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Stock-Based Compensation - Summary of Stock Options Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Maximum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	7 years	7 years
Expected volatility	87.50%	87.10%
Risk-free interest rate	4.20%	4.20%
Minimum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 2 months 12 days
Expected volatility	85.70%	85.70%
Risk-free interest rate	4.00%	3.60%

- Definition

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

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Nature of the Business - Schedule of Financial Statements (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss per share of common stock, basic	$ 0.2	$ 0.23
Net loss per share of common stock, diluted	$ 0.2	$ 0.23
Weighted-average number of common shares used in net loss per share, basic	40,213,158	39,438,572
Weighted-average number of common shares used in net loss per share, diluted	40,213,158	39,438,572
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss per share of common stock, basic		$ 0.4
Net loss per share of common stock, diluted		$ 0.4
Weighted-average number of common shares used in net loss per share, basic		22,792,781
Weighted-average number of common shares used in net loss per share, diluted		22,792,781

- Definition

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

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- Definition

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

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+ Details

- Definition

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

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Operating Lease Cost

During the three months ended March 31, 2023 and 2024, the components of operating lease cost were as follows, and are reflected in general and administrative expenses and research and development expenses, as determined by the underlying activities:


	Three Months Ended March 31,
	2023		2024
Lease Cost:
Operating lease cost	$	274	$	274
Total operating lease cost	$	274	$	274

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities at March 31, 2024 are as follows (in thousands):


2024 (remaining)	$	837
2025		1,145
2026		1,176
2027		1,207
Thereafter		238
Total lease payments		4,603
Less: interest		(828	)
Total lease liability	$	3,775

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 27, 2024, Edward R. Conner, M.D., the Company’s Chief Medical Officer, entered into a pre-arranged written stock sale plan dated April 20, 2024 in accordance with Rule 10b5-1 (the “Conner 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Conner 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Conner 10b5-1 Plan provides for the potential sale of up to 110,192 shares of the Company’s common stock, including upon the exercise of vested stock options for shares of the Company’s common stock, so long as the market price of the Company’s common stock is higher than certain minimum threshold prices specified in the Conner 10b5-1 Plan, between $15.00 and $25.00. On March 27, 2024, Julie Person, the Company’s Chief Administrative Officer, entered into a pre-arranged written stock sale plan dated April 20, 2024 in accordance with Rule 10b5-1 (the “Person 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Person 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Person 10b5-1 Plan provides for the potential sale of up to 40,000 shares of the Company’s common stock, including upon the exercise of vested stock options for shares of the Company’s common stock, so long as the market price of the Company’s common stock is higher than certain minimum threshold prices specified in the Person 10b5-1 Plan, between $12.00 and $20.00.
Edward R. Conner
Trading Arrangements, by Individual
Name	Edward R. Conner
Title	M.D., the Company’s Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 27, 2024
Aggregate Available	110,192
Julie Person
Trading Arrangements, by Individual
Name	Julie Person
Title	Chief Administrative Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 27, 2024
Aggregate Available	40,000

Stock-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance \| shares	543,869
Granted \| shares	0
Vested \| shares	(82,339)
Cancelled or forfeited \| shares	0
Ending balance \| shares	461,530
Beginning balance \| $ / shares	$ 1.42
Granted \| $ / shares	0
Vested \| $ / shares	1.38
Cancelled or forfeited \| $ / shares	0
Ending balance \| $ / shares	$ 1.42

Nature of the Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

1. Nature of the Business

Third Harmonic Bio, Inc., or the Company, is a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory and gastrointestinal inflammatory diseases.

The Company was incorporated in 2019 as a Delaware corporation, and has two offices located in San Francisco, California and Cambridge, Massachusetts. In December 2021, the Company formed THB MS, Inc., a Delaware corporation and wholly-owned subsidiary of the Company, which is classified as a Security Corporation in Massachusetts.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, completion and success of clinical testing, development by competitors of new technological innovations, compliance with governmental regulations, dependence on key employees and protection of proprietary technology and the ability to secure additional capital to fund operations. Development of a drug candidate requires extensive research and development and clinical testing prior to regulatory approval and commercialization. These efforts require significant amounts of additional capital, adequate employees, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Liquidity

In accordance with Accounting Standards Codification, or ASC, 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying condensed consolidated financial statements were issued.

As an emerging growth entity, the Company has devoted substantially all of its resources since inception to organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering product candidates, research and development activities for an oral KIT inhibitor and other compounds, establishing arrangements with third parties for the manufacture of its product candidates and component materials, and providing general and administrative support for these operations. As a result, the Company has incurred significant operating losses and negative cash flows from operations since its inception and anticipates such losses and negative cash flows will continue for the foreseeable future.

Since its inception, the Company has funded its operations primarily with proceeds from sales of shares of its redeemable convertible preferred stock and most recently with proceeds from the IPO. The Company has incurred recurring losses since its inception, including net losses of $9.1 million and $7.9 million for the three months ended March 31, 2023 and 2024, respectively. As of March 31, 2024, the Company had an accumulated deficit of $122.1 million. To date the Company has not generated any revenues and expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these condensed consolidated financial statements, the Company expects that its existing cash and cash equivalents of $262.8 million as of March 31, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements.

Correction of Previously Reported Interim and Annual Consolidated Financial Statements

As previously reported by the Company in its Quarterly Report on Form 10-Q for the period ended June 30, 2023, management determined that the weighted average shares outstanding, or WASO, of the Company’s common stock used in the calculation of basic and fully diluted loss per share was misstated for certain previously reported interim, year-to-date, and annual consolidated financial statements, or the previously reported periods. This resulted in the incorrect presentation of WASO and basic and fully diluted loss per share, collectively the error, on the Company’s Condensed Consolidated Statements of Operations and within the related notes thereto for the impacted previously reported periods. The cause of the error was due to clerical errors that were symptomatic to the previously disclosed material weakness related to the lack of segregation of duties, certain system limitations in our accounting software, and the overall control environment.

Management prepared a quantitative and qualitative analysis of the error in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108, or SAB 99/108, and concluded the impact of the error was not material to any of the previously reported periods. As a result, and in accordance with SAB 99/108, management has corrected the error in this Quarterly Report on Form 10-Q by presenting the correct WASO and basic and fully diluted loss per share on the face of the Company’s Condensed Consolidated Statements of Operations impacted by the error. Management also plans to correct the error for any relevant future periods.

The correction of the error had no impact on the Company’s previously reported interim, year-to-date, or annual Condensed Consolidated Balance Sheet, Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity, or Condensed Consolidated Statements of Cash Flows. With respect to the Company’s previously reported interim, year-to-date, and annual Condensed Consolidated Statements of Operations impacted by the error, the correction of the error had no impact on the Company’s previously reported net loss in any of those periods. The correction of the error was limited to correcting the presentation of WASO and basic and fully diluted loss per share.

A summary of the impact of the correction of the error on the Company’s previously reported interim, year-to-date, and annual Condensed Consolidated Statements of Operations impacted by the error that will be corrected and disclosed on a prospective basis the next time such previously reported periods and the related notes thereto are issued is, as follows:


	For the three months ended March 31, 2023
	As Previously Reported		As Corrected
Net loss per share of common stock, basic and diluted	$	0.40	$	0.23
Weighted-average number of common shares used in net loss per share, basic and diluted		22,792,781		39,438,572

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	December 31, 2023		March 31, 2024
Accrued research and development expenses	$	169	$	816
Employee compensation and related benefits		2,232		1,156
Professional fees		394		283
Other		40		45
Total accrued expenses and other current liabilities	$	2,835	$	2,300

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

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


	December 31, 2023		March 31, 2024
Accrued research and development expenses	$	169	$	816
Employee compensation and related benefits		2,232		1,156
Professional fees		394		283
Other		40		45
Total accrued expenses and other current liabilities	$	2,835	$	2,300

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ 7,856	$ 9,085
Net loss attributable to common stockholders, basic	7,856	9,085
Net loss attributable to common stockholders, diluted	$ 7,856	$ 9,085
Weighted-average number of common shares used in net loss per share, basic	40,213,158	39,438,572
Weighted-average number of common shares used in net loss per share, diluted	40,213,158	39,438,572
Net loss per share of common stock, basic	$ 0.2	$ 0.23
Net loss per share of common stock, diluted	$ 0.2	$ 0.23

- Definition

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

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Additional Information (Details)	1 Months Ended	3 Months Ended
Leases - Additional Information (Details)	Oct. 31, 2022 ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Leases [Line Items]
Operating lease liabilities \| $		$ 773,000		$ 745,000
Cash paid for amounts included in the measurement of operating lease liabilities \| $		$ 300,000	$ 0
130 Prospect Street in Cambridge, Massachusetts
Leases [Line Items]
Area of land \| ft²	10,356
Lease commencement date	Dec. 01, 2022
Initial lease term	63 months
Lease expiring date	Feb. 29, 2028
1700 Montgomery Street in San Francisco, California
Leases [Line Items]
Area of land \| ft²	4,703
Lease commencement date	Dec. 20, 2022
Initial lease term	63 months
Lease expiring date	Feb. 20, 2028

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 256,733,000	$ 265,934,000
Total financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	256,733,000	265,934,000
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Other Observable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	129,911,000	140,093,000
Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	129,911,000	140,093,000
Money Market Funds \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money Market Funds \| Significant Other Observable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0	0
US treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	126,822,000	125,841,000
US treasury securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	126,822,000	125,841,000
US treasury securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0	0
US treasury securities \| Significant Other Observable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 0

Novartis Agreement

3 Months Ended

Mar. 31, 2024

License Agreement [Abstract]

Novartis Agreement

6. Novartis Agreement

On June 28, 2019, the Company entered into a License Agreement, or the Novartis Agreement, with Novartis Pharma AG, formerly known as Novartis International Pharmaceutical Ltd, or Novartis. Pursuant to the Novartis Agreement, the Company has been granted an exclusive, worldwide, royalty-bearing, sublicensable license under specified patent rights and know-how related to two licensed compounds, to develop, make, use and sell certain products incorporating or comprising a licensed compound, including THB001 and THB335, to certain intellectual property rights owned or controlled by Novartis, or the Licensed IP, to research, develop, make, use, sell, and commercialize products containing the Licensed IP.

Under the Novartis Agreement, the Company is solely responsible for all research, development, regulatory and commercialization activities related to the Licensed IP. The Company is required to use commercially reasonable efforts to develop and seek regulatory approval for, and commercialize, at least one licensed product in each of the United States, France, Germany, Italy, Spain, the United Kingdom, and Japan.

In exchange for these rights, the Company made an upfront cash payment of $0.4 million and issued 3,449,808 shares of Series A-1 Preferred Stock with a fair value of $3.0 million to Novartis. Upon entering into the Novartis Agreement in 2019, the total initial consideration of $3.4 million transferred to Novartis was charged to expenses as research and development expense. The Company determined that the Novartis Agreement represented an asset acquisition as it did not meet the definition of a business. The Company recorded the initial consideration transferred to Novartis as research and development expense in the statement of operations because the acquired Licensed IP represented in-process research and development with no alternative future use.

In addition, under the Novartis Agreement, an anti-dilution right was issued to Novartis, in which Novartis is entitled to receive shares of Series A-1 Preferred Stock, guaranteeing them a 15% ownership interest of the fully diluted capitalization of the Company. The Company was obligated to issue additional shares of Series A-1 Preferred Stock until the Company had (1) raised aggregate cumulative proceeds of $30.0 million from sales of equity securities since its inception; or (2) issued and sold any securities that generate proceeds in excess of $30.0 million. Additionally, the Company was not obligated to issue more than 6,383,142 shares of the Series A-1 Preferred Stock to Novartis under the anti-dilution right. The Company assessed the Novartis anti-dilution right and determined that the right (i) meets the definition of a freestanding financial instrument that is not indexed to the Company’s own stock and (ii) meets the definition of a derivative and does not qualify for equity classification. The initial fair value of the anti-dilution right liability of $1.0 million was recorded as research and development expense in July 2019, as part of the initial consideration in the license agreement. The Company remeasured the liability associated with the anti-dilution right at each reporting date and at each issuance of Series A-1 Preferred Stock under the anti-dilution right. Changes in the fair value were recorded as other income and expense in the statement of operations until the anti-dilution right was satisfied in February 2021 upon the Company raising aggregate cumulative proceeds of $30.0 million in sales of equity securities. As part of the anti-dilution right, the Company issued a total of 5,970,000 shares of Series A-1 Preferred Stock to Novartis. No expense has been recognized in any periods subsequent to the satisfaction of the anti-dilution liability which was satisfied in February 2021.

Under the Novartis Agreement, the Company is obligated to make aggregate milestone payments of up to $231.7 million related to the achievement of specified development, commercialization, and sales milestones. The Company records the milestone payments as research and development expenses when the milestones occur and consideration is paid or becomes payable. As of March 31, 2024, the Company has made two development milestone payments under the Novartis Agreement totaling $1.0 million, of which $0.4 million was achieved and paid in 2019, and $0.6 million was achieved and paid in 2020, which were recorded as research and development expense. No other milestones have occurred or have been paid under the Novartis Agreement.

As part of the Novartis Agreement, the Company also agreed to pay tiered royalties based on future net sales of all products licensed under the agreement, of which the royalty percentage ranged within the single digits.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (7,856)	$ (9,085)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,223	2,682
Depreciation expense	12	3
Noncash operating lease expense	174	69
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	605	413
Other assets	155	155
Accounts payable	(893)	571
Accrued expenses and other current liabilities	(535)	(1,587)
Operating lease liabilities	(178)	104
Net cash used in operating activities	(6,293)	(6,675)
Cash flows from investing activities:
Purchase of property and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from the exercise of stock options	49	0
Net cash provided by financing activities	49	0
Net increase (decrease) in cash, cash equivalents and restricted cash	(6,244)	(6,675)
Cash, cash equivalents and restricted cash at beginning of period	269,523	289,318
Cash, cash equivalents and restricted cash at end of period	263,279	282,643
Supplemental disclosure of cash flows:
Fixed assets recorded in accounts payable and accrued expenses	$ 0	$ 27

Stockholder's Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholder's Equity

7. Stockholder's Equity

Common stock

As of December 31, 2023 and March 31, 2024, the Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue 500,000,000 shares of common stock, with a par value of $0.0001. The voting, dividend and liquidation rights of the holders of the Company’s common stock were subject to and qualified by the rights, preferences and privileges of the holders of the redeemable convertible preferred stock.

The holders of the common stock are entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. There are not cumulative voting rights for the election of directors in the restated certificate of incorporation, which means that holders of a majority of the shares of the common stock will be able to elect all of the directors. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, or the Board, if any, subject to the preferential dividend rights of redeemable convertible preferred stock. Through March 31, 2024, no cash dividends had been declared or paid.

On September 19, 2022, the Company completed its IPO, at which time the Company issued 12,535,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,635,000 additional shares of common stock, at a public offering price of $17.00 per share. The Company received $198.2 million, net of underwriting discounts and commissions, but before deducting offering costs payable by the Company, which were $2.3 million. Upon the closing of the IPO, all outstanding shares of redeemable convertible preferred stock converted into 21,967,316 shares of common stock.

Undesignated preferred stock

As of December 31, 2023 and March 31, 2024, the Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue up to 10,000,000 shares of undesignated preferred stock, par value $0.0001 per share. There were no undesignated preferred shares issued or outstanding as of December 31, 2023 and March 31, 2024.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

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

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

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

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

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

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

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

+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 816	$ 169
Employee compensation and related benefits	1,156	2,232
Professional fees	283	394
Other	45	40
Total accrued expenses and other current liabilities	$ 2,300	$ 2,835

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 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 consolidated annual financial statements for the years ended December 31, 2023, and notes thereto, which are included in the Company's Annual Report on Form 10-K that was filed with the Securities and Exchange Commission, or the SEC, on March 26, 2024. Since the date of those annual financial statements, there have been no changes to the Company’s significant accounting policies, except as noted below.

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, for interim financial reporting and as required by Regulation S-X, Rule 10-01. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated annual financial statements for the years ended December 31, 2022 and 2023 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2024 are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2024. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, or ASU 2023-09, to enhance the transparency and decision usefulness of income tax disclosures. The enhancement will provide information to better assess how an entity's operations and related tax disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its condensed consolidated financial statements and related disclosures.

In November 2023, the FASB, issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, or ASU 2023-07, to improve reportable segment disclosure requirements. The amendment introduced new requirements to disclose significant segment expenses regularly provided to the Chief Operating Decision Maker, or CODM, and extend certain annual disclosures to interim periods. Entities with a single reportable segment must apply ASC 280 in its entirety, are permitted to report more than one measure of segment profit or loss under certain conditions and are required to disclose the title and position of the CODM. ASU No. 2023-07 is effective for fiscal years beginning December 15, 2023 and interim periods within fiscal years after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements, Amendments to Remove References to the Concept Statements, or ASU 2024-02. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2024-02 will have on its condensed consolidated financial statements and related disclosures.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - 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]
Beginning balance	3,953,149
Shares, Granted	1,441,700
Exercised	(65,592)
Forfeited or cancelled	(344,108)
Ending balance	4,985,149	3,953,149
Options vested and exercisable as of March 31, 2024	1,463,946
Options unvested as of March 31, 2024	3,521,203
Beginning balance	$ 4.16
Granted	10.83
Exercised	0.75
Forfeited or cancelled	4.2
Ending balance	6.13	$ 4.16
Options vested and exercisable as of March 31, 2024	4.23
Options unvested as of March 31, 2024	$ 6.93
Weighted-Average Remaining Contractual Term (in years)	8 years 6 months	8 years 8 months 12 days
Options vested and exercisable as of March 31, 2024	7 years 3 months 18 days
Options unvested as of March 31, 2024	9 years 1 month 6 days
Aggregate Intrinsic Value	$ 18,493	$ 26,906
Options vested and exercisable as of March 31, 2024	7,690
Options unvested as of March 31, 2024	$ 10,803

Leases - Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 274	$ 274
Total operating lease cost	$ 274	$ 274

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	December 31, 2023			March 31, 2024
Leasehold improvement	$	109		$	109
Office furniture		44			44
Computer equipment		51			51
Property, plant and equipment, gross		204			204
Less: Accumulated depreciation		(35	)		(47	)
Property, plant and equipment, net	$	169		$	157

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, for interim financial reporting and as required by Regulation S-X, Rule 10-01. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated annual financial statements for the years ended December 31, 2022 and 2023 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2024 are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2024. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, or ASU 2023-09, to enhance the transparency and decision usefulness of income tax disclosures. The enhancement will provide information to better assess how an entity's operations and related tax disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its condensed consolidated financial statements and related disclosures. In November 2023, the FASB, issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, or ASU 2023-07, to improve reportable segment disclosure requirements. The amendment introduced new requirements to disclose significant segment expenses regularly provided to the Chief Operating Decision Maker, or CODM, and extend certain annual disclosures to interim periods. Entities with a single reportable segment must apply ASC 280 in its entirety, are permitted to report more than one measure of segment profit or loss under certain conditions and are required to disclose the title and position of the CODM. ASU No. 2023-07 is effective for fiscal years beginning December 15, 2023 and interim periods within fiscal years after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its condensed consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements, Amendments to Remove References to the Concept Statements, or ASU 2024-02. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2024-02 will have on its condensed consolidated financial statements and related disclosures.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 204	$ 204
Less: Accumulated depreciation	(47)	(35)
Property, plant and equipment, net	157	169
Leasehold improvement
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	109	109
Office furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	44	44
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 51	$ 51

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	December 31, 2023			March 31, 2024
Leasehold improvement	$	109		$	109
Office furniture		44			44
Computer equipment		51			51
Property, plant and equipment, gross		204			204
Less: Accumulated depreciation		(35	)		(47	)
Property, plant and equipment, net	$	169		$	157

Depreciation expense was immaterial for the three months ended March 31, 2023 and 2024, which has been recorded within general and administrative expenses.

Net Loss Per Share - Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-dilutive Effect (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti diluted effect of diluted net loss per share	5,446,679	5,882,167
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti diluted effect of diluted net loss per share	4,985,149	5,024,356
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti diluted effect of diluted net loss per share	461,530	857,811

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 6,226	$ 6,737
General and administrative	5,064	5,251
Total operating expenses	11,290	11,988
Loss from operations	11,290	11,988
Other income, net:
Interest income	(3,433)	(2,905)
Other (income) expense	(1)	2
Total other income, net	(3,434)	(2,903)
Net loss	$ 7,856	$ 9,085
Net loss per share of common stock, basic	$ 0.2	$ 0.23
Net loss per share of common stock, diluted	$ 0.2	$ 0.23
Weighted-average number of common stock outstanding, basic	40,213,158	39,438,572
Weighted-average number of common stock outstanding, diluted	40,213,158	39,438,572

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis (in thousands):


			December 31, 2023
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	140,093	$	140,093	$	—	$	—
U.S. treasury securities	$	125,841		125,841		—		—
Total financial assets	$	265,934	$	265,934	$	—	$	—


			March 31, 2024
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	129,911	$	129,911	$	—	$	—
U.S. treasury securities		126,822		126,822		—		—
Total financial assets	$	256,733	$	256,733	$	—	$	—

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans Effective January 1, 2019, the Company adopted a 401(k) Plan for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. Since inception of the plan and through the three months ended March 31, 2024, the Company has not made any contributions to the 401(k) Plan.

- 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
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,223	$ 2,682
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	737	1,018
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,486	$ 1,664

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 19, 2022	Mar. 31, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common stock voting rights		one vote for each share
Common stock, cash dividends declared		$ 0
Preferred stock, Par Value		$ 0.0001	$ 0.0001
Undesignated preferred shares issued			0
Preferred shares outstanding		0
Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, authorized		10,000,000	10,000,000
IPO
Subsidiary, Sale of Stock [Line Items]
Initial public offering, Shares	12,535,000
Public offering price	$ 17
Proceeds from issuing shares	$ 198.2
Offering costs	$ 2.3
Conversion of convertible preferred stock into common stock	21,967,316
Over allotment \| Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Initial public offering, Shares	1,635,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis (in thousands):


			December 31, 2023
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	140,093	$	140,093	$	—	$	—
U.S. treasury securities	$	125,841		125,841		—		—
Total financial assets	$	265,934	$	265,934	$	—	$	—


			March 31, 2024
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	129,911	$	129,911	$	—	$	—
U.S. treasury securities		126,822		126,822		—		—
Total financial assets	$	256,733	$	256,733	$	—	$	—

As of December 31, 2023 and March 31, 2024, the Company had no financial liabilities that required fair value measurement. As of December 31, 2023 and March 31, 2024, the Company’s cash equivalents consisted of money market funds classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets for identical assets without any valuation adjustment. As of December 31, 2023 and March 31, 2024, the Company held U.S. treasury bills, which are included in cash, cash equivalents and restricted cash as their maturity is 90 days or less at acquisition and are considered Level 1 category assets as there are quoted prices in active markets.

During the year ended December 31, 2023 and the three months ended March 31, 2024, there were no transfers or reclassifications between fair value measurement levels of assets or liabilities. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

- Definition

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

+ References + Details

Nature of the Business - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss	$ (7,856)	$ (9,085)
Accumulated deficit	122,076		$ 114,220
Cash and cash equivalents	262,826		$ 269,070
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss	$ (7,900)	$ (9,100)

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Legal Proceedings

From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of December 31, 2023 and March 31, 2024, there were no litigation matters which would have a material impact on the Company’s financial results.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 262,826	$ 269,070
Prepaid expenses and other current assets	2,771	3,376
Total current assets	265,597	272,446
Restricted cash	453	453
Property and equipment, net	157	169
Right of use asset	3,589	3,763
Other assets, noncurrent	725	880
Total assets	270,521	277,711
Current liabilities:
Accounts payable	945	1,838
Accrued expenses and other current liabilities	2,300	2,835
Operating lease liability, current	773	745
Total current liabilities	4,018	5,418
Operating lease liability, noncurrent	3,002	3,208
Total liabilities	7,020	8,626
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized at December 31, 2023 and March 31, 2024; 40,104,937 and 40,252,868 shares issued and outstanding at December 31, 2023 and March 31, 2024, respectively	4	4
Additional paid-in capital	385,573	383,301
Accumulated deficit	(122,076)	(114,220)
Total stockholders' equity	263,501	269,085
Total liabilities and stockholders' equity	$ 270,521	$ 277,711

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

12. Related Party Transactions

Novartis

Novartis is a significant beneficial owner of the Company, holding more than 5% of the total outstanding stock of the Company, as of December 31, 2023 and March 31, 2024. The Company has an in-license agreement with Novartis, which required the Company to make an upfront payment and issue shares of Series A-1 Preferred Stock to Novartis, and further includes future milestone payments upon the occurrence of certain events and royalty payments upon future sales. Refer to Note 6.

CEO Promissory Note

On August 9, 2021, the Company entered into the Promissory Note with the CEO for an amount of $1.8 million, which was used to allow the CEO to purchase 1,218,836 shares of common stock granted in the form of a restricted stock award under the 2019 Plan. The Promissory Note had a stated interest rate of 0.76%, which was compounded annually. The entire Promissory Note, including principal and accrued and unpaid interest, was forgiven on August 22, 2022. The Company has paid the CEO a one-time special bonus of $1.9 million, which was paid to offset the CEO's tax liability as a result of the forgiveness of the Promissory Note. This is subject to a three-year vesting schedule with six-month cliffs, as well as continued employment with the company on the relevant vesting dates.

- 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
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 289,068	$ 4	$ 372,460	$ (83,396)
Beginning balance, shares at Dec. 31, 2022		39,377,222
Vesting of restricted stock	0	$ 0	0	0
Vesting of restricted stock, shares		107,181
Stock-based compensation expense	2,682	$ 0	2,682	0
Net loss	(9,085)	0	0	(9,085)
Ending balance at Mar. 31, 2023	282,665	$ 4	375,142	(92,481)
Ending balance, shares at Mar. 31, 2023		39,484,403
Beginning balance at Dec. 31, 2023	269,085	$ 4	383,301	(114,220)
Beginning balance, shares at Dec. 31, 2023		40,104,937
Vesting of restricted stock	0	$ 0	0	0
Vesting of restricted stock, shares		82,339
Stock-based compensation expense	2,223	$ 0	2,223	0
Exercise of stock options	49	$ 0	49	0
Exercise of stock options, shares		65,592
Net loss	(7,856)	$ 0	0	(7,856)
Ending balance at Mar. 31, 2024	$ 263,501	$ 4	$ 385,573	$ (122,076)
Ending balance, shares at Mar. 31, 2024		40,252,868

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 09, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Entity Registrant Name	THIRD HARMONIC BIO, INC.
Entity Central Index Key	0001923840
Entity File Number	001-41498
Entity Tax Identification Number	83-4553503
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Incorporation, State or Country Code	DE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	1700 Montgomery Street
Entity Address, Address Line Two	Suite 210
Entity Address, State or Province	CA
Entity Address City Or Town	San Francisco
Entity Address, Postal Zip Code	94111
City Area Code	209
Local Phone Number	727-2457
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Common Stock, Shares Outstanding		40,949,463
Trading Symbol	THRD
Security Exchange Name	NASDAQ

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Aug. 22, 2022	Aug. 09, 2021	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Common stock issued (in shares)			40,252,868	40,104,937
Novartis \| Minimum
Related Party Transaction [Line Items]
Outstanding stock percentage			5.00%	5.00%
CEO Promissory Note
Related Party Transaction [Line Items]
Promissory note agreement amount		$ 1.8
Common stock issued (in shares)		1,218,836
Interest rate of promissory note		0.76%
Special bonus paid	$ 1.9
Vesting period			3 years
Award vesting description			subject to a three-year vesting schedule with six-month cliffs

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the periods presented (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2024
Numerator:
Net loss	$	9,085	$	7,856
Net loss attributable to common stockholders, basic and diluted	$	9,085	$	7,856
Denominator:
Weighted-average number of common shares used in net loss per share, basic and diluted		39,438,572		40,213,158
Net loss per share of common stock, basic and diluted	$	0.23	$	0.20

Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-dilutive Effect

The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders during the three months ended March 31, 2023 and 2024 because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2023		2024
Options to purchase common stock		5,024,356		4,985,149
Unvested restricted stock		857,811		461,530
Total		5,882,167		5,446,679

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024 (remaining)	$ 837
2025	1,145
2026	1,176
2027	1,207
Thereafter	238
Total lease payments	4,603
Less: interest	(828)
Total lease liability	$ 3,775

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

10. Leases

Operating Leases for Office Space

In October 2022, the Company entered into an office space lease approximating 10,356 of rentable square feet, located at 130 Prospect Street in Cambridge, Massachusetts. The lease commenced on December 1, 2022 when the Company took occupancy of the space, and has an initial lease term of 63 months, expiring on February 29, 2028 with no renewal options.

Also in October 2022, the Company entered into an office space lease approximating 4,703 of rentable square feet located at 1700 Montgomery Street in San Francisco, California. The lease commenced on December 20, 2022 when the Company took occupancy of the space, and has an initial lease term of 63 months, expiring on February 20, 2028 with no renewal options.


	Three Months Ended March 31,
	2023		2024
Lease Cost:
Operating lease cost	$	274	$	274
Total operating lease cost	$	274	$	274

Variable operating lease costs for the three months ended March 31, 2023 and 2024 were immaterial.

There was no cash paid and $0.3 million paid for amounts included in the measurement of operating lease liabilities for each of the three months ended March 31, 2023 and 2024, respectively.

Maturities of operating lease liabilities at March 31, 2024 are as follows (in thousands):


2024 (remaining)	$	837
2025		1,145
2026		1,176
2027		1,207
Thereafter		238
Total lease payments		4,603
Less: interest		(828	)
Total lease liability	$	3,775

Nature of the Business (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Financial Statements


	For the three months ended March 31, 2023
	As Previously Reported		As Corrected
Net loss per share of common stock, basic and diluted	$	0.40	$	0.23
Weighted-average number of common shares used in net loss per share, basic and diluted		22,792,781		39,438,572

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Line Items]
Fair value measurement of financial liabilities	$ 0	$ 0
Investment, Type [Extensible Enumeration]	Cash and Cash Equivalents [Member]	Cash and Cash Equivalents [Member]
Transfers or reclassifications between fair value measurement levels of assets	$ 0	$ 0
Transfers or reclassifications between fair value measurement levels of liabilities	$ 0	$ 0

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Valuation Assumptions

The assumptions that the Company used to determine the grant-date fair value of stock options awarded to employees, were as follows for the three months ended March 31, 2023 and 2024:


	Three Months Ended March 31,
	2023		2024
Expected term (in years)	5.2-7.0		5.5-7.0
Expected volatility	85.7-87.1%		85.7-87.5%
Risk-free interest rate	3.6-4.2%		4.0-4.2%
Expected dividend yield		—		—

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:


	Number of Shares			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		3,953,149			$	4.16		8.7		$	26,906
Granted		1,441,700				10.83
Exercised		(65,592	)			0.75
Forfeited or cancelled		(344,108	)			4.20
Outstanding as of March 31, 2024		4,985,149			$	6.13		8.5		$	18,493
Options vested and exercisable as of March 31, 2024		1,463,946			$	4.23		7.3		$	7,690
Options unvested as of March 31, 2024		3,521,203			$	6.93		9.1		$	10,803

Summary of Restricted Common Stock Activity

A summary of the activity of the restricted common stock since December 31, 2023:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2023		543,869		$	1.42
Granted		—			—
Vested		(82,339	)		1.38
Cancelled or forfeited		—			—
Unvested at March 31, 2024		461,530		$	1.42

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2023		2024
Research and development	$	1,018	$	737
General and administrative		1,664		1,486
Total stock-based compensation expense	$	2,682	$	2,223

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the periods presented (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2024
Numerator:
Net loss	$	9,085	$	7,856
Net loss attributable to common stockholders, basic and diluted	$	9,085	$	7,856
Denominator:
Weighted-average number of common shares used in net loss per share, basic and diluted		39,438,572		40,213,158
Net loss per share of common stock, basic and diluted	$	0.23	$	0.20


	Three Months Ended March 31,
	2023		2024
Options to purchase common stock		5,024,356		4,985,149
Unvested restricted stock		857,811		461,530
Total		5,882,167		5,446,679

Novartis Agreement - Additional Information (Details) $ in Millions			3 Months Ended
	Feb. 28, 2021 USD ($)	Jun. 28, 2019 USD ($) License shares	Mar. 31, 2024 USD ($) License	Dec. 31, 2023 shares	Feb. 24, 2021 shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
License Agreement [Line Items]
Preferred stock, shares issued \| shares				0
Novartis Agreement \| Novartis
License Agreement [Line Items]
Number of licensed Product \| License		1
Upfront cash payment		$ 0.4
Total initial consideration transferred		3.4
Aggregate milestone payments		231.7
Number of development milestone payments \| License			2
Development milestone payments			$ 1.0
Milestone payments achieved and paid						$ 0.6	$ 0.4
Novartis Agreement \| Novartis \| Research and Development Expense
License Agreement [Line Items]
Initial fair value of anti-dilution right liability		$ 1.0
Novartis Agreement \| Series A-1 Preferred Stock \| Maximum
License Agreement [Line Items]
Preferred stock, shares issued \| shares		6,383,142
Novartis Agreement \| Series A-1 Preferred Stock \| Novartis
License Agreement [Line Items]
Preferred stock, shares issued \| shares		3,449,808
Fair value of stock		$ 3.0
Ownership interest		15.00%
Licensing milestone in sales of equity securities	$ 30.0	$ 30.0
Novartis Agreement \| Series A-1 Preferred Stock \| Novartis \| Minimum
License Agreement [Line Items]
Licensing milestone in sales of equity securities		$ 30.0
Novartis Agreement \| Series A-1 Preferred Stock \| Novartis \| Maximum
License Agreement [Line Items]
Preferred stock, shares issued \| shares					5,970,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common stock issued (in shares)	40,252,868	40,104,937
Common Stock, Shares, Outstanding	40,252,868	40,104,937

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)	$ (7,856)	$ (9,085)

- Definition

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

+ References

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2019 Stock Incentive Plan

The Company's 2019 Stock Incentive Plan, or the 2019 Plan, provided for the Company to grant incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. The 2019 Plan was administered by the Board or, at the discretion of the Board, by a committee delegated by Board. The exercise prices, vesting and other restrictions were determined at the discretion of the Board, or its committee if so delegated. The Company’s Board valued the Company’s common stock, taking into consideration its most recently available valuation of common stock performed by third party valuation specialists as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant.

The total number of shares of common stock that could have been issued under the 2019 Plan was 5,317,559 shares, of which 283,808 shares remained available for grant on September 19, 2022, the date that the Company's 2022 Equity Incentive Plan, or the 2022 Plan, became effective. Upon the effectiveness of the 2022 Plan, the 283,808 remaining shares available under the 2019 Plan were transferred and became available for issuance under the 2022 Plan. Shares of common stock underlying outstanding awards under the 2019 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added to the shares of common stock available for issuance under the 2022 Plan.

2022 Plan

The 2022 Plan was approved by the Board and stockholders in August 2022. The 2022 Plan became effective on September 14, 2022 and replaced the Company's 2019 Plan on that date. The 2022 Plan authorizes the award of incentive stock options, or ISOs, non-qualified stock options, or NQSOs, Restricted Stock Awards, or RSAs, Stock Appreciation Rights, or SARs, Restricted Stock Units, or RSUs, performance awards and stock bonus awards. Pursuant to the 2022 Plan, ISOs may be granted only to employees.

The number of shares initially reserved for issuance under the 2022 Plan is 4,710,545 shares of common stock, which includes the 283,808 shares transferred from the 2019 Plan, and shall automatically increase on January 1 of each of 2023 through 2032 by the number of shares equal of the lesser of 5% of the aggregate number of shares of all classes of the common stock, plus the total number of shares of common stock issuable upon conversion of any preferred stock (if any) or exercise of any pre-funded warrants, as issued and outstanding as of the immediately preceding December 31, or a number as may be determined by the Board.

The 2022 Plan is administered by the Board or, at the discretion of the Board, by a committee of the Board. The exercise prices, vesting and other restrictions are determined at the discretion of the Board, or its committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock option may not be greater than ten years.

Shares that are expired terminated, surrendered or cancelled under the 2022 Plan without having been fully exercised will be available for future awards.

Stock Options

The assumptions that the Company used to determine the grant-date fair value of stock options awarded to employees, were as follows for the three months ended March 31, 2023 and 2024:


	Three Months Ended March 31,
	2023		2024
Expected term (in years)	5.2-7.0		5.5-7.0
Expected volatility	85.7-87.1%		85.7-87.5%
Risk-free interest rate	3.6-4.2%		4.0-4.2%
Expected dividend yield		—		—

The following table summarizes the Company’s stock option activity since December 31, 2023:


	Number of Shares			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		3,953,149			$	4.16		8.7		$	26,906
Granted		1,441,700				10.83
Exercised		(65,592	)			0.75
Forfeited or cancelled		(344,108	)			4.20
Outstanding as of March 31, 2024		4,985,149			$	6.13		8.5		$	18,493
Options vested and exercisable as of March 31, 2024		1,463,946			$	4.23		7.3		$	7,690
Options unvested as of March 31, 2024		3,521,203			$	6.93		9.1		$	10,803

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

The weighted-average grant-date fair value per share of stock options granted during the three months ended March 31, 2024 was $8.10. As of March 31, 2024, there was $23.5 million of unrecognized stock-based compensation expense related to unvested stock options, to be recognized over a weighted-average period of 3.0 years.

The total fair value of options vested during the three months ended March 31, 2024 was $2.0 million.

Repricing of Stock Options

On March 6, 2023, the Board approved the reduction in exercise price of certain options that had been granted under the 2019 Plan and the 2022 Plan, that have an exercise price greater than or equal to $8.61 per share, which were each repriced at an exercise price of $4.20 effective March 21, 2023. There were no changes in the vesting schedule or maturity term of the options.

Options representing 3,085,468 underlying shares were included in this repricing and the total incremental stock-based compensation expense associated with the modification of these options was $2.1 million. The incremental expense as a result of the repricing was recognized immediately for vested awards, and the incremental expense for the unvested awards will be recognized over the remaining requisite service period.

Restricted Common Stock Awards

The Company has granted restricted common stock awards with service and performance and service based vesting conditions to employees of the Company. Unvested shares of restricted common stock may not be sold or transferred by the holder, except for transfers for estate planning purposes in which the transferee agrees to remain bound by all restrictions set forth in the original common stock purchase agreement. These restrictions lapse over the vesting term of each award, which is typically four years. The purchase price of each share of restricted common stock was $0.0001 per share.

On August 9, 2021, the Company’s chief executive office, or CEO, purchased 1,218,836 shares of common stock at a purchase price of $1.44 per share, under the terms of a restricted common stock award granted under the 2019 Plan. These shares were purchased in exchange for a promissory note, or the Promissory Note, of $1.8 million. The shares granted include both service and performance-based vesting criteria and accrued at an interest rate of 0.76% per annum, compounded annually and were accounted for as restricted stock.

On August 22, 2022, the Company forgave the entire promissory note, including principal and accrued and unpaid interest. As a result this is considered a modification to the original awards, and the Company recognized the grant date fair value plus any incremental fair value due to the modification. The incremental cost was measured as the difference between the fair value of the award at modification date and the fair value of the original award immediately prior to modification. As a result of accounting for the modification, the Company recorded an incremental stock based compensation charge of $1.0 million, which will be recognized over the remaining requisite service period of the award from the date of the modification.

The CEO was paid a one-time special bonus of $1.9 million to offset the CEO’s tax liability as a result of the forgiveness of the promissory note, or the Tax Payment, which is subject to a three-year vesting schedule with six-month cliffs. The Company is allowed to claw-back the unvested portion of the Tax Payment in the event that the CEO’s employment is terminated before the end of the three-year vesting period, provided that the CEO’s employment is terminated by the Company other than for cause, or if the CEO resigns for a good reason (a) within 12 months following a change of control, or (b) within 3 months preceding a change in control but as to only if the separation occurs after a potential change in control. In the event the CEO’s employment is terminated, the unvested portion of the Tax Payment will accelerate and will not be subject to the claw back provision. The clawback provision will be accounted for if and when the CEO leaves under the relevant circumstances and the payment amount will be capitalized and recognized over the related service period as G&A employee salary expense.

A summary of the activity of the restricted common stock since December 31, 2023:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2023		543,869		$	1.42
Granted		—			—
Vested		(82,339	)		1.38
Cancelled or forfeited		—			—
Unvested at March 31, 2024		461,530		$	1.42

The weighted-average grant-date fair value per share of restricted common stock awards granted during the three months ended March 31, 2024 was zero as no shares were granted in the period. The aggregate fair value of restricted stock awards that vested during the three months ended March 31, 2024 was $0.1 million. Stock-based compensation expense recognized for the restricted stock granted was $0.1 million for the three months ended March 31, 2024. As of March 31, 2024, there was unrecognized expense of $0.5 million related to the restricted stock, which is expected to be recognized over a weighted-average period of 1.3 years.

Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2023		2024
Research and development	$	1,018	$	737
General and administrative		1,664		1,486
Total stock-based compensation expense	$	2,682	$	2,223

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Mar. 21, 2023	Aug. 22, 2022	Aug. 09, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 06, 2023	Sep. 19, 2022	Sep. 14, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 2,223	$ 2,682
CEO Promissory Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				3 years
Special bonus paid		$ 1,900
Award vesting description				subject to a three-year vesting schedule with six-month cliffs
Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service period				3 months
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value per share of stock options				$ 8.1
Unrecognized stock-based compensation expense related to unvested stock options				$ 23,500
Unrecognized stock based compensation expense period of recognition				3 years
Fair value of options vested				$ 2,000
Outstanding stock options to purchase common stock				4,985,149		3,953,149
Repriced of exercise price	$ 4.2
Number of options included in repricing	3,085,468
Total incremental stock-based compensation expense associated with modification of options	$ 2,100
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Unrecognized stock based compensation expense period of recognition				1 year 3 months 18 days
Stock-based compensation expense				$ 100
Share price				$ 0.0001
Remaining unrecognized expense		1,000
Weighted average grant date fair value				$ 0
Granted in period				0
Aggregate fair value of restricted stock awards vested				$ 100
Unrecognized expense				$ 500
Restricted Stock \| Promissory Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exchangeable value of shares purchased			$ 1,800
Restricted Stock \| Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price			$ 1.44
Number of shares purchased			1,218,836
Special bonus paid		$ 1,900
Contingency period				12 months
Restricted Stock \| Chief Executive Officer [Member] \| Promissory Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued Interest Rate			0.76%
2019 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock issuable under plan								5,317,559
Conversion of outstanding shares of preferred stock								283,808	283,808
Number of shares transferred				283,808
2022 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance				4,710,545
Maximum \| 2022 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of annual increase in number of shares to classes of common stock under plan				5.00%
Exercise price per share of stock options as percentage of fair market value of common stock				100.00%
Stock option expiration period				10 years
Minimum \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price							$ 8.61