0000950170-24-093296 | 10-Q | XBRL Viewer | Monte Rosa Therapeutics INC

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,310)	$ (31,968)	$ (35,178)	$ (32,038)	$ (62,278)	$ (67,216)

- Definition

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

+ References

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+ Details

Commitments and contigencies	6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and contingencies Legal Proceedings From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. As of June 30, 2024, the Company is not a party to any litigation and does not have a contingency reserve established for any litigation liabilities.

Commitments and contigencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and contingencies

Legal Proceedings

From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. As of June 30, 2024, the Company is not a party to any litigation and does not have a contingency reserve established for any litigation liabilities.

Net Loss Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (30,310)	$ (31,968)	$ (35,178)	$ (32,038)	$ (62,278)	$ (67,216)
Net loss per share attributable to common stockholders-basic	$ (0.43)		$ (0.71)		$ (0.95)	$ (1.36)
Net loss per share attributable to common stockholders-diluted	$ (0.43)		$ (0.71)		$ (0.95)	$ (1.36)
Weighted-average number of common shares used in computing net loss per share-basic	71,233,992		49,431,922		65,695,095	49,389,931
Weighted-average number of common shares used in computing net loss per share-diluted	71,233,992		49,431,922		65,695,095	49,389,931

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Accrued expenses and other current liabilities - Summery Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation and benefits	$ 5,143	$ 7,593
Accrued research and development	5,665	5,336
Other	1,951	1,671
Total other current liabilities	$ 12,759	$ 14,600

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 108,847	$ 128,101
Marketable securities	153,358	104,312
Accounts Receivable	9,000
Other receivables	842	505
Prepaid expenses and other current assets	5,849	3,294
Total current assets	277,896	236,212
Property and equipment, net	33,250	33,803
Operating lease right-of-use assets	27,893	28,808
Restricted cash	4,866	4,580
Other long-term assets	209	352
Total assets	344,114	303,755
Current liabilities:
Accounts payable	6,473	11,152
Accrued expenses and other current liabilities	12,759	14,600
Current deferred revenue	19,645	17,678
Current portion of operating lease liability	3,471	3,162
Total current liabilities	42,348	46,592
Deferred revenue, net of current	33,596	32,323
Defined benefit plan liability	2,614	2,713
Operating lease liability	40,885	42,877
Total liabilities	119,443	124,505
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized, 61,333,597 shares issued and 61,328,282 shares outstanding as of June 30, 2024; and 50,154,929 shares issued and 50,140,233 shares outstanding as of December 31, 2023	6	5
Additional paid-in capital	655,501	547,857
Accumulated other comprehensive loss	(2,670)	(2,724)
Accumulated deficit	(428,166)	(365,888)
Total stockholders' equity	224,671	179,250
Total liabilities and stockholders' equity	$ 344,114	$ 303,755

Employee retirement plans - Schedule of Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension expense	$ 261	$ 235	$ 543	$ 451

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

10. 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, 2024.

Common Stock

The Company had 500,000,000 shares of common stock authorized, of which 61,333,597 shares were issued and 61,328,282 shares were outstanding as of June 30, 2024.

Additionally, the Company has issued pre-funded warrants to purchase 20,638,924 shares of the Company's common stock to an accredited investor. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per share. The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of a Pre-Funded Warrant may not exercise such Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, up to 19.99%) of the number of shares of the Company’s common

stock outstanding immediately after giving effect to such exercise. No pre-funded warrants have been exercised as of June 30, 2024.

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 11). The restricted stock generally vests monthly over 4 years.

As of June 30, 2024, and December 31, 2023, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options:


	June 30, 2024		December 31, 2023
Options to purchase common stock		11,535,569		9,394,930
Unvested restricted common stock awards		5,315		14,696
Unvested restricted common stock units		153,634		236,519
Pre-funded warrants		20,638,924		10,000,400
		32,333,442		19,646,545

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, 2024, the Company sold 130,506 shares of common stock under the Sales Agreement for aggregate gross proceeds of $1.0 million, or aggregate net proceeds of $0.9 million after deducting sales agent discounts, commissions, and other offering costs. During the six months ended June 30, 2023, the Company did not sell shares of its common stock under the Sales Agreement.

Underwritten Public Offering

In May 2024, the Company entered into an underwriting agreement with TD Securities (USA) LLC, as representative of the several underwriters, related to an underwritten public offering, or the Offering, of 10,638,476 shares of common stock at a price of $4.70 per share, and, in lieu of Common Stock to certain investors, pre-funded warrants to purchase 10,638,524 shares of Common Stock at a price of $4.6999 per pre-funded warrant, which represents the price per share at which shares of Common Stock were sold in this Offering, minus $0.0001, which is the exercise price of each pre-funded warrant. The pre-funded warrants are immediately exercisable and may be exercised at any time until the pre-funded warrants are exercised in full. Aggregate gross proceeds from the Offering were $100 million, or aggregate net proceeds of $96.4 million after deducting the underwriter discounts, commissions, and other offering costs.

Registered Direct Offering

In October 2023, the Company sold in a registered direct offering pursuant to a securities purchase agreement pre-funded warrants to purchase 10,000,400 shares of the Company’s common stock to an accredited investor at a purchase price of $2.4999 per pre-funded warrant for aggregate gross proceeds of $25.0 million. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per share.

- Definition

The entire disclosure for equity.

+ References

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-Section 50
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-Subparagraph (b)
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Income taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

12. Income taxes

During the six months ended June 30, 2024, the Company recorded an income tax provision of $0.3 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, 2023.

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 tax.

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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (62,278)	$ (67,216)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	9,375	8,127
Depreciation	3,957	2,542
Net accretion of discounts/premiums on marketable securities	(1,163)	(2,680)
Loss on sale of marketable securities	0	131
Gain on disposal of property and equipment	0	(24)
Changes in operating assets and liabilities
Accounts receivable	(9,000)	0
Other receivables	(337)	1,858
Prepaid expenses and other current assets	(2,412)	547
Accounts payable	(4,676)	(696)
Accrued expenses and other current liabilities	(1,842)	(520)
Defined benefit plan liability	(29)	0
Right-of-use assets and operating lease liabilities	(768)	9,201
Deferred revenue	3,241	0
Net cash used in operating activities	(65,932)	(48,730)
Cash flows from investing activities:
Purchases of property and equipment	(3,406)	(15,693)
Proceeds from the sale of property and equipment	0	62
Purchases of marketable securities	(130,027)	(67,824)
Proceeds from sale of marketable securities	0	45,631
Proceeds from maturities of marketable securities	82,128	76,700
Net cash provided by (used in) investing activities	(51,305)	38,876
Cash flows from financing activities:
Proceeds from underwritten public offering cost, net of underwriter's discount of $3,000	47,001	0
Proceeds from the issuance of pre-funded warrants	50,000	0
Payment of common stock and pre-funded warrant issuance costs	(641)	0
Proceeds from exercise of employee stock options	667	915
Proceeds from employee stock purchase plan	298	303
Net cash provided by financing activities	98,269	1,218
Net decrease in cash, cash equivalents and restricted cash	(18,968)	(8,636)
Cash, cash equivalents and restricted cash—beginning of period	132,681	60,190
Cash, cash equivalents and restricted cash-end of period	113,713	51,554
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	108,847	47,027
Restricted cash	4,866	4,527
Total cash, cash equivalents and restricted cash	113,713	51,554
Supplemental disclosure of noncash items
Reduction of right-of-use assets for lease incentives receivable	0	4,644
Purchases of property and equipment in accounts payable and accrued expenses	235	1,438
At-the-Market Offering
Cash flows from financing activities:
Proceeds from sale of common stock pursuant to the at-the-market sales agreement, net of underwriter's discount of $29	$ 944	$ 0

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted common stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested restricted stock, beginning balance \| shares	14,696
Number of shares, Vested \| shares	(9,381)
Number of shares, Unvested, ending balance \| shares	5,315
Weighted average grant date fair value, beginning balance \| $ / shares	$ 2.19
Weighted average grant date fair value, vested \| $ / shares	2.19
Weighted average grant date fair value, ending balance \| $ / shares	$ 2.19

- Definition

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

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+ Details

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2024
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 November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. \\\

Employee Retirement Plan - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
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%

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock price per share	$ 0.0001	$ 0.0001
Payments of stock issuance costs	$ 290

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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

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

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

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

+ Details

Employee retirement plans - Schedule of Defined Contribution Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined contribution expense	$ 181	$ 114	$ 537	$ 389

Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities as of June 30, 2024 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	73,655	$	6	$	(43	)		73,618
U.S Treasury securities		79,771		1		(32	)		79,740
Total	$	153,426	$	7	$	(75	)	$	153,358

Market securities as of December 31, 2023 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	79,870	$	4	$	(58	)		79,816
U.S Treasury securities		24,495		11		(10	)		24,496
Total	$	104,365	$	15	$	(68	)	$	104,312

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, 2024 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.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
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 Common Stock, Shares Outstanding		61,372,824
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	GLUE
Security Exchange Name	NASDAQ
Securities Act File Number	001-40522
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3766197
Entity Address, Address Line One	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

Leases - Schedule of Future Minimum Payments Under Non -cancelable Operating Leases (Details) - Non-cancelable leases [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024	$ 3,751
2025	7,685
2026	7,881
2027	7,620
2028	7,356
Thereafter	31,010
Total undiscounted minimum lease payments	65,303
Less: Imputed interest	(20,947)
Total operating lease liability	$ 44,356

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	32,333,442		19,646,545
Restricted common stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of restricted stock vested		$ 0.5
Weighted average grant fair value, granted	$ 2.19	$ 0.76
Unrecognized stock based compensation cost, units	$ 0.9
Expected remaining cost, weighted average period, units	10 months 24 days
Number of shares, Unvested, ending balance	5,315
Weighted average grant date fair value, ending balance	$ 2.19
Unvested Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation cost	$ 30.7
Expected remaining cost, weighted average period	2 years 7 months 6 days
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of restricted stock vested	$ 0.3
Weighted average grant fair value, granted	$ 7.55	$ 0
Number of shares, Unvested, ending balance	153,634
Weighted average grant date fair value, ending balance	$ 8.24
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	2,507,011
Shares Issued	3,359,639
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	1,064,399

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	At-the-Market Offering	Underwritten Public Offiering	Common Stock	Common Stock At-the-Market Offering	Common Stock Underwritten Public Offiering	Additional Paid-in Capital	Additional Paid-in Capital At-the-Market Offering	Additional Paid-in Capital Underwritten Public Offiering	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance (in shares) beginning at Dec. 31, 2022				49,323,531
Balance beginning 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 Income (Loss)	(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) beginning at Dec. 31, 2022				49,323,531
Balance beginning period at Dec. 31, 2022	271,413			$ 5			503,696			(1,752)	(230,536)
Net Income (Loss)	(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) beginning at Mar. 31, 2023				49,360,984
Balance beginning 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 Income (Loss)	(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
Balance (in shares) beginning at Dec. 31, 2023				50,140,233
Balance beginning period at Dec. 31, 2023	179,250			$ 5			547,857			(2,724)	(365,888)
Restricted common stock vesting, Shares				4,691
Exercise of common stock options	246						246
Exercise of common stock options, Shares				45,108
Issuance of common stock pursuant to the at-the-market sales agreement, Shares				10,272
Issuance of common stock pursuant to the at-the-market sales agreement	87						87
Provision for pension benefit obligation	35									35
Stock-based compensation expense	4,873						4,873
Unrealized loss on available-for-sale securities	4									4
Net Income (Loss)	(31,968)										(31,968)
Balance end period at Mar. 31, 2024	152,519			$ 5			553,063			(2,693)	(397,856)
Balance (in shares) period end at Mar. 31, 2024				50,200,304
Balance (in shares) beginning at Dec. 31, 2023				50,140,233
Balance beginning period at Dec. 31, 2023	$ 179,250			$ 5			547,857			(2,724)	(365,888)
Exercise of common stock options, Shares	235,268
Net Income (Loss)	$ (62,278)
Balance end period at Jun. 30, 2024	224,671			$ 6			655,501			(2,670)	(428,166)
Balance (in shares) period end at Jun. 30, 2024				61,328,282
Balance (in shares) beginning at Mar. 31, 2024				50,200,304
Balance beginning period at Mar. 31, 2024	152,519			$ 5			553,063			(2,693)	(397,856)
Restricted common stock vesting, Shares				85,249
Exercise of common stock options	422						422
Exercise of common stock options, Shares				190,160
Issuance of shares under employee stock purchase plan, Shares				93,859
Issuance of common stock, shares					120,234	10,638,476
Issuance of common stock		$ 797	$ 46,710			$ 1		$ 797	$ 46,709
Issuance of pre-funded warrant, net of issuance costs of $290	49,710						49,710
Provision for pension benefit obligation	35									35
Stock-based compensation expense	4,502						4,502
Unrealized loss on available-for-sale securities	12									12
Issuance of shares under employee stock purchase plan	298						298
Net Income (Loss)	(30,310)										(30,310)
Balance end period at Jun. 30, 2024	$ 224,671			$ 6			$ 655,501			$ (2,670)	$ (428,166)
Balance (in shares) period end at Jun. 30, 2024				61,328,282

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

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, 2024
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	108,209	$	—	$	—	$	108,209
Pension plan assets		—		8,977		—		8,977
Corporate debt securities		—		73,618		—		73,618
U.S Treasury securities		—		79,740		—		79,740
Total assets measured at fair value	$	108,209	$	162,335	$	—	$	270,544


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	122,791	$	—	$	—	$	122,791
Pension plan assets		—		9,317		—		9,317
Corporate debt securities		—		79,816		—		79,816
U.S Treasury securities		—		24,496		—		24,496
Total assets measured at fair value	$	122,791	$	113,629	$	—	$	236,420

Collaboration And License Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and license agreements

9. Collaboration and license agreements

Roche Collaboration and License Agreement

Description

In October 2023, Monte Rose Therapeutics AG, a wholly-owned subsidiary of Monte Rosa Therapeutics, Inc, or the Company, entered into a collaboration and license agreement with Roche. Pursuant to the agreement, the parties will seek to identify and develop molecular glue degraders, or MGDs, against cancer or neurological disease targets using the Company’s proprietary drug discovery platform for an initial set of targets in oncology and neuroscience selected by Roche, with Roche having an option to expand the collaboration to include additional option targets, wherein a certain number of targets selected by Roche are subject to replacement rights owned by Roche. The Company will lead pre-clinical discovery and research activities with Roche leading late pre-clinical and clinical development activities.

Under the Agreement, Roche will have a worldwide, exclusive license under patents and know-how controlled by the Company to develop and commercialize products directed to applicable targets. The license exclusivity is subject to the Company’s retained rights solely to fulfill its obligations under the arrangement.

The research collaboration activities governed by the Agreement will be overseen by a joint research committee.

Unless earlier terminated, the Agreement will remain in effect for each product licensed under the Agreement until expiration of the royalty term for the applicable product. The parties have included termination provisions in the agreement, allowing termination of the Agreement in its entirety, on a country-by-country or a target-by-target basis.

Pricing

In November 2023, the Company received a $50.0 million non-refundable upfront payment for the initial set of targets. Pursuant to the terms of the agreement, the Company expects to be entitled to receive from Roche certain variable consideration including potential pre-clinical milestones up to $172 million, and potential clinical, commercial and sales milestones exceeding $2 billion. For the additional option targets, upon Roche’s exercise of their option, the Company is entitled to receive an upfront payment of up to $28 million and potential pre-clinical, clinical, commercial and sales milestones exceeding $1 billion. The Company is also eligible to receive tiered royalties ranging from high-single-digits to low-teens on any products that are commercialized by Roche as a result of the collaboration.

As of June 30, 2024, the Company is due $9.0 million related to Roche's decision to exercise its option rights for continued research and development services. The related payments due are classified as accounts receivable and deferred revenue in the accompanying condensed consolidated balance sheet.

Accounting

This agreement represents a transaction with a customer and therefore is accounted for under ASC 606 Revenue From Contracts With Customers.

The Company determined that the development and commercialization licenses for each of the collaboration targets is neither capable of being distinct nor distinct within the context from the promised initial research services. In addition, the Company has determined that each target in the agreement is distinct from other targets because: (i) Roche can benefit from the license and research services for a given target on their own since the results related thereto can be evaluated discretely and (ii) the results of the research and development of each target does not affect either the Company’s ability to perform or Roche’s ability to assess the results for any other target. As such, the Company has identified certain performance obligations within the agreement as follows:

•

Performance obligations for the research and development of initial targets

•

Performance obligations for the research and development services related to Roche’s option to replace certain targets

The total transaction price of the Roche Agreement is allocated to the performance obligations based on their relative standalone selling price. The Company developed the standalone selling price for the performance obligations included in the Roche Agreement by determining the total estimated costs to fulfill each performance obligation identified with the objective of determining the price at which it would sell such an item if it were to be sold regularly on a standalone basis. The allocated transaction price is recognized as revenue from collaboration agreements in one of two ways:

•

Research and development of the initial targets: The Company recognizes the portion of the transaction price allocated to each of the research and development performance obligations as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation.

•

Option rights: The transaction price allocated to the options rights, which are considered material rights, is deferred until the period that Roche elects to exercise or elects to not exercise its option right to license and commercialize the underlying research and development target. Upon Roche's exercise of an option right, the Company will recognize the portion of the transaction price allocated using the input method described above. Any payments made to exercise option rights will be added to the allocated value and recognized as the related services are performed.

As of June 30, 2024, $5.8 million has been recognized as collaboration revenue in the condensed consolidated statements of operations and comprehensive loss and the remaining $53.2 million of the upfront payment and subsequent milestone payments related to customer options are recorded as deferred revenue in the liabilities section of the condensed consolidated balance sheets.

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Lease Expense

The components of lease expense for the six months ended June 30, 2024 are as follows (in thousands):


	Six months ended June 30,
	2024		2023
Operating lease expense	$	3,249	$	3,983
Variable lease expense		2,131		1,128
Total lease expense	$	5,380	$	5,111

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, 2024			December 31, 2023
Weighted average remaining lease term (years)		8.2			8.6
Weighted average discount rate		9.8	%		9.8	%

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, 2024 are as follows (in thousands):


	Six months ended June 30,
	2024		2023
Right-of-use assets obtained in exchange for operating lease obligations	$	108	$	1,871
Cash paid for amounts included in the measurement of lease liabilities	$	1,372	$	1,790

Schedule of Future Minimum Payments Under Non -cancelable Operating Leases

Future minimum lease payments under non-cancelable leases as of June 30, 2024 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments
2024	$	3,751
2025		7,685
2026		7,881
2027		7,620
2028		7,356
Thereafter		31,010
Total undiscounted minimum lease payments		65,303
Less: Imputed interest		(20,947	)
Total operating lease liability	$	44,356

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable securities

Marketable securities as of June 30, 2024 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	73,655	$	6	$	(43	)		73,618
U.S Treasury securities		79,771		1		(32	)		79,740
Total	$	153,426	$	7	$	(75	)	$	153,358

Market securities as of December 31, 2023 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	79,870	$	4	$	(58	)		79,816
U.S Treasury securities		24,495		11		(10	)		24,496
Total	$	104,365	$	15	$	(68	)	$	104,312

- 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

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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

Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 49,450	$ 46,047
Less: accumulated depreciation	(16,200)	(12,244)
Property and equipment, net	33,250	33,803
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	24,581	22,079
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,192	1,052
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,099	1,099
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	22,216	20,893
Construction in process
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 362	$ 924

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023		9,394,930		$	8.78		8.0	$	4,741
Granted		2,828,540			5.53		—		—
Exercised		(235,268	)		2.84		—		—
Forfeited		(452,633	)		7.99		—		—
Outstanding—June 30, 2024		11,535,569		$	8.14		8.0	$	1,836
Vested or expected to vest—June 30, 2024		11,535,569		$	8.14		8.0	$	1,836
Exercisable—June 30, 2024		5,353,616		$	9.00		7.1	$	1,598

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 awards as of December 31, 2023		14,696		$	2.19
Vested		(9,381	)	$	2.19
Unvested restricted stock awards as of June 30, 2024		5,315		$	2.19

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, 2023		236,519		$	8.00
Granted		—		$	—
Vested		(80,559	)	$	7.55
Forfeited		(2,326	)	$	7.55
Unvested restricted stock units as of June 30, 2024		153,634		$	8.24

Schedule of Stock Based Compensation Expense

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


	Six months ended June 30,
	2024		2023
Research and development	$	5,315	$	4,411
General and administrative		4,060		3,716
Total stock-based compensation expense	$	9,375	$	8,127

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
Compensation and benefits	$	5,143	$	7,593
Accrued research and development		5,665		5,336
Other		1,951		1,671
Total other current liabilities	$	12,759	$	14,600

Stock-based compensation - Schedule of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, forfeited	(452,633)
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested restricted stock, beginning balance	236,519
Number of shares, Granted	0
Number of shares, Vested	(80,559)
Number of shares, forfeited	(2,326)
Number of shares, Unvested, ending balance	153,634
Weighted average grant date fair value, beginning balance \| $ / shares	$ 8
Weighted average grant date fair value, Granted \| $ / shares	0
Weighted average grant date fair value, Vested \| $ / shares	7.55
Weighted average grant date fair value, Forfeited \| $ / shares	7.55
Weighted average grant date fair value, ending balance \| $ / shares	$ 8.24

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

13. Net loss per common share

Basic and diluted net loss per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of the Company's common stock underlying pre-funded warrants are included in the

calculation of the basic and diluted earnings per share. Basic and diluted net loss per share are as follows (in thousands except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net loss	$	(30,310	)	$	(35,178	)	$	(62,278	)	$	(67,216	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.43	)	$	(0.71	)	$	(0.95	)	$	(1.36	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		71,233,992			49,431,922			65,695,095			49,389,931

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
	2024		2023
Stock options to purchase common stock		11,535,569		9,908,375
Restricted common stock		5,315		51,574
Restricted stock units		153,634		293,865

Leases - Schedule of Lease Terms and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	8 years 2 months 12 days	8 years 7 months 6 days
Weighted average discount rate	9.80%	9.80%

Employee Retirement Plan

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Retirement Plan

14. Employee retirement plans

The Company, in compliance with Swiss Law, is contracted with the AXA Leben AG for the provision of pension benefits in a defined benefit plan. All benefits are organized in a semi-autonomous collective foundation within the framework of the contract with AXA. Insurance benefits due are paid directly to the entitled persons by AXA 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.

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Pension expense	$	261	$	235	$	543	$	451

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. In January 2024, the Company adopted a defined contribution supplemental pension plan for eligible Swiss based employees defined by Swiss Law Art.1e BVV 2, or the 1e Plan. Employees earning above a defined threshold are eligible and automatically enrolled in the 1e Plan and required contributions are determined by age and salary under Swiss Law. The Company and the employee share the costs of the 1e Plan.

The following table summarizes defined contribution expenses incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Defined contribution expense	$	181	$	114	$	537	$	389

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-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 12: http://www.xbrl.org/2003/role/disclosureRef
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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

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,375	$ 8,127
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	5,315	4,411
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,060	$ 3,716

- 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

Marketable Securities - Summary of Marketable securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 153,426	$ 104,365
Unrealized Gains	7	15
Unrealized Losses	(75)	(68)
Fair Value	153,358	104,312
Corporate Debt Securities Member
Marketable Securities [Line Items]
Amortized Cost	73,655	79,870
Unrealized Gains	6	4
Unrealized Losses	(43)	(58)
Fair Value	73,618	79,816
US Treasury Securities Member
Marketable Securities [Line Items]
Amortized Cost	79,771	24,495
Unrealized Gains	1	11
Unrealized Losses	(32)	(10)
Fair Value	$ 79,740	$ 24,496

- Definition

Amount 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/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 103
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurements

3. Fair value measurements


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	108,209	$	—	$	—	$	108,209
Pension plan assets		—		8,977		—		8,977
Corporate debt securities		—		73,618		—		73,618
U.S Treasury securities		—		79,740		—		79,740
Total assets measured at fair value	$	108,209	$	162,335	$	—	$	270,544


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	122,791	$	—	$	—	$	122,791
Pension plan assets		—		9,317		—		9,317
Corporate debt securities		—		79,816		—		79,816
U.S Treasury securities		—		24,496		—		24,496
Total assets measured at fair value	$	122,791	$	113,629	$	—	$	236,420

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 Columna Collective Foundation Group 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, 2024 and 2023.

Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Total assets measured at fair value	$ 270,544	$ 236,420
Level 1 [Member]
Current assets
Total assets measured at fair value	108,209	122,791
Level 2 [Member]
Current assets
Total assets measured at fair value	162,335	113,629
Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
US Treasury Securities Member
Current assets
Total assets measured at fair value	79,740	24,496
US Treasury Securities Member \| Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
US Treasury Securities Member \| Level 2 [Member]
Current assets
Total assets measured at fair value	79,740	24,496
US Treasury Securities Member \| Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Money Market Funds [Member]
Current assets
Total assets measured at fair value	108,209	122,791
Money Market Funds [Member] \| Level 1 [Member]
Current assets
Total assets measured at fair value	108,209	122,791
Money Market Funds [Member] \| Level 2 [Member]
Current assets
Total assets measured at fair value	0	0
Money Market Funds [Member] \| Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets [Member]
Current assets
Total assets measured at fair value	8,977	9,317
Pension Plan Assets [Member] \| Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
Pension Plan Assets [Member] \| Level 2 [Member]
Current assets
Total assets measured at fair value	8,977	9,317
Pension Plan Assets [Member] \| Level 3 [Member]
Current assets
Total assets measured at fair value	0	0
Corporate Debt Securities Member
Current assets
Total assets measured at fair value	73,618	79,816
Corporate Debt Securities Member \| Level 1 [Member]
Current assets
Total assets measured at fair value	0	0
Corporate Debt Securities Member \| Level 2 [Member]
Current assets
Total assets measured at fair value	73,618	79,816
Corporate Debt Securities Member \| Level 3 [Member]
Current assets
Total assets measured at fair value	$ 0	$ 0

Description of Business and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Subsidiary Or Equity Method Investee [Line Items]
Restricted Cash and Cash Equivalents	$ 262,200				$ 262,200
Accumulated deficit	(428,166)				(428,166)		$ (365,888)
Net Income (Loss)	$ (30,310)	$ (31,968)	$ (35,178)	$ (32,038)	$ (62,278)	$ (67,216)

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies (Additional Information) (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, shares, issued	61,333,597	50,154,929

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
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	61,333,597	50,154,929
Common stock shares outstanding	61,328,282	50,140,233

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Stock issuance costs	$ 290
At-the-Market Offering
Stock issuance costs	89
Underwritten Public Offiering
Stock issuance costs	$ 3,290

Description of business and liquidity

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Description of business 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, or Monte Rosa 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 issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of common stock, registered direct offerings, and through a collaboration with Roche.

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, 2024, the Company had an accumulated deficit of $428.2 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $62.3 million and $67.2 million for the six months ended June 30, 2024 and 2023, 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 $262.2 million as of June 30, 2024 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.

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
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 issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of common stock, registered direct offerings, and through a collaboration with Roche. 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, 2024, the Company had an accumulated deficit of $428.2 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $62.3 million and $67.2 million for the six months ended June 30, 2024 and 2023, 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 $262.2 million as of June 30, 2024 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.
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.
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 November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The impact of the adoption of this standard will be immaterial to the accompanying condensed consolidated financial statements. \\\

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share are as follows (in thousands except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net loss	$	(30,310	)	$	(35,178	)	$	(62,278	)	$	(67,216	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.43	)	$	(0.71	)	$	(0.95	)	$	(1.36	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		71,233,992			49,431,922			65,695,095			49,389,931

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
	2024		2023
Stock options to purchase common stock		11,535,569		9,908,375
Restricted common stock		5,315		51,574
Restricted stock units		153,634		293,865

Leases (Additional Information) (Details)		1 Months Ended	3 Months Ended	6 Months Ended
Leases (Additional Information) (Details)	Dec. 14, 2021 USD ($) ft²	Apr. 30, 2023 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 01, 2021 ft²
Lessee, Lease, Description [Line Items]
Finance Lease				$ 0
Amortization of the ROU assets				1,000,000	$ 1,500,000
Tenant improvements				13,000,000
Research and Development
Lessee, Lease, Description [Line Items]
Short-Term Lease			$ 4,300,000	4,500,000
General and Administrative
Lessee, Lease, Description [Line Items]
Short-Term Lease			$ 800,000	$ 900,000
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%

Property and Equipment, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

5. Property and Equipment, net

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


	June 30, 2024			December 31, 2023
Laboratory equipment	$	24,581		$	22,079
Computer hardware and software		1,192			1,052
Furniture and fixtures		1,099			1,099
Leasehold improvements		22,216			20,893
Construction in process		362			924
Total property and equipment, at cost	$	49,450		$	46,047
Less: accumulated depreciation		(16,200	)		(12,244	)
Property and equipment, net	$	33,250		$	33,803

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Depreciation expense	$	2,060	$	1,391	$	3,957	$	2,542

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Provision for income taxes	$ (252)	$ (190)	$ (335)	$ (190)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. 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, 2024 the number of shares available under the 2021 Plan automatically increased by 2,507,011 shares pursuant to the evergreen provision of the 2021 Plan. As of June 30, 2024, 3,359,639 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, 2024 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, 2024, 1,064,399 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, 2023		9,394,930		$	8.78		8.0	$	4,741
Granted		2,828,540			5.53		—		—
Exercised		(235,268	)		2.84		—		—
Forfeited		(452,633	)		7.99		—		—
Outstanding—June 30, 2024		11,535,569		$	8.14		8.0	$	1,836
Vested or expected to vest—June 30, 2024		11,535,569		$	8.14		8.0	$	1,836
Exercisable—June 30, 2024		5,353,616		$	9.00		7.1	$	1,598

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 awards as of December 31, 2023		14,696		$	2.19
Vested		(9,381	)	$	2.19
Unvested restricted stock awards as of June 30, 2024		5,315		$	2.19

The aggregate fair value of restricted stock awards that vested during the six months ended June 30, 2024 was immaterial and $0.5 million for the six months ended June 30, 2023. The weighted average grant date fair value of

restricted stock awards that vested during the six months ended June 30, 2024 and 2023 was $2.19 and $0.76, 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, 2023		236,519		$	8.00
Granted		—		$	—
Vested		(80,559	)	$	7.55
Forfeited		(2,326	)	$	7.55
Unvested restricted stock units as of June 30, 2024		153,634		$	8.24

The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2024 was $0.3 million. The weighted average grant date fair value of restricted stock units that vested during six months ended June 30, 2024 was $7.55. 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,
	2024		2023
Research and development	$	5,315	$	4,411
General and administrative		4,060		3,716
Total stock-based compensation expense	$	9,375	$	8,127

As of June 30, 2024 total unrecognized stock–based compensation cost related to unvested stock options and restricted stock units was $30.7 million and $0.9 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 2.6 years and 0.9 years, respectively. Unrecognized stock based compensation expense related to restricted stock awards was immaterial as of June 30, 2024.

Equity - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock reserved for future issuance	32,333,442	19,646,545
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	11,535,569	9,394,930
Unvested Restricted Common Stock Awards
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,315	14,696
Unvested restricted common stock units
Class Of Stock [Line Items]
Common stock reserved for future issuance	153,634	236,519
Pre-funded warrants
Class Of Stock [Line Items]
Common stock reserved for future issuance	20,638,924	10,000,400

- 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

Equity (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024, and December 31, 2023, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options:


	June 30, 2024		December 31, 2023
Options to purchase common stock		11,535,569		9,394,930
Unvested restricted common stock awards		5,315		14,696
Unvested restricted common stock units		153,634		236,519
Pre-funded warrants		20,638,924		10,000,400
		32,333,442		19,646,545

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3,249	$ 3,983
Variable lease expense	2,131	1,128
Total lease expense	$ 5,380	$ 5,111

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
Compensation and benefits	$	5,143	$	7,593
Accrued research and development		5,665		5,336
Other		1,951		1,671
Total other current liabilities	$	12,759	$	14,600

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Underwriter's discount on issuance of common stock pursuant to the at-the-market sales agreement	$ 29
Underwriter's discount on underwritten public offering cost	$ 3,000

Employee retirement plans (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
Pension expense	$	261	$	235	$	543	$	451

Schedule of defined contribution expense incurred

The following table summarizes defined contribution expenses incurred (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Defined contribution expense	$	181	$	114	$	537	$	389

Leases

6 Months Ended

Jun. 30, 2024

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, 2024.

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.

Klybeckstrasse 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 Klybeckstrasse 191, 4057 Basel, Basel-City, Switzerland. In April 2023, the Company and the Landlord amended the Klybeckstrasse 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. 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 reimbursed the Company for $13 million of tenant improvements. The Company reduced the related ROU asset by the amounts reimbursed by the landlord and capitalized the leasehold improvements as fixed assets on the consolidated balance sheet.

The components of lease expense for the six months ended June 30, 2024 are as follows (in thousands):


	Six months ended June 30,
	2024		2023
Operating lease expense	$	3,249	$	3,983
Variable lease expense		2,131		1,128
Total lease expense	$	5,380	$	5,111

The variable lease expenses generally include common area maintenance and property taxes. For the six months ended June 30, 2024, $4.5 million lease expense was recorded within research and development and $0.9 million lease expense was recorded within general and administrative in the condensed consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2023, $4.3 million lease expense was recorded within research and development and $0.8 million was recorded within general and administrative expense. Short-term lease costs for the six months ended June 30, 2024 and 2023 were immaterial.

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


	June 30, 2024			December 31, 2023
Weighted average remaining lease term (years)		8.2			8.6
Weighted average discount rate		9.8	%		9.8	%

Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2024 are as follows (in thousands):


	Six months ended June 30,
	2024		2023
Right-of-use assets obtained in exchange for operating lease obligations	$	108	$	1,871
Cash paid for amounts included in the measurement of lease liabilities	$	1,372	$	1,790

The amortization of the ROU assets for the six months ended June 30, 2024 and 2023 was $1.0 million and $1.5 million, respectively.

Future minimum lease payments under non-cancelable leases as of June 30, 2024 for each of the years ending December 31 are as follows (in thousands):


Undiscounted lease payments
2024	$	3,751
2025		7,685
2026		7,881
2027		7,620
2028		7,356
Thereafter		31,010
Total undiscounted minimum lease payments		65,303
Less: Imputed interest		(20,947	)
Total operating lease liability	$	44,356

Net Loss Per Common Share - Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	11,535,569	9,908,375
Restricted common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	5,315	51,574
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	153,634	293,865

Collaboration and License Agreements (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration Revenue		$ 4,695	$ 0	$ 5,759	$ 0
Collaboration and License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-Refundable Upfront Payment	$ 50,000
Upfront payment receive	28,000
Collaboration Revenue				5,800
One Time Upfront Payment				53,200
Milestone Payments				$ 9,000
Collaboration and License Agreement \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Pre-clinical milestones	172,000
Potential clinical, commercial and sales milestones	2,000,000
Potential pre-clinical, clinical, commercial, and sales milestones	$ 1,000,000

Property and Equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2,060	$ 1,391	$ 3,957	$ 2,542

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30, 2024			December 31, 2023
Laboratory equipment	$	24,581		$	22,079
Computer hardware and software		1,192			1,052
Furniture and fixtures		1,099			1,099
Leasehold improvements		22,216			20,893
Construction in process		362			924
Total property and equipment, at cost	$	49,450		$	46,047
Less: accumulated depreciation		(16,200	)		(12,244	)
Property and equipment, net	$	33,250		$	33,803

Schedule of Depreciation Expense

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Depreciation expense	$	2,060	$	1,391	$	3,957	$	2,542

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Collaboration Revenue	$ 4,695	$ 0	$ 5,759	$ 0
Operating expenses:
Research and development	28,055	29,076	55,081	55,831
General and administrative	9,282	8,145	18,267	15,649
Total operating expenses	37,337	37,221	73,348	71,480
Loss from operations	(32,642)	(37,221)	(67,589)	(71,480)
Other income (expense):
Interest income	2,637	2,302	5,079	4,739
Foreign currency exchange gain (loss), net	(53)	(93)	567	(178)
Gain on disposal of fixed assets	0	24	0	24
Loss on sale of marketable securities	0	0	0	(131)
Total other income	2,584	2,233	5,646	4,454
Net loss before income taxes	(30,058)	(34,988)	(61,943)	(67,026)
Provision for income taxes	(252)	(190)	(335)	(190)
Net loss	$ (30,310)	$ (35,178)	$ (62,278)	$ (67,216)
Net loss per share-basic	$ (0.43)	$ (0.71)	$ (0.95)	$ (1.36)
Net loss per share-diluted	$ (0.43)	$ (0.71)	$ (0.95)	$ (1.36)
Weighted-average number of shares outstanding used in computing net loss per common share-basic	71,233,992	49,431,922	65,695,095	49,389,931
Weighted-average number of shares outstanding used in computing net loss per common share-diluted	71,233,992	49,431,922	65,695,095	49,389,931
Other comprehensive income (loss):
Provision for pension benefit obligation	$ 35	$ 14	$ 70	$ 28
Unrealized gain (loss) on available-for-sale securities	(12)	(261)	(16)	84
Comprehensive loss	$ (30,287)	$ (35,425)	$ (62,224)	$ (67,104)

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations	$ 108	$ 1,871
Cash paid for amounts included in the measurement of lease liabilities	$ 1,372	$ 1,790

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, beginning balance \| shares	9,394,930
Number of options, granted \| shares	2,828,540
Number of options, exercised \| shares	(235,268)
Number of shares, forfeited \| shares	(452,633)
Number of options, ending balance \| shares	11,535,569	9,394,930
Number of options, vested or expected to vest \| shares	11,535,569
Number of options, exercisable \| shares	5,353,616
Weighted average exercise price, beginning balance \| $ / shares	$ 8.78
Weighted average exercise price, granted \| $ / shares	5.53
Weighted average exercise price, exercised \| $ / shares	2.84
Weighted average exercise price, forfeited \| $ / shares	7.99
Weighted average exercise price, ending balance \| $ / shares	8.14	$ 8.78
Weighted average exercise price, vested or expected to vest \| $ / shares	8.14
Weighted average exercise price, exercisable \| $ / shares	$ 9
Weighted average remaining contractual term (years), balance	8 years	8 years
Weighted average remaining contractual term (years), vested or expected to vest	8 years
Weighted average remaining contractual term (years), exercisable	7 years 1 month 6 days
Aggregate intrinsic value, beginning balance \| $	$ 4,741
Aggregate intrinsic value, ending balance \| $	1,836	$ 4,741
Aggregate intrinsic value, vested or expected to vest \| $	1,836
Aggregate intrinsic value, exercisable \| $	$ 1,598

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		6 Months Ended
	Jul. 31, 2022	May 31, 2024	Oct. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized				500,000,000		500,000,000
Common stock shares issued				61,333,597		50,154,929
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
Common stock shares outstanding				61,328,282		50,140,233
Purchase price of stock				$ 0.0001		$ 0.0001
Description of Pre Funded Warrants				A holder of a Pre-Funded Warrant may not exercise such Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, up to 19.99%) of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. No pre-funded warrants have been exercised as of June 30, 2024
Dividends declared				$ (0)
Dividends paid				$ 0
Gross Proceeds from sale of Common Stock			$ 25,000
Common stock, voting rights				one
Warrant [Member]
Class of Stock [Line Items]
Pre-Funded Warrants to Purchase			10,000,400	20,638,924
Pre-funded warrants exercisable, exercise price				$ 0.0001
Share exercise price			$ 0.0001
Common stock price			$ 2.4999
Common Stock
Class of Stock [Line Items]
Underwritten public offering		10,638,476
Unvested Restricted Common Stock Awards
Class of Stock [Line Items]
Vesting term				4 years
Jefferies LLC [Member]
Class of Stock [Line Items]
Common stock, shares, issued during the period				130,506
Percentage of Commission payable to Related Party	3.00%
Offering Costs				$ 900
Gross Proceeds from sale of Common Stock	$ 100,000			$ 1,000
TD Securities (USA) LLC [Member]
Class of Stock [Line Items]
Offering Costs		$ 96,400
Gross Proceeds from sale of Common Stock		$ 100,000
TD Securities (USA) LLC [Member] \| Warrant [Member]
Class of Stock [Line Items]
Purchase of pre-funded warrants shares		10,638,524
Common stock price		$ 4.6999
TD Securities (USA) LLC [Member] \| Common Stock
Class of Stock [Line Items]
Share exercise price		0.0001
Common stock price		$ 4.7
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