0000950170-24-125437 | 10-Q | XBRL Viewer

Commitments and Contingencies	9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

7. 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.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	221,344	$	—	$	—	$	221,344
Commercial paper		—		45,444		—		45,444
Marketable securities:
U.S. government securities		41,968		—		—		41,968
Corporate debt securities		—		23,625		—		23,625
Total assets measured at fair value	$	263,312	$	69,069	$	—	$	332,381


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	306,801	$	—	$	—	$	306,801
Marketable securities:
Commercial paper		—		90,008		—		90,008
U.S. government and agency debt securities		19,473		30,943		—		50,416
Corporate debt securities		—		4,818		—		4,818
Total assets measured at fair value	$	326,274	$	125,769	$	—	$	452,043

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Operating activities:
Net loss	$ (184,968)	$ (127,195)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	30,087	11,189
Non-cash operating lease expense	2,436	2,469
Depreciation and amortization	474	502
Net accretion of investments in marketable securities	(4,638)	(3,068)
Other noncash expenses	21	54
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	15,306	(3,274)
Accounts payable	5,770	1,331
Accrued liabilities	5,401	8,646
Operating lease liabilities	(2,485)	(2,490)
Net cash used in operating activities	(132,596)	(111,836)
Investing activities:
Purchases of marketable securities	(205,324)	(89,000)
Proceeds from maturities of marketable securities	234,341	139,783
Cash paid for acquisition of assets	(775)
Purchases of property and equipment		(73)
Net cash provided by investing activities	28,242	50,710
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	6,255	2,517
Proceeds from issuance of common stock		810
Repurchase of unvested early exercised shares		(491)
Payments for offering costs in connection with at-the-market offering and initial public offering	(225)	(2,984)
Net cash provided by financing activities	6,030	232,417
Net change in cash and cash equivalents and restricted cash	(98,324)	171,291
Cash and cash equivalents and restricted cash at beginning of year	375,251	242,206
Cash and cash equivalents and restricted cash at end of period	276,927	413,497
Components of cash and restricted cash:
Cash and cash equivalents	275,714	412,284
Restricted Cash	1,213	1,213
Total cash and cash equivalents and restricted cash	276,927	413,497
Supplemental disclosure of cash flow information:
Cash paid for income taxes	473
Offering costs in connection with at-the-market offering included in accrued liabilities	$ 321
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

Subsequent Event

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

13. Subsequent Event

In October 2024, the Company raised $14.2 million at an average share price of $16.33 from the issuance of Company common stock in at-the-market transactions.

Balance Sheet Components - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued research and development services due to related party	$ 0.0	$ 3.1

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. 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. As of September 30, 2024, no shares have been issued under the 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, 2023		13,783		$	6.39		8.7	$	146,966
Granted		3,557			16.23
Exercised		(1,664	)		3.76
Canceled and forfeited		(1,368	)		7.52
Expired		(137	)		3.62
Outstanding as of September 30, 2024		14,171		$	9.08		8.5	$	72,957
Vested as of September 30, 2024		4,688		$	5.64		7.7	$	36,184
Exercisable as of September 30, 2024		4,732		$	5.63		7.7	$	36,565

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.

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, 2023		840		$	6.11		353		$	17.00
Granted		414			14.22		1,265			17.43
Vested		(583	)		8.44		(88	)		17.00
Forfeited and expired		—			—		—			—
Cancelled		(263	)		6.41		(72	)		18.07
Outstanding and unvested as of September 30, 2024		408		$	10.82		1,458		$	17.32

Awards with Performance Conditions with the Company's Scientific Advisors

In 2020, the Company approved grants of 700,965 stock options and 892,136 shares of 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.

As of September 30, 2024, the Company’s board of directors established performance conditions for 401,462 stock options, 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.

As of September 30, 2024 the performance conditions for 637,240 shares of restricted common stock were established or amended, and the remaining 254,896 shares of restricted common stock with performance conditions to be established were cancelled in July 2023 because the consulting agreements with certain of the Company’s scientific advisors were terminated.

In April 2024, the Company amended the terms of two restricted stock purchase agreements of 127,448 shares each, with performance conditions that had never been set, such that they lapsed in their entirety and become fully vested and unrestricted effective April 1, 2024. The modifications were determined to be improbable-to-probable modifications which resulted in $3.6 million in total expense that was fully recognized during the three months ended June 30, 2024.

Additionally, in April 2024, the Company revised the vesting schedule for two other restricted stock purchase agreements each consisting of 79,656 shares. These agreements originally had performance condition tranches that had been set but were not probable of being met and were amended to instead vest monthly over three years, subject to continued service. The modification of the performance-based tranches were deemed to be improbable-to-probable modifications. Total compensation cost of $2.3 million, equal to the modification date fair value, will be recognized over the remaining service period.

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,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	3,893	$	2,184	$	13,857	$	5,142
General and administrative		6,053		4,267		16,230		6,047
Total stock-based compensation	$	9,946	$	6,451	$	30,087	$	11,189

As of September 30, 2024, there was $77.6 million and $26.2 million of unrecognized stock-based compensation related to stock options and restricted stock 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 2.3 years and 3.0 years, respectively.

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	840
Granted, Shares \| shares	414
Vested, Shares \| shares	(583)
Cancelled, Shares \| shares	(263)
Outstanding and unvested, Shares at ending balance \| shares	408
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 6.11
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	14.22
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	8.44
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	6.41
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 10.82
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	353
Granted, Shares \| shares	1,265
Vested, Shares \| shares	(88)
Cancelled, Shares \| shares	(72)
Outstanding and unvested, Shares at ending balance \| shares	1,458
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 17
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	17.43
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	17
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	18.07
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 17.32

Acquisitions of Assets

9 Months Ended

Sep. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions of Assets

6. 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 that became due in October 2023 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 settled the Phase 3 navacaprant dosing milestone in December 2023 by issuing 6,072,445 shares of its common stock based on the volume weighted average price per share prior to the date the milestone was met and paying cash of $2.3 million to the former stockholders of BlackThorn and participants in the carveout plan (discussed below). As a result, the Company recognized $60.8 million in acquired in-process research and developed expenses in the fourth quarter of 2023 related to the BlackThorn Milestones. None of the other Blackthorn Milestones have been achieved and no such amounts were deemed due or payable as of September 30, 2024.

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 had vesting subject to the continued service of the participants, the last of which became fully vested in May 2024.

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 recognizes 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 settled the Phase 3 navacaprant dosing milestone in December 2023. The Company recognized contingent consideration related to Vested Carveout Units, which was included in acquired in-process research and developed expenses in the fourth quarter of 2023 related to the BlackThorn Milestones as described above. In addition, the Company recognized and paid $1.8 million in compensation related to the BlackThorn Carveout Units that were a compensatory arrangement in 2023. None of the other BlackThorn Milestones had been achieved and no such amounts were deemed due or payable as of September 30, 2024.

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, glucocerebrosidase (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). The Company accounted for these transactions as acquisitions of 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 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 and expensed in 2021.

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, 2024, 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 a separate transaction and not accounted for as part of the acquisition of assets. The acquisition of Vanderbilt IPR&D Assets became effective in February 2022. In May 2024, the Company and Vanderbilt entered into a second sponsored research agreement with Vanderbilt and concurrently entered into an amendment to the Vanderbilt License Agreement (Second Amendment to the Vanderbilt License Agreement), to extend the rights granted to the Company under the Vanderbilt License Agreement to the data and patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research pursuant to the second sponsored research agreement.

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). 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. In October 2023, a $2.0 million Vanderbilt Milestone was achieved

and settled in cash in November 2023 and was recognized in acquired in-process research and developed expenses in the fourth quarterof 2023. None of the other Vanderbilt Milestones had been achieved and no such amounts were deemed due or payable as of September 30, 2024.

In addition, the Company also had 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 the sponsored research agreements between the Company and Vanderbilt, the first of which was entered into at the same time as the Vanderbilt License Agreement and the second of which was executed in May 2024. 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. The Company exercised the above disclosed exclusive option under the first sponsored research agreement and the parties executed an agreement in December 2023 pursuant to which the Company licensed certain patent rights in return for a payment of $0.8 million that was recognized in acquired in-process research and developed expenses in the fourth quarter of 2023.

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, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 332,276	$ 452,119
Gross Unrealized Gain	114	26
Gross Unrealized Loss	(9)	(102)
Estimated Fair Value	332,381	452,043
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	266,774	362,254
Gross Unrealized Gain	14	6
Gross Unrealized Loss	0	(6)
Estimated Fair Value	266,788	362,254
Cash Equivalents \| Money Market Funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	221,344	306,801
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	221,344	306,801
Cash Equivalents \| Commercial Paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	45,430	42,455
Gross Unrealized Gain	14	6
Gross Unrealized Loss	0	0
Estimated Fair Value	45,444	42,461
Cash Equivalents \| U.S Government and Agency Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost		12,998
Gross Unrealized Gain		0
Gross Unrealized Loss		(6)
Estimated Fair Value		12,992
Marketable Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	65,502	89,865
Gross Unrealized Gain	100	20
Gross Unrealized Loss	(9)	(96)
Estimated Fair Value	65,593	89,789
Marketable Securities \| Commercial Paper
Cash and Cash Equivalents [Line Items]
Amortized Cost		47,534
Gross Unrealized Gain		17
Gross Unrealized Loss		(4)
Estimated Fair Value		47,547
Marketable Securities \| U.S Government and Agency Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost		37,515
Gross Unrealized Gain		0
Gross Unrealized Loss		(91)
Estimated Fair Value		37,424
Marketable Securities \| U.S. Government Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	41,923
Gross Unrealized Gain	54
Gross Unrealized Loss	(9)
Estimated Fair Value	41,968
Marketable Securities \| Corporate Debt Securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	23,579	4,816
Gross Unrealized Gain	46	3
Gross Unrealized Loss	0	(1)
Estimated Fair Value	$ 23,625	$ 4,818

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023		13,783		$	6.39		8.7	$	146,966
Granted		3,557			16.23
Exercised		(1,664	)		3.76
Canceled and forfeited		(1,368	)		7.52
Expired		(137	)		3.62
Outstanding as of September 30, 2024		14,171		$	9.08		8.5	$	72,957
Vested as of September 30, 2024		4,688		$	5.64		7.7	$	36,184
Exercisable as of September 30, 2024		4,732		$	5.63		7.7	$	36,565

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, 2023		840		$	6.11		353		$	17.00
Granted		414			14.22		1,265			17.43
Vested		(583	)		8.44		(88	)		17.00
Forfeited and expired		—			—		—			—
Cancelled		(263	)		6.41		(72	)		18.07
Outstanding and unvested as of September 30, 2024		408		$	10.82		1,458		$	17.32

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,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	3,893	$	2,184	$	13,857	$	5,142
General and administrative		6,053		4,267		16,230		6,047
Total stock-based compensation	$	9,946	$	6,451	$	30,087	$	11,189

Organization and Liquidity

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Liquidity

1. 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, 2024, 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’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), bipolar depression and other neuropsychiatric disorders. In 2023, the Company initiated a Phase 3 program called the KOASTAL program evaluating navacaprant monotherapy in patients with moderate to severe MDD. The Company anticipates releasing topline results from the KOASTAL-1 study around the end of 2024 and topline results from the KOASTAL-2 and KOASTAL-3 studies in the first half of 2025. Additionally, in May 2024 the Company initiated a Phase 2 study for navacaprant in bipolar depression and anticipates releasing results from that study in the second half of 2025.

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 $226.5 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, 2024, had an accumulated deficit of $888.4 million. As of September 30, 2024, the Company had cash, cash equivalents and marketable securities of $341.3 million, which are available to fund future operations. The Company believes that its existing cash, cash equivalents and marketable securities as of September 30, 2024 will be sufficient to support operations for at least the next 12 months from the date these condensed consolidated financial statements are 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.

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, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	16,555	16,488
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	16,075	14,445
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	41	73
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	408	1,460
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		510
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	31

Acquisitions of Assets - Additional Information (Details)	1 Months Ended					3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Nov. 30, 2023 USD ($)	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($) Agreements shares	Jun. 30, 2020 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) Milestones	Dec. 31, 2023 USD ($)
Amgen Inc.
Business Acquisition [Line Items]
Number of license agreements \| Agreements				2
Vanderbilt IPR&D Assets
Business Acquisition [Line Items]
Contingent consideration deemed due or payable							$ 0
BlackThorn Merger Agreement
Business Acquisition [Line Items]
Contingent consideration, milestone payment settled in cash					$ 10,000,000
Number of milestone achieved \| Milestones							0
BlackThorn Merger Agreement \| BlackThorn Therapeutics, Inc.
Business Acquisition [Line Items]
Contingent consideration deemed due or payable							$ 0
Contingent consideration payable in cash	$ 2,300,000
Acquired in-process research and developed expense						$ 60,800,000
BlackThorn Merger Agreement \| BlackThorn Therapeutics, Inc. \| Common Stock
Business Acquisition [Line Items]
Shares issued based on volume weighted average price per share prior to date milestone was met \| shares	6,072,445
BlackThorn Merger Agreement \| navacaprant
Business Acquisition [Line Items]
Milestone payment due description							milestone payment that became due in October 2023 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]
Number of milestone achieved \| Milestones							0
Contingent consideration deemed due or payable							$ 0
Asset acquisition compensation recognized and paid								$ 1,800,000
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				20,000,000
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]
Contingent consideration, milestone payment settled in cash		$ 2,000,000
Number of milestone achieved \| Milestones							0
Acquired in-process research and development						$ 800,000
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

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 9,946	$ 6,451	$ 30,087	$ 11,189
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	3,893	2,184	13,857	5,142
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 6,053	$ 4,267	$ 16,230	$ 6,047

- 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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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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,
	2024			2023			2024			2023
	(in thousands, except per share amounts)						(in thousands, except per share amounts)
Numerator:
Net loss	$	(72,547	)	$	(53,027	)	$	(184,968	)	$	(127,195	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		159,576			46,691			158,837			35,428
Net loss per share, basic and diluted	$	(0.45	)	$	(1.14	)	$	(1.16	)	$	(3.59	)

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

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,
	2024		2023
	(in thousands)
Common stock options and restricted stock units		16,075		14,445
Early exercised stock options subject to future vesting		41		73
Unvested restricted stock awards		408		1,460
Performance restricted stock (with performance conditions to be established)		—		510
Employee stock purchase plan		31		—
Total		16,555		16,488

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	221,344	$	—	$	—	$	221,344
Commercial paper		—		45,444		—		45,444
Marketable securities:
U.S. government securities		41,968		—		—		41,968
Corporate debt securities		—		23,625		—		23,625
Total assets measured at fair value	$	263,312	$	69,069	$	—	$	332,381


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	306,801	$	—	$	—	$	306,801
Marketable securities:
Commercial paper		—		90,008		—		90,008
U.S. government and agency debt securities		19,473		30,943		—		50,416
Corporate debt securities		—		4,818		—		4,818
Total assets measured at fair value	$	326,274	$	125,769	$	—	$	452,043

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, certificates of deposit, U.S. government and agency debt securities, and corporate 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.

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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 interim 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, 2024, condensed consolidated statements of operations and comprehensive loss, statement of stockholders’ equity (deficit) for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, 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 results of operations for the three and nine months ended September 30, 2024 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, 2023 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 as of and for the year ended December 31, 2023 included in the Company’s Annual Form 10-K.
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 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.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments, including money market funds, with original maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposits and other accounts.
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, certificates of deposit, 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.
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.
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 In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 will be effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the impact of this ASU on its condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 will be effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the impact of this ASU on its condensed consolidated financial statements.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 60,630	$ 41,601	$ 155,015	$ 103,855
General and administrative	16,016	15,263	45,527	34,239
Total operating expenses	76,646	56,864	200,542	138,094
Loss from operations	(76,646)	(56,864)	(200,542)	(138,094)
Other income (expense):
Interest income	4,209	3,838	15,845	10,965
Other expense, net	(57)	(1)	(93)	(66)
Total other income	4,152	3,837	15,752	10,899
Net loss before income taxes	(72,494)	(53,027)	(184,790)	(127,195)
Provision for income taxes	53		178
Net loss	(72,547)	(53,027)	(184,968)	(127,195)
Other comprehensive income (loss):
Unrealized gain on marketable securities	292	137	181	463
Comprehensive loss	$ (72,255)	$ (52,890)	$ (184,787)	$ (126,732)
Net loss per share, basic	$ (0.45)	$ (1.14)	$ (1.16)	$ (3.59)
Net loss per share, diluted	$ (0.45)	$ (1.14)	$ (1.16)	$ (3.59)
Weighted-average shares outstanding, basic	159,576	46,691	158,837	35,428
Weighted-average shares outstanding, diluted	159,576	46,691	158,837	35,428

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 Income (Loss)	Accumulated Deficit
Balance at Beginning at Dec. 31, 2022	$ (446,850)		$ 3	$ 21,430	$ (774)	$ (467,509)
Balance at Beginning at Dec. 31, 2022		$ 843,687
Balance at Beginning (in Shares) at Dec. 31, 2022			32,612
Balance at Beginning (in Shares) at Dec. 31, 2022		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
Balance at Beginning (in Shares) at Dec. 31, 2022			32,612
Balance at Beginning (in Shares) at Dec. 31, 2022		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
Forfeiture of restricted stock subject to repurchase			(297)
Vesting of restricted common stock	47			47
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
Balance at Beginning at Dec. 31, 2023	469,076		$ 16	1,172,570	(76)	(703,434)
Balance at Beginning (in Shares) at Dec. 31, 2023			158,832
Issuance of common stock upon exercise of stock options	1,845			1,845
Issuance of common stock upon exercise of stock options, shares			525
Vesting of restricted common stock	41			41
Unrealized gain (loss) on marketable securities	(72)				(72)
Stock-based compensation	7,373			7,373
Net loss	(53,721)					(53,721)
Balance at Ending at Mar. 31, 2024	424,542		$ 16	1,181,829	(148)	(757,155)
Balance at Ending (in Shares) at Mar. 31, 2024			159,357
Balance at Beginning at Dec. 31, 2023	469,076		$ 16	1,172,570	(76)	(703,434)
Balance at Beginning (in Shares) at Dec. 31, 2023			158,832
Unrealized gain (loss) on marketable securities	181
Net loss	(184,968)
Balance at Ending at Sep. 30, 2024	320,739		$ 16	1,209,020	105	(888,402)
Balance at Ending (in Shares) at Sep. 30, 2024			160,480
Balance at Beginning at Mar. 31, 2024	424,542		$ 16	1,181,829	(148)	(757,155)
Balance at Beginning (in Shares) at Mar. 31, 2024			159,357
Issuance of common stock upon exercise of stock options	2,654			2,654
Issuance of common stock upon exercise of stock options, shares			598
Forfeiture of restricted stock subject to repurchase			(5)
Vesting of restricted common stock	34			34
Unrealized gain (loss) on marketable securities	(39)				(39)
Stock-based compensation	12,768			12,768
Net loss	(58,700)					(58,700)
Balance at Ending at Jun. 30, 2024	381,259		$ 16	1,197,285	(187)	(815,855)
Balance at Ending (in Shares) at Jun. 30, 2024			159,950
Issuance of common stock upon exercise of stock options	1,756			1,756
Issuance of common stock upon exercise of stock options, shares			541
Forfeiture of restricted stock subject to repurchase			(99)
Vesting of restricted stock units, shares			88
Vesting of restricted common stock	33			33
Unrealized gain (loss) on marketable securities	292				292
Stock-based compensation	9,946			9,946
Net loss	(72,547)					(72,547)
Balance at Ending at Sep. 30, 2024	$ 320,739		$ 16	$ 1,209,020	$ 105	$ (888,402)
Balance at Ending (in Shares) at Sep. 30, 2024			160,480

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2024 $ / 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 + Details

Stockholders' Equity - Additional Information (Details) - shares	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 20, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized						50,000,000
Preferred stock, issued		0			0
Preferred stock, outstanding		0			0
Shares reserved for potential future issuances		35,822,000			35,822,000
Common Stock
Class of Stock [Line Items]
Vesting of restricted stock		99,000	5,000	297,000
Common Stock \| BlackThorn Merger Agreement
Class of Stock [Line Items]
Shares issued upon achievement of milestone	6,072,445
Common Stock \| Service Conditions
Class of Stock [Line Items]
Vesting of restricted stock					448,637
Additional Shares of Capital Stock
Class of Stock [Line Items]
Shares reserved for potential future issuances		0			0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0001885522
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2024
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	Yes
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		161,561,064

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

12. Related Party Transactions

The Amgen Collaboration Agreement expired in September 2024. As of December 31, 2023, the Company was obligated to pay Amgen $3.1 million which was recorded within current liabilities and $6.3 million related to amounts prepayable to Amgen were recorded as prepaid expenses and other current assets on the condensed consolidated balance. During the nine months ended September 30, 2024 and 2023, the Company recorded $12.5 million and $24.4 million respectively, of research and development expenses with Amgen.

- 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

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+ Details

Strategic License and Research and Collaboration Agreements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Strategic License and Research and Collaboration Agreements

8. 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. In October 2023, the Phase 3 navacaprant dosing milestone was met and the Company paid $0.3 million to TSRI, which was recognized in acquired in-process research and developed expenses in the fourth quarter of 2023. None of the other milestones have been achieved and no royalties were due under the 2015 TSRI License Agreement as of September 30, 2024.

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.

In return for Amgen performing research and development activities under the agreement, the Company 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 Amgen Collaboration Agreement automatically terminated upon its third anniversary in September 2024.

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.

The Company recorded $12.5 million of research and development expenses during the three and nine months ended September 30, 2024. The Company recorded $8.1 million and $24.4 million of related research and development expenses during the three and nine months ended September 30, 2023.

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 (First Vanderbilt Research Agreement), pursuant to which Vanderbilt agreed to provide the Company research services to develop a M4 PAM back-up program.

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 ended in September 2023. In addition, the Company also had 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).

In May 2024, concurrently with the Second Amendment to the Vanderbilt License Agreement (see Note 6), the Company entered into a second sponsored research agreement with Vanderbilt (Second Vanderbilt Research Agreement), pursuant to which Vanderbilt agreed to provide the Company additional research and development activities on the M4 PAM back-up program.

In return for Vanderbilt performing research and development activities under the agreement, the Company agreed to make payments for research up to a total of $0.5 million. The term of the agreement ends in November 2024. 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).

Parkinson's Research Ventures Funding Agreement

In March 2024, the Company entered into a research funding agreement with Parkinson's Research Ventures Limited (PRV), pursuant to which PRV agreed to provide the Company funding up to a total of £2.1 million in two tranches to carry out preclinical research and development activities related to the Company’s NLPR3 program.

The first tranche of £0.9 million was due upon execution of the agreement and was received in March 2024, for $1.1 million. The Company is eligible to receive the second tranche of £1.2 million upon the completion of certain development milestones. The Company concluded the funding arrangement was an obligation to perform services and the funding received is recognized as a contra-R&D expense as project costs are incurred. $0.6 million of costs were incurred during the three and nine months ended September 30, 2024. Upon achievement of certain development, regulatory or commercial trigger events, the Company agreed to pay PRV in aggregate an amount equal to no more than four times the funding provided by PRV i.e., a maximum repayment amount of up to £8.4 million. The trigger event payments meet the derivative scope exception under Accounting Standards Codification (ASC) 815 Derivatives and Hedging, and therefore do not need to be bifurcated and separately accounted for.

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

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 tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:


	September 30, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	221,344	$	—	$	—		$	221,344
Commercial paper		45,430		14		—			45,444
Total cash equivalents	$	266,774	$	14	$	—		$	266,788
Marketable securities:
U.S. government securities		41,923		54		(9	)		41,968
Corporate debt securities		23,579		46		—			23,625
Total marketable securities		65,502		100		(9	)		65,593
Total cash equivalents and marketable securities	$	332,276	$	114	$	(9	)	$	332,381


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	306,801	$	—	$	—		$	306,801
Commercial paper		42,455		6		—			42,461
U.S. government and agency debt securities		12,998		—		(6	)		12,992
Total cash equivalents	$	362,254	$	6	$	(6	)	$	362,254
Marketable securities:
Commercial paper	$	47,534	$	17	$	(4	)	$	47,547
U.S. government and agency debt securities		37,515		—		(91	)		37,424
Corporate debt securities		4,816		3		(1	)		4,818
Total marketable securities		89,865		20		(96	)		89,789
Total cash equivalents and marketable securities	$	452,119	$	26	$	(102	)	$	452,043

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (72,547)	$ (58,700)	$ (53,721)	$ (53,027)	$ (38,543)	$ (35,625)	$ (184,968)	$ (127,195)

- Definition

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

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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Prepaid research and development costs	$ 6,088		$ 6,088		$ 24,297
Research and development expenses	60,630	$ 41,601	155,015	$ 103,855
Amgen Research and Collaboration Agreement
Related Party Transaction [Line Items]
Related party transaction obligation with related party					3,100
Prepaid research and development costs					$ 6,300
Research and development expenses	$ 12,500	$ 8,100	$ 12,500	$ 24,400

Strategic License and Research and Collaboration Agreements - Additional Information (Details) £ in Millions	1 Months Ended				3 Months Ended		9 Months Ended
	May 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Feb. 28, 2022 USD ($)	Nov. 30, 2015 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid research and development costs					$ 6,088,000			$ 6,088,000		$ 24,297,000
Research and development expenses					60,630,000	$ 41,601,000		155,015,000	$ 103,855,000
2015 TSRI License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones achieved					0			0
Milestone Payments		$ 300,000
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 Amgen Collaboration Agreement automatically terminated upon its third anniversary in September 2024.	The Amgen Collaboration Agreement automatically terminated upon its third anniversary in September 2024.
Research and collaboration agreement quarterly payments for first two year								$ 50,000,000
Prepaid research and development costs										$ 6,300,000
Research and development expenses					12,500,000	$ 8,100,000		12,500,000	$ 24,400,000
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
First Vanderbilt Research Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and collaboration agreement quarterly payments			$ 1,700,000
Research agreement expiry date							2023-09	2023-09
Second Vanderbilt Research Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research agreement expiry date							2024-11	2024-11
Second Vanderbilt Research Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and collaboration agreement payments	$ 500,000
Parkinson's Research Ventures Funding Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses					$ 600,000			$ 600,000
Funds received upon execution of agreement \| £							£ 0.9
Payments for execution of agreement								$ 1,100,000
Fund eligible to receive upon completion of certain development milestone \| £							1.2
Maximum repayment amount agreed to pay. \| £							8.4
Parkinson's Research Ventures Funding Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Funds provided for preclinical research and development activities \| £							£ 2.1

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued clinical trial and preclinical costs	$ 11,606	$ 4,705
Compensation and benefits	8,844	10,011
Professional services	1,916	787
Other	392	750
Accrued research and development services		5,004
Total accrued liabilities	$ 22,758	$ 21,257

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 275,714	$ 374,038
Restricted cash	1,213
Short-term marketable securities	65,593	79,944
Prepaid expenses and other current assets	6,088	24,297
Total current assets	348,608	478,279
Long-term marketable securities		9,845
Property and equipment, net	1,297	1,790
Operating lease right-of-use assets	2,632	5,068
Restricted cash		1,213
Total assets	352,537	496,195
Current liabilities:
Accounts payable	6,107	337
Accrued liabilities	22,758	21,257
Early exercise liability, current portion	133	139
Operating lease liabilities, current portion	2,745	3,378
Total current liabilities	31,743	25,111
Operating lease liabilities, net of current portion		1,853
Early exercise liability, net of current portion	55	155
Total liabilities	31,798	27,119
Commitments and contingencies
Stockholders' equity (deficit):
Common stock	16	16
Additional paid-in capital	1,209,020	1,172,570
Accumulated other comprehensive (gain) loss	105	(76)
Accumulated deficit	(888,402)	(703,434)
Total stockholders' equity	320,739	469,076
Total liabilities and stockholders' equity	$ 352,537	$ 496,195

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (72,547)	$ (58,700)	$ (53,721)	$ (53,027)	$ (38,543)	$ (35,625)	$ (184,968)	$ (127,195)
Denominator:
Weighted-average common shares outstanding, basic	159,576			46,691			158,837	35,428
Weighted-average common shares outstanding, diluted	159,576			46,691			158,837	35,428
Net loss per share, basic	$ (0.45)			$ (1.14)			$ (1.16)	$ (3.59)
Net loss per share, diluted	$ (0.45)			$ (1.14)			$ (1.16)	$ (3.59)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Sep. 30, 2024 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	35,822
Shares Reserved for Options and Restricted Stock Units Issued Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	16,075
Shares Reserved for Issuance Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	19,747

- Definition

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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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

+ Details

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 810
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 14,200
Shares issued, price per share	$ 16.33

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
	2024		2023
	(in thousands)
Accrued clinical trial and preclinical costs	$	11,606	$	4,705
Compensation and benefits		8,844		10,011
Professional services		1,916		787
Other		392		750
Accrued research and development services (nil and $3.1 million due to related party in 2024 and 2023, respectively)		—		5,004
Total accrued liabilities	$	22,758	$	21,257

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	September 30, 2024
	(in thousands)
Shares reserved for options and restricted stock units issued under the plans		16,075
Shares reserved for future issuance under the plans		19,747
Total		35,822

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 30, 2024	Jul. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			35,822,000			35,822,000
Share based compensation recognized			$ 9,946		$ 6,451	$ 30,087	$ 11,189
Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted to purchase						446,068
Awards with Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options						401,462
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						637,240		892,136
Stock options, cancelled						254,896
Performance Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, outstanding stock options	127,448
Share based compensation recognized				$ 3,600
Performance Restricted Stock \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation granted under plan vested period	3 years
Share based compensation recognized	$ 2,300
Number of unvested stock awards	79,656
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation			$ 77,600			$ 77,600
Weighted-average remaining service period						2 years 3 months 18 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares repurchased						414,000
Shares or restricted stock remained outstanding and unvested			408,000			408,000			840,000
Unrecognized stock-based compensation			$ 26,200			$ 26,200
Weighted-average remaining service period						3 years
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
Shares issued under ESPP						0

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Outstanding Stock Options \| shares	13,783
Granted, outstanding stock options \| shares	3,557
Exercised, Outstanding Stock Options \| shares	(1,664)
Canceled and forfeited, Outstanding Stock Options \| shares	(1,368)
Expired, Outstanding Stock Options \| shares	(137)
Ending balance, Outstanding Stock Options \| shares	14,171	13,783
Vested, outstanding stock options \| shares	4,688
Exercisable, Outstanding Stock Options \| shares	4,732
Weighted-Average Exercise Price Per Share, Outstanding, beginning of period \| $ / shares	$ 6.39
Weighted-Average Exercise Price Per Share, Granted \| $ / shares	16.23
Weighted-Average Exercise Price Per Share, Exercised \| $ / shares	3.76
Weighted-Average Exercise Price Per Share, Canceled and forfeited \| $ / shares	7.52
Weighted-Average Exercise Price Per Share, Expired \| $ / shares	3.62
Weighted-Average Exercise Price Per Share, Outstanding, end of period \| $ / shares	9.08	$ 6.39
Weighted-Average Exercise Price Per Share, Vested \| $ / shares	5.64
Weighted-Average Exercise Price Per Share, Exercisable \| $ / shares	$ 5.63
Weighted-Average Remaining Contractual Term, Outstanding (Years)	8 years 6 months	8 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Vested	7 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable	7 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 72,957	$ 146,966
Aggregate Intrinsic Value, Vested \| $	36,184
Aggregate Intrinsic Value, Exercisable \| $	$ 36,565

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Arrangements

The following table describes, for the three months ended September 30, 2024, each trading arrangement for the purchase or sale of Company securities adopted, modified or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a Rule 10b5-1 trading arrangement, or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K):

        
       Trading Arrangement

       Name
(Title)

       Action

       Date

       Rule 10b5-1*

       Non-Rule 10b5-1**

       Total Shares to be Sold

       Expiration Date

Daljit (Bill) Singh Aurora
(Chief Strategy Officer)

Amend(1)

September 10, 2024

X

57,350

December 10, 2025

Michael Milligan
(SVP and Principal Accounting Officer)

Adopt

August 30, 2024

X

20,000

November 28, 2025

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

(1) Changed the timing and price limits of sales under the trading arrangement originally adopted on April 22, 2024.

Daljit (Bill) Singh Aurora

Trading Arrangements, by Individual

Name

Daljit (Bill) Singh Aurora

Title

Chief Strategy Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

September 10, 2024

December 10, 2025

457 days

57,350

Trading Arrangements, by Individual

Name

Michael Milligan

Title

SVP and Principal Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

August 30, 2024

November 28, 2025

456 days

20,000

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
	2024		2023
	(in thousands)
Accrued clinical trial and preclinical costs	$	11,606	$	4,705
Compensation and benefits		8,844		10,011
Professional services		1,916		787
Other		392		750
Accrued research and development services (nil and $3.1 million due to related party in 2024 and 2023, respectively)		—		5,004
Total accrued liabilities	$	22,758	$	21,257

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

11. 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,
	2024			2023			2024			2023
	(in thousands, except per share amounts)						(in thousands, except per share amounts)
Numerator:
Net loss	$	(72,547	)	$	(53,027	)	$	(184,968	)	$	(127,195	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		159,576			46,691			158,837			35,428
Net loss per share, basic and diluted	$	(0.45	)	$	(1.14	)	$	(1.16	)	$	(3.59	)


	September 30,
	2024		2023
	(in thousands)
Common stock options and restricted stock units		16,075		14,445
Early exercised stock options subject to future vesting		41		73
Unvested restricted stock awards		408		1,460
Performance restricted stock (with performance conditions to be established)		—		510
Employee stock purchase plan		31		—
Total		16,555		16,488

Organization and Liquidity - Additional information (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 19, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) Program	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 20, 2023 shares
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
Preferred stock, shares authorized \| shares					50,000,000
Accumulated deficit		$ (888,402)		$ (703,434)
Cash and cash equivalents		275,714	$ 412,284	374,038
Marketable securities		65,593		$ 79,944
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	$ 226,500
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		888,400
Cash, cash equivalents, and marketable securities		$ 341,300

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

Summary of Significant Accounting Policies and Basis of Presentation

9 Months Ended

Sep. 30, 2024

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 interim 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, 2024, condensed consolidated statements of operations and comprehensive loss, statement of stockholders’ equity (deficit) for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, 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 results of operations for the three and nine months ended September 30, 2024 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, 2023 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 as of and for the year ended December 31, 2023 included in the Company’s Annual Form 10-K.

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 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.

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, certificates of deposit, 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.

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.

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

In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 will be effective for the Company as of January 1, 2025 for annual periods. The Company is evaluating the impact of this ASU on its condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss.

ASU 2023-07 will be effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. The Company is evaluating the impact of this ASU on its condensed consolidated financial statements.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Preferred Stock

Subsequent to the IPO, the Company's board of directors has the authority to issue up to 50,000,000 shares of preferred stock in one or more series with rights, preferences and privileges to be determined. There are no shares of preferred stock issued and outstanding as of September 30, 2024.

Common Stock

Common stock outstanding in the condensed consolidated balance sheet and condensed consolidated statement of stockholders’ equity as of September 30, 2024 includes 448,637 shares of restricted stock that vest based on service conditions and are subject to the Company’s right of repurchase upon termination of services. Common stock reserved for future issuance consisted of the following:


	September 30, 2024
	(in thousands)
Shares reserved for options and restricted stock units issued under the plans		16,075
Shares reserved for future issuance under the plans		19,747
Total		35,822

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). In December 2023, 6,072,445 shares of common stock were issued related to BlackThorn Merger Agreement upon achievement of the Phase 3 navacaprant dosing milestone that was met in October 2023. As of September 30, 2024, no shares have been reserved for potential future issuances as no other BlackThorn Milestones have been achieved.

- 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
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+ Details

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:


	September 30, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	221,344	$	—	$	—		$	221,344
Commercial paper		45,430		14		—			45,444
Total cash equivalents	$	266,774	$	14	$	—		$	266,788
Marketable securities:
U.S. government securities		41,923		54		(9	)		41,968
Corporate debt securities		23,579		46		—			23,625
Total marketable securities		65,502		100		(9	)		65,593
Total cash equivalents and marketable securities	$	332,276	$	114	$	(9	)	$	332,381


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	306,801	$	—	$	—		$	306,801
Commercial paper		42,455		6		—			42,461
U.S. government and agency debt securities		12,998		—		(6	)		12,992
Total cash equivalents	$	362,254	$	6	$	(6	)	$	362,254
Marketable securities:
Commercial paper	$	47,534	$	17	$	(4	)	$	47,547
U.S. government and agency debt securities		37,515		—		(91	)		37,424
Corporate debt securities		4,816		3		(1	)		4,818
Total marketable securities		89,865		20		(96	)		89,789
Total cash equivalents and marketable securities	$	452,119	$	26	$	(102	)	$	452,043

As of September 30, 2024, 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, 2024, 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, 2024 (see Note 4).

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 332,381	$ 452,043
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	263,312	326,274
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	69,069	125,769
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 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	221,344	306,801
Money Market Funds \| Level 1 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	221,344	306,801
Money Market Funds \| Level 2 \| Cash Equivalents
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 \| Cash Equivalents
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 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		50,416
U.S Government and Agency Debt Securities \| Level 1 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		19,473
U.S Government and Agency Debt Securities \| Level 2 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		30,943
U.S Government and Agency Debt Securities \| Level 3 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		0
Corporate Debt Securities \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	23,625	4,818
Corporate Debt Securities \| Level 1 \| Marketable Securities
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 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	23,625	4,818
Corporate Debt Securities \| Level 3 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Commercial Paper \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	45,444
Commercial Paper \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		90,008
Commercial Paper \| Level 1 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Commercial Paper \| Level 1 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		0
Commercial Paper \| Level 2 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	45,444
Commercial Paper \| Level 2 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		90,008
Commercial Paper \| Level 3 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Commercial Paper \| Level 3 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 0
U.S. Government Securities \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	41,968
U.S. Government Securities \| Level 1 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	41,968
U.S. Government Securities \| Level 2 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
U.S. Government Securities \| Level 3 \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 0