GLUE Monte Rosa Therapeutics Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-40522

 

Monte Rosa Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware	84-3766197
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
321 Harrison Avenue, Suite 900 Boston, Massachusetts	02118
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 949-2643

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.0001 per share		GLUE		The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
				Emerging growth company		☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 5, 2024 the registrant had 61,372,824 shares of common stock, $0.0001 per share, outstanding.

 

 

 

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Special note regarding forward-looking statements

This Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, “continue” or the negative of these terms or other comparable terminology. These statements are not guarantees of future results or performance and involve substantial risks and uncertainties. Forward-looking statements in this Quarterly Report include, but are not limited to, statements about:

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Any forward-looking statements in this Quarterly Report reflect our current views with respect to future events and with respect to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those described under Part II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

All of our forward-looking statements are as of the date of this Quarterly Report only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of or any material adverse change in one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the SEC could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report, even if new information becomes available in the future or if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report that modify or impact any of the forward-looking statements contained in this Quarterly Report will be deemed to modify or supersede such statements in this Quarterly Report.

We may from time to time provide estimates, projections and other information concerning our industry, the general business environment, and the markets for certain diseases, including estimates regarding the potential size of those markets and the estimated incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events, circumstances or numbers, including actual disease prevalence rates and market size, may differ materially from the information reflected in this Quarterly Report. Unless otherwise expressly stated, we obtained this industry, business information, market data, prevalence information and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources, in some cases applying our own assumptions and analysis that may, in the future, prove not to have been accurate.

TRADEMARKS

Solely for convenience, our trademarks and trade names in this report are sometimes referred to without the ® and ™ symbols, but such references should not be construed as any indicator that we will not assert, to the fullest extent under applicable law, our rights thereto.

 

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Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II.	OTHER INFORMATION	25
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5	Other Information	27
Item 6.	Exhibits	28
Signatures		29

 

 

 

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Part I ─ Financial Information

Item 1. Financial Statements

Monte Rosa Therapeutics, Inc.

Condensed consolidated balance sheets (unaudited)

 

 

(in thousands, except share and per share amounts)		June 30,				December 31,
(unaudited)		2024				2023
Assets
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
Liabilities and stockholders’ equity
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			—				—
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

 

See accompanying notes to the condensed consolidated financial statements.

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Monte Rosa Therapeutics, Inc.

Condensed consolidated statements of operations and comprehensive loss (unaudited)

(in thousands, except share and per share amounts)		Three months ended June 30,								Six months ended June 30,
(unaudited)		2024				2023				2024				2023
Collaboration revenue		$	4,695			$	—			$	5,759			$	—
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			—				24				—				24
Loss on sale of marketable securities			—				—				—				(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 and diluted		$	(0.43	)		$	(0.71	)		$	(0.95	)		$	(1.36	)
Weighted-average number of shares outstanding used in computing    net loss per common share—basic and diluted			71,233,992				49,431,922				65,695,095				49,389,931
Comprehensive loss:
Net loss		$	(30,310	)		$	(35,178	)		$	(62,278	)		$	(67,216	)
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	)

 

See accompanying notes to the condensed consolidated financial statements.

 

 

 

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Monte Rosa Therapeutics, Inc.

Condensed consolidated statements of stockholders’ equity (unaudited)

		Common stock
(in thousands, except share amounts) (unaudited)		Shares				Amount				Additional paid-in capital				Accumulated other comprehensive loss				Accumulated deficit				Total Stockholders’ equity
Balance—January 1, 2023			49,323,531			$	5			$	503,696			$	(1,752	)		$	(230,536	)		$	271,413
Restricted common stock vesting			33,192				—				—				—				—				—
Exercise of common stock options			4,261				—				18				—				—				18
Provision for pension benefit obligation			—				—				—				14				—				14
Stock-based compensation expense			—				—				3,974				—				—				3,974
Unrealized gain on available-for-sale securities			—				—				—				345				—				345
Net Loss			—				—				—				—				(32,038	)			(32,038	)
Balance—March 31, 2023			49,360,984			$	5			$	507,688			$	(1,393	)		$	(262,574	)		$	243,726
Restricted common stock vesting			32,185				—				—				—				—				—
Exercise of common stock options			147,333				—				897				—				—				897
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			51,977				—				303				—				—				303
Net Loss			—				—				—				—				(35,178	)			(35,178	)
Balance—June 30, 2023			49,592,479			$	5			$	513,041			$	(1,640	)		$	(297,752	)		$	213,654
Balance—January 1, 2024			50,140,233			$	5			$	547,857			$	(2,724	)		$	(365,888	)		$	179,250
Restricted common stock vesting			4,691				—				—				—				—				—
Exercise of common stock options			45,108				—				246				—				—				246
Provision for pension benefit obligation			—				—				—				35				—				35
Stock-based compensation expense			—				—				4,873				—				—				4,873
Unrealized loss on available-for-sale securities			—				—				—				(4	)			—				(4	)
Issuance of common stock pursuant to the at-the-market sales agreement			10,272				—				87				—				—				87
Net Loss			—				—				—				—				(31,968	)			(31,968	)
Balance—March 31, 2024			50,200,304			$	5			$	553,063			$	(2,693	)		$	(397,856	)		$	152,519
Restricted common stock vesting			85,249				—				—				—				—				—
Exercise of common stock options			190,160				—				422				—				—				422
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			93,859				—				298				—				—				298
Issuance of common stock pursuant to the at-the-market sales agreement, net of issuance costs of $89			120,234				—				797				—				—				797
Issuance of common stock pursuant to the Underwritten Public Offering, net of issuance cost of $3,290			10,638,476				1				46,709				—				—				46,710
Issuance of pre-funded warrant, net of issuance costs of $290			—				—				49,710				—				—				49,710
Net Loss			—				—				—				—				(30,310	)			(30,310	)
Balance—June 30, 2024			61,328,282			$	6			$	655,501			$	(2,670	)		$	(428,166	)		$	224,671

See accompanying notes to the condensed consolidated financial statements

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Monte Rosa Therapeutics, Inc.

Condensed consolidated statements of cash flows (unaudited)

(in thousands)		Six months ended June 30,
(unaudited)		2024				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			—				131
Gain on disposal of property and equipment			—				(24	)
Changes in operating assets and liabilities
Accounts receivable			(9,000	)			—
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	)			—
Right-of-use assets and operating lease liabilities			(768	)			9,201
Deferred revenue			3,241				—
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			—				62
Purchases of marketable securities			(130,027	)			(67,824	)
Proceeds from sale of marketable securities			—				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 sale of common stock pursuant to the at-the-market sales agreement, net of underwriter's discount of $29			944				—
Proceeds from underwritten public offering cost, net of underwriter's discount of $3,000			47,001				—
Proceeds from the issuance of pre-funded warrants			50,000				—
Payment of common stock and pre-funded warrant issuance costs			(641	)			—
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		$	—			$	4,644
Purchases of property and equipment in accounts payable and accrued expenses		$	235			$	1,438

 

See accompanying notes to the condensed consolidated financial statements.

 

 

 

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Monte Rosa Therapeutics, Inc.

Notes to the condensed consolidated financial statements

(unaudited)

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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.

 

 

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Item 2. Management’s discussion and analysis of financial condition and results of operations

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth in “Part I, Item 1A, Risk Factors” in our 2023 Annual Report and under Part II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report. You should carefully read the “Risk Factors” section of this Quarterly Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled “Special note regarding forward-looking statements.”

Overview

We are a biotechnology company developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. MGDs work by inducing the engagement of defined surfaces identified on target proteins by an E3 ligase, such as cereblon. We have developed a proprietary and industry-leading protein degradation platform, called QuEENTM to enable our unique, target-centric, MGD discovery and development and our rational design of MGD products. We believe our small molecule MGDs may give us significant advantages over existing therapeutic modalities, including other protein degradation approaches. We prioritize our product development on therapeutic targets backed by strong biological and genetic rationale with the goal of discovering and developing novel medicines. On May 9, 2024, we announced a new discovery program for CCNE1 (Cyclin E1)-directed MGDs for the treatment of CCNE1-amplified tumors. CCNE1, a key component of the cell cycle and a known driver of many cancers, is generally considered an undruggable target by conventional modalities.

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. We are headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland.

Liquidity

To date, we have financed our operations primarily through the issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of our common stock, registered direct offerings, and through our collaboration with Roche. From our inception through the date hereof, we raised an aggregate of $625.8 million of gross proceeds from such transactions. Since inception, we have had significant operating losses. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures and, to a lesser extent, general and administrative expenditures. Our net loss was $135.4 million and $108.5 million for the years ended December 31, 2023 and 2022, respectively, and our net loss was $62.3 million and $67.2 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, we had an accumulated deficit of $428.2 million and $267.1 million in cash, cash equivalents, restricted cash and marketable securities.

Impact of global economic and political developments

The development of our product candidates could be disrupted and materially adversely affected in the future by global economic or political developments. In addition, economic uncertainty in global markets caused by political instability and conflict, and economic challenges caused by global pandemics or other public health events, may lead to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions. Our business, financial condition and results of operations could be materially and adversely affected by negative impacts on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen.

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Components of operating results

Collaboration Revenue

Collaboration revenue represents amounts earned from our Collaboration and License Agreement with Roche.

Research and development expenses

Our research and development expenses include:

Most of our research and development expenses have been related to the development of our QuEENTM platform and advancement of our GSPT1 program, advancement of our disclosed and undisclosed programs including for CDK2, NEK7, VAV1, and CCNE1. With the exception of costs incurred for research and development on behalf of third parties, we have not reported program costs since our inception because we have not historically tracked or recorded our research and development expenses on a program-by-program basis. We use our personnel and infrastructure resources across the breadth of our research and development activities, which are directed toward identifying and developing product candidates.

We expense all research and development costs in the periods in which they are incurred. Costs for certain research and development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided to us by our vendors and third-party service providers.

We expect our research and development expenses to increase substantially for the foreseeable future as we continue to invest in research and development activities related to developing our product candidates, including investments in manufacturing, as we advance our programs and conduct clinical trials. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain. As a result, we are unable to determine the duration and completion costs of our research and development projects, the costs of related clinical development costs or when and to what extent we will generate revenue from the commercialization and sale of any of our product candidates.

General and administrative expenses

Our general and administrative expenses consist primarily of personnel costs and other expenses for outside professional services, including legal fees relating to patent and corporate matters, professional fees for accounting, auditing, tax and administrative consulting services, insurance costs and other operating costs. We expect our general and administrative expenses to increase over the next several years to support our continued research and development activities, manufacturing activities, and the potential commercialization of our product candidates and development of commercial infrastructure. We also anticipate our general and administrative costs will increase and with respect to the hiring of additional personnel, fees to outside consultants, lawyers and accountants, and costs associated with being a public company, such as expenses related to services associated with maintaining compliance with Nasdaq listing rules and SEC reporting requirements, insurance and investor relations costs.

Non-operating income and (expense)

Our non-operating income and (expense) includes (i) interest earned on our investments, including principally U.S. government-backed money-market funds and marketable securities; (ii) gains and losses on transactions of our Swiss subsidiary denominated in currencies other than the U.S. Dollar; and (iii) realized losses on the sale of marketable securities.

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Results of operations for the three months ended June 30, 2024 and 2023

The following sets forth our results of operations:

		Three months ended June 30,
(in thousands)		2024				2023				Dollar change
Collaboration revenue		$	4,695			$	—			$	4,695
Operating expenses:
Research and development		$	28,055			$	29,076			$	(1,021	)
General and administrative			9,282				8,145				1,137
Total operating expenses			37,337				37,221				116
Loss from operations			(32,642	)			(37,221	)			4,579
Other expense			2,584				2,233				351
Net loss before income taxes			(30,058	)			(34,988	)			4,930
Provision for income taxes			(252	)			(190	)			(62	)
Net loss		$	(30,310	)		$	(35,178	)		$	4,868

Collaboration revenue

Collaboration revenue of $4.7 million for the three months ended June 30, 2024 represents revenue recorded under the Roche License and Collaboration Agreement. As of June 30, 2024, $19.6 million was classified as current deferred revenue on the condensed consolidated balance sheet.

Research and development expenses

Research and development expenses were comprised of:

		Three months ended June 30,
(in thousands)		2024				2023				Dollar change
External research and development services		$	10,520			$	12,717			$	(2,197	)
Personnel costs			9,914				9,407				507
Laboratory and related expenses			2,118				2,422				(304	)
Facility costs and other expenses			5,503				4,530				973
Research and development expenses		$	28,055			$	29,076			$	(1,021	)

As of June 30, 2024, we had 103 employees engaged in research and development activities in our facilities in the U.S. and Switzerland. As of June 30, 2023, we had 107 research and development employees in our facilities in the U.S. and Switzerland.

Most of our research and development expenses were driven by the successful achievement of key milestones in our research and development organization, including the continuation of the MRT-2359 clinical study, the preparation of MRT-6160 to enter the clinic, the progression of our preclinical pipeline, and the continued development of the Company’s QuEEN™ discovery engine. Research and development expenses for the three months ended June 30, 2024 and 2023 included non-cash stock-based compensation expense of $2.6 million and $2.3 million, respectively.

General and administrative expenses

General and administrative expenses to support our business activities were comprised of:

		Three months ended June 30,
(in thousands)		2024				2023				Dollar change
Personnel costs		$	5,326			$	4,715			$	611
Professional services			1,356				1,132				224
Facility costs and other expenses			2,600				2,298				302
General and administrative expenses		$	9,282			$	8,145			$	1,137

 

As of June 30, 2024 and 2023 we had 26 employees engaged in general and administrative activities, principally in our U.S. facility. Personnel and professional service costs increased in the year ended June 30, 2024 as compared to June 30, 2023 as a result of stock-based compensation expense and fees paid to consultants in order to support our growth and operations. General and administrative expenses for the three months ended June 30, 2024 and 2023 included non-cash stock-based compensation expense of $1.9 million and $1.9 million, respectively.

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Other income (expense)

Other income (expense), net was comprised of:

		Three months ended June 30,
(in thousands)		2024				2023
Interest income, net		$	2,637			$	2,302
Foreign currency exchange gain (loss), net			(53	)			(93	)
Gain on disposal of fixed assets			—				24
Other income		$	2,584			$	2,233

Other income and expense for the three months ended June 30, 2024 and 2023 is primarily attributable to interest earned on marketable securities.

Results of operations for the six months ended June 30, 2024 and 2023

The following sets forth our results of operations:

		Six months ended June 30,
(in thousands)		2024				2023				Dollar change
Collaboration revenue		$	5,759			$	—			$	5,759
Operating expenses:
Research and development			55,081				55,831				(750	)
General and administrative			18,267				15,649				2,618
Total operating expenses			73,348				71,480				1,868
Loss from operations			(67,589	)			(71,480	)			3,891
Other expense			5,646				4,454				1,192
Net loss before income taxes		$	(61,943	)		$	(67,026	)		$	5,083
Provision for income taxes			(335	)			(190	)			(145	)
Net loss		$	(62,278	)		$	(67,216	)		$	4,938

Collaboration revenue

Collaboration revenue of $5.8 million for the six months ended June 30, 2024 represents revenue recorded under the Roche License and Collaboration Agreement. As of June 30, 2024, $19.6 million was classified as current deferred revenue on the condensed consolidated balance sheet.

Research and development expenses

Research and development expenses were comprised of:

		Six months ended June 30,
(in thousands)		2024				2023				Dollar change
External research and development services		$	20,928			$	23,471			$	(2,543	)
Personnel costs			19,723				18,918				805
Laboratory and related expenses			3,823				4,528				(705	)
Facility costs and other expenses			10,607				8,914				1,693
Research and development expenses		$	55,081			$	55,831			$	(750	)

As of June 30, 2024, we had 103 employees engaged in research and development activities in our facilities in the U.S. and Switzerland. As of June 30, 2023, we had 107 research and development employees in our facilities in the U.S. and Switzerland.

Most of our research and development expenses were driven by the successful achievement of key milestones in our research and development organization, including the continuation of the MRT-2359 clinical study, the preparation of MRT-6160 to enter the clinic, the progression of our preclinical pipeline, and the continued development of the Company’s QuEEN™ discovery engine. Research and development expenses for the six months ended June 30, 2024 and 2023 included non-cash stock-based compensation expense of $5.3 million and $4.4 million, respectively.

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General and administrative expenses

General and administrative expenses to support our business activities were comprised of:

		Six months ended June 30,
(in thousands)		2024				2023				Dollar change
Personnel costs		$	10,741			$	9,330			$	1,411
Professional services			3,278				2,173				1,105
Facility costs and other expenses			4,248				4,146				102
General and administrative expenses		$	18,267			$	15,649			$	2,618

As of June 30, 2024 and 2023 we had 26 employees engaged in general and administrative activities, principally in our U.S. facility. Personnel and professional service costs increased in the year ended June 30, 2024 as compared to June 30, 2023 as a result of increased stock-based compensation expense and fees paid to consultants in order to support our growth and operations. General and administrative expenses for the six months ended June 30, 2024 and 2023 included non-cash stock-based compensation expense of $4.1 million and $3.7 million, respectively.

Other income (expense)

Other income (expense), net was comprised of:

		Six months ended June 30,
(in thousands)		2024				2023
Interest income, net		$	5,079			$	4,739
Foreign currency exchange gain (loss), net			567				(178	)
Gain on disposal of fixed assets			—				24
Loss on sale of marketable securities			—				(131	)
Other income		$	5,646			$	4,454

The increase in interest and other income for the six months ended June 30, 2024, is due to the strengthening of the U.S. Dollar with respect to, principally, the Swiss Franc.

Liquidity and capital resources

Overview

Due to our significant research and development expenditures, we have generated operating losses since our inception. We have funded our operations primarily through the sale of convertible promissory notes, convertible preferred stock, public offerings of our common stock and through our collaboration with Roche. As of June 30, 2024, we had $267.1 million in cash, cash equivalents, restricted cash and marketable securities. We have incurred losses since our inception and, as of June 30, 2024, we had an accumulated deficit of $428.2 million. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

At-the-Market Offering

On July 1, 2022, we filed a registration statement on Form S-3 (File No. 333-266003) with the SEC, which was declared effective on July 13, 2022, or the Shelf Registration Statement, in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof for the purposes of selling, from time to time, our common stock, debt securities or other equity securities in one or more offerings. We also simultaneously entered into a Sales Agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, to provide for the offering, issuance and sale of up to an aggregate amount of $100.0 million of our common stock from time to time in “at-the-market” offerings, or the ATM Program, under the Shelf Registration Statement and subject to the limitations thereof. We will pay to the Jefferies cash commissions of up to 3.0 percent of the aggregate gross proceeds of sales of common stock under the Sales Agreement. As of the date of this Quarterly Report on Form 10-Q, 2,612,514 shares have been sold pursuant to the ATM Program.

Underwritten Public Offering

In May 2024, we 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 The purchase price per share of each pre-funded warrant represents the per share public offering price for the common stock, minus the $0.0001 per share exercise price of such

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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, we sold in a registered direct offering pursuant to a securities purchase agreement pre-funded warrants to purchase 10,000,400 shares of the our 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.

Cash flows

The following table summarizes our cash flows for the periods indicated:

		Six months ended June 30,
(in thousands)		2024				2023
Net cash provided by (used in):
Operating activities		$	(65,932	)		$	(48,730	)
Investing activities			(51,305	)			38,876
Financing activities			98,269				1,218
Net decrease in cash, cash equivalents and restricted cash		$	(18,968	)		$	(8,636	)

 

Operating activities

Net cash used in operating activities of $65.9 million during the six months ended June 30, 2024, was attributable to our net loss of $62.3 million and decreases in our working capital of $6.8 million, partially off-set by non-cash charges of $12.2 million principally with respect to depreciation expense and stock-based compensation.

Net cash used in operating activities of $48.7 million during the six months ended June 30, 2023, was attributable to our net loss of $67.2 million off-set by an increase in our working capital of $10.4 million and non-cash charges of $8.1 million principally with respect to depreciation expense and stock-based compensation.

Investing activities

Cash used in investing activities of $51.3 million during the six months ended June 30, 2024 was primarily attributable to proceeds from the maturity of marketable securities of $82.1 million, offset by purchases of marketable securities of $130.0 million and purchases of property and equipment of $3.4 million.

Cash provided by investing activities of $38.9 million during the six months ended June 30, 2023 was primarily attributable to proceeds from the maturity of marketable securities of $76.7 million and proceeds from the sale of marketable securities of $45.6 million, offset by purchases of marketable securities of $67.8 million and purchases of property and equipment of $15.7 million.

Financing activities

Net cash provided by financing activities of $98.3 million for six months ended June 30, 2024 was primarily due the net proceeds from our Offering of $96.4 million.

Funding requirements

Any product candidates we may develop may never achieve commercialization and we anticipate that we will continue to incur losses for the foreseeable future. We expect that our research and development expenses, general and administrative expenses and capital expenditures will continue to increase. As a result, until such time, if ever, as we can generate substantial product revenue, we expect to finance our cash needs through a combination of equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. Our primary uses of capital are, and we expect will continue to be, compensation and related expenses, third-party clinical research, manufacturing and development services, costs relating to the build-out of our headquarters, laboratories and manufacturing facility, license payments or milestone obligations that may arise, laboratory and related supplies, clinical costs, manufacturing costs, legal and other regulatory expenses and general overhead costs.

Based upon our current operating plan, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements for at least the next twelve months. We

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base this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.

We will continue to require additional financing to advance our current product candidates through clinical development, to develop, acquire or in-license other potential product candidates and to fund operations for the foreseeable future. We will continue to seek funds through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. However, we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. If we do raise additional capital through public or private equity offerings, the ownership interest of our existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders’ rights. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies. If we are unable to raise capital, we will need to delay, reduce or terminate planned activities to reduce costs.

Because of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors, including, but not limited to:

Further, our operating plans may change, and we may need additional funds to meet operational needs and capital requirements for clinical trials and other research and development activities. We currently have no credit facility or committed sources of capital. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated product development programs.

Critical accounting policies and significant judgments and estimates

Our unaudited interim condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the U.S. The preparation of our unaudited interim condensed consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, costs and expenses, and the disclosure of contingent assets and liabilities in our condensed financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. However, even though we believe we have used reasonable estimates and assumptions in preparing our interim condensed consolidated financial statements, the future effects of global economic and political developments and any future public health events on our results of operations, cash flows, and financial position are unclear. Our actual results may differ from these estimates under different assumptions or conditions.

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Revenue Recognition

To date, our revenues have primarily consisted of consideration related to the Roche License and Collaboration Agreement, which we are accounting for under ASC 606. In accordance with ASC 606, we recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services.

To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, we perform the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the assessment of the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when, or as we satisfy each performance obligation.

As part of the accounting for arrangements under ASC 606, we must use significant judgment to determine the performance obligations based on the determination under step (ii) above. We also use judgment to determine whether milestones or other variable consideration, except for royalties and sales-based milestones, should be included in the transaction price as described below. We recognize revenue based on those amounts when, or as, the performance obligations under the contract are satisfied.

The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods and services to the customer. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in management’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The consideration to be received is allocated among the separate performance obligations based on relative standalone selling prices. Determining the standalone selling price of each performance obligation requires significant judgment and is discussed in further detail in Note 9.

We utilize judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. The measure of progress, and the resulting periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the arrangement, which are subject to review by the joint research committee, or JRC. Such a change could have a material impact on the amount of revenue we record in future periods. We concluded that the transfer of control to the customer for the performance obligation occurs over the time period that the research and development services are provided by us. We recognize revenue for the performance obligation as those services are provided using an input method, based on the cumulative costs incurred compared to the total estimated costs expected to be incurred to satisfy the performance obligation. The percentage of completion method is, in management’s judgment, the best measure of progress towards satisfying the performance condition.

At the inception of each arrangement that includes research, development or regulatory milestone payments, we evaluate whether the milestones are considered likely to be met and estimate the amount to be considered for inclusion in the transaction price using the most-likely-amount method. If it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur, the associated milestone value is included in the transaction price. For milestone payments due upon events that are not within our control, such as regulatory approvals, we are not able to assert that it is likely that the regulatory approval will be granted and that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur until those approvals are received. In making this assessment, we evaluate factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone. There is considerable judgment involved in determining whether it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur.

We reevaluate the transaction price and our total estimated costs expected to be incurred at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research, development and manufacturing activities that we are responsible for, are resolved or other changes in circumstances occur. If necessary,

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we will adjust our estimate of the transaction price or our estimates of the total costs expected to be incurred. To date, we have not had any significant changes in our estimates.

Other than the Company's revenue recognition policy described above, there have been no significant changes to our critical accounting policies from those described in “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2023 Annual Report.

For a complete discussion of our significant accounting policies and recent accounting pronouncements, see Note 2 to our condensed consolidated financial statements appearing elsewhere in this Quarterly Report and Note 2 to our 2023 Annual Report.

Recently issued and adopted accounting pronouncements

Refer to Note 2, “Summary of Significant Accounting Policies,” in the accompanying notes to our and consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for a discussion of recent accounting pronouncements.

Contractual obligations and commitments

During the three months ended June 30, 2024, there have been no material changes to our contractual obligations and commitments from those described under “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 14, 2024.

Off-balance sheet arrangements

During the periods presented, we did not have, nor do we currently have, any off-balance sheet arrangements as defined under SEC rules.

Emerging growth company status

In April 2012, the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” may take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead of the dates required for other public companies. However, we may early adopt these standards.

We will cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more, (ii) the last day of our fiscal year following the fifth anniversary of the date of the closing of our initial public offering, or our IPO, (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years or (iv) the date on which we are deemed to be a large, accelerated filer under the rules of the SEC.

We are also a “smaller reporting company,” meaning that the market value of our stock held by non-affiliates plus the aggregate amount of gross proceeds to us as a result of our IPO is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after our IPO if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our annual reports on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

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Item 3. Quantitative and qualitative disclosures about market risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this Item 3.

Item 4. Controls and procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and our principal financial officer have evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, as of June 30, 2024. The term “disclosure controls and procedures,” as defined in the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based on the evaluation of our disclosure controls and procedures as of June 30, 2024, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures as of such date are effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during three months ended June 30, 2024 that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving the desired control objectives. Our management recognizes that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met. Similarly, an evaluation of controls cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.

 

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Part II ─ Other Information

Item 1. Legal proceedings

From time to time, we may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Although the results of litigation and claims cannot be predicted with certainty, as of June 30, 2024, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Item 1A. Risk factors

Investing in our common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, those risks and uncertainties discussed in “Part I, Item 1A, Risk Factors” in our 2023 Annual Report, as amended and supplemented by the information in our subsequent Quarterly Reports on Form 10-Q, together with all of the other information contained in this Quarterly Report, including our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report. The risk factor disclosure in our 2023 Annual Report and subsequent Quarterly Reports on Form 10-Q is qualified by the information that is described in this Quarterly Report. If any of the risks described below or in our 2023 Annual Report actually occur, our business, prospects, operating results and financial condition could suffer materially. In such event, the trading price of our common stock could decline and you might lose all or part of your investment.

Other than as set forth below, there have been no material changes to the risk factors set forth in our 2023 Annual Report.

Risks related to our financial position and capital needs

We have incurred significant operating losses since our inception and anticipate that we will incur continued losses for the foreseeable future.

Since our inception, we have focused substantially all of our efforts and financial resources on developing our proprietary QuEENTM platform, our proprietary MGD library and our initial pipeline of product candidates. To date, we have financed our operations primarily through the issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of our common stock, registered direct offerings, and through our collaboration with Roche. From our inception through the date hereof, we raised an aggregate of $625.8 million of gross proceeds from such transactions. As of June 30, 2024, our cash, cash equivalents, restricted cash and marketable securities were $267.1 million. We have incurred net losses in each year since our inception, and we had an accumulated deficit of $428.2 million as of June 30, 2024. For the years ended December 31, 2023 and 2022, we reported net losses of $135.4 million and $108.5 million, respectively. For the six months ended June 30, 2024 and 2023, we reported a net loss of $62.3 million and $67.2 million, respectively. Substantially all of our operating losses have resulted from costs incurred in connection with our research and initial pipeline programs and from general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses over the next several years and for the foreseeable future. Our prior losses, combined with expected future losses, have had and will continue to have an adverse effect on our stockholders’ deficit and working capital. We expect our expenses to significantly increase in connection with our ongoing activities, as we:

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In addition, if we obtain marketing approval for our current or future product candidates, we will incur significant expenses relating to our commercialization of such product candidates via our sales, marketing, product manufacturing and distribution efforts. Because of the numerous risks and uncertainties associated with developing pharmaceutical drugs, including in light of economic slowdowns, we are unable to predict the extent of any future losses or when we will become profitable, if at all.

Even if we achieve profitability, we may not be able to sustain or increase our profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the value of our company and could impair our ability to raise capital, expand our business, maintain our development efforts, obtain product approvals, diversify our offerings or continue our operations. A decline in the value of our company could also cause you to lose all or part of your investment.

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Item 2. Unregistered sales of equity securities and use of proceeds

Recent sales of unregistered equity securities

None.

Item 3. Defaults upon senior securities

None.

Item 4. Mine safety disclosures

Not Applicable.

Item 5. Other information

Development Progress Update for MRT-6160

On May 9, 2024, we announced additional results from completed preclinical 28-day GLP toxicology studies of MRT-6160 in rats and non-human primates, or cynomolgus monkeys. The data demonstrated a highly favorable safety profile for MRT-6160 with no observable adverse effect level, or NOAEL, in cynomolgus monkeys of approximately 600-fold over predicted human efficacious exposure and in rat of approximately 1000-fold over predicted human efficacious exposure, including with no significant changes in peripheral immune cell compartments in cynomolgus monkeys, no impact on bone marrow, peripheral hematopoietic cells counts, GI tract, and no off-targets identified in in-vitro safety profiling, no genotoxicity, phototoxicity, or hERG activity. Studies also demonstrated robust VAV1 degradation and recovery in both low dose (0.5mg per kg per day) and high dose (30mg per kg per day) groups in cynomolgus monkeys.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended on June 30, 2024, none of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

 

Exhibit Number		Description
3.1		Fourth Amended and Restated Certificate of Incorporation of Registrant, as currently in effect (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K (File No. 001-40522) filed on June 28, 2021).
3.2		Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K (File No. 001-40522) filed on June 14, 2023).
3.3		Second Amended and Restated By-laws of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.3 of the Registrant's Quarterly Report on Form 10-Q (File No. 001-40522) filed on May 9, 2024)
10.1*#		Second Amended and Restated Employment Agreement between the Registrant and Jennifer Champoux, effective May 28, 2024.
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

** Deemed to be furnished with this Quarterly Report on Form 10-Q and will not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.

# Management contract or compensatory plan, contract, or arrangement.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		Monte Rosa Therapeutics, Inc.
Date: August 8, 2024		By:	/s/ Markus Warmuth
			Markus Warmuth
			Chief Executive Officer
			(Principal Executive Officer and Principal Financial Officer)

 

 

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SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amended and Restated Employment Agreement (this “Agreement”) is made between Monte Rosa Therapeutics, Inc., a Delaware corporation (the “Company”), and Jennifer Champoux (the “Executive”) and is effective as of May 28, 2024 (the “Effective Date”).

 

WHEREAS, the Company and the Executive are parties to prior Employment Agreements that became effective on June 28, 2021, and May 11, 2023 (the “Prior Employment Agreements”); and

 

WHEREAS, Executive and the Company (the “Parties”) desire to hereby amend and, in its entirety, restate the Prior Amended Employment Agreement to revise and/or to clarify certain terms set forth therein; and

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

 

meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement.

 

 

the Company’s business needs.

---

 

$450,000 per year. The Executive’s base salary shall be subject to periodic review by the Company. The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for its executives.

 

 

 

 

 

---

 

 

 

death.

 

the Executive is disabled and unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the

Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42

U.S.C. §12101 et seq.

 

 

 

 

---

 

 

 

 

terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.

 

 

or duties;

 

across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;

 

 

---

 

 

 

 

If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

 

 

employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the

Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of

Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

 

Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).

---

 

the Executive’s rights under this Agreement, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s sole discretion, a one-year post- employment noncompetition agreement, and shall provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease (the “Separation Agreement”), and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement), which shall include a seven (7) business day revocation period:

 

 

Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the twelve (12) month anniversary of the Date of Termination; (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates.

---

The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

The Executive shall not be required to mitigate the amount of any payments provided for under this Section 5 or Section 6 of this Agreement by seeking other employment, and no payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment.

 

Executive’s employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is on or within 12 months after the occurrence of the first event constituting a Change in Control (such period, the “Change in Control Period”). These provisions shall terminate and be of no further force or effect after the Change in Control Period.

 

---

 

Control Payment shall be reduced by the amount of the Restrictive Covenants Agreement Setoff, if applicable; and

 

 

The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the

extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.

 

 

---

§1.280G-1, Q&A-24(b) or (c).

 

 

 

(c) Definitions. For purposes of this Agreement, “Change in Control” shall mean a “Sale Event” as defined in the Company’s 2021 Stock Option and Incentive Plan (as the same may be amended from time to time).

 

 

Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but

---

for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

 

in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

1.409A-1(h).

 

 

 

 

---

 

Executive represents to the Company that the Executive’s execution of this Agreement, the

Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

 

(b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

 

---

 

 

 

 

 

termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein.

 

---

 

 

 

 

 

[Signature page follows]

 

 

---

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date.

 

 

MONTE ROSA THERAPEUTICS, INC.

 

 

By: _/s/ Markus Warmuth____________

 

Chief Executive Officer

 

 

EXECUTIVE

 

/s/ Jennifer Champoux________________

 

Jennifer Champoux

---

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Markus Warmuth, certify that:

 

Date: August 8, 2024		By:	/s/ Markus Warmuth
			Markus Warmuth
			Chief Executive Officer
			(Principal Executive Officer and Principal Financial Officer)

 

---

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Monte Rosa Therapeutics, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

Date: August 8, 2024		By:	/s/ Markus Warmuth
			Markus Warmuth
			Chief Executive Officer
			(Principal Executive Officer and Principal Financial Officer)

 

---

v3.24.2.u1

Document and Entity Information - shares	6 Months Ended
	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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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)

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

Pay vs Performance Disclosure - 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
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,310)	$ (31,968)	$ (35,178)	$ (32,038)	$ (62,278)	$ (67,216)

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	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

v3.24.2.u1

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.

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Summary of significant accounting policies	6 Months Ended
	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.

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Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	3. Fair value measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):     As of June 30, 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.

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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.

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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

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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

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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

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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.

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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.

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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.

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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.

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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.

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

Summary of significant accounting policies (Policies)	6 Months Ended
	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.

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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)

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

Leases (Additional Information) (Details)		1 Months Ended	3 Months Ended	6 Months Ended
	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%

v3.24.2.u1

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

v3.24.2.u1

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%

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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)

v3.24.2.u1

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

v3.24.2.u1

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

v3.24.2.u1

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%

v3.24.2.u1

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

v3.24.2.u1

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

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