, including stock options and restricted common stock for which achievement of milestones was not probable, which were expected to be recognized over a weighted-average remaining service period of 2.7 years and 2.1 years, respectively.

Services Agreement

In May 2020, the Company entered into a services agreement with a vendor for assistance in evaluating assets and technologies in the field of neurodegeneration. In return for services provided, the Company agreed to issue the vendor shares of its common stock representing a value of $1.0 million upon the achievement of certain milestones tied to the successful in-license or acquisition of assets (the Milestone Shares). The Company concluded the Milestone Shares are stock settled debt that are required to be classified as a liability

and recognized at such time the milestones are probable of being met. As of September 30, 2023, the milestones were not probable of being met.

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

13.

Related Party Transactions

In September 2022, the Company issued 2,973,800 shares of its Series B convertible preferred stock for total cash proceeds of $35.0 million to two significant stockholders that have designated members on the Company’s board of directors and each of whom is considered to be a related party.

In December 2022, 104,563 preferred stock warrants held by a related party were exercised at $10.60 per share (see Note 10).

As of September 30, 2023 and December 31, 2022, the Company was obligated to pay Amgen $3.1 million and $6.3 million, respectively, under the Amgen Collaboration Agreement, which was recorded within current liabilities on the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, $3.1 million and $11.9 million, related to amounts prepayable to Amgen were recorded as prepaid expenses and other current assets on the condensed consolidated balance sheets. During the three months ended September 30, 2023 and 2022, the Company recorded $8.1 million and $6.1 million, respectively, of research and development expenses with Amgen. During the nine months ended September 30, 2023 and 2022, the Company recorded $24.4 million and $20.4 million, respectively, of research and development expenses with Amgen (see Note 8).

Subject to certain conditions, Amgen was also obligated to provide the Company with additional financing of up to $100.0 million. This obligation terminated upon the completion of the Company’s IPO (see Note 9).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: 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 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 496,728	$ 337,805
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	412,915	228,130
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	83,813	109,675
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	389,534	183,353
Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	389,534	183,353
Money Market Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Money Market Funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
U.S Government and Agency Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	35,291	57,262
U.S Government and Agency Debt Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	23,381	44,777
U.S Government and Agency Debt Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	11,910	12,485
U.S Government and Agency Debt Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,139	42,002
Corporate Debt Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Corporate Debt Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,139	42,002
Corporate Debt Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	64,764	55,188
Commercial Paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Commercial Paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	64,764	55,188
Commercial Paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 0	$ 0

Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Convertible Preferred Stock

As of December 31, 2022, the Company’s convertible preferred stock consisted of the following:


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
	(in thousands)
Series A-1		47,471		5,915	$	38,208	$	46,413
Series A-2		697,948		88,952		693,263		697,948
Series B		74,930		9,550		112,216		112,395
Total convertible preferred stock		820,349		104,417	$	843,687	$	856,756

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	September 30, 2023
	(in thousands)
Shares reserved for options and restricted stock units issued under the Plans		14,445
Shares reserved for issuance under the Plans		15,289
Total		29,734

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock Option Activity


	Outstanding Stock Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands, except per share amounts and years)
Outstanding as of December 31, 2022		8,570		$	3.79		8.2	$	24,085
Granted		7,351			7.59
Exercised		(870	)		2.90
Canceled and forfeited		(1,189	)		3.50
Expired		(216	)		3.18
Outstanding as of September 30, 2023		13,646		$	5.92		8.5	$	113,854
Vested as of September 30, 2023		3,035		$	3.97		6.1	$	30,762
Exercisable as of September 30, 2023		3,258		$	3.87		6.2	$	33,349

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:


	Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value Per Share		Shares of Restricted Stock Units		Weighted- Average Grant Date Fair Value Per Share
	(in thousands, except per share amounts)
Outstanding and unvested as of December 31, 2022		2,902		$	0.90		—	$	—
Granted		509			8.93		353		17.00
Vested		(1,908	)		0.88		—		—
Forfeited		(42	)		1.18		—		—
Outstanding and unvested as of September 30, 2023		1,461		$	3.71		353	$	17.00

Summary of Stock-Based Compensation Expense Recognized

The following table summarizes total stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)
Research and development	$	2,184	$		929	$		5,142	$		2,564
General and administrative		4,267			1,172			6,047			2,942
Total stock-based compensation	$	6,451	$		2,101	$		11,189	$		5,506

Convertible Preferred Stock and Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Convertible Preferred Stock and Stockholders' Equity (Deficit)

Convertible Preferred Stock and Stockholders’ Equity (Deficit)

Convertible Preferred Stock

Upon closing of the IPO, all of the outstanding convertible preferred stock automatically converted into 104,417,415 shares of common stock. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding.

As of December 31, 2022, the Company’s convertible preferred stock consisted of the following:


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
	(in thousands)
Series A-1		47,471		5,915	$	38,208	$	46,413
Series A-2		697,948		88,952		693,263		697,948
Series B		74,930		9,550		112,216		112,395
Total convertible preferred stock		820,349		104,417	$	843,687	$	856,756

Amgen Future Financing

Subject to certain conditions, Amgen was obligated to provide the Company with additional financing of up to $100.0 million in equity securities. This obligation terminated upon the completion of the IPO. This future financing was a freestanding financial instrument and was not subject to liability classification and/or derivative accounting. The value of this future financing was determined to be de minimis at issuance and as of December 31, 2022 and prior to termination, as it would be settled based on the same terms and conditions other third parties would receive.

Common Stock

Common stock outstanding in the condensed consolidated balance sheet and condensed consolidated statement of convertible preferred stock and stockholders’ equity (deficit) as of September 30, 2023 includes 1,249,708 shares of restricted stock that vest based on service conditions and are subject to the Company’s right of repurchase upon termination of services and 637,240 shares of restricted stock that vest based on performance conditions (see Note 11). Common stock reserved for future issuance consisted of the following:


	September 30, 2023
	(in thousands)
Shares reserved for options and restricted stock units issued under the Plans		14,445
Shares reserved for issuance under the Plans		15,289
Total		29,734

In addition, the Company may be required to issue additional shares of its capital stock if certain milestone conditions are met pursuant to the contingent consideration associated with the Company’s acquisitions of assets (see Note 6). As of September 30, 2023, none of the milestone conditions have been met and no shares have been reserved for potential future issuances.

- Definition

The entire disclosure for equity.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	2. Summary of Significant Accounting Policies and Basis of Presentation Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting. The condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2023, condensed consolidated statements of operations and comprehensive loss and statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022, condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 and related notes to condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s prospectus related to its IPO filed September 18, 2023, pursuant to Rule 424(b) under the Securities Act of 1933, as amended. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, the fair value of the Company’s convertible preferred stock, the fair value of the Company’s common stock, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates. Risks and Uncertainties The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: successfully develop, manufacture, and market any approved products; obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing. Although the World Health Organization has declared that COVID-19 no longer represents a global health emergency, the actual and perceived impact of COVID-19 and any effect on the Company’s business cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant and may further delay the Company’s initiation of preclinical studies and clinical trials, interrupt its supply chain, disrupt regulatory activities, or have other adverse effects on its business and operations. The Company’s focus remains on promoting measures intended to help minimize its risk of exposure to the virus for its employees, including policies that allow its employees to work remotely. Marketable Securities The Company invests its excess cash in marketable debt securities with high credit ratings including but not limited to money market funds, securities issued by the U.S. government and its agencies, commercial paper and corporate debt securities that are accounted for as available-for-sale and carried at fair value. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income in the condensed consolidated statements of operations and comprehensive loss. Realized gains and losses on marketable securities, if any, are included in other income (expense), net. The cost of securities sold is determined based on the trade date using the specific identification method. The Company periodically assesses its available-for-sale debt securities for impairment. For debt securities in an unrealized loss position, this assessment first considers the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value within other income (expense), net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security is considered, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss). Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the un-collectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in other income (expense), net. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. Acquisitions The Company evaluates mergers, acquisitions, and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or an acquisition of assets. The Company first identifies who is the acquiring entity by determining if the target is a legal entity or a group of assets or liabilities. If control over a legal entity is being evaluated, the Company also evaluates if the target is a variable interest or voting interest entity. For acquisitions of voting interest entities, the Company applies a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an acquisition of assets. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. For an acquisition of assets, a cost accumulation model is used to determine the cost of the acquisition. Common stock and convertible preferred stock issued as consideration in an acquisition of assets are generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. The Company also evaluates which elements of a transaction should be accounted for as a part of an acquisition of assets and which should be accounted for separately. The cost of an acquisition of assets, including transaction costs, are allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an acquisition of assets. Any difference between the cost of an acquisition of assets and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an acquisition of assets that are considered to be in-process research and development intangible assets (IPR&D) are immediately expensed and recorded as a component of acquired in-process research and development expense in the condensed consolidated statements of operations and comprehensive loss unless there is an alternative future use in other research and development projects. In addition to upfront consideration, the Company’s acquisitions of assets may also include contingent consideration payments to be made for future milestone events or royalties on net sales of future products. The Company assesses whether such contingent consideration is subject to liability classification and fair value measurement or meets the definition of a derivative. Contingent consideration payments in an acquisition of assets not required to be classified as a liability at fair value, or are accounted for as derivatives that qualify for a scope exception from derivative accounting, are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be classified as a liability, or are accounted for as derivatives and do not qualify for a scope exception from derivative accounting, are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date. Contingent consideration payments made prior to regulatory approval are expensed as incurred. Any future payments that are contingent upon continued services to the Company are treated as compensation and recognized when it is probable such amounts will become payable. If the target legal entity is determined to be a variable interest entity (VIE) and not a business, all tangible and intangible assets acquired, including any IPR&D assets but excluding goodwill, and liabilities assumed, including contingent consideration, are recorded at their fair values. If the acquisition is determined to be a business combination, all tangible and intangible assets acquired, including any IPR&D assets, and liabilities assumed, including contingent consideration, are recorded at their fair values. Goodwill is recognized for any difference between the consideration transferred and fair value determination. In addition, direct transaction costs in connection with business combinations are expensed as incurred, rather than capitalized. The tax basis of assets acquired in either a business combination or acquisition of assets are compared to the book basis of such assets resulting in the recognition of deferred tax assets and liabilities. Deferred Offering Costs Deferred offering costs, consisting of direct incremental legal, consulting, banking, and accounting fees incurred related to the Company’s IPO, have been capitalized and were offset against proceeds in stockholders' equity upon the consummation of the offering in September 2023. As of December 31, 2022, $2.9 million of deferred offering costs were capitalized and included in other assets in the condensed consolidated balance sheet. As of September 30, 2023, there were no capitalized deferred offering costs. Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs), preclinical testing organizations and contract manufacturing organizations (CMOs). Costs to develop the Company’s platform information technologies are recorded as research and development expense unless the criteria to be capitalized as internal-use software costs is met. Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the condensed consolidated balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its condensed consolidated financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses. Stock-Based Compensation The Company maintains equity incentive plans (the Plans) as a long-term incentive for employees, directors, and service providers. The Company accounts for all stock-based awards based on their fair value on the date of the grant. For stock-based awards with service only vesting conditions, the Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For awards with performance vesting conditions, the Company evaluates the probability of achieving the performance vesting condition at each reporting date. The Company begins to recognize expense for awards with performance-based vesting conditions using an accelerated attribution method when it is deemed probable that the performance condition will be met. For awards with both market and service vesting conditions, the Company recognizes expense using the accelerated attribution method over the derived requisite service period. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The fair value of stock option awards with only service conditions and/or performance-based vesting conditions are estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the expected dividend yield. The fair value of stock options awards with market-based vesting conditions is estimated on the grant date using the Monte Carlo simulation model, which utilizes subjective assumptions, including volatility and the derived service periods, that determine the probability of satisfying the market condition stipulated in the award to estimate the fair value of the award. The fair value of restricted stock awards is based on the estimated fair value of the Company’s common stock on the grant date. The fair value of the Company’s common stock is determined by the Company’s board of directors with the assistance of management. The fair value of common stock is determined using valuation methodologies which utilize certain assumptions, including probability weighting of events, volatility, time to an exit event, a risk-free interest rate and an assumption for a discount for lack of marketability. In determining the fair value of common stock, the methodologies used to estimate the enterprise value of the Company were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss, such as unrealized losses on the Company’s available-for-sale marketable securities. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements Not Yet Adopted The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any recently issued accounting pronouncements, which have not yet been adopted, will have a material impact on the Company's condensed consolidated financial statements.

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended								3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	May 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance									29,734,000		29,734,000
Share based compensation recognized									$ 6,451,000	$ 2,101,000	$ 11,189,000	$ 5,506,000
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation recognized									$ 300	$ 0	$ 300	$ 0
Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted to purchase											446,068
Advisors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation forfeited											254,896
Early Exercise of Employee Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options											1,004,607
Vested, outstanding stock options									808,867		808,867
Share based compensation forfeited											122,987
Shares or restricted stock remained outstanding and unvested									72,753		72,753
Market Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation granted under plan vested period			3 years
Grant date fair value							$ 900,000
Expected volatility							100.00%
Risk-free rate							1.60%
Total incremental expense resulted in modification			$ 100,000			$ 300,000
Market Award \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options vested			111,517			223,034
Market Award \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options vested			111,517			111,517
Market Award \| Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options vested						111,517
Market Award \| Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, exercise price							$ 2.52
Market Award \| Executives \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options							446,068
Awards with Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options				63,724	337,738
Stock options, cancelled		299,503
Awards with Performance Conditions \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options													700,965
Awards with Performance Conditions \| Restricted Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options											382,344		892,136
Stock options, cancelled		254,896									254,896
Award Modification
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation recognized	$ 900,000
Services Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based payment, milestones achieved								$ 1,000,000
Performance Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation recognized											$ 400,000
Performance Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation recognized											900,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation									$ 63,000,000		$ 63,000,000
Weighted-average remaining service period											2 years 8 months 12 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation forfeited											42,000
Unvested shares repurchased											509,000
Shares or restricted stock remained outstanding and unvested					2,902,000				1,461,000		1,461,000
Unrecognized stock-based compensation									$ 11,000,000		$ 11,000,000
Weighted-average remaining service period											2 years 1 month 6 days
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, term of plan											10 years
Share based compensation granted under plan vested period											4 years
Common stock reserved for future issuance									16,373,061		16,373,061
2023 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants vest percentage											100.00%
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options											0
2023 Employee Share Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance									1,526,984		1,526,984

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 20, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Convertible preferred stock, Shares Authorized		820,349,000
Convertible preferred stock, Shares Issued		104,417,000
Convertible preferred stock, Shares Outstanding	0	104,417,000
Convertible preferred stock, Carrying Value		$ 843,687
Convertible preferred stock, Liquidation Preference		$ 856,756
Series A-1
Temporary Equity [Line Items]
Convertible preferred stock, Shares Authorized		47,471,000
Convertible preferred stock, Shares Issued		5,915,000
Convertible preferred stock, Shares Outstanding		5,915,000
Convertible preferred stock, Carrying Value		$ 38,208
Convertible preferred stock, Liquidation Preference		$ 46,413
Series A-2
Temporary Equity [Line Items]
Convertible preferred stock, Shares Authorized		697,948,000
Convertible preferred stock, Shares Issued		88,952,000
Convertible preferred stock, Shares Outstanding		88,952,000
Convertible preferred stock, Carrying Value		$ 693,263
Convertible preferred stock, Liquidation Preference		$ 697,948
Series B
Temporary Equity [Line Items]
Convertible preferred stock, Shares Authorized		74,930,000
Convertible preferred stock, Shares Issued		9,550,000
Convertible preferred stock, Shares Outstanding		9,550,000
Convertible preferred stock, Carrying Value		$ 112,216
Convertible preferred stock, Liquidation Preference		$ 112,395

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(1))
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-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

+ Details

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	16,233	116,334
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		102,136
Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		292
Common Stock Options and Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	14,445	8,576
Performance Stock Options (With Performance Conditions to Be Established)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		701
Early Exercised Stock Options Subject to Future Vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	73	564
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,460	3,173
Performance Restricted Stock (With Performance Conditions to Be Established)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	255	892

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Proceeds from issuance of convertible preferred stock				$ 87,244,000
Prepaid research and development costs	$ 16,170,000		$ 16,170,000		$ 16,021,000
Research and development expenses	41,601,000	$ 22,549,000	103,855,000	68,226,000
Amgen Research and Collaboration Agreement
Related Party Transaction [Line Items]
Related party transaction obligation with related party	3,100,000		3,100,000		6,300,000
Prepaid research and development costs	3,100,000		3,100,000		$ 11,900,000
Research and development expenses	$ 8,100,000	$ 6,100,000	24,400,000	$ 20,400,000
Maximum additional financing in equity securities			$ 100,000,000
Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, issued		2,973,800		2,973,800
Proceeds from issuance of convertible preferred stock				$ 35,000,000
Series A-1
Related Party Transaction [Line Items]
Preferred stock warrants held by related party					104,563
Preferred stock warrants, exercise price					$ 10.6

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 412,284	$ 240,943
Short-term marketable securities	97,281	130,941
Restricted cash		50
Prepaid expenses and other current assets	16,170	16,021
Total current assets	525,735	387,955
Long-term marketable securities	9,913	23,511
Property and equipment, net	1,934	2,411
Operating lease right-of-use assets	5,954	8,231
Restricted cash	1,213	1,213
Other assets		2,913
Total assets	544,749	426,234
Current liabilities:
Accounts payable	2,229	7,147
Accrued liabilities	23,347	11,536
Early exercise liability, current portion	149	1,644
Operating lease liabilities, current portion	3,398	3,370
Total current liabilities	29,123	23,697
Operating lease liabilities, net of current portion	2,745	5,072
Early exercise liability, net of current portion	188	628
Total liabilities	32,056	29,397
Commitments and contingencies
Convertible preferred stock		843,687
Stockholders' equity (deficit):
Common stock	15	3
Additional paid-in capital	1,107,693	21,430
Accumulated other comprehensive loss	(311)	(774)
Accumulated deficit	(594,704)	(467,509)
Total stockholders' equity (deficit)	512,693	(446,850)
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	$ 544,749	$ 426,234

Preferred Stock Warrants - Additional Information (Detail) - $ / shares	Dec. 31, 2022	Sep. 30, 2020
Series A-1
Class of Stock [Line Items]
Preferred stock warrants, exercise price	$ 10.6
Preferred stock warrants held by related party	104,563
Black Thorn
Class of Stock [Line Items]
Preferred stock warrants, exercised	210,481
Preferred stock warrants, expired	81,712
Black Thorn \| Series A-1
Class of Stock [Line Items]
Preferred stock warrants, issued	157,371
Preferred stock warrants, exercise price		$ 10.6
Preferred stock warrants held by related party	104,563
Black Thorn \| Series A-1 \| Maximum
Class of Stock [Line Items]
Preferred stock warrants, issued		292,193

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting. The condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2023, condensed consolidated statements of operations and comprehensive loss and statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022, condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 and related notes to condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s prospectus related to its IPO filed September 18, 2023, pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, the fair value of the Company’s convertible preferred stock, the fair value of the Company’s common stock, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: successfully develop, manufacture, and market any approved products; obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing. Although the World Health Organization has declared that COVID-19 no longer represents a global health emergency, the actual and perceived impact of COVID-19 and any effect on the Company’s business cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant and may further delay the Company’s initiation of preclinical studies and clinical trials, interrupt its supply chain, disrupt regulatory activities, or have other adverse effects on its business and operations. The Company’s focus remains on promoting measures intended to help minimize its risk of exposure to the virus for its employees, including policies that allow its employees to work remotely.
Marketable Securities	Marketable Securities The Company invests its excess cash in marketable debt securities with high credit ratings including but not limited to money market funds, securities issued by the U.S. government and its agencies, commercial paper and corporate debt securities that are accounted for as available-for-sale and carried at fair value. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income in the condensed consolidated statements of operations and comprehensive loss. Realized gains and losses on marketable securities, if any, are included in other income (expense), net. The cost of securities sold is determined based on the trade date using the specific identification method. The Company periodically assesses its available-for-sale debt securities for impairment. For debt securities in an unrealized loss position, this assessment first considers the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value within other income (expense), net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security is considered, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss). Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the un-collectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. These changes are recorded in other income (expense), net.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.
Acquisitions	Acquisitions The Company evaluates mergers, acquisitions, and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or an acquisition of assets. The Company first identifies who is the acquiring entity by determining if the target is a legal entity or a group of assets or liabilities. If control over a legal entity is being evaluated, the Company also evaluates if the target is a variable interest or voting interest entity. For acquisitions of voting interest entities, the Company applies a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an acquisition of assets. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. For an acquisition of assets, a cost accumulation model is used to determine the cost of the acquisition. Common stock and convertible preferred stock issued as consideration in an acquisition of assets are generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. The Company also evaluates which elements of a transaction should be accounted for as a part of an acquisition of assets and which should be accounted for separately. The cost of an acquisition of assets, including transaction costs, are allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an acquisition of assets. Any difference between the cost of an acquisition of assets and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an acquisition of assets that are considered to be in-process research and development intangible assets (IPR&D) are immediately expensed and recorded as a component of acquired in-process research and development expense in the condensed consolidated statements of operations and comprehensive loss unless there is an alternative future use in other research and development projects. In addition to upfront consideration, the Company’s acquisitions of assets may also include contingent consideration payments to be made for future milestone events or royalties on net sales of future products. The Company assesses whether such contingent consideration is subject to liability classification and fair value measurement or meets the definition of a derivative. Contingent consideration payments in an acquisition of assets not required to be classified as a liability at fair value, or are accounted for as derivatives that qualify for a scope exception from derivative accounting, are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be classified as a liability, or are accounted for as derivatives and do not qualify for a scope exception from derivative accounting, are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date. Contingent consideration payments made prior to regulatory approval are expensed as incurred. Any future payments that are contingent upon continued services to the Company are treated as compensation and recognized when it is probable such amounts will become payable. If the target legal entity is determined to be a variable interest entity (VIE) and not a business, all tangible and intangible assets acquired, including any IPR&D assets but excluding goodwill, and liabilities assumed, including contingent consideration, are recorded at their fair values. If the acquisition is determined to be a business combination, all tangible and intangible assets acquired, including any IPR&D assets, and liabilities assumed, including contingent consideration, are recorded at their fair values. Goodwill is recognized for any difference between the consideration transferred and fair value determination. In addition, direct transaction costs in connection with business combinations are expensed as incurred, rather than capitalized. The tax basis of assets acquired in either a business combination or acquisition of assets are compared to the book basis of such assets resulting in the recognition of deferred tax assets and liabilities.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting of direct incremental legal, consulting, banking, and accounting fees incurred related to the Company’s IPO, have been capitalized and were offset against proceeds in stockholders' equity upon the consummation of the offering in September 2023. As of December 31, 2022, $2.9 million of deferred offering costs were capitalized and included in other assets in the condensed consolidated balance sheet. As of September 30, 2023, there were no capitalized deferred offering costs.
Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities	Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with vendors conducting research and development services on its behalf, such as contract research organizations (CROs), preclinical testing organizations and contract manufacturing organizations (CMOs). Costs to develop the Company’s platform information technologies are recorded as research and development expense unless the criteria to be capitalized as internal-use software costs is met. Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the condensed consolidated balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with vendors, service providers and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its condensed consolidated financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Stock-Based Compensation	Stock-Based Compensation The Company maintains equity incentive plans (the Plans) as a long-term incentive for employees, directors, and service providers. The Company accounts for all stock-based awards based on their fair value on the date of the grant. For stock-based awards with service only vesting conditions, the Company recognizes expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For awards with performance vesting conditions, the Company evaluates the probability of achieving the performance vesting condition at each reporting date. The Company begins to recognize expense for awards with performance-based vesting conditions using an accelerated attribution method when it is deemed probable that the performance condition will be met. For awards with both market and service vesting conditions, the Company recognizes expense using the accelerated attribution method over the derived requisite service period. Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The fair value of stock option awards with only service conditions and/or performance-based vesting conditions are estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the expected dividend yield. The fair value of stock options awards with market-based vesting conditions is estimated on the grant date using the Monte Carlo simulation model, which utilizes subjective assumptions, including volatility and the derived service periods, that determine the probability of satisfying the market condition stipulated in the award to estimate the fair value of the award. The fair value of restricted stock awards is based on the estimated fair value of the Company’s common stock on the grant date. The fair value of the Company’s common stock is determined by the Company’s board of directors with the assistance of management. The fair value of common stock is determined using valuation methodologies which utilize certain assumptions, including probability weighting of events, volatility, time to an exit event, a risk-free interest rate and an assumption for a discount for lack of marketability. In determining the fair value of common stock, the methodologies used to estimate the enterprise value of the Company were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss, such as unrealized losses on the Company’s available-for-sale marketable securities.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any recently issued accounting pronouncements, which have not yet been adopted, will have a material impact on the Company's condensed consolidated financial statements.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Preferred Stock \| Series B Preferred Stock
Offering costs		$ 151
Common Stock
Offering costs	$ 23,452

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

14.

Subsequent Events

Contingent Consideration

In October 2023, a BlackThorn Milestone of $90.0 million became due upon dosing the first patient in the Phase 3 clinical trial for navacaprant, pursuant to the terms of the BlackThorn Merger Agreement (see Note 6).

In October 2023, a development milestone of $2.0 million became due pursuant to the terms of the Vanderbilt License Agreement (see Note 6).

Subsequent Events - Additional Information (Details) - Subsequent Event $ in Millions	Oct. 31, 2023 USD ($)
Vanderbilt License Agreement
Subsequent Event [Line Items]
Milestone due	$ 2.0
BlackThorn Therapeutics, Inc. \| BlackThorn Merger Agreement
Subsequent Event [Line Items]
Milestone due	$ 90.0

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Cash Equivalents and Marketable Securities [Abstract]

Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the period indicated:


	September 30, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	389,534	$	—	$	—		$	389,534
Total cash equivalents	$	389,534	$	—	$	—		$	389,534
Marketable securities:
U.S. government and agency debt securities	$	35,504	$	1	$	(214	)	$	35,291
Commercial paper		64,850		4		(90	)		64,764
Corporate debt securities		7,151		1		(13	)		7,139
Total marketable securities		107,505		6		(317	)		107,194
Total cash equivalents and marketable securities	$	497,039	$	6	$	(317	)	$	496,728

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the period indicated:


	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	183,353	$	—	$	—		$	183,353
Total cash equivalents	$	183,353	$	—	$	—		$	183,353
Marketable securities:
U.S. government and agency debt securities	$	57,534	$	—	$	(272	)	$	57,262
Commercial paper		55,425		—		(237	)		55,188
Corporate debt securities		42,267		1		(266	)		42,002
Total marketable securities	$	155,226	$	1	$	(775	)	$	154,452
Total cash equivalents and marketable securities	$	338,579	$	1	$	(775	)	$	337,805

Summary of Marketable Securities by Contractual Maturity

The Company’s marketable securities by contractual maturity (in thousands):


	September 30, 2023
Within one year	$	97,281
After one year through two years		9,913
Total marketable securities	$	107,194

The Company’s marketable securities by contractual maturity were (in thousands):


	December 31, 2022
Within one year	$	130,941
After one year through two years		23,511
Total marketable securities	$	154,452

Summary of Significant Accounting Policies and Basis of Presentation - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred offering costs	$ 0	$ 2,900,000

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

12.

Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023					2022			2023				2022
		(in thousands, except per share amounts)
Numerator:
Net loss	$		(53,027	)	$		(29,344	)	$	(127,195	)	$		(102,758	)
Denominator:
Weighted-average common shares outstanding, basic, and diluted			46,691				27,646			35,428				26,841
Net loss per share, basic and diluted	$		(1.14	)	$		(1.06	)	$	(3.59	)	$		(3.83	)

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	September 30,
	2023		2022
	(in thousands)
Convertible preferred stock		—		102,136
Preferred stock warrants		—		292
Common stock options and restricted stock units		14,445		8,576
Performance stock options (with performance conditions to be established)		—		701
Early exercised stock options subject to future vesting		73		564
Unvested restricted stock awards		1,460		3,173
Performance restricted stock (with performance conditions to be established)		255		892
Total		16,233		116,334

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023					2022			2023				2022
		(in thousands, except per share amounts)
Numerator:
Net loss	$		(53,027	)	$		(29,344	)	$	(127,195	)	$		(102,758	)
Denominator:
Weighted-average common shares outstanding, basic, and diluted			46,691				27,646			35,428				26,841
Net loss per share, basic and diluted	$		(1.14	)	$		(1.06	)	$	(3.59	)	$		(3.83	)

Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share


	September 30,
	2023		2022
	(in thousands)
Convertible preferred stock		—		102,136
Preferred stock warrants		—		292
Common stock options and restricted stock units		14,445		8,576
Performance stock options (with performance conditions to be established)		—		701
Early exercised stock options subject to future vesting		73		564
Unvested restricted stock awards		1,460		3,173
Performance restricted stock (with performance conditions to be established)		255		892
Total		16,233		116,334

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	2,902
Granted, Shares \| shares	509
Vested, Shares \| shares	(1,908)
Forfeited, Shares \| shares	(42)
Outstanding and unvested, Shares at ending balance \| shares	1,461
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 0.9
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	8.93
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0.88
Forfeited, Weighted Average Grant Date Fair Value Per Share \| $ / shares	1.18
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 3.71
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, Shares \| shares	353
Outstanding and unvested, Shares at ending balance \| shares	353
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	$ 17
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 17

Organization and Liquidity - Additional information (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 19, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) Program	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Organization and Liquidity [Line items]
Number of clinical and preclinical neuroscience programs \| Program		7
Reverse stock split		7.8463-for-1
Reverse stock split conversion ratio		0.1274
Proceeds from initial public offering		$ 232,565
Accumulated deficit		(594,704)	$ (467,509)
Cash and cash equivalents		412,284	240,943	$ 252,509
Marketable securities		97,281	$ 130,941
Initial Public Offering
Organization and Liquidity [Line items]
Common stock sold in initial public offering \| shares	14,710,000
Price to public, per share \| $ / shares	$ 17
Proceeds from initial public offering	$ 226,600
Underwriting discounts and commissions	17,500
Offering expenses	$ 6,000
Common stock shares authorized \| shares	700,000,000
Common stock, par value \| $ / shares	$ 0.0001
Preferred stock, shares authorized \| shares	50,000,000
Preferred stock, par value \| $ / shares	$ 0.0001
Number of convertible preferred stock automatically converted into shares of common stock \| shares	104,417,415
Liquidity
Organization and Liquidity [Line items]
Accumulated deficit		594,700
Cash and cash equivalents		519,500
Marketable securities		$ 519,500

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and benefits	$ 9,581	$ 8,400
Accrued clinical trial and preclinical costs	5,497	652
Professional services	3,870	1,187
Accrued research and development services	4,024	889
Other	375	408
Total accrued liabilities	$ 23,347	$ 11,536

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Outstanding Stock Options	8,570
Granted, outstanding stock options	7,351
Exercised, Outstanding Stock Options	(870)
Canceled and forfeited, Outstanding Stock Options	(1,189)
Expired, Outstanding Stock Options	(216)
Ending balance, Outstanding Stock Options	13,646	8,570
Vested, outstanding stock options	3,035
Exercisable, Outstanding Stock Options	3,258
Weighted-Average Exercise Price Per Share, Outstanding, beginning of period	$ 3.79
Weighted-Average Exercise Price Per Share, Granted	7.59
Weighted-Average Exercise Price Per Share, Exercised	2.9
Weighted-Average Exercise Price Per Share, Canceled and forfeited	3.5
Weighted-Average Exercise Price Per Share, Expired	3.18
Weighted-Average Exercise Price Per Share, Outstanding, end of period	5.92	$ 3.79
Weighted-Average Exercise Price Per Share, Vested	3.97
Weighted-Average Exercise Price Per Share, Exercisable	$ 3.87
Weighted-Average Remaining Contractual Term, Outstanding (Years)	8 years 6 months	8 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Vested	6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 113,854	$ 24,085
Aggregate Intrinsic Value, Vested	30,762
Aggregate Intrinsic Value, Exercisable	$ 33,349

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


		September 30, 2023			December 31, 2022
	(in thousands)
Prepaid research and development costs ($3.1 million and $11.9 million from related party in 2023 and 2022, respectively)	$		13,950	$		13,484
Prepaid other			1,552			1,618
Other receivables			668			919
Total prepaid expenses and other current assets	$		16,170	$		16,021

Schedule of Accrued Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following:


		September 30, 2023			December 31, 2022
	(in thousands)
Compensation and benefits	$		9,581	$		8,400
Accrued clinical trial and preclinical costs			5,497			652
Professional services			3,870			1,187
Accrued research and development services			4,024			889
Other			375			408
Total accrued liabilities	$		23,347	$		11,536

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 6,451	$ 2,101	$ 11,189	$ 5,506
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	2,184	929	5,142	2,564
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 4,267	$ 1,172	$ 6,047	$ 2,942

- Definition

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

+ References

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

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Beginning at Dec. 31, 2021	$ (325,221)		$ 3	$ 11,381		$ (336,605)
Balance at Beginning at Dec. 31, 2021		$ 729,858
Balance at Beginning (in Shares) at Dec. 31, 2021			31,985
Balance at Beginning (in Shares) at Dec. 31, 2021		94,710
Issuance of common stock upon exercise of stock options	164			164
Issuance of common stock upon exercise of stock options, shares			65
Vesting of restricted common stock	606			606
Unrealized gain (loss) on marketable securities	(178)				$ (178)
Stock-based compensation	1,654			1,654
Net loss	(43,042)					(43,042)
Balance at Ending at Mar. 31, 2022	(366,017)		$ 3	13,805	(178)	(379,647)
Balance at Ending at Mar. 31, 2022		$ 729,858
Balance at Ending (in Shares) at Mar. 31, 2022			32,050
Balance at Ending (in Shares) at Mar. 31, 2022		94,710
Balance at Beginning at Dec. 31, 2021	(325,221)		$ 3	11,381		(336,605)
Balance at Beginning at Dec. 31, 2021		$ 729,858
Balance at Beginning (in Shares) at Dec. 31, 2021			31,985
Balance at Beginning (in Shares) at Dec. 31, 2021		94,710
Unrealized gain (loss) on marketable securities	(1,154)
Net loss	(102,758)
Balance at Ending at Sep. 30, 2022	(422,001)		$ 3	18,513	(1,154)	(439,363)
Balance at Ending at Sep. 30, 2022		$ 817,102
Balance at Ending (in Shares) at Sep. 30, 2022			32,595
Balance at Ending (in Shares) at Sep. 30, 2022		102,136
Balance at Beginning at Mar. 31, 2022	(366,017)		$ 3	13,805	(178)	(379,647)
Balance at Beginning at Mar. 31, 2022		$ 729,858
Balance at Beginning (in Shares) at Mar. 31, 2022			32,050
Balance at Beginning (in Shares) at Mar. 31, 2022		94,710
Issuance of common stock upon exercise of stock options	258			258
Issuance of common stock upon exercise of stock options, shares			87
Issuance of common stock as noncash consideration related to an acquisition of assets	24			24
Issuance of common stock as noncash consideration related to an acquisition of assets, shares			5
Issuance of common stock upon early exercise of stock options			442
Vesting of restricted common stock	340			340
Forfeiture of restricted stock subject to repurchase			(48)
Unrealized gain (loss) on marketable securities	(692)				(692)
Stock-based compensation	1,751			1,751
Net loss	(30,372)					(30,372)
Balance at Ending at Jun. 30, 2022	(394,708)		$ 3	16,178	(870)	(410,019)
Balance at Ending at Jun. 30, 2022		$ 729,858
Balance at Ending (in Shares) at Jun. 30, 2022			32,536
Balance at Ending (in Shares) at Jun. 30, 2022		94,710
Issuance of Series B convertible preferred stock, net of issuance costs		$ 87,244
Issuance of Series B convertible preferred stock, net of issuance costs, shares		7,426
Issuance of common stock upon exercise of stock options	148			148
Issuance of common stock upon exercise of stock options, shares			59
Vesting of restricted common stock	86			86
Unrealized gain (loss) on marketable securities	(284)				(284)
Stock-based compensation	2,101			2,101
Net loss	(29,344)					(29,344)
Balance at Ending at Sep. 30, 2022	(422,001)		$ 3	18,513	(1,154)	(439,363)
Balance at Ending at Sep. 30, 2022		$ 817,102
Balance at Ending (in Shares) at Sep. 30, 2022			32,595
Balance at Ending (in Shares) at Sep. 30, 2022		102,136
Balance at Beginning at Dec. 31, 2022	(446,850)		$ 3	21,430	(774)	(467,509)
Balance at Beginning at Dec. 31, 2022	$ 843,687	$ 843,687
Balance at Beginning (in Shares) at Dec. 31, 2022			32,612
Balance at Beginning (in Shares) at Dec. 31, 2022	104,417	104,417
Issuance of common stock upon exercise of stock options	$ 602			602
Issuance of common stock upon exercise of stock options, shares			219
Repurchase of unvested early exercised stock options			(123)
Vesting of restricted common stock	1,282			1,282
Unrealized gain (loss) on marketable securities	476				476
Stock-based compensation	2,195			2,195
Net loss	(35,625)					(35,625)
Balance at Ending at Mar. 31, 2023	(477,920)		$ 3	25,509	(298)	(503,134)
Balance at Ending at Mar. 31, 2023		$ 843,687
Balance at Ending (in Shares) at Mar. 31, 2023			32,708
Balance at Ending (in Shares) at Mar. 31, 2023		104,417
Balance at Beginning at Dec. 31, 2022	(446,850)		$ 3	21,430	(774)	(467,509)
Balance at Beginning at Dec. 31, 2022	$ 843,687	$ 843,687
Balance at Beginning (in Shares) at Dec. 31, 2022			32,612
Balance at Beginning (in Shares) at Dec. 31, 2022	104,417	104,417
Unrealized gain (loss) on marketable securities	$ 463
Net loss	(127,195)
Balance at Ending at Sep. 30, 2023	512,693		$ 15	1,107,693	(311)	(594,704)
Balance at Ending (in Shares) at Sep. 30, 2023			152,698
Balance at Beginning at Mar. 31, 2023	(477,920)		$ 3	25,509	(298)	(503,134)
Balance at Beginning at Mar. 31, 2023		$ 843,687
Balance at Beginning (in Shares) at Mar. 31, 2023			32,708
Balance at Beginning (in Shares) at Mar. 31, 2023		104,417
Issuance of common stock upon exercise of stock options	404			404
Issuance of common stock upon exercise of stock options, shares			114
Vesting of restricted common stock	125			125
Unrealized gain (loss) on marketable securities	(150)				(150)
Stock-based compensation	2,543			2,543
Net loss	(38,543)					(38,543)
Balance at Ending at Jun. 30, 2023	(513,541)		$ 3	28,581	(448)	(541,677)
Balance at Ending at Jun. 30, 2023		$ 843,687
Balance at Ending (in Shares) at Jun. 30, 2023			32,822
Balance at Ending (in Shares) at Jun. 30, 2023		104,417
Conversion of convertible preferred stock into common stock upon initial public offering	843,687	$ (843,687)	$ 10	843,677
Conversion of convertible preferred stock into common stock upon initial public offering, Shares		(104,417)	104,417
Issuance of common stock upon initial public offering, net of offering costs	226,618		$ 1	226,617
Issuance of common stock upon initial public offering, net of offering costs, shares			14,710
Issuance of common stock upon exercise of stock options	1,511		$ 1	1,510
Issuance of common stock upon exercise of stock options, shares			537
Sale and issuance of common stock	810			810
Sale and issuance of common stock, Shares			127
Issuance of restricted common stock subject to repurchase			382
Vesting of restricted common stock	47			47
Forfeiture of restricted stock subject to repurchase			(297)
Unrealized gain (loss) on marketable securities	137				137
Stock-based compensation	6,451			6,451
Net loss	(53,027)					(53,027)
Balance at Ending at Sep. 30, 2023	$ 512,693		$ 15	$ 1,107,693	$ (311)	$ (594,704)
Balance at Ending (in Shares) at Sep. 30, 2023			152,698

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Sep. 30, 2023 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	29,734
Shares Reserved for Options and Restricted Stock Units Issued Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	14,445
Shares Reserved for Issuance Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	15,289

- Definition

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

+ References

+ Details

Strategic License and Research and Collaboration Agreements

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Strategic License and Research and Collaboration Agreements

2015 TSRI License Agreement

In connection with the acquisition of BlackThorn (see Note 6), the Company gained certain exclusive rights to intellectual property related to Kappa Opioid Receptor and V1aR Receptor Antagonist programs as well as an oxytocin receptors positive allosteric modulator program (collectively, the TSRI Programs) under a license agreement between BlackThorn and TSRI originally entered into in November 2015 (as amended, the 2015 TSRI License Agreement). The technology licensed under the 2015 TSRI License Agreement is used in the Company’s navacaprant and NMRA-511 research and development programs.

Pursuant to the 2015 TSRI License Agreement, the Company is obligated, among other things, to pay TSRI (i) a nominal annual license fee due and payable on the first day of each calendar year and after the fourth anniversary creditable against any royalties due for such calendar year, (ii) development and regulatory milestone payments of up to $1.5 million in aggregate for the first product from each TSRI Program, which are contingent upon achieving specific development and regulatory milestone events, (iii) commercial milestone payments of up to $3.5 million in aggregate for each occurrence, which are contingent upon achieving specified commercialization milestone events, (iv) tiered low-single digit royalties on future net sales of each royalty-bearing product and (v) a percentage ranging from the mid-single digits to sub teen double digits of any sublicensing revenues the Company receives. As of September 30, 2023, none of the milestones had been achieved and no royalties were due under the 2015 TSRI License Agreement.

Harvard License Agreement

In connection with the acquisition of Syllable (see Note 6), the Company gained exclusive rights covering certain behavior imagining and behavioral tracking software under a license agreement between Syllable and Harvard originally entered into in June 2020.

Under the Harvard License Agreement, as amended, the Company was obligated, among other things, to pay Harvard (i) nominal annual license maintenance fees, (ii) mid-single digit royalties on future net sales of each royalty-bearing product that utilized the licensed technology, and (iii) a portion of any sub licensing revenues the Company received ranging from the high teens to low-double digits. Effective as of March 31, 2023, Harvard and the Company agreed to terminate the agreement. Prior to termination of the agreement, the Company had not met any of the development or sales-based milestones.

Research and Collaboration Agreement with Amgen

In September 2021, and concurrently with the Amgen License Agreements (see Note 6), the Company entered into a research collaboration agreement with Amgen (Amgen Collaboration Agreement) to collectively discover drug targets, biomarkers, and other insights associated with central nervous system (CNS) diseases utilizing Amgen’s deCODE genetics and human data research capabilities. The Company received exclusive rights under intellectual property generated in the collaboration to exploit therapeutic compounds and diagnostics for use with therapeutics in the CNS field and Amgen received exclusive rights to exploit therapeutic compounds and diagnostics for use with therapeutics outside of the CNS field. The agreement is governed by the Joint Research Committee (JRC), which is made up of equal representatives from each of the Company and Amgen to manage the progress and direction of research and development activities. All decisions made by the JRC shall be by consensus with each party having one vote, and if the JRC cannot reach a consensus, the dispute shall be referred to each company’s executive officers. If the executive officers fail to reach a consensus, the Company will have final decision-making authority provided that the matter does not relate to the approval of, or any material change to, a project, decisions to acquire rights from a third party, decisions or activities that are in conflict with Amgen’s database usage or data access rights, or the approval of external costs and expenses relating to certain new data generation activities or certain new dataset acquisitions, as such matters require mutual agreement.

In return for Amgen performing research and development activities under the agreement, the Company is committed to making non-refundable, non-creditable quarterly payments over the first two years totaling $50.0 million and for the third year $12.5 million.

Additionally, the Company will reimburse Amgen for certain direct, out-of-pocket external costs and expenses that are incurred in the performance of the activities under the Amgen Collaboration Agreement.

The term of the agreement is up to five years, although it will terminate after three years if the Company and Amgen do not mutually agree upon a compensation structure for years four and five. If the parties do not reach an agreement at least 30 days prior to the end of year three, the Amgen Collaboration Agreement will automatically terminate upon its third anniversary. Further, either party can terminate the Amgen Collaboration Agreement upon material uncured breach or bankruptcy by the other party, in which case all amounts that have become due through the date of termination are non-refundable.

Amgen also has an exclusive option to negotiate, and the right of first negotiation, to obtain exclusive, worldwide licenses to research, develop, commercialize, and otherwise exploit up to two therapeutic compounds or any pharmaceutical product containing such therapeutic compound arising from the collaboration. That right exists with respect to each compound for a certain period of time following positive Phase 2 results for that compound. The Company determined that these rights were not freestanding instruments from the Amgen Collaboration Agreement and did not meet the definition of a derivative. Upon execution of the Amgen Collaboration Agreement in September 2021, the Company was obligated to start paying Amgen non-refundable quarterly payments of $6.3 million. As of September 30, 2023 and December 31, 2022, the related prepaid research and development costs included in the condensed consolidated balance sheet were $3.1 million and $11.9 million, respectively, within prepaid expenses and other current assets. The Company recorded $8.1 million and $6.1 million of related research and development expenses during the three months ended September 30, 2023 and 2022, respectively. The Company recorded $24.4 million and $20.4 million of related research and development expenses during the nine months ended September 30, 2023 and 2022, respectively.

Sponsored Research Agreement with Vanderbilt

In February 2022, concurrently with the Vanderbilt License Agreement (see Note 6), the Company entered into a sponsored research agreement with Vanderbilt (Vanderbilt Research Agreement), pursuant to which Vanderbilt agreed to provide the Company research services to develop a M4 PAM back-up program.

The Vanderbilt Research Agreement, as amended, is governed by the Joint Steering Committee (JSC) which is made up of three representatives from each of the Company and Vanderbilt to manage the progress and direction of research and development activities. All decisions made by the JSC shall be by consensus with each party having one vote, and if the JSC cannot reach a consensus, then (i) each party shall make the final decision on non-strategic, day to day, operational matters related to the implementation of research program activities conducted, managed, controlled or directed by such party, and (ii) the Company will have final decision-making authority with respect to material operation and strategic decisions.

In return for Vanderbilt performing research and development activities under the agreement, the Company agreed to make quarterly payments for research up to a total of $1.7 million on an annual basis. The term of the agreement was extended from February 2023 to September 2023. Vanderbilt may terminate the agreement upon 60 days’ written notice. The Company may terminate the agreement upon 30 days’ written notice, subject to the Company paying reasonable costs incurred by Vanderbilt to wind-down the program and all costs incurred and non-cancellable commitments made prior to the termination date.

In addition, the Company also has an exclusive option to negotiate an exclusive license to certain patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research (see Note 6).

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Prepaid research and development costs from related party	$ 13,950	$ 13,484
Related Party
Related Party Transaction [Line Items]
Prepaid research and development costs from related party	$ 3,100	$ 11,900