0000950170-24-022226 | 10-K | XBRL Viewer

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Stock-based Compensation - Summary of Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding	161,750
Number of shares, Granted	2,264,700	182,350
Number of shares, Released	(53,935)
Number of shares, Cancelled	(34,998)	(20,600)
Number of shares, Unvested	2,337,517	161,750
Weighted Average Grant Date Fair Value, Outstanding	$ 7.14
Weighted Average Grant Date Fair Value, Granted	4.59
Weighted Average Grant Date Fair Value, Released	7.14
Weighted Average Grant Date Fair Value, Cancelled	5.42
Weighted Average Grant Date Fair Value, Unvested	$ 4.69	$ 7.14
Performance-based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding	724,970
Number of shares, Granted	0	742,070
Number of shares, Cancelled	0	(17,100)
Number of shares, Unvested	724,970	724,970
Weighted Average Grant Date Fair Value, Outstanding	$ 7.14
Weighted Average Grant Date Fair Value, Unvested	$ 7.14	$ 7.14

Marketable Securities

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Marketable Securities

5. Marketable Securities


								As of December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	155,816	$	145	$	(23	)	$	155,938
US Government agency securities		178,115		96		(51	)		178,160
Commercial paper		39,461		14		(27	)		39,448
Corporate bonds		60,684		65		(12	)		60,737
Total	$	434,076	$	320	$	(113	)	$	434,283


								As of December 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	59,422	$	—	$	(304	)	$	59,118
US Government agency securities		15,000		—		(59	)		14,941
Commercial paper		310,433		—		—			310,433
Corporate bonds		61,504		—		(255	)		61,249
Asset-backed securities		12,574		—		(66	)		12,508
Total	$	458,933	$	—	$	(684	)	$	458,249

As of December 31, 2023 and 2022, respectively the Company held 26 and 15 securities, respectively that were in an unrealized loss position of $113 and $684 with an aggregate fair value of $178,003 and $143,221. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable debt securities for the year ended December 31, 2023 and 2022.

As of December 31, 2023 and 2022, none of the securities had remaining maturities longer than one year.

The Company received proceeds of $602,665 and $91,885 from sales and maturities of marketable securities during the year ended December 31, 2023 and 2022.

Preferred Stock - Additional Information (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0

- Definition

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

+ References

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+ Details

Common Stock - Summary of Reserved Shares of Common Stock (Details)	Dec. 31, 2023 shares
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	28,487,411
Outstanding options
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	17,017,319
Outstanding restricted stock units
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	2,337,517
Outstanding performance-based restricted stock units
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	724,970
Shares reserved for future grant under 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	6,510,704
Shares reserved under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock, capital shares reserved for future issuance	1,896,901

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

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


							As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	143,740	$	—	$	—	$	143,740
Marketable Securities
US Treasury obligations		—		155,938		—		155,938
US Government agency securities		—		178,160		—		178,160
Commercial paper		—		39,448		—		39,448
Corporate bonds		—		60,737		—		60,737
Total	$	143,740	$	434,283	$	—	$	578,023


							As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	167,584	$	—	$	—	$	167,584
Marketable Securities
US Treasury obligations		—		59,118		—		59,118
US Government agency securities		—		14,941		—		14,941
Commercial paper		—		310,433		—		310,433
Corporate bonds		—		61,249		—		61,249
Asset-backed securities		—		12,508		—		12,508
Total	$	167,584	$	458,249	$	—	$	625,833

Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Balance beginning of year	$ 5,255
Increase related to accrued interest	503
Balance at end of period	$ 5,758

Stock-based Compensation - Summary of Assumptions Used to Estimate Fair Value of Award (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	3.65%	2.10%
Expected term	5 years 11 months 19 days	5 years 11 months 15 days
Expected volatility	85.00%	85.00%
Expected dividend yield	0.00%	0.00%

- Definition

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

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 143,823	$ 188,460
Marketable securities	434,283	458,249
Prepaid expenses and other current assets	12,349	14,213
Total current assets	590,455	660,922
Property and equipment, net	1,289	1,705
Restricted cash		198
Other assets	1,396	1,494
Operating lease right-of-use assets, net	1,828	2,389
Total assets	594,968	666,708
Current liabilities
Accounts payable	4,252	2,551
Accrued expenses and other current liabilities	27,364	15,206
Current portion of operating lease liabilities	760	721
Total current liabilities	32,376	18,478
Operating lease liabilities	1,642	2,403
Income taxes payable	5,758	5,255
Total liabilities	39,776	26,136
Commitments and contingencies (see Note 8)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and 2022
Common stock, $0.001 par value; 300,000,000 shares authorized; 83,435,513 and 83,287,639 shares issued and outstanding as of December 31, 2023 and 2022	83	83
Additional paid-in capital	750,737	701,052
Accumulated other comprehensive gain (loss)	207	(684)
Accumulated deficit	(195,835)	(59,879)
Total stockholders’ equity	555,192	640,572
Total liabilities and stockholders’ equity	$ 594,968	$ 666,708

Net Loss Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	17,017,319	13,632,278
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	2,337,517	161,750
Performance-based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	724,970	724,970
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	30,254	24,743

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 1,978	$ 1,978
Less: accumulated depreciation and amortization	(689)	(273)
Property and equipment, net	1,289	1,705
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	5	5
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	396	396
Computer Hardware
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	102	102
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 1,475	$ 1,475

Stock-based Compensation - Summary of Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 49,428	$ 46,718
Restricted Stock Units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,679	352
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	45,626	46,220
ESPP
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 123	$ 146

Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Research and development	$ 114,243	$ 81,936
Accrued expenses and other current liabilities	27,364	15,206
Prepaid expenses and other current assets	12,349	14,213
Roche License Agreement
Disaggregation Of Revenue [Line Items]
Research and development net credit adjustment	18,576	6,898
Prepaid expenses and other current assets	$ 5,904	$ 1,060

- Definition

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

+ References + Details

Common Stock - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	83,435,513	83,287,639
Common stock, shares outstanding	83,435,513	83,287,639
Common stock voting rights per share	On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share.

Nature of Business

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Business Overview

Atea Pharmaceuticals, Inc., ("Atea" or the "Company") is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from severe viral infections. Currently, Atea is conducting a Phase 3 clinical trial evaluating bemnifosbuvir for the treatment of Coronavirus disease 2019 ("COVID-19"). Atea is also currently conducting a Phase 2 clinical trial evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus ("HCV").

Liquidity and Capital Resources

As of December 31, 2023, the Company had $578.1 million in cash, cash equivalents and marketable securities, which the Company believes will be sufficient to fund its operations for a period through at least twelve months from the issuance date of these consolidated financial statements.

In November 2021, the Company entered into an open market sales agreement (“Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $200.0 million, through or to Jefferies, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (“SEC”) on November 24, 2021, as amended. The Company has agreed to pay Jefferies a commission of 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Jefferies with customary indemnification and contribution rights. As of December 31, 2023, no shares have been issued under the Sales Agreement.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to clinical-stage biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical and clinical studies, uncertainties associated with research and development activities generally, competition from technical innovations of others, dependence upon key personnel, compliance with governmental regulations, the need to obtain marketing approval for any product candidate that the Company may develop, the need to gain broad acceptance among patients, payers and health care providers to successfully commercialize any product for which marketing approval is obtained and the need to secure and maintain adequate intellectual property protection for the Company’s proprietary technology and products. Further, the Company is currently dependent on third-party service providers for much of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development will require significant amounts of additional capital, and additional research and development efforts, including further additional clinical testing and regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations.

The Company may seek additional capital through one or more of a combination of financing through the sale of additional equity securities, debt financing, or funding in connection with any new collaborative relationships it may enter into or other arrangements. There can be no assurance that the Company will be able to obtain such additional funding, on terms acceptable to the Company, on a timely basis or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders.

The Company is also subject to risks associated with the continued evolution of COVID-19 and its consequences, including actual and potential delays associated with certain of its ongoing and anticipated trials, and potential negative impacts on the Company’s business operations and its ability to raise

additional capital to finance its operations. Geopolitical events, including civil or political unrest and terrorism, have resulted in a significant disruption of global business and financial markets. In addition, recent or future market volatility, increased inflation and higher interest rates, if sustained, may increase our cost of financing and may restrict our access to potential sources of future liquidity.

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Loss Contingencies [Line Items]
Operating lease right-of-use assets, net		$ 1,828,000	$ 2,389,000
Operating lease liability		2,402,000
Rent expense		646,000	811,000
Research and development		$ 114,243,000	$ 81,936,000
Office Facility
Loss Contingencies [Line Items]
Location of office space		Boston, Massachusetts at 225 Franklin Street
Lease commencement date	Jan. 01, 2022
Operating lease right-of-use assets, net				$ 2,938,000
Operating lease liability				$ 2,873,000
Lease expiration date	Dec. 31, 2026
Lessor, Operating Lease, Existence of Option to Extend [true false]		false
Maximum \| Business Development Consulting Agreements
Loss Contingencies [Line Items]
Success fee		$ 5,000,000
Merck License Agreement
Loss Contingencies [Line Items]
Milestone payments		5,000,000
Letter of Credit
Loss Contingencies [Line Items]
Bank deposits, restricted cash		$ 198,000

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net, consist of the following:


	December 31,
	2023			2022
Laboratory equipment	$	5		$	5
Office furniture and fixtures		396			396
Computer hardware		102			102
Leasehold improvements		1,475			1,475
Total property and equipment, at cost		1,978			1,978
Less: accumulated depreciation and amortization		(689	)		(273	)
Property and equipment, net	$	1,289		$	1,705

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of marketable securities, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known.

Principles of Consolidation

The consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly- owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly-liquid investments with an original maturity, or a remaining maturity at the time of purchase, of three months or less to be cash equivalents. The Company’s cash equivalents include money market funds and commercial paper, which are highly liquid and have strong credit ratings. These investments are subject to minimal credit and market risks. Cash and cash equivalents are stated at cost, which approximates market value.

Marketable Securities

The Company’s investment strategy is principally focused on capital preservation. The Company invests in financial instruments that among other things meet the credit quality standards outlined in the Company’s investment policy. Marketable securities consist of investments with maturities greater than three months. Investments not classified as cash equivalents with maturities of less than twelve months are classified as current assets on the consolidated balance sheet. Investments with maturities greater than twelve months for which the Company has the intent and ability to hold the investment for greater than twelve months are classified as non-current on the consolidated balance sheet. Marketable securities include US treasury obligations, US agency obligations, corporate debt, commercial paper and asset-backed securities. The Company classifies all of its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are recorded as a component of accumulated other comprehensive gain (loss) within stockholders’ equity. Interest, dividends and amortization and accretion of discounts and premiums are recorded as interest income and other, net. The Company periodically reviews its marketable securities for impairment and adjusts these investments to their fair value when a decline in market value is deemed to be other than temporary. Declines in fair value judged to be other than temporary on marketable securities, if any, are included in interest income and other, net.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the US government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.

The Company is dependent on third-party manufacturers for the supply of products for its research and development activities including its development programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs for preclinical and clinical development activities. The Company also currently anticipates to rely on this small number of manufacturers for commercial supply if any of the current product candidates are approved for sale. The Company's research and development programs, including any potential commercialization efforts, could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Fair Value Measurements

Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC 820, Fair Value Measurement, establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the assets and liabilities.

The carrying amounts of prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to short-term nature of these assets and liabilities.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the asset. The Company estimates the useful life of its assets as follows:


Asset		Estimated useful life
Laboratory equipment		Five years
Office furniture and fixtures		Five years
Computer hardware		Two years
Leasehold improvements		Shorter of useful life or remaining lease term

Maintenance and repairs that do not improve or extend the life of the respective asset are expensed to operations as incurred. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations.

Other Assets

Other assets consist of vendor deposits related to research and development activities and a security deposit related to our facility lease.

Impairment of Long-lived Assets

The Company reviews long-lived assets, including property and equipment and right-of-use assets ("ROU") when events or changes in circumstances indicate the carrying value of the assets may not be fully recoverable. Recoverability is measured by comparing the book value of the assets to the estimated undiscounted future net cash flows that the asset is expected to generate. If the estimated undiscounted future net cash flows are less than the book value, the asset is impaired, and the impairment loss to be recognized in income is measured as the amount by which the book value of the asset exceeds its fair value, which is measured based on the estimated discounted future net cash flows that the asset is

expected to generate. No impairment losses were recorded during the years ended December 31, 2023 and 2022.

Leases

The Company accounts for leases in accordance with ASC Topic 842, Lease Accounting. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. Leases with a term greater than one year are recognized on the consolidated balance sheet as a ROU asset and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses consist principally of costs associated with outsourced research and development activities, including drug discovery, preclinical and clinical development, manufacturing and research conducted by contract research organizations and academic institutions, employee compensation, including stock-based compensation and consulting expenses together with related expenses, professional fees and facility and overhead costs. Facility and overhead costs primarily include the allocation of rent, utility and office-related expenses attributable to research and development personnel. In circumstances where amounts have been paid in advance or in excess of costs incurred, the Company records a prepaid expense, which is expensed as services are performed or goods are delivered.

The Company has entered into various research and development contracts with third parties. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase of completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Patent Costs

Costs to secure and maintain the Company’s patents are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations.

Stock-based Compensation

Stock-based compensation expense is classified in the consolidated statement of operations and comprehensive loss in the same manner as the award recipient’s payroll costs or service payments are classified. Stock-based awards granted to employees and non-employees are measured based on the estimated fair value of the awards using the Black-Scholes option pricing model (“Black-Scholes”). Stock-based compensation expense with respect to awards with service conditions is recognized using the straight-line method over the service period. Stock-based compensation with respect to awards with performance conditions is recognized when satisfaction of the performance conditions is probable. Stock-based compensation is based on awards ultimately expected to vest and, as such, it is reduced by forfeitures. The Company accounts for forfeitures as they occur.

Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include:

Fair value of common stock—The fair value of its common stock is based on the daily closing quoted market price of its common stock.

Risk-free interest rate—The risk-free interest rate is based on the US Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of a stock-based award.

Expected term—The expected term represents the period that stock-based awards are expected to be outstanding. Given the Company’s lack of specific history, the expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards.

Expected volatility—Since the Company was privately held through October 29, 2020 and did not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock-based awards. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. During the fiscal year ended December 31, 2022 the Company began to incorporate the historical volatility of its own stock price in its calculation of its expected volatility.

Expected dividend yield —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company uses an expected dividend yield of zero.

The Company also accounts for any modifications to share based payments in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718).

The purchase price of the Company's common stock under the Company’s 2020 Employee Stock Purchase Plan ("ESPP") is equal to 85% of the lesser of (i) the fair market value per share of its common stock on the first business day of an offering period and (ii) the fair market value per share of its common stock on the purchase date. The fair value of the discounted purchases made under ESPP is calculated using the Black-Scholes valuation model. The fair value of the look-back provision plus the 15% discount is recognized as compensation expense over the 180-day purchase period.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income.

Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with equity holders. For the years ended December 31, 2023 and 2022, the only components of comprehensive loss other than net loss were unrealized gains and losses on available for sale investments.

Net Loss Per Share

Basic net income loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive shares assuming the dilutive effect of outstanding common stock equivalents except where such securities would be antidilutive.

In-process Research and Development Assets

In-process research and development assets that are acquired in a transaction that does not qualify as a business combination under GAAP and that do not have an alternative future use are expensed in the period in which the assets are acquired.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer, who manages and allocates resources to the operations on a total company basis. Accordingly, there is a single operating segment and one reportable segment.

Recently Issued Accounting Pronouncements

Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the year ended December 31, 2023.

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 114,243	$ 81,936
General and administrative	49,919	48,714
Total operating expenses	164,162	130,650
Loss from operations	(164,162)	(130,650)
Interest income and other, net	29,224	11,151
Loss before income taxes	(134,938)	(119,499)
Income tax benefit (expense)	(1,018)	3,590
Net loss	(135,956)	(115,909)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale investments	891	(684)
Comprehensive loss	$ (135,065)	$ (116,593)
Net loss per share attributable to common stockholders
Basic	$ (1.63)	$ (1.39)
Diluted	$ (1.63)	$ (1.39)
Weighted-average number of common shares - basic and diluted
Basic	83,389,750	83,245,385
Diluted	83,389,750	83,245,385

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of December 31, 2023 and 2022.


			As of December 31,
	2023		2022
Right-of-use asset	$	1,828	$	2,389
Current operating lease liability		760		721
Non-current operating lease liability		1,642		2,403

Components of Lease Costs

The components of the lease expense which are allocated between the general and administrative expenses and the research and development expenses on the consolidated statement of operations for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Operating lease costs	$	646	$	811
Variable lease costs		40		78
Total lease costs	$	686	$	889

Summary of Remaining Lease Term and Discount Rate

The variable lease costs for the years ended December 31, 2023 and 2022 include common area maintenance and other operating charges associated with the 225 Lease. As the 225 Lease does not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company estimates it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.


				As of December 31,
	2023			2022
Remaining lease term (in years)		3.0			4.0
Discount rate	3.1		%	3.1		%

Summary of Future Minimum Payments under Operating Leases

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of December 31, 2023 were as follows:


2024	$	821
2025		838
2026		855
Total lease payments		2,514
Less amount representing implied interest		112
Total lease liability	$	2,402
Current portion of operating lease liabilities		760
Noncurrent portion of operating lease liabilities	$	1,642

Collaboration Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Collaboration Revenue

3. Collaboration Agreement

In October 2020, the Company entered into a License Agreement (“Roche License Agreement”) with F. Hoffmann-LaRoche Ltd. and Genentech, Inc. (together, “Roche”) under which the Company granted an exclusive license for certain development and commercialization rights related to bemnifosbuvir outside of the United States (other than for certain HCV uses) to Roche.

In November 2021, Roche provided the Company with a notice of termination of the Roche License Agreement which became effective in February 2022. Upon termination, the rights and licenses granted by the Company to Roche under the Roche License Agreement were returned to the Company, resulting in the Company having all rights to continue the clinical development and future commercialization of bemnifosbuvir worldwide. Global development plan activities and related cost sharing between the parties continued through the effective date of the termination.

The activities to complete the global development plan were accounted for under ASC 808. Expenses incurred and reimbursements made or received from Roche were accounted for pursuant to ASC 730, Research and Development. As such, the Company was expensing costs as incurred, including any reimbursements made to Roche, and recognizing reimbursement received from Roche as a reduction of research and development expense through the effective date of the termination.

For the year ended December 31, 2022, the Company recorded a net credit of $6,898 from Roche. The credit recorded during the year ended December 31, 2022 represents a change in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. Included in prepaid expenses and other current assets as of December 31, 2022 is a net balance due from Roche of $1,060. For the year ended December 31, 2023, the Company recorded a net credit of $18,576 from Roche. The credit recorded during the year ended December 31, 2023 represents a change in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. Included in prepaid expenses and other current assets as of December 31, 2023 is a net balance due from Roche of $5,904. Payment for this amount due was received in February 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan recognized expense related to matching contributions	$ 708	$ 541
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percentage	4.00%

Preferred Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred Stock

9. Preferred Stock

As of December 31, 2023 the Company has 10,000,000 shares of preferred stock authorized. None of these shares of preferred stock have been issued.

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Reserved Shares of Common Stock

As of December 31, 2023, the Company had the following reserved shares of common stock:


Outstanding options			17,017,319
Outstanding restricted stock units			2,337,517
Outstanding performance-based restricted stock units			724,970
Shares reserved for future grant under 2020 Incentive Award Plan			6,510,704
Shares reserved under Employee Stock Purchase Plan			1,896,901
			28,487,411

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Details)	Dec. 31, 2023
Laboratory Equipment
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Computer Hardware
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful life	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

For the year ended December 31, 2023, the Company recorded income tax expense of $1,018. The Company recorded a net benefit for income taxes of $3,590 for the year ended December 31, 2022. The benefit for income taxes was primarily the result of changes in estimates between the Company’s initial provision for 2021 income taxes and the actual amounts reflected in the income tax returns as filed.

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	For the Year Ended December 31,
	2023				2022
Expected income tax benefit at the federal statutory rate		21.0		%		21.0		%
State and local taxes		4.2				5.6
Return to provision adjustments		—				3.4
Research and development credits		3.3				2.1
Stock-based compensation		(4.3	)			(3.8	)
Uncertain tax positions		(0.4	)			(0.2	)
Other		(0.1	)			0.3
Change in valuation allowance		(24.5	)			(25.3	)
Total		(0.8	)	%		3.1		%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets consisted of the following:


	December 31,
	2023			2022
Deferred tax assets (liabilities)
Capitalized research and development	$	33,692		$	14,305
Net operating loss carryforwards		9,385			5,590
License agreement		5,609			6,043
Stock-based compensation		17,884			12,215
Research and development credits		8,155			3,826
Other		143			70
Prepaid expenses		(695	)		(893	)
Deferred tax assets (liabilities)		74,173			41,156
Less: valuation allowance		(74,173	)		(41,156	)
Net deferred tax assets (liabilities)	$	—		$	—

As required by the 2017 Tax Cut and Jobs Act, effective January 1, 2022, taxpayers can no longer immediately expense qualified research and development expenditures. Taxpayers are now required to capitalize and amortize these costs over five years for research conducted in the US or 15 years for research conducted abroad.

As of December 31, 2023, the Company had federal net operating losses of $31,378 and state net operating loss carryforwards of $55,305, which may be used to offset future tax liabilities. The Company has federal and state credit carryforwards of $6,944 and $1,210, respectively. The federal net operating losses and research and development tax credits begin to expire in 2034.

Management has evaluated the positive and negative evidence bearing upon the realizability of the Company’s deferred tax assets. Based on the Company’s projected net operating losses, for 2024 and beyond, the Company determined that it is more likely than not that it will not recognize the benefits of the deferred tax assets. As a result, the Company has recorded a full valuation allowance of approximately $74,173 at December 31, 2023.

Under the provisions of Sections 382 and 383 of the Internal Revenue Code (“IRC”), net operating loss and credit carryforwards and other tax attributes may be subject to limitation if there has been a significant change in ownership of the Company, as defined by the IRC.

The Company performed an analysis through December 31, 2023 pursuant to Section 382 of the IRC to determine whether any limitations might exist on the utilization of net operating losses and other tax attributes. Based on this analysis, the Company has determined that there was no impact on the Company's ability to utilize net operating losses or credit carryforwards in 2023. To the extent that the Company raises additional equity financing or other changes in the ownership interest of significant stockholders occurs, additional tax attributes may become subject to an annual limitation. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities.

The Company files federal and various state income tax returns. The statute of limitations for assessment by the Internal Revenue Service (“IRS”), and state tax authorities remains open for all tax years ended since the inception of the Company. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the IRS or state tax authorities to the extent utilized in a future period. No federal or state tax audits are currently in process.

The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information.

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2023:


Balance beginning of year	$	5,255
Decrease related to current year provision to return adjustment		—
Increase related to accrued interest		503
Balance at end of period	$	5,758

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
Research and development, including manufacturing and clinical expenditures	$	20,999	$	7,667
Income taxes		—		99
Payroll and payroll related		5,696		6,459
Professional fees and other		669		981
Total accrued expenses and other current liabilities	$	27,364	$	15,206

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Life

The Company estimates the useful life of its assets as follows:


Asset		Estimated useful life
Laboratory equipment		Five years
Office furniture and fixtures		Five years
Computer hardware		Two years
Leasehold improvements		Shorter of useful life or remaining lease term

Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

10. Common Stock

As of December 31, 2023, the authorized capital of the Company included 300,000,000 shares of common stock, of which 83,435,513 shares of common stock were issued and outstanding.

On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share. The holders of common stock are entitled to receive dividends, when declared by the board, and to share ratably in the Company’s assets legally available for distribution to the holders of the Company’s stock in the event of liquidation. The holders of common stock have no preemptive, redemption or conversion rights.

As of December 31, 2023, the Company had the following reserved shares of common stock:


Outstanding options			17,017,319
Outstanding restricted stock units			2,337,517
Outstanding performance-based restricted stock units			724,970
Shares reserved for future grant under 2020 Incentive Award Plan			6,510,704
Shares reserved under Employee Stock Purchase Plan			1,896,901
			28,487,411

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 416	$ 260

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (135,956)	$ (115,909)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	49,428	46,718
Depreciation and amortization expense	416	260
Accretion of premium and discounts on marketable securities	(15,446)	(5,465)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,864	(6,251)
Other assets	98	(1,494)
Accounts payable	1,701	(1,983)
Accrued expenses and other liabilities	12,661	(37,623)
Operating lease liabilities	(161)	765
Net cash used in operating activities	(85,395)	(120,982)
Cash flows from investing activities
Additions to property and equipment		(1,943)
Purchases of marketable securities	(562,362)	(545,352)
Sales and maturities of marketable securities	602,665	91,885
Net cash provided by (used in) investing activities	40,303	(455,410)
Cash flows from financing activities
Proceeds from issuance of common stock for exercise of stock options		230
Proceeds from issuance of common stock under ESPP	257	140
Net cash provided by financing activities	257	370
Net decrease in cash, cash equivalents and restricted cash	(44,835)	(576,022)
Cash, cash equivalents and restricted cash at the beginning of period	188,658	764,680
Cash, cash equivalents and restricted cash at the end of period	143,823	188,658
Cash, cash equivalents and restricted cash at the end of period:
Cash and cash equivalents	143,823	188,460
Restricted cash		198
Total cash, cash equivalents and restricted cash	$ 143,823	188,658
Supplemental disclosure of non-cash financing activities:
Right of use assets obtained in exchange for operating lease liabilities		$ 2,938

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accummulated Other Comprehensive Gain (Loss)	Retained Earnings (Accumulated
Balance at Dec. 31, 2021	$ 710,077	$ 83	$ 653,964		$ 56,030
Balance, shares at Dec. 31, 2021		83,102,730
Issuance of common stock for exercise of stock options	230		230
Issuance of common stock for exercise of stock options , shares		155,873
Issuance of common stock under ESPP	140		140
Issuance of common stock under ESPP, shares		29,036
Stock-based compensation expense	46,718		46,718
Other comprehensive loss	(684)			$ (684)
Net loss	(115,909)				(115,909)
Balance at Dec. 31, 2022	640,572	$ 83	701,052	(684)	(59,879)
Balance, shares at Dec. 31, 2022		83,287,639
Issuance of common stock upon release of restricted stock units (in shares)		53,935
Issuance of common stock under ESPP	257		257
Issuance of common stock under ESPP, shares		93,939
Stock-based compensation expense	49,428		49,428
Other comprehensive loss	891			891
Net loss	(135,956)				(135,956)
Balance at Dec. 31, 2023	$ 555,192	$ 83	$ 750,737	$ 207	$ (195,835)
Balance, shares at Dec. 31, 2023		83,435,513

Stock-based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Number of Shares, Outstanding	13,632,278
Number of Shares, Granted	3,777,550
Number of Shares, Cancelled	(392,509)
Number of Shares, Outstanding	17,017,319	13,632,278
Number of Shares, Vested and expected to vest	17,017,319
Number of Shares, Vested and exercisable	11,084,169
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Outstanding	$ 18.48
Weighted Average Exercise Price Per Share, Granted	4.48
Weighted Average Exercise Price Per Share, Cancelled	21.46
Weighted Average Exercise Price Per Share, Outstanding	15.30	$ 18.48
Weighted Average Exercise Price Per Share, Vested and expected to vest	15.30
Weighted Average Exercise Price Per Share, Vested and exercisable	$ 16.46
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (years), Outstanding	7 years 1 month 6 days	7 years 8 months 12 days
Weighted Average Remaining Contractual Term (years), Vested and expected to vest	7 years 1 month 6 days
Weighted Average Remaining Contractual Term (years), Vested and exercisable	6 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 5,080	$ 10,937
Aggregate Intrinsic Value, Vested and expected to vest	5,080
Aggregate Intrinsic Value, Vested and exercisable	$ 5,078

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	83,435,513	83,287,639
Common stock, shares outstanding	83,435,513	83,287,639

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
Research and development, including manufacturing and clinical expenditures	$	20,999	$	7,667
Income taxes		—		99
Payroll and payroll related		5,696		6,459
Professional fees and other		669		981
Total accrued expenses and other current liabilities	$	27,364	$	15,206

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

15. Related Party Transactions

During the year ended December 31, 2021, the Company entered into a consulting agreement with an entity controlled by one of its directors. The agreement provides for an annual retainer of $110. The Company recognized expense in the amount of $110 in each of the years ended December 31, 2023 and 2022.

In May 2022, the Company entered into a consulting agreement with one of its directors. The Company recognized expense of $1 in connection with this consulting agreement for the year ended December 31, 2022. No expense related to this agreement was recognized during the year ended December 31, 2023.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 25, 2024	Jun. 30, 2023
Document Document And Entity Information [Abstract]
Entity Registrant Name	ATEA PHARMACEUTICALS, INC.
Trading Symbol	AVIR
Entity Central Index Key	0001593899
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		84,164,545
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	46-0574869
Entity File Number	001-39661
Entity Address, Address Line One	225 Franklin Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	284-8891
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 283.7
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Boston, Massachusetts

Net Loss Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (135,956)	$ (115,909)
Weighted average common shares outstanding, basic	83,389,750	83,245,385
Weighted average common shares outstanding, diluted	83,389,750	83,245,385
Net loss per share, basic	$ (1.63)	$ (1.39)
Net loss per share, diluted	$ (1.63)	$ (1.39)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

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

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+ Details

- Definition

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

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+ Details

Commitments and Contingencies - Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset	$ 1,828	$ 2,389
Current operating lease liability	760	721
Non-current operating lease liability	$ 1,642	$ 2,403

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Activity

The following summarizes stock option activity:


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($000s)
Outstanding at January 1, 2023		13,632,278		$	18.48		7.7	$	10,937
Granted		3,777,550		$	4.48
Exercised		—		$	—
Cancelled		(392,509	)	$	21.46
Outstanding at December 31, 2023		17,017,319		$	15.30		7.1	$	5,080
Vested and expected to vest at December 31, 2023		17,017,319		$	15.30		7.1	$	5,080
Vested and exercisable at December 31, 2023		11,084,169		$	16.46		6.4	$	5,078

Summary of Assumptions Used to Estimate Fair Value of Award

The fair value of each award was estimated using Black-Scholes based on the following assumptions:


	For the Year Ended December 31,
	2023			2022
Risk-free interest rate		3.65	%		2.10	%
Expected term	5.97 years			5.96 years
Expected volatility		85.0	%		85.0	%
Expected dividend yield		0	%		0	%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:


	For the Year Ended December 31,
	2023		2022
Research and development expense	$	22,666	$	21,870
General and administrative		26,762		24,848
Total stock-based compensation expense	$	49,428	$	46,718

Summary of Components of Stock-based Compensation Expense

The components of stock-based compensation expense were:


	For the Year Ended December 31,
	2023		2022
Restricted stock units	$	3,679	$	352
Performance-based restricted stock units		—		—
Stock options		45,626		46,220
ESPP		123		146
Total stock-based compensation expense	$	49,428	$	46,718

Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		161,750		$	7.14
Granted		2,264,700		$	4.59
Released		(53,935	)	$	7.14
Cancelled		(34,998	)	$	5.42
Unvested shares at December 31, 2023		2,337,517		$	4.69

Performance-based Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		724,970	$	7.14
Granted		—	$	—
Release		—	$	—
Cancelled		—	$	—
Unvested shares at December 31, 2023		724,970	$	7.14

- Definition

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

+ References

+ Details

Marketable Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Debt Securities, Available-for-Sale [Abstract]
Number of held securities \| Security	26	15
Debt securities in unrealized loss position	$ 113,000	$ 684,000
Aggregate fair value	178,003,000	143,221,000
Marketable securities	434,283,000	458,249,000
Marketable debt securities, charges for credit-related impairments	0	0
Securities maturing longer than one year	0	0
Proceeds from sales and maturities of marketable securities	$ 602,665,000	$ 91,885,000

Commitments and Contingencies - Summary of Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term (in years)	3 years	4 years
Discount rate	3.10%	3.10%

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Incremental cost included in general and administration costs \| $	$ 49,919,000	$ 48,714,000
Impairment losses \| $	$ 0	$ 0
Expected dividend yield	0.00%	0.00%
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
2020 Employee Stock Purchase Plan
Accounting Policies [Line Items]
Percentage of common stock purchase price, lesser of market value per share on offering or purchase date	85.00%
Percentage of discount on common stock purchase price	15.00%

Commitments and Contingencies - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 821
2025	838
2026	855
Total lease payments	2,514
Less amount representing implied interest	112
Total lease liability	2,402
Current portion of operating lease liabilities	760	$ 721
Noncurrent portion of operating lease liabilities	$ 1,642	$ 2,403

Income Taxes - Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected income tax benefit at the federal statutory rate	21.00%	21.00%
State and local taxes	4.20%	5.60%
Return to provision adjustments		3.40%
Research and development credits	3.30%	2.10%
Stock-based compensation	(4.30%)	(3.80%)
Uncertain tax positions	(0.40%)	(0.20%)
Other	(0.10%)	0.30%
Change in valuation allowance	(24.50%)	(25.30%)
Total	(0.80%)	3.10%

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

11. Stock-based Compensation

In October 2020, the Company’s shareholders approved the Company’s 2020 Incentive Award Plan (“2020 Plan”). The 2020 Plan initially provided for the issuance of up to 7,924,000 shares of common stock and for the grant of incentive stock options or other incentive awards to employees, officers, directors and consultants of the Company. The number of shares of common stock that may be issued under the 2020 Plan is also subject to increase on the first day of each calendar year equal to the lesser of i) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or ii) such smaller number of shares as is determined by the board of directors. Through December 31, 2023, the shares available under the plan were increased by 12,450,364 shares. As of December 31, 2023, 6,510,704 shares of common stock were available for future issuance under the 2020 Plan. In January 2024, the shares of the Company's common stock available under the 2020 Plan were increased by 4,171,775 shares.

The 2020 Plan replaced and is the successor of the Company’s 2013 Equity Incentive Plan, as amended (“2013 Plan”). In the event of any cancellation of an outstanding option award under the 2013 Plan, the shares underlying the cancelled option award will be made available for grant under the 2020 Plan.

Restricted Stock Units

During the year ended December 31, 2023 and 2022, respectively, the Company granted 2,264,700 and 182,350 restricted stock units to employees with an aggregate grant date fair market value of $10,384 and $1,302. The restricted stock unit awards vest in three annual installments. In January 2023, the Company issued 53,935 shares of common stock upon the vesting and settlement of restricted stock units. During the year ended December 31, 2023 and 2022, 34,998 and 20,600 restricted stock units were cancelled due to employee terminations.


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		161,750		$	7.14
Granted		2,264,700		$	4.59
Released		(53,935	)	$	7.14
Cancelled		(34,998	)	$	5.42
Unvested shares at December 31, 2023		2,337,517		$	4.69

Performance-based Restricted Stock Units

No performance-based restricted stock units were granted during the year ended December 31, 2023. During the year ended December 31, 2022, the Company granted 742,070 performance-based restricted stock units to employees with an aggregate grant date fair value of $5,298. No performance-based restricted stock units were granted during the year ended December 31, 2023. The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of each award eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through December 31, 2023, as the minimum performance criteria had not been deemed probable. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026.

During the year ended December 31, 2023, there were no cancellations of performance-based restricted stock units. During the year ended December 31, 2022, 17,100 performance-based restricted stock units were cancelled due to employee terminations.


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		724,970	$	7.14
Granted		—	$	—
Release		—	$	—
Cancelled		—	$	—
Unvested shares at December 31, 2023		724,970	$	7.14

Stock Options

The following summarizes stock option activity:


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($000s)
Outstanding at January 1, 2023		13,632,278		$	18.48		7.7	$	10,937
Granted		3,777,550		$	4.48
Exercised		—		$	—
Cancelled		(392,509	)	$	21.46
Outstanding at December 31, 2023		17,017,319		$	15.30		7.1	$	5,080
Vested and expected to vest at December 31, 2023		17,017,319		$	15.30		7.1	$	5,080
Vested and exercisable at December 31, 2023		11,084,169		$	16.46		6.4	$	5,078

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 for those options that had exercise prices lower than the fair value of the Company’s common stock.

Option grants generally vest over a service period of three or four years and have a contractual term of ten years. As of December 31, 2023, total unrecognized compensation expense related to stock option awards was $55,157, which amount is being recognized over a remaining weighted average period of 2.2 years.

The weighted average grant date fair value per option granted during the years ended December 31, 2023 and 2022 was $3.27 and $5.09, respectively. The fair value of each award was estimated using Black-Scholes based on the following assumptions:


	For the Year Ended December 31,
	2023			2022
Risk-free interest rate		3.65	%		2.10	%
Expected term	5.97 years			5.96 years
Expected volatility		85.0	%		85.0	%
Expected dividend yield		0	%		0	%

Employee Stock Purchase Plan

In October 2020, the Company’s shareholders approved the ESPP, which became effective upon the closing of the Company’s IPO in November 2020. The Company initially reserved a total of 1,187,000 shares of its common stock for issuance under the ESPP. The ESPP provides that the number of shares reserved and available for issuance under the ESPP will be increased on January 1 of each calendar year by 1% of the number of shares of the Company's common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the board of directors. Through December 31, 2022, there was no increase in the number of shares reserved for issuance under the ESPP. In January 2024 and 2023, the number of shares of the Company's common stock available for issuance under the ESPP was increased by 834,355 and 832,876 shares, respectively.

The Company issued 93,939 and 29,036 shares for proceeds of $257 and $140 during the years ended December 31, 2023 and 2022, respectively.

Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:


	For the Year Ended December 31,
	2023		2022
Research and development expense	$	22,666	$	21,870
General and administrative		26,762		24,848
Total stock-based compensation expense	$	49,428	$	46,718

The components of stock-based compensation expense were:


	For the Year Ended December 31,
	2023		2022
Restricted stock units	$	3,679	$	352
Performance-based restricted stock units		—		—
Stock options		45,626		46,220
ESPP		123		146
Total stock-based compensation expense	$	49,428	$	46,718

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	For the Year Ended December 31,
	2023				2022
Expected income tax benefit at the federal statutory rate		21.0		%		21.0		%
State and local taxes		4.2				5.6
Return to provision adjustments		—				3.4
Research and development credits		3.3				2.1
Stock-based compensation		(4.3	)			(3.8	)
Uncertain tax positions		(0.4	)			(0.2	)
Other		(0.1	)			0.3
Change in valuation allowance		(24.5	)			(25.3	)
Total		(0.8	)	%		3.1		%

Summary of Principal Components of Deferred Tax Assets

The principal components of the Company’s deferred tax assets consisted of the following:


	December 31,
	2023			2022
Deferred tax assets (liabilities)
Capitalized research and development	$	33,692		$	14,305
Net operating loss carryforwards		9,385			5,590
License agreement		5,609			6,043
Stock-based compensation		17,884			12,215
Research and development credits		8,155			3,826
Other		143			70
Prepaid expenses		(695	)		(893	)
Deferred tax assets (liabilities)		74,173			41,156
Less: valuation allowance		(74,173	)		(41,156	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Reconciliation of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2023:


Balance beginning of year	$	5,255
Decrease related to current year provision to return adjustment		—
Increase related to accrued interest		503
Balance at end of period	$	5,758

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 49,428	$ 46,718
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	22,666	21,870
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 26,762	$ 24,848

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Operating Lease Agreements

In July 2021, the Company entered into a non-cancelable operating lease agreement pursuant to which the Company leased its principal office facility in Boston, Massachusetts at 225 Franklin Street ("225 Lease"). The 225 Lease commencement date was January 1, 2022 and runs through December 31, 2026. The 225 Lease does not contain any options for renewal or extension.

In connection with the 225 Lease commencement, the Company recorded a ROU asset and operating lease liability of $2,938 and $2,873 as of January 1, 2022.

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of December 31, 2023 and 2022.


			As of December 31,
	2023		2022
Right-of-use asset	$	1,828	$	2,389
Current operating lease liability		760		721
Non-current operating lease liability		1,642		2,403


	Year Ended December 31,
	2023		2022
Operating lease costs	$	646	$	811
Variable lease costs		40		78
Total lease costs	$	686	$	889


				As of December 31,
	2023			2022
Remaining lease term (in years)		3.0			4.0
Discount rate	3.1		%	3.1		%

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of December 31, 2023 were as follows:


2024	$	821
2025		838
2026		855
Total lease payments		2,514
Less amount representing implied interest		112
Total lease liability	$	2,402
Current portion of operating lease liabilities		760
Noncurrent portion of operating lease liabilities	$	1,642

Rent expense recognized was $646 and $811 for the years ended December 31, 2023 and 2022, respectively.

The Company maintains a deposit of $198 with the landlord, which is included in other assets in the consolidated balance sheet as of December 31, 2023.

License Agreement

In December 2021, the Company entered into a license agreement (“Merck License Agreement”) with MSD International GmbH, an affiliate of Merck & Co, Inc. (“Merck”) for the development, manufacture and commercialization of ruzasvir. Ruzasvir is the NS5A inhibitor the Company is developing in combination with bemnifosbuvir for the treatment of HCV.

Pursuant to the terms of the Merck License Agreement, the Company obtained from Merck a worldwide exclusive (subject to certain reserved rights to conduct internal research) and, sublicensable license under certain Merck patents and know-how to research, develop, manufacture, have manufactured, use, import, export, sell, offer for sale, and otherwise commercialize ruzasvir or products containing ruzasvir (each a “Product”) for all therapeutic or prophylactic uses in humans.

In addition to a non-refundable upfront payment that the Company made in February 2022, the Company will be required to pay Merck milestone payments upon its achievement of certain development, regulatory and sales-based milestones. Additionally, the Company will pay Merck tiered royalties based on annual net sales of Products ranging from high single digits to mid-teens percentages. The Company’s royalty payment obligations will continue until the later of (i) the expiration of the last to expire valid claim of a licensed Merck patent claiming such Product and (ii) a period of years after the first commercial sale of such Product in such country. The Company may terminate the Merck License Agreement for convenience upon prior written notice. The first potential milestone in the amount of $5.0 million would be payable upon the commencement of a Phase 3 clinical trial.

Contingent Consulting Fee

The Company has an agreement with a consultant that requires payment of a success fee calculated as a percentage of certain product sales, subject to a cumulative maximum payout of $5.0 million. This success payment is contingent upon the occurrence of future events and the timing and likelihood of such payment is neither probable nor estimable.

Indemnification

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

From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount payable under these contracts since the Company has no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Schedule of Marketable Securities


								As of December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	155,816	$	145	$	(23	)	$	155,938
US Government agency securities		178,115		96		(51	)		178,160
Commercial paper		39,461		14		(27	)		39,448
Corporate bonds		60,684		65		(12	)		60,737
Total	$	434,076	$	320	$	(113	)	$	434,283


								As of December 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	59,422	$	—	$	(304	)	$	59,118
US Government agency securities		15,000		—		(59	)		14,941
Commercial paper		310,433		—		—			310,433
Corporate bonds		61,504		—		(255	)		61,249
Asset-backed securities		12,574		—		(66	)		12,508
Total	$	458,933	$	—	$	(684	)	$	458,249

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 1,018	$ (3,590)
Valuation allowance	$ 74,173	41,156
Income tax examination description	The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information.
Unrecognized tax benefit	$ 5,758	$ 5,255
Federal
Income Tax Disclosure [Line Items]
Net operating losses	31,378
Tax credit carryforwards	$ 6,944
Net operating losses carryforwards expiration year	2034
Research and development costs amortization period	5 years
Foreign
Income Tax Disclosure [Line Items]
Research and development costs amortization period	15 years
State
Income Tax Disclosure [Line Items]
Net operating losses	$ 55,305
Tax credit carryforwards	$ 1,210
Research and Development Tax Credits
Income Tax Disclosure [Line Items]
Tax credit carryforwards expiration year	2034

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash equivalents
Marketable securities	$ 434,283	$ 458,249
Total	578,023	625,833
Level 1
Cash equivalents
Total	143,740	167,584
Level 2
Cash equivalents
Total	434,283	458,249
U.S. Treasury obligations
Cash equivalents
Marketable securities	155,938	59,118
U.S. Treasury obligations \| Level 2
Cash equivalents
Marketable securities	155,938	59,118
U.S. Government agency securities
Cash equivalents
Marketable securities	178,160	14,941
U.S. Government agency securities \| Level 2
Cash equivalents
Marketable securities	178,160	14,941
Commercial paper
Cash equivalents
Marketable securities	39,448	310,433
Commercial paper \| Level 2
Cash equivalents
Marketable securities	39,448	310,433
Corporate bonds
Cash equivalents
Marketable securities	60,737	61,249
Corporate bonds \| Level 2
Cash equivalents
Marketable securities	60,737	61,249
Asset-backed securities
Cash equivalents
Marketable securities		12,508
Asset-backed securities \| Level 2
Cash equivalents
Marketable securities		12,508
Money Market Funds
Cash equivalents
Cash equivalents	143,740	167,584
Money Market Funds \| Level 1
Cash equivalents
Cash equivalents	$ 143,740	$ 167,584

Commitments and Contingencies - Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 646	$ 811
Variable lease costs	40	78
Total lease costs	$ 686	$ 889

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 434,076	$ 458,933
Unrealized Gain	320
Unrealized Losses	(113)	(684)
Fair Value	434,283	458,249
U.S. Treasury obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	155,816	59,422
Unrealized Gain	145
Unrealized Losses	(23)	(304)
Fair Value	155,938	59,118
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	178,115	15,000
Unrealized Gain	96
Unrealized Losses	(51)	(59)
Fair Value	178,160	14,941
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	39,461	310,433
Unrealized Gain	14
Unrealized Losses	(27)
Fair Value	39,448	310,433
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	60,684	61,504
Unrealized Gain	65
Unrealized Losses	(12)	(255)
Fair Value	$ 60,737	61,249
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		12,574
Unrealized Losses		(66)
Fair Value		$ 12,508

Related Party Transactions - Additional Information (Details) - Consulting Agreement - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Director \| Related Party
Related Party Transaction [Line Items]
Related party transaction expense	$ 0	$ 1,000
Entity Controlled by Director
Related Party Transaction [Line Items]
Annual retainer			$ 110,000
Entity Controlled by Director \| Related Party
Related Party Transaction [Line Items]
Related party transaction expense	$ 110,000	$ 110,000

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net, consist of the following:


	December 31,
	2023			2022
Laboratory equipment	$	5		$	5
Office furniture and fixtures		396			396
Computer hardware		102			102
Leasehold improvements		1,475			1,475
Total property and equipment, at cost		1,978			1,978
Less: accumulated depreciation and amortization		(689	)		(273	)
Property and equipment, net	$	1,289		$	1,705

Depreciation and amortization expense was $416 and $260 for the years ended December 31, 2023 and 2022, respectively.

Benefit Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Benefit Plan

14. Benefit Plan

During the year ended December 31, 2021, the Company implemented a defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements. Under the terms of the 401(k) Plan, the Company records matching contributions up to 4% of the participant’s eligible compensation. During the years ended December 31, 2023 and 2022, the Company recognized expense of $708 and $541, respectively, relating to matching contributions to the 401(k) Plan.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

Principles of Consolidation

Cash and Cash Equivalents

Marketable Securities

Concentrations of Credit Risk and Significant Suppliers

Fair Value Measurements

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the assets and liabilities.

The carrying amounts of prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to short-term nature of these assets and liabilities.

Property and Equipment


Asset		Estimated useful life
Laboratory equipment		Five years
Office furniture and fixtures		Five years
Computer hardware		Two years
Leasehold improvements		Shorter of useful life or remaining lease term

Other Assets

Other assets consist of vendor deposits related to research and development activities and a security deposit related to our facility lease.

Impairment of Long-lived Assets

expected to generate. No impairment losses were recorded during the years ended December 31, 2023 and 2022.

Leases

Research and Development Costs

Patent Costs

Costs to secure and maintain the Company’s patents are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations.

Stock-based Compensation

Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include:

Fair value of common stock—The fair value of its common stock is based on the daily closing quoted market price of its common stock.

The Company also accounts for any modifications to share based payments in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718).

Income Taxes

Comprehensive Loss

Net Loss Per Share

In-process Research and Development Assets

Segments

Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the year ended December 31, 2023.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Research and development, including manufacturing and clinical expenditures	$ 20,999	$ 7,667
Income taxes		99
Payroll and payroll related	5,696	6,459
Professional fees and other	669	981
Total accrued expenses and other current liabilities	$ 27,364	$ 15,206

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements


							As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	143,740	$	—	$	—	$	143,740
Marketable Securities
US Treasury obligations		—		155,938		—		155,938
US Government agency securities		—		178,160		—		178,160
Commercial paper		—		39,448		—		39,448
Corporate bonds		—		60,737		—		60,737
Total	$	143,740	$	434,283	$	—	$	578,023


							As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	167,584	$	—	$	—	$	167,584
Marketable Securities
US Treasury obligations		—		59,118		—		59,118
US Government agency securities		—		14,941		—		14,941
Commercial paper		—		310,433		—		310,433
Corporate bonds		—		61,249		—		61,249
Asset-backed securities		—		12,508		—		12,508
Total	$	167,584	$	458,249	$	—	$	625,833

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market accounts which invest in money market funds that are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of December 31, 2023 and 2022.

There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2023 and 2022.

- Definition

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

+ References + Details

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended		36 Months Ended
	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Oct. 31, 2020 shares	Dec. 31, 2023 USD ($) Installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance				28,487,411		28,487,411
Gross proceeds from issuance of common stock \| $				$ 257	$ 140
Weighted average grant date fair value per option granted \| $ / shares				$ 3.27	$ 5.09
Fair value assumptions, method used				Black-Scholes
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares of common stock Outstanding			1.00%
Common stock, capital shares reserved for future issuance			1,187,000
Issuance of common stock under ESPP, shares				93,939	29,036
Gross proceeds from issuance of common stock \| $				$ 257	$ 140
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				2,264,700	182,350
Aggregate grant date fair market value of restricted stock units granted \| $				$ 10,384	$ 1,302
Number of installments \| Installment				3
Number of units cancelled due to terminations				34,998	20,600
Unvested shares				2,337,517	161,750	2,337,517
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				0	742,070
Aggregate grant date fair market value of restricted stock units granted \| $					$ 5,298
Number of units cancelled due to terminations				0	17,100
Performance based restricted stock units terms of award				The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of each award eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through December 31, 2023, as the minimum performance criteria had not been deemed probable. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026.
Unvested shares				724,970	724,970	724,970
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting contractual term				10 years
Unrecognized compensation expense \| $				$ 55,157		$ 55,157
Remaining weighted average period for recognize compensation expense				2 years 2 months 12 days
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares of common stock Outstanding			5.00%
Increased number of shares available under plan						12,450,364
Common stock, capital shares reserved for future issuance				6,510,704		6,510,704
Subsequent Event \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increased number of shares available under plan	4,171,775
Maximum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage				200.00%
Maximum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting service period				4 years
Maximum \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			7,924,000
Minimum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage				0.00%
Minimum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting service period				3 years
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon vesting of restricted stock units				53,935
Issuance of common stock under ESPP, shares				93,939	29,036
Common Stock \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increased number of shares available under plan		832,876
Common Stock \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon vesting of restricted stock units		53,935
Common Stock \| Subsequent Event \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increased number of shares available under plan	834,355

Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2021
Nature of Business [Line Items]
Cash and cash equivalents	$ 143,823	$ 188,460
Cash and cash equivalents and marketable securities	$ 578,100
Number of shares issued	83,435,513	83,287,639
Jeffries \| Sales Agreement
Nature of Business [Line Items]
Commission percentage of aggregate gross proceeds from each sale of shares	3.00%
Number of shares issued	0
Jeffries \| Maximum \| Sales Agreement
Nature of Business [Line Items]
Aggregate offering price			$ 200,000

Income Taxes - Summary of Principal Components of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets (liabilities)
Capitalized research and development	$ 33,692,000	$ 14,305,000
Net operating loss carryforwards	9,385,000	5,590,000
License agreement	5,609,000	6,043,000
Stock-based compensation	17,884,000	12,215,000
Research and development credits	8,155,000	3,826,000
Other	143,000	70,000
Prepaid expenses	(695,000)	(893,000)
Deferred tax assets (liabilities)	74,173,000	41,156,000
Less: valuation allowance	(74,173,000)	(41,156,000)
Net deferred tax assets (liabilities)	$ 0	$ 0

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

Basic and diluted earnings per share are calculated as follows:


	For the Year Ended December 31,

	2023			2022
Net loss	$	(135,956	)	$	(115,909	)
Weighted average common shares outstanding, basic and diluted		83,389,750			83,245,385
Net loss per share - basic and diluted	$	(1.63	)	$	(1.39	)

Stock options for the purchase of 17,017,319 shares, 2,337,517 restricted stock units, 724,970 performance-based restricted stock units and 30,254 ESPP shares were excluded from the computation of the net loss per share for the year ended December 31, 2023, due to the net loss during the periods as their effect is antidilutive.

Stock options for the purchase of 13,632,278 shares, 161,750 restricted stock units, 724,970 performance-based restricted stock units and 24,743 ESPP shares were excluded from the computation of the net loss per share for the year ended December 31, 2022, due to the net loss during the periods as their effect is antidilutive.

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	For the Year Ended December 31,

	2023			2022
Net loss	$	(135,956	)	$	(115,909	)
Weighted average common shares outstanding, basic and diluted		83,389,750			83,245,385
Net loss per share - basic and diluted	$	(1.63	)	$	(1.39	)