0000950170-23-040959 | 10-Q | XBRL Viewer | Monte Rosa Therapeutics INC

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Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Current assets
Total assets measured at fair value	$ 200,258
Level 1 [Member]
Current assets
Total assets measured at fair value	38,434
Level 2 [Member]
Current assets
Total assets measured at fair value	161,824
Level 3 [Member]
Current assets
Total assets measured at fair value	0
US Treasury Securities Member
Current assets
Total assets measured at fair value	26,337
US Treasury Securities Member \| Level 1 [Member]
Current assets
Total assets measured at fair value	0
US Treasury Securities Member \| Level 2 [Member]
Current assets
Total assets measured at fair value	26,337
US Treasury Securities Member \| Level 3 [Member]
Current assets
Total assets measured at fair value	0
Money Market Funds [Member]
Current assets
Total assets measured at fair value	38,434
Money Market Funds [Member] \| Level 1 [Member]
Current assets
Total assets measured at fair value	38,434
Money Market Funds [Member] \| Level 2 [Member]
Current assets
Total assets measured at fair value	0
Money Market Funds [Member] \| Level 3 [Member]
Current assets
Total assets measured at fair value	0
Pension Plan Assets [Member]
Current assets
Total assets measured at fair value	5,785
Pension Plan Assets [Member] \| Level 1 [Member]
Current assets
Total assets measured at fair value	0
Pension Plan Assets [Member] \| Level 2 [Member]
Current assets
Total assets measured at fair value	5,785
Pension Plan Assets [Member] \| Level 3 [Member]
Current assets
Total assets measured at fair value	0
Corporate Debt Securities Member
Current assets
Total assets measured at fair value	129,702
Corporate Debt Securities Member \| Level 1 [Member]
Current assets
Total assets measured at fair value	0
Corporate Debt Securities Member \| Level 2 [Member]
Current assets
Total assets measured at fair value	129,702
Corporate Debt Securities Member \| Level 3 [Member]
Current assets
Total assets measured at fair value	$ 0

Commitments and contigencies	6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and contingencies License, collaboration and investment agreements In April 2018, the Company entered into license, collaboration and investment agreements, or the License Agreement, with Cancer Research Technology Limited, or CRT, and The Institute of Cancer Research, or the ICR, for the purpose of development in the field of cereblon-mediated protein degradation, to support the Company’s early product development activities as the Company built its internal capabilities or the License and Collaboration. Pursuant to the License and Collaboration, CRT and the ICR granted the Company exclusive and non-exclusive, worldwide, and sublicensable licenses under CRT’s and the ICR’s intellection property rights in the field of cereblon mediated protein degradation to discover, research, develop, have developed, use, keep, make, have made, market, import, offer for sale, and sell products in the field of cereblon-mediated protein degradation. In consideration for the rights granted under the License Agreement, the Company issued an aggregate of 1,132,984 common shares to CRT, the ICR and affiliated founding scientists pursuant to the Formation and Investment Agreement and paid CRT a technology access fee. The License Agreement will remain effective until terminated by written agreement between the Company, CRT and the ICR. Upon execution of the License Agreement, the Company paid an immaterial access fee which was expensed to research and development in 2018. The research program conducted with the ICR with respect to cereblon-mediated protein degradation was completed as of December 31, 2020. However, the License and Collaboration Agreement continues until it is otherwise terminated under the terms and conditions stated within the agreement. There was no activity under this agreement for the three and six months ended June 30, 2023. Under the License Agreement, the Company may be obligated to make certain milestone payments for achieving specific clinical progression events for certain products, solely to the extent such products are subject to the License and Collaboration. If owed, such milestones would aggregate up to $7 million for any covered first product candidate and $3.5 million for any covered subsequent product candidate. In addition, the Company may be obligated to pay low single-digit royalties on net sales for any covered product successfully developed and commercialized in the field of cereblon-mediated protein degradation under the terms of the License and Collaboration on a country by country basis until the later of (i) the date when the manufacture, use, offer for sale, sale or importation of such product is no longer covered by a valid claim in the country of sale, use or manufacture; (ii) ten years from the first commercial sale of such product in the relevant country; and (iii) the expiry of any extended exclusivity period granted with respect to an orphan drug designation, pediatric designation or other exclusivity in the relevant country. The License and Collaboration will remain effective until (i) the termination by either the Company or the ICR and CRT upon the bankruptcy or uncured breach of the other party, (ii) by the ICR and CRT if the Company should abandon all discovery, development and commercialization efforts for all products covered under the License and Collaboration; (iii) by the Company if it is determined the continued development of products covered under the License and Collaboration would be commercially unreasonable, scientifically unviable, illegal, unethical or impossible, with a 90-day notification period; or (iv) for any/no reason by written agreement of the Company and the ICR and CRT. Indemnification The Company, as permitted under Delaware law and in accordance with its certification of incorporation and bylaws and pursuant to indemnification agreements with certain of its officers and directors, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, which the officer or director is or was serving at the Company’s request in such capacity. The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. As of June 30, 2023, the Company was not aware of any claims under indemnification arrangements and does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible. Therefore, no related reserves have been established.

Commitments and contigencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and contingencies

License, collaboration and investment agreements

In April 2018, the Company entered into license, collaboration and investment agreements, or the License Agreement, with Cancer Research Technology Limited, or CRT, and The Institute of Cancer Research, or the ICR, for the purpose of development in the field of cereblon-mediated protein degradation, to support the Company’s early product development activities as the Company built its internal capabilities or the License and Collaboration. Pursuant to the License and Collaboration, CRT and the ICR granted the Company exclusive and non-exclusive, worldwide, and sublicensable licenses under CRT’s and the ICR’s intellection property rights in the field of cereblon mediated protein degradation to discover, research, develop, have developed, use, keep, make, have made, market, import, offer for sale, and sell products in the field of cereblon-mediated protein degradation.

In consideration for the rights granted under the License Agreement, the Company issued an aggregate of 1,132,984 common shares to CRT, the ICR and affiliated founding scientists pursuant to the Formation and Investment Agreement and paid CRT a technology access fee. The License Agreement will remain effective until terminated by written agreement between the Company, CRT and the ICR.

Upon execution of the License Agreement, the Company paid an immaterial access fee which was expensed to research and development in 2018. The research program conducted with the ICR with respect to cereblon-mediated protein degradation was completed as of December 31, 2020. However, the License and Collaboration Agreement continues until it is otherwise terminated under the terms and conditions stated within the agreement. There was no activity under this agreement for the three and six months ended June 30, 2023.

Under the License Agreement, the Company may be obligated to make certain milestone payments for achieving specific clinical progression events for certain products, solely to the extent such products are subject to the License and Collaboration. If owed, such milestones would aggregate up to $7 million for any covered first product candidate and $3.5 million for any covered subsequent product candidate. In addition, the Company may be obligated to pay low single-digit royalties on net sales for any covered product successfully developed and commercialized in the field of cereblon-mediated protein degradation under the terms of the License and Collaboration on a country by country basis until the later of (i) the date when the manufacture, use, offer for sale, sale or importation of such product is no longer covered by a valid claim in the country of sale, use or manufacture; (ii) ten years from the first commercial sale of such product in the relevant country; and (iii) the expiry of any extended exclusivity period granted with respect to an orphan drug designation, pediatric designation or other exclusivity in the relevant country.

The License and Collaboration will remain effective until (i) the termination by either the Company or the ICR and CRT upon the bankruptcy or uncured breach of the other party, (ii) by the ICR and CRT if the Company should abandon all discovery, development and commercialization efforts for all products covered under the License and Collaboration; (iii) by the Company if it is determined the continued development of products covered under the License and Collaboration would be commercially unreasonable, scientifically unviable, illegal, unethical or impossible, with a 90-day notification period; or (iv) for any/no reason by written agreement of the Company and the ICR and CRT.

Indemnification

The Company, as permitted under Delaware law and in accordance with its certification of incorporation and bylaws and pursuant to indemnification agreements with certain of its officers and directors, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, which the officer or director is or was serving at the Company’s request in such capacity.

The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services.

From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. As of June 30, 2023, the Company was not aware of any claims under indemnification arrangements and does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible. Therefore, no related reserves have been established.

Description of Business, Contribution and Exchange, and Liquidity	6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]
Description of Business, Contribution and Exchange, and Liquidity	1. Description of business and liquidity Business Monte Rosa Therapeutics, Inc. is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Therapeutics Securities Corp. Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated under the laws of Switzerland in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in Delaware in November 2019. The Company is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland. Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares and public offerings of the Company's common stock. The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of June 30, 2023, the Company had an accumulated deficit of $297.8 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $67.2 million and $50.4 million for the six months ended June 30, 2023 and 2022, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $203.1 million as of June 30, 2023 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the second quarter interim condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.

Description of Business, Contribution and Exchange, and Liquidity

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Description of Business, Contribution and Exchange, and Liquidity

1. Description of business and liquidity

Business

Monte Rosa Therapeutics, Inc. is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Therapeutics Securities Corp. Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated under the laws of Switzerland in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in Delaware in November 2019. The Company is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland.

Liquidity considerations

Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares and public offerings of the Company's common stock.

The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

As of June 30, 2023, the Company had an accumulated deficit of $297.8 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $67.2 million and $50.4 million for the six months ended June 30, 2023 and 2022, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $203.1 million as of June 30, 2023 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the second quarter interim condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.

Employee Retirement Plan - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Percentage of company's matching contribution with respect to each participant's contribution	4.00%
Company matching contributions to maximum employees eligible compensation	100.00%

Leases - Schedule of Future Minimum Payments Under Non -cancelable Operating Leases (Details) - Non-cancelable leases [Member] $ in Thousands	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remaining 2023	$ 3,432
2024	7,385
2025	7,676
2026	7,877
2027	7,621
Thereafter	38,386
Total undiscounted minimum lease payments	72,377
Less: Imputed interest	(25,342)
Total operating lease liability	$ 47,035

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measure at fair value, transfers among Level 1, Level 2 or Level 3	$ 0	$ 0

Accrued expenses and other current liabilities - Summery Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation And Benefits	$ 4,462	$ 5,624
Accrued research and development	4,196	3,936
Other	2,456	5,020
Accrued expenses and other current liabilities	$ 11,114	$ 14,580

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-based compensation

2020 Stock incentive plan

The Company’s 2020 Stock Option and Grant Plan, or the 2020 Plan, provided for the Company to grant stock options, restricted stock and other stock awards, to employees, non-employee directors, and consultants. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances were made under the 2020 Plan.

2021 Stock incentive plan

The Company’s 2021 Stock Option and Incentive Plan, or the 2021 Plan, was approved by the Company’s board of directors on May 28, 2021 and the Company’s stockholders on June 17, 2021 and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2021 Plan was 4,903,145. Under the evergreen provision of the 2021 Plan, the shares available for issuance under the 2021 Plan will be automatically increased each January 1st by 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31st or such lesser number of shares as may be determined by the Company’s compensation, nomination and corporate governance committee. Effective January 1, 2023 the number of shares available under the 2021 Plan automatically increased by 2,466,176 shares pursuant to the evergreen provision of the 2021 Plan. As of June 30, 2023, 4,598,069 shares were available for issuance under the 2021 Plan.

2021 Employee stock purchase plan

The Company’s 2021 Employee Stock Purchase Plan, or the 2021 ESPP, was approved by the Company’s board of directors on May 28, 2021 and the Company’s stockholders on June 17, 2021 and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 439,849 shares of the Company’s common stock were initially reserved for issuance under the 2021 ESPP. The shares available for issuance under the 2021 ESPP will be automatically increased on each January 1st, through January 1, 2031, by the least of (i) 439,849 shares of the Company’s common stock, (ii) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31st or (iii) such lesser number of shares of the Company’s common stock as determined by the plan administrator of the 2021 ESPP. Effective January 1, 2023 the number of shares available under the 2021 ESPP automatically increased by 439,849 shares pursuant to the evergreen provision of the 2021 ESPP. As of June 30, 2023, 1,215,623 shares were available for issuance under the 2021 ESPP.

Stock option activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2022		7,436,339		$	9.14		8.5	$	12,440
Granted		2,942,600			7.63		—		—
Exercised		(151,594	)		6.04		—		—
Forfeited		(318,970	)		8.47		—		—
Outstanding—June 30, 2023		9,908,375		$	8.76		8.4	$	9,288
Vested or expected to vest—June 30, 2023		9,908,375		$	8.76		8.4	$	9,288
Exercisable—June 30, 2023		3,495,562		$	8.41		7.8	$	5,861

The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock.

Restricted stock award activity

Unvested restricted stock awards were granted to employees under the 2020 Plan. Restricted stock awards generally vest over a four year period provided the individual remains in continuous service of the Company.

The following summarizes restricted stock award activity:


	Number of shares			Weighted average grant date fair value
Unvested restricted stock as of December 31, 2022		122,271		$	1.04
Vested		(65,377	)	$	0.76
Forfeited		(5,720	)	$	2.00
Unvested restricted stock as of June 30, 2023		51,174		$	1.28

The aggregate fair value of restricted stock awards that vested during the six months ended June 30, 2023 and 2022 was $0.5 million and $0.9 million, respectively. The weighted average grant date fair value of restricted stock that vested during the six months ended June 30, 2023 and 2022 was $0.76 and $0.78, respectively.

Restricted stock unit activity

Starting in 2022, the Company granted restricted stock units, or RSUs, to employees under the 2021 Plan. Each of the RSUs represents the right to receive one share of the Company’s common stock upon vesting. The RSUs will vest over two years provided the individual remains in continuous service of the Company. Accordingly, stock-based compensation expense for each RSU is recognized on a straight-line basis over the vesting term. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant.

The following summarizes restricted stock unit activity:


	Number of shares			Weighted average grant date fair value
Unvested restricted stock units as of December 31, 2022		91,000		$	10.11
Granted		206,665		$	7.55
Forfeited		(3,800	)	$	10.11
Unvested as of June 30, 2023		293,865		$	8.31

No restricted stock units vested during the six months ended June 30, 2023.

Stock-based compensation expense

Stock-based compensation expense is classified as follows (in thousands):


	Six months ended June 30,
	2023		2022
Research and development	$	4,411	$	2,593
General and administrative		3,716		2,531
Total stock-based compensation expense	$	8,127	$	5,124

As of June 30, 2023 total unrecognized stock–based compensation cost related to unvested stock options, restricted stock awards and restricted stock units was $37.9 million, $0.1 million, and $1.9 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 2.7 years, 0.7 years, and 1.7 years, respectively.

Employee retirement plans - Schedule of expense incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
401 (K) expense	$ 114	$ 139	$ 389	$ 335

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable securities

Marketable securities as of June 30, 2023 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	130,001	$	3	$	(302	)		129,702
U.S Treasury securities		26,403		—		(66	)		26,337
Total	$	156,404	$	3	$	(368	)	$	156,039

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

5. Property and Equipment, net

Property and equipment, net, consist of the following (in thousands):


	June 30, 2023			December 31, 2022
Laboratory equipment	$	20,992		$	17,766
Computer hardware and software		1,002			499
Furniture and fixtures		1,099			388
Leasehold improvements		20,752			2,660
Construction in process		54			12,013
Total property and equipment, at cost	$	43,899		$	33,326
Less: accumulated depreciation		(8,564	)		(6,251	)
Property and equipment, net	$	35,335		$	27,075

The following table summarizes depreciation expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Depreciation expense	$	1,391	$	889	$	2,542	$	1,642

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted common stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested restricted stock, beginning balance \| shares	122,271
Number of shares, Vested \| shares	(65,377)
Number of shares, Forfeited \| shares	(5,720)
Number of shares, Unvested, ending balance \| shares	51,174
Weighted average grant date fair value, beginning balance \| $ / shares	$ 1.04
Weighted average grant date fair value, vested \| $ / shares	0.76
Weighted average grant date fair value, Forfeited \| $ / shares	2
Weighted average grant date fair value, ending balance \| $ / shares	$ 1.28

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock reserved for future issuance	10,253,414	7,649,610
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	9,908,375	7,436,339
Unvested Restricted Common Stock Awards
Class Of Stock [Line Items]
Common stock reserved for future issuance	51,174	122,271
Unvested restricted common stock units
Class Of Stock [Line Items]
Common stock reserved for future issuance	293,865	91,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities as of June 30, 2023 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	130,001	$	3	$	(302	)		129,702
U.S Treasury securities		26,403		—		(66	)		26,337
Total	$	156,404	$	3	$	(368	)	$	156,039

As of June 30, 2023, the Company held 38 marketable securities, 27 of which were in an unrealized loss position. The aggregate fair value of securities in a loss position is $114.9 million. There were no individual securities that were in a significant unrealized loss position as of June 30, 2023. The Company evaluates securities for other-than-temporary impairments based on quantitative and qualitative factors, and considers the decline in market value as of June 30, 2023, to be primarily attributable to the then current economic and market conditions. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that the Company will have to sell them before recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to it at maturity.

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Provision for income taxes	$ 190	$ 0	$ 190	$ 0
Interest Income [Member]
Provision for income taxes			$ 200

- Definition

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

+ References + Details

Employee retirement plans (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of pension expense incurred

The following table summarizes pension expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Pension expense	$	235	$	205	$	451	$	402

Schedule of 401(k) expense incurred

The following table summarize 401(k) expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
401(k) expense	$	114	$	139	$	389	$	335

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act, or the JOBS Act. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures. Recently adopted accounting pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. \\\

Condensed Combined and Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (67,216)	$ (50,401)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	8,127	5,124
Depreciation	2,542	1,642
Noncash lease expense	0	1,659
Net accretion of discounts/premiums on marketable securities	(2,680)	(331)
Loss on sale of marketable securities	131	0
Gain on disposal of property and equipment	(24)	(125)
Changes in operating assets and liabilities
Other receivables	1,858	0
Prepaid expenses and other current assets	547	(688)
Accounts payable	(696)	(2,547)
Accrued expenses and other current liabilities	(520)	(2,196)
Defined benefit plan liability	0	28
Right-of-use assets and operating lease liabilities	9,201	(70)
Net cash used in operating activities	(48,730)	(47,905)
Cash flows from investing activities:
Purchases of property and equipment	(15,693)	(4,240)
Proceeds from sale of property and equipment	62	125
Purchases of marketable securities	(67,824)	(230,654)
Proceeds From Sale Of Marketable Securities	45,631	0
Proceeds From Maturity Of Marketable Securities	76,700	40,000
Net cash provided by (used in) investing activities	38,876	(194,769)
Cash flows from financing activities:
Proceeds from exercise of employee stock options	915	249
Proceeds from employee stock purchase plan	303	0
Net cash provided by financing activities	1,218	249
Net (decrease) increase in cash, cash equivalents and restricted cash	(8,636)	(242,425)
Cash, cash equivalents and restricted cash—beginning of period	60,190	351,409
Cash, cash equivalents and restricted cash-end of period	51,554	108,984
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	47,027	103,664
Restricted cash	4,527	5,320
Total cash, cash equivalents and restricted cash	51,554	108,984
Supplemental disclosure of noncash items
Reduction of right-of-use assets for lease incentives receivable	4,644	0
Purchases of property and equipment in accounts payable and accrued expenses	$ 1,438	$ 939

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 8,127	$ 5,124
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	4,411	2,593
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,716	$ 2,531

- Definition

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

+ References

+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Common Share

12. Net loss per common share

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


	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Net loss	$	(35,178	)	$	(26,469	)	$	(67,216	)	$	(50,401	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.71	)	$	(0.57	)	$	(1.36	)	$	(1.08	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		49,431,922			46,668,369			49,389,931			46,632,279

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	June 30,		June 30,
	2023		2022
Stock options to purchase common stock		9,908,375		7,192,968
Restricted common stock		51,174		189,316
Restricted stock units		293,865		—

Net Loss Per Share - Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	9,908,375	7,192,968
Restricted common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	51,174	189,316
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	293,865	0

Leases - Schedule of Lease Terms and Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (years)	9 years 2 months 12 days	9 years 8 months 12 days
Weighted average discount rate	9.80%	9.90%

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consist of the following (in thousands):


	June 30, 2023			December 31, 2022
Laboratory equipment	$	20,992		$	17,766
Computer hardware and software		1,002			499
Furniture and fixtures		1,099			388
Leasehold improvements		20,752			2,660
Construction in process		54			12,013
Total property and equipment, at cost	$	43,899		$	33,326
Less: accumulated depreciation		(8,564	)		(6,251	)
Property and equipment, net	$	35,335		$	27,075

Schedule of Depreciation Expense

The following table summarizes depreciation expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Depreciation expense	$	1,391	$	889	$	2,542	$	1,642

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses And Other Current Liabilities

6. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Compensation and benefits	$	4,462	$	5,624
Accrued research and development		4,196		3,936
Other		2,456		5,020
Total other current liabilities	$	11,114	$	14,580

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 29,076	$ 20,936	$ 55,831	$ 38,851
General and administrative	8,145	6,295	15,649	12,682
Total operating expenses	37,221	27,231	71,480	51,533
Loss from operations	(37,221)	(27,231)	(71,480)	(51,533)
Other income (expense):
Interest income, net	2,302	628	4,739	777
Foreign currency exchange gain (loss), net	(93)	134	(178)	230
Gain on disposal of fixed assets	24	0	24	125
Loss on sale of marketable securities	0	0	(131)	0
Total other income	2,233	762	4,454	1,132
Net loss before income taxes	(34,988)	(26,469)	(67,026)	(50,401)
Provision for income taxes	(190)	0	(190)	0
Net loss	$ (35,178)	$ (26,469)	$ (67,216)	$ (50,401)
Net loss per share attributable to common stockholders-basic	$ (0.71)	$ (0.57)	$ (1.36)	$ (1.08)
Net loss per share attributable to common stockholders-diluted	$ (0.71)	$ (0.57)	$ (1.36)	$ (1.08)
Weighted-average number of shares outstanding used in computing net loss per common share-basic	49,431,922	46,668,369	49,389,931	46,632,279
Weighted-average number of shares outstanding used in computing net loss per common share-diluted	49,431,922	46,668,369	49,389,931	46,632,279
Comprehensive loss:
Provision for pension benefit obligation	$ 14	$ 33	$ 28	$ 67
Unrealized gain (loss) on available-for-sale securities	(261)	(358)	84	(504)
Comprehensive loss	$ (35,425)	$ (26,794)	$ (67,104)	$ (50,838)

Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations	$ 1,871	$ 48,488
Cash paid for amounts included in the measurement of lease liabilities	$ 1,790	$ 712

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule Of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Compensation and benefits	$	4,462	$	5,624
Accrued research and development		4,196		3,936
Other		2,456		5,020
Total other current liabilities	$	11,114	$	14,580

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	10,253,414		7,649,610
Weighted average grant fair value, granted	$ 0.76	$ 0.78
Restricted common stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of restricted stock vested	$ 0.5	$ 0.9
Unrecognized stock based compensation cost	0.1
Unrecognized stock based compensation cost, units	$ 1.9
Expected remaining cost, weighted average period	8 months 12 days
Expected remaining cost, weighted average period, units	1 year 8 months 12 days
Unvested Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation cost	$ 37.9
Expected remaining cost, weighted average period	2 years 8 months 12 days
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance				4,903,145
Increase in share percentage	5.00%
Number of share increase	2,466,176
Shares Issued	4,598,069
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	439,849
Increase in share percentage	1.00%
Number of share increase	439,849
Shares Issued	1,215,623

Leases (Additional Information) (Details)		1 Months Ended	6 Months Ended
Leases (Additional Information) (Details)	Dec. 14, 2021 USD ($) ft²	Apr. 30, 2023 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 01, 2021 ft²
Lessee, Lease, Description [Line Items]
Finance Lease			$ 0
Amortization of the ROU assets			1,500,000	$ 1,400,000
Tenant improvements			13,000,000
Receivable in Tenant Improvements			1,000,000
Research and Development
Lessee, Lease, Description [Line Items]
Short-Term Lease			4,300,000
General and Administrative
Lessee, Lease, Description [Line Items]
Short-Term Lease			$ 800,000
Hochbergerstrasse [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases \| ft²					21,422
Right of Use Assets Decreased Limit, Amount		$ 1,800,000
Hochbergerstrasse [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases \| ft²		44,685
Hochbergerstrasse [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases \| ft²		21,422
Harrison Street [Member]
Lessee, Lease, Description [Line Items]
Land Subject to Ground Leases \| ft²	63,327
Lease commencement date	Apr. 01, 2022
Initial lease term	128 months
Renewal term	5 years
Lease annual base rent per square foot	$ 95
Increase in annual base rent (Percentage)	3.00%

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 3,983	$ 2,703
Variable lease expense	1,128	617
Total lease expense	$ 5,111	$ 3,320

Description of Business, Contribution and Exchange, and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subsidiary Or Equity Method Investee [Line Items]
Restricted Cash and Cash Equivalents	$ 203,100				$ 203,100
Accumulated deficit	(297,752)				(297,752)		$ (230,536)
Net loss before income taxes	$ (35,178)	$ (32,038)	$ (26,469)	$ (23,932)	$ (67,216)	$ (50,401)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2022		7,436,339		$	9.14		8.5	$	12,440
Granted		2,942,600			7.63		—		—
Exercised		(151,594	)		6.04		—		—
Forfeited		(318,970	)		8.47		—		—
Outstanding—June 30, 2023		9,908,375		$	8.76		8.4	$	9,288
Vested or expected to vest—June 30, 2023		9,908,375		$	8.76		8.4	$	9,288
Exercisable—June 30, 2023		3,495,562		$	8.41		7.8	$	5,861

Schedule of Restricted Stock Award Activity

The following summarizes restricted stock award activity:


	Number of shares			Weighted average grant date fair value
Unvested restricted stock as of December 31, 2022		122,271		$	1.04
Vested		(65,377	)	$	0.76
Forfeited		(5,720	)	$	2.00
Unvested restricted stock as of June 30, 2023		51,174		$	1.28

Schedule of Restricted Stock Unit Activity

The following summarizes restricted stock unit activity:


	Number of shares			Weighted average grant date fair value
Unvested restricted stock units as of December 31, 2022		91,000		$	10.11
Granted		206,665		$	7.55
Forfeited		(3,800	)	$	10.11
Unvested as of June 30, 2023		293,865		$	8.31

No restricted stock units vested

Schedule of Stock Based Compensation Expense

Stock-based compensation expense is classified as follows (in thousands):


	Six months ended June 30,
	2023		2022
Research and development	$	4,411	$	2,593
General and administrative		3,716		2,531
Total stock-based compensation expense	$	8,127	$	5,124

Marketable Securities - Summary of Marketable securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 156,404
Unrealized Gains	3
Unrealized Losses	(368)
Fair Value	156,039
Corporate Debt Securities Member
Marketable Securities [Line Items]
Amortized Cost	130,001
Unrealized Gains	3
Unrealized Losses	(302)
Fair Value	129,702
US Treasury Securities Member
Marketable Securities [Line Items]
Amortized Cost	26,403
Unrealized Gains	0
Unrealized Losses	(66)
Fair Value	$ 26,337

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 47,027	$ 54,912
Marketable securities	156,039	207,914
Other receivables	1,154	7,656
Prepaid expenses and other current assets	3,884	4,444
Current restricted cash	0	960
Total current assets	208,104	275,886
Property and equipment, net	35,335	27,075
Operating lease right-of-use assets	30,359	34,832
Restricted cash, net of current	4,527	4,318
Other long-term assets	291	278
Total assets	278,616	342,389
Current liabilities:
Accounts payable	5,308	7,862
Accrued expenses and other current liabilities	11,114	14,580
Current portion of operating lease liability	2,667	3,127
Total current liabilities	19,089	25,569
Defined benefit plan liability	1,505	1,533
Operating lease liability	44,368	43,874
Total liabilities	64,962	70,976
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized, 49,643,653 shares issued and 49,592,479 shares outstanding as of June 30, 2023; and 500,000,000 shares authorized, 49,445,802 shares issued and 49,323,531 shares outstanding as of December 31, 2022	5	5
Additional paid-in capital	513,041	503,696
Accumulated other comprehensive loss	(1,640)	(1,752)
Accumulated deficit	(297,752)	(230,536)
Total stockholders' equity	213,654	271,413
Total liabilities and stockholders' equity	$ 278,616	$ 342,389

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

7. Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use, or ROU, assets and operating lease liabilities in the condensed consolidated balance sheets. The Company has no finance leases as of June 30, 2023.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at

commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Klybeck Lease

In March 2021, the Company entered into an operating lease agreement for office and lab space with Wincasa AG, or the landlord, that occupies approximately 21,422 square feet located at Hochbergerstrasse 60C, 4057 Basel, Basel-City, Switzerland. In April 2023, the Company and the Landlord amended the Klybeck Lease which increased the office and lab space square footage from 21,422 square feet to 44,685 square feet and extended the term of the lease through June 30, 2027. The amendment was accounted for as a lease modification and resulted in an increases to the related ROU asset and operating lease liability of $1.8 million.

Harrison Avenue Lease

In December 2021, the Company entered into a non-cancelable lease agreement for 63,327 square feet of office and laboratory space to support its expanding operations, or the Harrison Avenue Lease. The term of the lease commenced on April 1, 2022 and the Company’s obligation to pay rent began on December 21, 2022, which resulted in noncash lease expense of $1.6 million for the six months ended June 30, 2022. The initial term of the lease is 128 months following the commencement date at which point the Company has the option to extend the lease an additional 5 years. As of the lease commencement date, the Company has determined that it is not reasonably certain to exercise the option to extend the lease and has not included the extension period in the lease term. The annual base rent under the Harrison Avenue Lease is $95.00 per square foot for the first year, which is subject to scheduled annual increases of 3%, plus certain costs, operating expenses and property management fees.

Pursuant to the terms of the Harrison Avenue Lease, the landlord will reimburse the Company for $13 million of tenant improvements. The Company will reduce the ROU asset and record an asset for construction in progress as costs are incurred and reimbursed. These costs were reclassified from construction in progress to leasehold improvements upon completion of the project. As of June 30, 2023, the Company had $1.0 million receivable in reimbursable tenant improvements which is recorded as an other receivable on the condensed consolidated balance sheet.

The components of lease expense for the six months ended June 30, 2023 are as follows (in thousands):


	Six months ended June 30,
	2023		2022
Operating lease expense	$	3,983	$	2,703
Variable lease expense		1,128		617
Total lease expense	$	5,111	$	3,320

The variable lease expenses generally include common area maintenance and property taxes. For six months ended June 30, 2023, $4.3 million lease expense was recorded within research and development and $0.8 million lease expense was recorded within general and administrative in the condensed consolidated statements of operations and comprehensive loss. Short-term lease costs for the six months ended June 30, 2023 were immaterial.

The weighted average remaining lease term and discount rate related to the Company's leases are as follows:


	June 30, 2023			December 31, 2022
Weighted average remaining lease term (years)		9.2			9.7
Weighted average discount rate		9.8	%		9.9	%

Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2023 are as follows (in thousands):


	Six months ended June 30,
	2023		2022
Right-of-use assets obtained in exchange for operating lease obligations	$	1,871	$	48,488
Cash paid for amounts included in the measurement of lease liabilities	$	1,790	$	712

The amortization of the ROU assets for the six months ended June 30, 2023 and 2022 was $1.5 million and $1.4 million, respectively.

Future minimum lease payments under non-cancelable leases as of June 30, 2023 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments
Remaining 2023	$	3,432
2024		7,385
2025		7,676
2026		7,877
2027		7,621
Thereafter		38,386
Total undiscounted minimum lease payments		72,377
Less: Imputed interest		(25,342	)
Total operating lease liability	$	47,035

Stock-based compensation - Schedule of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, forfeited	(318,970)
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested restricted stock, beginning balance	91,000
Number of shares, Granted	206,665
Number of shares, forfeited	(3,800)
Number of shares, Unvested, ending balance	293,865
Weighted average grant date fair value, beginning balance \| $ / shares	$ 10.11
Weighted average grant date fair value, Granted \| $ / shares	7.55
Weighted average grant date fair value, Forfeited \| $ / shares	10.11
Weighted average grant date fair value, ending balance \| $ / shares	$ 8.31

- Definition

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

+ References

+ Details

Employee retirement plans - Schedule of Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Pension expense	$ 235	$ 205	$ 451	$ 402

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation.
Liquidity Consideration	Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares and public offerings of the Company's common stock. The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of June 30, 2023, the Company had an accumulated deficit of $297.8 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $67.2 million and $50.4 million for the six months ended June 30, 2023 and 2022, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $203.1 million as of June 30, 2023 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the second quarter interim condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.
Unaudited Financial Information	Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act, or the JOBS Act. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures. Recently adopted accounting pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. \\\

Equity - Additional Information (Details) - USD ($)		6 Months Ended
Equity - Additional Information (Details) - USD ($)	Jul. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000	500,000,000
Common stock shares issued		49,643,653	49,445,802
Preferred stock, shares authorized		10,000,000	10,000,000
Common stock, shares, issued during the period		0
Preferred stock, par value		$ 0.0001	$ 0.0001
Preferred stock shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock shares outstanding		49,592,479	49,323,531
Dividends declared		$ (0)
Dividends paid		$ 0
Common stock, voting rights		one
Unvested Restricted Common Stock Awards
Class of Stock [Line Items]
Vesting term		4 years
Jefferies LLC [Member]
Class of Stock [Line Items]
Percentage of Commission payable to Related Party	3.00%
Gross Proceeds from sale of Common Stock	$ 100,000,000
Undesignated Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000
Preferred stock, par value		$ 0.0001
Preferred stock shares issued		0
Preferred stock, shares outstanding		0

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Net loss	$	(35,178	)	$	(26,469	)	$	(67,216	)	$	(50,401	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.71	)	$	(0.57	)	$	(1.36	)	$	(1.08	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		49,431,922			46,668,369			49,389,931			46,632,279

Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	June 30,		June 30,
	2023		2022
Stock options to purchase common stock		9,908,375		7,192,968
Restricted common stock		51,174		189,316
Restricted stock units		293,865		—

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	Apr. 30, 2018	Jun. 30, 2023	Dec. 31, 2022
Common stock, shares, issued		49,643,653	49,445,802
Maximum [Member]
Milestone Payments, Maximum	$ 7.0
CRT
Common stock, shares, issued	1,132,984
Milestone Payments	$ 3.5

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

9. Equity

Undesignated Preferred Stock

The Company had 10,000,000 shares authorized of undesignated preferred stock, par value of $0.0001, of which no shares were issued and outstanding as of June 30, 2023.

Common Stock

The Company had 500,000,000 shares of common stock authorized, of which 49,643,653 shares were issued and 49,592,479 shares were outstanding as of June 30, 2023.

The holders of common stock are entitled to dividends when and if declared by the board of directors, subject to the preferences applicable to any outstanding shares of preferred stock. The board of directors has not declared any dividends and the Company has not paid any dividends.

The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders.

The Company has issued restricted stock to founders, employees and consultants, and expense for this restricted stock is recognized on a straight-line basis (see Note 10). The restricted stock generally vests monthly over 4 years.

As of June 30, 2023, and December 31, 2022, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options:


	June 30, 2023		December 31, 2022
Options to purchase common stock		9,908,375		7,436,339
Unvested restricted common stock awards		51,174		122,271
Unvested restricted common stock units		293,865		91,000
		10,253,414		7,649,610

At-the-Market Offering

In July 2022, the Company entered into a sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $100 million from time to time in “at-the-market” offerings through Jefferies, as the Company’s sales agent. The Company agreed to pay Jefferies a commission of up to 3.0% of the gross proceeds of any shares sold by Jefferies under the Sales Agreement. During the six months ended June 30, 2023, the Company did not sell shares of its common stock under the Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

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

+ Details

Convertible Preferred Stock - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock price per share	$ 0.0001	$ 0.0001
Preferred stock shares issued	0	0

- Definition

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

+ References

+ Details

Property and Equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,391	$ 889	$ 2,542	$ 1,642

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair value measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	As of June 30, 2023
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	38,434	$	—	$	—	$	38,434
Pension plan assets		—		5,785		—		5,785
Corporate debt securities		—		129,702		—		129,702
U.S Treasury securities		—		26,337		—		26,337
Total assets measured at fair value	$	38,434	$	161,824	$	—	$	200,258

Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund and are classified within Level 2 of the fair value hierarchy.

Marketable securities consist of corporate debt securities and U.S. Treasury securities which are classified as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets. The fair values of these investments are estimated 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 based on historical data and other observable inputs.

There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2023 and 2022.

- Definition

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

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis


	As of June 30, 2023
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	38,434	$	—	$	—	$	38,434
Pension plan assets		—		5,785		—		5,785
Corporate debt securities		—		129,702		—		129,702
U.S Treasury securities		—		26,337		—		26,337
Total assets measured at fair value	$	38,434	$	161,824	$	—	$	200,258

Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 43,899	$ 33,326
Less: accumulated depreciation	(8,564)	(6,251)
Property and equipment, net	35,335	27,075
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	20,992	17,766
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,002	499
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,099	388
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	20,752	2,660
Construction in process
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 54	$ 12,013

Employee Retirement Plan

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Retirement Plan

13. Employee retirement plans

The Company, in compliance with Swiss Law, is contracted with the Swiss Life Collective BVG Foundation for the provision of pension benefits in a defined benefit plan. All benefits are reinsured in their entirety with Swiss Life Ltd within the framework of the contract. The technical administration and management of the savings account are guaranteed by Swiss Life on behalf of the collective foundation. Insurance benefits due are paid directly to the entitled persons by Swiss Life in the name of and for the account of the collective foundation. The pension plan is financed by contributions of both employees and employer. The contract between the Company and the collective foundation can be terminated by either side. In the event of a termination, the Company would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company. The pension assets are pooled for all affiliated companies; the investment of assets is done by the governing bodies of the collective foundation or by mandated parties. The risks of disability, death and longevity are reinsured in their entirety with Swiss Life Ltd.

The following table summarizes pension expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Pension expense	$	235	$	205	$	451	$	402

In February 2021, the Company adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible U.S. based employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right, but is not obligated, to make additional contributions to this plan. The Company makes safe-harbor match contributions of 100% of the first 4% of each participant’s eligible compensation.

The following table summarize 401(k) expense incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
401(k) expense	$	114	$	139	$	389	$	335

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options

As of June 30, 2023, and December 31, 2022, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options:


	June 30, 2023		December 31, 2022
Options to purchase common stock		9,908,375		7,436,339
Unvested restricted common stock awards		51,174		122,271
Unvested restricted common stock units		293,865		91,000
		10,253,414		7,649,610

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance (in shares) begening at Dec. 31, 2021		46,535,966
Balance begening period at Dec. 31, 2021	$ 347,515	$ 5	$ 471,566	$ (2,021)	$ (122,035)
Restricted common stock vesting, Shares		34,505
Exercise of common stock options	153		153
Exercise of common stock options, Shares		60,240
Provision for pension benefit obligation	34			34
Stock-based compensation expense	2,251		2,251
Unrealized loss on available-for-sale securities	(146)			(146)
Net loss before income taxes	(23,932)				(23,932)
Balance end period at Mar. 31, 2022	325,875	$ 5	473,970	(2,133)	(145,967)
Balance (in shares) period end at Mar. 31, 2022		46,630,711
Balance (in shares) begening at Dec. 31, 2021		46,535,966
Balance begening period at Dec. 31, 2021	347,515	$ 5	471,566	(2,021)	(122,035)
Net loss before income taxes	(50,401)
Balance end period at Jun. 30, 2022	302,050	$ 5	476,939	(2,458)	(172,436)
Balance (in shares) period end at Jun. 30, 2022		46,684,658
Balance (in shares) begening at Mar. 31, 2022		46,630,711
Balance begening period at Mar. 31, 2022	325,875	$ 5	473,970	(2,133)	(145,967)
Restricted common stock vesting, Shares		34,508
Exercise of common stock options	96		96
Exercise of common stock options, Shares		19,439
Provision for pension benefit obligation	33			33
Stock-based compensation expense	2,873		2,873
Unrealized loss on available-for-sale securities	(358)			(358)
Net loss before income taxes	(26,469)				(26,469)
Balance end period at Jun. 30, 2022	302,050	$ 5	476,939	(2,458)	(172,436)
Balance (in shares) period end at Jun. 30, 2022		46,684,658
Balance (in shares) begening at Dec. 31, 2022		49,323,531
Balance begening period at Dec. 31, 2022	271,413	$ 5	503,696	(1,752)	(230,536)
Restricted common stock vesting, Shares		33,192
Exercise of common stock options	18		18
Exercise of common stock options, Shares		4,261
Provision for pension benefit obligation	14			14
Stock-based compensation expense	3,974		3,974
Unrealized loss on available-for-sale securities	(345)			(345)
Net loss before income taxes	(32,038)				(32,038)
Balance end period at Mar. 31, 2023	243,726	$ 5	507,688	(1,393)	(262,574)
Balance (in shares) period end at Mar. 31, 2023		49,360,984
Balance (in shares) begening at Dec. 31, 2022		49,323,531
Balance begening period at Dec. 31, 2022	$ 271,413	$ 5	503,696	(1,752)	(230,536)
Exercise of common stock options, Shares	151,594
Net loss before income taxes	$ (67,216)
Balance end period at Jun. 30, 2023	213,654	$ 5	513,041	(1,640)	(297,752)
Balance (in shares) period end at Jun. 30, 2023		49,592,479
Balance (in shares) begening at Mar. 31, 2023		49,360,984
Balance begening period at Mar. 31, 2023	243,726	$ 5	507,688	(1,393)	(262,574)
Restricted common stock vesting, Shares		32,185
Exercise of common stock options	897		897
Exercise of common stock options, Shares		147,333
Issuance of shares under employee stock purchase plan, Shares		51,977
Provision for pension benefit obligation	14			14
Stock-based compensation expense	4,153		4,153
Unrealized loss on available-for-sale securities	(261)			(261)
Issuance of shares under employee stock purchase plan	303		303
Net loss before income taxes	(35,178)				(35,178)
Balance end period at Jun. 30, 2023	$ 213,654	$ 5	$ 513,041	$ (1,640)	$ (297,752)
Balance (in shares) period end at Jun. 30, 2023		49,592,479

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Lease Expense

The components of lease expense for the six months ended June 30, 2023 are as follows (in thousands):


	Six months ended June 30,
	2023		2022
Operating lease expense	$	3,983	$	2,703
Variable lease expense		1,128		617
Total lease expense	$	5,111	$	3,320

Schedule of Lease Terms and Discount Rate

The weighted average remaining lease term and discount rate related to the Company's leases are as follows:


	June 30, 2023			December 31, 2022
Weighted average remaining lease term (years)		9.2			9.7
Weighted average discount rate		9.8	%		9.9	%

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2023 are as follows (in thousands):


	Six months ended June 30,
	2023		2022
Right-of-use assets obtained in exchange for operating lease obligations	$	1,871	$	48,488
Cash paid for amounts included in the measurement of lease liabilities	$	1,790	$	712

Schedule of Future Minimum Payments Under Non -cancelable Operating Leases

Future minimum lease payments under non-cancelable leases as of June 30, 2023 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments
Remaining 2023	$	3,432
2024		7,385
2025		7,676
2026		7,877
2027		7,621
Thereafter		38,386
Total undiscounted minimum lease payments		72,377
Less: Imputed interest		(25,342	)
Total operating lease liability	$	47,035

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Monte Rosa Therapeutics, Inc.
Entity Central Index Key	0001826457
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Security12b Title	Common stock, par value $0.0001 per share
Trading Symbol	GLUE
Security Exchange Name	NASDAQ
Entity File Number	001-40522
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	84-3766197
Entity Address Address Line1	321 Harrison Avenue
Entity Address, Address Line Two	Suite 900
Entity Address City Or Town	Boston
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02118
City Area Code	617
Local Phone Number	949-2643
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	49,643,653	49,445,802
Common stock shares outstanding	49,592,479	49,323,531

Marketable Securities (Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale, Unrealized Loss Position \| $	$ 114.9
Number of marketable securities held \| Security	38

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance \| shares	7,436,339
Number of options, granted \| shares	2,942,600
Number of options, exercised \| shares	(151,594)
Number of shares, forfeited \| shares	(318,970)
Number of options, ending balance \| shares	9,908,375	7,436,339
Number of options, vested or expected to vest \| shares	9,908,375
Number of options, exercisable \| shares	3,495,562
Weighted average exercise price, beginning balance \| $ / shares	$ 9.14
Weighted average exercise price, granted \| $ / shares	7.63
Weighted average exercise price, exercised \| $ / shares	6.04
Weighted average exercise price, forfeited \| $ / shares	8.47
Weighted average exercise price, ending balance \| $ / shares	8.76	$ 9.14
Weighted average exercise price, vested or expected to vest \| $ / shares	8.76
Weighted average exercise price, exercisable \| $ / shares	$ 8.41
Weighted average remaining contractual term (years), balance	8 years 4 months 24 days	8 years 6 months
Weighted average remaining contractual term (years), vested or expected to vest	8 years 4 months 24 days
Weighted average remaining contractual term (years), exercisable	7 years 9 months 18 days
Aggregate intrinsic value, beginning balance \| $	$ 12,440
Aggregate intrinsic value, ending balance \| $	9,288	$ 12,440
Aggregate intrinsic value, vested or expected to vest \| $	9,288
Aggregate intrinsic value, exercisable \| $	$ 5,861

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss before income taxes	$ (35,178)	$ (32,038)	$ (26,469)	$ (23,932)	$ (67,216)	$ (50,401)
Net loss per share attributable to common stockholders-basic	$ (0.71)		$ (0.57)		$ (1.36)	$ (1.08)
Net loss per share attributable to common stockholders-diluted	$ (0.71)		$ (0.57)		$ (1.36)	$ (1.08)
Weighted-average number of common shares used in computing net loss per share-basic	49,431,922		46,668,369		49,389,931	46,632,279
Weighted-average number of common shares used in computing net loss per share-diluted	49,431,922		46,668,369		49,389,931	46,632,279

- Definition

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

+ References

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- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income taxes

11. Income taxes

During the six months ended June 30, 2023, the Company recorded an income tax provision of $0.2 million. The income tax provision is primarily related to interest income on marketable securities in Massachusetts and the US taxable income generated from the capitalization of research and development expenses. The Company did not record a provision or benefit for income taxes during the six months ended June 30, 2022.

The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize our deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercial products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details