0000950170-24-093343 | 10-Q | XBRL Viewer

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	As of June 30,
	2024		2023
Options to purchase common stock		8,742,868		7,124,912
Unvested RSUs		1,136,411		374,899
Expected shares to be purchased under 2020 ESPP		21,744		63,787
Total		9,901,023		7,563,598

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of June 30, 2024, and December 31, 2023:


	As of June 30, 2024
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	48,437	$	—	$	—		$	48,437	$	48,437	$	—	$	—
Corporate securities		42,644		2		(29	)		42,617		3,608		39,009		—
Government securities		121,941		—		(164	)		121,777		95,827		25,950		—
Total financial assets	$	213,022	$	2	$	(193	)	$	212,831	$	147,872	$	64,959	$	—


	As of December 31, 2023
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	37,694	$	—	$	—	$	37,694	$	37,694	$	—	$	—
Corporate securities		69,995		48		—		70,043		5,577		64,466		—
Government securities		120,670		143		—		120,813		92,297		28,516		—
Total financial assets	$	228,359	$	191	$	—	$	228,550	$	135,568	$	92,982	$	—

Cash Equivalents — As of June 30, 2024, the Company had aggregate cash and cash equivalents of $48,526, including cash equivalents of $48,437, consisting of money market funds. As of December 31, 2023, the Company had aggregate cash and cash equivalents of $37,706, including cash equivalents of $37,694, consisting of money market funds. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Marketable Securities — Marketable securities of $164,393 as of June 30, 2024, consisted of corporate debt securities of $42,617 and government debt securities of $121,777. There were $164,393 current marketable securities and $0 noncurrent marketable securities as of June 30, 2024. Marketable securities of $190,856 as of December 31, 2023, consisted of corporate debt securities of $70,043 and government debt securities of $120,813. There were $165,351 current marketable securities and $25,505 noncurrent marketable securities as of December 31, 2023.

As of June 30, 2024, and December 31, 2023, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	One Research Way
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,519,751
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001699382
Amendment Flag	false

Stockholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended
	Oct. 04, 2021	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares issued		51,522,125	51,522,125	51,445,862
Common stock, shares outstanding		51,522,125	51,522,125	51,445,862
Preferred stock, shares authorized		5,000,000	5,000,000	5,000,000
Preferred stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Dividends, common stock declared			$ 0
ATM Program
Subsidiary, Sale of Stock [Line Items]
Aggregate gross sales proceeds	$ 150,000,000
Common stock shares sold		0	0
Gross proceeds available for future issuances of common stock		$ 113,800,000	$ 113,800,000

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 912
2025	1,869
2026	1,925
2027	1,983
2028	2,042
Thereafter	7,453
Total lease payments	16,184
Less: Present Value Adjustment	(3,194)
Present value of lease payments	$ 12,990	$ 13,286

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following:


	June 30, 2024		December 31, 2023
Accrued compensation	$	2,998	$	4,498
Accrued legal and professional services		280		172
Accrued research and development costs		2,423		5,270
Total	$	5,701	$	9,940

Stock Plan

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Plan

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan was 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2024, the board's compensation committee, as the 2020 Plan administrator, exercised its discretion under clause (ii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by 2,572,174 shares, effective as of January 1, 2024. As of June 30, 2024, there were 5,274,070 shares available for issuance under the 2020 Plan.

On September 9, 2022, the Company granted 374,899 Restricted Stock Units (“RSUs”) to employees pursuant to an employee retention program approved by the board's compensation committee. The RSUs have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan.

On January 18, 2024, the Company granted 952,665 RSUs to employees VP-level or higher, pursuant to an employee retention program approved by the compensation committee of the Company's board of directors. The RSUs are scheduled to vest on June 30, 2025, based on approximately one and a half years of continuous service, as per the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,752 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2024, the 2020 ESPP reserved shares were increased under clause (ii) by 514,434 shares, effective as of January 1, 2024. As of June 30, 2024, 275,497 shares are issued or outstanding, and there were 1,136,410 shares available for issuance, under the 2020 ESPP.

Stock Options

The following table summarizes option activity for the six-month period ended June 30, 2024:


				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances at December 31, 2023		4,474,411			6,973,464		$	9.44		7.01	$	990
Shares reserved for issuance		2,572,174			—			—
Options granted		(3,321,070	)		3,321,070		$	1.78
Options forfeited / cancelled		1,548,555			(1,548,555	)	$	8.99
Options exercised		—			(3,111	)		1.80
Balances at June 30, 2024 (unaudited)		5,274,070			8,742,868		$	6.61		7.47	$	231
At June 30, 2024
Vested and expected to vest					8,742,868		$	6.61		7.47	$	231
Exercisable					4,207,339		$	8.66		5.61	$	222

At June 30, 2024, the total compensation cost related to nonvested awards not yet recognized was $14,576. The weighted-average period over which the nonvested awards is expected to be recognized was 2.7 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:


	Six Months Ended		Six Months Ended
	June 30,		June 30,
	2024		2023
Risk-free interest rate		3.82% - 4.69%		3.45% - 3.95%
Expected life (in years)		5.50 - 6.25		5.50 - 6.44
Dividend yield		0%		0%
Expected volatility		85.55% - 86.76%		76.5% - 77.7%

The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:


	Six Months Ended		Six Months Ended
	June 30,		June 30,
	2024		2023
Risk-free interest rate		5.43%		5.36%
Expected life (in years)		0.50		0.49
Dividend yield		0%		0%
Expected volatility		85.55%		76.50%

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Volatility: Volatility is based on the historical volatility of the Company's publicly traded shares for the expected term.

Restricted Stock Units

The following table presents RSU activity under the 2020 Plan as of June 30, 2024:


	Number of Stock Units			Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2023		236,296		$	13.60
Granted		952,665			1.80
Forfeited		(52,550	)		3.50
Unvested shares at June 30, 2024		1,136,411		$	4.18

As of June 30, 2024, there was $1,468 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 1.0 years.

Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Research and development	$	1,261	$	1,375	$	2,237	$	2,639
General and administrative		1,506		1,778		3,140		3,446
Total stock-based compensation	$	2,767	$	3,153	$	5,377	$	6,085

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Stock options	$	1,856	$	2,489	$	4,069	$	4,770
Restricted stock units		856		610		1,199		1,207
Employee stock purchase plan		55		54		109		108
Total stock-based compensation	$	2,767	$	3,153	$	5,377	$	6,085

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited condensed consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 29, 2024. Since the date of those condensed consolidated financial statements, there have been no changes to its significant accounting policies.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of stockholders’ equity and condensed consolidated statements of statements of cash flows for the three and six months ended June 30, 2024 and 2023 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2024, or for any other subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited condensed consolidated financial statements.

The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses. Actual results could differ materially from those estimates.

Cash, Cash Equivalents, and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the six months ended June 30, 2024 and 2023, the Company recorded $3,004 and $1,670 of accretion, respectively.

Restricted cash as of June 30, 2024 and December 31, 2023 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents, and marketable securities. Cash and cash equivalents were held at primarily two financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of 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, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values


	As of June 30, 2024
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	48,437	$	—	$	—		$	48,437	$	48,437	$	—	$	—
Corporate securities		42,644		2		(29	)		42,617		3,608		39,009		—
Government securities		121,941		—		(164	)		121,777		95,827		25,950		—
Total financial assets	$	213,022	$	2	$	(193	)	$	212,831	$	147,872	$	64,959	$	—


	As of December 31, 2023
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	37,694	$	—	$	—	$	37,694	$	37,694	$	—	$	—
Corporate securities		69,995		48		—		70,043		5,577		64,466		—
Government securities		120,670		143		—		120,813		92,297		28,516		—
Total financial assets	$	228,359	$	191	$	—	$	228,550	$	135,568	$	92,982	$	—

Subsequent Event Additional Information (Details) $ in Thousands		1 Months Ended
	Aug. 05, 2024 USD ($) ft²	Jan. 31, 2021 USD ($) ft²	Jul. 16, 2024 shares	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Subsequent Event [Line Items]
Aggregrate Shares \| shares				5,274,070	4,474,411
Princeton, New Jersey
Subsequent Event [Line Items]
Lease area of square feet \| ft²		50,581
Cash payment		$ 19,889
Subsequent Event Member
Subsequent Event [Line Items]
Aggregrate Shares \| shares			2,820,491
Subsequent Event Member \| Princeton, New Jersey \| Lease Termination Agreement \| BMR-One Research Way LLC
Subsequent Event [Line Items]
Lease area of square feet \| ft²	50,581
Termination effective date	Sep. 30, 2024
Termination fee	$ 1,420
Cash payment	798
Letter of credit	$ 622

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases:
Right-of-use assets, operating leases	$ 8,038	$ 8,382
Operating lease liabilities, current	1,151	852
Operating lease liabilities, non-current	11,839	12,434
Total operating lease liabilities	$ 12,990	$ 13,286
Weighted-average remaining lease term (years)	7 years 11 months 1 day	8 years 5 months 1 day
Weighted-average discount rate	5.75%	5.75%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance at Dec. 31, 2022	$ 246,028		$ 487,516	$ (445)	$ (241,043)
Balance, Shares at Dec. 31, 2022		45,771,332
Exercise of stock options	12		12
Exercise of stock options, Shares		3,429
Stock-based compensation expense	2,932		2,932
Net Income (Loss)	(19,128)				(19,128)
Unrealized gain (loss) on available for sale investments	329			329
Balance at Mar. 31, 2023	230,173		490,460	(116)	(260,171)
Balance, Shares at Mar. 31, 2023		45,774,761
Balance at Dec. 31, 2022	246,028		487,516	(445)	(241,043)
Balance, Shares at Dec. 31, 2022		45,771,332
Net Income (Loss)	(36,564)
Balance at Jun. 30, 2023	217,809		495,744	(328)	(277,607)
Balance, Shares at Jun. 30, 2023		46,143,536
Balance at Mar. 31, 2023	230,173		490,460	(116)	(260,171)
Balance, Shares at Mar. 31, 2023		45,774,761
Exercise of stock options and common stock issued under the 2020 ESPP	105		105
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		24,417
Issuance of common stock, net of issuance costs	2,026		2,026
Issuance of common stock, net of issuance costs , Shares		344,358
Stock-based compensation expense	3,153		3,153
Net Income (Loss)	(17,436)				(17,436)
Unrealized gain (loss) on available for sale investments	(212)			(212)
Balance at Jun. 30, 2023	217,809		495,744	(328)	(277,607)
Balance, Shares at Jun. 30, 2023		46,143,536
Balance at Dec. 31, 2023	225,689		535,468	224	(310,003)
Balance, Shares at Dec. 31, 2023		51,445,862
Stock-based compensation expense	2,610		2,610
Net Income (Loss)	(15,270)				(15,270)
Unrealized gain (loss) on available for sale investments	(319)			(319)
Foreign currency translation gain (loss)	(34)			(34)
Balance at Mar. 31, 2024	212,676		538,078	(129)	(325,273)
Balance, Shares at Mar. 31, 2024		51,445,862
Balance at Dec. 31, 2023	$ 225,689		535,468	224	(310,003)
Balance, Shares at Dec. 31, 2023		51,445,862
Exercise of stock options, Shares	3,111
Net Income (Loss)	$ (16,483)
Foreign currency translation gain (loss)	(28)
Balance at Jun. 30, 2024	214,315		540,986	(185)	(326,486)
Balance, Shares at Jun. 30, 2024		51,522,125
Balance at Mar. 31, 2024	212,676		538,078	(129)	(325,273)
Balance, Shares at Mar. 31, 2024		51,445,862
Exercise of stock options and common stock issued under the 2020 ESPP	141		141
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		76,263
Stock-based compensation expense	2,767		2,767
Net Income (Loss)	(1,213)				(1,213)
Unrealized gain (loss) on available for sale investments	(61)			(61)
Foreign currency translation gain (loss)	5			5
Balance at Jun. 30, 2024	$ 214,315		$ 540,986	$ (185)	$ (326,486)
Balance, Shares at Jun. 30, 2024		51,522,125

Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 213,022	$ 228,359
Gross Unrealized Gains	2	191
Gross Unrealized Losses	(193)
Fair Value	212,831	228,550
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	147,872	135,568
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	64,959	92,982
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	48,437	37,694
Fair Value	48,437	37,694
Money Market Funds \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	48,437	37,694
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	42,644	69,995
Gross Unrealized Gains	2	48
Gross Unrealized Losses	(29)
Fair Value	42,617	70,043
Corporate Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	3,608	5,577
Corporate Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	39,009	64,466
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	121,941	120,670
Gross Unrealized Gains		143
Gross Unrealized Losses	(164)
Fair Value	121,777	120,813
Government Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	95,827	92,297
Government Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 25,950	$ 28,516

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Net cash paid for amounts included in the measurement of lease liabilities	$ 662	$ 1,382
Leased assets obtained in exchange for new or modified operating lease liabilities	$ 0	$ 10

Stock Plan - Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,767	$ 3,153	$ 5,377	$ 6,085
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,261	1,375	2,237	2,639
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,506	$ 1,778	$ 3,140	$ 3,446

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 5, 2024, Michael Carulli, our Chief Financial Officer, terminated a trading plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, for the sale of shares of the Company’s common stock. Mr. Carulli’s 10b5-1 trading plan, previously adopted on September 13, 2023, provided for the sale from time to time of a maximum of 13,500 shares of the Company’s common stock pursuant to the terms of the plan. If Mr. Carulli’s Rule 10b5-1 trading plan had not been terminated, it would have expired on December 31, 2024, or earlier of all transactions under the trading arrangement were completed. The trading arrangement was terminated during an open trading window in accordance with the Company’s policies regarding transactions in the Company’s securities and is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Michael Carulli
Trading Arrangements, by Individual
Name	Michael Carulli
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 5, 2024
Expiration Date	December 31, 2024
Arrangement Duration	384 days
Aggregate Available	13,500

Restructuring - Summary of Activity Associated with Accrued Employee Severance and Benefits Costs (Details) - Employee severance and benefit costs $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 0
Expenses, net	630
Cash	(500)
Ending Balance	$ 130

- Definition

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

+ References + Details

Net Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock units at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have

had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	As of June 30,
	2024		2023
Options to purchase common stock		8,742,868		7,124,912
Unvested RSUs		1,136,411		374,899
Expected shares to be purchased under 2020 ESPP		21,744		63,787
Total		9,901,023		7,563,598

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 14,628	$ 13,843	$ 27,813	$ 28,916
General and administrative	5,542	6,279	10,578	12,686
Total operating expenses	20,170	20,122	38,391	41,602
Loss from operations	(20,170)	(20,122)	(38,391)	(41,602)
Other income (expense):
Interest income, net	2,801	2,696	5,753	5,022
Other (expense) income, net	(17)	(6)	(18)	20
Total other income	2,784	2,690	5,735	5,042
Loss before provision for income taxes	(17,386)	(17,432)	(32,656)	(36,560)
(Benefit) provision income taxes	(16,173)	4	(16,173)	4
Net loss	(1,213)	(17,436)	(16,483)	(36,564)
Unrealized (loss) gain on available for sale investments, net of tax	(61)	(212)	(380)	117
Foreign currency translation gain (loss)	5		(28)
Total other comprehensive (loss) income	(56)	(212)	(408)	117
Total comprehensive loss	$ (1,269)	$ (17,648)	$ (16,891)	$ (36,447)
Net loss per share - basic	$ (0.02)	$ (0.38)	$ (0.32)	$ (0.8)
Net loss per share - diluted	$ (0.02)	$ (0.38)	$ (0.32)	$ (0.8)
Weighted-average common shares outstanding - basic	51,478,751	45,813,132	51,462,307	45,793,355
Weighted-average common shares outstanding - diluted	51,478,751	45,813,132	51,462,307	45,793,355

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 372	$ 369	$ 734	$ 540

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The lease was set to expire in July 2022. In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The lease was terminated as of June 2023. The second lease is for office space in Lexington, Massachusetts, that terminated in August 2023.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. Since the inception date of the lease, $4,046 reimbursements were received. For the six months ended June 30, 2024, $242 of reimbursements were received.

The components of lease cost for the three and six months ended June 30, 2024, and 2023, are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	355	$	596		709	$	1,193
Variable lease cost		228		311		361		630
Total lease cost	$	583	$	907	$	1,070	$	1,823

Amounts reported in the balance sheet for leases where the Company is the lessee as of June 30, 2024, and December 31, 2023, are as follows:


Operating Leases (in thousands, except lease term and discount rate data):	June 30, 2024			December 31, 2023
Right-of-use assets, operating leases	$	8,038		$	8,382

Operating lease liabilities, current	$	1,151		$	852
Operating lease liabilities, non-current		11,839			12,434
Total operating lease liabilities	$	12,990		$	13,286

Weighted-average remaining lease term (years)		7.92			8.42
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the six months ended June 30, 2024 and 2023, respectively, as follows:


	Six Months Ended June 30,
(in thousands)	2024		2023
Net cash paid for amounts included in the measurement of lease liabilities	$	662	$	1,382
Leased assets obtained in exchange for new or modified operating lease liabilities		—		10

Future minimum lease payments, net of reimbursements, remaining as of June 30, 2024, under operating leases by fiscal year were as follows:


Fiscal year	(in thousands)
2024	$	912
2025		1,869
2026		1,925
2027		1,983
2028		2,042
Thereafter		7,453
Total minimum lease payments	$	16,184
Less: Amounts representing imputed interest	$	(3,194	)
Present value of lease liabilities	$	12,990

Rent expense recorded during the three months ended June 30, 2024 and 2023 was $355 and $596, respectively. Rent expense recorded during the six months ended June 30, 2024 and 2023 was $709 and $1,193, respectively.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company’s effective tax rates were 92.6% and 0% for the three months ended June 30, 2024 and 2023, respectively. The income tax provision and effective tax rate are driven primarily by the proceeds from the sale of the Company’s New Jersey tax net operating loss carryforwards and R&D tax credits.

During the three and six months ended June 30, 2024 and 2023, the Company recorded a full valuation allowance on federal and state net deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

The State of New Jersey's Technology Business Tax Certificate Program allows certain high technology and biotechnology companies to sell unused net operating loss ("NOL") carryforwards and R&D tax credits to other New Jersey-based corporate taxpayers. As of June 30, 2024, the Company received $16,176 of cash for the NOL and R&D tax credit sales related to the tax years ended December 31, 2015 to 2022. The sale of the NOLs and R&D tax credits has been recorded as an income tax benefit within the condensed consolidated statement of operations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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

+ Details

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 1,213	$ 15,270	$ 17,436	$ 19,128	$ 16,483	$ 36,564
Cash used in operating activities					17,782	$ 27,913
Accumulated deficit	326,486				326,486		$ 310,003
Cash, cash equivalents, and marketable securities	$ 212,919				$ 212,919

- Definition

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

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:


	June 30, 2024		December 31, 2023
Accrued compensation	$	2,998	$	4,498
Accrued legal and professional services		280		172
Accrued research and development costs		2,423		5,270
Total	$	5,701	$	9,940

Related Parties - Additional Information (Details) - Board of Directors	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Member	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Number of consulting agreement members \| Member			3
Consulting fees	$ 50,000	$ 33,000	$ 87,000	$ 42,000
Amount owed to related party	$ 0		$ 0

- Definition

Amount of liabilities classified as other.

+ References + Details

Stock Plan - Additional Information (Details) - USD ($) $ in Thousands			6 Months Ended
	Jan. 18, 2024	Sep. 09, 2022	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2024	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance					514,434
Restricted stock units granted to employees			952,665
Total compensation cost related to nonvested awards not yet recognized			$ 14,576
Unrecognized compensation cost, weighted average period of recognition			2 years 8 months 12 days
Dividend yield			0.00%	0.00%
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees	952,665	374,899
Unrecognized compensation cost, weighted average period of recognition			1 year
Unrecognized compensation cost			$ 1,468
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance						4,406,374
Number of additional shares reserved for issuance, minimum						4,406,374
Percentage of number of shares of common stock outstanding increase						5.00%
Number of additional shares reserved for issuance, maximum					2,572,174
Shares issued			5,274,070
2020 Plan \| Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis	1 year 6 months	2 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			1,136,410			400,752
Percentage of number of shares of common stock outstanding increase						1.00%
Number of additional shares reserved for issuance, maximum						801,504
Shares issued			275,497
Shares outstanding			275,497

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		42 Months Ended
	Jan. 31, 2022	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases \| Lease			2
Rent expense				$ 355	$ 596	$ 709	$ 1,193
South Brunswick, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²			6,000
Operating lease expiration period			2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
South Brunswick, New Jersey \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Terminated period			2023-08			2023-06
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description						That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023.
Lease area of square feet \| ft²		50,581
Operating Leases, extended year		2032
Operating leases, extension period		5 years
Operating lease, payments		$ 19,889
Operating leases extended month and year		2032-05
Tenant improvement allowance		$ 4,046
Reimbursements received						$ 242		$ 4,046

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	9,901,023	7,563,598
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	8,742,868	7,124,912
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,136,411	374,899
Expected shares to be purchased under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	21,744	63,787

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the three and six months ended June 30, 2024, and 2023, are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	355	$	596		709	$	1,193
Variable lease cost		228		311		361		630
Total lease cost	$	583	$	907	$	1,070	$	1,823

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of June 30, 2024, and December 31, 2023, are as follows:


Operating Leases (in thousands, except lease term and discount rate data):	June 30, 2024			December 31, 2023
Right-of-use assets, operating leases	$	8,038		$	8,382

Operating lease liabilities, current	$	1,151		$	852
Operating lease liabilities, non-current		11,839			12,434
Total operating lease liabilities	$	12,990		$	13,286

Weighted-average remaining lease term (years)		7.92			8.42
Weighted-average discount rate		5.75	%		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the six months ended June 30, 2024 and 2023, respectively, as follows:


	Six Months Ended June 30,
(in thousands)	2024		2023
Net cash paid for amounts included in the measurement of lease liabilities	$	662	$	1,382
Leased assets obtained in exchange for new or modified operating lease liabilities		—		10

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of June 30, 2024, under operating leases by fiscal year were as follows:


Fiscal year	(in thousands)
2024	$	912
2025		1,869
2026		1,925
2027		1,983
2028		2,042
Thereafter		7,453
Total minimum lease payments	$	16,184
Less: Amounts representing imputed interest	$	(3,194	)
Present value of lease liabilities	$	12,990

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,767	$ 3,153	$ 5,377	$ 6,085
Employee Stock Option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,856	2,489	4,069	4,770
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	856	610	1,199	1,207
Employee stock purchase plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 55	$ 54	$ 109	$ 108

Restructuring (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Activity Associated with Accrued Employee Severance and Benefits Costs

The following sets forth information regarding the balances and activity associated with the Company's accrued employee severance and benefits costs (in thousands):


	Balance as of December 31, 2023		Expenses, net		Cash			Balance as of June 30, 2024
Employee severance and benefit costs		—		630		(500	)		130

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 48,526,000	$ 37,706,000
Marketable Securities	164,393,000	190,856,000
Marketable securities, noncurrent	0	25,505,000
Marketable securities, current	164,393,000	165,351,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	42,617,000	70,043,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	121,777,000	120,813,000
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 48,437,000	$ 37,694,000

Stock Plan (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Stock Options Activity

The following table summarizes option activity for the six-month period ended June 30, 2024:


				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances at December 31, 2023		4,474,411			6,973,464		$	9.44		7.01	$	990
Shares reserved for issuance		2,572,174			—			—
Options granted		(3,321,070	)		3,321,070		$	1.78
Options forfeited / cancelled		1,548,555			(1,548,555	)	$	8.99
Options exercised		—			(3,111	)		1.80
Balances at June 30, 2024 (unaudited)		5,274,070			8,742,868		$	6.61		7.47	$	231
At June 30, 2024
Vested and expected to vest					8,742,868		$	6.61		7.47	$	231
Exercisable					4,207,339		$	8.66		5.61	$	222

Schedule of Estimated Fair Value of Stock Options


	Six Months Ended		Six Months Ended
	June 30,		June 30,
	2024		2023
Risk-free interest rate		3.82% - 4.69%		3.45% - 3.95%
Expected life (in years)		5.50 - 6.25		5.50 - 6.44
Dividend yield		0%		0%
Expected volatility		85.55% - 86.76%		76.5% - 77.7%

Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated


	For the Three Months Ended				For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Research and development	$	1,261	$	1,375	$	2,237	$	2,639
General and administrative		1,506		1,778		3,140		3,446
Total stock-based compensation	$	2,767	$	3,153	$	5,377	$	6,085

Schedule of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Stock options	$	1,856	$	2,489	$	4,069	$	4,770
Restricted stock units		856		610		1,199		1,207
Employee stock purchase plan		55		54		109		108
Total stock-based compensation	$	2,767	$	3,153	$	5,377	$	6,085

Schedule of RSU Activity Under the 2020 Plan

The following table presents RSU activity under the 2020 Plan as of June 30, 2024:


	Number of Stock Units			Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2023		236,296		$	13.60
Granted		952,665			1.80
Forfeited		(52,550	)		3.50
Unvested shares at June 30, 2024		1,136,411		$	4.18

ESPP

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

Schedule of Estimated Fair Value of Stock Options

The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:


	Six Months Ended		Six Months Ended
	June 30,		June 30,
	2024		2023
Risk-free interest rate		5.43%		5.36%
Expected life (in years)		0.50		0.49
Dividend yield		0%		0%
Expected volatility		85.55%		76.50%

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of stockholders’ equity and condensed consolidated statements of statements of cash flows for the three and six months ended June 30, 2024 and 2023 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2024, or for any other subsequent interim period. The condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited condensed consolidated financial statements. The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses. Actual results could differ materially from those estimates.
Cash, Cash Equivalents, and Marketable Securities	Cash, Cash Equivalents, and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the six months ended June 30, 2024 and 2023, the Company recorded $3,004 and $1,670 of accretion, respectively. Restricted cash as of June 30, 2024 and December 31, 2023 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)	Comprehensive Loss and Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents, and marketable securities. Cash and cash equivalents were held at primarily two financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of 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, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net


	June 30, 2024			December 31, 2023
Machinery & equipment		3,089		$	3,089
Computers		13			13
Furniture & fixtures		69			69
Leasehold improvements		11,364			10,765
Total property and equipment		14,535			13,936
Less: Accumulated depreciation		(4,005	)		(3,270	)
Property and equipment, net	$	10,530		$	10,666

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (16,483)	$ (36,564)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,377	6,085
Depreciation	734	540
Accretion of discounts on marketable securities	(3,004)	(1,669)
Non-cash lease income	(193)	(188)
Other, net	7
Change in operating assets and liabilities:
Prepaid expenses and other assets	(1,518)	2,758
Operating lease right-of-use assets and liabilities	241
Accounts payable	1,296	493
Accrued expenses	(4,239)	632
Net cash used in operating activities	(17,782)	(27,913)
Cash flows from investing activities:
Purchases of property and equipment	(598)	(721)
Purchases of marketable securities	(71,374)	(129,552)
Maturities of marketable securities	100,461	115,955
Net cash provided (used) by investing activities	28,489	(14,318)
Cash flows from financing activities:
Issuance of common stock, net of issuance costs		2,026
Proceeds from the exercise of stock options and common stock issued under the 2020 EIP	141	117
Net cash provided by financing activities	141	2,143
Impact of exchange rates on cash, cash equivalents, and restricted cash	(28)
Net increase (decrease) in cash and cash equivalents	10,820	(40,088)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	38,528	109,119
Cash, cash equivalents, and restricted cash - end of period	$ 49,348	$ 69,031

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	51,522,125	51,445,862
Common stock, shares outstanding	51,522,125	51,445,862

Related Parties

6 Months Ended

Jun. 30, 2024

Related Parties

11. Related Parties

The Company has consulting agreements with three members of its board of directors; one of which waived his consulting fees starting as of September 2021. Total consulting fees paid during the three months ended June 30, 2024 and 2023 were $50 and $33, respectively. Total consulting fees paid during the six months ended June 30, 2024 and 2023 were $87 and $42, respectively. There were no amounts owed under the consulting agreements as of June 30, 2024.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At June 30, 2024 and December 31, 2023, there were 51,522,125 and 51,445,862 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of June 30, 2024, no dividends on common stock had been declared by the Company.

ATM Program

On October 4, 2021, the Company entered into an at-the-market offering program (the “ATM Program”) pursuant to which, the Company may offer and sell shares of its common stock having aggregate gross sales proceeds of up to $150.0 million from time to time. During the three and six months ended June 30, 2024, the Company did not sell any shares of its common stock under the ATM Program. As of June 30, 2024, the Company has approximately $113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,526	$ 37,706
Restricted cash	822	822
Marketable securities, current	164,393	165,351
Prepaid expenses and other current assets	5,048	3,530
Total current assets	218,789	207,409
Property and equipment, net	10,530	10,666
Marketable securities, noncurrent	0	25,505
Right-of-use assets	8,038	8,382
Other assets	182	190
Total assets	237,539	252,152
Current liabilities:
Accounts payable	4,533	3,237
Accrued expenses	5,701	9,940
Operating lease liabilities, current	1,151	852
Total current liabilities	11,385	14,029
Operating lease liabilities, noncurrent	11,839	12,434
Total liabilities	23,224	26,463
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at June 30, 2024 and December 31, 2023. No shares issued or outstanding at June 30, 2024 and December 31, 2023.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 51,522,125 and 51,445,862 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively.
Additional paid-in capital	540,986	535,468
Accumulated deficit	(326,486)	(310,003)
Accumulated other comprehensive (loss) income	(185)	224
Total stockholders’ equity	214,315	225,689
Total liabilities and stockholders’ equity	$ 237,539	$ 252,152

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective Tax Rates	92.60%	0.00%
Expected cash received from sale of unsued NOL carryforwards and R&D tax credits			$ 16,176

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair value of Stock Purchase Rights Under ESPP (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.43%	5.36%
Expected life (in years)	6 months	5 months 26 days
Dividend yield	0.00%	0.00%
Expected volatility	85.55%	76.50%

- Definition

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

+ References

+ Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net


	June 30, 2024			December 31, 2023
Machinery & equipment		3,089		$	3,089
Computers		13			13
Furniture & fixtures		69			69
Leasehold improvements		11,364			10,765
Total property and equipment		14,535			13,936
Less: Accumulated depreciation		(4,005	)		(3,270	)
Property and equipment, net	$	10,530		$	10,666

Depreciation expense for the three months ended June 30, 2024 and 2023 was $372 and $369, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $734 and $540, respectively.

Formation and Business of the Company

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at One Research Way, Princeton, New Jersey.

The Company is subject to risks and uncertainties common to clinical stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three and six months ended June 30, 2024, the Company incurred a net loss of $1,213 and $16,483, respectively. For the six months ended June 30, 2024, the Company used $17,782 of cash for operations. At June 30, 2024, the Company had an accumulated deficit of $326,486. Cash, cash equivalents, and marketable securities were $212,919 as of June 30, 2024. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for the next 12 months from the date of issuance of these condensed consolidated financial statements.

Subsequent Event

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

13. Subsequent Event

On July 16, 2024, the Company filed with the Securities and Exchange Commission a Tender Offer Statement on Schedule TO defining the terms and conditions of a one-time voluntary stock option exchange to its employees of certain options to purchase up to an aggregate of 2,820,491 shares of the Company’s common stock (the "Exchange Offer"). The completion date of the Exchange Offer will be August 13, 2024 (unless otherwise extended), at which time the new stock options will be granted to employees who tender their respective eligible stock options and elect to participate in the Exchange Offer.

On August 5,2024, the Company entered into a Lease Termination Agreement with BMR-One Research Way LLC, a Delaware limited liability company, in connection with the termination of the lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. Pursuant to the Termination Agreement, the Company and

the Landlord agreed to terminate the Lease effective as of September 30, 2024, contingent on the sale of the Property by the Landlord to a prospective new buyer (the "Contingency").

Pursuant to the Termination Agreement, and subject to the Contingency, the Company agreed to surrender the property and pay a total termination fee of approximately $1,420, consisting of (i) a cash payment in the amount of approximately $798 and (ii) a post of a security deposit in the form of a letter of credit in the amount of approximately $622.

Stock Plan - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Shares Available For Grant
Shares Available for Grant, Balance	4,474,411
Shares Available for Grant, Shares reserved for issuance	2,572,174
Shares Available for Grant, Options granted	(3,321,070)
Shares Available for Grant, Options forfeited / cancelled	1,548,555
Shares Available for Grant, Balance	5,274,070	4,474,411
Number of Options
Options Outstanding, Number of Options	6,973,464
Options granted, Number of Options	3,321,070
Options forfeited / cancelled, Number of Options	(1,548,555)
Options exercised, Number of Options	(3,111)
Options Outstanding, Number of Options	8,742,868	6,973,464
Vested and expected to vest, Number of Options	8,742,868
Exercisable, Number of Options	4,207,339
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 9.44
Options granted, Weighted Average Exercise Price	1.78
Options forfeited / cancelled, Weighted Average Exercise Price	8.99
Options exercised, Weighted Average Exercise Price	1.8
Options Outstanding, Weighted Average Exercise Price	6.61	$ 9.44
Vested and expected to vest, Weighted Average Exercise Price	6.61
Exercisable, Weighted Average Exercise Price	$ 8.66
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	7 years 5 months 19 days	7 years 3 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	7 years 5 months 19 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 7 months 9 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 231	$ 990
Vested and expected to vest, Aggregate Intrinsic Value	231
Exercisable, Aggregate Intrinsic Value	$ 222

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Beginning balance \| shares	236,296
Number of Stock Units, Granted \| shares	952,665
Number of Stock Units, Forfeited \| shares	(52,550)
Number of Stock Units, Ending balance \| shares	1,136,411
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	1.8
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	3.5
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 4.18

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,213)	$ (15,270)	$ (17,436)	$ (19,128)	$ (16,483)	$ (36,564)

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Accretion of available-for-sale debt securities	$ 3,004	$ 1,670
Restricted cash	$ 822		$ 822

Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

12. Restructuring

On January 18, 2024, the Company announced a restructuring plan involving the reduction of its workforce by approximately 30% of the Company's employees. Substantially all of the costs under the restructuring plan were incurred during the six months ended June 30, 2024. The remaining expected costs are not expected to be material and will be complete by September 30, 2024. The Company is taking these steps in order to streamline operations, reduce costs and preserve capital as it advances into late-stage development for its lead product candidate, PC14586.

As a result of the reduction in force, the Company incurred an aggregate non-recurring charge of $630, consisting primarily of employee severance and benefit costs associated with the restructuring. The Company has recorded these charges in research and development expenses in the accompanying condensed consolidated statement of operations based on responsibilities of the impacted employees.

The Company accounts for employee termination benefits that represent a one-time benefit in accordance with ASC Topic 420, Exit or Disposal Cost Obligations. It records such costs into expense over the employee’s future service period, if any.

The following sets forth information regarding the balances and activity associated with the Company's accrued employee severance and benefits costs (in thousands):


	Balance as of December 31, 2023		Expenses, net		Cash			Balance as of June 30, 2024
Employee severance and benefit costs		—		630		(500	)		130

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 355	$ 596	$ 709	$ 1,193
Variable lease cost	228	311	361	630
Total lease cost	$ 583	$ 907	$ 1,070	$ 1,823

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 2,998	$ 4,498
Accrued legal and professional services	280	172
Accrued research and development costs	2,423	5,270
Total	$ 5,701	$ 9,940

Restructuring - Additional Information (Details) - Employee Severance and Benefit Costs - USD ($) $ in Thousands		6 Months Ended
	Jan. 18, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	30.00%
Restructuring charges		$ 630

- Definition

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

+ References + Details

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 14,535	$ 13,936
Less: Accumulated depreciation	(4,005)	(3,270)
Property and equipment, net	10,530	10,666
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,089	3,089
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	13
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	69
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 11,364	$ 10,765

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.82%	3.45%
Risk-free interest rate, maximum	4.69%	3.95%
Dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months
Expected volatility	85.55%	76.50%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 3 months	6 years 5 months 8 days
Expected volatility	86.76%	77.70%

- Definition

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

+ References

+ Details