0000950170-24-021160 | 10-K | XBRL Viewer

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	45,002
Number of Shares, Vested \| shares	(31,766)
Number of Shares, Ending Balance \| shares	13,236
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.45
Weighted Average Grant Date Fair Value, Vested \| $ / shares	3.45
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.45

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The presentation of the Company’s consolidated financial statements for the periods presented reflect the financial results of Ventyx Biosciences, Inc. on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. 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. Significant estimates include, but are not limited to, estimates related to prepaid and accrued clinical trial and research and development costs, the measurement of the fair value of stock-based awards, available-for-sale marketable securities, the measurement of operating lease right-of-use assets and operating lease liabilities, and the evaluation of long-lived assets for impairment. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

Risks and Uncertainties

Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the military conflicts in Ukraine and the Middle East, and economic challenges caused by the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these or future global economic conditions, particularly if such conditions are prolonged or worsen.

Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of military conflicts and effects of sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report.

Segments

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition date to be cash equivalents. Cash equivalents are stated at fair value and have consisted of money market accounts, corporate debt securities and commercial paper.

Investments in Marketable Securities, Available-for-Sale

The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the consolidated statements of operations and comprehensive loss.

The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.

Property and Equipment

The Company records property and equipment, which consists of laboratory equipment, furniture and fixtures, computer hardware and software and internal-use software, at cost less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives which ranges from three to seven years.

The Company follows Accounting Standards Codification (“ASC”) 350-40, Intangibles-Goodwill and Other, Internal-Use Software, (“ASC 350-40”) to account for development costs incurred for the costs of computer software obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of direct labor, related expenses and initial software licenses. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative and training costs. Internal-use software includes software utilized for cloud-based solutions as well as software for internal systems and tools. Costs are capitalized once the project is defined, funding is committed and it is confirmed the software will be used for its intended purpose. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. During the years ended December 31, 2023 and 2022, the Company capitalized $0.3 million and $0.2 million of internal-use software costs, respectively.

The Company evaluates its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Restricted Cash

Under the terms of the Company’s Sublease Agreement (the “Sublease”) executed in July 2023 with Neurocrine Biosciences, Inc. (“Neurocrine”) for office space in San Diego, California, Bank of America issued on the Company’s behalf an irrevocable standby letter of credit in the amount of $0.5 million. Additionally, in August 2023, the Company opened a corporate credit card account with Bank of America requiring a secured cash deposit of $0.5 million. Both the letter of credit and secured credit card are secured by deposits totaling $1.0 million with the same bank. The Company classified these deposits as restricted cash in the consolidated balance sheet as of December 31, 2023.

A reconciliation of the cash, cash equivalents and restricted cash reported in our consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows is as follows (in thousands):


	December 31,
	2023		2022
Cash and cash equivalents	$	51,579	$	64,819
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	52,554	$	64,819

Impairment of Long-Lived Assets

The Company reviews long-lived assets, primarily comprised of property, equipment and operating lease right-of-use (“ROU”) assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset or asset group to future undiscounted cash flows expected to be generated by the asset or asset group. If the asset or asset group is determined to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset or asset group exceeds the projected discounted future net cash flows arising from the asset or asset group.

As a result of the Company entering into the Sublease in July 2023 with Neurocrine for office space in San Diego, California which became the Company’s headquarters in August 2023, the Company determined impairment testing triggers had occurred for the Encinitas, California ROU asset and the associated furniture and fixtures (collectively, the “Encinitas Asset Group”) as of July 21, 2023. Accordingly, the Company analyzed undiscounted cash flows for the Encinitas Asset Group. Based on the undiscounted cash flow analysis, the Company determined that the estimated net carrying value of the Encinitas Asset Group exceeded undiscounted cash flows and therefore, the Encinitas Asset Group was impaired and recorded a loss on impairment of $0.3 million. See Note 7, Leases, in the notes to the consolidated financial statements for further discussion.

Assumptions and estimates used to determine cash flows in the evaluation of impairment and the fair values used to determine the impairment are subject to a degree of judgment and complexity. Any future changes to the assumptions and estimates resulting from changes in actual results or market conditions from those anticipated may affect the carrying value of long-lived assets and could result in additional impairment charges, and such changes could be material.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, available-for-sale marketable securities and restricted cash. The Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality, has not experienced any losses on such accounts and does not believe it is exposed to significant credit risk. The Company purchases its available-for-sale marketable securities with financial institutions which management believes have high credit ratings. The Company performs periodic evaluations of the credit standing of the financial institutions for which it has marketable securities with. Additionally, the Company has adopted investment guidelines that limit the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure.

Deferred Offering Costs

The Company defers offering costs consisting of accounting and legal fees directly attributable to the issuance of equity and debt securities until the successful completion of such issuances, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received.

Fair Value of Financial Instruments

The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial and non-financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities.

Certain non-financial assets are measured at fair value on a nonrecurring basis, generally as a result of the remeasurement of assets resulting in impairment charges. The Company utilizes Level 3 inputs in the determination of the initial fair value using certain assumptions. Non-financial assets, such as ROU assets and property and equipment, are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized. None of the Company’s non-financial liabilities are recorded at fair value on a nonrecurring basis.

Research and Development Expenses

The Company’s research and development costs consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation charges for those individuals involved in ongoing research and development efforts; as well as fees paid to consultants, third party research organizations, laboratory supplies and development compound materials. All research and development costs are charged to expense as incurred.

Clinical Trial Expenses

The Company makes payments in connection with its clinical trials under contracts with contract research organizations that support conducting and managing clinical trials. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the Company’s obligation to make payments under these contracts depends on factors such as the successful enrollment or treatment of patients or the completion of other clinical trial milestones.

Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts the accruals accordingly. Revisions to the contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

General and Administrative Expenses

General and administrative expenses are related to finance, human resources, legal and the Company’s other administrative activities. These expenses consist primarily of personnel costs, including stock-based compensation expenses, outside services, legal expenses,

management fees and other general and administrative costs. Additionally, these expenses consist of costs related to filing and pursuing patent applications. These patent costs are expensed as incurred, as recoverability of such expenditures is uncertain.

Income Taxes

The Company follows FASB ASC 740, Income Taxes (“ASC 740”), in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax positions meet this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.

Stock-Based Compensation

The Company measures the compensation expense of stock-based awards granted to employees and directors using the grant date fair value of the award. The Company has issued stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”) with service-based vesting conditions. The Company measures the compensation expense of stock-based awards granted to employees and nonemployees using the grant date fair value of the award. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for employees and over the period during which services are rendered by nonemployees. Forfeitures are recognized in the period in which they occur.

The Company estimates the fair value of stock options using the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including (a) the risk-free interest rate, (b) the expected volatility of the Company’s stock, (c) the expected term of the award, and (d) the expected dividend yield. Due to the lack of an adequate history of a public market for the trading of the Company’s common stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, the Company has selected companies with comparable characteristics, including enterprise value, risk profiles, and position within the industry, and with historical share price information sufficient to meet the expected life of the stock-based awards. The Company has estimated the expected life of its employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities.

The fair value of RSAs and RSUs is measured using the closing price of the Company’s common stock on the date of grant.

Restructuring Costs

The Company defines restructuring costs as expenses directly associated with restructuring activities. Such costs include severance and related tax and benefit expenses from workforce reductions. For one-time termination benefits, the cost is recorded when the term of the one-time benefits are communicated to the impacted employees and the employees are not required to render service beyond a minimum retention period. If employees are required to render service beyond a minimum retention period, the liability for the termination benefits is measured initially at the communication date based on the fair value of the liability as of the termination date, and is recognized ratably over the future service period.

Net Loss Per Share

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period, plus the weighted average number of potential shares of common stock from the assumed exercise of stock options, the assumed vesting of restricted stock awards and restricted stock units and the number of shares purchasable under the 2021 Employee Stock Purchase Plan (“2021 ESPP”), if dilutive. Since the Company was in a net loss position, basic and diluted net loss per share was the same for each of the periods presented.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains (losses) on marketable securities.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted to fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did not have a material impact to the consolidated financial statements at the adoption date.

Stock-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 28,588	$ 16,570
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	14,590	6,619
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 13,998	$ 9,951

- 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 - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance	7,592,856
Number of Shares, Granted	4,772,252
Number of Shares, Exercised	(837,922)
Number of Shares, Forfeited and cancelled	(1,188,462)
Number of Shares, Ending Balance	10,338,724	7,592,856
Number of Shares, Options vested and expected to vest	10,338,724
Number of Shares, Options exercisable	4,091,946
Weighted Average Exercise Price, Beginning balance	$ 11.82
Weighted Average Exercise Price, Granted	20.66
Weighted Average Exercise Price, Exercised	5.57
Weighted Average Exercise Price, Forfeited and cancelled	28.97
Weighted Average Exercise Price, ending balance	14.42	$ 11.82
Weighted Average Exercise Price, Options vested and expected to vest	14.42
Weighted Average Exercise Price, Options exercisable	$ 11.99
Weighted Average Contractual Term, Outstanding	8 years 2 months 26 days	8 years 8 months 26 days
Weighted Average Contractual Term,Options vested and expected to vest	8 years 2 months 26 days
Weighted Average Contractual Term, Options exercisable	7 years 3 months 10 days
Aggregate Intrinsic Value	$ 1,737	$ 159,929
Aggregate Intrinsic Value, Options vested and expected to vest	1,737
Aggregate Intrinsic Value, Options exercisable	$ 1,061

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets & Liabilities Measured At Fair Value On Recurring Basis

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


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	40,241	$	—	$	—	$	40,241
Commercial paper		—		7,468		—		7,468
Total cash equivalents		40,241		7,468		—		47,709
Marketable securities
U.S. government agency securities		—		67,208		—		67,208
Commercial paper		—		118,465		—		118,465
Asset backed securities		—		14,968		—		14,968
Total marketable securities		—		200,641		—		200,641
Total assets	$	40,241	$	208,109	$	—	$	248,350


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	22,721	$	—	$	—	$	22,721
Total cash equivalents		22,721		—		—		22,721
Marketable securities
U.S. Treasury securities		39,567		—		—		39,567
U.S. government agency securities		—		74,979		—		74,979
Corporate debt securities		—		2,990		—		2,990
Commercial paper		—		171,866		—		171,866
Asset backed securities		—		2,392		—		2,392
Total marketable securities		39,567		252,227		—		291,794
Total assets	$	62,288	$	252,227	$	—	$	314,515

Summary of Available For Sale Marketable Securities By Type Of Security

As of December 31, 2023 and 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	67,310	$	—	$	(102	)	$	67,208
Commercial paper		118,323		143		(1	)		118,465
Asset backed securities		14,979		2		(13	)		14,968
Total marketable securities	$	200,612	$	145	$	(116	)	$	200,641


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	39,989	$	—	$	(422	)	$	39,567
U.S. government agency securities		75,337		—		(358	)		74,979
Corporate debt securities		3,005		—		(15	)		2,990
Commercial paper		172,162		20		(316	)		171,866
Asset backed securities		2,393		—		(1	)		2,392
Total marketable securities	$	292,886	$	20	$	(1,112	)	$	291,794

- Definition

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

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, limitations on use description	The losses do not expire, but are limited to 80% utilization against taxable income.
Operating loss carryforwards, limitations on use percentage	80.00%
Unrecognized tax benefits	$ 1,869,000	$ 1,208,000
Unrecognized tax benefits that would impact effective tax rate	1,800,000
Interest and penalties	0	0
United Kingdom
Operating Loss Carryforwards [Line Items]
Pre-trading expenditures	$ 185,800,000	93,300,000
Expenditure incurred prior to trade commencing period	7 years
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	$ 30,400,000	$ 27,900,000
Federal \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits carry forward amount	$ 8,200,000
Research and development tax credit carryforwards expiration year	2039
State \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits carry forward amount	$ 3,100,000

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (192,962)	$ (108,426)
Denominator
Weighted average shares of common stock outstanding, basic	58,542,974	52,471,003
Weighted average shares of common stock outstanding, diluted	58,542,974	52,471,003
Basic net loss per share attributable to common shareholders	$ (3.3)	$ (2.07)
Diluted net loss per share attributable to common shareholders	$ (3.3)	$ (2.07)

- 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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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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 51,579	$ 64,819
Marketable securities	200,641	253,122
Prepaid expenses and other assets	12,125	12,747
Total current assets:	264,345	330,688
Property and equipment, net	762	407
Operating lease right-of-use assets	11,509	1,537
Marketable securities		38,672
Restricted cash	975
Other long-term assets	102	96
Total assets	277,693	371,400
Current liabilities
Accounts payable	5,756	6,433
Accrued expenses	15,508	9,514
Current portion of operating lease liabilities	1,001	412
Total current liabilities	22,265	16,359
Operating lease liabilities, net of current portion	11,505	1,146
Total liabilities	33,770	17,505
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at December 31, 2023 and December 31, 2022; 59,252,349 and 57,025,847 shares issued at December 31, 2023 and December 31, 2022, respectively; 59,239,113 and 56,980,845 shares outstanding at December 31, 2023 and December 31, 2022 respectively	6	6
Additional paid-in capital	663,154	581,237
Accumulated other comprehensive loss	(50)	(1,123)
Accumulated deficit	(419,187)	(226,225)
Total stockholders' equity	243,923	353,895
Total liabilities and stockholders' equity	$ 277,693	$ 371,400

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Related Party \| Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Due to related parties	$ 0.1	$ 0.1

Consolidated Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Depreciation	$ 158	$ 123
Severance costs	2,200
Research and Development
Restructuring Cost and Reserve [Line Items]
Severance costs	1,700
General and Administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	500
Accrued Payroll Liabilities
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 2,200

- Definition

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

+ References + Details

Employee Benefit Plan - Additional Information (Details) - Kalika Biosciences, Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Employee benefit plan, description	401(k) plan
Employer matching contribution percent of match	50.00%
Defined contribution plan employer matching contribution percent	8.00%
Defined contribution plan employers matching contribution vesting percentage for first year	35.00%
Defined contribution plan employers matching contribution vesting percentage for second year	70.00%
Defined contribution plan	$ 0.5	$ 0.2
Defined contribution plan employers matching contribution vesting percentage for third year	100.00%

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) MarketableSecurities	Dec. 31, 2022 USD ($) MarketableSecurities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value liabilities, into level 3 transfer amount	$ 0	$ 0
Fair value liabilities, out of level 3 transfer amount	0	0
Allowance for credit losses	$ 0	$ 0
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities	10	37
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities	8	32
Available-for-sale marketable securities in an unrealized loss position greater than twelve months \| MarketableSecurities	2	5
Accrued interest receivable on available-for-sale marketable securities	$ 800,000	$ 900,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities unrealized loss position	12 months	12 months

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 28,588	$ 16,570
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	24,241	13,642
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	109	111
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	4,030	2,635
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 208	$ 182

- 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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (192,962)	$ (108,426)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	158	123
Loss on impairment	285
Amortization of right-of-use assets - operating	783	347
Stock-based compensation	28,588	16,570
Accretion of marketable securities, net	(9,180)	(2,228)
Changes in operating assets and liabilities
Prepaid expenses and other assets	616	(8,336)
Operating lease liabilities	(59)	(326)
Accounts payable	(745)	1,613
Accrued expenses	5,994	1,892
Net cash used in operating activities	(166,522)	(98,771)
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(272,271)	(347,236)
Proceeds from maturities of marketable securities, available-for-sale	373,725	272,580
Purchases of property and equipment	(514)	(275)
Net cash provided by (used in) investing activities	100,940	(74,931)
Cash flows from financing activities
Proceeds from issuance of common stock from at-the-market offering, net of commissions and offering expenses	48,408
Proceeds from issuance of common stock from private placement, net of offering costs		165,398
Proceeds from exercise of stock options	4,671	2,107
Proceeds from issuance of common stock under employee stock purchase plan	250	267
Net cash provided by financing activities	53,329	167,772
Effect of exchange rates on cash, cash equivalents and restricted cash	(12)	(42)
Net increase (decrease) in cash, cash equivalents and restricted cash	(12,265)	(5,972)
Cash, cash equivalents and restricted cash, beginning of year	64,819	70,791
Cash, cash equivalents and restricted cash, end of year	52,554	64,819
Supplemental disclosure for non-cash activities
Unpaid private placement offering costs		$ 184
Purchases of property and equipment included in accounts payable and accrued expenses	$ 67

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,198
2025	2,575
2026	2,390
2027	2,199
2028	2,265
Thereafter	6,162
Total future minimum lease payments	17,789
Less: imputed interest	(5,283)
Total lease liabilities	12,506	$ 1,558
Less: lease liabilities, current	(1,001)	(412)
Lease liabilities, net of current portion	$ 11,505	$ 1,146

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule Of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of December 31, 2023:


	December 31,
	2023
Issued and outstanding:
Stock options		10,338,724
Restricted stock awards		13,236
Restricted stock units		530,726
Authorized for future stock award grants:
2021 Equity Incentive Plan		317,001
2021 Employee Stock Purchase Plan		1,031,661
Total		12,231,348

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (192,962)	$ (108,426)

- Definition

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

+ References

+ Details

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development (includes related party amounts of $1,023 and $883, respectively)	$ 175,767	$ 87,738
General and administrative	32,227	25,398
Total operating expenses	207,994	113,136
Loss from operations	(207,994)	(113,136)
Other (income) expense:
Interest income	(15,074)	(4,669)
Other (income) expense	42	(41)
Total other (income) expense	(15,032)	(4,710)
Net loss	(192,962)	(108,426)
Net Income (Loss)	(192,962)	(108,426)
Unrealized gain (loss) on marketable securities	1,121	(1,023)
Foreign currency translation	(48)	(42)
Comprehensive loss	$ (191,889)	$ (109,491)
Net loss per share attributable to common shareholders, basic	$ (3.3)	$ (2.07)
Net loss per share attributable to common shareholders, diluted	$ (3.3)	$ (2.07)
Shares used to compute basic net loss per share attributable to common shareholders	58,542,974	52,471,003
Shares used to compute diluted net loss per share attributable to common shareholders	58,542,974	52,471,003

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Share Based Compensation Expense

Total share-based compensation expense was comprised of the following (in thousands):


	Year ended December 31,
	2023		2022
Research and development	$	14,590	$	6,619
General and administrative		13,998		9,951
Total stock-based compensation expense	$	28,588	$	16,570

Stock-based compensation expense by type of share-based award (in thousands):


	Year ended December 31,
	2023		2022
Stock options	$	24,241	$	13,642
Restricted stock awards		109		111
Restricted stock units		4,030		2,635
Employee Stock Purchase Plan		208		182
Total stock-based compensation expense	$	28,588	$	16,570

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		7,592,856		$	11.82		8.74	$	159,929
Granted		4,772,252			20.66
Exercised		(837,922	)		5.57
Forfeited and cancelled		(1,188,462	)		28.97
Outstanding as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Options vested and expected to vest as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Options exercisable as of December 31, 2023		4,091,946		$	11.99		7.28	$	1,061

Summary of Assumptions Used in Black-Scholes Option Pricing Model

The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plans during the periods presented:


	Year ended December 31,
	2023		2022
Risk-free interest rate	3.4% - 5.4%		0.9% - 4.4%
Expected volatility	67.5% - 100.4%		67.9% - 75.0%
Expected term (in years)	0.3 - 10.0		0.3 - 10.0
Expected dividend yield		—		—

Summary of Restricted Stock Award Activity

The following table summarizes restricted stock award activity for the year ended December 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2022		45,002		$	3.45
Vested		(31,766	)		3.45
Unvested balance as of December 31, 2023		13,236		$	3.45

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Balance as of December 31, 2022		569,757		$	15.86
Granted		203,511			32.83
Vested		(184,670	)		15.61
Forfeited and cancelled		(57,872	)		28.20
Unvested balance as of December 31, 2023		530,726		$	21.11

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our last fiscal quarter, the following directors and officers, as defined in Rule 16a-1(f), terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, as follows: On December 11, 2023, Martin Auster, M.D., our Chief Financial Officer, terminated a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 278,472 shares of our common stock. The trading arrangement was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement was until July 24, 2024, or earlier if all transactions under the trading arrangement are completed. On December 14, 2023, William J. Sandborn, M.D., our former President and Chief Medical Officer, terminated a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 270,998 shares of our common stock. The trading arrangement was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement was until September 27, 2024, or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Martin Auster, M.D.
Trading Arrangements, by Individual
Name	Martin Auster, M.D.,
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 11, 2023
Aggregate Available	278,472
William J. Sandborn, M.D.,
Trading Arrangements, by Individual
Name	William J. Sandborn, M.D.,
Title	President and Chief Medical Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 14, 2023
Aggregate Available	270,998

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total research and development	$ 175,767	$ 87,738
Total general and administrative	32,227	25,398
Bayside
Related Party Transaction [Line Items]
Total research and development	1,023	883
Related Party
Related Party Transaction [Line Items]
Total research and development	$ 1,023	$ 883

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

ATM Sales Agreement

In December 2022, the Company entered into Open Market Sales AgreementSM (“Sales Agreement”) with Jefferies LLC (“Jefferies”), as sales agent, pursuant to which the Company may offer and sell in an at-the-market offering, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $150.0 million. The Company has no obligation to sell any shares under the Sales Agreement, and could at any time suspend solicitations and offers under the Sales Agreement.

In February 2023, the Company issued and sold 1,176,470 shares of common stock through the Sales Agreement. The common stock had an average purchase price of $42.50 per share for aggregate gross proceeds of $50.0 million. The Company received approximately $48.4 million in net proceeds after deducting commissions and offering expenses payable by the Company.

September 2022 Private Placement

In September 2022, the Company issued and sold 5,350,000 shares of its common stock in a private placement at an offering price of $33.00 per share for aggregate gross proceeds of approximately $176.6 million. The Company received $165.2 million in net proceeds after deducting fees to the placement agents and offering expenses payable by the Company.

Common Stock

The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $0.0001 par value as of December 31, 2023 and 2022. Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds.

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of December 31, 2023:


	December 31,
	2023
Issued and outstanding:
Stock options		10,338,724
Restricted stock awards		13,236
Restricted stock units		530,726
Authorized for future stock award grants:
2021 Equity Incentive Plan		317,001
2021 Employee Stock Purchase Plan		1,031,661
Total		12,231,348

- 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
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-SubTopic 235
-Name Accounting Standards Codification
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-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
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-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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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (c)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Year ended December 31,
	2023			2022
(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(192,962	)	$	(108,426	)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		58,542,974			52,471,003
Basic and diluted net loss per share attributable to common shareholders	$	(3.30	)	$	(2.07	)

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share (in common stock equivalent shares) at December 31, 2023 and 2022, because to do so would be anti-dilutive.


	Year ended December 31,
	2023		2022
Shares issuable upon exercise of stock options		10,338,724		7,592,856
Unvested restricted stock units		530,726		569,757
Unvested restricted stock awards		13,236		45,002
Shares purchasable under the 2021 Employee Stock Purchase Plan		64,823		11,294
Total		10,947,509		8,218,909

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 1,100
Fair Value, Recurring
Assets:
Total assets	248,350	$ 314,515
Fair Value, Recurring \| Cash Equivalents
Assets:
Total assets	47,709	22,721
Fair Value, Recurring \| Cash Equivalents \| Money Market Fund
Assets:
Total assets	40,241	22,721
Fair Value, Recurring \| Cash Equivalents \| Commercial Paper
Assets:
Total assets	7,468
Fair Value, Recurring \| Marketable Securities
Assets:
Total assets	200,641	291,794
Fair Value, Recurring \| Marketable Securities \| Commercial Paper
Assets:
Total assets	118,465	171,866
Fair Value, Recurring \| Marketable Securities \| U S Treasury Securities
Assets:
Total assets		39,567
Fair Value, Recurring \| Marketable Securities \| U.S. government agency securities
Assets:
Total assets	67,208	74,979
Fair Value, Recurring \| Marketable Securities \| Corporate Debt Securities
Assets:
Total assets		2,990
Fair Value, Recurring \| Marketable Securities \| Asset Backed Securities
Assets:
Total assets	14,968	2,392
Fair Value, Recurring \| Level 1
Assets:
Total assets	40,241	62,288
Fair Value, Recurring \| Level 1 \| Cash Equivalents
Assets:
Total assets	40,241	22,721
Fair Value, Recurring \| Level 1 \| Cash Equivalents \| Money Market Fund
Assets:
Total assets	40,241	22,721
Fair Value, Recurring \| Level 1 \| Marketable Securities
Assets:
Total assets		39,567
Fair Value, Recurring \| Level 1 \| Marketable Securities \| U S Treasury Securities
Assets:
Total assets		39,567
Fair Value, Recurring \| Level 2
Assets:
Total assets	208,109	252,227
Fair Value, Recurring \| Level 2 \| Cash Equivalents
Assets:
Total assets	7,468
Fair Value, Recurring \| Level 2 \| Cash Equivalents \| Commercial Paper
Assets:
Total assets	7,468
Fair Value, Recurring \| Level 2 \| Marketable Securities
Assets:
Total assets	200,641	252,227
Fair Value, Recurring \| Level 2 \| Marketable Securities \| Commercial Paper
Assets:
Total assets	118,465	171,866
Fair Value, Recurring \| Level 2 \| Marketable Securities \| U.S. government agency securities
Assets:
Total assets	67,208	74,979
Fair Value, Recurring \| Level 2 \| Marketable Securities \| Corporate Debt Securities
Assets:
Total assets		2,990
Fair Value, Recurring \| Level 2 \| Marketable Securities \| Asset Backed Securities
Assets:
Total assets	$ 14,968	$ 2,392

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Year ended December 31,
	2023			2022
(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(192,962	)	$	(108,426	)
Denominator:
Weighted average shares of common stock outstanding, basic and diluted		58,542,974			52,471,003
Basic and diluted net loss per share attributable to common shareholders	$	(3.30	)	$	(2.07	)


	Year ended December 31,
	2023		2022
Shares issuable upon exercise of stock options		10,338,724		7,592,856
Unvested restricted stock units		530,726		569,757
Unvested restricted stock awards		13,236		45,002
Shares purchasable under the 2021 Employee Stock Purchase Plan		64,823		11,294
Total		10,947,509		8,218,909

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year ended December 31,
	2023		2022
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities	$	11,007	$	508
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard	$	—	$	1,384

Summary of Right-of-use Assets and Lease Liabilities

The Company’s right-of-use assets and lease liabilities were as follows at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Assets:
Operating lease right-of-use assets	$	11,509	$	1,537
Liabilities:
Current portion of operating lease liabilities		1,001		412
Operating lease liabilities, net of current portion		11,505		1,146
Total lease liabilities	$	12,506	$	1,558

Summary of Future Minimum Payments under Non-cancellable Leases

Future minimum payments under non-cancellable leases as of December 31, 2023 were as follows (in thousands):


Years ending December 31,
2024	$	2,198
2025		2,575
2026		2,390
2027		2,199
2028		2,265
Thereafter		6,162
Total future minimum lease payments		17,789
Less: imputed interest		(5,283	)
Present value of lease liabilities		12,506
Less: lease liabilities, current		(1,001	)
Lease liabilities, net of current portion	$	11,505

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements


	December 31,
	2023		2022
Cash and cash equivalents	$	51,579	$	64,819
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	52,554	$	64,819

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. Leases

In July 2023, the Company entered into a Sublease with Neurocrine for office space in San Diego, California which became the Company’s headquarters in August 2023. Under the terms of the Sublease, the Company leased the second floor of the building, including certain furniture and fixtures, located at 12790 El Camino Real in San Diego, California consisting of approximately 35,016 rentable square feet of office space. The term of this non-cancellable lease commenced on July 21, 2023, and will end on July 31, 2031. The Company is subleasing the premises for $1.0 million in the first year with 3% annual increases in each subsequent year. The Sublease included rent abatement for the second through the seventh full calendar months of the lease term. In lieu of a cash security deposit under the Sublease, Bank of America issued on the Company’s behalf an irrevocable standby letter of credit in the amount of $0.5 million. The letter of credit is secured by a deposit of $0.5 million with the same bank. In applying ASC 842, the Company elected the practical expedient to not separate non-lease components from lease components and concluded the Sublease should be classified as an operating lease. As the Sublease did not provide an implicit rate, the Company used its incremental borrowing rate available at commencement date in determining the present value of lease payments. The Company recognized an operating lease liability of $11.0 million and a corresponding operating lease right-of-use asset of approximately $11.0 million during the year ended December 31, 2023.

In February 2021, the Company assumed an operating lease in Encinitas, California for its office facilities, and in June 2021 the Company signed an amendment to add an additional term and additional suites in the office building in Encinitas, California. This non-cancellable lease expires on June 30, 2026. In September 2021, the Company executed an operating lease which adds existing office space in its existing building in Encinitas, California. The non-cancellable lease also expires on June 30, 2026.

In May 2022, the Company entered into a lease agreement to add office space to its existing lease in Encinitas, California. The non-cancellable lease commenced on June 1, 2022 and expires on June 30, 2026. The office building leases do not contain renewal options.

In March 2021, the Company signed a three-year operating lease for a multi-function ventilated research laboratory and office space in Ghent, Belgium. The non-cancellable lease expires on June 30, 2024. This laboratory and office space lease includes two, two-year renewal options.

As noted in Note 2, Summary of Significant Accounting Policies, the Company tests ROU assets when impairment indicators are present. The Company determined impairment triggers had occurred for the Encinitas Asset Group when the Sublease was executed and the Company moved its headquarters to the office space in San Diego, California. Therefore, the Company performed an undiscounted cash flow analysis for the Encinitas Asset Group as of July 21, 2023. Based on the undiscounted cash flow analysis, the Company determined the Encinitas Asset Group had a net carrying value that exceeded its estimated undiscounted future cash flows and the fair value for the Encinitas Asset Group. The fair value of the Encinitas Asset Group measured on a non-recurring basis, which is classified as Level 3 in the fair value hierarchy, was determined based on estimates of future discounted cash flows. The estimated fair value was compared to the net carrying value and as a result, the Encinitas Asset Group held and used with a carrying amount of $1.4 million was determined to have a fair value of $1.1 million, resulting in an impairment charge of $0.3 million, of which an immaterial amount was associated with the furniture and fixtures included in the Encinitas Asset Group. During the year ended December 31, 2023, $0.2 million of the impairment charge was recorded in research and development expenses and $0.1 million of the impairment charge was recorded in general and administrative expenses within the consolidated statements of operations and comprehensive loss.

The Company’s leases have remaining terms ranging between one year to eight years. The leases contain various termination options. The Company leases do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining lease term and discount rate for the Company’s operating leases were approximately 7.1 years and 10.0%, respectively, at December 31, 2023.

During the years ended December 31, 2023 and 2022, the Company recognized operating lease costs of $1.5 million and $0.5 million, respectively, and an immaterial amount of variable lease costs in both periods. In addition, the Company made cash payments of $0.7 million and $0.5 million for operating leases during the years ended December 31, 2023 and 2022, respectively, which are included in cash flows from operating activities in the consolidated statements of cash flows.

Supplemental cash flow information related to operating leases for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year ended December 31,
	2023		2022
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities	$	11,007	$	508
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard	$	—	$	1,384

The Company’s right-of-use assets and lease liabilities were as follows at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Assets:
Operating lease right-of-use assets	$	11,509	$	1,537
Liabilities:
Current portion of operating lease liabilities		1,001		412
Operating lease liabilities, net of current portion		11,505		1,146
Total lease liabilities	$	12,506	$	1,558

Future minimum payments under non-cancellable leases as of December 31, 2023 were as follows (in thousands):


Years ending December 31,
2024	$	2,198
2025		2,575
2026		2,390
2027		2,199
2028		2,265
Thereafter		6,162
Total future minimum lease payments		17,789
Less: imputed interest		(5,283	)
Present value of lease liabilities		12,506
Less: lease liabilities, current		(1,001	)
Lease liabilities, net of current portion	$	11,505

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 20, 2022	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees to the placement agents and offering expenses				$ 165,398
Common stock, shares authorized			900,000,000	900,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Common stock voting rights			Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.
ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued		1,176,470
Common stock, price per share		$ 42.5
Common stock gross proceeds		$ 50,000
Common stock amount of net proceeds		$ 48,400
Aggregate sales proceeds				$ 150,000
Private Placement
Class of Stock [Line Items]
Number of shares issued	5,350,000
Common stock, price per share	$ 33
Gross proceeds from private placement	$ 176,600
Net proceeds from private placement after deducting fees to the placement agents and offering expenses	$ 165,200

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2021	$ 279,199	$ 5	$ 397,051	$ (58)	$ (117,799)
Balance, shares at Dec. 31, 2021		50,408,830
Issuance of common stock from private placement, net of issuance costs	165,214	$ 1	165,213
Issuance of common stock from private placement, net of issuance costs,shares		5,350,000
Issuance of common stock upon exercise of stock options	2,110		2,110
Issuance of common stock upon exercise of stock options, shares		959,066
Issuance of common stock upon vesting of restricted common stock, shares		241,792
Shares issued under employee stock purchase plan	267		267
Shares issued under employee stock purchase plan, shares		21,157
Adjustment to offering expenses in the initial public offering	26		26
Stock-based compensation expense	16,570		16,570
Unrealized gain (loss) on marketable securities	(1,023)			(1,023)
Foreign currency translation	(42)			(42)
Net Income (Loss)	(108,426)				(108,426)
Balance at Dec. 31, 2022	353,895	$ 6	581,237	(1,123)	(226,225)
Balance, shares at Dec. 31, 2022		56,980,845
Issuance of preferred stock and common stock, net	48,408		48,408
Issuance of preferred stock and common stock, net, shares		1,176,470
Issuance of common stock upon exercise of stock options	$ 4,671		4,671
Issuance of common stock upon exercise of stock options, shares	837,922	837,922
Issuance of common stock upon vesting of restricted common stock, shares		216,436
Shares issued under employee stock purchase plan	$ 250		250
Shares issued under employee stock purchase plan, shares		27,440
Stock-based compensation expense	28,588		28,588
Unrealized gain (loss) on marketable securities	1,121			1,121
Foreign currency translation	(48)			(48)
Net Income (Loss)	(192,962)				(192,962)
Balance at Dec. 31, 2023	$ 243,923	$ 6	$ 663,154	$ (50)	$ (419,187)
Balance, shares at Dec. 31, 2023		59,239,113

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Research and development expenses related party	$ 1,023	$ 883

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	569,757
Number of Shares, Granted \| shares	203,511
Number of Shares, Vested \| shares	(184,670)
Number of Shares, Forfeited and cancelled \| shares	(57,872)
Number of Shares, Ending Balance \| shares	530,726
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 15.86
Weighted Average Grant Date Fair Value, Granted \| $ / shares	32.83
Weighted Average Grant Date Fair Value, Vested \| $ / shares	15.61
Weighted Average Grant Date Fair Value, Forfeited and cancelled \| $ / shares	28.2
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 21.11

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	59,252,349	57,025,847
Common stock, shares outstanding	59,239,113	56,980,845

Consolidated Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Consolidated Balance Sheet [Abstract]

Consolidated Balance Sheet Details

4. Consolidated Balance Sheet Details

Property and Equipment, net

Property and equipment, net as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023			2022
Internal-use software	$	491		$	188
Laboratory equipment		178			142
Furniture and fixtures		137			104
Computer hardware and software		58			68
Construction in progress		157			—
Property and equipment, gross		1,021			502
Less: accumulated depreciation		(259	)		(95	)
Property and equipment, net	$	762		$	407

During the years ended December 31, 2023 and 2022, depreciation expense was approximately $0.2 million and $0.1 million, respectively.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued research and development costs	$	1,868	$	2,450
Accrued clinical trial costs		4,831		1,235
Accrued payroll liabilities		7,742		4,208
Other accrued liabilities		984		1,557
Accrued related party liabilities		83		64
Total accrued expenses	$	15,508	$	9,514

On December 5, 2023, the Company committed to and implemented a reduction in force (“RIF”) and incurred one-time termination benefits associated with severance payment obligations and continued healthcare benefits for employees terminated under the RIF. During the year ended December 31, 2023, the Company recorded a charge of $2.2 million associated with the RIF of which $1.7 million was recorded in research and development expenses and $0.5 million was included in general and administrative expenses. As of December 31, 2023, $2.2 million is included in accrued payroll liabilities.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

12. Related Party Transactions

On October 17, 2019, the Company entered into a Research and Development Support Services Agreement with Bayside Pharma, LLC (“Bayside”) that outlined the terms of services provided by Bayside to the Company, as well as the fees charged for such services. Bayside is a research and development services company that provides certain research and development support services and facilities. Bayside is owned by an employee of the Company. The Company pays Bayside monthly for costs incurred under the agreement. Either party may terminate the support services agreement by giving 30 days’ prior notice.

Expense recognized by the Company under the related party Support Services Agreements was as follows (in thousands):


	Year ended December 31,
	2023		2022
Research and development - Bayside	$	1,023	$	883
Total research and development - related party	$	1,023	$	883

At December 31, 2023 and 2022, the Company had accounts payable and accrued expenses due to related parties of $0.1 million. At December 31, 2023 and 2022, the Company had an immaterial amount of prepaid expenses to related parties.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Ventyx Biosciences, Inc.
Entity Central Index Key	0001851194
Current Fiscal Year End Date	--12-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-40928
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2996852
Entity Address, Address Line One	12790 El Camino Real
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	760
Local Phone Number	593-4832
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		59,252,349
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	true
Documents Incorporated By Reference	Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 1,208
Increase (decrease) related to prior year tax positions		$ 348
Increase (decrease) related to prior year tax positions	(717)
Increase related to current year tax positions	1,378	860
Balance at end of period	$ 1,869	$ 1,208

Leases - Additional Information (Details) $ in Thousands	1 Months Ended					12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2023 USD ($) SquareFeet	May 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021 Room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date			Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2024
Termination, description						The leases contain various termination options.
Lessee, Operating Lease, Existence of Option to Terminate [true false]						true
Operating lease, weighted average remaining lease term						7 years 1 month 6 days
Operating lease, weighted average discount rate						10.00%
Operating lease costs						$ 1,500	$ 500
Operating lease payments						700	500
Operating lease liabilities						12,506	1,558
Operating lease right-of-use assets						11,509	$ 1,537
Asset carrying amount						1,400
Fair value amount						1,100
Impairment charges						300
Research and Development
Lessee, Lease, Description [Line Items]
Impairment charges						200
General and Administrative
Lessee, Lease, Description [Line Items]
Impairment charges						$ 100
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term						1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term						8 years
Laboratory
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room					2
Lease, renewal term					2 years
Laboratory \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract					3 years
Office Space
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room					2
Lease, renewal term					2 years
Office Space \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract					3 years
Office Space \| California
Lessee, Lease, Description [Line Items]
Lease expiration date		Jun. 30, 2026
Lease commencement date		Jun. 01, 2022
Neurocrine Biosciences, Inc. \| Sublease Agreement
Lessee, Lease, Description [Line Items]
Operating lease liabilities						$ 11,000
Operating lease right-of-use assets						$ 11,000
Neurocrine Biosciences, Inc. \| Sublease Agreement \| Office Space
Lessee, Lease, Description [Line Items]
Number of rentable square feet \| SquareFeet	35,016
Sublease term commencing date	Jul. 21, 2023
Sublease term ending date	Jul. 31, 2031
Subleasing premises cost	$ 1,000
Subleasing premises percentage	3.00%
Letter of credit	$ 500
Security deposit made for letter of credit	$ 500

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Net Loss Before Provision for Income Taxes

The amount of net loss before provision for income taxes for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year ended December 31,
	2023			2022
U.S. net loss before income taxes	$	(121,383	)	$	(52,073	)
Foreign net loss before income taxes		(71,548	)		(56,353	)
Net loss before income taxes	$	(192,931	)	$	(108,426	)

Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate

A reconciliation of the federal statutory rate to the effective tax rate for loss from continuing operations for the years ended December 31, 2023 and 2022 is as follows:


	Year ended December 31,
	2023			2022
% of pre-tax loss:
Statutory federal income tax rate		21.0	%		21.0	%
Foreign rate differential		1.5	%		2.1	%
Foreign non-deductible interest expense		-0.6	%		0.0	%
Prior year adjustments		3.5	%		0.7	%
Officers compensation limitation		-2.0	%		-2.0	%
Stock compensation		1.7	%		2.0	%
Research and development credits		2.5	%		2.1	%
Other		0.0	%		0.1	%
Valuation allowance		-27.6	%		-26.0	%
Effective income tax rate		0.0	%		0.0	%

Schedule of Significant Components of Deferred Tax

Significant components of the deferred tax balances at December 31, 2023 and 2022 are presented below (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Net operating losses	$	52,827		$	29,180
Stock compensation		4,845			1,995
Research and development credits		8,874			4,096
Research and development expenses		30,321			8,036
Unrealized (gain) loss on marketable securities		(6	)		229
Operating lease liabilities		2,620			310
Other		1,073			1,467
Total gross deferred tax assets		100,554			45,313
Valuation allowance		(98,073	)		(44,997	)
Total deferred tax assets, net		2,481			316
Deferred tax liabilities:
Property and equipment		(71	)		(10	)
Operating lease right-of-use assets		(2,410	)		(306	)
Total deferred tax liabilities		(2,481	)		(316	)
Net deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ended December 31, 2023 is as follows (in thousands):


	December 31,
	2023			2022
Balance at beginning of period	$	1,208		$	—
Increase (decrease) related to prior year tax positions		(717	)		348
Increase related to current year tax positions		1,378			860
Balance at end of period	$	1,869		$	1,208

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 1,868	$ 2,450
Accrued clinical trial costs	4,831	1,235
Accrued payroll liabilities	7,742	4,208
Other accrued liabilities	984	1,557
Accrued related party liabilities	83	64
Total accrued expenses	$ 15,508	$ 9,514

Leases - Summary of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 11,509	$ 1,537
Liabilities
Current portion of operating lease liabilities	1,001	412
Operating lease liabilities, net of current portion	11,505	1,146
Total lease liabilities	$ 12,506	$ 1,558

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 51,579	$ 64,819
Restricted cash	975
Total cash, cash equivalents and restricted cash	$ 52,554	$ 64,819

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 01, 2024 shares	Jan. 01, 2023 shares	Oct. 19, 2021 Offeringperiod shares	Dec. 31, 2023 USD ($) Employee $ / shares shares	Dec. 31, 2022 USD ($) Employee $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 28,588	$ 16,570
Net decrease to stock-based compensation expense				$ 28,588	$ 16,570
Number of employees terminated \| Employee				5	2
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted \| $ / shares				$ 13.44	$ 11.36
Total intrinsic value of stock options exercised				$ 23,800	$ 17,700
Expected dividend payments				$ 0
Expected dividend yield				0.00%
Stock-based compensation expense				$ 24,241	13,642
Net decrease to stock-based compensation expense				1,400
Unrecognized stock-based compensation expense				$ 54,400
Unrecognized stock-based compensation expense, weighted average period				3 years
Incremental stock-based compensation expense					$ 300
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period					3 years
Stock-based compensation expense				$ 109	$ 111
Shares repurchased \| shares				0	0
Unrecognized stock-based compensation expense, weighted average period				3 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
Stock-based compensation expense				$ 4,030	$ 2,635
Unrecognized stock-based compensation expense other than stock option				$ 9,300
Unrecognized stock-based compensation expense, weighted average period				2 years 4 months 24 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares that may be issued in accordance with plan \| shares	2,962,617	2,851,292	5,102,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan			5.00%
Number of common shares to be added \| shares			4,978,561
Shares authorized for issuance \| shares			5,612,000
2019 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of stock options granted				10 years
Shares authorized for issuance \| shares				9,018,173	6,161,504
Shares remained available for grant \| shares				317,001	1,195,138
2019 and 2021 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				1 year
2019 and 2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares that may be issued in accordance with plan \| shares			1,020,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan			1.00%
Shares authorized for issuance \| shares		570,258	510,000
Stock-based compensation expense				$ 200	$ 200
Percentage of closing price on offering commencement date that participating employees purchase stock under plan			85.00%
Percentage of closing price on offering termination date that participating employees purchase stock under plan			85.00%
Number of offering periods \| Offeringperiod			2
Duration of offering periods			6 months
Maximum percentage of eligible compensation of employee			15.00%
Maximum number of shares an employee can purchase under plan \| shares			3,000
Shares issued under employee stock purchase plan, shares \| shares				27,440	21,157
Weighted average price of shares issued under ESPP \| $ / shares				$ 9.09	$ 12.62
2021 Employee Stock Purchase Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance \| shares	592,523
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 208	$ 182

Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax rate	21.00%	21.00%
Foreign rate differential	1.50%	2.10%
Foreign non-deductible interest expense	(0.60%)	0.00%
Prior year adjustments	3.50%	0.70%
Officers compensation limitation	(2.00%)	(2.00%)
Stock compensation	1.70%	2.00%
Research and development credits	2.50%	2.10%
Other	0.00%	0.10%
Valuation allowance	(27.60%)	(26.00%)
Effective income tax rate	0.00%	0.00%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

Equity Incentive Plans

In February 2019, the Company adopted its 2019 Equity Incentive Plan (the “2019 Plan”). In October 2021, the 2019 Plan was terminated as to new awards upon the adoption of the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 19, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors or consultants of the Company.

The number of common shares available for issuance under the 2021 Plan is 5,612,000 shares of common stock plus any common shares subject to stock options, restricted stock units or similar awards granted under the 2019 Plan that expire, are forfeited or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of common shares to be added to the 2021 Plan equal to 4,978,561 common shares. Additionally, shares available for issuance under the 2021 Plan increase on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year, equal to the lesser of 5,102,000 common shares, 5% of the outstanding common shares on the last day of the immediately preceding fiscal year, or such number of common shares determined by the board of directors. On January 1, 2024 and 2023, the number of shares of common stock that may be issued under the 2021 Plan was automatically increased by 2,962,617 and 2,851,292 shares, respectively.

Options granted under the 2019 Plan and 2021 Plan (collectively, the “Plans”) generally vest over a period of between one and four years and expire ten years from grant date. As of December 31, 2023 and 2022, the Company had 9,018,173 and 6,161,504 shares, respectively, authorized for issuance under the Plans, and 317,001 and 1,195,138 shares, respectively, remained available for grant.

Total share-based compensation expense was comprised of the following (in thousands):


	Year ended December 31,
	2023		2022
Research and development	$	14,590	$	6,619
General and administrative		13,998		9,951
Total stock-based compensation expense	$	28,588	$	16,570

Stock-based compensation expense by type of share-based award (in thousands):


	Year ended December 31,
	2023		2022
Stock options	$	24,241	$	13,642
Restricted stock awards		109		111
Restricted stock units		4,030		2,635
Employee Stock Purchase Plan		208		182
Total stock-based compensation expense	$	28,588	$	16,570

Stock Options

The following table summarizes stock option activity for the year ended December 31, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		7,592,856		$	11.82		8.74	$	159,929
Granted		4,772,252			20.66
Exercised		(837,922	)		5.57
Forfeited and cancelled		(1,188,462	)		28.97
Outstanding as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Options vested and expected to vest as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Options exercisable as of December 31, 2023		4,091,946		$	11.99		7.28	$	1,061

The weighted average grant date fair value of stock options granted during the years ended December 31, 2023 and 2022 was $13.44 and $11.36 per share, respectively. The intrinsic value of a stock option is the difference between the market price of the common stock at measurement date and the exercise price of the option. The total intrinsic value of stock options exercised during the year ended December 31, 2023 and 2022 was $23.8 million and $17.7 million, respectively.

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plans during the periods presented:


	Year ended December 31,
	2023		2022
Risk-free interest rate	3.4% - 5.4%		0.9% - 4.4%
Expected volatility	67.5% - 100.4%		67.9% - 75.0%
Expected term (in years)	0.3 - 10.0		0.3 - 10.0
Expected dividend yield		—		—

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury bonds with maturities similar to the expected term of the award being valued.

Expected volatility. Given the Company’s limited historical stock price volatility data, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determined the expected life assumption using the simplified method for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is generally the contractual term.

Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero.

During the year ended December 31, 2023, the Company recorded a net decrease to stock-based compensation expense of approximately $1.4 million pertaining to the net impact of the modification of stock options in connection with the termination of five employees and the related reversal of estimated expenses associated with unvested awards upon the modification date. During the year ended December 31, 2022, the Company recorded incremental stock-based compensation expense of approximately $0.3 million pertaining to the modification of stock options in connection with the termination of two employees. The modifications provided for an acceleration of unvested options, resulting in additional compensation expense that was immediately recognized. As of December 31, 2023, unrecognized stock-based compensation was $54.4 million which is expected to be recognized over the weighted average period of 3.0 years.

Restricted Stock Awards

The Company grants restricted stock awards pursuant to the Plans and satisfies such grants through the issuance of new shares. Restricted stock awards generally vest over a period of 3 years. Upon the termination of service of a restricted stockholder, the Company has the option to repurchase any unvested shares and based on this, restricted stock awards are not included in outstanding common stock until fully vested. During the years ended December 31, 2023 and 2022, the Company did not repurchase any unvested shares, respectively.

The following table summarizes restricted stock award activity for the year ended December 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2022		45,002		$	3.45
Vested		(31,766	)		3.45
Unvested balance as of December 31, 2023		13,236		$	3.45

The Company records a liability for unvested restricted stock awards subject to repurchase and reduces the liability as the underlying shares vest. The liability was immaterial as of December 31, 2023 and 2022. The total fair value of restricted stock awards vested during the years ended December 31, 2023 and 2022 was immaterial. As of December 31, 2023, there was an immaterial amount of unrecognized stock-based compensation cost pertaining to restricted stock awards that will be recognized over a weighted average period of 0.3 years.

Restricted Stock Units

The Company grants restricted stock units pursuant to the Plans and satisfies such grants through the issuance of new shares as they vest. Restricted stock units generally vest over a period of 4 years. The following table summarizes restricted stock unit activity for the year ended December 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Balance as of December 31, 2022		569,757		$	15.86
Granted		203,511			32.83
Vested		(184,670	)		15.61
Forfeited and cancelled		(57,872	)		28.20
Unvested balance as of December 31, 2023		530,726		$	21.11

As of December 31, 2023, $9.3 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 2.4 years.

Employee Stock Purchase Plan

In October 2021, the board of directors and stockholders approved the 2021 Employee Stock Purchase Plan which became effective on October 19, 2021. The maximum number of shares of common stock that will be made available for sale under the 2021 ESPP is equal to 510,000 shares of common stock. In addition, the number of shares of common stock available for issuance under the 2021 ESPP will be increased on the first day of each fiscal year, beginning with fiscal year 2023, in an amount equal to the lesser of 1,020,000 shares of common stock, 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year or such number of common shares determined by the board of directors. On January 1, 2024 and 2023, the number of shares of common stock that are available for sale under the 2021 ESPP was automatically increased by 592,523 and 570,258 shares, respectively.

Participating employees purchase stock under the 2021 ESPP at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date. The 2021 ESPP provides for two offering periods of six months’ duration with purchase periods terminating on either May 15 or November 15. Contributions under the 2021 ESPP are limited to a maximum of 15% of an employee’s eligible compensation and a maximum of 3,000 shares during each purchase period. During the years ended December 31, 2023 and 2022, total stock-based compensation expense recognized related to the 2021 ESPP was $0.2 million. Additionally, during the years ended December 31, 2023 and 2022, a total of 27,440 and 21,157 shares of common stock were issued under the 2021 ESPP at an average per share price of $9.09 and $12.62, respectively.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Expense Recognized Under the Related Party

Expense recognized by the Company under the related party Support Services Agreements was as follows (in thousands):


	Year ended December 31,
	2023		2022
Research and development - Bayside	$	1,023	$	883
Total research and development - related party	$	1,023	$	883

Net Loss Per Share - Schedule of Potentially Dilutive Securities 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]
Potentially dilutive securities excluded from calculation of diluted net loss per share	10,947,509	8,218,909
Employee Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	10,338,724	7,592,856
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	530,726	569,757
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	13,236	45,002
Shares purchasable under the 2021 Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	64,823	11,294

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Litigation

In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Consolidated Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2023

Consolidated Balance Sheet [Abstract]

Summary of Property and Equipment, Net

Property and Equipment, net

Property and equipment, net as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023			2022
Internal-use software	$	491		$	188
Laboratory equipment		178			142
Furniture and fixtures		137			104
Computer hardware and software		58			68
Construction in progress		157			—
Property and equipment, gross		1,021			502
Less: accumulated depreciation		(259	)		(95	)
Property and equipment, net	$	762		$	407

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued research and development costs	$	1,868	$	2,450
Accrued clinical trial costs		4,831		1,235
Accrued payroll liabilities		7,742		4,208
Other accrued liabilities		984		1,557
Accrued related party liabilities		83		64
Total accrued expenses	$	15,508	$	9,514

Income Taxes - Schedule of Net Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. net loss before income taxes	$ (121,383)	$ (52,073)
Foreign net loss before income taxes	(71,548)	(56,353)
Net loss before income taxes	$ (192,931)	$ (108,426)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 200,612	$ 292,886
Gross Unrealized Gain	145	20
Gross Unrealized Loss	(116)	(1,112)
Fair Value	200,641	291,794
U S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		39,989
Gross Unrealized Loss		(422)
Fair Value		39,567
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	67,310	75,337
Gross Unrealized Loss	(102)	(358)
Fair Value	67,208	74,979
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		3,005
Gross Unrealized Loss		(15)
Fair Value		2,990
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	118,323	172,162
Gross Unrealized Gain	143	20
Gross Unrealized Loss	(1)	(316)
Fair Value	118,465	171,866
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	14,979	2,393
Gross Unrealized Gain	2
Gross Unrealized Loss	(13)	(1)
Fair Value	$ 14,968	$ 2,392

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 11,007	$ 508
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard		$ 1,384

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,021	$ 502
Less: accumulated depreciation	(259)	(95)
Property and equipment, net	762	407
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	491	188
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	178	142
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	137	104
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	58	$ 68
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 157

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell 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 at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs, other than the quoted prices included in Level 1, that are either directly or indirectly observable.

Level 3: Unobservable inputs in which there is little or no market activity, which require the reporting entity to develop its own assumptions.


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	40,241	$	—	$	—	$	40,241
Commercial paper		—		7,468		—		7,468
Total cash equivalents		40,241		7,468		—		47,709
Marketable securities
U.S. government agency securities		—		67,208		—		67,208
Commercial paper		—		118,465		—		118,465
Asset backed securities		—		14,968		—		14,968
Total marketable securities		—		200,641		—		200,641
Total assets	$	40,241	$	208,109	$	—	$	248,350


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	22,721	$	—	$	—	$	22,721
Total cash equivalents		22,721		—		—		22,721
Marketable securities
U.S. Treasury securities		39,567		—		—		39,567
U.S. government agency securities		—		74,979		—		74,979
Corporate debt securities		—		2,990		—		2,990
Commercial paper		—		171,866		—		171,866
Asset backed securities		—		2,392		—		2,392
Total marketable securities		39,567		252,227		—		291,794
Total assets	$	62,288	$	252,227	$	—	$	314,515

In determining the fair value of its Level 2 investments, the Company relied on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid or other observable market data for identical or similar securities. During the years ended December 31, 2023, 2022, there were no transfers between Level 1, Level 2 and Level 3.

As of December 31, 2023 and 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	67,310	$	—	$	(102	)	$	67,208
Commercial paper		118,323		143		(1	)		118,465
Asset backed securities		14,979		2		(13	)		14,968
Total marketable securities	$	200,612	$	145	$	(116	)	$	200,641


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	39,989	$	—	$	(422	)	$	39,567
U.S. government agency securities		75,337		—		(358	)		74,979
Corporate debt securities		3,005		—		(15	)		2,990
Commercial paper		172,162		20		(316	)		171,866
Asset backed securities		2,393		—		(1	)		2,392
Total marketable securities	$	292,886	$	20	$	(1,112	)	$	291,794

All of the Company’s marketable securities as of December 31, 2023 have maturity dates of less than one year.

The Company reviews its marketable securities at each reporting date to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in that respective period. In making this judgment, the Company considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value and the duration and extent that the market value has been less than cost.

As of December 31, 2023, 10 available-for-sale marketable securities were in an unrealized loss position. Of the 10 available-for-sale marketable securities in an unrealized loss position, 8 had been in an unrealized loss position for less than 12 months and 2 had been in an unrealized loss position for greater than 12 months. As of December 31, 2022, 37 available-for-sale marketable securities were in an unrealized loss position. Of the 37 available-for-sale marketable securities in an unrealized loss position, 32 had been in an unrealized loss position for less than 12 months and 5 had been in an unrealized loss position for greater than 12 months.

The Company evaluated the securities individually for impairment and considered factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that the Company would be required to sell the security before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized losses are the result of a credit loss as of December 31, 2023 and 2022 because the Company does not intend to sell these securities prior to maturity and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As such, the Company did not record an allowance for credit losses as of December 31, 2023 and 2022. The decline in market value in the Company’s marketable securities was primarily attributable to an increase in interest rates during the years ended December 31, 2023 and 2022.

Accrued interest receivable on available-for-sale marketable securities, included in prepaid expenses and other assets on the Company’s consolidated balance sheets, was $0.8 million and $0.9 million at December 31, 2023 and 2022, respectively.

Nonrecurring Fair Value Measurements

During the year ended December 31, 2023, the Company measured the Encinitas Asset Group at fair value, which resulted in impairment charges. The fair value of the Encinitas Asset Group was determined using a discounted cash flow (“DCF”) model, which estimated the

net present value of future net cash flows that a market participant would pay to use the Encinitas Asset Group for the remaining lease term. The key inputs to the DCF model included future projections of cash rental payments and a discount rate.

- 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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Income tax expense for both domestic and foreign operations was immaterial for the years ended December 31, 2023 and 2022. The Company included income tax expense in general and administrative expenses and other (income) expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022, respectively.

The amount of net loss before provision for income taxes for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year ended December 31,
	2023			2022
U.S. net loss before income taxes	$	(121,383	)	$	(52,073	)
Foreign net loss before income taxes		(71,548	)		(56,353	)
Net loss before income taxes	$	(192,931	)	$	(108,426	)

A reconciliation of the federal statutory rate to the effective tax rate for loss from continuing operations for the years ended December 31, 2023 and 2022 is as follows:


	Year ended December 31,
	2023			2022
% of pre-tax loss:
Statutory federal income tax rate		21.0	%		21.0	%
Foreign rate differential		1.5	%		2.1	%
Foreign non-deductible interest expense		-0.6	%		0.0	%
Prior year adjustments		3.5	%		0.7	%
Officers compensation limitation		-2.0	%		-2.0	%
Stock compensation		1.7	%		2.0	%
Research and development credits		2.5	%		2.1	%
Other		0.0	%		0.1	%
Valuation allowance		-27.6	%		-26.0	%
Effective income tax rate		0.0	%		0.0	%

Significant components of the deferred tax balances at December 31, 2023 and 2022 are presented below (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Net operating losses	$	52,827		$	29,180
Stock compensation		4,845			1,995
Research and development credits		8,874			4,096
Research and development expenses		30,321			8,036
Unrealized (gain) loss on marketable securities		(6	)		229
Operating lease liabilities		2,620			310
Other		1,073			1,467
Total gross deferred tax assets		100,554			45,313
Valuation allowance		(98,073	)		(44,997	)
Total deferred tax assets, net		2,481			316
Deferred tax liabilities:
Property and equipment		(71	)		(10	)
Operating lease right-of-use assets		(2,410	)		(306	)
Total deferred tax liabilities		(2,481	)		(316	)
Net deferred tax assets	$	—		$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company maintains a valuation allowance for its net deferred tax assets due to the uncertainty that such assets will be realized and evaluates the recoverability of its deferred tax assets on at least an annual basis. The Company has determined that its deferred tax assets are not realizable due to a lack of certainty regarding projected future profits.

For the years ended December 31, 2023 and 2022, the Company had federal net operating loss (“NOL”) carryforwards of $30.4 million and $27.9 million, respectively. The losses do not expire, but are limited to 80% utilization against taxable income. For the years ended December 31, 2023 and 2022, the Company had United Kingdom (“U.K.”) pre-trading expenditures of approximately $185.8 million and $93.3 million, respectively. Tax relief for pre-trading expenditures is generally limited to the expenditures incurred in the seven years prior to trade commencing.

Due to the Company's history of losses and uncertainty regarding future earnings, a valuation allowance has been recorded against the Company's deferred tax assets, as it is not more likely than not that such assets will be realized.

Pursuant to Internal Revenue Code (“IRC”) of 1986, as amended specifically IRC Section 382, the Company’s ability to use U.S. net operating loss carryforwards to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382 as of December 31, 2023. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining net operating loss carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted.

As of December 31, 2023, the Company had federal research and development tax credits of $8.2 million, that will begin to expire in 2039. At December 31, 2023, the Company had state research and development credits of $3.1 million, that do not expire.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ended December 31, 2023 is as follows (in thousands):


	December 31,
	2023			2022
Balance at beginning of period	$	1,208		$	—
Increase (decrease) related to prior year tax positions		(717	)		348
Increase related to current year tax positions		1,378			860
Balance at end of period	$	1,869		$	1,208

The Company accounts for its unrecognized tax benefits in accordance with ASC 740. The Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. At December 31, 2023 and 2022, the Company did not recognize any interest and penalties. The amount of unrecognized tax benefit, if recognized and realized, that would affect the effective tax rate is $1.8 million as of December 31, 2023. The Company does not expect there would be unrecognized tax benefits that will significantly increase or decrease within 12 months of the reporting date.

The Company is not currently under tax examination in any tax jurisdiction. At December 31, 2023, the Company remains subject to income tax examinations in the U.S. and in the U.K. for tax years 2020 through 2023. The Company’s tax years from inception are subject to examination in the U.S. and in the U.K. due to historical losses and tax attributes.

- 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))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Risks and Uncertainties

Segments

Cash and Cash Equivalents

Investments in Marketable Securities, Available-for-Sale

Property and Equipment

The Company evaluates its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Restricted Cash


	December 31,
	2023		2022
Cash and cash equivalents	$	51,579	$	64,819
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	52,554	$	64,819

Impairment of Long-Lived Assets

Concentration of Credit Risk

Deferred Offering Costs

Fair Value of Financial Instruments

Research and Development Expense

Research and Development Expenses

Clinical Trial Expenses

General and Administrative Expenses

Income Taxes

Share-Based Compensation

Stock-Based Compensation

The fair value of RSAs and RSUs is measured using the closing price of the Company’s common stock on the date of grant.

Restructuring Costs

Net Loss Per Share

Comprehensive Loss

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Adopted

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Dec. 31, 2023 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	12,231,348
Employee Stock Option [Member]
Class of Stock [Line Items]
Common stock reserved and available for future issuance	10,338,724
Restricted Stock Awards
Class of Stock [Line Items]
Common stock reserved and available for future issuance	13,236
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	530,726
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	317,001
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,031,661

- 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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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Organization and Business

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

Organization

Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) is a clinical-stage pharmaceutical company developing a pipeline of novel small molecule product candidates to address a range of inflammatory diseases with significant unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. The Company leverages its drug discovery and development expertise to develop novel and differentiated therapeutics that target both the innate and adaptive immune system.

Liquidity and Capital Resources

The Company has experienced net losses since inception and, as of December 31, 2023, had an accumulated deficit of $419.2 million. From incorporation in November 2018 through December 31, 2023, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital and identifying product candidates and conducting preclinical studies and clinical trials. Substantially all of the Company’s operations have been funded through debt and equity financings. The Company does not have any products approved for sale and has not generated any revenue from product sales.

At December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $252.2 million, excluding restricted cash of $1.0 million. As of the date of filing this Annual Report on Form 10-K, the Company has access to and control over all its cash, cash equivalents and marketable securities, notwithstanding the closure of Silicon Valley Bank. Since the Company’s inception, the Company has incurred significant operating losses and, through the date of this report, has financed operations primarily through public offerings and private placements of our common stock, private placements of the Company’s convertible preferred stock and convertible debt instruments.

Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the preclinical manufacturing and clinical development activities, as well as the commercialization of the Company’s products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations.

Based on the Company’s current business plan, management believes that existing cash, cash equivalents, and marketable securities will be sufficient to fund the Company’s obligations for at least twelve months from the issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments for the recovery and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.40%	0.90%
Risk-free interest rate, Maximum	5.40%	4.40%
Expected volatility, Minimum	67.50%	67.90%
Expected volatility, Maximum	100.40%	75.00%
Expected dividend yield	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	3 months 18 days	3 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	10 years	10 years

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Segment	Aug. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number Of operating segments \| Segment		1
Impairment charges		$ 0.3
Capitalized internal-use software costs		0.3		$ 0.2
Sublease Agreement Executed with Neurocrine Biosciences, Inc. \| Bank of America
Summary Of Significant Accounting Policies [Line Items]
Credit card account secured by cash deposit			$ 0.5
Sublease Agreement Executed with Neurocrine Biosciences, Inc. \| Bank of America \| Restricted Cash
Summary Of Significant Accounting Policies [Line Items]
Secured deposits		$ 1.0
Sublease Agreement Executed with Neurocrine Biosciences, Inc. \| Letter of Credit \| Bank of America
Summary Of Significant Accounting Policies [Line Items]
Debt instrument issued by bank on behalf of company	$ 0.5
Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life		7 years
Percentage of total income tax payments		5.00%
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, material effect		true
Change in accounting principle, ASU, adoption		true
Change in accounting principle, ASU, adoption date		Jan. 01, 2023

Income Taxes - Schedule of Significant Components of Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 52,827	$ 29,180
Stock compensation	4,845	1,995
Research and development credits	8,874	4,096
Research and development expenses	30,321	8,036
Unrealized (gain) loss on marketable securities		229
Unrealized (gain) loss on marketable securities	(6)
Operating lease liabilities	2,620	310
Other	1,073	1,467
Total gross deferred tax assets	100,554	45,313
Valuation allowance	(98,073)	(44,997)
Total deferred tax assets, net	2,481	316
Deferred tax liabilities:
Property and equipment	(71)	(10)
Operating lease right-of-use assets	(2,410)	(306)
Total deferred tax liabilities	$ (2,481)	$ (316)

Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plan

10. Employee Benefit Plan

Effective March 1, 2021, the Company assumed a defined contribution 401(k) plan from a related party—Kalika Biosciences, Inc. (“Kalika”) for employees who are at least 21 years of age. Employees are eligible to participate in the plan beginning on the first day of employment. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation.

In December 2021, the Company amended the 401(k) plan, effective February 15, 2022, and added a provision for an employer matching contribution in the amount of 50% of the first 8% of employee contributions to the 401(k) plan. In February 2022, the Company further amended the 401(k) plan, effective March 31, 2022, to adjust the vesting schedule related to the employer matching contributions. The vesting schedule for employer matching contributions was changed to a 3-year graded vesting schedule, with contributions vesting 35%, 70% and 100% at the ends of the first, second and third years of employment with the Company, respectively. Company contributions under the 401(k) plan were $0.5 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively.

Organization and Business - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Accumulated deficit	$ 419,187	$ 226,225
Cash, cash equivalents, and marketable securities	252,200
Restricted cash	$ 1,000

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details