0000950170-24-057292 | 10-Q | XBRL Viewer

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Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	500,000,000	500,000,000
Common stock, Shares issued	54,457,371	44,452,161
Common stock, Shares outstanding	54,457,371	44,452,161

Note Payable

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Note Payable

6. NOTE PAYABLE

Note payable consists of the following ($ in thousands):


		March 31, 2024			December 31, 2023
	Maturity	Effective Interest Rate	Amount		Effective Interest Rate	Amount
Collateralized note 2021-12	2027	14.71%	$	5,000	14.73%	$	5,000
Collateralized note 2022-11	2027	14.85%		20,000	14.87%		20,000
Collateralized note 2023-12	2027	15.36%		25,000	15.37%		25,000
Total borrowings				50,000			50,000
Unamortized premium and debt issuance costs				66			(123	)
Net carrying amount of debt			$	50,066		$	49,877

The carrying amount of debt approximates fair value due to its variable interest rate.

In December 2021, the Company entered into a non-revolving loan and security agreement (the Loan Agreement) with Oxford Finance. The Loan Agreement has a borrowing capacity of up to $50.0 million, which was scheduled to expire in December 2022. In November 2022, the Company entered into an amendment of the Loan Agreement. Among other changes, the amendment extended the scheduled expiration of the Loan Agreement to December 2023 and modified the reference rate from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financial Rate (SOFR). In conjunction with the amendment, the Company borrowed an additional $20.0 million from the Loan Agreement. In December 2023, the Company borrowed the remaining $25.0 million from the Loan Agreement. As of March 31, 2024, the Company’s outstanding borrowing under the Loan Agreement was $50.0 million.

In March 2023, upon achievement of a clinical data milestone, the Company elected to exercise a borrower option to extend the maturity of the outstanding loan by 12 months, from December 2026 to December 2027. The end date of the interest-only payment period was also extended by 12 months, from December 2025 to December 2026. The Company is permitted to prepay the loan, subject to certain conditions. Upon the maturity date or prepayment of the loan, the Company is required to pay an exit fee equal to 7% of the aggregate principal amount of the loan.

The variable interest rate on the drawn amount is adjusted SOFR plus 825 basis points, subject to a per annum floor rate of 8.25%. The Loan Agreement contains a subjective acceleration clause in the case of an event of default. If such a matter occurs and is continuing, the lender may legally demand the outstanding principal and interest immediately due and payable. There are no financial covenants associated with the Loan Agreement and the loan is secured by the Company’s assets. The Loan Agreement is available for working capital, capital expenditures, and other general corporate purposes.

Principal installments due on the notes are as follows (in thousands):


Remainder of 2024		—
2025		—
2026		—
2027		50,000
Total long-term debt	$	50,000

Commitments and Contingencies	3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company believes that there are no actions pending which would have a material adverse effect on its results of operations, financial condition, or cash flows. Indemnifications As of March 31, 2024, the Company did not have any material indemnification claims that were probable or reasonably possible, and consequently no related liabilities have been recorded. Employee Agreements The Company has signed employment agreements with certain key employees pursuant to which, if their employment is terminated following a change of control of the Company, the employees are entitled to receive certain benefits, including severance and accelerated vesting of equity incentives. Development and Manufacturing Services Agreements The Company enters into development and manufacturing contracts with vendors in the conduct of our business. Contracts with these vendors may be terminated at the Company’s option, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would be obligated to pay for the products or services that had been provided or received at the time the termination became effective, and potentially additional compensation based upon the period of time remaining between the date of notice of cancellation and the scheduled manufacturing.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company believes that there are no actions pending which would have a material adverse effect on its results of operations, financial condition, or cash flows.

Indemnifications

As of March 31, 2024, the Company did not have any material indemnification claims that were probable or reasonably possible, and consequently no related liabilities have been recorded.

Employee Agreements

The Company has signed employment agreements with certain key employees pursuant to which, if their employment is terminated following a change of control of the Company, the employees are entitled to receive certain benefits, including severance and accelerated vesting of equity incentives.

Development and Manufacturing Services Agreements

The Company enters into development and manufacturing contracts with vendors in the conduct of our business. Contracts with these vendors may be terminated at the Company’s option, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would be obligated to pay for the products or services that had been provided or received at the time the termination became effective, and potentially additional compensation based upon the period of time remaining between the date of notice of cancellation and the scheduled manufacturing.

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis).


	Three Months Ended March 31,
	2024		2023
Class A common stock options issued and outstanding		6,475,771		5,649,255
Unvested RSUs		472,325		203,500
Total		6,948,096		5,852,755

Cash Equivalents And Marketable Securities - Schedule of Estimated Fair Value of Marketable Securities by Stated Contractual Maturities (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Cash Equivalents And Marketable Securities [Abstract]
Due within one year	$ 226,517
Due after one year to two years	108,042
Total marketable securities	$ 334,559

Cash Equivalents And Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash Equivalents And Marketable Securities [Abstract]
Fair value of the debt securities	$ 351.5	$ 115.0

Note Payable - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying amount of debt outstanding	$ 50,000
Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		8.25%
Loan Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility with borrowing capacity			$ 20,000
Remaining capacity available				$ 25,000
Additional borrowing capacity			$ 50,000
Carrying amount of debt outstanding	$ 50,000
Debt facility payments description	The end date of the interest-only payment period was also extended by 12 months, from December 2025 to December 2026.
Prepayment of the loan	7.00%
Amended Loan Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Date			Dec. 31, 2022

Licenses and Collaborations

3 Months Ended

Mar. 31, 2024

Licenses And Collaborations [Abstract]

Licenses and Collaborations

10. LICENSES AND COLLABORATIONS

Ares Trading S.A.

In October 2020, the Company entered into a license agreement with Ares (the Ares Agreement), pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases.

As consideration for the Ares Agreement, the Company paid a non-refundable license issue fee to Ares in the form of shares of redeemable convertible preferred stock valued at $13.1 million, resulting in Ares becoming a related party to the Company. The redeemable convertible preferred stock subsequently converted into 1,913,501 shares of Class A common stock in connection with the IPO.

In December 2020, the Company paid Ares a milestone payment of $25.0 million upon delivery and initiation of the transfer of specified information and materials. The Company is obligated to pay Ares aggregate milestone payments of up to $176.5 million upon the achievement of specified BLA filing or regulatory approval milestones and up to $515.0 million upon the achievement of specified commercial milestones. The non-refundable license issue fee and milestone payment were recorded to research and development expense in the period incurred.

Subsequent to the effective date of the Ares Agreement, Ares is performing manufacturing technology and know-how transfer to the Company. The Company recorded related party expense of $0.1 million and $0.9 million to Ares for these services during the three months ended March 31, 2024 and 2023, respectively. These amounts are included in research and development expenses on the statements of operations and comprehensive loss.

Commencing on the first commercial sale of licensed products, the Company is obligated to pay Ares tiered royalties of low double-digit to mid-teen percentages on annual net sales of the licensed products covered by the license. The Company is obligated to pay royalties on a licensed product-by-licensed product and country-by-country basis from the first commercial sale of a product in a country until the latest of (i) 15 years after the first commercial sale of such licensed product in such country; (ii) the expiration of the last valid claim of a licensed patent that covers such licensed product in, or its use, importation or manufacture with respect to, such country; and (iii) expiration of all applicable regulatory exclusivity periods, including data exclusivity, in such country with respect to such product. If the Company were to sublicense its rights under the Ares Agreement, the Company would be obligated to pay Ares a percentage ranging from the mid-single-digit to the low double-digits of specified sublicensing income received.

Amplyx Pharmaceuticals, Inc.

In December 2021, the Company entered into an asset purchase agreement (the Amplyx Agreement) with Amplyx Pharmaceuticals, Inc. (Amplyx), a wholly owned subsidiary of Pfizer Inc. Pursuant to the terms of the Amplyx Agreement, the Company paid $5.0 million to Amplyx to purchase assets relating to an anti-BKV monoclonal antibody referred to as MAU868 for the treatment of BKV infection pursuant to a License Agreement between Amplyx and Novartis International Pharmaceutical AG (Novartis). In addition, the Company recognized a $2.0 million contingent milestone obligation as an assumed liability related to the asset purchase. The acquisition cost of $7.0 million was recorded as research and development expense in the statement of operations and comprehensive loss on the acquisition date.

In connection with the Amplyx asset purchase, Amplyx assigned the Exclusive License Agreement between Amplyx and Novartis (the Novartis License) and Manufacturing and Supply Agreements to the Company. Under the Novartis License, the Company has exclusive worldwide rights from Novartis to develop, manufacture and commercialize MAU868. The Company will be solely responsible for all research, development, regulatory, manufacturing and commercialization activities of MAU868.

Under the Amplyx Agreement, the Company is obligated to make future milestone payments to Amplyx and Novartis upon the achievement of specified development, regulatory and commercial milestones. In September 2022, the Company and Novartis entered

into an amendment to the Novartis License to modify the terms of future milestone payments. Pursuant to this amendment, the Company issued 283,034 shares of Class A common stock to Novartis in exchange for a reduction of $7.0 million in contingent future development milestones, including the $2.0 million contingent milestone obligation accrued by the Company in December 2021. The value of the shares issued was $5.7 million based on the closing market value of the Company’s Class A common stock as of the effective date of the amendment, and as a result of the amendment the Company recognized $3.7 million of research and development expense in the year ended December 31, 2022.

The Company is obligated to make future milestone payments of up to $7.0 million and $62.0 million to Amplyx and Novartis, respectively, contingent upon the achievement of specified development, regulatory and commercial milestones. In the event that MAU868 is commercialized, the Company will be obligated to pay royalties to Amplyx and Novartis based on net sales by country and by product.

Condensed Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 23,200	$ 25,108
General and administrative	7,912	6,150
Total operating expenses	31,112	31,258
Loss from operations	(31,112)	(31,258)
Other income (expense):
Interest income	4,186	1,623
Interest expense	(1,906)	(874)
Other income	453	441
Change in fair value of non-marketable equity securities	(4)	(1)
Total other income	2,729	1,189
Net loss	(28,383)	(30,069)
Other comprehensive income (loss):
Change in unrealized (loss) gain on marketable securities	(424)	220
Comprehensive loss	$ (28,807)	$ (29,849)
Net loss per share attributable to common stockholders, basic	$ (0.56)	$ (0.8)
Net loss per share attributable to common stockholders, diluted	$ (0.56)	$ (0.8)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	50,971,933	37,667,566
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	50,971,933	37,667,566

Note Payable - Schedule Principal Installments Due (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2027	$ 50,000
Total long-term debt	$ 50,000

Common Stock

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Common Stock

7. COMMON STOCK

As of March 31, 2024, the Company’s amended and restated certificate of incorporation authorized the Company to issue 500,000,000 shares of Class A common stock and 14,600,000 shares of Class B common stock, each with a par value of $0.001 per share. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B common stock is non-voting. There are no shares of Class B common stock outstanding as of March 31, 2024. Common stockholders are entitled to receive dividends, as may be declared by the board of directors. Through March 31, 2024, no cash dividends have been declared or paid.

In June 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-265408) with the Securities and Exchange Commission, which permits the offering, issuance, and sale of up to a maximum aggregate offering price of $400.0 million of the Company’s common stock, preferred stock, debt securities and warrants. Up to a maximum of $150.0 million of the maximum aggregate offering price of $400.0 million may be issued and sold pursuant to an at-the-market financing facility under a sales agreement dated June 3, 2022, between the Company and Cowen and Company, LLC (Sales Agreement). In January 2024, the Company suspended and terminated the prospectus (the ATM Prospectus) related to the sale of its Class A common stock in an “at-the-market” offering pursuant to the terms of the Sales Agreement. As a result, the Company will not make any sales of its Common Stock pursuant to the Sales Agreement unless and until a new prospectus, prospectus supplement or registration statement is filed. Deferred costs of $0.3 million were recognized as general and administrative expense upon termination of the ATM Prospectus.

In February 2023, the Company completed a follow-on public offering pursuant to which the Company issued and sold 16,428,572 shares of its Class A common stock at a public offering price of $7.00 per share, including 2,142,857 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares.

In February 2024, the Company completed a follow-on public offering pursuant to which the Company issued and sold 9,274,194 shares of its Class A common stock at a public offering price of $31.00 per share, including 1,209,677 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares.

- Definition

The entire disclosure for equity.

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+ Details

Leases - Schedule of Receivable Future Annual Sublease Payments (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 1,466
2025	1,496
Total sublease payments	$ 2,962

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,383)	$ (30,069)

- Definition

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

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+ Details

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested as of December 31, 2023 \| shares	131,679
Granted \| shares	358,250
Vested \| shares	(938)
Cancelled and forfeited \| shares	(16,666)
Unvested as of March 31, 2024 \| shares	472,325
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 18.36
Weighted Average Grant Date Fair Value, Granted \| $ / shares	16.8
Weighted Average Grant Date Fair Value, Vested \| $ / shares	15.46
Weighted Average Grant Date Fair Value, Cancelled and Forfeited \| $ / shares	18.6
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 17.18

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.
Unaudited Interim Condensed Financial Statements	Unaudited Condensed Financial Statements In the opinion of management, the unaudited condensed financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the period presented. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 27, 2024.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the accrual of research and development expenses, stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.
Concentrations of Credit Risk and Other Risks and Uncertainties	Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory authorities prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard update clarifies the guidance in Topic 210, related to measuring the fair value of an equity security subject to contractual sale restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for annual periods beginning after December 15, 2023, with early adoption permitted. The Company adopted this standard on January 1, 2024, and it did not have a material impact on the Company’s condensed financial statements or related disclosures.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements and requires enhanced disclosures related to significant segment expenses regularly provided to chief operating decision maker (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. Amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This ASU will result in the required additional disclosures being included in the Company’s financial statements upon adoption. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the Company’s financial statements upon adoption.

Other Financial Statement Information - Schedule Of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Financial Statement Information [Abstract]
Prepaid clinical trial costs	$ 4,837	$ 5,273
Prepaid drug manufacturing costs	3,610	2,578
Interest income receivable	1,631	512
Prepaid commercial planning	1,044	789
Prepaid rent	277	257
Prepaid insurance	268	597
Prepaid professional services fees	250	198
Prepaid software license fees	221	237
Other	568	866
Total prepaid expenses and other current assets	$ 12,706	$ 11,307

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

12. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS


	Three Months Ended March 31,
	2024		2023
Class A common stock options issued and outstanding		6,475,771		5,649,255
Unvested RSUs		472,325		203,500
Total		6,948,096		5,852,755

Organization and Description of the Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Description of Business

Vera Therapeutics, Inc. (the Company) is a clinical stage biotechnology company focused on developing and commercializing treatments for patients with serious immunological diseases. The Company was incorporated in May 2016 in Delaware. The Company’s headquarters and operations are located in Brisbane, California. The Company operates in one segment.

Initial Public Offering

On May 13, 2021, the Company’s registration statement on Form S-1 for its initial public offering (the IPO) was declared effective by the Securities and Exchange Commission (the SEC), and the shares of its Class A common stock commenced trading on the Nasdaq Global Select Market on May 14, 2021. The IPO closed on May 18, 2021. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into shares of Class A and Class B common stock.

Liquidity

Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has incurred recurring net operating losses and has not generated positive cash flow from operations since its inception and had an accumulated deficit of $337.5 million as of March 31, 2024. The Company had cash, cash equivalents and marketable securities of $403.7 million as of March 31, 2024. The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock, debt financing and convertible notes. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years.

Management believes that the Company’s cash, cash equivalents and marketable securities as of March 31, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months subsequent to the issuance date of these financial statements. The Company intends to raise additional capital through public or private equity offerings or debt financing or other capital sources, which may include strategic collaborations or other arrangements with third parties in order to achieve its long-term business objectives. If the Company fails to obtain necessary capital when needed on acceptable terms, or at all, it could force the Company to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations.

Stock Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation

8. STOCK COMPENSATION

In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan (ESPP) and the 2021 Equity Incentive Plan (2021 EIP), each of which became effective in connection with the IPO. The Company has reserved 1,152,463 and 6,873,404 shares of Class A common stock for issuance under the ESPP and 2021 EIP, respectively.

The Company may not grant any additional awards under the 2017 Equity Incentive Plan (2017 EIP). The 2017 EIP will continue to govern outstanding equity awards granted thereunder. As of March 31, 2024, there were 747,367 shares available for issuance under the 2021 EIP.

2017 EIP and 2021 EIP

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2023		5,762,236		$	9.42		7.66	$	39,197
Granted		1,782,000
Exercised		(708,897	)
Cancelled and forfeited		(359,568	)
Outstanding as of March 31, 2024		6,475,771		$	11.51		8.43	$	204,699
Options exercisable as of March 31, 2024		2,183,086		$	8.50		7.33	$	75,573
Vested and expected to vest as of March 31, 2024		6,475,771		$	11.51		8.43	$	204,699

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024, was approximately $20.5 million. The weighted-average grant date fair value of options granted during the three months ended March 31, 2024 was $11.85 per share.

ESPP

The ESPP enables eligible employees to purchase shares of the Company’s common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first trading day or the last trading day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1% and up to 15% of an employee’s eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, beginning on January 1, 2022, by a number equal to the lesser of 440,502 shares, 1% of the total number of shares of the Company’s capital stock (including all classes of the Company’s common stock) outstanding on the last day of the calendar month prior to the date of the increase, or such lower number of shares (including no shares) approved by the Company’s board of directors. As of March 31, 2024, 80,989 shares have been issued pursuant to the ESPP. The ESPP generally provides for six-month consecutive offering periods beginning on September 14, 2021. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. Stock-based compensation expense related to the ESPP for the three months ended March 31, 2024, was $0.1 million.

Stock-Based Compensation Expense

The following tables summarize the stock-based compensation expense for stock options, restricted stock awards, and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,728	$	1,134
General and administrative		2,396		1,533
Total stock-based compensation expense	$	4,124	$	2,667


	Three Months Ended March 31,
	2024		2023
Employees	$	3,871	$	2,324
Nonemployees		253		343
Total stock-based compensation expense	$	4,124	$	2,667

As of March 31, 2024, the Company had $35.7 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.9 years.

The fair value of stock options granted during the three months ended March 31, 2024 and 2023, was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions.


	Three Months Ended March 31,
	2024	2023
Expected term (in years)	6.0 – 6.1	6.0 – 6.1
Expected volatility	67.7% – 67.8%	79.5% – 80.1%
Risk-free rate	3.8% – 4.0%	3.9% – 4.0%
Dividend yield	—	—

Restricted Stock Units

The Company grants restricted stock units (RSU) pursuant to the 2021 EIP and satisfies such grants through the issuance of its common stock. The following table shows RSU activity for the period ending March 31, 2024.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at December 31, 2023		131,679		$	18.36
Granted		358,250			16.80
Vested		(938	)		15.46
Cancelled and forfeited		(16,666	)		18.60
Unvested balance at March 31, 2024		472,325		$	17.18

For the three months ended March 31, 2024, the Company recognized $0.6 million of stock-based compensation for restricted stock units.

As of March 31, 2024, the Company had $6.6 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 3.1 years.

Inducement Plan

In February 2024, the Company adopted the 2024 Inducement Plan (Inducement Plan). The Inducement Plan was adopted by the compensation committee of the Company’s board of directors without stockholder approval pursuant to Nasdaq Marketplace Rule 5635(c)(4) (Rule 5635(c)4)). In accordance with Rule 5635(c)(4), awards made under the Inducement Plan, including stock options and restricted stock units, may only be granted to newly hired employees as a material inducement to accept employment with the Company. Awards granted under the Inducement Plan expire no later than ten years from the date of grant. An aggregate of 500,000 shares of common stock were reserved for issuance under the Inducement Plan. No shares were granted under the plan during the three months ended March 31, 2024.

Other Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2024

Other Financial Statement Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	March 31, 2024		December 31, 2023
Prepaid clinical trial costs	$	4,837	$	5,273
Prepaid drug manufacturing costs		3,610		2,578
Interest income receivable		1,631		512
Prepaid commercial planning		1,044		789
Prepaid rent		277		257
Prepaid insurance		268		597
Prepaid professional services fees		250		198
Prepaid software license fees		221		237
Other		568		866
Total prepaid expenses and other current assets	$	12,706	$	11,307

Schedule of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued payroll	$	1,280	$	3,932
Accrued clinical and drug manufacturing expenses		3,470		2,213
Accrued professional services fees		739		59
Related party payable		464		1,926
Other accrued expenses		1,106		619
Total accrued expenses and other current liabilities	$	7,059	$	8,749

Cash Equivalents And Marketable Securities

3 Months Ended

Mar. 31, 2024

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. CASH EQUIVALENTS AND MARKETABLE SECURITIES

The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. Level 1 securities consist of highly liquid money market funds for which the carrying amount approximates the fair value of identical assets as quoted in the active markets. Level 2 securities, consisting of U.S. Treasuries, U.S. agency securities and corporate debt securities, are measured based on other observable inputs, including broker or dealer quotations or other valuations using observable market data. The Company’s debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive income (loss). Fair value of the debt securities was $351.5 million and $115.0 million as of March 31, 2024 and December 31, 2023, respectively.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	48,782	$	-	$	-		$	48,782	$	48,782	$	-
U.S. Government bonds	Level 2		230,349		10		(129	)		230,230		16,935		213,295
U.S. Government agency securities	Level 2		15,988		2		(9	)		15,981		-		15,981
Corporate debt securities	Level 2		105,330		84		(131	)		105,283		-		105,283
Total cash equivalents and marketable securities			400,449		96		(269	)		400,276		65,717		334,559
Cash												3,388
Total		$	400,449	$	96	$	(269	)	$	400,276	$	69,105	$	334,559




	December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	44,650	$	-	$	-		$	44,650	$	44,650	$	-
U.S. Government bonds	Level 2		63,619		70		(6	)		63,683		-		63,683
U.S. Government agency securities	Level 2		19,665		7		(14	)		19,658		-		19,658
Corporate debt securities	Level 2		31,500		194		-			31,694		-		31,694
Total cash equivalents and marketable securities			159,434		271		(20	)		159,685		44,650		115,035
Cash												1,031
Total		$	159,434	$	271	$	(20	)	$	159,685	$	45,681	$	115,035

Marketable debt securities that had been in unrealized loss positions as of March 31, 2024 and December 31, 2023 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence.

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	March 31, 2024
Due within one year	$	226,517
Due after one year to two years		108,042
Total marketable securities	$	334,559

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 2017 EIP And 2021 EIP [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning	5,762,236
Number of Options, Granted	1,782,000
Number of Options, Exercised	(708,897)
Number of Options, Cancelled and forfeited	(359,568)
Number of Options, Ending	6,475,771	5,762,236
Number of Options, Options exercisable	2,183,086
Number of Options, Vested and expected to vest	6,475,771
Weighted average exercise price, Opening balance	$ 9.42
Weighted average exercise price, Ending balance	11.51	$ 9.42
Weighted average exercise price, Option exercisable	8.5
Weighted average exercise price, Vested and expected to vest	$ 11.51
Weighted average remaining contractual term	8 years 5 months 4 days	7 years 7 months 28 days
Weighted average remaining contractual term, Options exercisable	7 years 3 months 29 days
Weighted average remaining contractual term, Vested and expected to vest	8 years 5 months 4 days
Intrinsic Value	$ 204,699	$ 39,197
Intrinsic Value, Options exercisable	75,573
Intrinsic Value, Vested and expected to vest	$ 204,699

Leases - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	1 year 3 months 18 days
Operating lease, weighted average discount rate, percent	9.10%
Operating lease minimum future commitments	$ 3.7

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	67.70%	79.50%
Expected volatility, Maximum	67.80%	80.10%
Risk-free rate, Minimum	3.80%	3.90%
Risk-free rate, Maximum	4.00%	4.00%
Minimum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years	6 years
Maximum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Organization and Description of the Business - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accumulated deficit	$ (337,485)	$ (309,102)
Cash and cash equivalents and marketable securities	$ 403,700

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Cash Equivalents And Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Cash Equivalents And Marketable Securities [Abstract]

Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	48,782	$	-	$	-		$	48,782	$	48,782	$	-
U.S. Government bonds	Level 2		230,349		10		(129	)		230,230		16,935		213,295
U.S. Government agency securities	Level 2		15,988		2		(9	)		15,981		-		15,981
Corporate debt securities	Level 2		105,330		84		(131	)		105,283		-		105,283
Total cash equivalents and marketable securities			400,449		96		(269	)		400,276		65,717		334,559
Cash												3,388
Total		$	400,449	$	96	$	(269	)	$	400,276	$	69,105	$	334,559




	December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	44,650	$	-	$	-		$	44,650	$	44,650	$	-
U.S. Government bonds	Level 2		63,619		70		(6	)		63,683		-		63,683
U.S. Government agency securities	Level 2		19,665		7		(14	)		19,658		-		19,658
Corporate debt securities	Level 2		31,500		194		-			31,694		-		31,694
Total cash equivalents and marketable securities			159,434		271		(20	)		159,685		44,650		115,035
Cash												1,031
Total		$	159,434	$	271	$	(20	)	$	159,685	$	45,681	$	115,035

Schedule of Estimated Fair Value of Investments in Available-for-sale Marketable Debt Securities

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	March 31, 2024
Due within one year	$	226,517
Due after one year to two years		108,042
Total marketable securities	$	334,559

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

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

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

+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

13. RELATED PARTY TRANSACTIONS

In October 2020, the Company entered into the Ares Agreement with Ares, pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could

potentially treat some autoimmune diseases. Related party transactions and balances in the current periods presented are described in Note 3 and Note 10.

Sofinnova Venture Partners X, L.P. (SVP X) is an investment fund in which Maha Katabi (Dr. Katabi), a member of the Company’s board of directors, has a pecuniary interest. SVP X completed transactions in the Company’s common stock within a six-month period ended March 25, 2024. The transactions included both purchases and sales of shares of the Company’s common stock that may be matchable for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended. These transactions could be deemed to have resulted in short-swing profits to Dr. Katabi of $36,620. Dr. Katabi voluntarily agreed to disgorge the profits and has paid $36,620 to the Company as a result of these transactions.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

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

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

5. LEASES

Net lease cost recognized is as follows (in thousands):


	Three Months Ended March 31,
	2024			2023
Operating lease cost	$	644		$	644
Sublease income		(482	)		(482	)
Net lease cost	$	162		$	162

As of March 31, 2024, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


2024 (remaining)		2,258
2025		1,880
2026		-
2027		-
Total minimum lease payments		4,138
Less: Imputed interest		(944	)
Present value of operating lease liabilities		3,194
Less: Current portion of operating lease liabilities		(2,275	)
Non-current operating lease liabilities	$	919

In November 2020, the Company entered into a non-cancellable sublease agreement for the leased facilities in South San Francisco, California, which ends concurrently with the original lease in September 2025.

As of March 31, 2024, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2024 (remaining)		1,466
2025		1,496
Total sublease payments	$	2,962

The subtenant of the leased facilities in South San Francisco, California, has disclosed in public filings that there is substantial doubt regarding its ability to continue as a going concern. As tenant, the Company remains responsible for minimum lease commitments of $3.7 million as of March 31, 2024, on the South San Francisco facilities.

In November 2021, the Company entered into a lease agreement that was amended in July 2022 for its headquarters office space in Brisbane, California. The lease term is through November 2024 with renewal options for the Company.

As of March 31, 2024, the Company had not executed any finance leases that were yet to commence. As of March 31, 2024, the weighted-average remaining operating lease term was 1.3 years and the weighted-average discount rate was 9.1% for operating leases recognized in the condensed financial statements.

Common Stock - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 06, 2024	Feb. 06, 2023	Jan. 31, 2024	Mar. 31, 2024	Sep. 30, 2022	Dec. 31, 2023
Class Of Stock [Line Items]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants				$ 400,000,000
Cowen and Company, LLC [Member] \| 2022 ATM facility [Member]
Class Of Stock [Line Items]
Deferred costs, written off			$ 300,000
Cowen and Company, LLC [Member] \| Maximum [Member] \| 2022 ATM facility [Member]
Class Of Stock [Line Items]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants				$ 150,000,000
Common Class A [Member]
Class Of Stock [Line Items]
Common stock, shares authorized				500,000,000		500,000,000
Common stock, Par value				$ 0.001		$ 0.001
Common stock conversion basis				one
Cash dividends				$ 0
Stock shares issued during the period new issues shares	1,209,677	2,142,857
Company shares issued					283,034
Common stock, Shares outstanding				54,457,371		44,452,161
Common Class A [Member] \| Follow-on Public Offering [Member]
Class Of Stock [Line Items]
Stock shares issued during the period new issues shares	9,274,194	16,428,572
Sale of stock, price per share	$ 31	$ 7
Common Class B [Member]
Class Of Stock [Line Items]
Common stock, shares authorized				14,600,000
Common stock, Par value				$ 0.001
Cash dividends				$ 0
Common stock, Shares outstanding				0

Cash Equivalents And Marketable Securities - Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 400,449	$ 159,434
Unrealized Gains	96	271
Unrealized Losses	(269)	(20)
Estimated Fair Value	400,276	159,685
Cash and Cash Equivalents	69,105	45,681
Marketable Securities	334,559	115,035
Cash Equivalents and Marketable Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	400,449	159,434
Unrealized Gains	96	271
Unrealized Losses	(269)	(20)
Estimated Fair Value	400,276	159,685
Cash and Cash Equivalents	65,717	44,650
Marketable Securities	334,559	115,035
Money Market Funds [Member] \| Level 1
Marketable Securities [Line Items]
Amortized Cost	48,782	44,650
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	48,782	44,650
Cash and Cash Equivalents	48,782	44,650
Marketable Securities	0	0
US Government Bonds [Member] \| Level 2
Marketable Securities [Line Items]
Amortized Cost	230,349	63,619
Unrealized Gains	10	70
Unrealized Losses	(129)	(6)
Estimated Fair Value	230,230	63,683
Cash and Cash Equivalents	16,935	0
Marketable Securities	213,295	63,683
US Government Agency Securities [Member] \| Level 2
Marketable Securities [Line Items]
Amortized Cost	15,988	19,665
Unrealized Gains	2	7
Unrealized Losses	(9)	(14)
Estimated Fair Value	15,981	19,658
Cash and Cash Equivalents	0	0
Marketable Securities	15,981	19,658
Corporate Debt Securities [Member] \| Level 2
Marketable Securities [Line Items]
Amortized Cost	105,330	31,500
Unrealized Gains	84	194
Unrealized Losses	(131)	0
Estimated Fair Value	105,283	31,694
Cash and Cash Equivalents	0	0
Marketable Securities	105,283	31,694
Cash [Member]
Marketable Securities [Line Items]
Cash and Cash Equivalents	$ 3,388	$ 1,031

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended March 31, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of our securities set forth in the table below.


				Type of Trading Arrangement
Name	Position	Action	Adoption/ Termination Date	Rule 10b5-1*	Non- Rule 10b5-1**	Total Shares of Class A Common Stock to be Sold***	Total Shares of Class A Common Stock to be Purchased	Expiration Date
Celia Lin, M.D.	Chief Medical Officer (former)	Termination	January 19, 2024	X		Up to 134,401	N/A	December 19, 2024

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.
*** Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The number of shares to be sold was dependent on the satisfaction of certain conditions as set forth in the written plan.

Celia Lin M D [Member]

Trading Arrangements, by Individual

Name

Celia Lin, M.D

Title

Chief Medical Officer

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Termination Date

January 19, 2024

Aggregate Available

134,401

Expiration Date

December 19, 2024

Other Financial Statement Information

3 Months Ended

Mar. 31, 2024

Other Financial Statement Information [Abstract]

Other Financial Statement Information

3. OTHER FINANCIAL STATEMENT INFORMATION

Prepaid Expenses and Other Current Assets

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


	March 31, 2024		December 31, 2023
Prepaid clinical trial costs	$	4,837	$	5,273
Prepaid drug manufacturing costs		3,610		2,578
Interest income receivable		1,631		512
Prepaid commercial planning		1,044		789
Prepaid rent		277		257
Prepaid insurance		268		597
Prepaid professional services fees		250		198
Prepaid software license fees		221		237
Other		568		866
Total prepaid expenses and other current assets	$	12,706	$	11,307

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued payroll	$	1,280	$	3,932
Accrued clinical and drug manufacturing expenses		3,470		2,213
Accrued professional services fees		739		59
Related party payable		464		1,926
Other accrued expenses		1,106		619
Total accrued expenses and other current liabilities	$	7,059	$	8,749

Related party payable represents amounts due to Ares Trading S.A. (Ares), an affiliate of Merck KGaA, Darmstadt, Germany, related to manufacturing technology and know-how transfer services performed for atacicept pursuant to the license agreement between the Company and Ares (see Note 10).

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (28,383)	$ (30,069)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	(1,469)	(506)
Reduction in the carrying amount of operating lease right-of-use assets	517	579
Stock-based compensation	4,124	2,667
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(392)	3,749
Other assets	9	(4)
Accounts payable	(5,909)	(6,665)
Accrued and other current liabilities	(1,690)	4,637
Operating lease liabilities	(637)	(680)
Net cash used in operating activities	(33,830)	(26,292)
Cash flows from investing activities
Purchase of marketable securities	(254,967)	(34,209)
Proceeds from maturities of marketable securities	31,681	36,900
Proceeds from sale of marketable securities	4,000	9,543
Net cash (used in) provided by investing activities	(219,286)	12,234
Cash flows from financing activities
Proceeds from exercise of stock options and employee stock purchase plan	6,911	240
Proceeds from short swing settlement	37	0
Proceeds from issuance of Class A common stock in follow-on offering	287,500	115,000
Payment of costs and underwriting discounts and commissions related to follow-on offering	(17,908)	(7,256)
Net cash provided by financing activities	276,540	107,984
Net increase in cash and cash equivalents and restricted cash	23,424	93,926
Cash, cash equivalents and restricted cash, beginning of period	45,681	43,752
Cash, cash equivalents and restricted cash, end of period	69,105	137,678
Supplemental disclosure of cash flow information
Cash paid for interest expense	1,520	3,253
Cash paid for operating leases	764	746
Receivable on exercise of stock options	13	0
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	69,105	137,385
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	$ 0	$ 293

Note Payable (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Note payable consists of the following ($ in thousands):


		March 31, 2024			December 31, 2023
	Maturity	Effective Interest Rate	Amount		Effective Interest Rate	Amount
Collateralized note 2021-12	2027	14.71%	$	5,000	14.73%	$	5,000
Collateralized note 2022-11	2027	14.85%		20,000	14.87%		20,000
Collateralized note 2023-12	2027	15.36%		25,000	15.37%		25,000
Total borrowings				50,000			50,000
Unamortized premium and debt issuance costs				66			(123	)
Net carrying amount of debt			$	50,066		$	49,877

Schedule Principal Installments Due

Principal installments due on the notes are as follows (in thousands):


Remainder of 2024		—
2025		—
2026		—
2027		50,000
Total long-term debt	$	50,000

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2023		5,762,236		$	9.42		7.66	$	39,197
Granted		1,782,000
Exercised		(708,897	)
Cancelled and forfeited		(359,568	)
Outstanding as of March 31, 2024		6,475,771		$	11.51		8.43	$	204,699
Options exercisable as of March 31, 2024		2,183,086		$	8.50		7.33	$	75,573
Vested and expected to vest as of March 31, 2024		6,475,771		$	11.51		8.43	$	204,699

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,728	$	1,134
General and administrative		2,396		1,533
Total stock-based compensation expense	$	4,124	$	2,667


	Three Months Ended March 31,
	2024		2023
Employees	$	3,871	$	2,324
Nonemployees		253		343
Total stock-based compensation expense	$	4,124	$	2,667

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Three Months Ended March 31,
	2024	2023
Expected term (in years)	6.0 – 6.1	6.0 – 6.1
Expected volatility	67.7% – 67.8%	79.5% – 80.1%
Risk-free rate	3.8% – 4.0%	3.9% – 4.0%
Dividend yield	—	—

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table shows RSU activity for the period ending March 31, 2024.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at December 31, 2023		131,679		$	18.36
Granted		358,250			16.80
Vested		(938	)		15.46
Cancelled and forfeited		(16,666	)		18.60
Unvested balance at March 31, 2024		472,325		$	17.18

Leases - Schedule of Lease Liabilities Based on Minimum Lease Commitment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining)	$ 2,258
2025	1,880
2026	0
2027	0
Total minimum lease payments	4,138
Less: Imputed interest	(944)
Present value of operating lease liabilities	3,194
Less: Current portion of operating lease liabilities	(2,275)	$ (2,436)
Non-current operating lease liabilities	$ 919	$ 1,395

Note Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Borrowings	$ 50,000	$ 50,000
Unamortized premium and debt issuance costs	66	(123)
Net carrying amount of debt	$ 50,066	$ 49,877
LIBOR [Member] \| Collateralized note 2021-12
Debt Instrument [Line Items]
Collateralized debt instrument maturity date	2027
Collateralized note , Effective interest rate	14.71%	14.73%
Collateralized note ,Amount	$ 5,000	$ 5,000
SOFR [Member] \| Collateralized note 2022-11
Debt Instrument [Line Items]
Collateralized debt instrument maturity date	2027
Collateralized note , Effective interest rate	14.85%	14.87%
Collateralized note ,Amount	$ 20,000	$ 20,000
SOFR [Member] \| Collateralized note 2023-12
Debt Instrument [Line Items]
Collateralized debt instrument maturity date	2027
Collateralized note , Effective interest rate	15.36%	15.37%
Collateralized note ,Amount	$ 25,000	$ 25,000

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Common Class A [Member] Common Stock [Member]
Beginning balance, shares at Dec. 31, 2022					27,800,861
Beginning Balance, Value at Dec. 31, 2022	$ 76,908	$ 290,216	$ (224)	$ (213,112)	$ 28
Issuance of common stock from underwritten follow-on offering, net of offering costs, shares					16,428,572
Issuance of common stock from underwritten follow-on offering, net of offering costs	107,743	107,727			$ 16
Issuance of common stock pursuant to exercise of options	65	65
Issuance of common stock pursuant to exercise of options, shares					3,750
Issuance of common stock pursuant to employee stock purchase plan					27,926
Issuance of common stock pursuant to employee stock purchase plan value	175	175
Proceeds from short swing settlement	0
Stock-based compensation	2,667	2,667
Unrealized loss on marketable securities	220		220
Net Income (Loss)	(30,069)			(30,069)
Ending Balance, shares at Mar. 31, 2023					44,261,109
Ending Balance, Value at Mar. 31, 2023	157,709	400,850	(4)	(243,181)	$ 44
Beginning balance, shares at Dec. 31, 2023					44,452,161
Beginning Balance, Value at Dec. 31, 2023	101,685	410,492	251	(309,102)	$ 44
Issuance of common stock from underwritten follow-on offering, net of offering costs, shares					9,274,194
Issuance of common stock from underwritten follow-on offering, net of offering costs	269,592	269,583			$ 9
Issuance of common stock pursuant to exercise of options	6,613	6,612			$ 1
Issuance of common stock pursuant to exercise of options, shares					708,897
Issuance of common stock upon vesting of restricted stock units, shares					938
Issuance of common stock pursuant to employee stock purchase plan					21,181
Issuance of common stock pursuant to employee stock purchase plan value	298	298
Proceeds from short swing settlement	37	37
Stock-based compensation	4,124	4,124
Unrealized loss on marketable securities	(424)		(424)
Net Income (Loss)	(28,383)			(28,383)
Ending Balance, shares at Mar. 31, 2024					54,457,371
Ending Balance, Value at Mar. 31, 2024	$ 353,542	$ 691,146	$ (173)	$ (337,485)	$ 54

Other Financial Statement Information - Schedule Of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued payroll	$ 1,280	$ 3,932
Accrued clinical and drug manufacturing expenses	3,470	2,213
Accrued professional services fees	739	59
Other accrued expenses	1,106	619
Total accrued expenses and other current liabilities	7,059	8,749
Related Party [Member]
Related party payable	$ 464	$ 1,926

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

9. EMPLOYEE BENEFIT PLANS

The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company contributed $138,000 and $109,000 to the plan for the three months ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Options exercised in period, Total intrinsic value		$ 20,500
Number of shares issued under share-based payment arrangement		80,989
Stock-based compensation expense		$ 4,124	$ 2,667
Employee Stock Purchase Plan ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance				1,152,463
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance				6,873,404
Share-based compensation arrangement by share-based payment award, Number of shares available for issuance		747,367
2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Options granted in period, Weighted average grant date fair value		$ 11.85
2024 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance	500,000
Share-based compensation arrangement by share-based payment award, Number of shares available for issuance		0
Expiration period	10 years
Unvested Stock Options And Restricted Stock Awards [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 35,700
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		2 years 10 months 24 days
Unvested Stock Options And Restricted Stock Unit [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 6,600
Restricted Stock [Member] \| Unvested Stock Options And Restricted Stock Unit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		3 years 1 month 6 days
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock Percent of Fair Market Value		85.00%
Share purchases funded through payroll deductions for employee's eligible minimum annual compensation, percentage		1.00%
Share purchases funded through payroll deductions for employee's eligible maximum annual compensation, percentage		15.00%
Potential increase in shares reserved for future issuance (in shares)		440,502
Potential increase in shares reserved for future issuance as percentage of outstanding share		1.00%
Stock-based compensation expense		$ 100
Restricted Stock Units (RSUs) [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 600

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.

Unaudited Condensed Financial Statements

In the opinion of management, the unaudited condensed financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the period presented. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 27, 2024.

Emerging Growth Company Status

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and

irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates

The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the accrual of research and development expenses, stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.

Concentrations of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results.

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

Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Recently Adopted Accounting Pronouncements

In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard update clarifies the guidance in Topic 210, related to measuring the fair value of an equity security subject to contractual sale restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for annual periods beginning after December 15, 2023, with early adoption permitted. The Company adopted this standard on January 1, 2024, and it did not have a material impact on the Company’s condensed financial statements or related disclosures.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update improves reportable segment disclosure requirements and requires enhanced disclosures related to significant segment expenses regularly provided to chief operating decision maker (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. Amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This ASU will result in the required additional disclosures being included in the Company’s financial statements upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on

income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the Company’s financial statements upon adoption.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

Net lease cost recognized is as follows (in thousands):


	Three Months Ended March 31,
	2024			2023
Operating lease cost	$	644		$	644
Sublease income		(482	)		(482	)
Net lease cost	$	162		$	162

Schedule of lease liabilities based on minimum lease commitment

As of March 31, 2024, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


2024 (remaining)		2,258
2025		1,880
2026		-
2027		-
Total minimum lease payments		4,138
Less: Imputed interest		(944	)
Present value of operating lease liabilities		3,194
Less: Current portion of operating lease liabilities		(2,275	)
Non-current operating lease liabilities	$	919

Schedule of Receivable Future Annual Sublease Payments

As of March 31, 2024, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2024 (remaining)		1,466
2025		1,496
Total sublease payments	$	2,962

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	VERA
Entity Registrant Name	Vera Therapeutics, Inc.
Entity Central Index Key	0001831828
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-40407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2744449
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	8000 Marina Boulevard
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	650
Local Phone Number	770-0077
Entity Common Stock, Shares Outstanding		54,701,217

Licenses and Collaborations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended	12 Months Ended
	Oct. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
License and Collaborations [Line Items]
Research and development		$ 23,200	$ 25,108
Ares Agreement [Member] \| Ares Trading S A [Member]
License and Collaborations [Line Items]
Milestone payments payable							$ 25,000
Related party transaction, expenses from transactions with related party		100	$ 900
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified BLA Filing Or Regulatory Approval Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable							176,500
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified Commercial Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable							$ 515,000
Amplyx Agreement [Member]
License and Collaborations [Line Items]
Milestone payments payable						$ 2,000
Acquisition cost						5,000
Research and development				$ 3,700		7,000
Reduction in contingent future development					$ 7,000
Contingent milestone obligation accrued						$ 2,000
Company shares issued					$ 5,700
Amplyx Agreement [Member] \| Amplyx and Novartis [Member] \| Achievement of Various Clinical Development and Regulatory Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable		7,000
Novartis [Member] \| Amplyx and Novartis [Member] \| Achievement of Various Clinical Development and Regulatory Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable		$ 62,000
Series C [Member] \| Ares Agreement [Member] \| Ares Trading S A [Member]
License and Collaborations [Line Items]
Temporary equity stock shares issued during the period shares	1,913,501
Temporary equity shares issued during the period value	$ 13,100
Common Class A [Member]
License and Collaborations [Line Items]
Company shares issued					283,034

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	6,948,096	5,852,755
Class A Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	6,475,771	5,649,255
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	472,325	203,500

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 138,000	$ 109,000

Stock compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 4,124	$ 2,667
Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	3,871	2,324
Nonemployees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	253	343
Research and development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	1,728	1,134
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,396	$ 1,533

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 644	$ 644
Sublease income	(482)	(482)
Net lease cost	$ 162	$ 162

Related Party Transactions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Related Party Transactions [Abstract]
Proceeds from short swing profits	$ 36,620
Proceeds from disgorgement representing short swing profits	$ 36,620

Condensed Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 69,105	$ 45,681
Marketable securities	334,559	115,035
Prepaid expenses and other assets, current	12,706	11,307
Total current assets	416,370	172,023
Property and equipment, net	81	92
Operating lease right-of-use assets	2,432	2,949
Prepaid expenses and other assets, noncurrent	473	482
Total assets	419,356	175,546
Current liabilities:
Accounts payable	5,209	11,118
Operating lease liabilities	2,275	2,436
Accrued expenses and other liabilities, current	7,059	8,749
Total current liabilities	14,543	22,303
Long-term debt	50,066	49,877
Operating lease liabilities, noncurrent	919	1,395
Accrued expenses and other liabilities, noncurrent	286	286
Total liabilities	65,814	73,861
Stockholders' equity
Preferred stock, $0.001 par value; 10,000,000 authorized as of March 31, 2024 and December 31, 2023; no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Class A common stock, $0.001 par value; 500,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 54,457,371 and 44,452,161 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	54	44
Additional paid-in capital	691,146	410,492
Accumulated other comprehensive income (loss)	(173)	251
Accumulated deficit	(337,485)	(309,102)
Total stockholders' equity	353,542	101,685
Total liabilities and stockholders' equity	$ 419,356	$ 175,546