0000950170-24-029281 | 10-K | XBRL Viewer | Olema Pharmaceuticals INC

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Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 968	$ 1,480

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (96,655)	$ (104,787)
Other comprehensive loss:
Net unrealized gain (loss) on marketable securities	2,160	(1,664)
Total comprehensive loss	$ (94,495)	$ (106,451)

- 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

Other Assets and Long-Term Deposits

12 Months Ended

Dec. 31, 2023

Assets [Abstract]

Other Assets and Long-Term Deposits

5. Other Assets and Long-Term Deposits

Other assets and long-term deposits consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Clinical development project deposits	$	6,688	$	2,274
Property and equipment, net		968		1,480
Security deposits		485		497
Total	$	8,141	$	4,251

Lease (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Total Lease Expense

The following table summarizes total lease expense during the years ended December 31, 2023 and 2022 (in thousands):


	Years Ended December 31,
	2023		2022
Straight-line operating lease expense	$	1,297	$	1,301
Short-term lease expense		164		49
Variable lease expense		140		248
Total operating lease expense	$	1,601	$	1,598

Summary of Supplemental Cash Flow Information

The following table summarizes supplemental cash flow information during the year ended December 31, 2023 and 2022 (in thousands):


	Years Ended December 31,
	2023		2022
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	1,231	$	1,274
Supplemental noncash information on lease liability arising from obtaining a right-use-asset		896		297

Summary of Future Minimum Lease Payments

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of December 31, 2023 (in thousands):


Years Ended December 31,
2024	$	1,162
2025		1,245
2026		263
Total future minimum lease payments		2,670
Less: Interest		(253	)
Total lease liabilities at present value		2,417
Lease liabilities, current		988
Lease liabilities, non-current	$	1,429

Summary of Lease Term and Discount Rate

The following table summarizes lease term and discount rate as of December 31, 2023 and 2022:


	Years Ended December 31,
	2023			2022
Weighted-average remaining lease term (years)		2.25			2.73
Weighted-average discount rate		9.00	%		8.70	%

Lease - Summary of Total Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease expense
Straight-line operating lease expense	$ 1,297	$ 1,301
Short-term lease expense	164	49
Variable lease expense	140	248
Total operating lease expense	$ 1,601	$ 1,598

Stock-Based Compensation - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock at fair market value to be exercised	100.00%
Expiration period (in years)	10 years
Common stock reserved shares for issuance	12,336,755		11,801,353
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares authorized		2,152,080
Period of increase in common stock reserved for issuance		10 years
Percentage of increase in common stock reserved for issuance		5.00%
2020 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		6,494,510
Shares available from prior equity incentive plan		4,342,430
2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved shares for issuance			2,000,000

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation expense
Total stock-based compensation expense	$ 17,256	$ 18,829
Research and development
Stock-based compensation expense
Total stock-based compensation expense	11,769	12,462
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 5,487	$ 6,367

Net Loss Per Common Share - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (96,655)	$ (104,787)
Denominator:
Weighted average shares used to compute net loss per share, basic	45,247,098	39,995,460
Weighted average shares used to compute net loss per share, diluted	45,247,098	39,995,460
Net loss per share, basic	$ (2.14)	$ (2.62)
Net loss per share, diluted	$ (2.14)	$ (2.62)

- Definition

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

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- 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.

+ References

+ Details

Fair Value Measurement - Schedule of Financial Assets Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	$ 261,765	$ 206,355
Gross Unrealized Gains	355	17
Gross Unrealized Losses	(8)	(1,830)
Estimated Fair Value	262,112	204,542
Cash and Cash Equivalents
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	68,844	23,822
Estimated Fair Value	68,844	23,822
Short-term Marketable Securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	169,966	182,533
Gross Unrealized Gains	176	17
Gross Unrealized Losses	(8)	(1,830)
Estimated Fair Value	170,134	$ 180,720
Long-term Marketable Securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	22,955
Gross Unrealized Gains	179
Estimated Fair Value	$ 23,134

Lease - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum lease payments
2024	$ 1,162
2025	1,245
2026	263
Total future minimum lease payments	2,670
Less: Interest	(253)
Total lease liabilities at present value	2,417
Lease liabilities, current	988	$ 1,015
Lease liabilities, non-current	$ 1,429	$ 1,550

Lease - Additional Information (Details) $ in Thousands	1 Months Ended
Lease - Additional Information (Details) $ in Thousands	Apr. 30, 2022	Dec. 31, 2023 USD ($)	Aug. 23, 2023 USD ($) ft²	Aug. 17, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 15, 2020 USD ($) ft²	Dec. 01, 2020 USD ($) ft²	Aug. 27, 2020 USD ($) ft²	Jun. 01, 2013 ft² Item
Lease
Operating lease right-of-use assets		$ 2,291			$ 2,495
Lease liabilities		$ 2,417
MandalMed, Inc.
Lease
Number of lease amendments \| Item									6
Area of property \| ft²							2,130		5,762
Term of contract							3 years
MandalMed, Inc. \| Minimum
Lease
Security deposit							$ 100
512 2nd Street LLC
Lease
Area of property \| ft²								3,500
Term of contract								2 years
Renewal term	1 year
Renewal option	August 31, 2024
Security deposit								$ 100
Tennieh LLC
Lease
Area of property \| ft²						9,800
Term of contract						5 years
Security deposit						$ 400
Dropbox, Inc.
Lease
Area of property \| ft²				6,713
Term of contract				2 years
Security deposit				$ 100
Operating lease right-of-use assets				200
Lease liabilities				$ 200
Cambridge Redevelopment Authority
Lease
Area of property \| ft²			4,020
Term of contract			3 years
Operating lease right-of-use assets			$ 700
Lease liabilities			700
Cambridge Redevelopment Authority \| Minimum
Lease
Security deposit			$ 100

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 71,579	$ 47,427	$ 21,068
Change in valuation allowance	$ 24,152	26,359
Tax carry forward term	20 years
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 150,800	115,000
Net operating loss carryforwards subject to expiration	3,300
Net operating loss carryforwards not subject to expiration	$ 147,500
Percentage of federal net operating loss	80.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 187,000	$ 47,500
Net operating loss carryforwards subject to expiration	$ 187,000

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities, Current [Abstract]

Other Current Liabilities

6. Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Accrued research and development related costs	$	11,322	$	9,105
Accrued employee bonuses		5,465		4,518
Accrued professional fees		903		1,091
Accrued payroll related costs		172		296
Accrued taxes		73		68
Early exercise of unvested stock options		—		82
Total	$	17,935	$	15,160

Common Stock - Schedule of Common Stock Reserved for Issuance (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Exercised (in shares)	774,099
Options Early-Exercised But Unvested Under The 2014 Stock Plan
Class of Stock [Line Items]
Exercised (in shares)		18,640

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting, and the instructions to Form 10-K and Article 10 of Regulation S-X. These consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly owned subsidiary, Olema Oncology Australia Pty Ltd. All intercompany balances and transactions have been eliminated upon consolidation.

Use of Estimates

The accompanying consolidated financial statements are prepared in accordance with GAAP. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, stock-based compensation assumptions, including the fair value of common stock. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or fewer at the date of purchase. Cash deposits are all in reputable financial institutions in the United States as of December 31, 2023 and 2022. Cash and cash equivalents consisted of cash on deposit with U.S. banks, including the Company’s bank account for its Australia subsidiary, denominated in U.S. dollars and Australian dollars and investments in interest bearing money market funds.

Marketable Securities

All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of

each balance sheet date. Unrealized gains and losses are excluded from net loss and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.

The Company periodically assesses its available-for-sale marketable securities for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through other expense.

For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through other expense, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. The Company has not recorded any impairments for its marketable securities.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships, dependence on key individuals or sole-source suppliers, and geopolitical and macroeconomic factors.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Leases

The Company adopted Accounting Standard Update (“ASU”) 2016-12, Leases, Topic 842, (“Topic 842”) as of January 1, 2021. Under Topic 842, lessees are required to recognize for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use (“ROU”) asset, which is

an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of operations and comprehensive loss.

At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.

Most leases include options to renew and, or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. For any lease modification, the Company reassesses the lease classification, remeasures the related lease liability using an updated discount rate that reflects the modified lease term, and adjusts the related ROU asset under the lease modification guidance under Topic 842.

The Company has operating leases for its research and development and office facilities. Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss.

The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less. Additional information and disclosures required by Topic 842 are contained in Note 11 “Lease” in the Annual Report.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the consolidated statements of operations and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants and contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses and other current assets. Such amounts are recognized as an expense as the goods are delivered or the related services are performed.

Costs incurred in obtaining technology licenses that do not meet the definition of a business are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses.

Reimbursements of certain costs associated with research activities performed under the agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) are recorded as a reduction of research and development expenses and as a receivable due from Novartis, which is recorded under prepaid expenses and

other current assets in the accompanying consolidated financial statements, as described in Note 12, Commitments and Contingencies – Clinical Collaboration and Supply Agreement.

Research Contract Costs and Accruals

The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred.

The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the projects, studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The useful lives of equipment are as follows:


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

When assets are sold or retired, the cost and related accumulated depreciation are removed from the balance sheets, with any resulting gain or loss recorded in operating expenses in the statements of operations and comprehensive loss. Costs of repairs and maintenance are expensed as incurred. Property and Equipment, net of accumulated depreciation are included in "Other assets and long-term deposits" in the accompanying consolidated balance sheets.

Income Taxes

Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, the Company considers all expected future events other than enactment of changes in tax laws or rates. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized. As of December 31, 2023 and 2022, the Company has recorded full valuation allowance against its net deferred tax assets.

The Company had no unrecognized tax benefits for the years ended December 31, 2023 and 2022, respectively. The Company may be subject to U.S. Federal, state, and local tax examinations by tax authorities for years before 2023, which may include adjustments to carry-forward attributes (see Note 9, “Income Taxes”).

The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2023 and 2022, the Company had no accrued interest or penalties related to uncertain tax positions.

Comprehensive Loss

Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities.

Stock-Based Compensation

Stock-based compensation cost, including grants of stock options and restricted stock awards issued under the Company’s equity incentive plans and ESPP, is measured at the grant date based on the estimated fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for performance-based restricted stock unit awards issued under the Company’s equity incentive plan is measured at the grant date based on the estimated fair value of the award, which is based on the closing stock price on the grant date, and is recognized as an expense when the Company determines that it is probable that the performance goals will be achieved, which the Company assess on a quarterly basis. The Company recognizes stock compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s determination of the fair value of stock options with time-based vesting on the date of grant utilizes the Black-Scholes option-pricing model. The Company estimates volatility using stock prices of peer companies and its historical data, risk-free rates using the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term, and dividend yield using the Company’s expectations and historical data. The Company uses the simplified method to calculate the expected term of employee stock option grants. Under the simplified method, the expected term is estimated to be the mid-point between the vesting date and the contractual term of the option. For awards with graded vesting, in which specified tranches of the options vest on different dates, the Company uses a single weighted average expected life to value the entire award, which is equal to the average of the weighted average vesting period of the award and the contractual term of the award. Equity instruments issued to nonemployees are recorded at their fair value on the grant date and without subsequent remeasurement. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest, including awards with graded vesting. As part of the requirements of ASC 718, the Company has elected to account for forfeitures of stock option grants as they occur.

Foreign Currency Transactions

The functional currency of Olema Oncology Australia Pty Ltd, the Company’s wholly-owned subsidiary, is the U.S. dollar. Accordingly, all monetary assets and liabilities of the subsidiary are remeasured into U.S. dollars at the current period-end exchange rates and non-monetary assets are remeasured using historical exchange rates. Income and expense elements are remeasured to U.S. dollars using the average exchange rates in effect during the period. Remeasurement gains and losses are recorded as other income (expense) on the consolidated statements of operations.

The Company is subject to foreign currency risk with respect to its clinical and manufacturing contracts denominated in currencies other than the U.S. dollar, predominantly the Australian dollar and the Euro. Payments on contracts denominated in foreign currencies are made at the spot rate on the day of payment. Changes in the exchange rate between billing dates and payment dates are recorded within other income (expense) on the consolidated statements of operations.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, including unvested early exercised options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”) are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued a new income tax-related accounting guidance in Accounting Standard Update ("ASU") 2023-09, Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company did not early adopt this guidance as of December 31, 2023. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (96,655)	$ (104,787)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	377	357
Loss on sale of equipment	111
Non-cash lease expense	1,297	1,301
Non-cash interest income on marketable securities	(5,524)	(787)
Stock-based compensation expense, including employee stock purchase plan expense	17,256	18,829
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	694	(1,959)
Other assets and long-term deposits	(5,324)	(1,114)
Accounts payable	2,324	351
Other current liabilities	2,948	7,018
Operating lease liabilities	(1,231)	(1,274)
Net cash used in operating activities	(83,727)	(82,065)
Cash flows from investing activities:
Purchase of equipment		(363)
Maturities of marketable securities	250,760	305,502
Purchases of marketable securities	(255,625)	(213,660)
Disposal of fixed assets	14
Net cash (used in) provided by investing activities	(4,851)	91,479
Cash flows from financing activities:
Proceeds from equity private placement, net of issuance costs of $264	129,736
Proceeds from exercise of stock options	2,629	146
Proceeds from issuance of common stock under the ESPP plan	1,050	330
Net cash provided by financing activities	133,415	476
Net increase in cash and cash equivalents	44,837	9,890
Cash and cash equivalents at beginning of period	23,702	13,812
Cash and cash equivalents at end of period	$ 68,539	$ 23,702

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax (Provision) Benefit to Effective Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the Federal statutory income tax provision
Federal statutory income tax	$ 20,060	$ 21,927
State income taxes, net of federal tax benefit	6,133	6,684
Foreign research and development tax credit	1,411	624
Permanent differences in non-tax-deductible executive compensation	(2,842)	(1,952)
Permanent differences in foreign jurisdiction	(1,013)	(450)
Permanent differences others	323	(608)
Other deferred items	750	(308)
Rate changes	(63)	(28)
Valuation allowance	(24,761)	(25,890)
Net expense for income taxes	$ (2)	$ (1)

Summary of Significant Accounting Policies - Schedule of Useful Lives of Equipment (Details)	Dec. 31, 2023
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Maximum \| Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Minimum \| Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Net of issuance costs	$ 264

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Use of Estimates

Cash and Cash Equivalents

Marketable Securities

Concentration of Credit Risk and Other Risks and Uncertainties

Leases

Research and Development Costs

other current assets in the accompanying consolidated financial statements, as described in Note 12, Commitments and Contingencies – Clinical Collaboration and Supply Agreement.

Research Contract Costs and Accruals

Property and Equipment


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

Income Taxes

Comprehensive Loss

Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities.

Stock-Based Compensation

Foreign Currency Transactions

Net Loss Per Common Share

Recent Accounting Pronouncements

Other Assets and Long-Term Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Assets [Abstract]

Schedule of Other Assets and Long-Term Deposits

Other assets and long-term deposits consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Clinical development project deposits	$	6,688	$	2,274
Property and equipment, net		968		1,480
Security deposits		485		497
Total	$	8,141	$	4,251

Nature of the Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 05, 2024 USD ($)	Sep. 05, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Segment
Organization, Consolidation and Presentation of Financial Statements [Line Item]
Number of operating segments \| Segment			1
Number of reportable segments \| Segment			1
Cash, cash equivalents and marketable securities			$ 261,800
Offering expenses of private placement			264
Net proceeds of private placement			129,736
Senior Secured Loan Facility
Organization, Consolidation and Presentation of Financial Statements [Line Item]
Amount available for draw down, Lenders discretion		$ 25,000	$ 25,000
Private Placement
Organization, Consolidation and Presentation of Financial Statements [Line Item]
Shares issued in private placement \| shares		13,211,381
Share price \| $ / shares		$ 9.84
Gross proceeds of private placement		$ 130,000
Offering expenses of private placement		300
Net proceeds of private placement		$ 129,700
Sales Agreement \| TD Cowen \| At-The-Market Offering \| Maximum \| Subsequent Event
Organization, Consolidation and Presentation of Financial Statements [Line Item]
Offering price	$ 150,000
Aggregate gross proceeds commission	3.00%

Common Stock - Schedule of Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Class of Stock [Line Items]
Common stock reserved shares for issuance	12,336,755	11,801,353
Options Outstanding Under the 2014 Stock Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	1,875,140	2,332,441
Options Outstanding Under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	5,669,961	5,332,617
Options Outstanding Under 2022 Inducement Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	1,125,641	719,800
Shares Available for Future Grant Under the 2020 Equity Incentive Plan and the 2022 Inducement Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	2,497,813	1,392,584
Available for the 2020 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	684,497	1,018,000	430,416
Unvested Performance Based Restricted Stock Unit Awards Outstanding Under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	403,000	710,000
Unvested Restricted Stock Awards Outstanding Under the 2014 Stock Plan
Class of Stock [Line Items]
Common stock reserved shares for issuance	80,703	295,911

- 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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

In 2014, the Company’s Board of Directors (the “Board”) and stockholders approved and adopted the Company’s 2014 Stock Plan (the “2014 Plan”). The 2014 Plan permitted the grant of options and restricted stock awards (including restricted stock purchase rights and restricted stock bonus awards). The 2014 Plan was terminated on the date the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), which is described below, became effective, and since that date, no additional awards have been or will be made pursuant to the 2014 Plan. However, any outstanding awards granted under the 2014 Plan will remain outstanding, subject to the terms of the 2014 Plan award agreements, until such outstanding options are exercised or until any awards terminate or expire by their terms.

In 2020, the Board and the Company’s stockholders approved and adopted the 2020 Plan. The 2020 Plan permits the grant of options, restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards. The maximum number of shares of common stock that initially issuable under the 2020 Plan was a number not to exceed 6,494,510 shares of the Company’s common stock, which is the sum of (i) 2,152,080 new shares, plus (ii) an additional number of shares not to exceed 4,342,430 shares, consisting of any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the 2014 Plan that, on or after the date on which the 2020 Plan became effective, terminated or expired prior to exercise or settlement; were not issued because the award was settled in cash; were forfeited because of the failure to vest; or were reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2020 Plan automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2021 and continuing through January 1, 2030, in an amount equal to the lesser of (1) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Board no later than December 31 of the immediately preceding year.

In 2022, the Board approved and adopted the Company’s 2022 Inducement Plan (the “2022 Inducement Plan”). Under the 2022 Inducement Plan, initially 2,000,000 shares of common stock were reserved for issuance. The 2022 Inducement Plan permits the grant of options, restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards.

The exercise price for each option and stock appreciation right shall be established at the discretion of the Board, provided that the exercise price of a stock option will not be less than 100% of the fair market value of the Company’s common stock on the date of grant. Specific vesting for stock options and stock appreciation rights is service related and determined in each award agreement, where stock options and stock appreciation rights are fully vested at the grant date or follow a graded vesting schedule. Stock options and stock appreciation rights granted under the plans generally expire ten years after the date of grant.

Stock Option Valuation

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company lacks company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies in addition to its own historical volatility. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is 0% since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average:


	December 31,			December 31,
	2023			2022
Risk-free interest rate		3.64	%		1.99	%
Expected term (in years)		6.02			6.03
Expected volatility		86.35	%		79.71	%
Expected dividend yield		—			—

Stock Option Activity

The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		8,384,858		$	8.59		8.30	$		262
Granted		2,569,485			5.92	—			—
Exercised(1)		(774,099	)		3.88	—			—
Forfeited		(1,509,502	)		6.86	—			—
Outstanding as of December 31, 2023		8,670,742		$	8.52		7.60	$		61,749

Options vested and exercisable as of December 31, 2023		4,694,809		$	9.88		6.83	$		30,976
Options expected to vest as of December 31, 2023		3,975,933		$	6.92		8.51	$		30,773

(1)

Exercised amount includes vesting of early-exercised options and shares returned for taxes withheld for exercise and net transactions.

The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2023 and 2022 was $4.37 and $3.83, respectively. For the years ended December 31, 2023 and 2022, there were 2,329,483 and 1,670,701 shares vested, respectively. The weighted-average grant date fair value per share of options vested during the years ended December 31, 2023 and 2022 was $6.97 and $6.76, respectively. The total fair value of options vested during the years ended December 31, 2023 and 2022 was $16.2 million and $11.3 million, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2023 and 2022 was $3.5 million and $0.3 million, respectively.

As of December 31, 2023, the total unrecognized compensation expense related to unvested options was $20.8 million, which the Company expects to recognize over an estimated weighted average period of 2.42 years.

Early Exercise of Stock Options

The terms of the 2014 Plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. The early exercised options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the price paid by the purchaser. Such shares are not deemed to be outstanding for accounting purposes until they vest and are therefore excluded from shares outstanding and from basic and diluted net loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. A liability is recognized related to the cash proceeds of the unvested options and is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. All early exercised options are vested as of December 31, 2023.

Restricted Stock Awards

The following table summarizes the restricted stock activity under the 2014 Plan during the year ended December 31, 2023:


	Number of Shares			Grant Date Fair Value
Unvested restricted stock as of December 31, 2022		295,911		$	2.40
Granted	—
Vested		(191,296	)		2.40
Forfeited		(23,912	)		2.40
Unvested restricted stock as of December 31, 2023		80,703		$	2.40

The total grant date fair value of the RSAs vested during the year ended December 31, 2023, was $0.5 million. As of December 31, 2023, the total unrecognized compensation expense related to unvested RSAs was $0.2 million, which the Company expects to recognize over an estimated weighted average period of 0.5 years.

Performance-Based Restricted Stock Unit Awards

In November 2022, the Company granted to certain employees 710,000 shares of performance-based restricted stock unit awards (the “PSUs”) under the 2020 Plan as consideration for services subject to performance conditions with a fair value based on the closing price of the underlying common stock on the date of grant. Pursuant to the terms of the PSUs, 65% of each PSU vests upon certification by the Compensation Committee of the Company of achieving a pre-determined performance goal by June 30, 2024, and 35% of each PSU vests upon certification by the Compensation Committee of the Company of achieving a pre-determined performance goal by June 30, 2024.

Expense recognition for PSUs commences when it is determined that attainment of the performance goal is met. As of December 31, 2023, one of the performance goals was met related to the 35

% of each PSU vesting, and therefore, the Company recorded $0.7 million stock-based compensation expense related to the PSUs for the year ended December 31, 2023.

The following table summarizes the performance-based restricted stock activity under the 2020 plan during the year ended December 31, 2023:


	Number of Shares			Grant Date Fair Value
Unvested performance-based restricted stock as of December 31, 2022		710,000		$	3.38
Granted	—
Vested		(217,000	)		3.38
Forfeited		(90,000	)		3.38
Unvested performance-based restricted stock as of December 31, 2023		403,000		$	3.38

2020 Employee Stock Purchase Plan (“2020 ESPP”)

In 2020, the Board and the Company’s stockholders approved and adopted the ESPP. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of the common stock purchased under the ESPP is equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Each offering period is not to exceed 27 months and will include one or more purchase periods (each a “Purchase Period”) as approved by the Board in the offering. A total of 430,416 shares of common stock were initially reserved for issuance pursuant to the ESPP. Subsequently, the number of shares of the Company’s common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of up to ten years, commencing on January 1, 2021 and continuing through January 1, 2030, in amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 860,832 shares of common stock, or (iii) a lesser number of shares determined by the Board no later than December 31 of the preceding calendar year.

The ESPP is a compensatory plan as defined by the authoritative guidance for stock-based compensation. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock offered under the ESPP. Stock-based compensation expense related to the ESPP was $0.5 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense related to awards granted under the 2014 Plan, the 2020 Plan, the ESPP and the 2022 Inducement Plan was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years Ended December 31,
	2023		2022
Research and development	$	11,769	$	12,462
General and administrative		5,487		6,367
Total	$	17,256	$	18,829

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Accrued research and development related costs	$ 11,322	$ 9,105
Accrued employee bonuses	5,465	4,518
Accrued professional fees	903	1,091
Accrued payroll related costs	172	296
Early exercise of unvested stock options		82
Accrued taxes	73	68
Total	$ 17,935	$ 15,160

Lease - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 1,231	$ 1,274
Supplemental noncash information on lease liability arising from obtaining a right-use-asset	$ 896	$ 297

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 68,539	$ 23,702
Marketable securities	193,268	180,719
Prepaid expenses and other current assets	4,706	4,478
Total current assets	266,513	208,899
Operating lease right-of-use assets	2,291	2,495
Other assets and long-term deposits	8,141	4,251
Total assets	276,945	215,645
Current liabilities:
Accounts payable	2,698	374
Operating lease liabilities, current	988	1,015
Other current liabilities	17,935	15,160
Total current liabilities	21,621	16,549
Operating lease liabilities, net of current portion	1,429	1,550
Total liabilities	23,050	18,099
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2023 and December 31, 2022; no shares issued and outstanding as of December 31, 2023 and December 31, 2022.
Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 55,097,118 and 40,601,648 shares issued as of December 31, 2023 and December 31, 2022, respectively; 54,992,784 and 40,287,097 shares outstanding as of December 31, 2023 and December 31, 2022, respectively.	4	3
Additional paid-in capital	559,176	408,333
Accumulated other comprehensive gain (loss)	347	(1,813)
Accumulated deficit	(305,632)	(208,977)
Total stockholders' equity	253,895	197,546
Total liabilities and stockholders' equity	$ 276,945	$ 215,645

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The reconciliation of the Federal statutory income tax (provision) benefit to the Company’s effective income tax provision is as follows (in thousands):


	Years Ended December 31,
	2023			2022
Federal statutory income tax	$	20,060		$	21,927
State income taxes, net of federal tax benefit		6,133			6,684
Foreign research and development tax credit		1,411			624
Permanent differences in non-tax-deductible executive compensation		(2,842	)		(1,952	)
Permanent differences in foreign jurisdiction		(1,013	)		(450	)
Permanent differences others		323			(608	)
Other deferred items		750			(308	)
Rate changes		(63	)		(28	)
Valuation allowance		(24,761	)		(25,890	)
Net expense for income taxes	$	(2	)	$	(1	)

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2023 and 2022 comprised the following (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	44,705		$	27,449
Capitalized research and development		20,562			14,992
Equity compensation		5,105			4,786
Other		1,488			541
Total deferred tax assets	$	71,860		$	47,768
Deferred tax liabilities:
Fixed assets	$	(281	)	$	(341	)
Total deferred tax liabilities		(281	)		(341	)
Valuation allowance		(71,579	)		(47,427	)
Net deferred tax assets	$	—		$	—

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical operating results and the uncertainty of the economic conditions, the Company has recorded a valuation allowance of $71.6 million and $47.4 million at December 31, 2023 and 2022, respectively. The change in the valuation allowance for the year end December 31, 2023 was an increase of $24.2 million.

At December 31, 2023 and 2022, the Company had Federal net operating losses (NOLs) of approximately $150.8 million and $115.0 million, and state NOLs of $187.0 million and $47.5 million, respectively. As a result of the Tax Act, as modified by the CARES Act, for U.S. income tax purposes, NOLs generated in tax years beginning before January 1, 2018 can still be carried forward for up to 20 years, but net operating losses generated for tax years beginning after December 31, 2017 carryforward indefinitely and can be used to offset taxable income, but the deductibility of such Federal NOLs may be limited to 80% of current year taxable income for tax years beginning on or after December 31, 2023. Of the total Federal net operating loss of $150.8 million,

$3.3 million will begin to expire in 2032 and $147.5 million will not expire. The state NOL carryover of $187.0 million will begin to expire in 2032.

Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382 that has occurred or may occur in the future. Any adjustment to the Company’s tax attributes as a result of an ownership change will result in a corresponding decrease to the valuation allowance recorded against the Company’s deferred tax assets.

The Company’s valuation allowance increased during the years ended December 31, 2023 and 2022 due primarily to the generation of net operating losses, as follows (in thousands):


	Years Ended December 31,
	2023		2022
Valuation allowance at beginning of year	$	47,427	$	21,068
Increase recorded to provision for income taxes		24,152		26,359
Valuation allowance at end of year	$	71,579	$	47,427

The Company has not incurred any material interest or penalties as of the current reporting date with respect to income tax matters. The Company is subject to U.S. Federal and state income taxes. The Federal and state income tax returns for tax years prior to 2023 may remain open to examination as carry-forward attributes generated prior may be adjusted upon examination.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Reimbursable research and development costs from a collaboration partner	$	1,491	$	1,387
Prepaid insurance		1,239		1,738
Prepaid clinical development costs		858		506
Interest receivable		673		319
Prepaid subscriptions and licenses		255		399
Other		190		129
Total	$	4,706	$	4,478

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balances, at Beginning of period at Dec. 31, 2021	$ 284,568	$ 3	$ 388,904	$ (149)	$ (104,190)
Balances, at Beginning of period (in shares) at Dec. 31, 2021		39,797,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	18,453		18,453
Employee stock purchase plan expense	376		376
Exercise of stock options	146		146
Exercise of stock options (in shares)		87,490
Issuance of shares under the ESPP plan	330		330
Issuance of shares under the ESPP plan (in shares)		177,112
Vesting of early exercised stock options	$ 124		124
Vesting of early exercised stock options (in shares)	1,670,701	27,958
Vesting of restricted stock awards (in shares)		197,274
Net unrealized gain (loss) on marketable securities	$ (1,664)			(1,664)
Net loss	(104,787)				(104,787)
Balances, at End of period at Dec. 31, 2022	197,546	$ 3	408,333	(1,813)	(208,977)
Balances, at End of period (in shares) at Dec. 31, 2022		40,287,097
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under equity private placement, net of issuance costs of $264	129,736	$ 1	129,735
Issuance of shares under equity private placement, net of issuance costs of $264 (in shares)		13,211,381
Stock-based compensation expense	16,804		16,804
Employee stock purchase plan expense	452		452
Exercise of stock options	$ 2,722		2,722
Exercise of stock options (in shares)	774,099	733,867
Issuance of shares under the ESPP plan	$ 1,050		1,050
Issuance of shares under the ESPP plan (in shares)		333,503
Vesting of early exercised stock options	$ 80		80
Vesting of early exercised stock options (in shares)	2,329,483	18,640
Vesting of restricted stock awards (in shares)		191,296
Vesting of performance-based restricted stock unit awards (in shares)		217,000
Net unrealized gain (loss) on marketable securities	$ 2,160			2,160
Net loss	(96,655)				(96,655)
Balances, at End of period at Dec. 31, 2023	$ 253,895	$ 4	$ 559,176	$ 347	$ (305,632)
Balances, at End of period (in shares) at Dec. 31, 2023		54,992,784

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 86,140	$ 82,274
General and administrative	18,821	24,714
Total operating expenses	104,961	106,988
Loss from operations	(104,961)	(106,988)
Other income (expense):
Interest income	8,325	2,228
Other expense	(19)	(27)
Total other income	8,306	2,201
Net loss	$ (96,655)	$ (104,787)
Net loss per share, basic (in dollars per share)	$ (2.14)	$ (2.62)
Net loss per share, diluted (in dollars per share)	$ (2.14)	$ (2.62)
Weighted average shares used to compute net loss per share, basic (in shares)	45,247,098	39,995,460
Weighted average shares used to compute net loss per share, diluted (in shares)	45,247,098	39,995,460

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Accrued interest or penalties	$ 0	$ 0

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Loan Agreement

On September 5, 2023, the Company entered into the Loan Agreement by and between the Company and the Bank. The Loan Agreement provides for a four-year senior secured credit facility in an aggregate principal amount of up to $50.0 million (the “Credit Facility”), of which $25.0 million became available upon the closing of the Private Placement, and the remaining $25.0 million may be made available upon approval of the Bank in its discretion. The Credit Facility will mature on August 1, 2027 (the “Maturity Date”). As of December 31, 2023, the Company had not drawn down from the Credit Facility.

The obligations under the Loan Agreement are secured by substantially all of the assets of the Company, subject to limited exceptions.

During the term of the Credit Facility, interest will accrue on any outstanding balance due under the Credit Facility at a floating rate per annum equal to the higher of (i) 8.0% and (ii) the prime rate. During an event of default, any outstanding amount under the Credit Facility will bear interest at a rate of 3.0% in excess of the otherwise applicable rate of interest. The Company will pay certain fees with respect to the Credit Facility, including a prepayment fee on any amount advanced under the Credit Facility to the extent paid prior to the Maturity Date, a final payment fee on the amount advanced under the Credit Facility, and an unused commitment fee of 1.5% on the portion of Credit Facility that remains undrawn as of June 30, 2024, as well as certain other fees and expenses of the Bank.

The Loan Agreement contains customary events of default, including, but not limited to, nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; cross-defaults with certain other indebtedness; bankruptcy and insolvency events; material monetary judgment defaults; material adverse change occurs; delisting; and a material impairment in the Bank’s security interest. Upon the occurrence of an event of default (subject, in certain cases, to notice and grace periods), obligations under the Loan Agreement may be accelerated.

The Loan Agreement also contains a number of customary representations, warranties and covenants that, among other things, limit the ability of the Company to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of its capital stock; amend certain material documents; redeem or repurchase certain debt; make payments on subordinated debt; and engage in certain transactions with affiliates.

Clinical Collaboration and Supply Agreement

On July 22, 2020, the Company entered into a non-exclusive clinical collaboration and supply agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”). On January 13, 2022, the Company entered into an amended and restated clinical collaboration and supply agreement with Novartis, and on October 9, 2023, the Company and Novartis entered into the amendment no. 1 (the “Novartis Amendment”) to the amended and restated clinical collaboration and supply agreement (as amended, the “Novartis Agreement”). The collaboration is focused on the evaluation of the safety, tolerability and efficacy of palazestrant in combination with Novartis’ proprietary CDK4/6 inhibitor Kisqali® (ribociclib) and/or Novartis’ proprietary phosphatidylinositol 3-kinase (“PI3Ka”) Inhibitor Piqray® (alpelisib) (collectively the “Novartis Study Drugs”) as part of the Company’s Phase 1b/2 clinical study of palazestrant in patients with metastatic estrogen receptor-positive breast cancer. The Novartis Amendment, among other things, expanded the Company's clinical collaboration with Novartis, increasing the size of the ongoing Phase 1/2 clinical study testing palazestrant in combination with ribociclib to approximately 60 patients. The Company will be responsible for the conduct of the clinical trials for the combined therapies in accordance with a mutually agreed development plan. As part of the collaboration, the parties granted to each other a non-exclusive, royalty-free license under certain of the parties’ respective background patent rights and other technology to use the parties’ respective study drugs in research and development, solely to the extent reasonably needed for the other party’s activities in the collaboration. All inventions and data developed in the performance of the clinical trials for the combined therapies (other than those specific to each component study drug), will be jointly owned by the parties.

The Company is responsible for manufacturing, packaging and labeling palazestrant, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than the Novartis Study Drugs). Novartis is responsible for manufacturing and delivering to the Company the Novartis Study Drugs in such quantities as reasonably needed for the clinical trials for the combined therapies. In accordance with an agreed budget, subject to certain thresholds, Novartis will reimburse the Company for a majority of the direct outside costs that the Company incurs related to conducting the activities under the agreed development plan in conducting the clinical trials for the combined therapies.

The Novartis Agreement will terminate upon completion of all activities outlined in the development plan and the relevant protocols. Either party may terminate the Novartis Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare

of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the Novartis Study Drugs or palazestrant. In addition, Novartis may terminate the Novartis Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures, and the Company may terminate the Novartis Agreement in the event the Company terminates all clinical trials of the combined therapies other than due to a material safety issue or upon a clinical hold.

Costs associated with research activities performed under the agreement are included in research and development expenses in the accompanying consolidated financial statements, with any reimbursable costs from Novartis reflected as a reduction of such expenses. For the years ended December 31, 2023 and 2022, costs reimbursable from Novartis were $2.0 million and $1.4 million, respectively. As of December 31, 2023, the Company had incurred the full agreed-upon reimbursement amount. The receivable due from Novartis was $1.5 million, which is recorded under prepaid expenses and other current assets in the accompanying consolidated balance sheets.

Clinical Trial Agreement

In November 2020, the Company entered into a non-exclusive clinical trial agreement with Pfizer Inc. (“Pfizer”) (the “Pfizer Agreement”), to evaluate the safety and tolerability of palazestrant in combination with Pfizer’s proprietary CDK4/6 inhibitor IBRANCE® (palbociclib) in patients with recurrent, locally advanced or metastatic ER+, HER2 breast cancer in a clinical trial. Under the terms of the non-exclusive agreement, the Company will be responsible for conducting the clinical trial for the combined therapies and Pfizer is responsible for supplying IBRANCE® to the Company at no cost to the Company. As part of the collaboration, the parties granted to each other a non-exclusive, royalty-free license under certain of the parties’ respective patent rights in the combination of IBRANCE® and palazestrant to use the parties’ respective study drugs in research and development, solely to the extent reasonably needed for the other party’s activities in the collaboration. All inventions and data developed in the performance of the clinical trials for the combined therapies (other than those specific to each component study drug), will be jointly owned by the parties.

The Company is responsible for manufacturing, packaging and labeling palazestrant, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than IBRANCE®). Pfizer is responsible for manufacturing and delivering to us IBRANCE® in such quantities as reasonably needed for the clinical trials for the combined therapies.

The Pfizer Agreement will terminate upon completion of all activities outlined in the study plan and the relevant protocols. Either party may terminate the Pfizer Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the IBRANCE® or palazestrant. In addition, either party may terminate the Pfizer Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures or if either party determines to discontinue clinical development for medical, scientific, legal or other reasons.

The Pfizer Agreement does not grant any right of first negotiation to participate in future clinical trials, and each of the parties retains all rights and ability to evaluate their respective compounds. Costs incurred in connection to the Pfizer Agreement are included in the research and development expense in the accompanying consolidated statements of operations and comprehensive loss for the years ended December 31, 2023, and 2022.

License Agreement

In June 2022, the Company entered into an exclusive global license agreement with Aurigene Discovery Technologies Limited (“Aurigene”) to research, develop and commercialize novel small molecule inhibitors of an undisclosed oncology target (“the Aurigene Agreement”).

Under the terms of the Aurigene Agreement, Aurigene will provide to the Company an exclusive license to its portfolio of novel small molecule inhibitors of the target. Financial terms of the Aurigene Agreement include a $8.0 million upfront payment for rights to a pre-existing Aurigene program and potential future milestone payments of up to $60.0 million in clinical development and regulatory milestones, and up to $370.0 million in commercial milestones. Aurigene is also eligible to receive mid-single digits to the low double digits royalties as percentages of product sales, if any. During the research term, the Company will contribute funding to Aurigene to facilitate Aurigene’s ongoing discovery efforts. The Company and Aurigene will jointly direct further preclinical work and, if successful, the Company will lead clinical development as well as regulatory and commercial activities. The Company and Aurigene jointly own collaboration compounds and rights to any inventions made during the research term.

The term of the Aurigene Agreement will continue until the expiration of the last-to-expire of all payment obligations with respect to all licensed products thereunder, unless terminated earlier in accordance with the terms of the Aurigene Agreement. The Aurigene Agreement may be terminated (a) by the Company for convenience, in its sole discretion, upon prior written notice to Aurigene, (b) by either the Company or Aurigene in connection with the other party’s uncured material breach or (c) by either the Company or Aurigene in connection with the insolvency of the other party.

The $8.0 million upfront payment was incurred in June 2022 and recorded as research and development expense in the accompanying consolidated statements of operations and comprehensive loss. Costs incurred and milestones payments due to Aurigene prior to regulatory approval are recognized as research and development expenses in the period incurred. Payments due to Aurigene upon or subsequent to regulatory approval will be accrued as a provision to cost of sales in the period when achievement of respective milestone target is probable. As of December 31, 2023, it was determined that it is not probable to achieve any of the milestone targets, and therefore, the Company recorded zero expense related to the milestone for the year ended December 31, 2023.

Management Services Agreements

The Company conducts research and development programs internally and through third parties that include, among others, arrangements with vendors, consultants, CMOs, and CROs. The Company has contractual arrangements in the normal course of business with these parties, however, the contracts with these parties are cancelable generally on reasonable notice within one year and the Company’s obligations under these contracts are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders executed by the parties. As of December 31, 2023, the Company did not have material contractual commitments with respect to these arrangements.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of December 31, 2023 and 2022, the Company had not incurred any material costs as a result of such indemnifications.

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Olema Pharmaceuticals, Inc. (“Olema” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation targeted therapies for women’s cancers. The Company is advancing a pipeline of novel therapies by leveraging its deep understanding of endocrine-driven cancers, nuclear receptors, and mechanisms of acquired resistance. The Company's wholly-owned, lead product candidate, palazestrant (OP-1250), is a novel, orally-available small molecule with dual activity as both a complete estrogen receptor ("ER") antagonist ("CERAN") and selective ER degrader ("SERD"). In addition to its lead product candidate, Olema is developing a potent KAT6 inhibitor (OP-3136).

The Company is located in San Francisco, California and was incorporated in Delaware on August 7, 2006, under the legal name of CombiThera, Inc. and on March 25, 2009, was renamed Olema Pharmaceuticals, Inc. The Company’s principal operations are based in San Francisco, California, and it has operations in Cambridge, Massachusetts. Olema Oncology Australia Pty Ltd was incorporated on January 6, 2021, and is a wholly-owned subsidiary of the Company (collectively with Olema Pharmaceuticals, Inc., referred to as “Olema” or the “Company” herein). It operates in one business segment and therefore has only one reportable segment. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of geopolitical and macroeconomic events discussed in further detail below, the ability to secure additional capital to fund operations and commercial success of its product candidates. Palazestrant, OP-3136 and any future product candidates the Company may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Private Placement

On September 5, 2023, the Company entered into a securities purchase agreement with institutional and accredited investors for the private placement of 13,211,381 shares of the Company’s common stock (the “Private Placement”) at a price of $9.84 per share, resulting in gross proceeds of approximately $130.0 million. After deducting offering expenses related to the Private Placement of approximately $0.3 million, the net proceeds to the Company from the Private Placement were approximately $129.7 million. The Private Placement closed on September 12, 2023.

Liquidity

The Company had $261.8 million of cash, cash equivalents and marketable securities at December 31, 2023, in addition to an available balance of $25.0 million under the Loan and Security Agreement (the “Loan Agreement”), by and between the Company, as borrower, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Bank”). Management believes that the Company’s cash, cash equivalents, marketable securities, and the amounts available under the Loan Agreement will be sufficient to fund the Company’s current operating plan for at least the next 12 months from the filing date of these consolidated financial statements.

On January 5, 2024, the Company entered into a sales agreement (the "Sales Agreement"), with Cowen and Company, LLC ("TD Cowen"), as sales agent, pursuant to which the Company may offer and sell, from time to time, shares of its common stock, having an aggregate offering price of up to $150.0 million (the "ATM Shares").

The sales, if any, of the ATM Shares will be made by any method permitted that is deemed to be an “at-the-market” ("ATM") equity offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold by TD Cowen.

Impact of Geopolitical and Macroeconomic Events

Global economic and business activities continue to face widespread geopolitical and macroeconomic uncertainties, including labor shortages, inflation rates and the responses by central banking authorities to control such inflation, monetary supply shifts and related financial market risks and instability, recession risks, as well as potential disruptions from the Russia-Ukraine conflict and armed conflict between Israel and groups based in surrounding regions, all of which have resulted in volatility in the U.S. and global financial markets and which have led to, and may continue to lead to, additional disruptions to trade, commerce, pricing stability, credit availability and supply chain continuity globally. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted. Any continued or renewed disruption resulting from these factors could negatively impact the Company’s business. The Company continues to monitor the impact of these geopolitical and macroeconomic factors on its results of operations, financial condition and cash flows.

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Common Share

10.

Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Years Ended December 31,
	2023			2022
Numerator:
Net loss	$	(96,655	)	$	(104,787	)
Denominator:
Weighted average shares used to compute net loss per share, basic and diluted		45,247,098			39,995,460
Net loss per share, basic and diluted	$	(2.14	)	$	(2.62	)

The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows:


	Years Ended December 31,
	2023		2022
Unvested restricted common stock		80,703		295,911
Unvested performance-based restricted stock units		403,000		710,000
Options to purchase common stock		8,670,742		8,384,858
Employee stock purchase plan contingently issuable		13,988		79,153
		9,168,433		9,469,922

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


		December 31, 2023
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		3,570	$	—	$	—	$	3,570
Money market funds			59,280		—		—		59,280
Commercial paper			—		105,017		—		105,017
Corporate bonds			—		12,627		—		12,627
U.S. government treasury bills			60,012		—		—		60,012
Government-sponsored enterprise securities			—		21,606		—		21,606
Total	$		122,862	$	139,250	$	—	$	262,112


		December 31, 2022
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		7,273	$	—	$	—	$	7,273
Money market funds			16,549		—		—		16,549
Commercial paper			—		83,188		—		83,188
U.S. government treasury bills			77,025		—		—		77,025
Government-sponsored enterprise securities			—		20,507		—		20,507
Total	$		100,847	$	103,695	$	—	$	204,542

Schedule of Financial Assets Reconciliation


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	68,844	$	—	$	—		$	68,844
Short-term marketable securities (<12 months to maturity)		169,966		176		(8	)		170,134
Long-term marketable securities (>12 months to maturity)		22,955		179		—			23,134
Total	$	261,765	$	355	$	(8	)	$	262,112


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	23,822	$	—	$	—		$	23,822
Short-term marketable securities (<12 months to maturity)		182,533		17		(1,830	)		180,720
Long-term marketable securities (>12 months to maturity)		—		—		—			—
Total	$	206,355	$	17	$	(1,830	)	$	204,542

Stock-Based Compensation - Schedule of Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.64%	1.99%
Expected term (in years)	6 years 7 days	6 years 10 days
Expected volatility	86.35%	79.71%
Expected dividend yield	0.00%

Lease - Summary of Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	2 years 3 months	2 years 8 months 23 days
Weighted-average discount rate	9.00%	8.70%

Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

7. Common Stock

As of each of the balance sheet dates below, the Company had reserved shares of common stock for issuance in connection with the following:


	December 31,		December 31,
	2023		2022
Options outstanding under the 2014 Stock Plan (1)		1,875,140		2,332,441
Options outstanding under the 2020 Equity Incentive Plan		5,669,961		5,332,617
Options outstanding under the 2022 Inducement Plan		1,125,641		719,800
Shares available for future grant under the 2020 Equity Incentive Plan and the 2022 Inducement Plan		2,497,813		1,392,584
Available for the 2020 Employee Stock Purchase Plan		684,497		1,018,000
Unvested performance-based restricted stock unit awards outstanding under the 2020 Equity Incentive Plan		403,000		710,000
Unvested restricted stock awards outstanding under the 2014 Stock Plan		80,703		295,911
		12,336,755		11,801,353

(1)

Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”).

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

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

+ Details

Net Loss Per Common Share - Schedule of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	9,168,433	9,469,922
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	80,703	295,911
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	403,000	710,000
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	8,670,742	8,384,858
Employee Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	13,988	79,153

Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 3,570	$ 7,273
Total	262,112	204,542
Level 1
Assets
Cash	3,570	7,273
Total	122,862	100,847
Level 2
Assets
Total	139,250	103,695
Money Market Funds
Assets
Cash	59,280	16,549
Money Market Funds \| Level 1
Assets
Cash	59,280	16,549
Commercial Paper
Assets
Marketable securities	105,017	83,188
Commercial Paper \| Level 2
Assets
Marketable securities	105,017	83,188
U.S. Government Treasury Bills
Assets
Marketable securities	60,012	77,025
U.S. Government Treasury Bills \| Level 1
Assets
Marketable securities	60,012	77,025
Corporate Bonds
Assets
Marketable securities	12,627
Corporate Bonds \| Level 2
Assets
Marketable securities	12,627
Government-sponsored Enterprise Securities
Assets
Marketable securities	21,606	20,507
Government-sponsored Enterprise Securities \| Level 2
Assets
Marketable securities	$ 21,606	$ 20,507

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance at beginning of year	$ 47,427	$ 21,068
Increase recorded to provision for income taxes	24,152	26,359
Valuation allowance at end of year	$ 71,579	$ 47,427

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Useful Lives of Equipment


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	490,000,000	490,000,000
Common stock, issued (in shares)	55,097,118	40,601,648
Common stock, outstanding (in shares)	54,992,784	40,287,097

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39712
Entity Registrant Name	OLEMA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0409740
Entity Address, Address Line One	780 Brannan Street
Entity Address, City or Town	San Francisco
Entity Address, Country	CA
Entity Address, Postal Zip Code	94103
City Area Code	415
Local Phone Number	651-3316
Title of 12(b) Security	Common Stock
Trading Symbol	OLMA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 245.2
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		55,914,741
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Iselin, New Jersey
Entity Central Index Key	0001750284
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10‑K are incorporated by reference in Part III, Items 10‑14 of this Annual Report on Form 10‑K.

Fair Value Measurement - Additional Information (Details)	Dec. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Marketable securities in an unrealized loss position for more than 12 months \| Security	0
Total unrealized losses	$ 8,000	$ 1,830,000
Allowance for losses on available-for-sale debt securities	$ 0

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Reimbursable research and development costs from a collaboration partner	$	1,491	$	1,387
Prepaid insurance		1,239		1,738
Prepaid clinical development costs		858		506
Interest receivable		673		319
Prepaid subscriptions and licenses		255		399
Other		190		129
Total	$	4,706	$	4,478

Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 44,705	$ 27,449
Capitalized research and development	20,562	14,992
Equity compensation	5,105	4,786
Other	1,488	541
Total deferred tax assets	71,860	47,768
Deferred tax liabilities:
Fixed assets	(281)	(341)
Total deferred tax liabilities	(281)	(341)
Valuation allowance	$ (71,579)	$ (47,427)	$ (21,068)

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

As of each of the balance sheet dates below, the Company had reserved shares of common stock for issuance in connection with the following:


	December 31,		December 31,
	2023		2022
Options outstanding under the 2014 Stock Plan (1)		1,875,140		2,332,441
Options outstanding under the 2020 Equity Incentive Plan		5,669,961		5,332,617
Options outstanding under the 2022 Inducement Plan		1,125,641		719,800
Shares available for future grant under the 2020 Equity Incentive Plan and the 2022 Inducement Plan		2,497,813		1,392,584
Available for the 2020 Employee Stock Purchase Plan		684,497		1,018,000
Unvested performance-based restricted stock unit awards outstanding under the 2020 Equity Incentive Plan		403,000		710,000
Unvested restricted stock awards outstanding under the 2014 Stock Plan		80,703		295,911
		12,336,755		11,801,353

(1)

Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”).

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 264

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

•

Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.


		December 31, 2023
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		3,570	$	—	$	—	$	3,570
Money market funds			59,280		—		—		59,280
Commercial paper			—		105,017		—		105,017
Corporate bonds			—		12,627		—		12,627
U.S. government treasury bills			60,012		—		—		60,012
Government-sponsored enterprise securities			—		21,606		—		21,606
Total	$		122,862	$	139,250	$	—	$	262,112


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	68,844	$	—	$	—		$	68,844
Short-term marketable securities (<12 months to maturity)		169,966		176		(8	)		170,134
Long-term marketable securities (>12 months to maturity)		22,955		179		—			23,134
Total	$	261,765	$	355	$	(8	)	$	262,112


		December 31, 2022
(in thousands)	Level 1			Level 2		Level 3		Total
Financial Assets
Cash	$		7,273	$	—	$	—	$	7,273
Money market funds			16,549		—		—		16,549
Commercial paper			—		83,188		—		83,188
U.S. government treasury bills			77,025		—		—		77,025
Government-sponsored enterprise securities			—		20,507		—		20,507
Total	$		100,847	$	103,695	$	—	$	204,542


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	Cost		Gains		Losses			Fair Value
Financial Assets
Cash and cash equivalents	$	23,822	$	—	$	—		$	23,822
Short-term marketable securities (<12 months to maturity)		182,533		17		(1,830	)		180,720
Long-term marketable securities (>12 months to maturity)		—		—		—			—
Total	$	206,355	$	17	$	(1,830	)	$	204,542

The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale.

The Company periodically reviews its available-for-sale marketable securities for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses.

There were no marketable securities that have been in a consecutive loss position for more than 12 months as of December 31, 2023. During the year ended December 31, 2023, the Company did not recognize any other-than-temporary impairment loss. As of December 31, 2023, there was no allowance for losses on available-for-sale debt securities attributable to credit risk.

As of December 31, 2023, all of the Company’s cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U. S. dollars and Australian dollars.

- 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

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Accrued research and development related costs	$	11,322	$	9,105
Accrued employee bonuses		5,465		4,518
Accrued professional fees		903		1,091
Accrued payroll related costs		172		296
Accrued taxes		73		68
Early exercise of unvested stock options		—		82
Total	$	17,935	$	15,160

Commitments and Contingencies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Sep. 05, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) Item	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Reimbursable research and development costs from a collaboration partner			$ 1,491,000	$ 1,387,000
Research and development			86,140,000	82,274,000
Senior Secured Loan Facility
Loss Contingencies [Line Items]
Term of loan agreement	4 years
Aggregate principal amount	$ 50,000,000
Amount available for draw down, Private placement.	25,000,000
Amount available for draw down, Lenders discretion	$ 25,000,000		$ 25,000,000
Interest rate	8.00%
Incremental interest rate at the event of default	3.00%
Unused commitment fee percentage	1.50%
Novartis Agreement
Loss Contingencies [Line Items]
Number of patients \| Item			60
Novartis Agreement \| Bio Medical Research Inc
Loss Contingencies [Line Items]
Costs reimbursable from Novartis			$ 2,000,000	$ 1,400,000
Reimbursable research and development costs from a collaboration partner			1,500,000
Aurigene Agreement
Loss Contingencies [Line Items]
Milestone payments to be paid to collaborative partner		$ 60,000,000
Upfront payment, research and development.		8,000,000
Research and development			$ 0
Aurigene Agreement \| Commercial Milestone
Loss Contingencies [Line Items]
Milestone payments to be paid to collaborative partner		$ 370,000,000

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding as at beginning of period (in shares)	8,384,858
Granted (in shares)	2,569,485
Exercised (in shares)	(774,099)
Forfeited (in shares)	(1,509,502)
Outstanding as at end of period (in shares)	8,670,742	8,384,858
Options vested and exercisable as at end of period (in shares)	4,694,809
Options expected to vest as at end of period (in shares)	3,975,933
Weighted Average Exercise Price
Outstanding as at beginning of period (in dollars per share)	$ 8.59
Granted (in dollars per share)	5.92
Exercised (in dollars per share)	3.88
Forfeited (in dollars per share)	6.86
Outstanding at end of period (in dollars per share)	8.52	$ 8.59
Options vested and exercisable as at end of period (in dollars per share)	9.88
Options expected to vest as at end of period (in dollars per share)	$ 6.92
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life of outstanding options (in years)	7 years 7 months 6 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Life of vested and exercisable options (in years)	6 years 9 months 29 days
Weighted Average Remaining Contractual Life of expected to vest options (in years)	8 years 6 months 3 days
Intrinsic value of outstanding options	$ 61,749	$ 262
Intrinsic Value of vested and exercisable options	30,976
Intrinsic Value of expected to vest options	$ 30,773
Weighted-average grant date fair value of options granted (in dollars per share)	$ 4.37	$ 3.83
Number of shares vested	2,329,483	1,670,701
Weighted-average grant date fair value of options vested (in dollars per share)	$ 6.97	$ 6.76
Fair value of options vested	$ 16,200		$ 11,300
Aggregate intrinsic value of options exercised	3,500		$ 300
Unrecognized stock-based compensation cost	$ 20,800
Period over which cost is expected to be recognized (in years)		2 years 5 months 1 day

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Fair Value Assumptions


	December 31,			December 31,
	2023			2022
Risk-free interest rate		3.64	%		1.99	%
Expected term (in years)		6.02			6.03
Expected volatility		86.35	%		79.71	%
Expected dividend yield		—			—

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		8,384,858		$	8.59		8.30	$		262
Granted		2,569,485			5.92	—			—
Exercised(1)		(774,099	)		3.88	—			—
Forfeited		(1,509,502	)		6.86	—			—
Outstanding as of December 31, 2023		8,670,742		$	8.52		7.60	$		61,749

Options vested and exercisable as of December 31, 2023		4,694,809		$	9.88		6.83	$		30,976
Options expected to vest as of December 31, 2023		3,975,933		$	6.92		8.51	$		30,773

Summary of Restricted Stock Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the performance-based restricted stock activity under the 2020 plan during the year ended December 31, 2023:


	Number of Shares			Grant Date Fair Value
Unvested performance-based restricted stock as of December 31, 2022		710,000		$	3.38
Granted	—
Vested		(217,000	)		3.38
Forfeited		(90,000	)		3.38
Unvested performance-based restricted stock as of December 31, 2023		403,000		$	3.38

Schedule of Stock-based Compensation Expense


	Years Ended December 31,
	2023		2022
Research and development	$	11,769	$	12,462
General and administrative		5,487		6,367
Total	$	17,256	$	18,829

Unvested restricted common stock

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

Summary of Restricted Stock Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the restricted stock activity under the 2014 Plan during the year ended December 31, 2023:


	Number of Shares			Grant Date Fair Value
Unvested restricted stock as of December 31, 2022		295,911		$	2.40
Granted	—
Vested		(191,296	)		2.40
Forfeited		(23,912	)		2.40
Unvested restricted stock as of December 31, 2023		80,703		$	2.40

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Lease

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease

11.

Lease

The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2026.

On June 1, 2013, the Company entered into a management services agreement with MandalMed, Inc. (the “MandalMed Services Agreement”) to have access to and use a portion of approximately 5,762 square feet of space for the use of laboratory benches, lab equipment, office space, and administrative and facilities services. The Company subsequently entered into six amendments to extend the agreement term to November 2023. As part of the sixth amendment, the Company gained access to use additional space of approximately 2,130 square feet for a three year period commencing on December 1, 2020 and ending on November 30, 2023. This lease was terminated during the fourth quarter of 2023. According to the terms of the MandalMed Services Agreement, the Company had previously paid a security deposit of less than $0.1 million and was required to pay monthly rent and common area charges. As of December 31, 2023, this security deposit had been returned to the Company.

On August 27, 2020, the Company entered into a lease agreement with 512 2nd Street LLC to lease approximately 3,500 square feet of office space in San Francisco, California (the “Office Space Lease Agreement”). The Office Space Lease Agreement was for a period of two years commencing on September 1, 2020 and ending August 31, 2022. In April 2022, the Company extended the Office Space Lease Agreement up to August 31, 2023 and had one year renewal option to extend the term up to August 31, 2024. The Company decided not to exercise the one-year renewal option at the end of the lease term (i.e., August 31, 2023). According to the terms of the Office Space Lease Agreement, the Company had previously paid a $0.1 million security deposit and was required to pay monthly rent and common area charges. As of December 31, 2023, this security deposit had been returned to the Company.

On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office and lab space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing approximately February 1, 2021 and ending January 31, 2026. According to the terms of the Laboratory Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges.

On August 17, 2023, the Company entered into a sublease agreement with Dropbox, Inc. to sublease approximately 6,713 square feet of office space in San Francisco, California (the “Dropbox Sublease Agreement”). The Dropbox Sublease Agreement is for a period of two years commencing on September 5, 2023 and ending December 31, 2025. According to the terms of the Dropbox Sublease Agreement, the Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges. The sublease was accounted for under Topic 842 and the Company recorded ROU asset and lease liability of $0.2 million and $0.2 million, respectively, in the accompanying consolidated financial statements.

On August 23, 2023, the Company entered into a lease agreement with The Cambridge Redevelopment Authority to lease approximately 4,020 square feet of office space in Cambridge, Massachusetts (the “Cambridge Lease Agreement”). The Cambridge Lease Agreement is for a period of three years commencing on September 15, 2023 and ending September 14, 2026. According to the terms of the Cambridge Lease Agreement, the Company paid a less than $0.1 million security deposit and is required to pay monthly rent and common area charges. The lease was accounted for under Topic 842 and the Company recorded ROU asset and lease liability of $0.7 million and $0.7 million, respectively, in the accompanying consolidated financial statements.

The following table summarizes total lease expense during the years ended December 31, 2023 and 2022 (in thousands):


	Years Ended December 31,
	2023		2022
Straight-line operating lease expense	$	1,297	$	1,301
Short-term lease expense		164		49
Variable lease expense		140		248
Total operating lease expense	$	1,601	$	1,598

The following table summarizes supplemental cash flow information during the year ended December 31, 2023 and 2022 (in thousands):


	Years Ended December 31,
	2023		2022
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	1,231	$	1,274
Supplemental noncash information on lease liability arising from obtaining a right-use-asset		896		297

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of December 31, 2023 (in thousands):


Years Ended December 31,
2024	$	1,162
2025		1,245
2026		263
Total future minimum lease payments		2,670
Less: Interest		(253	)
Total lease liabilities at present value		2,417
Lease liabilities, current		988
Lease liabilities, non-current	$	1,429

The following table summarizes lease term and discount rate as of December 31, 2023 and 2022:


	Years Ended December 31,
	2023			2022
Weighted-average remaining lease term (years)		2.25			2.73
Weighted-average discount rate		9.00	%		8.70	%

Stock-Based Compensation - Summary of Restricted Stock and Performance-Based Restricted Stock Unit Awards Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Grant Date Fair Value
Weighted average recognition period of RSA		2 years 5 months 1 day
Unvested restricted common stock
Number of Shares
Unvested restricted stock and performance-based restricted stock as at beginning of period (in shares)	295,911
Vested (in shares)	(191,296)
Forfeited (Shares)	23,912
Unvested restricted stock as at end of period (in shares)	80,703	295,911
Grant Date Fair Value
Unvested restricted stock as at beginning of period (in dollars per share)	$ 2.4
Vested (in dollars per share)	2.4
Forfeited (in dollars per share)	2.4
Unvested restricted stock as at ending of period (in dollars per share)	$ 2.4	$ 2.4
Grant date fair value of the RSAs vested	$ 500,000
Unrecognized compensation expense related to unvested RSA	$ 0.2
Weighted average recognition period of RSA	6 months
Unvested performance-based restricted stock units
Number of Shares
Unvested restricted stock and performance-based restricted stock as at beginning of period (in shares)	710,000
Vested (in shares)	(217,000)
Forfeited (Shares)	90,000
Unvested restricted stock as at end of period (in shares)	403,000	710,000
Grant Date Fair Value
Unvested restricted stock as at beginning of period (in dollars per share)	$ 3.38
Vested (in dollars per share)	3.38
Forfeited (in dollars per share)	3.38
Unvested restricted stock as at ending of period (in dollars per share)	$ 3.38	$ 3.38

Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Stock-Based Compensation
Percent of common stock at fair market value to be exercised	100.00%
Common stock reserved shares for issuance	12,336,755	11,801,353
Stock-based compensation expense	$ 17,256	$ 18,829
ESPP 2020 Plan
Stock-Based Compensation
Percentage of eligible earnings withheld			15.00%
Percent of common stock at fair market value to be exercised			85.00%
Common stock reserved shares for issuance	684,497	1,018,000	430,416
Period of increase in common stock reserved for issuance			10 years
Common stock outstanding percentage			1.00%
Shares of common stock			860,832
Stock-based compensation expense	$ 500	$ 400
ESPP 2020 Plan \| Maximum
Stock-Based Compensation
Offering period			27 months

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Tax (Provision) Benefit to Effective Income Tax Provision

The reconciliation of the Federal statutory income tax (provision) benefit to the Company’s effective income tax provision is as follows (in thousands):


	Years Ended December 31,
	2023			2022
Federal statutory income tax	$	20,060		$	21,927
State income taxes, net of federal tax benefit		6,133			6,684
Foreign research and development tax credit		1,411			624
Permanent differences in non-tax-deductible executive compensation		(2,842	)		(1,952	)
Permanent differences in foreign jurisdiction		(1,013	)		(450	)
Permanent differences others		323			(608	)
Other deferred items		750			(308	)
Rate changes		(63	)		(28	)
Valuation allowance		(24,761	)		(25,890	)
Net expense for income taxes	$	(2	)	$	(1	)

Schedule of Deferred Income Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities at December 31, 2023 and 2022 comprised the following (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	44,705		$	27,449
Capitalized research and development		20,562			14,992
Equity compensation		5,105			4,786
Other		1,488			541
Total deferred tax assets	$	71,860		$	47,768
Deferred tax liabilities:
Fixed assets	$	(281	)	$	(341	)
Total deferred tax liabilities		(281	)		(341	)
Valuation allowance		(71,579	)		(47,427	)
Net deferred tax assets	$	—		$	—

Schedule of Valuation Allowance

The Company’s valuation allowance increased during the years ended December 31, 2023 and 2022 due primarily to the generation of net operating losses, as follows (in thousands):


	Years Ended December 31,
	2023		2022
Valuation allowance at beginning of year	$	47,427	$	21,068
Increase recorded to provision for income taxes		24,152		26,359
Valuation allowance at end of year	$	71,579	$	47,427

Other Assets and Long-Term Deposits - Schedule of Other Assets and Long-Term Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Clinical development project deposits	$ 6,688	$ 2,274
Property and equipment, net	968	1,480
Security deposits	485	497
Total	$ 8,141	$ 4,251

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Years Ended December 31,
	2023			2022
Numerator:
Net loss	$	(96,655	)	$	(104,787	)
Denominator:
Weighted average shares used to compute net loss per share, basic and diluted		45,247,098			39,995,460
Net loss per share, basic and diluted	$	(2.14	)	$	(2.62	)

Schedule of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share

The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows:


	Years Ended December 31,
	2023		2022
Unvested restricted common stock		80,703		295,911
Unvested performance-based restricted stock units		403,000		710,000
Options to purchase common stock		8,670,742		8,384,858
Employee stock purchase plan contingently issuable		13,988		79,153
		9,168,433		9,469,922

Stock Based Compensation - Performance-Based Restricted Stock Unit Awards - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 17,256	$ 18,829
Unvested performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage		35.00%
Stock-based compensation expense		$ 700
Unvested performance-based restricted stock units \| 2020 Plan \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	710,000
Unvested performance-based restricted stock units \| 2020 Plan \| Share-based Payment Arrangement, Employee \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	65.00%
Unvested performance-based restricted stock units \| 2020 Plan \| Share-based Payment Arrangement, Employee \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	35.00%

- 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.

+ References

+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Reimbursable research and development costs from a collaboration partner	$ 1,491	$ 1,387
Prepaid insurance	1,239	1,738
Prepaid clinical development costs	858	506
Interest receivable	673	319
Prepaid subscriptions and licenses	255	399
Other	190	129
Total	$ 4,706	$ 4,478